Jeff McElfresh to Update Shareholders at Morgan Stanley Technology, Media & Telecom Conference on March 3

Rhea-AI Summary

AT&T (NYSE:T) will present at the Morgan Stanley Technology, Media & Telecom Conference on March 3, with COO Jeff McElfresh speaking at 10:00 a.m. ET.

Key developments: AT&T closed its acquisition of Lumen's mass-market fiber business on Feb 2, adding >1 million subscribers and >4 million locations, bringing fiber reach to >36 million locations and targeting >40 million by end‑2026 and >60 million by 2030. The company reiterated 2026 and multi‑year guidance and plans to return $45B+ to shareholders during 2026–2028.

Positive

• Added >1 million fiber subscribers from Lumen acquisition
• Expanded footprint by >4 million fiber locations
• Fiber reach now >36 million total locations
• Target >40 million fiber locations by end of 2026
• Commitment to return $45 billion+ to shareholders (2026–2028)

Negative

• Net debt-to-adjusted EBITDA expected to rise to ~3.2x following EchoStar transaction
• Acquired footprint currently has roughly 25% fiber penetration, implying conversion runway

News Market Reaction – T

+2.36%

1 alert

+2.36% News Effect

On the day this news was published, T gained 2.36%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Total fiber locations now: over 36 million Fiber locations 2026 target: over 40 million Fiber locations 2030 target: over 60 million +5 more

8 metrics

Total fiber locations now over 36 million Current AT&T fiber reach including acquired Lumen footprint

Fiber locations 2026 target over 40 million Expected total fiber locations by end of 2026

Fiber locations 2030 target over 60 million Expected total fiber locations by end of decade

Lumen fiber subscribers added more than 1 million Subscribers from Lumen Mass Markets fiber acquisition

Lumen fiber locations added more than 4 million Fiber locations from Lumen Mass Markets fiber business

Capital returns 2026–2028 $45 billion+ Planned dividends and share repurchases during 2026–2028

Post‑EchoStar leverage approximately 3.2x Expected net debt‑to‑adjusted EBITDA after EchoStar transaction closes

Leverage 2026 year‑end approximately 3x Expected net debt‑to‑adjusted EBITDA by end of 2026

Market Reality Check

Price: $28.64 Vol: Volume 39,055,092 is belo...

normal vol

$28.64 Last Close

Volume Volume 39,055,092 is below 20-day average 45,763,272 (relative volume 0.85x). normal

Technical Trading above 200-day MA at 26.81, with shares at 28.01 pre‑announcement.

Peers on Argus

T gained about 2% while key peers were mixed: TMUS slightly down, VZ flat, and C...

T gained about 2% while key peers were mixed: TMUS slightly down, VZ flat, and CMCSA, AMX, CHTR modestly positive. Moves do not point to a unified sector rotation.

Common Catalyst Multiple telecom and broadband peers also highlighted connectivity and internet offerings in same-day news, but price action suggests company-specific focus on AT&T’s fiber scale-up and leverage guidance.

Historical Context

5 past events · Latest: Feb 23 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 23	Earnings schedule	Neutral	-0.6%	Announced timing and webcast details for Q1 2026 earnings release.
Feb 23	Brand accolade	Positive	+1.9%	AT&T Fiber named America’s Best and Fastest Home Internet by Ookla.
Feb 17	Investor conferences	Positive	-0.0%	Announced CFO and COO fireside chats and reiterated multi‑year guidance.
Feb 10	Marketing partnership	Positive	+1.1%	Showcased technology and brand through NBA All‑Star 2026 activations.
Feb 06	Product launch	Positive	-0.7%	Launched amiGO Jr. Phone and Watch 2 as kid‑focused connectivity devices.

Pattern Detected

Recent news reactions have been modest and mixed: two positive branding/strategic updates aligned with gains, while two other constructive announcements saw slight declines, indicating no consistent directional pattern on news.

Recent Company History

Over the past few weeks, AT&T has focused on investor communication and product and brand positioning. On Feb 23, it set an Apr 22, 2026 earnings date and separately highlighted AT&T Fiber’s Ookla awards and expanded availability, which coincided with a +1.93% move. Conference webcasts on Feb 17 reiterated multi‑year guidance, while NBA All‑Star sponsorship and a kid‑focused smartphone launch in early February underscored ongoing consumer marketing and device innovation. Today’s update extends that narrative with detailed fiber scale and capital return targets.

Market Pulse Summary

This announcement underscores AT&T’s strategy to scale fiber and manage leverage while maintaining c...

Analysis

This announcement underscores AT&T’s strategy to scale fiber and manage leverage while maintaining capital returns. Management cites reach to over 36 million fiber locations, with goals of over 40 million by 2026 and over 60 million by 2030, plus more than 1 million subscribers from the Lumen acquisition. The company plans $45 billion+ in returns during 2026–2028 and expects net debt‑to‑adjusted EBITDA to move from about 3.2x post‑EchoStar toward 3x by end‑2026, framing execution and leverage as key metrics to watch.

Key Terms

5g, fixed wireless internet, adjusted ebida, adjusted eps, +1 more

5 terms

5g technical

"grow its base of high-value converged customers that subscribe to both its advanced home internet and 5G wireless services."

5G is the fifth generation of wireless technology that provides faster internet connections, lower latency, and greater capacity than previous networks. It enables quicker downloads, smoother streaming, and more reliable connections for devices. For investors, 5G represents a significant upgrade in technology infrastructure that can drive growth in related industries such as smartphones, smart cities, and the Internet of Things.

fixed wireless internet technical

"Through the combination of its advanced fiber and fixed wireless internet services, AT&T can now offer converged services"

Fixed wireless internet is a broadband service that uses radio signals between a provider’s nearby antenna or tower and a small receiver installed at a specific home or business, delivering high‑speed internet without a physical cable. For investors, it matters because it can be deployed faster and cheaper than laying fiber, supports recurring subscription revenue, and affects a provider’s ability to expand coverage, compete on speed and cost, and monetize spectrum and infrastructure investments.

adjusted ebida financial

"including its outlook for improved growth in adjusted EBITDA and adjusted EPS and higher free cash flow through 2028"

Adjusted EBITDA is a company’s operating profit measure that starts with earnings before interest, taxes, depreciation and amortization and then removes one-time, irregular or non-cash items to show recurring cash performance. Think of it as the company’s “everyday” profit before financing and accounting quirks, which helps investors compare underlying business health across periods and peers without distortion from short-term events or different accounting choices.

adjusted eps financial

"including its outlook for improved growth in adjusted EBITDA and adjusted EPS and higher free cash flow through 2028"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

net debt-to-adjusted ebitda ratio financial

"AT&T expects that its net debt-to-adjusted EBITDA ratio will increase to approximately 3.2x following its transaction with EchoStar"

Net debt-to-adjusted EBITDA ratio compares a company's net debt (total borrowings minus cash) to its core annual earnings before interest, taxes, depreciation and amortization after removing one-time or unusual items. It tells investors how many years of those normalized operating earnings would be needed to pay off the company's net debt, like comparing remaining mortgage debt to a household’s steady take-home pay to judge financial strain and default risk.

AI-generated analysis. Not financial advice.

Tomorrow, AT&T's Chief Operating Officer will participate in a fireside chat at 10:00 a.m. ET to discuss the Company's progress on its multi-year growth strategy

Key Takeaways:

• Recent acquisition of fiber assets from Lumen positions the Company to materially expand the reach of AT&T Fiber, the nation's best and fastest home internet.¹
• AT&T's fiber services now reach over 36 million customer locations, and the Company continues to expect that it will reach more than 60 million total fiber locations by the end of 2030 as it accelerates the pace of fiber deployment.²
• Expanded fiber footprint increases AT&T's ability to offer fiber internet and wireless services together, positioning the Company to win the home as a trusted provider that can meet more customers' advanced connectivity needs.
• AT&T reiterates all 2026 and multi-year financial and operational guidance and capital return plans shared during its fourth-quarter 2025 earnings call.

DALLAS, March 2, 2026 /PRNewswire/ -- Jeff McElfresh, Chief Operating Officer, AT&T (NYSE:T), will speak tomorrow at the Morgan Stanley Technology, Media & Telecom Conference where he will provide an update to shareholders.

AT&T closed its transaction to acquire substantially all of Lumen's Mass Markets fiber business on February 2, sooner than originally anticipated
Now that the transaction is complete, AT&T expects to begin unlocking significant opportunities to expand the total addressable market for its advanced connectivity services.

The transaction added more than 1 million fiber subscribers across more than 4 million fiber locations, expanding AT&T's industry-leading fiber home internet service to 32 states. This has created significant runway to increase current fiber penetration from roughly 25% in the acquired footprint to levels more consistent with AT&T Fiber penetration. Combined with its extensive wireless distribution in these geographies, AT&T further expects to grow its base of high-value converged customers that subscribe to both its advanced home internet and 5G wireless services.

Including the acquired Lumen fiber locations, AT&T now reaches over 36 million total fiber locations, and the Company expects to reach over 40 million total fiber locations by the end of 2026, up from 32 million at the end of last year. Beyond 2026, AT&T expects to expand its fiber reach to approximately 5 million additional locations annually, putting the Company on track to reach over 60 million total fiber locations by the end of the decade.² Fiber is a winning play for AT&T – the Company ranks #1 in brand love among consumers in its AT&T Fiber footprint.

Through the combination of its advanced fiber and fixed wireless internet services, AT&T can now offer converged services to over half the country – positioning the Company to win the home as a trusted provider that can meet more customers' at-home and on-the-go connectivity needs. Converged customers are more likely to recommend AT&T, remain customers longer, and provide the best returns.

AT&T remains on track to achieve its 2026 and multi-year financial guidance
AT&T reiterates all full-year 2026 and multi-year financial guidance and capital return plans provided with its fourth-quarter 2025 earnings report, including its outlook for improved growth in adjusted EBITDA and adjusted EPS and higher free cash flow through 2028, as well as plans to return $45 billion+ to shareholders during 2026-2028 through dividends and share repurchases.

AT&T expects that its net debt-to-adjusted EBITDA ratio will increase to approximately 3.2x following its transaction with EchoStar – which the Company expects to close in early 2026 – and to decline to approximately 3x by the end of 2026. AT&T continues to expect net leverage will return to a level consistent with its target in the 2.5x range within approximately three years following the closing of this acquisition. The Company expects to maintain a consistent approach to capital returns while reducing net leverage to its target range.

Conference details and more are available on the AT&T Investor Relations website
Tune in for the fireside chat with Jeff McElfresh at the Morgan Stanley Tech, Media & Telecom Conference, scheduled to begin at 10:00 a.m. ET. The webcast will be available live and for replay on the AT&T Investor Relations website.

To automatically receive AT&T financial news by email, please subscribe to email alerts.

¹Based on analysis by Ookla® of Speedtest Intelligence® data, 2H 2025. Limited availability.
²"Reached locations" includes consumer and business locations (i) passed with fiber and (ii) served with fiber through commercial open-access providers.

About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise. This news release may contain certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the GAAP financial measures are available on the company's website at investors.att.com. Net debt and adjusted EBITDA estimates depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort.

© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

 

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SOURCE AT&T

FAQ

When will AT&T (T) COO Jeff McElfresh speak at the Morgan Stanley TMT Conference?

He will speak on March 3 at 10:00 a.m. ET. According to the company, the fireside chat will be webcast live and available for replay on the investor relations website.

How many fiber locations does AT&T (T) reach after the Lumen acquisition?

AT&T now reaches over 36 million total fiber locations. According to the company, the deal added more than 1 million subscribers and over 4 million locations to its footprint.

What is AT&T's (T) fiber rollout target for the end of 2026 and 2030?

AT&T expects to reach over 40 million fiber locations by end‑2026 and >60 million by 2030. According to the company, it plans ~5 million additional locations per year beyond 2026.

How will the Lumen acquisition affect AT&T's (T) converged services strategy?

The expanded footprint increases the ability to offer fiber plus wireless converged services to more households. According to the company, this supports growth of high‑value customers who take both home internet and 5G wireless.

What guidance and capital return plans did AT&T (T) reiterate on March 2, 2026?

AT&T reiterated full‑year 2026 and multi‑year guidance, including improved adjusted EBITDA and adjusted EPS growth. According to the company, it plans to return $45 billion+ to shareholders during 2026–2028.

How will the EchoStar transaction affect AT&T's (T) debt metrics in 2026?

AT&T expects net leverage to increase to about 3.2x net debt-to-adjusted EBITDA after the EchoStar deal, declining to ~3.0x by year end. According to the company, leverage should return to ~2.5x within ~three years post-close.