As a result of the company’s investments in 5G and fiber, including its previously announced acquisitions that are expected to close in early 2026 of substantially all of Lumen’s Mass Markets fiber business and wireless spectrum licenses from EchoStar, AT&T expects to achieve improved growth in Adjusted EBITDA and Adjusted EPS and higher free cash flow through 2028. The company’s long-term outlook for 2026-2028 includes: Service revenue growth in the low-single-digit range annually. Adjusted EBITDA growth in the 3% to 4% range in 2026, improving to 5% or better in 2028 as growth in Advanced Connectivity increasingly more than offsets declines in Legacy. Adjusted EPS of $2.25 to $2.35 in 2026 with a double-digit 3-year CAGR through 2028. The company’s outlook for adjusted EPS anticipates that its acquisitions mentioned above will be modestly dilutive to adjusted EPS in 2026-2027 and accretive beginning in 2028. Capital investment in the $23 billion to $24 billion range annually during 2026-2028. Free cash flow of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028.
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