AT&T Inc. (AT&T) released its 2023 Annual Report, highlighting a year of strong performance and strategic achievements. The company emphasized its success in expanding its 5G and fiber networks, which contributed to sustainable growth and strong cash conversion. AT&T's focus on efficient operations led to the achievement of a $6 billion-plus run-rate cost transformation target ahead of schedule, with progress on an additional $2 billion-plus in targeted savings by mid-2026. The report also detailed AT&T's capital allocation strategy, which supported historic investment levels in 5G and fiber while maintaining a trajectory to achieve a 2.5x net debt-to-adjusted EBITDA target in the first half of 2025. The company's wireless segment added over 1.7 million high-value postpaid...Show More

AT&T Inc. (AT&T) released its 2023 Annual Report, highlighting a year of strong performance and strategic achievements. The company emphasized its success in expanding its 5G and fiber networks, which contributed to sustainable growth and strong cash conversion. AT&T's focus on efficient operations led to the achievement of a $6 billion-plus run-rate cost transformation target ahead of schedule, with progress on an additional $2 billion-plus in targeted savings by mid-2026. The report also detailed AT&T's capital allocation strategy, which supported historic investment levels in 5G and fiber while maintaining a trajectory to achieve a 2.5x net debt-to-adjusted EBITDA target in the first half of 2025. The company's wireless segment added over 1.7 million high-value postpaid phone customers and saw a 4.4% year-over-year increase in Mobility service revenues, marking the fastest growth among national wireless providers. AT&T's fiber deployment continued to lead, with the addition of over 1 million AT&T Fiber customers and a coverage target of reaching over 210 million people with mid-band 5G network. The company's commitment to connecting people and serving the public safety community was underscored by the growth of FirstNet connections and the delivery of a best-in-class network. The report concluded with a focus on AT&T's role as a critical infrastructure provider and its dedication to connecting every American to the internet. The company's financial performance reflected an increase in operating revenues and a significant improvement in operating income compared to the previous year.