AT&T Outlines Strategic Growth, Confirms $20 Billion Buyback at Goldman Sachs Conference

AT&T unveiled an ambitious expansion plan and reaffirmed its full-year 2025 financial guidance at the Goldman Sachs Communacopia + Technology Conference in New York on September 9, while the FCC moved to close its probe into EchoStar’s 5G build-out obligations following AT&T’s spectrum deals.

The telecom giant’s CEO John Stankey emphasized accelerated 5G and fiber network deployments and a $20 billion share repurchase program, underscoring AT&T’s focus on shareholder returns and market leadership in converged connectivity.

Conference Keynote Drives Growth Vision

At the conference, Stankey laid out AT&T’s goal to lead U.S. telecommunications service revenue by decade’s end, spotlighting plans to acquire mid-band spectrum from EchoStar and Dish and to expand fiber coverage to over 60 million locations by 2030. He highlighted recent net additions-243,000 fiber broadband subscribers and 203,000 fixed wireless Internet Air users in Q2-and insisted on operational agility to integrate new assets efficiently.

Regulatory Update: FCC Ends EchoStar Probe

In a related development, the Federal Communications Commission announced on September 9 that it will terminate its investigation into EchoStar’s U.S. 5G deployment obligations after AT&T and SpaceX finalized spectrum license agreements. The probe’s closure removes a regulatory overhang and clears the way for AT&T’s planned mid-band spectrum rollout.

Financial Outlook and Shareholder Returns

Ahead of the conference, AT&T reaffirmed its 2025 targets for consolidated service revenue growth, adjusted EBITDA, and adjusted EPS, while unveiling a $20 billion share buyback initiative spanning 2025-2027. The company expects its net debt-to-adjusted EBITDA ratio to return to the 2.5x target range within three years of closing the EchoStar transaction. This capital returns program complements AT&T’s strategic acquisitions and fiber network investments.

Market Reaction and Competitive Position

AT&T’s stock edged lower in early trading as investors weighed the costs of spectrum acquisitions against long-term growth prospects. Nevertheless, analysts have lauded the company’s fiber growth trajectory and 5G spectrum strategy, anticipating sustained subscriber gains and cash-flow generation as network build-outs mature.