Right. AT&T. [T +4.30%]. Shares jumped over 10% this week, and honestly? I almost didn’t notice. It’s a bit like seeing your ex unexpectedly do something…competent. You’re surprised, but also deeply suspicious of their motives. Still, numbers are numbers, and S&P Global Market Intelligence confirms it. So, let’s dissect this, shall we?
They’ve delivered a quarterly report that isn’t actively offensive, and are forecasting growth. Bullish, they’re calling it. I’m calling it… a temporary reprieve. But hey, I’m a portfolio manager, so I’m contractually obligated to look for the upside. And there is… a sliver.
It seems bundling is working. Who knew? Apparently, people like getting things… together. AT&T added 421,000 postpaid phone subscribers and 283,000 fiber subscribers last quarter. It’s a start. A tiny, fragile start. But a start nonetheless. I’m picturing John Stankey, their CEO, doing a little jig. Don’t tell anyone I said that.
He actually said, during an analyst call, that the portion of fiber customers also subscribing to wireless services is up. “Our fiber convergence rate climbed 200 basis points year over year to 42%,” he said. Forty-two percent. It sounds…impressive, doesn’t it? Like a secret code. Or the answer to life, the universe, and everything. He added it’s their fastest annual increase since they started tracking it. Which, let’s be honest, probably wasn’t a high bar to clear.
And here’s the really shocking part: churn is low. Less than 1%. People aren’t ditching them in droves. Which, in this market, is practically a miracle. Verizon and T-Mobile are throwing money at customers, and AT&T is…holding on. It’s like watching a particularly stubborn barnacle. I’m grudgingly impressed.
More Cash for Shareowners
All this bundling and retention has generated $16.6 billion in free cash in 2024. Which, let’s be real, is a lot of money. They’re projecting over $21 billion by 2028. The usual promises, of course. But I’ve seen enough projections to know they’re about as reliable as a weather forecast in April.
They’re planning to pass some of that cash onto shareholders. A 4.2% dividend yield. That’s… tempting. And a $10 billion stock buyback program. Because nothing says “confidence” like artificially inflating the stock price. It’s all a bit… theatrical, isn’t it? Like a desperate attempt to distract you from the underlying problems.
Look, I’m not saying AT&T is suddenly a stellar investment. Far from it. But they’re not actively bleeding money, which, in this climate, feels like a win. I’m still watching closely. Very closely. Because sometimes, the most interesting stories are the ones where things just… don’t completely fall apart.
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2026-02-02 04:42