AT&T Expects To Achieve $3B Cost Savings, $18B+ Free Cash Flow By 2027, And $40B+ Capital Returns
AT&T Expects To Achieve $3B Cost Savings, $18B+ Free Cash Flow By 2027, And $40B+ Capital Returns
Long-Term Outlook
AT&T expects to achieve the following 2025 and long-term financial targets through 2027. Beginning in the first quarter of 2025, and as a result of the pending disposition of our DIRECTV equity method investment, the Company plans to report adjusted EPS and free cash flow excluding earnings and cash flows related to DIRECTV. The Company continues to expect the sale of its entire 70% stake in DIRECTV to TPG to close in mid-2025. For comparability to these targets, the Company has provided a recast of historical results for these two financial measures in its Form 8-K dated December 3, 2024.
长期展望
AT&T预计通过2027年实现以下2025年和长期财务目标。从2025年第一季度开始，由于待定处置我们在DIRECTV权益法投资中的收益，公司计划报告调整后的每股收益和自由现金流，不包括与DIRECTV相关的收益和现金流。公司仍然预计出售其对TPG拥有的DIRECTV整个70%股权将在2025年中期完成。为了与这些目标进行比较，公司在其日期为2024年12月3日的8-k表中提供了这两个财务指标的历史数据重新调整。
- Consolidated service revenue growth in the low-single-digit range annually from 2025-2027.
- Mobility service revenue growth in the 2% to 3% range annually.
- Consumer fiber broadband revenue growth in the mid-teens annually.
- Adjusted EBITDA* growth of 3% or better annually from 2025-2027.
- Mobility EBITDA* growth in the 3% to 4% range annually.
- Consumer Wireline EBITDA* grows at a double-digit compounded annual growth rate (CAGR) through 2027.
- Business Wireline EBITDA* declines at a low-double-digit CAGR through 2027; Business Solutions EBITDA* approaching stabilization by the end of 2027.
- Capital investment* in the $22 billion range annually from 2025-2027.
- Free cash flow*, excluding DIRECTV, of $16 billion+ in 2025, with annual growth of approximately $1 billion, resulting in free cash flow* of $18 billion+ in 2027.
- In addition, AT&T expects to receive $5.4 billion of after-tax cash payments in 2025 and $0.5 billion in 2029 related to the sale of the DIRECTV investment.
- Adjusted EPS*, excluding DIRECTV, of $1.97 to $2.07 in 2025, accelerating to double-digit percentage growth in 2027.
- $3 billion+ in run-rate cost savings by the end of 2027, inclusive of the Company's target of achieving $2 billion+ in run-rate cost savings by mid-2026.
- 在2025年至2027年间，合并服务营业收入年增长率在低个位数区间内。
- 移动服务收入每年增长2%-3%。
- 每年消费者光纤宽带收入增长中等 teens。
- 在2025年至2027年间，经过调整的EBITDA*年增长率达到3%或更好。
- 移动EBITDA*年增长率在3%到4%区间内。
- 到2027年，消费者固定线路EBITDA增长率以两位数复合年增长率增长。
- 到2027年，企业固定线路EBITDA以两位数复合年增长率下降；企业解决方案EBITDA到2027年底接近稳定。
- 从2025年至2027年，每年的资本投资额在220亿美元的区间内。
- 到2025年，自由现金流*（不包括DIRECTV）将超过160亿，年增长约10亿，预计到2027年，自由现金流*将超过180亿。
- 此外，AT&t预计在2025年将获得54亿美元的税后现金支付，并在2029年获得5亿美元，这与对DIRECTV投资的出售有关。
- 2025年调整后的每股收益*（不包括DIRECTV）为1.97至2.07美元，到2027年将加速增长到两位数百分比。
- 到2027年底，公司通过实现到2026年年中的节省成本目标（超过30亿美元），实现了30亿美元以上的节省成本。
