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.
長期展望
AT&T預計通過2027年實現以下2025年和長期財務目標。從2025年第一季度開始，由於待定處置我們在DIRECTV權益法投資中的收益，公司計劃報告調整後的每股收益和自由現金流，不包括與DIRECTV相關的收益和現金流。公司仍然預計出售其對TPG擁有的DIRECTV整個70%股權將在2025年中期完成。爲了與這些目標進行比較，公司在其日期爲2024年12月3日的8-k表中提供了這兩個財務指標的歷史數據重新調整。
- 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年間，合併服務營業收入年增長率在低個位數區間內。
- 移動服務收入每年增長2%-3%。
- 每年消費者光纖寬帶收入增長中等 teens。
- 在2025年至2027年間，經過調整的EBITDA*年增長率達到3%或更好。
- 移動EBITDA*年增長率在3%到4%區間內。
- 到2027年，消費者固定線路EBITDA增長率以兩位數複合年增長率增長。
- 到2027年，企業固定線路EBITDA以兩位數複合年增長率下降；企業解決方案EBITDA到2027年底接近穩定。
- 從2025年至2027年，每年的資本投資額在220億美元的區間內。
- 到2025年，自由現金流*（不包括DIRECTV）將超過160億，年增長約10億，預計到2027年，自由現金流*將超過180億。
- 此外，AT&t預計在2025年將獲得54億美元的稅後現金支付，並在2029年獲得5億美元，這與對DIRECTV投資的出售有關。
- 2025年調整後的每股收益*（不包括DIRECTV）爲1.97至2.07美元，到2027年將加速增長到兩位數百分比。
- 到2027年底，公司通過實現到2026年年中的節省成本目標（超過30億美元），實現了30億美元以上的節省成本。
