NEW YORK, June 17, 2026, 12:07 (EDT)
- AT&T fell 3.2% to $22.43 just before midday, trailing both Verizon and T-Mobile.
- AT&T said CFO Pascal Desroches will retire at the end of the year. Jennifer Biry will step in as CFO on Jan. 1, 2027.
- AT&T’s next check comes July 22 with its second-quarter earnings due out before the NYSE open.
AT&T Inc. shares dropped over 3% on Wednesday, underperforming other major wireless stocks. The declines came as investors looked at news of a planned CFO change while weighing the company’s big spending on fiber and 5G.
AT&T’s bet comes down to spending aggressively on networks but keeping its dividend and buybacks going, all while managing debt. Shares traded at $22.43, off 73 cents. Verizon slipped 2.5%. T-Mobile dropped 1%. The S&P 500 ETF SPY was flat.
Trading hours are trimmed this week. Wednesday brings regular trading to the NYSE, but all NYSE markets will shut down Friday for Juneteenth.
AT&T said Pascal Desroches, its senior executive vice president and CFO, will retire on Dec. 31. Jennifer Biry, 52, was named deputy CFO from July 6 and will take over as CFO on Jan. 1. She’s held senior roles in finance, sales and strategy at AT&T and was CFO of WarnerMedia when it was owned by AT&T.
Chief Executive John Stankey posted on LinkedIn, calling Desroches an “exceptional partner” and saying he was “delighted to welcome Jennifer back.” That’s the simple handover. The tougher task is convincing investors the spending cycle is still delivering growth. LinkedIn
AT&T reported first-quarter revenue of $31.5 billion, up 2.9%. The company posted free cash flow of $2.5 billion, which is cash left over after capital spending and operations. AT&T also kept its target to send more than $45 billion to shareholders between 2026 and 2028 through dividends and buybacks.
AT&T keeps its focus on fiber. Speaking at a Mizuho event last week, Desroches said the network they’re building isn’t “simply for today” and stressed, “Fiber is our lead offer.” He told investors AT&T plans to keep pushing subscriber and broadband growth with its wireless-and-home internet strategy. AT&T Investor Relations
Verizon rolled out simpler wireless plans and cut some activation and upgrade fees on Tuesday, saying it’s trying to keep customers from leaving. The move means AT&T’s bundles and pricing get more scrutiny as the competition stays tight.
The risk isn’t just about AT&T competing on price with Verizon or T-Mobile. Oppenheimer’s Timothy Horan cut AT&T to Perform from Outperform this month, warning that low-earth-orbit satellite networks could hold back “broadband subscriber growth and eventually mobile.” These satellites orbit closer to Earth, which allows them to provide faster broadband than older models. Barron’s
AT&T says fiber gives it stronger economics and better performance in dense markets. The company has now put succession plans in clearer view for investors. Next up, investors want to see in July numbers that network spending really drives lasting subscriber growth—not just higher costs.
