Data as of the U.S. market close on Friday, November 21, 2025. This article is for information only and is not investment advice.
AT&T stock price today: a steady rebound but still below its high
AT&T Inc. (NYSE: T) heads into the weekend trading at $25.93 per share, after gaining about 1.6% on Friday, November 21, 2025. That move outpaced the S&P 500’s 0.98% rise to 6,602.99 and the Dow Jones Industrial Average’s 1.08% gain, marking AT&T’s second consecutive positive session. [1]
Despite the recent strength, AT&T’s share price remains roughly 13% below its 52‑week high of $29.79, set on September 15. Over the past 12 months the stock has traded in a range of about $21.38 to $29.79, underscoring how sensitive investor sentiment has been to headlines about competition, debt and capital spending. [2]
Friday’s rally came on elevated trading volume of around 58–59 million shares, above the stock’s 50‑day average near 51–52 million, signalling increased investor interest around current levels. [3]
On a fundamentals basis, AT&T currently:
- Sports a market capitalization around $184 billion
- Trades at roughly 8.4× trailing earnings, a discount to the broader U.S. equity market
- Carries a beta near 0.4, suggesting lower volatility than the overall market
These figures highlight AT&T’s positioning as a defensive, income-oriented telecom stock rather than a high‑growth tech name. [4]
Third‑quarter 2025 earnings: slow top line, stronger cash flow
AT&T’s latest results, released on October 22, 2025, are the backdrop for how investors are valuing the stock today. Management described the quarter as one of “strong” performance, pointing to continued demand for wireless and fiber services and reaffirming its full‑year 2025 financial guidance. [5]
Key Q3 2025 numbers:
- Revenue: $30.7 billion, up about 1.6% year over year
- Diluted EPS: $1.29, boosted by a gain on the sale of the remaining DIRECTV stake
- Adjusted EPS: $0.54, roughly flat versus the prior‑year quarter
- Adjusted EBITDA: $11.9 billion
- Free cash flow (FCF): $4.9 billion, up from $4.6 billion a year earlier [6]
Operationally, the company continues to lean hard into its “convergence” strategy—getting customers to take both wireless and home internet:
- Postpaid phone net adds: 405,000
- AT&T Fiber net adds: 288,000
- AT&T Internet Air (fixed wireless) net adds: 270,000
- Consumer fiber broadband revenue: $2.2 billion, up 16.8% year over year [7]
With these results, AT&T reaffirmed its full‑year 2025 outlook, including:
- Consolidated service revenue growth in the low single digits
- Mobility service revenue growth of 3% or better
- Mid‑to‑high‑teens growth in consumer fiber broadband revenue
- Adjusted EBITDA growth of 3%+
- Capital investment of $22.0–$22.5 billion
- Free cash flow in the low‑to‑mid $16 billion range
- Adjusted EPS at the high end of the $1.97–$2.07 range [8]
For investors watching the balance sheet, AT&T also repurchased about $1.5 billion of stock in Q3, bringing total buybacks under its 2024 authorization to more than $2.4 billion through the first nine months of the year. [9]
5G and fiber: EchoStar spectrum deal plus record‑speed deployment
One of the biggest strategic developments for AT&T in 2025 is its push to bulk up and light up mid‑band spectrum—the “sweet spot” for 5G performance.
The $23 billion EchoStar spectrum acquisition
In August, AT&T announced it would acquire approximately 30 MHz of nationwide 3.45 GHz mid‑band spectrum and 20 MHz of 600 MHz low‑band spectrum from EchoStar in a $23 billion all‑cash deal, expected to close in the first half of 2026 pending regulatory approvals. [10]
According to the company:
- The deal will temporarily push net debt‑to‑adjusted EBITDA up to around 3.0×,
- Management aims to bring leverage back toward its 2.5× target within roughly three years,
- The transaction is expected to have little impact on adjusted EPS and free cash flow for the first two years, turning accretive in year three. [11]
Mid‑band rollout: 23,000 cell sites, 5,300+ cities, up to 80% faster speeds
Crucially, AT&T isn’t just waiting for the EchoStar deal to close. Through a spectrum‑manager lease, it has already deployed 3.45 GHz mid‑band spectrum to nearly 23,000 cell sites across more than 5,300 cities in 48 states—a rollout completed in just a few weeks, which the company calls “record fast.” [12]
Early field results and company disclosures indicate:
- 5G mobility download speeds up to roughly 80% faster in upgraded markets
- AT&T Internet Air (fixed wireless access) speeds up about 55% where the new spectrum is live
- A broader, more consistent mid‑band layer that complements AT&T’s existing low‑band and C‑band holdings [13]
Third‑party coverage of the rollout argues that this spectrum boost directly supports AT&T’s convergence strategy by enabling it to serve more homes and small businesses with fixed wireless while keeping performance competitive in dense urban and suburban markets. [14]
Fiber expansion and the Lumen deal
Beyond wireless, AT&T continues to deepen its fiber footprint. In May, the company announced an agreement to acquire substantially all of Lumen’s Mass Markets fiber internet business for $5.75 billion in cash. The deal, expected to close in early 2026, will place the acquired fiber assets into a new subsidiary dubbed “NetworkCo,” which AT&T plans to partially sell down to an equity partner after closing. [15]
Management expects the Lumen transaction to be largely immaterial to adjusted EBITDA, adjusted EPS and free cash flow over the first 12–24 months after closing, with benefits building over the longer term as more customers migrate to higher‑margin fiber services. [16]
Together, the EchoStar spectrum and Lumen fiber deals underline AT&T’s bet that owning both the wireless and fixed connectivity layers will be key to driving long‑term revenue and margin expansion.
Dividend profile: income remains a core part of the story
For many shareholders, the headline attraction of AT&T stock remains its dividend.
On September 25, 2025, AT&T’s board declared a quarterly dividend of $0.2775 per common share, paid on November 3 to shareholders of record as of October 10. [17]
At Friday’s close of $25.93, that dividend equates to an annualized payout of $1.11 per share, or a yield of roughly 4.3%. MarketBeat’s analysis pegs the payout ratio around the mid‑30% range, based on projected earnings, leaving room for debt reduction, capital investment and share repurchases. [18]
Put simply, AT&T is positioning itself as:
- A high‑yield, large‑cap telecom
- With a dividend that, for now, appears supported by free cash flow and a moderate payout ratio
- But also heavy, ongoing capital requirements to fund spectrum and fiber build‑outs
The sustainability of that dividend over multiple years will depend heavily on continued execution in 5G and fiber, as well as disciplined leverage management.
What Wall Street thinks: “Moderate Buy” to “Strong Buy” and modest upside
Across major research aggregators, analysts remain generally constructive on AT&T stock.
Recent snapshots show:
- A “Moderate Buy” consensus rating with an average 12‑month price target around $30.6–$30.7 per share, implying roughly 18–20% upside from Friday’s close. [19]
- Other platforms report an average target near $31.0, with individual estimates typically ranging from $28 to $34 and a consensus recommendation in the “Buy” or “Strong Buy” zone. [20]
In terms of recent rating changes, a key development this month was KeyBanc’s upgrade of AT&T to “Overweight” from “Sector Weight,” with a $30 price target. The firm framed the stock’s double‑digit pullback over recent months—despite reasonably solid fundamentals—as an opportunity, highlighting:
- AT&T’s leadership in service convergence (bundling wireless and home internet)
- Its expanded fiber investment pipeline
- The strategic value of the EchoStar spectrum acquisition [21]
Overall, Wall Street’s base case is that AT&T offers:
- A high single‑digit to low double‑digit total return potential over the next year when combining dividend yield and projected price appreciation, if management delivers on its guidance and integration plans.
Of course, analyst targets frequently change and are not guarantees of future performance.
Institutional investors: active but balanced positioning
Fresh 13F filings and November 22 news flow show institutional investors actively reshuffling their AT&T exposure, but not in a one‑way direction.
Recent disclosures include:
- Evelyn Partners Investment Management boosting its AT&T stake by more than 480% in the second quarter, to about 44,000 shares, with several other asset managers also adding to positions. [22]
- WealthBridge Capital Management establishing a new stake of roughly 18,987 shares, while other firms such as New World Advisors and AlphaCore Capital significantly increased their holdings. [23]
- At the same time, some large managers—including Rhumbline Advisers and Franklin Resources—trimmed positions modestly, illustrating a more nuanced, stock‑picking approach rather than a broad rush in or out of the name. [24]
Across these filings, institutional and hedge fund ownership stands at roughly 57% of AT&T’s outstanding shares, typical for a mature, blue‑chip telecom with a long history in income‑oriented portfolios. [25]
Key risks for AT&T stock in late 2025
While the setup looks constructive to many investors, several risks and pressure points continue to hang over the AT&T story:
- Capital intensity and leverage
- The EchoStar spectrum deal and Lumen fiber acquisition are both capital‑heavy.
- AT&T expects leverage to rise to around 3.0× net debt‑to‑adjusted EBITDA once the EchoStar transaction closes before trending back down, but that depends on execution and macro conditions. [26]
- Competitive wireless environment
- U.S. wireless remains fiercely competitive, with price promotions and aggressive offers from Verizon, T‑Mobile and cable operators.
- Third‑party analysis points out that persistent churn and pricing pressure remain a core risk, even as network quality improves. [27]
- Execution risk on 5G and fiber
- Rolling out mid‑band spectrum to tens of thousands of sites and integrating new fiber assets is complex.
- Delays, cost overruns or slower‑than‑expected customer uptake could undercut the company’s convergence thesis.
- Regulatory and integration risk
- The EchoStar spectrum purchase still requires regulatory approvals.
- Lumen’s fiber business must be integrated into AT&T’s operations and the new NetworkCo structure without disrupting customer experience.
- Macro and interest‑rate backdrop
- As a high‑dividend, rate‑sensitive stock, AT&T can be impacted by changes in interest rates and credit spreads, which affect both borrowing costs and how investors value high‑yield equities.
Any of these factors could materially affect the stock’s risk‑reward profile over the next several years.
What to watch next
For investors tracking AT&T stock into 2026, several upcoming catalysts and checkpoints stand out:
- Q4 2025 earnings (likely in late January 2026), where investors will look for:
- Continued postpaid phone and fiber net additions
- Evidence that Internet Air and mid‑band spectrum are driving better revenue and margins
- Updated commentary on free cash flow and buybacks
- Regulatory progress on the EchoStar spectrum acquisition
- Any changes to expected closing timing or financing assumptions
- Updates on the Lumen fiber deal and NetworkCo structure
- Details on potential equity partners and the long‑term capital strategy
- Dividend and capital return policy
- Whether AT&T maintains its current $0.2775 per‑share quarterly dividend, and how rapidly it executes on its multiyear $20 billion share repurchase capacity laid out at its 2024 Analyst & Investor Day. [28]
Methodology and data sources
Figures in this article are based on:
- AT&T’s official Q3 2025 earnings release and investor materials [29]
- AT&T corporate news releases on dividends and 5G network upgrades [30]
- MarketWatch and other financial news outlets for daily trading performance and index moves [31]
- MarketBeat, TipRanks, Yahoo Finance and other analyst aggregators for consensus ratings and price targets [32]
- Third‑party commentary on mid‑band 5G deployment and the EchoStar spectrum transaction [33]
All prices and index levels referenced are as of the close on November 21, 2025, unless otherwise noted.
Important disclaimer
This article is for informational and educational purposes only. It does not constitute investment advice, an offer, or a recommendation to buy or sell any securities. AT&T’s share price, dividend, and outlook can change quickly based on new information and market conditions. Always do your own research and consider consulting a qualified financial adviser before making investment decisions.
References
1. www.marketwatch.com, 2. www.marketwatch.com, 3. www.marketwatch.com, 4. www.marketbeat.com, 5. investors.att.com, 6. investors.att.com, 7. investors.att.com, 8. investors.att.com, 9. investors.att.com, 10. investors.att.com, 11. investors.att.com, 12. about.att.com, 13. about.att.com, 14. tecknexus.com, 15. investors.att.com, 16. investors.att.com, 17. about.att.com, 18. www.marketbeat.com, 19. www.marketbeat.com, 20. stockanalysis.com, 21. www.benzinga.com, 22. www.marketbeat.com, 23. www.marketbeat.com, 24. www.marketbeat.com, 25. www.marketbeat.com, 26. investors.att.com, 27. simplywall.st, 28. investors.att.com, 29. investors.att.com, 30. about.att.com, 31. www.marketwatch.com, 32. www.marketbeat.com, 33. www.fierce-network.com
