Dividends 30 October 2025 - 11 November 2025

AT&T Inc. is a telecom giant with a 140+ year legacy, now focused squarely on connectivity services. Its business model centers on providing voice and data communication to consumers and businesses via an expansive wireless network and a growing fiber-optic footprint. In the U.S. telecom market, AT&T operates alongside Verizon and T-Mobile in what analysts call a “durable triopoly”gurufocus.com – all three dominate market share, though each pursues a distinct strategy. AT&T’s aim is to be “America’s premier converged connectivity provider,” leveraging both high-speed 5G wireless and fiber broadband networksgurufocus.com. This dual network strategy is a unique advantage AT&T touts, as it can bundle mobile and home internet services to deepen customer loyalty. In fact, management notes that customers who subscribe to both AT&T wireless and fiber have the lowest churn and highest lifetime valuegurufocus.com. By Q3 2025, over 41% of AT&T’s fiber broadband customers also had an AT&T mobile plan, up from ~40% a year earliermarketbeat.com. This convergence is boosting customer stickiness.