Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, December 3rd, and I'm your host, Kim Khan. Our top story so far.

AT&T expects double-digit percentage growth in adjusted EPS and free cash flow of more than $18 billion

in 2027. The telecom updated guidance as it embarks on a multi-year strategic plan highlighted by

continued profitable of 5G and fiber subscriber growth. It projects adjusted EPS, excluding

direct TV of $1.97 to 207, consensus estimate 227, in 2025,

accelerating the double-digit percentage growth in 2027.

Free cash flow, excluding DirectEV, is estimated at more than $16 billion in 2025,

with annual growth of around $1 billion.

For this year, AT&T raised the low end of its expected adjusted EPS range to 220 to 225,

Consensus Estimate 21.

The wireless carrier unveiled a strategy to expand its fiber broadband network

to 50 million plus total locations by the end of 2029,

and complete the modernization of its 5G YOS network

with open technology by 2027. It further expects improved financial performance to support

$40 billion plus worth of anticipated shareholder returns through dividends and share repurchases

over the next three years, including an initial share repurchase authorization of $10 billion

that management expects to be completed by the end of 2026. The company expects this plan to provide

$50 billion plus of financial capacity over the next three years, largely through organic growth,

and return $40 billion plus of this financial capacity. The plan would result in $20 billion in total dividend payments or more, with capacity for

about $20 billion in share repurchases from 2025 to 2027.

AT&T expects to maintain its current annualized common stock dividend of $11 a share.

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