AT&T stock closed at $20.93 on October 23, 2026, down $1.81, or 7.96%, amid reports that SpaceX was discussing access to at least 80,000 U.S. cell sites. Wireless carriers fell while tower owners gained, but the reported negotiations did not establish a completed agreement.
Key Takeaways
- AT&T’s Friday decline followed a separate earnings-day selloff on October 21.
- Reported SpaceX negotiations included Crown Castle, but the available documents did not establish a signed lease.
- AT&T’s higher adjusted earnings outlook primarily reflected lower depreciation associated with its Mexico business.
Table of Contents
- AT&T stock decline followed an already volatile week
- Reported negotiations divided carriers and tower owners
- Earnings guidance rose mainly for an accounting reason
- Debt and network expansion remain operating benchmarks
- Conclusion
AT&T stock decline followed an already volatile week
Friday’s closing decline came on volume of 99,813,650 shares, compared with 54,447,180 on Thursday. The shares finished just one cent above the session low of $20.92 and never recovered to Thursday’s $22.74 close.
The weekly sequence matters. AT&T had already fallen 6.45% to $21.91 on Wednesday, October 21, when it released quarterly results. It rebounded 3.79% on Thursday before Friday’s selloff. The reported cell-site negotiations emerged Thursday night, so they cannot explain Wednesday’s earlier decline.
Across the week, AT&T lost 10.71%. Friday’s close nevertheless remained above its lowest closing price in the preceding 252 sessions: $20.48 on July 1, 2026.
| Item | Details |
|---|---|
| Verizon | October 23, 2026 close: $44.66; down 1.19%. |
| T-Mobile | October 23, 2026 close: $146.54; down 7.71%. |
| Crown Castle | October 23, 2026 close: $85.97; up 9.06%. |
| American Tower | October 23, 2026 close: $188.97; up 4.08%. |
| SBA Communications | October 23, 2026 close: $184.75; up 3.57%. |
Reported negotiations divided carriers and tower owners
SpaceX was reportedly in talks concerning at least 80,000 U.S. cell sites, with Crown Castle among the parties involved. The scale of the discussions drew attention to potential changes in wireless competition, but the available material did not establish final terms or a signed agreement.
The closing prices showed a clear split between wireless carriers and infrastructure landlords. T-Mobile fell sharply alongside AT&T, while Verizon’s decline was smaller. Crown Castle, American Tower and SBA Communications all advanced.
That divergence is consistent with investors distinguishing between potential network competition and possible demand for tower infrastructure. It does not prove that leases will be signed or establish the financial consequences for any company.
Earnings guidance rose mainly for an accounting reason
AT&T’s October 21 earnings filing identifies its announcement as results for the third quarter of 2026 and lists the accompanying earnings release and financial exhibits. It is an earnings package, not confirmation of the reported 80,000-site negotiations.
Third-quarter revenue reached $32.3 billion, up 5.3%, while adjusted earnings per share increased to $0.65 from $0.54. Adjusted EBITDA rose 5.4% to $12.5 billion, and free cash flow increased to $5.0 billion from $4.9 billion.
Chief Financial Officer Pascal Desroches said the full-year adjusted earnings outlook had increased to the $2.40-per-share range from $2.25–$2.35, primarily because of lower depreciation expense under held-for-sale accounting for AT&T Mexico. The increase therefore should not be read simply as a stronger demand forecast.
Debt and network expansion remain operating benchmarks
AT&T reported total debt of $159.6 billion and net debt of $149.8 billion, with the sequential increase tied to its completed EchoStar spectrum purchase. Desroches described that transaction as a $23 billion acquisition completed at the end of July.
The company maintained 2026 guidance for capital investment of $23 billion–$24 billion and free cash flow of at least $18 billion. It also remained on track to exceed 40 million fiber locations by year-end, up from more than 39 million at the third-quarter update.
Those commitments provide concrete measures of execution while the SpaceX discussions remain reported negotiations rather than an established transaction.
Conclusion
The next scheduled operating update is AT&T’s fourth-quarter report in early 2027, when management said it would provide more detail on its outlook for at least $19 billion of 2027 free cash flow. Any confirmed cell-site agreement would be a separate development from that earnings timetable.
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