07:09 AM EST, 12/03/2024 (MT Newswires) -- AT&T ( T ) said Tuesday it expects more than $50 billion of free cash flow over the next three years and will return at least $40 billion to shareholders through dividends and buybacks.

The company said it plans to maintain its current annualized dividend of $1.11 per share, which will result in over $20 billion in total dividend payments and leave about $20 billion for share repurchases.

AT&T's ( T ) board already authorized an initial tranche of around $10 billion in repurchases, the company said. The other $10 billion tranche is expected to be authorized in 2027.

The first tranche is expected to commence when the company reaches its target of net-debt-to-adjusted EBITDA in the 2.5x range in the first half of 2025 and conclude by the end of 2026.