Looks like they've consistently been dumping money into capital expenditures over the last three years?3 years too late if you ask me. Look at their profits vs their investment in the network the first 3 years of the iPhone.
2007 capex: $17B, net income: $12B
2008 capex: $20B, net income: $13B
2009 capex: $17B, net income: $13B
2010 capex: $18B, net income: TBD
http://www.att.com/Common/about_us/annual_report/pdfs/ATT2009_Financials.pdf