Key Takeaways AT&T's Communications revenues rose to $120.89B in 2025, driven by mobility and wireline growth. T added more than 1.5M postpaid net adds and topped 1M fiber net adds, boosting ARPU and retention.AT&T expanded fiber via Lumen deal and spectrum buys, strengthening 5G and convergence push.AT&T, Inc. (T) is witnessing solid momentum in the Communications segment. During 2025, segment revenues rose to $120.89 billion, up from $117.7 billion in 2024. There are multiple growth drivers in this segmen ...

Crown Castle International (CCI) delivered a report the market hated initially, before deciding that it wasn’t nearly so bad. There are a few things you need to know: CCI still has a huge disposition (selling fiber and small cell assets) scheduled for the middle of 2026. This complicates the financial statements due to “discontinued operations.” CCI cannot include the net operating income from those assets, but still has to deduct the interest expense. EchoStar (SATS) defaulting on rent complicated values ...

T-Mobile US, Inc. (TMUS) operates as a leading wireless carrier, delivering voice, messaging, and data services nationwide through its expansive network. Headquartered in Bellevue, Washington, the company focuses on innovative customer experiences and reliable connectivity. The company has a market capitalization of $242.35 billion, which classifies it as a “mega-cap” stock. T-Mobile’s stock reached a 52-week low of $181.36 on Jan. 21, but is up 22.4% from that level. The stock has been up 7.1% over the ...

We believe American Tower (AMT) remains in a substantially better position than Crown Castle (CCI) as the tower industry faces a final speed bump before renewed stability. Towers are facing an interesting conundrum in which the extreme stability of their internal business model has been repeatedly rocked by structural changes in the industry vertical. At this point, the impacts of T-Mobile’s (TMUS) acquisition of Sprint are mostly known, but similar disruptions remain ongoing from Dish’s sale to EchoStar (S ...

Key Takeaways AT&T's fiber expansion and convergence strategy are driving steady customer additions.T expanded fiber to 32M passings and added 1M fiber net adds in 2025.T-Mobile added 7.8M postpaid net customers but faces higher churn and merger costs.T-Mobile US, Inc. (TMUS) and AT&T Inc. (T) are two of the largest U.S. wireless and broadband providers, competing directly on 5G network expansion, subscriber growth and pricing in the highly competitive telecom market.The U.S. telecom industry is presently d ...

SPECTRUM GUARANTEES $1,000 SAVINGS IN THE FIRST YEAR FOR CUSTOMERS WHO FLEE THE BIG 3 [Accessibility Statement] Skip NavigationNew Customers Can Switch Risk-Free to Spectrum Fiber- Powered Internet and Two Mobile Lines and Lock in $30/Month for Each Product for Two YearsKey Takeaways:- Reliable Seamless Connectivity from Spectrum delivers the fastest Internet, WiFi and wireless speeds coast-to-coast.- Spectrum will guarantee a savings of $1,000 to new customers or credit them the difference in their first y ...

Core Viewpoint - Amdocs Limited (NASDAQ:DOX) is recognized as one of the best technology stocks at a 52-week low, with analysts from Barclays and Stifel providing updated ratings and price targets following the company's earnings report [1][2]. Group 1: Analyst Ratings and Price Targets - Barclays analyst Tavy Rosner reiterated an Overweight rating on Amdocs but lowered the price target from $111 to $92, citing resilient first-quarter results and strategic successes despite economic pressures [1]. - Stifel maintained a Buy rating while reducing its price target from $97 to $88, indicating a potential upside of 25.9% from current levels, highlighting a significant five-year contract renewal with T-Mobile as a key development [2]. Group 2: Company Overview - Amdocs Limited provides services and software to various sectors including entertainment, communications, and media, and operates an open and modular cloud offering, along with products like CES25 and Amdocs Monetization Suite [3].

Core Insights - The company completed its largest transaction in history by divesting wireless operations, which enhances its financial capacity to scale fiber and establish a dedicated tower business [1] - TDS Telecom accelerated its fiber construction momentum in the second half of 2025, achieving record high crew counts to deliver 100,000 marketable addresses within six months [1] - Array Digital Infrastructure transitioned to a tower-focused model, processing over 2,000 T-Mobile applications as part of a new Master Lease Agreement (MLA) integration [1] Strategic Moves - The company strategically divested non-core assets in Colorado and Oklahoma, concentrating its telecom footprint in markets with the most viable economic paths to fiber [1] - Management attributed a 6% growth in Q4 EBITDA to business transformation efforts and reduced cash expenses, despite ongoing declines in legacy cable and copper segments [1] - The company strengthened its capital structure by repaying $150 million in term loan debt and closing a $1.018 billion spectrum sale to AT&T [1]

Financial Data and Key Metrics Changes - In Q4 2025, total operating revenues decreased by 1% year-over-year, while for the full year, revenues declined by 2%. Excluding divestitures, revenues were flat year-over-year for both periods [19][21] - Adjusted EBITDA improved by 6% in Q4, but declined by 6% for the full year, primarily due to divestitures and a non-cash adjustment to stock-based compensation in Q1 [20][21] - Capital expenditures for the full year were $406 million, with a forecast for 2026 of $550 million to $600 million, driven by expansion efforts [21][35] Business Line Data and Key Metrics Changes - TDS Telecom added 58,000 new marketable fiber addresses in Q4, a 39% increase year-over-year, and delivered a total of 140,000 new marketable fiber addresses for the full year [11][12] - Residential fiber net adds were approximately 15,000 in Q4, up 11% from Q4 2024, totaling about 45,000 for the year [12][18] - Cash site rental revenue for Array increased by 64% year-over-year in Q4, with a 96% increase when including T-Mobile interim site revenue [29] Market Data and Key Metrics Changes - The divestitures in 2025 accounted for a $3 million revenue decline in Q4 compared to the prior year [19] - The company identified 300,000 additional fiber address opportunities across approximately 50 new communities, increasing long-term fiber address goals from 1.8 million to 2.1 million [8][15] Company Strategy and Development Direction - The company aims to strengthen its corporate and capital structure, grow TDS Telecom's fiber business, and support Array's success as a tower company [5][6] - The focus for 2026 includes delivering a fiber build plan of 200,000 to 250,000 new marketable fiber addresses and enhancing customer experience [16][21] - Array's strategy emphasizes optimizing tower operations and monetizing spectrum holdings, with significant progress in spectrum monetization already achieved [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects for 2026, particularly in fiber and tower operations, despite challenges from legacy revenue declines [11][24] - The company is focused on executing its business transformation initiatives to improve operational efficiency and customer experience [14][16] Other Important Information - TDS repaid $150 million in term loan debt and received $726 million from a special dividend related to the AT&T spectrum sale [7][8] - The company plans to continue disciplined share repurchase activities, with $524 million remaining on its authorization as of the end of 2025 [9] Q&A Session Summary Question: Is DISH included in the 2026 guidance? - Management confirmed that DISH is completely out of the 2026 guidance, and any settlement would be considered upside [45][47] Question: What is the outlook for tower leasing applications? - Management is optimistic about growth prospects for 2026, expecting significant same-store growth and positive results from insourcing the sales team [48][49] Question: How is the company approaching video services? - Management believes video is a critical part of their value proposition and does not plan to outsource it, as it attracts bundled customers [89] Question: What is the strategy for monetizing naked towers? - Management sees significant latent value in naked towers and aims to reduce holding costs while exploring leasing opportunities [95] Question: What is the growth rate embedded in the revenue guidance for 2026? - Management expects around 6% growth on a same-store basis, excluding DISH revenue [85][86]

Financial Data and Key Metrics Changes - In Q4 2025, total operating revenues decreased by 1% compared to the previous quarter and by 2% for the full year, with revenues flat year-over-year when excluding divestitures [17][18] - Adjusted EBITDA improved by 6% in Q4, but declined by 6% for the full year due to divestitures and a non-cash adjustment to stock-based compensation in Q1 [18] - Capital expenditures for the full year were $406 million, with a forecast increase to $550 million-$600 million for 2026 [19] Business Line Data and Key Metrics Changes - TDS Telecom added 58,000 new marketable fiber addresses in Q4, a 39% increase year-over-year, and delivered a total of 140,000 new marketable fiber addresses for the full year [10][11] - Residential fiber net adds were approximately 15,000 in Q4, up 11% from Q4 2024, totaling about 45,000 for the year [11][12] - Cash site rental revenue for Array increased by 64% year-over-year in Q4, with a 96% increase when including T-Mobile interim site revenue [25] Market Data and Key Metrics Changes - The divestitures in 2025, including the sale of wireless operations, have concentrated TDS's footprint in economically viable markets for fiber [12] - The company identified 300,000 additional fiber address opportunities, raising its long-term goal from 1.8 million to 2.1 million fiber addresses [13][14] Company Strategy and Development Direction - TDS aims to strengthen its corporate and capital structure, grow TDS Telecom's fiber business, support Array's tower operations, and enhance company culture while delivering strong operational results [4][5] - Array focuses on optimizing tower operations and monetizing spectrum, with significant progress in spectrum monetization agreements with major carriers [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects for 2026, particularly in fiber and tower operations, despite challenges from legacy revenue declines and divestitures [19][34] - The company is committed to delivering a best-in-class customer experience and achieving operational efficiency through ongoing business transformation efforts [14][15] Other Important Information - TDS repaid $150 million in term loan debt and received $726 million from a special dividend related to the AT&T spectrum sale [6][7] - The company plans to continue disciplined share repurchase activities, with $524 million remaining on its authorization as of the end of 2025 [8] Q&A Session Summary Question: Is DISH included in the 2026 guidance? - Management confirmed that DISH is completely out of the 2026 guidance, and any settlement would be considered upside [43][44] Question: What is the outlook for tower leasing applications? - Management expressed optimism about growth prospects, expecting significant same-store growth and positive results from insourcing the sales team [45][47] Question: How is TDS Telecom addressing video bundling? - Management emphasized the importance of video in their value proposition and plans to strengthen video bundling alongside broadband offerings [84] Question: What is the growth rate embedded in the revenue guidance for 2026? - Management indicated a growth expectation of around 6% on a same-store basis, excluding DISH revenue [80]