Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $33.8 billion, an increase of 1.5% year-over-year [11] - Adjusted EBITDA was $12.8 billion, up 2.3% year-over-year, with year-to-date adjusted EBITDA growth of 3.5% [13] - Adjusted EPS for the quarter was $1.21, reflecting a 1.7% increase year-over-year [13] - Free cash flow for Q3 was $7 billion, representing a nearly 17% improvement year-over-year [14] - Net unsecured debt at the end of the quarter was $112 billion, a $9.4 billion improvement year-over-year [16] Business Line Data and Key Metrics Changes - Postpaid phone gross adds increased by 8.4% year-over-year, but net losses were 7,000 due to a churn rate of 0.91% [8] - Consumer upgrades rose by 16% year-over-year, attributed to the best value guarantee [9] - Core prepaid business added 47,000 net subscribers, marking the fifth consecutive quarter of growth [9] - Verizon Business added 51,000 phone net adds, offsetting disconnect pressure in the public sector [10] - Broadband net adds were 306,000, with a total of over 13.2 million subscribers, and FiOS Internet delivered 61,000 net adds, the best quarterly result in two years [10] Market Data and Key Metrics Changes - More than 18% of the consumer postpaid phone base took a converged offering, up over 200 basis points from last year [9] - Fixed wireless access net adds were 261,000 for the quarter, with approximately 5.4 million FWA subscribers [11] - Annualized revenue from fixed wireless access surpassed $3 billion [11] Company Strategy and Development Direction - The company is shifting to a customer-first focus, aiming to redefine its trajectory and enhance customer experience [6][20] - Plans to aggressively transform the culture and financial profile of the company, focusing on customer retention and reducing churn [18][19] - The acquisition of Frontier is expected to create significant cross-sell opportunities and enhance the fiber footprint [24][25] - Emphasis on leveraging AI to improve customer experience and operational efficiency [23][88] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the company has not captured growth opportunities despite a strong network foundation [5][18] - The focus will be on driving sustainable value for shareholders through disciplined growth and improved customer satisfaction [6][20] - The company is committed to maintaining its dividend and reducing debt while exploring growth opportunities [16][26] Other Important Information - The company raised its dividend for the 19th consecutive year, reflecting a commitment to shareholder returns [15] - Integration planning for the Frontier acquisition is on track, with strong performance reported by Frontier [17] Q&A Session Summary Question: Can you expand on your vision for the company and what you expect to accomplish in the first hundred days? - The vision includes shifting from a technology-centric to a customer-centric approach, focusing on retention and creating the best value proposition [33][34] Question: How do you drive share for Verizon higher without a painful back book repricing exercise? - The strategy involves addressing customer pain points, enhancing the customer experience, and leveraging convergence [41][44] Question: What strategies do you think are best for reducing churn? - The company will focus on understanding churn drivers and proactively addressing customer needs with tailored offers [80][85] Question: How do you view the opportunity for AI within Verizon? - AI is seen as a transformative technology that can enhance customer experience and operational efficiency [87][88] Question: Can you discuss the nature of the cost opportunities and the organic fiber expansion rate? - The company aims to optimize costs while expanding its fiber footprint, with a focus on both organic growth and acquisitions [92][95]