EXHIBIT 99.2 | 3 | Highlights | | --- | --- | | 4 | Customer Metrics | | 7 | Financial Metrics | | 13 | Capital Structure | | 14 | Guidance | | 15 | Contacts | | 16 | Financial and Operational Tables | 2 (1) AT&T Inc. does not disclose postpaid net account additions. Comcast and Charter do not disclose postpaid phone net customer additions. Industry-leading claims are based on consensus expectations if results are not yet reported. (2) Core Adjusted EBITDA, Adjusted Free Cash Flow and Adjusted Free Cash Flo ...

Core Insights - T-Mobile US reported Q3 earnings that fell short of consensus estimates, with adjusted earnings at $2.41 per share, a 7% decline year-over-year, while revenue increased by 4% to $21.95 billion [2][3] Financial Performance - Adjusted earnings per share decreased to $2.41, missing the expected $2.47, while revenue rose to $21.95 billion, slightly above the forecast of $21.91 billion [2] - An impairment expense impacted earnings by 18 cents per share [2] Subscriber Growth - T-Mobile added over one million postpaid phone subscribers, exceeding estimates of 841,000, and outpacing AT&T's addition of 405,000 subscribers [3] - The company also gained 506,000 wireless high-speed internet subscribers, bringing its total 5G broadband customers to 7.955 million as of September 30 [3] Stock Market Reaction - T-Mobile's stock fell 0.3% to $226.82 in early trading following the earnings report, despite a 3% increase in shares leading up to the report [4] - The stock holds an Accumulation/Distribution Rating of D, indicating institutional selling over the past 13 weeks [4] Technical Ratings - T-Mobile has an IBD Composite Rating of 57 out of a possible 99, reflecting a mix of fundamental and technical metrics [5]

Core Insights - T-Mobile US reported increased revenue in its latest quarter, driven by a strong growth in postpaid wireless phone subscribers [1] Group 1: Financial Performance - The company logged higher revenue in its latest quarter [1] - The growth in revenue is attributed to the rapid addition of postpaid wireless phone subscribers [1]

Core Insights - T-Mobile US, Inc. is recognized as a strong long-term investment with low volatility, supported by a Buy rating from Wells Fargo analyst Eric Luebchow and a price target of $260 [1][2] Group 1: New Product Launches - T-Mobile has introduced "Edge Control" and "T-Platform," which are advanced network solutions aimed at enhancing connectivity for businesses [2] - Edge Control utilizes T-Mobile's 5G Advanced network to reduce latency, costs, and security risks, while T-Platform serves as a unified management system for business solutions [3] Group 2: Market Applications - The new solutions are designed for mission-critical operations and are being explored by enterprises in various sectors, including sports, media, entertainment, and public services [4] - Notable organizations such as the PGA of America, Formula 1 Heineken Las Vegas Grand Prix, and military entities are already considering these technologies to improve their operations [4] Group 3: Company Overview - T-Mobile US, Inc. provides wireless communication services under the T-Mobile and MetroPCS brands, offering both prepaid and postpaid options for messaging, voice, and data services [5]

Core Insights - The company reported strong quarterly results, particularly in the broadband segment, adding over 550,000 new internet subscribers, the best performance in eight years [2] - There is some concern regarding churn and a competitive pricing environment, but the company remains confident in its position and strategy [1][4] - The company is focused on selling converged services, which are expected to reduce churn and increase customer lifetime value despite some pressure on average revenue per user (ARPU) [3][5] Industry Dynamics - The industry is experiencing uncertainty due to leadership changes at other companies, which may impact competitiveness and margins [3][4] - The company is not worried about its market position and believes it has a strong portfolio of assets, including recent acquisitions of fiber footprint and spectrum [5] - The competitive landscape is evolving, with expectations of more aggressive pricing strategies from competitors like Verizon and T-Mobile [1][6]

Core Insights - T-Mobile US, Inc. is gaining attention from investors, particularly due to its pricing strategy for iPhones, which may exceed market expectations [1] - The company is undergoing a leadership transition, with CEO Mike Sievert stepping down to become vice chairman, and COO Srini Gopalan taking over [1] - T-Mobile is projected to achieve 19.4% earnings growth next year, with a valuation of just over 18 times next year's earnings [1] Company Overview - T-Mobile US, Inc. provides a range of services including wireless voice, messaging, data, and high-speed internet, along with mobile devices and financing options [1] - The leadership change is seen as a surprise, but confidence remains in the new team and their ability to continue creating value [1] Market Position - The stock is expected to perform well, with analysts suggesting that both T-Mobile and Apple stocks may see upward movement [1] - Despite the positive outlook for T-Mobile, there are suggestions that certain AI stocks may present better investment opportunities with higher upside potential [1]

Core Insights - The upcoming earnings reports for AT&T, T-Mobile, and Verizon are anticipated to provide insights into competitive dynamics in the telecom sector, particularly against the cable TV industry by 2026 [1][2][12] - Verizon's unexpected CEO transition to Dan Schulman raises questions about the company's strategic direction and potential impacts on its dividend policy [3][4][6] Company-Specific Summaries AT&T - AT&T's stock has increased by 14% this year, aligning with the S&P 500, but has seen a decline since mid-September [1] - The company is focusing on fiber expansion and has returned to its core telecom operations by divesting from satellite TV and WarnerMedia [15] T-Mobile - T-Mobile is expected to lead in Q3 subscriber additions, with an estimated 840,000 postpaid phone subscribers, compared to AT&T's 332,000 and Verizon's 47,000 [9][10] - The company is undergoing a leadership transition with Srinivasan Gopalan set to take over as CEO on Nov. 1, following Mike Sievert [3][7] Verizon - Verizon appointed Dan Schulman as CEO, replacing Hans Vestberg, which analysts view as a significant and unexpected change [3][4] - Analysts suggest that Schulman may prioritize aggressive fiber expansion, potentially impacting free cash flow and leading to a suspension of dividend growth [5][6] - Verizon's consumer business is under pressure due to subscriber losses to competitors, and the company anticipates closing its $20 billion acquisition of Frontier Communications by early 2026 [5][6] Industry Trends - The wireless competition is intensifying, with increased subsidies and trade-in promotions as companies respond to the launch of higher-priced iPhone models [8] - Analysts predict that 2026 will be a pivotal year for the telecom and cable sectors, with heightened competition in consumer connectivity services [12] - Telecom companies are aggressively expanding fiber networks and fixed wireless broadband services, which may lead to pricing and margin pressures in the market [13]

Core Viewpoint - Federal Reserve Chair Jerome Powell hinted at potential interest rate cuts due to labor market weakness, suggesting investors consider adding dividend stocks for stable income [1] Group 1: EOG Resources - EOG Resources is a crude oil and natural gas exploration and production company, recently acquiring Encino Acquisition Partners for $5.6 billion, which is expected to enhance its free cash flow and shareholder returns [3][4] - EOG raised its quarterly dividend by 5% to $1.02 per share, resulting in an annualized dividend of $4.08 per share and a yield of 3.8% [4] - RBC Capital analyst Scott Hanold reiterated a buy rating on EOG, raising the price target from $140 to $145, while TipRanks' AI Analyst has an "outperform" rating with a price target of $133 [4][6] - Hanold updated his earnings per share (EPS) estimates for 2025 and 2026 to $10.07 and $9.46, respectively, reflecting higher oil price expectations [5] - Hanold believes EOG will outperform its peers due to its technological edge, strong balance sheet, and capital efficiency [6] Group 2: Coterra Energy - Coterra Energy, focused on exploration and production in the Permian Basin, Marcellus Shale, and Anadarko Basin, paid a quarterly dividend of 22 cents per share, yielding 3.4% [7] - Analyst Gabriele Sorbara reiterated a buy rating on Coterra but lowered the price target from $35 to $32, while TipRanks' AI Analyst has a "neutral" rating with a price target of $26 [8] - Sorbara expects Q3 oil production to exceed expectations but anticipates EBITDA and free cash flow may lag due to gas pricing issues [10] - Sorbara maintains a buy rating on Coterra, citing attractive valuation and potential for strong capital returns [11] Group 3: AT&T - AT&T declared a quarterly dividend of 27.75 cents per share, with an annualized dividend of $1.11 per share, yielding 4.3% [13] - Citigroup analyst Michael Rollins reiterated a buy rating on AT&T with a price target of $32, expecting strong Q3 performance across strategic products [14][15] - Rollins forecasts 300,000 postpaid phone net additions and 2.5% year-over-year growth in wireless service revenue for Q3 [15] - The analyst also estimates 286,000 fiber net additions and 210,000 net additions for fixed wireless access in Q3 [16] - Rollins believes AT&T's broadband opportunity is an under-appreciated aspect of its financial growth prospects [17]

Core Insights - T-Mobile, US, Inc. (TMUS) is expected to report third-quarter 2025 results on October 23, with a history of earnings surprises, including a 9.86% surprise over the last four quarters and a 5.58% surprise in the last quarter [1][2] Revenue Expectations - The company is anticipated to experience year-over-year revenue growth, driven by strong postpaid service traction and increasing demand for its 5G offerings [2][11] - Total service revenues are estimated at $17.6 billion, reflecting a 5.3% year-over-year increase, while equipment revenues are projected at $3.55 billion, indicating a 10.9% rise [7] - The Zacks Consensus Estimate for total revenues stands at $21.73 billion, up from $20.16 billion reported in the same quarter last year [8][11] Earnings Projections - The consensus estimate for adjusted earnings per share (EPS) is $2.42, down from $2.61 reported a year ago [8][11] - T-Mobile's Earnings ESP is -1.29%, suggesting that the model does not predict an earnings beat this time [9][10] Competitive Positioning - T-Mobile maintains a leadership position in the 5G market, enhancing its network infrastructure for improved connectivity and coverage [3] - The company completed a $2 billion network expansion in Florida, enhancing 5G speeds and coverage for 22 million residents [4] - Recent agreements with Charter and Comcast to utilize T-Mobile's 5G network, along with partnerships with Southwest Airlines for in-flight WiFi, are expected to positively impact third-quarter results [5][11] Market Challenges - Despite growth opportunities, T-Mobile faces challenges from intense competition in the saturated U.S. wireless market, particularly from major players like AT&T and Verizon [6]

Core Viewpoint - SurgePays, Inc. is experiencing significant revenue growth, estimating over 60% sequential increase for Q3 2025, driven by a multi-channel growth strategy and a focus on underserved communities [1][8]. Revenue Growth Drivers - SurgePays operates through five key revenue channels: Lifeline Wireless (subsidized), LinkUp Mobile (prepaid), Prepaid Wireless Top-Up (fintech POS platform), HERO MVNE Services (B2B enablement), and ClearLine (SaaS marketing platform) [4][7][8]. - The Lifeline program has over 125,000 subscribers and is expected to provide a stable revenue base due to its permanent federal funding [5][6]. - The ClearLine SaaS platform is designed to enhance marketing capabilities and drive additional revenue through upselling opportunities [8][11]. Strategic Execution - The company has built a strong operational infrastructure since 2022, integrating with AT&T and developing a distribution network that supports multiple high-margin revenue streams [3][10]. - SurgePays aims to achieve profitability while minimizing dilution and maintaining a diversified revenue model, which is crucial for transitioning from a micro-cap to a small-cap company [8][10]. - The management's strategic plan includes moderating sales to secure inventory and adapt to market conditions, which has resulted in over 60% sequential revenue growth despite a slower growth rate than initially expected [8][11]. Future Outlook - SurgePays projects a full-year revenue guidance of $225 million for 2026, indicating confidence in scaling its operations and revenue streams [3][8]. - The company is well-positioned to leverage its established foundation for sustained growth and to navigate potential challenges in the industry [3][8].