AT&T (NYSE:T) 2026 Conference February 24, 2026 08:35 AM ET Company ParticipantsPascal Desroches - CFOConference Call ParticipantsKannan Venkateshwar - Md and Lead AnalystKannan VenkateshwarThank you. Good morning, everyone. I'm Kannan Venkateshwar, and I lead the North American Cable Telecom and Media Research effort here at Barclays. I'm sorry we had to make this event virtual last minute, given all the travel disruptions, but I did want to acknowledge all the work of my corporate access team, who've been ...

Core Viewpoint - Verizon Communications reported a significant increase in postpaid mobile users and revenue growth, indicating a potential turnaround under new CEO Dan Schulman, who is implementing cost-cutting and strategic transformation plans [1][2][4]. Financial Performance - Verizon's Q4 revenue grew by 2% year-over-year, reaching $36.4 billion, slightly exceeding analyst expectations [2][5]. - The company reported earnings per share of $0.55, with adjusted earnings of $1.09, impacted by severance costs from layoffs [6]. - Wireless service revenue, Verizon's largest segment, amounted to $21 billion [5]. User Growth - The company added 616,000 postpaid mobile users in Q4, significantly surpassing the expected 417,000 [2][6]. - Total wireless retail subscribers reached 146.9 million by the end of the quarter [5]. - Verizon also gained 372,000 net broadband users and 319,000 net fixed wireless users during the quarter [3][7]. Strategic Developments - Verizon completed the acquisition of Frontier Communications for $9.6 billion, expanding its fiber network and broadband user base to 16.3 million [3][6]. - The company aims to provide both mobile and home network services as part of its strategy [3]. - Capital expenditures are projected to be between $16 billion and $16.5 billion in 2026, with approximately $17 billion expected in 2025 [7]. Future Outlook - Verizon forecasts a net addition of 750,000 to 1 million postpaid mobile users for the current year [2][6]. - The company expects wireless service revenue to remain stable, while overall mobile and broadband service revenue is anticipated to grow by 2% to 3% [2][6].

Summary of AT&T (T) 2025 Conference Call Company Overview - **Company**: AT&T Inc. (T) - **Event**: 2025 Conference Call - **Date**: September 04, 2025 Key Points Acquisition of EchoStar Spectrum - AT&T announced an agreement to acquire EchoStar Spectrum, including both 600 MHz and mid-band spectrum, which was unexpected at the start of the year due to the next major auction not occurring until 2027 [3][5] - The acquisition was driven by a unique opportunity presented by the FCC's desire for EchoStar to deploy its spectrum for consumer benefit [5][6] - The mid-band spectrum aligns well with AT&T's existing holdings across over 400 markets, allowing for deployment with minimal costs [6][7] - The low-band spectrum acquisition is rare and expected to provide attractive returns to shareholders [7][11] Financial Implications - The cost of deploying the acquired spectrum is expected to fit within AT&T's capital spending plan, which has been increased to between $23 billion and $24 billion annually [13][14] - The acquisition is anticipated to accelerate revenue and EBITDA growth, with a positive outlook for shareholders [11][30] - The EchoStar transaction is expected to close around mid-2026, with higher revenues anticipated from fixed wireless and MVNO agreements, although there will be some short-term dilution to EPS [29][31] Wireless Market Dynamics - The wireless market has seen increased promotional activity and churn rates, with expectations of a similar environment continuing into the second half of the year [16][18] - AT&T has performed well in the first half of the year despite headwinds from immigration and device promotional cycles [20][21] - The company is focused on maintaining low churn rates and improving customer migration to higher-value plans [50][51] Fiber Expansion Strategy - AT&T has increased its fiber passing target to over 60 million locations, with a focus on efficiency in deployment and cost management [51][52] - The integration of fiber and wireless services is expected to enhance returns, with wireless share being significantly higher within fiber footprints [55][56] - The company is confident in its ability to manage costs effectively while continuing to expand its fiber network [60][61] Fixed Wireless Access (FWA) - The addition of EchoStar's spectrum is expected to enhance AT&T's fixed wireless capabilities, allowing for service expansion in previously under-penetrated areas [62][63] - A strong marketing push is planned to promote fixed wireless services, capitalizing on the current competitive landscape [66] Future Outlook - By the end of the decade, AT&T aims to be largely out of its copper footprint, having completed its wireless modernization and expanded its fiber network significantly [70][71] - The anticipated margin profile for the combined wireless and fiber business is expected to be highly attractive, positioning AT&T favorably in the market [72] Additional Insights - The company is committed to returning value to shareholders through dividends and buybacks while pursuing growth opportunities [27][28] - AT&T's strategic focus remains on organic investments in spectrum and fiber, with a clear plan to leverage new acquisitions for accelerated growth [25][26]