Management characterized 2025 as a transformative year defined by the divestiture of wireless operations, which provided the financial capacity to pivot toward fiber expansion and tower infrastructure. Performance in the fourth quarter was driven by record-high construction crew counts, resulting in the strongest build quarter since 2023 and demonstrating momentum in the fiber engine. The company is shifting its capital allocation framework to prioritize fiber 'edge out' opportunities in approximately ...

Key Takeaways Liberty Global posted a $2.92B Q4 loss even as revenues rose 9.6% year over year.LBTYA saw mixed EBITDA trends, with Telenet down and VM Ireland up in Q4.Liberty Global's JVs reported subscriber losses and guided to revenue and EBITDA declines in 2026.Liberty Global (LBTYA) reported a loss from continuing operations of $2.92 billion in the fourth quarter of 2025 compared with earnings of $2.33 billion in the year-ago quarter.Revenues increased 9.6% year over year to $1.23 billion. On a rebased ...

Core Viewpoint - Comcast's dividend yield of 4.09% and 18 consecutive years of dividend growth position it favorably against competitors, despite challenges in the broadband sector [1][2]. Financial Performance - Comcast achieved a record free cash flow of $21.9 billion in 2025, a 41.3% increase year-over-year, providing a coverage ratio of 4.48x for its $4.9 billion dividend payout [1][2]. - The company returned only 55% of its free cash flow to shareholders, maintaining a substantial cushion for future investments and economic downturns [1]. Dividend Growth - The quarterly dividend increased from $0.1575 in 2017 to $0.33 in 2026, reflecting a 109% increase over nine years, or approximately 8.5% compounded annually [1]. - The most recent dividend increase of 6.5% occurred in Q2 2025, with expectations for further increases in 2026 [1]. Competitive Position - Comcast's dividend yield of 4.09% and payout ratio of 24.49% contrast sharply with AT&T's frozen dividend and Charter's lack of a dividend program [1]. - AT&T has a similar yield but a higher payout ratio and a history of dividend cuts, while Charter focuses on debt reduction and share buybacks [1]. Growth Drivers - Domestic wireless revenue surged 18% in 2025, adding 1.5 million net lines, indicating significant growth potential [2]. - Peacock streaming revenue grew 23% to $1.6 billion in Q4, with expectations for further improvement in 2026 [2]. - Theme parks revenue increased by 21.9% to $2.89 billion, with EBITDA surpassing $1 billion for the first time [2]. Balance Sheet Strength - Comcast ended 2025 with a net leverage of 2.3x, indicating a strong financial position within investment-grade territory [2]. - The spinoff of cable networks into Versant Media was structured as a dividend distribution, maintaining the dividend growth streak while removing lower-growth assets [2]. Valuation Insights - Comcast shares trade at a trailing P/E ratio of 6x, approximately 20% below their five-year high, suggesting limited downside risk [2]. - The combination of a 4% yield, conservative payout ratio, and depressed valuation creates an attractive risk profile for dividend-focused investors [2].

Core Insights - Despite a decline in total revenue, Optimum reported significant improvements in profitability, with adjusted EBITDA rising 7.7% year-over-year to $902 million, marking the first quarter of year-over-year adjusted EBITDA growth in 16 quarters [1][7] - The company emphasized a focus on margin protection, operational efficiency, and strategic investments in fiber and AI, while navigating a highly competitive broadband environment [4][5] Revenue Performance - Total revenue for the fourth quarter was approximately $2.2 billion, a decline of 2.3% year-over-year, primarily due to a nearly 10% drop in video revenue [3][7] - Connectivity and other revenue segments grew by 2% year-over-year, supported by mobile revenue growth exceeding 40% and Business Services growth of over 8% [2] Subscriber Trends - Optimum experienced a net loss of 62,000 broadband subscribers, ending the year with 4.2 million broadband subscribers, while residential broadband ARPU increased by 2.8% to $76.71, the highest in 14 quarters [6][10] - Fiber customer accounts rose by 33% year-over-year to 716,000, although fiber net additions moderated due to a strategic decision to slow migrations [12] Cost Management and Capital Expenditures - Operating expenses decreased by nearly $60 million year-over-year, aided by a workforce optimization that reduced headcount by over 6% [7] - Cash capital expenditures were approximately $1.3 billion, with capital intensity at less than 16%, the most efficient in the last four years [17] Future Strategy - For 2026, the company plans to simplify operations, protect margins, and invest in fiber and AI, with a focus on a more streamlined product portfolio and enhanced customer loyalty programs [19][20] - Optimum is deploying AI tools across various functions, including network operations and customer service, to improve efficiency and customer experience [21][22] Lightpath Performance - Lightpath reported revenue of $468 million for full-year 2025, a 13% increase year-over-year, with awarded AI-driven contract value rising 240% to $362 million [24] - The company completed significant financing transactions, including a $2 billion refinancing and a $1.1 billion additional financing to improve its balance sheet [26][27]

Core Insights - The company achieved its first quarter of year-over-year adjusted EBITDA growth in 16 quarters, driven by a $60 million reduction in operating expenses and strategic workforce optimization [1] - The focus shifted to sustainable pricing and returns over aggressive subscriber acquisition, resulting in a 2.8% growth in broadband ARPU despite intense promotional activity from competitors [1] - Video profitability improved in absolute dollars compared to 2022 through disciplined programming negotiations and the launch of higher-margin flexible video tiers [1] Operational Efficiency - The company enhanced operational efficiency with a 19% year-over-year improvement in field dispatch rates and recorded the lowest ever seven-day customer care repeat rates in Q4 [1] - Leveraged AI and automation partnerships, such as Google CCAI, to improve sentiment analysis and network telemetry for faster, proactive issue resolution [1] Strategic Focus - The company divested noncore assets, including i24 News and the towers business, to simplify the operating model and sharpen focus on core connectivity priorities [1]

Core Viewpoint - AT&T is well-positioned in the telecommunications industry, poised to benefit from the increasing demand for 5G technology and wireless connectivity [1] Company Performance - RBC Capital maintains an "Outperform" rating for AT&T, raising the price target from $29 to $31, indicating confidence in the company's future performance [2][5] - AT&T's current stock price is $29.16, reflecting a 2.41% increase or $0.69, with fluctuations between a low of $28.46 and a high of $29.23 during the trading day [3] - Over the past year, AT&T's stock has reached a high of $29.79 and a low of $22.95, showcasing its volatility [3] Market Position - AT&T's market capitalization is approximately $206.7 billion, highlighting its significant presence in the telecommunications industry [4] - The trading volume for AT&T's stock today is 17.97 million shares, indicating active investor interest [4][5] - Despite short-term challenges, AT&T is expected to benefit from long-term growth driven by 5G technology [4]

NON-GAAP FINANCIAL MEASURES We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other ...

Core Insights - U.S. telecom companies are aggressively expanding fiber networks and forming cloud partnerships to leverage network scale as a strategic advantage [1] - AT&T has partnered with Amazon Web Services and Amazon Leo to enhance the nation's connectivity infrastructure [1][2] Partnership Details - The collaboration combines AT&T's extensive fiber network with AWS's security, reliability, performance, and AI capabilities to meet increasing data traffic and enterprise demands [2] - AT&T will connect AWS data centers using high-capacity fiber, enhancing the cloud infrastructure for large-scale customer support [3] - The partnership with Amazon Leo aims to provide fixed broadband services in underserved areas through low-Earth-orbit satellite technology [3] Market Response - Following the announcement, AT&T's stock rose by 1.5% on February 4, indicating positive investor sentiment towards the partnership [4] - Investors are now focused on whether this collaboration can sustain momentum and further increase stock value [4] Company Overview - AT&T, based in Dallas, Texas, is a major global telecom and technology provider with a market capitalization of approximately $192.3 billion [5] - The company offers a range of services including mobile plans, internet access, voice solutions, and managed connectivity, along with retail and digital sales of devices [5] Stock Performance - Over the past 52 weeks, AT&T's stock has increased by 10.96%, with an 11.46% rise in the last month and a 3.5% jump in the most recent five trading sessions [6] - The stock is currently trading at 11.82 times forward adjusted earnings, which is below the industry average, indicating a relative discount [7]

Core Insights - BT has managed to reduce the loss of broadband customers, shedding 210,000 accounts in Q4 2025, an improvement from the 240,000 lost in the previous quarter [2][3] - The company expects a total decline of 850,000 broadband customers for the full year, better than the previously forecasted 900,000 [2] Group 1: Customer Retention and Competition - BT faces intense competition from "alt-net" rivals that have emerged to challenge its market dominance by offering lower-priced deals [3] - Many of these alt-nets are struggling due to rising interest costs and weak demand, leading to a crisis for some, such as G Network, which recently went into administration [5] Group 2: Management and Strategy - Under CEO Allison Kirkby, BT has committed to reducing heavy investments in its full-fibre broadband network, aiming to cut £3 billion in costs and enhance shareholder returns [6] - Kirkby is under pressure to demonstrate growth and clarify BT's position in a competitive market [6] Group 3: Financial Performance - BT's revenue fell by 4% to just under £5 billion, attributed to lower customer income and weak mobile handset demand [9] - Pre-tax profit decreased by £244 million to £183 million, impacted by losses from TNT Sports, BT's joint venture with Warner Bros Discovery [9] Group 4: Network Expansion and Brand Strategy - BT connected an additional one million homes to its full-fibre broadband network in the last quarter, on track to meet its target of 25 million by year-end [8] - The company plans to launch a major brand refresh to highlight its heritage as it celebrates its 180th anniversary [8]

Core Insights - AIGH Capital Management LLC has completely sold its stake in Lumen Technologies, with the transaction valued at approximately $15.61 million based on quarterly average pricing [1][2]. Company Overview - Lumen Technologies is a prominent provider of telecommunications and technology solutions, utilizing a vast fiber network and advanced services to facilitate digital transformation for businesses and consumers [6]. - As of February 2, 2026, Lumen's stock price was $8.82, with a market capitalization of $9.05 billion and a total revenue of $12.69 billion over the trailing twelve months (TTM) [4]. - The company reported a net income loss of $1.65 billion (TTM) [4]. Recent Performance - Lumen Technologies' stock has increased by 78.5% over the past year, significantly outperforming the S&P 500 by 64.2 percentage points [8]. - The company has successfully leveraged its fiber network to support major artificial intelligence (AI) companies with data center connectivity, contributing to its recent stock surge [10]. Strategic Moves - Lumen Technologies has made strategic investments in fiber and cloud capabilities to enhance its competitive position in the evolving communications and enterprise markets [6]. - The company sold its mass market fiber business to AT&T for $5.75 billion, which has helped fund its new buildout initiatives [10].