Financial Performance Highlights - T-Mobile's Q4 service revenue increased by 10% year-over-year to $18.7 billion, primarily driven by a 13.9% growth in postpaid service revenue [3] - Operating cash flow rose by 20% to $6.65 billion, while adjusted free cash flow reached $4.2 billion [3] - The earnings miss was attributed to $390 million in severance costs related to workforce restructuring, with a net impact of $293 million after tax [4] - Full-year 2025 core adjusted EBITDA was reported at $33.9 billion [4] Customer Growth & Operational Momentum - T-Mobile added 2.4 million total postpaid net customers in Q4, including 962,000 postpaid phone net additions [5] - The company experienced broadband expansion with 558,000 net additions, bringing total broadband customers to 9.4 million, including 8.5 million 5G broadband subscribers [5] - T-Mobile received the highest network quality ratings in five of six U.S. regions from J.D. Power for the first time [5] - Postpaid phone churn increased to 1.02%, up 10 basis points year-over-year [5] 2026 Guidance & Outlook - Management projected core adjusted EBITDA for 2026 to be between $37.0 billion and $37.5 billion, indicating a 10% growth at the midpoint [6] - Adjusted free cash flow is expected to be between $18.0 billion and $18.7 billion, with capital expenditures anticipated at approximately $10.0 billion [6] - CEO Srini Gopalan expressed confidence in the company's future growth prospects [6] Capital Returns - T-Mobile returned $3.6 billion to stockholders in Q4 through $2.5 billion in share repurchases and $1.1 billion in dividends [7] - Cumulative returns since Q3 2022 totaled $45.4 billion [7] - The board authorized a new $14.6 billion capital return program through December 2026, with the next dividend of $1.02 per share payable on March 12, 2026 [7]

Core Insights - T-Mobile US reported 962,000 net additions of postpaid phone subscribers, which is the company's best performance for a fourth quarter, although it fell short of Wall Street's expectations [1] Company Performance - The net additions of 962,000 postpaid phone subscribers indicate strong demand, but the figure did not meet analysts' forecasts [1]

Core Insights - Verizon Communications Inc. reported strong fourth-quarter financial results, with revenue growth of 2.0% year-over-year, reaching $36.40 billion, surpassing analyst expectations of $36.06 billion [1] - Adjusted EPS of $1.09 exceeded the analyst consensus estimate of $1.05 [1] Consumer Segment - Total quarterly Verizon Consumer revenue was $28.44 billion, reflecting a 3.2% year-over-year increase, with 551,000 wireless retail postpaid phone net additions, up from 367,000 year-over-year [5] - Consumer wireless service revenue for the quarter reached $17.37 billion, an increase of 1.2% year-over-year [5] - Consumer wireless retail postpaid churn was 1.21%, while wireless retail postpaid phone churn was 0.95% for the quarter [6] - Consumer wireless postpaid average revenue per account (ARPA) stood at $147.36, representing a 1.2% year-over-year increase [6] - The Consumer segment EBITDA margin declined by 100 basis points to 36.5% [8] Business Segment - Total quarterly Verizon Business revenue was $7.37 billion, a decrease of 1.8% year-over-year, with 11,000 wireless retail postpaid net additions, including 65,000 postpaid phone net additions [7] - Business wireless service revenue was $3.59 billion, reflecting a 0.5% year-over-year increase [7] - Business wireless retail postpaid churn was 1.64%, and wireless retail postpaid phone churn was 1.27% for the quarter [7] - The Business segment EBITDA margin fell by 10 basis points to 22.0% [8] Broadband Performance - Verizon reported 372,000 broadband net additions in the quarter, with total fixed wireless access net additions of 319,000, bringing the base to over 5.7 million fixed wireless access subscribers [3] - The company delivered 67,000 Fios internet net additions in the quarter, with total broadband connections growing to over 16.3 million as of the end of the quarter following the closing of the Frontier acquisition [3]

Core Insights - Verizon Communications reported its strongest subscriber gains in years, leading to a significant increase in stock price by over 11% [1][2]. Subscriber Growth - In the fourth quarter, Verizon achieved its highest quarterly net customer additions since 2019, gaining 616,000 postpaid phone subscribers and 372,000 broadband subscribers [2]. Competitive Strategy - New CEO Dan Schulman aims to strengthen Verizon's market position, stating that the company will no longer be an easy target for competitors like AT&T and T-Mobile [3]. Financial Performance - Verizon's total operating revenue for the fourth quarter rose by 2% year over year to $36.4 billion, while adjusted earnings per share slightly declined by less than 1% to $1.09, surpassing Wall Street's expectations of $1.06 [5]. Future Outlook - The company generated $20.1 billion in free cash flow in 2025, with management projecting a growth of approximately 7% to at least $21.5 billion in 2026, supported by anticipated retail postpaid phone net additions of 750,000 to 1 million [6].

Core Viewpoint - Verizon's stock is rising due to better-than-expected earnings and a significant increase in postpaid customers in the fourth quarter of 2025 [1] Financial Performance - Verizon reported a net addition of 616,000 postpaid phone subscribers in the fourth quarter of 2025, exceeding expectations [1]

Core Insights - AT&T's shareholders are set to receive over $45 billion in dividends and stock buybacks in the coming years, reflecting strong financial performance and shareholder returns [1][5] - The company's stock price increased by more than 4% following the announcement of robust subscriber growth metrics [1] Subscriber Growth - In the fourth quarter, AT&T added 421,000 postpaid phone subscribers, 283,000 fiber subscribers, and 221,000 5G fixed wireless home internet customers, indicating strong demand for its services [2] - CEO John Stankey highlighted that investments in spectrum and fiber will enable AT&T to attract more customers across various categories and regions in the U.S. [2] Financial Performance - AT&T's revenue rose by 3.6% year over year to $33.5 billion, while adjusted free cash flow increased by 5% to $4.2 billion [4] - The company has a market capitalization of $163 billion, with a gross margin of 42.7% and a dividend yield of 4.83% [3][4] Future Cash Flow Projections - Management projects free cash flow to exceed $18 billion in 2026, $19 billion in 2027, and $21 billion in 2028, indicating a strong financial outlook [5] - The anticipated cash flow will be utilized for substantial shareholder returns through dividends and stock buybacks [5]

Group 1: Stock Performance and Historical Context - AT&T's stock has experienced significant volatility, with declines of over 30% occurring on two occasions within a two-month period, resulting in billions in market value loss [1] - Historical declines include nearly 46% during the Global Financial Crisis, about 39% in the Dot-Com crash, and approximately 37% during the inflation shock, indicating susceptibility to broader market pressures [5] Group 2: Financial Metrics and Competitive Landscape - The net debt-to-EBITDA ratio reached 3.0x in Q3 2025, with total debt at $139.5 billion, despite generating $4.9 billion in free cash flow during the same quarter [6] - Postpaid churn increased to 0.92% in Q3 2025, with T-Mobile gaining 1 million postpaid net phone subscribers compared to AT&T's 405,000, highlighting strong competition [6] - Business wireline revenues fell by 9.3% in Q2 2025 to $4.3 billion, with a decline expected as copper services are phased out by 2029 [6] - Revenue growth was reported at 1.5% for the last twelve months and 0.6% for the last three-year average, with a free cash flow margin of approximately 15.8% and an operating margin of 19.9% [6] Group 3: Valuation and Market Position - AT&T's stock trades at a P/E ratio of 14.2, offering lower valuation compared to the S&P, alongside reduced revenue growth but improved margins [6] - The Trefis High Quality Portfolio has consistently outperformed its benchmark indices, indicating a potential strategy for investors seeking reduced risk and superior returns [8]

Core Viewpoint - T-Mobile US, Inc. is under investigation for potential securities fraud and unlawful business practices following disappointing first-quarter financial results that led to a significant drop in stock price [1][2]. Financial Performance - T-Mobile reported adding only 495,000 postpaid phone net customers in Q1 2025, which fell short of consensus expectations of 506,557 net customers [2]. - Following the earnings report, T-Mobile's stock price decreased by $29.41 per share, or 11.22%, closing at $232.77 per share on April 25, 2025 [2]. Legal Investigation - Pomerantz LLP is investigating claims on behalf of T-Mobile investors regarding possible securities fraud or other unlawful business practices by the company and its officers or directors [1]. - Pomerantz LLP is recognized for its expertise in corporate, securities, and antitrust class litigation, having a long history of fighting for victims of securities fraud [3].

Core Viewpoint - T-Mobile US, Inc. is under investigation for potential securities fraud and unlawful business practices following disappointing financial results in Q1 2025, which led to a significant drop in stock price [1][3]. Financial Performance - T-Mobile reported adding only 495,000 postpaid phone net customers in Q1 2025, falling short of the consensus expectation of 506,557 net customers [3]. - Following the announcement of these results, T-Mobile's stock price decreased by $29.41 per share, or 11.22%, closing at $232.77 per share on April 25, 2025 [3]. Legal Investigation - Pomerantz LLP is investigating claims on behalf of T-Mobile investors regarding possible securities fraud or other unlawful business practices by the company and its officers or directors [1].

Core Viewpoint - T-Mobile US, Inc. is under investigation for potential securities fraud and unlawful business practices following disappointing first-quarter financial results that led to a significant drop in stock price [1][3]. Financial Performance - T-Mobile reported adding only 495,000 postpaid phone net customers in Q1 2025, which was below the consensus expectation of 506,557 net customers [3]. - Following the earnings announcement, T-Mobile's stock price fell by $29.41 per share, or 11.22%, closing at $232.77 per share on April 25, 2025 [3]. Legal Investigation - Pomerantz LLP is investigating claims on behalf of T-Mobile investors regarding possible securities fraud or other unlawful business practices by the company and its officers or directors [1].