Consolidated Results - EchoStar's Q3 2025 revenue was $36 billion, a decrease of $277 million or 71% year-over-year[12] - Adjusted OIBDA in Q3 2025 was $231 million, down $86 million or 271% year-over-year[14] - Capital Expenditures and Capitalized Interest in Q3 2025 were $359 million, down $136 million or 275% year-over-year[14] - Free Cash Flow in Q3 2025 was negative $247 million, down $28 million or 129% year-over-year, primarily due to lower Adjusted OIBDA, partially offset by lower CapEx[17] - Cash and Marketable Securities were $43 billion in Q3 2025, up $14 billion year-over-year, primarily due to Q4 2024 financing transactions[19] Segment Performance - Wireless service revenue was $836 million, up $57 million or 74% year-over-year, with ARPU of $3722, up $095 or 26% year-over-year[23] - Pay-TV revenue was $2341 billion, down $277 million or 106% year-over-year, with ARPU of $10997, up $109 or 10% year-over-year[27] - Broadband & Satellite Services (BSS) revenue was $346 million, down $41 million or 106% year-over-year, with Adjusted OIBDA of $75 million, down $3 million or 39% year-over-year[32] Subscriber Trends - Wireless net additions were 223K, up 520K year-over-year and up 11K or 52% sequentially[21] - Pay-TV net additions improved by 50K year-over-year due to competitive pressures[45] - Hughes broadband subscribers decreased by 129K or 141% year-over-year[48]

Core Insights - The media and telecommunications giant reported a net loss of 104,000 domestic internet customers in the third quarter, with losses of 91,000 in the residential segment and 13,000 in the business segment [1] Summary by Category Customer Losses - The company experienced a significant decline in its domestic internet customer base, losing a total of 104,000 customers in the third quarter [1] - The residential segment accounted for the majority of the losses, with 91,000 customers lost, while the business segment saw a loss of 13,000 customers [1]

Core Insights - Verizon Communications Inc. reported strong third-quarter 2025 results with wireless service revenues of $21 billion, reflecting a year-over-year increase of 2.1% [1][4] - Adjusted earnings surpassed the Zacks Consensus Estimate, while total revenues fell short of expectations [1][4] Financial Performance - Net income for the quarter was $5.06 billion, or $1.17 per share, compared to $3.41 billion, or 78 cents per share, in the same quarter last year, driven by top-line growth and reduced operating expenses [3] - Total operating revenues increased by 1.5% to $33.82 billion, but missed the consensus estimate of $34.18 billion [4] - Adjusted earnings were $1.21 per share, slightly above the previous year's $1.19 per share [3] Segment Results - Consumer segment revenues rose by 2.9% year over year to $26.1 billion, exceeding estimates [5] - Business segment revenues declined by 2.8% to $7.14 billion due to lower wholesale and enterprise revenues, falling short of estimates [8] Subscriber Growth - Fixed wireless access net additions reached 261,000, bringing the total subscriber base to nearly 5.4 million, with a target of 8 to 9 million by 2028 [2] - Wireless retail postpaid churn was recorded at 1.12%, while retail postpaid phone churn was 0.91% [6] Operating Metrics - Operating income improved by 36.8% to $8.1 billion, with total operating expenses down by 6.2% to $25.72 billion [11] - Consolidated adjusted EBITDA increased to $12.77 billion, reflecting growth in wireless service revenue [11] Cash Flow and Guidance - Verizon generated $28 billion in net cash from operating activities for the first nine months of 2025, compared to $26.48 billion in the previous year [12] - For 2025, the company anticipates wireless service revenue growth of 2%-2.8% and adjusted EBITDA growth of 2.5%-3.5% [13]

Core Insights - Verizon exceeded Wall Street expectations for quarterly profit and wireless subscriber growth, driven by promotions related to recent iPhone launches [1] Financial Performance - Verizon reported better-than-expected quarterly profit, indicating strong financial health and effective cost management [1] - The company saw an increase in wireless subscriber additions, reflecting successful customer acquisition strategies [1] Market Dynamics - Promotions surrounding the recent iPhone launches played a significant role in attracting new customers to Verizon's services [1]

Core Insights - Verizon Communications Inc. reported third-quarter 2025 results, indicating a positive trajectory towards achieving full-year financial guidance [1][9] - CEO Dan Schulman emphasized a shift to a customer-first culture and aggressive transformation of the company's operations and financial profile [2] Financial Performance - Earnings per share (EPS) for Q3 2025 was $1.17, up from $0.78 in Q3 2024; adjusted EPS was $1.21 compared to $1.19 in Q3 2024 [7][24] - Total operating revenue reached $33.8 billion, reflecting a year-over-year increase of 1.5% [7] - Consolidated net income for Q3 2025 was $5.1 billion, compared to $3.4 billion in Q3 2024 [7] - Cash flow from operating activities for the first nine months of 2025 was $28.0 billion, up from $26.5 billion in the same period of 2024 [7] - Free cash flow for the first nine months of 2025 was $15.8 billion, an increase from $14.5 billion in 2024 [7] Revenue Segments - Wireless service revenue grew to $21.0 billion in Q3 2025, marking a 2.1% increase year-over-year [7] - Verizon Consumer revenue totaled $26.1 billion in Q3 2025, up 2.9% year-over-year [7] - Total Verizon Business revenue was $7.1 billion in Q3 2025, a decrease of 2.8% year-over-year [11] Subscriber Metrics - Consumer wireless retail postpaid churn was 1.12% in Q3 2025, while wireless retail postpaid phone churn was 0.91% [11] - Verizon delivered 306,000 broadband net additions in Q3 2025, with total broadband connections exceeding 13.2 million, representing an 11.1% increase year-over-year [7][11] - Business reported 110,000 wireless retail postpaid net additions in Q3 2025, including 51,000 postpaid phone net additions [11] Debt and Financial Ratios - Total unsecured debt at the end of Q3 2025 was $119.7 billion, down from $126.4 billion at the end of Q3 2024 [7] - The ratio of unsecured debt to consolidated net income (LTM) was 5.9 times, and net unsecured debt to consolidated adjusted EBITDA ratio was 2.2 times [7][22] Outlook and Guidance - Verizon remains confident in its full-year guidance, expecting capital expenditures to be within or below the previously guided range of $17.5 billion to $18.5 billion [9][12] - The company anticipates total wireless service revenue growth of 2.0% to 2.8% and adjusted EBITDA growth of 2.5% to 3.5% for the full year [12]

Core Insights - Rogers Communications (RCI) reported third-quarter 2025 adjusted earnings of 99 cents per share, exceeding the Zacks Consensus Estimate by 7.61% but down 3.5% year over year [1] - Revenues reached $3.88 billion, surpassing the consensus mark by 1.16% and increasing 4.3% year over year, primarily driven by growth in the Media segment [1][7] - The company raised its 2025 free cash flow guidance to C$3.2 billion-C$3.3 billion, reflecting improved cash generation [7] Financial Performance - Adjusted earnings per share decreased 3.5% year over year to $0.99, while revenues rose 3.3% to $3.88 billion [7] - Total revenues in Canadian dollars increased 4.3% year over year to C$5.35 billion [1] - Adjusted EBITDA decreased 1.2% year over year to C$2.52 billion, with a margin contraction of 260 basis points to 47% [9] Segment Performance Wireless Segment - Wireless revenues, accounting for 49.8% of total revenues, increased 1.6% year over year to C$2.66 billion, with service revenues falling 0.3% to C$2.06 billion [2] - Monthly mobile phone ARPU was C$56.7, down 3.2% year over year [2] - The prepaid mobile phone subscriber base grew by 44K year over year to 1.21 million, while postpaid subscribers increased by 262K to 10.96 million [3] Cable Segment - Cable revenues, making up 37% of total revenues, rose 0.6% year over year to C$1.98 billion [5] - Retail Internet subscribers increased by 228K year over year to nearly 4.475 million [5] - Segment operating expenses declined 1.1% year over year to C$828 million, with adjusted EBITDA increasing 1.8% to C$1.15 billion [6] Media Segment - Media revenues surged 26.1% year over year to C$753 million, while operating expenses increased 47.1% to C$678 million [8] Balance Sheet & Cash Flow - As of September 30, 2025, available liquidity was C$6.4 billion, down from C$11.8 billion as of June 30, 2025 [10] - The debt leverage ratio stood at 3.9 times, influenced by the MLSE transaction [11] - Cash flow from operating activities decreased 20% year over year to C$1.52 billion [11] Guidance - For 2025, RCI expects total service revenues to grow between 3% and 5%, and adjusted EBITDA to rise between 0% and 3% [13] - Capital expenditures are projected at approximately C$3.7 billion, slightly below prior guidance [13]

Core Insights - Verizon Communications (VZ) is a leading telecommunications provider in the U.S., operating in a competitive and saturated market, where technical superiority and service quality are crucial for maintaining a competitive edge [1] Financial Performance - Verizon's wireless service business generated $20.9 billion in revenues in Q2, reflecting a 2.2% year-over-year increase, surpassing the Zacks Consensus Estimate of $20.22 billion [2][9] - The company added 278,000 fixed wireless access subscribers, bringing the total to over 5.1 million [2][9] - Earnings estimates for 2025 and 2026 have declined over the past 60 days, indicating tempered expectations [11] Competitive Landscape - Verizon faces competition from T-Mobile and AT&T, both of which are investing in 5G and fiber to drive growth [6][7] - AT&T added 479,000 post-paid net subscribers in Q2, with a postpaid churn rate of 1.02% [6] - T-Mobile added 1.7 million postpaid net customers during the same period, showcasing its strong position in the 5G market [7] Strategic Initiatives - Verizon is enhancing its 5G infrastructure and has made a $20 billion acquisition of Frontier Communications to accelerate fiber expansion [3] - The company has implemented pricing adjustments and introduced tailored plans, such as the California LifeLine program, to cater to different customer segments [4] - Verizon's customer-focused approach has helped gain subscriber momentum, although it has also strained margin expansion [5] Valuation Metrics - Verizon's stock has decreased by 7.8% over the past year, contrasting with the Wireless National industry's growth of 2.3% [8] - The company's shares currently trade at a price/earnings ratio of 8.27, down from 12.55 for the industry [10]

Core Insights - The convergence of communication and financial services is being led by telcos and banks, with increased urgency and scope for cross-industry experimentation [1][2] - Collaboration and partnerships are essential for banks and telcos to mitigate risks and costs while exploring converged options [2] - Partnerships provide immediate rewards, allowing banks to leverage telcos' customer bases and service experiences, while telcos can enhance revenue through cross-selling financial services [3] Partnership Dynamics - Successful partnerships begin with co-creating customer propositions that align with both bank and telco goals, followed by rapid design and scaling [4] - Integration remains a significant challenge for many banks and telcos, often leading to stumbling blocks in the partnership process [4] Examples of Collaboration - The partnership between Verizon and Santander in the U.S. features a co-branded savings account that rewards Verizon customers [5] - In Brazil, NuBank collaborates with Claro to provide wireless services through its digital banking app [5] - N26 in Germany partners with Vodafone to enable customers to activate mobile services within its banking platform [5] Forms of Partnerships - Co-branded products allow banks and telcos to jointly offer traditional services to existing customers [6] - Buy now pay later (BNPL) services are offered through partnerships for communication products and other purchases [6] - Superapps are developed to provide a wide range of communication and financial services [6] - Loyalty ecosystems reward customers for engaging in cross-sell and upsell opportunities [6] - Bundled services combine financial and communication offerings into high-value products, potentially including entertainment options [6]

Group 1 - The wireless business in Canada has experienced a significant step down in the pricing environment over the past 18 to 24 months [1] - Despite fluctuations, the pricing situation has remained relatively stable, with ongoing discussions about customer repricing [1] - There is a focus on the journey of repricing customers who joined at higher plan levels, raising questions about the potential for ARPU (Average Revenue Per User) weakness to improve in the near future [1]

Core Viewpoint - AT&T has shown strong performance in the stock market but experienced a pullback after failing to raise guidance following its second quarter results, which investors had anticipated after Verizon's positive outlook [1][13]. Subscriber Growth - AT&T added 479,000 retail postpaid subscribers in the second quarter, including 401,000 retail postpaid phone additions, benefiting from Verizon's price hike [2]. - The company lost 34,000 prepaid subscribers, which is considered less significant compared to postpaid subscribers [2]. Revenue Performance - Overall mobility-segment revenue increased by 6.7% to $21.8 billion, with mobility service revenue rising by 3.5% to $16.9 billion and equipment sales surging by 18.8% to $5 billion [3]. - Broadband ARPU climbed by 7.5% to $71.16, while fiber ARPU rose by 6.2% to $73.26, contributing to total consumer broadband revenue growth of 5.8% to $3.5 billion [4]. Fiber Investment Strategy - AT&T plans to ramp up fiber investments to reach 4 million new locations per year, aiming to double its fiber locations to 60 million by 2030 [5]. - The investment will be supported by new tax provisions allowing immediate full depreciation of certain assets [6]. Wireline Segment Challenges - The business wireline segment saw a 9.3% revenue decrease to $4.3 billion, shifting from an operating profit of $102 million to a loss of $201 million [8]. - Adjusted EBITDA for this segment fell by 11.3% to $1.3 billion [9]. Financial Highlights - Total revenue rose by 3.5% to $30.8 billion, with adjusted EPS increasing by 5.8% to $0.54, surpassing Wall Street expectations [9]. - AT&T generated $9.8 billion in operating cash flow and $4.4 billion in free cash flow, maintaining a dividend payout of over $2 billion with a coverage ratio of 2.2 times [10]. Future Guidance - The company maintained its guidance, projecting mobility service revenue growth of 3% or better and adjusted EPS between $1.97 to $2.07, down from $2.26 in 2024 [11][12]. - Future capital expenditures are expected to be between $23 billion to $24 billion annually in 2026 and 2027, with projected free cash flow exceeding $18 billion in 2026 and $19 billion in 2027 [12]. Competitive Landscape - AT&T is aggressively competing with Verizon in subscriber additions by offering better deals and maintaining lower prices [13]. - The company aims to leverage tax benefits from the "One Big, Beautiful Bill" to enhance its fiber network, especially as Verizon expands its fiber network through the acquisition of Frontier Communications [14]. Valuation Comparison - Despite the stock's pullback, AT&T trades at a forward P/E of about 13.5 based on 2025 earnings estimates, compared to Verizon's forward P/E of 9 [15]. - The valuation gap and higher yield of Verizon (about 6%) suggest a preference for Verizon over AT&T, although both companies are seen as strong long-term investments [16].