reports
- Blair Levin
VZ/FYBR Faces Pushback from California on DEI
The VZ/FYBR deal obtained approval from the FCC by providing a letter modifying its DEI efforts. That letter, however, has raised issues with the California Public Utilities Commission (CPUC), which also must approve the deal. In a prior note, we analyzed the interplay of the demands of the FCC and CPUC, the political challenge for VZ, and how we think the situation may be resolved. In this note, we review a new ruling from the CPUC and how that affects the situation.
- Jan Frederik Slijkerman
TMT 2Q25 results: Verizon, T-Mobile US, AT&T and IBM
The three largest mobile telecom operators in the US - Verizon, T-Mobile US[de], and AT&T – did well in 2Q25. IBM's performance was also good. Despite strong competition, all three mobile telecom operators grew their EBITDA again. Furthermore, AT&T and T-Mobile US may benefit from a credit rating upgrade. In our view, the Euro notes of T-Mobile US look the most attractive in this credit sub-space.
- Jonathan Chaplin
T-Mobile 2Q25 Results Review & Model Update
In this note we review results, update the model, and compare updated guidance and our updated estimates to consensus. 2Q25 results were quite strong. The company beat on postpaid phone and FWA net adds as well as postpaid phone ARPU. Service revenue, EBITDA and FCF were all well ahead of expectations. Consensus for 2025 net adds and free cash flow are all but certain to rise. We also believe there is meaningful upside to estimates for free cash flow in 2026 and 2027 from tax reform. (Buy; $TP: ...
- Jonathan Chaplin
T-Mobile: quick thoughts following the 2Q25 call
We will review results and model updates in a separate note. In this note we cover comments on wholesale aspirations, convergence positioning, fiber M&A, the pace of growth in fiber JVs, the Company’s appetite for more spectrum, the implications of the 800MHz sale price, capital allocation priorities, and growth in the mobile and broadband markets.
- Jonathan Chaplin
AT&T Model Update
We have updated the model following results. Changes to the segments are not material, but changes to capex, cash taxes and free cash flow in light of the OBBBA are. For thoughts following the call, click here. For a review of results, click here. (Rating: Buy; TP: $32; Total Return: +20%).
- Jonathan Chaplin
AT&T quick thoughts following the call 2Q25
In this note we cover evolving thoughts on the implications of the new Cable MVNO, the implications of AT&T’s revised capital allocation decisions, new insights on the pace of fiber deployment, a shift in the FWA strategy, the implications of both for cable, comments on spectrum purchases, the implications for EchoStar, and an early take on mobile and broadband market growth.
The Association of Former Students announces new corporate partnership...
The Association of Former Students announces new corporate partnership with Verizon COLLEGE STATION, Texas, July 23, 2025 (GLOBE NEWSWIRE) -- The Association of Former Students, the official alumni association of Texas A&M University serving approximately 600,000 members of the Aggie Network, is proud to announce a new corporate partnership with Verizon, one of the world’s leading providers of technology and communications services that power and empower how people live, play and work. This partnership will support The Association’s mission to engage, connect and serve the worldwide Aggie...
Verizon Delivers a one-two punch with Best Wireless Network Performanc...
Verizon Delivers a one-two punch with Best Wireless Network Performance results: J.D. Power Recognizes Verizon as America’s Most Awarded for Network Quality, an unprecedented 35 Times in a row RootMetrics again names Verizon Best, Most Reliable and Fastest 5G Network NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) -- Another day, another set of network victories for the wireless provider serving the most mobility and broadband customers in the U.S.¹ In back-to-back benchmarking reports, Verizon continues its award-winning momentum as J.D. Power - the global leader in consumer insights, advisor...
Verizon unveils training camp to supercharge small business success
Verizon unveils training camp to supercharge small business success What you need to know: This September, up to 20 lucky U.S. small business owners will score an all-expenses-paid trip to Verizon Small Business Training Camp, a three-day event with expert-led panels, hands-on workshops, and networking opportunities with leading business owners and industry experts, including Off Season founder Kristin Juszczyk and football champion Drew Brees.All small business owners can unlock powerful tools to grow and thrive through Verizon Small Business Digital Ready - a free, year-round platform wi...
- Jonathan Chaplin
AT&T 2Q25 Quick Take: Results strong; FCF guide increased, but less th...
Postpaid phone adds beat estimates, which will come as a relief following Verizon’s results. Service revenue, EBITDA, EPS, and FCF were all slightly better than expected. The Company increased FCF guidance following OBBBA, but by less than some had hoped. In addition, the Company did not commit to increasing share repurchases with the increased FCF.
- Jonathan Chaplin
New Cable MVNO – implications for Cable and Mobile operators
Charter and Comcast announced that they have signed an MVNO with T-Mobile that will target new business customers (here). In this quick note we provide thoughts on implications for Verizon, T-Mobile, Charter, Comcast, and the industry more broadly.
- Jonathan Chaplin
Verizon Model Update
We have updated the model following results. While our financial estimates are moderately higher in the near-term (and free cash flow is much higher from tax reform), most KPIs are notably lower, and we no longer expect the company to grow Consumer postpaid phones this year. We expect consensus estimates to head in the same directions. We remain neutral on Verizon (new TP: $42; total return 5%).
- Jonathan Chaplin
VZ quick thoughts following the call 2Q25
In this report we tackle whether management effectively dropped subscriber guidance, the potential for churn to improve, the drivers of slower EBITDA growth in the second half of the year, how convergence comments impact the Company’s appetite for accelerating fiber investments, M&A, and spectrum purchases, what this all means for share repurchases, and what it means for the stock.
- Jonathan Chaplin
Verizon 2Q25 Quick Take: Subscriber trends weak; EBITDA and FCF guidan...
Mobile and broadband adds were weak. Consumer postpaid phone adds were a touch better than lowered expectations, but business adds were weak. FiOS and FWA adds were also weak. In mobile, gross adds were up sharply, but so was churn.
Verizon raises financial guidance for adjusted EBITDA, adjusted EPS an...
Verizon raises financial guidance for adjusted EBITDA, adjusted EPS and free cash flow after strong Q2 performance Delivers industry-leading wireless service revenue and grows customer base America’s #1 network with the most mobility and broadband customers continues to extend its market leadership position Key 2Q 2025 Highlights Grew industry-leading wireless service revenue1 to $20.9 billionExpanded high-quality customer base, adding more than 300,000 net additions across mobility and broadbandIncreased Consumer postpaid phone gross additions, both sequentially and year-over-yearConti...
- Vikash Harlalka
Verizon to report earnings July 21, 2025
Verizon to report earnings July 21, 2025 NEW YORK, July 17, 2025 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) will report second-quarter 2025 earnings on Monday, July 21, 2025. The company will present results on a webcast beginning at 8:30 a.m. Eastern Time. Second-quarter 2025 materials will be available at 7:00 a.m. ET on Verizon’s Investor Relations website, . These materials will include: Detailed information on Verizon's second quarter results;Verizon's earnings news release; andFinancial tables. Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empo...
Verizon Frontline welcomes newest “Verizon Frontline Verified” partner...
Verizon Frontline welcomes newest “Verizon Frontline Verified” partners: Radiav and Siyata ASHBURN, Va., July 16, 2025 (GLOBE NEWSWIRE) -- Verizon Frontline today announced that two more industry partners have joined the growing list of companies whose products have earned “Verizon Frontline Verified” status. With Radiav and Siyata now part of the "Verizon Frontline Verified" program, Verizon continues to demonstrate its commitment to providing proven 5G-enabled solutions built for first responders. Radiav's revolutionary (RAD) is a compact, deployable communications unit designed to he...
- Jonathan Chaplin
There is more Cable and Fiber M&A coming
This report provides a detailed update to our fiber forecast, with implications for the Fiber and Cable operators. The analysis suggests a strong incentive for Mobile and Cable operators to continue to consolidate assets. The analysis leverages the latest release of FCC data coupled with new features and data sets that have been built into Broadband Insights.
- Blair Levin
What Does FCC TMUS Approval Tell Us About SATS, Media Consolidation, a...
As expected, the FCC approved the TMUS/USM transaction. In this note, we analyze what the FCC Order doing so tells us about other potential transactions, including SATS’ spectrum sales, other wireless deals, broadcast consolidation, and cable consolidation.
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