John Hodulik

Croney directly addressed fiber, fixed wireless and satellite competition and framed Comcast's converged challenger position.

Cavanagh framed parks as a long-cycle, 1-of-2-players business with a long-term investment roadmap despite near-term softness.

Brian acknowledged openness to value-creating opportunities with a high bar. Mike added the company is undervalued and focused on execution as Plan A, but open to strategic possibilities.

Steve confirmed year-over-year improvement expected but acknowledged over half of Q1 benefit was from Legendary February marketing investment, raising questions about organic sustainability.

Steve confirmed fiber competition intensified in Q4, fixed wireless stable, mobile environment got significantly more competitive. Jason said H1 characterized by incremental investment and no rate hike, but H2 improvement expected as free wireless lines monetize and investments lap.

Dave acknowledged fixed wireless competition in SMB but highlighted leader position. Mid-market and enterprise have strong momentum. T-Mobile MVNO adds mobile capability for business.

Dave confirmed wireless reduces churn when bundled. Free line is more a longer-term churn bet than immediate connect driver. Early results at 400K adds are encouraging.

Dave confirmed SMB pressure from fixed wireless but mid-market and enterprise showing strong momentum. Nitel integration adding capabilities.

Jason said tax changes strengthen the case for infrastructure investment. Parks CapEx will decline for a couple of years post-Epic before ramping for London park.

Dave confirmed competitive pressure is concentrated in small business segment. Enterprise and mid-market are growth areas with Nitel acquisition adding capabilities.

Dave attributed churn uptick to mobile substitution rather than macro weakness. Fixed wireless stable but still marketing aggressively.

Dave acknowledged they were too optimistic about the price-conscious segment in December. Fixed wireless and fiber both continue as intense competitors.

Jason confirmed margins will continue expanding but at a slightly lower rate due to wireless investments. Industry-leading absolute margins maintained.

Clarified the 45% figure was the Lumen-footprint convergence rate, not broadband sales growth, and outlined a path to accelerate fiber volumes as AT&T branding converts markets; explained agentic-traffic monetization via robust upstream and low-band spectrum.

Stankey explained OneConnect targets BYOD segment, requires fiber broadband, and will iterate with more plan variants through the year. Acknowledged no massive volume expected initially but positioned as foundational platform.

Stankey framed churn improvement as inevitable math of convergence, citing 45% convergence rate. Acknowledged some accelerated churn during industry reordering but expects tipping point as converged base grows.

Stankey attributed the ARPU moderation to deliberate convergence discounting and expansion into underserved segments. Desroches added that November pricing adjustments had a partial quarter effect with full impact in 2026, and advanced home Internet revenues are guided to grow 20%+ organically.

Stankey said convergence could approach 70-80% over the long haul similar to historical bundling rates, with a near-term target of 50%. Lumen territories have only 25% fiber penetration and ~20% wireless attach, representing significant upside.

Stankey framed ARPU moderation as deliberate strategy to penetrate underpenetrated segments and drive convergence, which deepens relationships and improves lifetime values over time.

Stankey argued competitors have always tried to win regardless of leadership changes, and AT&T's convergence-focused strategy has proven effective across market conditions.

Desroches said legacy transformation savings are already flowing through results and will continue accelerating as more wire centers come offline.

Desroches acknowledged H1 activity was higher than expected due to contract roll-offs and tariff-driven pull-forward, and AT&T is planning for a competitive H2 environment.

Desroches cautioned the favorable trend included nonrecurring items (vendor settlements ~$45M, legacy pricing actions) and expects normalization through the year.

Desroches said Q2 upgrades at least at Q1 levels, with some likely pulled forward from H2 due to tariff concerns, and standard seasonality expected later in the year.

Stankey said tax reform could add ~$1M/year fiber locations with 12-18 month ramp, but needs tangibility before committing.

Stankey explained costs are factored into the 3-year savings target and that the FCC process will take time with notice cycles and customer transitions.

Management gave a direct read on a strong ad market, double-digit upfront volume growth and CTV competition, but declined to detail the NFL rights background.

Murdoch confirmed World Cup will be profitable with tremendous sponsor excitement. Did not provide specific margin expectations.

Murdoch highlighted 200 new advertisers in H1 on top of 350 last year. Scatter pricing at Fox News up 46-47% YoY. Fox News positioned as #1 news source across all political parties heading into midterms.

Murdoch gave Tubi long-term margin target of 20-25%, with some seasonality expected around the profitability milestone.

Murdoch said uptake exceeded expectations with healthy mix of sports (weekends) and news (weekdays). Subscriber acquisition flowing through football and postseason baseball.

Murdoch noted Q4 P2+ ratings up 25% in total day and prime, demo up 31-34%. Comps get harder from Butler/Biden events but share marginally increased in July.

Tomsic said organic sports rights cost low-to-mid-tens. Caliente TV acquisition provides SVOD platform and distribution. Some investment spend expected in FY26.

Over 200 new advertisers since the election are continuing to advertise. DR up 30%, scatter pricing up 50% off upfront. Revenue momentum accelerating.

Tomsic noted attrition rate improving for second consecutive quarter, with focused portfolio of channels driving pricing power in renewals.

Murdoch explained D2C targets cord-cutters with existing content, no exclusive rights costs, modest sub expectations, and launch by end of calendar year.

Murdoch emphasized healthy growth across all markets including sports, news, and Tubi, with direct response pricing up significantly.

Peter attributed the apparent H2 EBITDA deceleration to prior-year acquisition timing, reaffirming 10% full-year core adjusted EBITDA growth at the midpoint.

Srini detailed the bottom-up hexbin-level capacity model behind the 15M target, noting it assumes no new spectrum, no 6G, no spectral efficiency gains. Tracking strong.

Srini said January was particularly competitive with heavy subsidies but Feb/March cooled. T-Mobile focuses on differentiation beyond subsidies, using CLV to calibrate volume targets.

Srini framed broadband as classic Un-carrier territory attacking incumbents; André highlighted FWA speeds up 50% while doubling customers, 22% YoY growth; fiber strategy centered on capital-light JVs with complementary partners in first-to-fiber areas.

Srini explained competitive dynamics shift between rate plans and devices; Peter confirmed Q2 was peak churn from optimizations, expecting sequential decline in Q3.

Mike Katz explained 100K fiber target includes Lumos JV, Metronet JV (closing tomorrow), and wholesale markets; Metronet will launch T-Fiber later this year.

Jon reported 350K prepaid adds over four quarters with churn down 7bps YoY; no change in delinquency rates. Peter noted Q1 was wholesale trough, expecting growth to ~$2.9B full year.

Mike attributed elevated churn to macro uncertainty and possible upgrade pull-forward rather than competitive intensity; switching pool remains an opportunity for T-Mobile.

Mike cited share gains in top 100 markets, rural areas (40%+ of country), and business segment with T-Priority driving momentum across all vectors.

Peter explained wholesale decline from TracFone and DISH is planned and 2025 is the trough; revenue growth driven by customer adds plus ARPA deepening.

Schulman gave a quantitative beam-density rebuttal, sized the satellite TAM at 6 million to 8 million rural homes, and ruled out any MVNO backdoor.

Schulman reframed to total broadband share and convergence rather than addressing the FWA net add trend directly, then gave fiber passings and cross-sell data.

Skiadas detailed savings across network decommissioning, advertising efficiency, COA/COR reductions, and workforce lean-out with 13,000 reduction complete. More ahead from customer experience, IT rationalization, real estate footprint, and Frontier synergies.

Schulman said still targeting 40-50 million fiber passings medium-term, on track for 32 million by year-end. Only 20% of base has broadband, large cross-sell opportunity. Expect mix shift toward fiber over FWA where coverage exists. Wireless attachment rate at 55%.

Tony said Verizon guided to 2-3% mobility and broadband service revenue growth with wireless service revenue expected flat in 2026 as Verizon laps approximately 180bp of prior-year price increase headwind plus continued promo amortization. Tailwinds include 750k-1M postpaid phone net adds, perks and step-ups to premium plans, broadband volume from FWA/Fios/Frontier (Frontier added ~500k net adds last year, combined base now >16 million broadband subs including ~10.5 million fiber), and prepaid (6 straight quarters of volume growth translating into revenue growth). EBITDA is expected to grow faster than adjusted EPS given ~$1 billion of Frontier-related interest expense and ~$1.5 billion of Frontier D&A flowing through the P&L, underlying EBITDA acceleration reflects revenue growth plus the $5 billion cost transformation (network copper decommissioning, customer experience simplification, IT platform rationalization with AI enablement, 13,000 workforce reduction with 80% off payroll in Q4, and Frontier integration synergies ramping to $1 billion+ by 2028). Schulman added that if Verizon continued prior years' pricing playbook, it could have guided 4-5% revenue 'instead of 2% to 3%' but would have dug the churn hole deeper, framing 2026 as a transitional year setting up sustainable long-term top-and-bottom line growth.

Dan Schulman opened with praise for Verizon's foundational assets, best-in-class network, iconic brand, loyal customer base, talented team, but said 'the existing status quo is not acceptable.' He framed his vision around three pillars: (1) shift from technology-centric to customer-centric with an aspiration to have the industry's lowest churn rate, growth through retention, segmented value propositions, and full customer-experience reboot rather than noneconomic promotional activity; (2) simultaneously deliver sustainable revenue growth and accelerated adjusted EPS growth funded entirely by OpEx savings (dividend is 'sacrosanct'); (3) full review of CapEx and capital allocation, including portfolio rationalization and divestiture of legacy businesses without clear paths to profitability. He committed to continued debt paydown and to reviewing additional shareholder capital return options.

Hans said ARPA still has many levers, broadband attach, myPlan step-ups (only 50% of base on myPlan), adjacent services, perks doubling to 15 million by year-end, and he remains confident in the run rate. On upgrades, he acknowledged eight down quarters out of nine and said Q2 saw a bump driven by incentives put in place for both business and consumer customers as part of total investment in growth. Tony added that upgrades were up about 30% year over year in Q2 yet Verizon still produced strong EBITDA and cash flow, demonstrating good operating leverage. Management reiterated mid-single-digit full-year upgrade growth despite the H1 uptick of 14%.

Hans said a very small portion of the ~$18B CapEx midpoint is exposed to tariffs; Verizon is US-centric in fiber and labor, and the team handled COVID-era supply chain issues without impact, so 2025 CapEx plans will not change. On handsets, Hans was explicit that if tariffs go as high as threatened Verizon will not absorb them, costs will pass through to consumers while Verizon maintains financial discipline on promotions. On churn, Sampath admitted the December and January price-ups on certain cohorts had higher elasticity than anticipated, characterized the spike as transitory and isolated, and expects business-as-usual by H2 2025, aided by the Verizon Value Guarantee, C-Band expansion to 80-90% of macro sites lowering churn, converged customer attach, and AI-driven customer experience upgrades.

Hans took momentum first and credited structural change, new leadership, new products, rebranding, and improving network, for eight consecutive quarters of phone gross add growth, broadband share, and lower churn. Sampath said Verizon expects higher phone net adds in 2025 than 2024, driven by myPlan resonance (more than half the base is already on myPlan), 2023-24 sales execution work, and opportunity segments including Tier 1 markets and the Latino segment where Verizon now sees share gains. Kyle then framed the AI Connect TAM at over $40 billion-plus with a $1 billion-plus existing funnel from fiber services alone (not yet counting power-space-cooling offerings), and said the deal flow is growing with every new hyperscaler announcement.

Hugh acknowledged the double-digit milestone and emphasized focus on growing the business profitably long-term and maximizing what Disney+ can be, confirming accelerating revenue growth has materialized.

Iger declined specific timing but expects fiscal 2026. Sticking to 30-second video limit for now. Johnston said international visitors harder to track, pivoted marketing to domestic audience to maintain attendance.

Johnston pushed back on characterization, attendance in line with expectations. Epic Universe impacting rest of FL competition more than Disney. Cruise demand very strong, filling all new capacity. Declined to disclose cruise margins specifically.

Iger expressed strong confidence in trio bundle growing sub base and engagement, reducing churn. NFL+ Premium/RedZone bundling opportunity adds further engagement and retention value.

Johnston said premature to change guidance given macro environment but indicated willingness to over-deliver. Did not provide quarterly cadence specifics.

Johnston described cost optimization as continuous daily practice, not a one-time initiative. Positioned as redeploying capital toward higher growth and profitability.

Iger said Disney has effectively already consolidated via the Fox/Hulu acquisition and does not need more assets; Hugh dismissed a value-creating divestiture. Direct on both parts.