Samuel McHugh

Srini said it's too early to detail 2.7 GHz versus C-band 2.0 availability, but framed the upcoming auctions as a pivotal moment to extend network leadership like the 5G rollout.

Srini explained each fiber asset is evaluated individually for double-digit IRR targets. Existing JVs are on track and T-Mobile is not chasing a homes-passed number.

Mike Katz said the plan was designed around family switching savings every day rather than just a free phone; declined to share details but confirmed plan doing exactly as expected.

Srini confirmed same guidance philosophy; 900K-1M accounts implies ~2.5M phone nets (vs historic ~2.8 phones per account) reflecting fiber and FWA additions that may not bundle immediately; Mike Katz confirmed Better Value plan doing exactly as expected.

Srini declined to share full plans but described comprehensive relook at the wireless purchase journey to make it as simple as any other mobile commerce; Mike added IntentCX with OpenAI is making complicated transactions uncomplicated.

Peter confirmed strong CLVs with top-tier promos linked to highest ARPU plans; ARPU guidance raised to approximately 2% from 1.5%; promotional periods create consideration moments where T-Mobile wins on differentiation.

Mike Katz outlined advertising, in-store/app experience, and sustained network leadership as the three pillars; Callie cited T-Priority wins with NYC, Miami PD, LA County Fire.

Mike explained this is completing a decade-overdue legacy plan adjustment using test-and-learn; churn artifacts are temporary and trending as expected.

Mike reframed the competitive question by noting industry-wide record cash flows; Jon added device-focused promotion intensity has been consistent across recent quarters.

Hamid said acquisition strategy is unchanged but spending is dynamic based on market conditions, noting demand weakened since May.

Hamid said they are committed to both retail wireless and satellite operations, positioned uniquely as both a carrier and satellite technology company.

Hamid noted ACP termination drove migration to prepaid. On the Hughes bond buyback, Orban reiterated no strategic rationale. Swieringa confirmed new wholesale arrangements would require new cooperation from carriers.

Stankey and Desroches acknowledged broadband may come in below its guide with wireless above, but reiterated combined Advanced Connectivity service revenue growth of 5%+ and highlighted enterprise growth of 1.8%.

Desroches attributed bad debt increases entirely to higher equipment sales volumes with long-term receivables and higher service revenues, not any credit quality deterioration.

Desroches said savings come from legacy decommissioning, AI-driven productivity, and digital transformation. Stankey added that software development productivity gains from AI are increasing project throughput, enabling more cost improvement initiatives than previously possible.

Hans pushed back that nobody is relaxed on tariffs given the volatility, the tariff caveat reflects the uncertain and evolving nature. A small portion of the $18B CapEx midpoint is tariff-exposed, fiber labor is US-centric, wireless equipment imports are a minority of spend, and Verizon handled prior supply chain stress via strategic supplier relationships. On handsets, if the threatened tariff magnitudes materialize Verizon will not absorb them. On broadband, Hans said Fios is performing very well with extremely low churn while FWA has higher churn than Fios simply because it is earlier in its product lifecycle, with sequential churn improvements visible quarter-by-quarter. Sampath added that ARPU is growing on both products with better price realization and premium mix.

Tony confirmed the 2025 WSR outlook is off the $82B base with ~$2B of additional growth at midpoint, driven by pricing actions carrying into 2025, improving consumer volume trends, stable business volumes, FWA continuing to scale off a $2B base, and prepaid turning from headwind to tailwind in the back half of 2025. Promo amortization is the offset but peaks in 2025 and fades toward year-end. On the Business segment, Kyle said the Q4 AI Connect contribution was small since it was the first booking quarter, but the three consecutive quarters of sequential EBITDA growth and first YoY growth quarter are primarily driven by cost discipline, FWA success with large enterprises like big banks and retailers, Brightspeed copper-catch opportunities, and private wireless wins.