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08:30
Jul 22 ◎

T FY2026 Q2 Watch

AT&T Inc. (T) FY2026 Q2 Earnings Call

ASTS LUMN SATS AAPL ▾

John Stankey

AT&T expects to offer seamless satellite coverage via AST SpaceMobile by 2027, solving the final 2% of network gaps where customers leave terrestrial coverage. — This gives AST SpaceMobile a major commercial validation and revenue stream, while AT&T gains a unique converged product that competitors may struggle to match.

"the product that we've been working on with the AST offering will be a very intuitive product that doesn't require the customer to do anything differently"

ASTS WATCH

John Stankey

AT&T's integration of Lumen's fiber assets is progressing well, driving converged customer growth and improved penetration.

"We also continued to grow our base of converged customers. At the end of the second quarter, 42.5% of our advanced home internet customers also have a postpaid wireless account with AT&T. This convergence rate reached 45% when excluding"

LUMN WATCH

Pascal Desroches

AT&T is acquiring EchoStar's spectrum licenses to strengthen its low-band position, with the deal closing shortly.

"We are well positioned to fund the transaction, which we expect to close by the end of July."

SATS WATCH

John Stankey

AT&T expects higher device prices from Apple, which may suppress upgrade demand, potentially reducing churn and device subsidy costs for carriers.

"I would expect that device costs are going up. I mean, I don't think it's a mystery to anybody. Apple's certainly indicated that that's a direction they're going."

AAPL WATCH

HIGH

08:30
Apr 22 ◎

T FY2026 Q1 Watch

AT&T Inc. (T) FY2026 Q1 Earnings Call

T ASTS LUMN SATS AMZN ▾

John Stankey

Management expressed strong conviction in the fiber and converged connectivity strategy, reiterated full-year guidance for EPS, EBITDA, and FCF, and expects improving momentum through the year.

"I believe we're entering one of those chapters that will be exactly that. I couldn't be more optimistic, given how this company has positioned itself as we enter this defining moment, that our best days are ahead of us."

T WATCH

John Stankey

AT&T is funnelling most of its satellite direct-to-device R&D into the AST SpaceMobile partnership, indicating a deep technical integration and a likely first-mover advantage for ASTS. — ASTS is positioned as the primary partner for AT&T's satellite pivot, which could accelerate its monetization timeline relative to competitors.

"We've been putting most of our R&D and our work on bringing product out with what they will be matching to the market. That's AST Space Mobile."

ASTS WATCH

John Stankey

AT&T expects to close an equity partnership for the acquired Lumen Fiber assets in H2 2026, implying Lumen will receive a capital injection and reducing AT&T's net leverage. — An equity partner would validate the value of Lumen's fiber footprint and provide LUMN with cash to delever or invest, while AT&T reduces its own leverage from the acquisition.

"We closed our transaction with Lumen ahead of schedule, adding 1.1 million fiber customers and over 4 million fiber locations."

LUMN WATCH

John Stankey

AT&T is acquiring EchoStar's spectrum, with deployment already underway in some markets, which should improve network performance and expand fixed wireless capabilities.

"We continue to expect that our net leverage ratio will increase to approximately 3.2 times following our transaction with EchoStar, then decline to approximately three times by the end of 2026."

SATS WATCH

John Stankey

AT&T's CEO anticipates Amazon's Kuiper satellite project will offer a competitive direct-to-device service, indicating a multi-player satellite market.

"I would expect that Amazon Leo will have a robust directed device capability."

AMZN WATCH

HIGH

08:30
Jan 28 ◎

T FY2025 Q4 Watch

AT&T Inc. (T) FY2025 Q4 Earnings Call

SATS LUMN TMUS VZ ▾

John Stankey

AT&T is acquiring spectrum from EchoStar, which reduces EchoStar's asset base and provides AT&T with additional spectrum for fixed wireless deployment.

"our agreements to acquire Spectrum licenses from EchoStar and fiber assets from Lumen."

SATS WATCH

John Stankey

Lumen's fiber assets are underpenetrated, offering AT&T significant growth opportunity through increased fiber and wireless attach rates.

"we're acquiring a fiber network with only 25% customer penetration, well below AT&T fiber penetration of 40%."

LUMN WATCH

John Stankey

AT&T estimates its postpaid phone subscriber share is 10 percentage points higher in areas where it also offers fiber, indicating a powerful competitive advantage from convergence. — This implies that as AT&T expands its fiber footprint, it will structurally take wireless share from T-Mobile and Verizon in those geographies.

"We estimate that our share of postpaid phone subscribers is 10 percentage points higher in areas where we offer fiber than in areas where we don't."

TMUS WATCH VZ WATCH

HIGH

08:30
Oct 22 ◎

T FY2025 Q3 Watch

AT&T Inc. (T) FY2025 Q3 Earnings Call

SATS T TMUS LUMN ASTS ▾

John Stanky

AT&T is deploying EchoStar's 3.45 GHz spectrum ahead of closing, expecting to cover ~2/3 of U.S. population by mid-November, enabling faster Internet Air expansion in 2026. — This rapid deployment gives AT&T a cost-effective capacity boost, potentially putting pressure on T-Mobile's fixed wireless lead and increasing EchoStar's spectrum value.

"We started deploying the 3.45 GHz spectrum that we have agreed to acquire from EchoStar under a short-term spectrum manage release."

SATS WATCH TMUS WATCH

John Stanky

Management expressed confidence in achieving full-year targets, highlighted strong broadband and convergence momentum, and reiterated a positive outlook despite competitive wireless environment.

"I'm pleased to report that we had another solid quarter and remain on track to achieve this year's consolidated financial guidance."

T WATCH

John Stanky

AT&T's acquisition of Lumen's fiber assets is on track, which will enhance AT&T's fiber footprint and competitive position, potentially reducing Lumen's network burden.

"We now expect to close this transaction in the early part of 2026. As I've said before, where we have fiber, we win with both fiber and 5G."

LUMN WATCH

John Stanky

AT&T views direct-to-device satellite technology as complementary and sees AST SpaceMobile as a key partner, bolstering ASTS's credibility and path to scale.

"We have a very close relationship with AST. We want to help them move along and scale their product."

ASTS WATCH

HIGH

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