T · AT&T Q2 FY2026 earnings call record财报电话会记录

“Agentic adoption is projected to drive approximately 9x growth in enterprise traffic and approximately 7x growth in consumer traffic by 2035.”

“This is supporting our improved capital returns and provides us with the flexibility to further increase our pace of planned share repurchases this year by up to 25% to approximately $10 billion to capture what we see as a disparity between our operating fundamentals and the valuation of our stock.”

“Second quarter free cash flow increased by roughly $300 million year-over-year to $4.7 billion, which exceeded the high end of our guidance range of $4 billion-$4.5 billion.”

“For the full year, we continue to expect $18 billion+ of free cash flow and $23 billion-$24 billion of capital investment.”

“Advanced Connectivity service revenues grew 5.1% year-over-year in the second quarter, accelerating by 150 basis points compared to our growth in the first quarter.”

“Wireless service revenues grew 3.3% year-over-year, driven by growth in our customer base, including 432,000 postpaid phone net adds, and the uplift from pricing actions that took effect during the second quarter.”

“Our advanced connectivity segment enters the second half of the year with strong momentum, and we continue to expect full-year service revenue growth of 5%+ and EBITDA growth of 6%+.”

“Yeah, we're being deliberate about moving into some segments of the market where maybe we're a bit under-penetrated, but I think you're seeing we're doing that with a nice balance on profitability and ensuring that we do it in a way that's accretive.”

“As we shared with you, we get lower churn on those customers, a higher lifetime value, and higher brand affinity.”

“I do believe there'll be areas that satellite might serve adequately that allow us to maybe shrink our terrestrial footprint on what I would refer to as poverty sites and sites that sit out there and pick up relatively small amounts of traffic, but provide continuity of connectivity, and that might be able to positively impact our cost structure in those instances, and at the same time, give the customer a really good experience.”

“Those are the corner cases I was alluding to, that by the time we get into next year we will have solved for that other 2% and we will be in the market doing what customers want, which is providing them the assurance that they can buy from one provider and always be on the internet.”

“The other point I think shouldn't be lost in all this is, in addition to our consumer business, our enterprise business is really performing well.”