Overview

• Verizon posted $1.22 adjusted EPS and $34.5 billion in revenue for Q2, surpassing analyst estimates but reported a net loss of 9,000 postpaid phone subscribers.
• AT&T delivered adjusted EPS of $0.54 on $30.8 billion in revenue and attracted 401,000 net postpaid wireless customers while adding 243,000 fiber broadband subscribers, slightly below forecasts.
• Verizon upgraded its full-year adjusted EPS growth outlook to a 1%–3% range, and AT&T raised its mobility revenue growth target above 3% and projected increased free cash flow from $6.5 billion–$8 billion in tax savings.
• Both carriers are directing tax reform–boosted cash flows into network expansion, with AT&T earmarking $3.5 billion for fiber build-out and Verizon advancing fixed wireless broadband deployments.
• Intensified competition and aggressive promotional tactics continue to pressure high-margin postpaid growth, prompting a strategic pivot toward broadband and advanced 5G services.