Management forecasts adjusted EBITDA growth of 3–4% in 2026, accelerating to 5%+ by 2028, supported by expansion of fiber and 5G networks. Adjusted EPS is expected in the range of $2.25–$2.35 in 2026, with a double-digit CAGR through 2028. Free cash flow is projected to exceed $18 billion in 2026, rising to $21 billion by 2028. Over the next three years, the company plans to return more than $45 billion to shareholders via dividends and share repurchases, building on the $12 billion returned in 2025.

In Q4, revenues reached $33.5 billion, up 3.7% year-over-year, with adjusted earnings of $0.52 per share. Operating income was $5.8 billion, and adjusted EBITDA totaled $11.2 billion. Capital expenditures in the quarter were $6.8 billion, generating free cash flow of $4.2 billion. For the full year, revenues hit $125.6 billion, adjusted EPS was $2.12, and free cash flow amounted to $16.6 billion, surpassing prior guidance across all consolidated metrics.

Fourth-quarter net additions included 421,000 postpaid phone subscribers, 283,000 fiber subscribers and 221,000 5G fixed wireless customers. Consumer wireline fiber revenues climbed 13.6% to $2.2 billion. The convergence strategy drove the fastest annual increase in dual-service customers, with 42% of fiber households also subscribing to wireless, underpinning higher average revenue per user and industry-leading customer satisfaction.

The planned acquisitions of Lumen’s consumer fiber business for $6 billion and EchoStar’s spectrum licenses for $23 billion are expected to close in early 2026, enhancing network capacity and coverage. Beginning in Q1 2026, segment reporting will shift to highlight Advanced Connectivity (domestic 5G and fiber), Legacy (copper-based services) and Latin America, providing clearer insight into growth drivers and the phase-out of legacy technologies.