AT&T Inc Q2 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: John Hodulik - UBS - Analyst : Great. Thanks. Good morning, guys. If we could start with the wireless churn, you guys called out the 17-basis-point increase in phone's churn in the quarter. And Pascal, thanks for the comments about the seasonal patterns, but can you talk about whether you expect to see a similar increase in the second half of the year based on what you're seeing from competitive standpoint and from a cohort exploration standpoint? And then secondly, thanks for the info on the decommissioning in the 10% of wire centers. Is there any way to quantify the savings from this initial filing? Or talk about the opportunity for savings as far as that initiative is concerned. Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 23, 2025 / 12:30PM, T.N - Q2 2025 AT&T Inc Earnings Call

Question: Peter Supino - Wolfe Research - Analyst : Hi. Good morning. A question going back to the subject of churn and then one on spectrum. On churn, I wondered if your outlook for the year should cause AT&T to rethink the velocity of price increases. I heard you loud and clear that the expiration of installment periods is playing a big role in this year's higher activity and wondering how you think about the other drivers. And then on spectrum, I wondered about the budget in your long-term guidance for acquisitions. Is it possible that spectrum's worth much more than you've allocated for acquisitions will come to market in general? And I wondered, if you would, in that instance, would you regard the budget for acquisitions in your long term guidance as subject to review or as limiting? Thank you.

Question: Benjamin Swinburne - Morgan Stanley - Analyst : Thanks. Good morning. A bit of a bigger picture question on the fiber build, and then back to Mobility. Hit the 30 million fiber mark, now we're talking about 60 million-plus by 2030, can you talk about, since John you've been there the whole time, the returns you see in the 30 million ahead versus the 30 million look back? I mean there's sort of debates on whether you built the best parts of the country first. At the same time, I can imagine, your execution in fiber is improving as you build more expertise. I'd love to hear your thoughts on the returns and penetration profiles you see looking head versus looking back. And then, just on Mobility, how do you guys think about returns you're generating in this business? I mean churn is a huge focus. But just one input into return, could you talk a little bit about how you feel the quality of your incremental Mobility customers are coming in now when you put all the pieces together in the business relative to the churn focus that we all have out in the market? Thanks so much.

Question: Michael Rollins - Citi - Analyst : Thanks. Good morning. Two topics, EBITDA and the fiber footprint. So as a follow-up to your comments on the revised EBITDA growth guidance for Mobility, given that the first half is ahead of the full-year guide, are there additional pressures that you're seeing in the back half of the year relative to the first half that we all should be mindful of? And can you remind us where Mobility is on the journey to extract additional efficiencies and savings from the cost program? And then just on the fiber footprint, just curious if you have an update on the opportunities to expand the open access program to increase passings beyond the 60 million target that you outlined on today's call? Thanks.

Question: Sebastiano Petti - JPMorgan - Analyst : Hi. Thank you for taking the question, just wanted to follow up on Consumer Wireline subscriber expectations for the back half of the year. I think Pascal said that you expect higher Internet Air adds, which is not surprising given the momentum. But typically, you would also see higher fiber net additions in the second half relative to the first half or a typical seasonality over the last several years with dictate that that would be the case. Any reason to think that that would not necessarily occur this year? And within that context perhaps, are you seeing any change in the level of competitiveness from the cable guys as they perhaps may lean in a little bit more on bundling, a little bit more on convergence? Thank you very much.

Question: Bryan Kraft - Deutsche Bank - Analyst : Thank you. Good morning. I want to ask too if I could, I guess first, just how do you think this more elevated mobile churn and gross add environment across the industry impacts your ability to expand Mobility margins in 2026 and beyond? Do you continue to see REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 23, 2025 / 12:30PM, T.N - Q2 2025 AT&T Inc Earnings Call that continued margin expansion opportunity? Or should we think about the healthy margins you have today as being more stable as opposed to increasing? And then, I just wanted to check in separately on what you're seeing from a macro perspective. Anything to call out that you're seeing consumers or businesses, any potential impact from federal government cuts that might be coming that could impact Business Wireline or Mobility? Thank you.

Question: Kannan Venkateshwar - Barclays - Analyst : Thank you. John, when you think about the scaling of both the fiber business as well as fixed wireless going forward, can you talk a little bit about how they fit together? I mean, are they mutually exclusive in terms of segments the way you're thinking about it or just fixed wireless to funding mechanism to reduce your (inaudible) for fiber? I mean, as both of these scale, how do they fit versus each other? It'll be great to get your thoughts on that.