Telecom: FWA - May Availability & 1Q'26 Analysis

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Telecom: FWA - May Availability & 1Q'26 Analysis

June 18, 2026

With our May update of residential fixed wireless access (FWA) availability for the Big 3 across our 34 observed,

major markets, we provide an update for 1Q residential net adds. Based on reported & third-party estimated

figures, AT&T FWA growth appears to have reaccelerated, Verizon stepped back, and T-Mobile net adds

sequentially decreased.

Exhibit 5: T-Mobile and Verizon net adds decelerated in 1Q while AT&T reaccelerated

(Figures in 000s of quarterly net adds, except percentages – note %ages are not to scale)

n Total Residential Net Adds n Total Business Net Adds — Residential FWA Availability in 34 Observed Markets

600 AT&T 557 T-Mobile 495 Verizon 541

86%87%86%87% 24% 500

23% 454 41% 41% 23% 405 406 415 428 424

378 384 375 400 354 363 373 19%19% 64% 425

36% 36% 308 278 319

300 35% 34% 14% 261 250 13%14% 34% 33% 33%

11%

200 32% 10%

31% 31% 9% 9%

209 221 245 251 231 203 218 209 216 199 100 164 140 139 135 158 181 203 121 110

0 24

Source: Company filings, Wolfe Research, LLC. estimates

Note: 2Q’26 to date includes April and May FWA data

While factors including increasing prices and competition (e.g. AT&T Internet Air) influence FWA net adds in a given

quarter, T-Mobile and Verizon’s FWA net adds do not generally correlate w/ changes in residential availability.

Despite sequential increases in availability in 1Q’26, T-Mobile net adds decelerated by -70K and Verizon net adds

decelerated by -69K.

Exhibits 6 & 7: T-Mobile and Verizon net adds decelerated in 1Q despite an increase in availability

(Figures in 000s of net adds, except percentages)

Note: T-Mobile does not officially report residential vs. SMB / business. 2Q’26 to date includes April and May FWA data

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