U.S. Wireless "2Q Wireless Preview" Hodulik

研报英文原文证据摘录

U.S. Wireless "2Q Wireless Preview" Hodulik

Global Research

22 June 2026ab

U.S. Wireless Equities

Americas2Q Wireless Preview

Wireless Communications

John C. Hodulik, CFA

Favorable trends in wireless Analyst

We believe market activity was more subdued in 2Q as carriers pulled back on john.hodulik@ubs.com

promotional activity, focusing on churn reduction and profitability. We expect T-Mobile +1-212-713 4226

to lead the industry with 700K+ postpaid phone adds in 2Q (vs. 830K a year ago), Batya Levi

followed by AT&T with 358K adds (vs. 401K in 2Q25) and Verizon at 123K adds (vs. -9K Analyst

a year ago). Overall, we estimate the industry added 2.0M postpaid phone subscribers in batya.levi@ubs.com

2Q, moderating from 2.1M a year ago, on path to add 8.3M new phones in '26 vs. +1-212-713 8824

8.8M in '25. This is driven by flat churn (vs. +10 bps in '25) and LSD growth in gross Christopher Schoell, CPA

adds. We also expect industry ARPU declines to improve, driving 2%/1% wireless service Analyst

revenue/EBITDA growth in 2Q, in line with trend. christopher.schoell@ubs.com

+1-212-713 4912

AT&T: Continuing to drive convergence Ryan Gravett, CFA

Buy Rated, PT $31: Our estimates are largely unchanged. We expect results to Analyst

highlight continued subscriber momentum in wireless and broadband, cost ryan.gravett@ubs.com

+1-212-713 3344

control and its leading position as the largest operator of converged wireless and

fiber assets in the U.S. Albert Kim

Associate Analyst

Wireless: We expect 358K postpaid phone adds in 2Q (vs. 401K a year ago) albert.kim@ubs.com

reflecting 5% y/y growth in gross adds vs. +9% in 1Q while churn increases 4 bps +1-212-713 1079

y/y to 0.91% (vs. +6 bps in 1Q). Along with stable postpaid phone ARPU at $57/ PK Keller