Telco/Cable 2Q26 Preview

研报英文原文证据摘录

Telco/Cable 2Q26 Preview

RBC Capital Markets, LLC

Jonathan Atkin (Analyst)

(415) 633-8589,

jonathan.atkin@rbccm.com

RBC Dominion Securities Inc.

Kirill Kozyar (AVP)

(416) 842-4730,

kirill.kozyar@rbccm.com

July 19, 2026

Telco/Cable 2Q26 PreviewRESEARCH Ahead of 2Q26 earnings, we are tweaking our estimates for T, VZ, TMUS, CMCSA, and CHTR to

incorporate competitive impacts, and incremental LEO threats to broadband ARPUs in outer years. With

VZ and CMCSA going through a reset year amidst intensified competition and deflationary pressures in

wireless and wireline, we see signs of differentiated offerings and lower subsidies in wireless that could

translate into a more disciplined environment in 2H26. Amidst revenue pressures, we expect companies

to focus on identifying new areas for cost-cutting. We lower our price targets across the board to reflect

intensified competition in broadband and wireless as well as to capture incremental tail risk from LEO.

Inside we discuss operating & financial trends, M&A, spectrum, risks from Starlink, and our estimateEQUITY changes.

• Wireless competition recap. In 2Q26, wireless promotions moderated from 1Q26's elevated levels,

with Verizon and T-Mobile pulling back iPhone 17 Pro Max subsidies (raising out-of-pocket costs to

$400), while AT&T held its pricing steady and leaned on bundling. The competitive focus shifted from

broad subsidies toward differentiated plan architectures and convergence, with AT&T launching Build-

A-Plan, Verizon introducing Simplicity and Verizon One, and T-Mobile maintaining pricing stability.

Notably, all three carriers moved down-market to compete aggressively in low-tier, single-line, and

BYOD segments—highlighting fierce competition and limited growth opportunities at the premium

end.