Texas Instruments - Texas Instruments reported an adjusted EPS of $1.27, slightly below expectations, with revenue at $4.42 billion, aligning with estimates. The Q1 revenue guidance is between $4.32 billion to $4.68 billion, which is better than market expectations [2][3] - Data center revenue surged 70% last quarter, indicating strong growth in this segment, which is becoming a new growth engine for the company. Management plans to break out data center revenue separately in future reports [3][4] - The industrial market showed recovery, with growth in the high teens percentage in Q4, driven by factory automation, industrial controls, and embedded systems. However, personal electronics revenue fell in the upper teens percentage [5] Starbucks - Starbucks reported an adjusted EPS of $0.56, which was below expectations, but revenue exceeded estimates at $9.92 billion compared to the expected $9.63 billion. The company is seeing a turnaround with traffic growth for the first time in two years [8][9] - Global same-store sales increased by 4%, and traffic grew by 3%, indicating positive momentum. The holiday season also contributed to strong sales, particularly with viral marketing efforts [10][11] - Despite some margin pressure due to turnaround costs and higher coffee prices, the overall sales and traffic growth are seen as key positive indicators for the company's future [9][10] AT&T - AT&T reported an adjusted EPS of $0.52, beating expectations of $0.46, with revenue at $33.47 billion, surpassing the anticipated $32 billion. The company added 421,000 new post-paid phone customers, in line with estimates [13][14] - The churn rate remained below 1%, indicating customer retention amidst a competitive pricing environment. The company also experienced growth in broadband, adding 283,000 new fiber customers [15][16] - However, the wireline business saw a decline of 7.5%, but overall growth in other segments helped offset this loss [16]

Company Overview - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Utilization - Proactive is a forward-looking company that adopts technology enthusiastically to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Financial Data and Key Metrics Changes - The company reported over 4% growth in consolidated Adjusted EBITDA during the fourth quarter, with Adjusted EBITDA margins expanding by 20 basis points [20] - Adjusted EPS grew by over 20% in the fourth quarter to $0.52 and nearly 9% for the year to $2.12, exceeding the 2025 guidance [21] - Full year free cash flow was $16.6 billion, which grew by over $1 billion, coming in towards the higher end of the 2025 guidance [22] Business Line Data and Key Metrics Changes - The company achieved over 1.5 million postpaid phone net adds for the fifth consecutive year and over 1 million AT&T Fiber net adds for the eighth consecutive year [4] - The fiber convergence rate climbed 200 basis points year-over-year to 42%, indicating strong growth in customer relationships [9] - The company expects to reach over 40 million customer locations with fiber services by the end of the year, up from 32 million at the end of 2025 [7] Market Data and Key Metrics Changes - The company continues to expect annual cash taxes of approximately $1 billion-$1.5 billion through 2028, reflecting expected savings from legislation [23] - The outlook for total wireless service revenue growth is projected in the 2%-3% range annually over the next three years [25] - Advanced home internet service revenues are expected to grow organically by over 20% annually through 2028 [28] Company Strategy and Development Direction - The company plans to adopt new segment reporting beginning with the first quarter of 2026, separating Advanced Connectivity results from Legacy operations [17] - The strategy focuses on becoming the best advanced connectivity provider in America, with significant investments in 5G and fiber [4][5] - The company aims to discontinue a large majority of copper-based services by the end of 2029, transitioning to a more modern infrastructure [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook, expecting accelerated growth in Adjusted EBITDA and double-digit Adjusted EPS growth [15] - The company anticipates returning over $45 billion to shareholders over the next three years through dividends and share repurchases [16] - Management highlighted the supportive federal policy environment for market-based investment in advanced networks [18] Other Important Information - The company achieved over $1 billion of cost savings in 2025 and expects to achieve an additional $4 billion in annual cost savings by the end of 2028 [30] - The company closed on a $17.5 billion delayed draw term facility, enhancing its liquidity position [34] - The company plans to maintain its current common stock dividend with a consistent pace of share repurchases through 2028 [35] Q&A Session Questions and Answers Question: What is the expected convergence rate for fiber customers over time? - Management expects the convergence rate to continue improving, with a target of reaching 50% [43] Question: What are the drivers behind the slowdown in consumer wireline revenue growth? - Management indicated that pricing adjustments and strategic decisions to bundle services have contributed to the slowdown [49][50] Question: How does the company plan to respond to competitive promotional changes? - Management stated that they will remain disciplined in offering value propositions and focus on under-penetrated segments [81]

Financial Data and Key Metrics Changes - The company achieved over 4% growth in consolidated Adjusted EBITDA during the fourth quarter, expanding Adjusted EBITDA margins by 20 basis points [20] - Adjusted EPS grew by over 20% in the fourth quarter to $0.52 and nearly 9% for the year to $2.12, exceeding the 2025 guidance [21] - Full year free cash flow was $16.6 billion, which grew by over $1 billion and came in towards the higher end of the 2025 guidance [22] Business Line Data and Key Metrics Changes - The company reported over 1.5 million postpaid phone net adds for the fifth consecutive year and over 1 million AT&T Fiber net adds for the eighth consecutive year [4] - The fiber convergence rate climbed 200 basis points year-over-year to 42%, indicating strong growth in bundled services [9] - The company expects to reach over 40 million customer locations with fiber services by the end of the year, up from 32 million at the end of 2025 [7] Market Data and Key Metrics Changes - The company continues to expand its fiber and 5G services, with plans to ramp fiber construction from 3 million new locations in 2025 to 4 million by the end of this year [6] - The company estimates that fewer than 20% of customers in the Lumen territories currently subscribe to wireless services, indicating significant growth potential [11] Company Strategy and Development Direction - The company aims to become the best advanced connectivity provider in America, focusing on a sustainable, investment-led business model [5] - Plans to adopt new segment reporting to separate Advanced Connectivity results from Legacy operations, providing greater transparency into growth investments [17] - The company is committed to discontinuing a large majority of copper-based services by the end of 2029, reflecting a strategic shift towards modernized services [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the supportive federal policy for market-based investment in advanced networks, anticipating increased demand for dense fiber networks [18] - The company expects to return over $45 billion to shareholders over the next three years through dividends and share repurchases, representing nearly 30% of its market cap [16] - Management anticipates continued growth in Adjusted EBITDA and double-digit Adjusted EPS growth over the next three years [15] Other Important Information - The company achieved over $1 billion of cost savings in 2025 and expects to achieve an additional $4 billion in annual cost savings by the end of 2028 [30] - The company plans to close its acquisition of fiber assets from Lumen during the first quarter, which will add approximately $900 million of annualized fiber revenues [29] Q&A Session Questions and Answers Question: Fiber convergence rate expectations - Management expects the convergence rate to continue improving, with a target of reaching 50% [41][43] Question: Consumer wireline revenue growth slowdown - Management noted that pricing adjustments and strategic decisions to bundle services have contributed to the slowdown [49][50] Question: Spectrum investments and foldable iPhone impact - Management has reserved capacity for strategic spectrum investments and does not anticipate significant changes in consumer demand due to foldable devices [57][59]

Financial Data and Key Metrics Changes - The company reported over 4% growth in consolidated Adjusted EBITDA during Q4 2025, with Adjusted EBITDA margins expanding by 20 basis points [19] - Adjusted EPS grew by over 20% in Q4 to $0.52 and nearly 9% for the year to $2.12, exceeding the 2025 guidance [20] - Full year free cash flow was $16.6 billion, which grew by over $1 billion and was towards the higher end of the 2025 guidance [20][21] Business Line Data and Key Metrics Changes - The company achieved over 1.5 million postpaid phone net adds for the fifth consecutive year and over 1 million AT&T Fiber net adds for the eighth consecutive year [4] - The fiber convergence rate climbed 200 basis points year-over-year to 42%, indicating strong growth in customers who use both fiber and wireless services [9] - The company expects to reach over 40 million customer locations with fiber services by the end of 2026, up from 32 million at the end of 2025 [7] Market Data and Key Metrics Changes - The company continues to expand its fiber reach, planning to ramp up annual fiber construction from 3 million new locations in 2025 to 4 million by the end of 2026 [6] - The company expects total wireless service revenue growth in the 2%-3% range annually over the next three years, driven by growth in consumer and business customer relationships [25] - Advanced home internet service revenues are expected to grow organically by over 20% annually through 2028 [27] Company Strategy and Development Direction - The company aims to become the best advanced connectivity provider in America, focusing on 5G and fiber subscriber growth [4] - Plans to adopt new segment reporting beginning in Q1 2026, separating Advanced Connectivity results from Legacy operations to provide better transparency [17][24] - The company is committed to discontinuing a large majority of copper-based services by the end of 2029, managing the Legacy segment to achieve this outcome [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the supportive federal policy for market-based investment in advanced networks, anticipating increased demand for dense fiber networks [18] - The company expects to return over $45 billion to shareholders through dividends and share repurchases over the next three years [16] - Management highlighted the importance of maintaining a disciplined approach to pricing and customer acquisition in a competitive market [78] Other Important Information - The company achieved over $1 billion in cost savings in 2025 and expects to achieve an additional $4 billion in annual cost savings by the end of 2028 [30] - The company plans to close its acquisition of fiber assets from Lumen during Q1 2026, which will add approximately $900 million of annualized fiber revenues [28] Q&A Session Questions and Answers Question: What is the expected convergence rate for fiber customers over time? - Management expects the convergence rate to continue improving, aiming for 50% and potentially higher in the long term [43][44] Question: What are the drivers behind the slowdown in consumer wireline revenue growth? - Management indicated that pricing adjustments and strategic decisions to bundle services have contributed to the slowdown, but they remain optimistic about future growth [48][49] Question: Are there plans for additional spectrum investments? - Management confirmed that they have reserved capacity for strategic options and will be judicious in future spectrum investments [57][58] Question: How is AT&T responding to competitive promotional changes? - Management stated that they are focused on maintaining financial performance through disciplined pricing and targeting under-penetrated segments [78][80]

Core Insights - AT&T reported quarterly earnings of $0.52 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, but down from $0.54 per share a year ago, resulting in an earnings surprise of +13.04% [1] - The company generated revenues of $33.47 billion for the quarter, surpassing the Zacks Consensus Estimate by 2.24% and increasing from $32.3 billion year-over-year [2] - AT&T has outperformed consensus EPS estimates two times in the last four quarters and has topped revenue estimates three times in the same period [2] Earnings Outlook - The sustainability of AT&T's stock price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3] - The current consensus EPS estimate for the upcoming quarter is $0.54 on revenues of $31.07 billion, while the estimate for the current fiscal year is $2.25 on revenues of $126.98 billion [7] Industry Context - The Wireless National industry, to which AT&T belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact AT&T's stock performance [5][6]

Company News - ASML's ADRs rose 5% after reporting orders significantly exceeding investor expectations, driven by increased demand for AI computing workloads [3][5][17] - Seagate's stock increased by 8% following a strong second-quarter earnings report that surpassed expectations, along with a positive outlook [3] - Texas Instruments gained 7% after providing a favorable outlook, indicating improved demand in industrial and data center markets [3] - AT&T's shares rose 3% after reporting fourth-quarter profit and revenue that exceeded analysts' estimates, attributed to strong broadband subscriber growth [3] - C3.ai's stock surged 15% amid reports of merger talks with Automation Anywhere [3] - F5 Inc. jumped 8% after raising its revenue forecast for the fiscal year [3] - New Oriental Education's ADRs rose 6% after beating second-quarter estimates and increasing its annual net revenue forecast [3] - Corning's shares fell 3% after reporting fourth-quarter results and providing a disappointing outlook [3] - Elevance Health dropped 6% after giving an adjusted profit forecast for 2026 that fell short of Wall Street expectations [3] - Qorvo's stock fell 10% after issuing a weaker-than-expected outlook [3] Industry Trends - The tech sector is experiencing a rally, driven by strong earnings from semiconductor and memory companies, which is boosting the AI trade [1][4][6] - The Magnificent Seven stocks are mostly higher, with Nvidia, Alphabet, and Amazon showing gains, while Meta and Apple experienced slight declines [3] - The semiconductor, memory, and storage sectors are seeing significant gains due to positive earnings reports, particularly from ASML, Seagate, and Texas Instruments [3][4] - Asian equities are also benefiting from the tech rally, with notable gains in TSMC and SK Hynix [5][13] - The demand for AI memory is driving earnings growth for companies like SK Hynix, indicating a strong market for AI-related technologies [5][14]

2025 4th Quarter Earnings January 28, 2026 AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners AT&T Proprietary (Internal Use Only) - Not for use or disclosure outside the AT&T companies except under written agreement © 2026 AT&T Intellectual Property. AT&T and globe logo are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. © 2025 AT&T Intellectual Property. AT&T and globe logo are reg ...

Group 1: Financial Performance - AT&T reported Q4 revenue growth of 3.7% to $33.5 billion, exceeding analyst expectations of $32.8 billion [1] - Adjusted earnings per share increased to $0.52, surpassing the expected $0.46 [1] - Adjusted EBITDA for Q4 was $11.2 billion, higher than the anticipated $11.1 billion [1] Group 2: User Growth and Market Competition - The company added 421,000 wireless users in Q4, below Wall Street's expectation of 440,000 [1] - AT&T's strategy relies heavily on customers purchasing multiple products, such as mobile plans and home internet services [1] - The company launched various promotions to attract new customers and retain existing ones, including trade-in offers for the latest iPhone 17 Pro [1] Group 3: Internet Services - AT&T's fixed wireless internet service, Internet Air, added 221,000 users in Q4, falling short of the expected 272,000 [2] - The company is the first major U.S. telecom operator to report financial results, with Verizon and T-Mobile set to report later [2] Group 4: Future Outlook - AT&T's annual profit guidance exceeds market expectations, with projected adjusted earnings per share for 2026 between $2.25 and $2.35, above the expected $2.21 [2] - The company's infrastructure strategy includes significant acquisitions, such as the nearly $6 billion purchase of Lumen's consumer fiber business and a $23 billion acquisition of EchoStar's spectrum licenses [3] - AT&T anticipates free cash flow will exceed $21 billion by 2028, higher than the analyst expectation of $19.61 billion [4] Group 5: Organizational Changes - Starting Q1 2026, AT&T will restructure its reporting segments into three parts: a new "Advanced Connectivity" division, traditional services, and Latin America operations [4]

Market Overview - US stock index futures showed mixed results, with Nasdaq futures up 0.84%, S&P 500 futures up 0.27%, and Dow futures down 0.03% [1] - Major European indices collectively declined, with Germany's DAX down 0.5%, UK's FTSE 100 down 0.51%, France's CAC down 1.29%, and the Euro Stoxx 50 down 0.29% [1] - Spot gold surpassed $5,300 per ounce, setting a new historical record, with a year-to-date increase of nearly 23% [1] Company Developments - Amazon announced plans to cut approximately 16,000 corporate jobs to streamline its structure amid AI competition [5] - Tesla's new car registrations in Europe last year totaled 238,656 units, reflecting a year-on-year decline of 26.9% [6] - ASML reported Q4 revenue of €9.718 billion, exceeding expectations, and announced a €12 billion stock buyback while planning to streamline its technology and IT departments [7] - Seagate Technology's Q2 revenue grew by 22% year-on-year to $2.83 billion, with adjusted earnings per share of $3.11, both surpassing expectations [8] - AT&T's Q4 revenue was $33.5 billion, with a net addition of 421,000 postpaid wireless phone users, which fell short of expectations [9] - Corning's Q4 sales reached $4.41 billion, with core earnings per share of $0.72, both exceeding expectations [10] - Texas Instruments reported a 10% year-on-year revenue increase to $4.42 billion, with earnings per share of $1.27 [11] - LVMH's revenue exceeded €80.8 billion, with a net profit decline of 13%; Q4 demand in Asia was stronger than expected [12] - Vale's iron ore and copper production reached 336 million tons and 382,000 tons, respectively, marking the highest levels since 2018 [13] Strategic Moves - Guo Minghao, an analyst at Tianfeng International Securities, indicated that Apple’s pricing strategy for the new iPhone 18 in 2H26 is to "keep prices as low as possible" [4] - But Bin revealed a $9.1 billion US stock portfolio, with Google replacing Nvidia as the top holding, while Netflix, TSMC, and Broadcom were completely sold off [3]