Latest Quarterly Results (Q4 2025)
Segment Highlights
– Business segment revenue: $2,425 million.
– Mass markets segment revenue: $616 million.
– Large enterprise: $758 million.
– Mid-market enterprise: $472 million.
– Public sector: $457 million.
– Wholesale: $661 million.
– International and other: $77 million.
Financial Trends
For the full year 2025, revenue was $12.402 billion, down 5% from 2024. The reported net loss for the year was $1.739 billion, compared with a net loss of $55 million in 2024, indicating a wider loss year over year.
Business & Operations Update
Management completed the sale of the Mass Markets fiber‑to‑the‑home business. The transaction reduced total debt by more than $4.8 billion and lowered net leverage to below 4x. The company reported a 29% quarterly increase in NaaS customers and said Private Connectivity Fabric (PCF) contract value reached nearly $13 billion to date. Capital expenditure in the quarter was $1,644 million.
M&A or Strategic Moves
The company closed the previously announced transaction with a major carrier for its consumer fiber business. The deal reduced interest expense and capex obligations and is a central element of the company’s pivot toward enterprise services.
Equity Analyst Commentary
During the earnings call, analysts questioned the pace of enterprise growth, the timing of expected tax refunds, and the sustainability of adjusted EBITDA margins. Management answered questions on cost savings, NaaS adoption, and capital allocation priorities.
Guidance & Outlook — what to watch for
What to watch for: execution of network modernization plans, progression of PCF contract signings, NaaS customer growth, adjusted EBITDA delivery for 2026, and timing of the expected $400 million tax refund. The company issued a 2026 outlook with adjusted EBITDA of $3.1 billion to $3.3 billion and free cash flow of $1.2 billion to $1.4 billion.
Performance Summary
Shares fell intraday following the results. Quarterly revenue declined 9% to $3.041 billion. Adjusted EBITDA excluding special items was $767 million. The quarter combined a narrowed net loss with significant debt reduction tied to the completed transaction.