AT&T Inc. (T) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:06.384 Good morning and welcome to AT&T's fourth quarter 2025 earnings call. 00:00:55.786 -- 00:00:58.812 I need to call your attention to our safe harbor statement. 00:00:58.812 -- 00:01:01.838 It says that some of our comments today may be forward-looking. 00:01:01.838 -- 00:01:06.927 As such, they are subject to risks and uncertainties described in AT&T's SEC 00:01:06.927 -- 00:01:12.017 filings. Results may differ materially. Additional information, as well as our 00:01:12.017 -- 00:01:15.183 earnings materials, are available on the Investor Relations website. 00:01:15.183 -- 00:01:17.508 With that, I'll turn things over to John Stanky. 00:01:17.508 -- 00:01:17.960 John? 00:01:17.960 -- 00:01:20.444 Thanks, Brett. And Happy New Year to everybody. 00:01:20.444 -- 00:01:25.633 I appreciate you joining us today. As you can see in our earnings materials, we 00:01:25.633 -- 00:01:30.281 have a lot to cover. So I'm going to quickly summarize a few highlights from our results 00:01:30.281 -- 00:01:35.170 and then spend most of my time discussing how our investments and differentiated position 00:01:35.170 -- 00:01:40.235 support our long-term outlook for improved growth and significant capital returns. 00:01:40.235 -- 00:01:45.523 After that, Pascal will provide a little more color on our fourth quarter performance, 00:01:45.523 -- 00:01:50.029 plan changes to our segment reporting next quarter, and key drivers of our financial 00:01:50.029 -- 00:01:54.816 guidance through 2028. So our prepared comments are probably going to run a little bit 00:01:54.816 -- 00:01:59.506 longer than usual, but we'll allow a little extra time to take your questions. 00:01:59.506 -- 00:02:04.694 During our Analyst and Investor Day at the end of 2024, we outline...