AT&T Inc.

Good morning, and welcome to AT&T's third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. Should you need assistance during the call, please press star, then zero, and an operator will assist you offline. Following the presentation, the call will open for your questions. If you would like to ask a question, please press star, then one, and you will be placed in the question queue. If you are in the question queue and would like to withdraw your question, you can do so by pressing star, then two. As a reminder, this conference is being recorded. I would now like to turn the conference call over to our host, Brett Feldman, Senior Vice President, Finance and Investor Relations. Please go ahead.

Thank you and good morning. Welcome to our third quarter call. I'm Brett Feldman, head of investor relations for AT&T. Joining me on the call today are John Stanky, our chairman and CEO, and Pascal DeRoche, our CFO. Before we begin, I need to call your attention to our safe harbor statement. It says that some of our comments today may be forward-looking. As such, they are subject to risks and uncertainties described in AT&T's SEC filings. Results may differ materially. Additional information, as well as our earnings materials, are available on our investor relations website. With that, I'll turn the call over to John Stanky. John?

Thank you, Brett. Good morning, everyone. I appreciate you making the time to join us, and I hope everybody's doing well. I'm pleased to report that we had another solid quarter and remain on track to achieve this year's consolidated financial guidance. We continue to attract and retain high-value customers and execute well across different operating environments, thanks to the durable and differentiated connectivity franchise we continue to build. In mobility, we delivered over 400,000 postpaid phone net ads in the quarter, which is slightly ahead of our performance a year ago. In consumer wireline, the scale we have achieved as a nationwide provider of home internet services through our significant investments in fiber and 5G is proving to be a winning play. At the end of the third quarter, we pass more than 31 million total locations with fiber, and we expect to reach more than 60 million customer locations by the end of 2030. We also offer our fixed wireless service, AT&T Internet Air, in parts of 47 states and we continue to expand availability into new areas as we open and modernize our mobile network. You can see the durable impact of these investments in our third quarter results, which include over 550,000 new subscribers to our most advanced broadband services, AT&T Fiber, and Internet Air. This resulted in our highest total broadband net ads in more than eight years. Let me say that again. We achieved our highest total broadband net ads in eight years. This includes a major milestone by reaching over 10 million premium AT&T Fiber subscribers, more than doubling our fiber customer base in less than five years, and nearly tripling our quarterly fiber revenues over that same period. And the train keeps a rolling. We offer fast and reliable connectivity for 5G and fiber at attractive price points, and more people are choosing AT&T for both wireless and home internet services. Today, more than 41% of AT&T fiber households also choose AT&T for wireless, and the pace of this convergence trends within our customer base continues to grow. These customers remain our most valuable with the lowest churn profile and highest lifetime values. Our success with Convergence also extends to fixed wireless, where more than half of our Internet Air subscribers also choose AT&T for their wireless service. Similar to fiber, these customers exhibit lower churn and drive higher lifetime values than customers with standalone services. We continue to make solid progress, but our work is not done. Our goal is to become the best advanced communications provider in America and to lead our industry and share of retail connectivity service revenue by the end of this decade. This year, we've made a series of strategic moves that both strengthen our ability to lead in convergence and accelerate our future growth trajectory. Our planned acquisitions of Spectrum licenses from EchoStar and fiber assets from Lumen significantly enhance and expand our advanced connectivity portfolio. This aligns with our vision to build the most efficient, high-performance network with an ability to deliver traffic at the lowest marginal cost. We believe this will establish a durable competitive advantage for AT&T in the coming years. The EchoStar spectrum we agreed to acquire will improve our 5G wireless performance in a cost-efficient manner, while allowing us to grow internet air at a faster pace. We are already making great progress delivering on our commitment to deploy this valuable spectrum for the benefit of American consumers and businesses. We started deploying the 3.45 GHz spectrum that we have agreed to acquire from Eckerstar under a short-term spectrum manage release. Based on our current rate and pace, we expect these mid-band licenses will be deployed in cell sites covering nearly two-thirds of the U.S. population by mid-November. This should position us to further expand the availability of Internet Air in our sales channels in 2026. Our ability to move this quickly reflects the great work of our teams and the FCC's pro-investment and supportive policy environment. We're also making great progress in preparing to close our transaction with Lumen. Most of the senior leadership team has been identified, and we now expect to close this transaction in the early part of 2026. As I've said before, where we have fiber, we win with both fiber and 5G. And we plan to win even more as our investments in these assets bring advanced connectivity to more Americans. The supportive policy environment is also making it easier for us to transition away from outdated legacy infrastructure and invest in the AI-ready connectivity that Americans want and need. The bottom line is that we now have the right building blocks in place to realize our scaled fiber and fixed wireless ambitions, complete our wireless modernization, and successfully transition away from legacy infrastructure. As we complete our key investments, acquisitions, and transformation initiatives, we expect to increase our fiber and convergence penetration rates and see a majority of incremental revenue growth originate from converged customer relationships. For several consecutive years, we've demonstrated that this strategy works by efficiently growing our business while investing in our network, strengthening our balance sheet, and returning value to shareholders. The opportunities ahead of us are in our control, and I wouldn't trade our assets and position for anyone else's in our marketplace. Now it's up to us to continue executing on our vision to become the best advanced communications provider in America. With that, I'll turn it over to Pascal for a detailed review of our third quarter results and outlook.