“We expect total line extension capital expenditures to decline after 2025 even inclusive of BEAD, which we wouldn't expect to be more than a few hundred million dollars per year for the four years starting in 2026.”

In context

“1.3 billion, less than our original expectation for $12.2 billion to $12.4 billion, given lower network evolution and line extension spending, both due to timing. We expect total 2025 capital expenditures to reach approximately $12 billion, including line extension spend of approximately $4.2 billion and network evolution spend of approximately $1.5 billion. On Slide 14, we've provided our current expectations for capital spending through the year 2028, excluding any line extension spending associated with the BEAD program as we are still in the early stages of bidding, and we have a lower appetite to bid due to regulatory conditions. Our current multiyear CapEx outlook is largely unchanged in total versus our prior outlook, with retiming across years and slight changes across categories. We expect total line extension capital expenditures to decline after 2025 even inclusive of BEAD, which we wouldn't expect to be more than a few hundred million dollars per year for the four years starting in 2026. And our RDOF build is still expected to be completed by the end of 2026, two years ahead of schedule. We now expect our total network evolution initiative capital to reach $5.4 billion over the period 2024 to 2027 versus $4.6 billion previously, given our [full plant walkout] (ph) and the finalization of more detailed project plans. Looking beyond 2025, we expect total capital spending in dollar terms to be on a meaningful downward trajectory, even inclusive of BEAD spending. And after our evolution and expansion capital initiatives conclude, our run rate capital expenditures should be below $8 billion per year. Just to highlight, that reduction in capital expenditures on its own from approximately $12 billion in 2025 to less than $8 billion in 2028 is equivalent to $25 of annual free cas”