“As we outlined in our earnings release, we expect to return $45 billion plus to shareholders during 2026 to 2028.”

In context

“closing of these transactions, we expect our net debt to adjusted EBITDA to increase to approximately 3.2 times and then to decline to approximately three times by year-end as we grow adjusted EBITDA and free cash flow. We also expect to receive cash from an equity partner that will also co-invest in the acquired Lumen Fiber assets. We continue to expect that our net leverage will return to a level consistent with our target in the 2.5 times range within approximately three years following the closing of these acquisitions. And we continue to expect that we can achieve our deleveraging objectives while maintaining a consistent approach to capital returns. In 2025, we returned over $12 billion to shareholders, including over $8 billion in dividends and over $4 billion in share repurchases. As we outlined in our earnings release, we expect to return $45 billion plus to shareholders during 2026 to 2028. Under this capital return plan, we expect to maintain our current common stock dividend with a consistent pace of share repurchases through 2028, including approximately $8 billion of buybacks in 2026. Our board has authorized an additional $10 billion of share repurchases after we complete buybacks under the current authorization. This means we have the necessary board approvals to execute our planned share repurchases through approximately the end of next year. To wrap up, we executed well in 2025, and we're confident that we're positioned to drive improved growth and strong capital returns over the next three years. Thanks for listening to our extended presentation. Brett, we're now ready for the Q&A. Brett Feldman: Thank you, Pascal. Operator, we are ready to take the first question.”