“we expect the retail business to be slightly accretive to service revenues while remaining neutral to adjusted EBITDA and adjusted free cash flow this year.”

In context

“to be approximately $8.5 billion as we accelerate investments into our business. Okay. Turning to cash CapEx we continue to expect cash CapEx to be approximately $9.5 billion for the full year. We also expect adjusted free cash flow, including payments for merger-related costs in the range of $17.6 billion to $18 billion also representing an increase of $100 million at the lower end of the range. I also wanted to touch on the upcoming close of the joint venture transaction, which is acquiring Metronet. As with the Lumos joint venture, the consumer experience and residential business will be fully owned by us, and we will also share in 50% of the joint venture economics. We will treat the acquired customers as a base adjustment in our third quarter results, and as we fuel customer growth, we expect the retail business to be slightly accretive to service revenues while remaining neutral to adjusted EBITDA and adjusted free cash flow this year. Additionally, our 50% equity stake in the joint venture will be reported below the line as an equity method invested and is expected to be immaterial to net income this year. Next quarter, we will provide a more comprehensive update regarding the contribution of both of our fiber joint ventures. Okay. Let me also spend a moment on the benefits from the recent legislation coming out of D.C. While this won't meaningfully impact our 2025 cash tax expectations, we do expect an approximately $1.5 billion benefit to cash taxes in 2026 which will be deployed thoughtfully guided by our capital allocation philosophy. And finally, I want to provide an update on the sale of our 800-megahertz licenses. We have reached an agreement with Grain Management to divest our entire portfolio of 800 megahertz”