“It will also drive improving revenue growth as we add more net subscribers across postpaid, prepaid and broadband, and begin to benefit from a reduction in our promo amortization headwinds.”

In context

“Daniel Schulman : Thank you, Colleen, and good morning, everyone. When I stepped into this role last October, I said we were going to do three things: put our customers at the front and center of every decision, run the company with operational discipline and translate that into accelerating financial performance for our shareholders. In Q1, we highlighted the first proof points. Today, with our second quarter results, we see clear and compelling evidence that our transformation is driving a structural and meaningful inflection in our results. Tony will take you through our financials in more detail. But in a nutshell, we are accelerating across every key metric. And consequently, we are raising our mobility and broadband service revenue, free cash flow and adjusted EPS guidance. Our operational metrics continue to shine. In the quarter, we delivered 184,000 postpaid phone net adds, a meaningful step-up from Q1 and an increase of 193,000 from last year. Our consumer Q2 postpaid phone net adds were our best in 5 years, and our overall postpaid phone gross adds for Q2 were our best in the last 8 years. In the first half of 2026, our postpaid phone net adds are up 537,000 versus a year ago, and we continue to expect postpaid phone net adds to be in the upper half of our 750,000 to 1 million range for the full year. In addition, we added 348,000 broadband net additions, continuing the share-taking momentum we have built over the last several quarters. In total, our mobility and broadband net adds for Q2 were over 550,000. I'm also particularly pleased to say that our net new accounts have also been positive for the past 2 months. It's been a long time since we have been able to say that we are now growing both accounts and lines. Importantly, we are driving our postpaid phone net add growth in a fiscally responsible manner. Consumer postpaid phone churn was 84 basis points, down from 90 basis points in Q1 and 95 basis points in Q4 of last year. And it is an improvement of 6 basis points from a year ago. Verizon's overall postpaid phone churn also improved by 5 basis points from last year as our business group also drove a meaningful improvement year-over-year. I want to pause on our churn number because it is one of the most important metrics in assessing the health of our business model. Consumer postpaid phone churn of 84 basis points is a step change for Verizon. As all of you know, our churn have been steadily rising quarter after quarter, and it is now down year-over-year and down sequentially for the second consecutive quarter. At the same time, we are improving the quality of our gross adds and lowering our cost to acquire and retain our customers. When you compound lower churn with healthier acquisition economics, you get exactly the kind of operating leverage you are seeing in our financial results. In fact, our financials all accelerated in Q2. Mobility and broadband service revenue grew by 2.8%, up from 1.6% in Q1. We see this trend continuing to accelerate in the second half of the year. And as a result, we are now guiding our Q3 mobility and broadband service revenue to approach 3% year-over-year growth, and our Q4 mobility and broadband service revenue is now anticipated to grow at approximately 4% year-over-year. For the full year, we are now guiding revenues to grow 2.5% to 3%, the upper half of our previous 2% to 3% range. Our bottom line also outperformed as our adjusted EPS grew by 6.6% year-over-year to $1.30. As a result, we are raising our adjusted EPS guidance to 6% to 7% growth for the year. And one of the stars of the quarter was our free cash flow of $6.4 billion, up 24% year-over-year, one of the strongest cash flow quarters in our history. Consequently, we are raising our full year guidance for free cash flow growth from approximately 7% or more growth to 9% to 10% growth. This is in sharp contrast to the past 5 years when both our average annual free cash flow and adjusted EPS grew at approximately negative 1% during that time frame. We also completed $1 billion of share repurchases in the quarter, bringing year-to-date buybacks to $3.5 billion, already ahead of our full year commitment of at least $3 billion. We are now raising our full year buyback target to up to $4.5 billion, reflecting both our accelerating free cash flow and our conviction that Verizon's stock at current levels represents a compelling use of capital. These results reflect the operating discipline we have been building across the company. I want to spend a moment on what is actually happening underneath these numbers because the drivers of our model are more important than any single metric. First of all, our overall customer economics continue to improve. In Q2, our consumer promotional cost of acquisition improved by approximately 15% year-over-year, while our promotional cost of retention also improved by approximately 17% year-over-year. It's also important to note the net adds we are bringing into Verizon are of higher quality. Remember that we are no longer acquiring lines with 0 revenue. We delivered Q2's net add and churn performance at those lower cost levels. And with our new value proposition, we expect our cost of acquisition and retention to continue to improve. That combination, higher quality net adds, better volumes, lower churn and lower unit cost economics is the engine behind the adjusted EPS and free cash flow performance you are seeing, and it is a meaningful and structural shift in our business model. It will also drive improving revenue growth as we add more net subscribers across postpaid, prepaid and broadband, and begin to benefit from a reduction in our promo amortization headwinds. In Q4, we will also lap the year-over-year headwind from our decision to keep our pricing in line with the value we provide. As I've said, we will not raise prices without adding corresponding value for our customers. Second, the network is delivering. Following the actions we took after the January event, our network performance metrics have improved sequentially every month as we embed sophisticated AI models that allow us to autonomously fix network issues in minutes as opposed to hours. And with our success in the AWS spectrum auction, we will add to our network superiority. Third, convergence is real, and it's working. Our Frontier integration is ahead of plan. We are seeing the cross-sell economics we expected with converged mobility and broadband customer cohorts churning materially less than single product customers. With 348,000 broadband net adds this quarter, we continue to take share. Fourth, the transformation work streams I described last quarter are producing tangible results, and we are fully on track to deliver at least the $9 billion of OpEx and CapEx savings we said we would. The 10 transformation initiatives we launched are no longer plans on a page. They are showing up as lower cost to serve faster customer journeys and a step change in productivity across the organization. We are rapidly becoming an AI-centric company in how we operate and the operating leverage we are experiencing in our results reflect that. Our $9 billion cost program for this year is on plan, on pace and is a multiyear tailwind that will continue to bear fruit in the years ahead. Before I wrap up, I want to highlight several important initiatives we recently launched. Each of these will fundamentally improve our ability to serve our customers while driving incremental value for our shareholders. Our new consumer value proposition launched in mid-June, and it is delivering well beyond our expectations across every metric. It is built on a single idea that our customers should not have to do anything, no plan changes, no upsells, no fine print to get more from the company they have chosen. They should get more just for being our customer. And there are three elements I'd like to highlight. First, we launched the most comprehensive loyalty program in our industry. Every Verizon customer, not a tier, not a segment, not a subset, has access to our full loyalty program with no plan change required. It includes monthly cash back, a redemption catalog that is genuinely differentiated from anything in this industry and the elimination of activation and upgrade fees. We do not feel it is appropriate to charge a customer to join our network or upgrade their device. We are redefining what it means to reward customers for their loyalty. Our second innovation is simplicity, a radically transparent and simplified wireless plan, $45 with our best network performance. One plan, one price, no games. We are taking the complexity out of choosing a wireless plan and trusting that a clean, honest offer wins. We are separating phone subsidies from our wireless pricing. That translates into better transparency, more flexibility and choice for customers and meaningfully better margins for Verizon. And finally, we launched a fully converged nationwide plan called Verizon One, $70 for mobility and broadband together, all taxes and fees included on one bill with integrated servicing across both products. This is what convergence is supposed to feel like for a customer. One price, one bill, one call if you need help, nationwide coverage, all backed by one company accountable for the entire experience. Nobody else in the industry is delivering that today. Our new value proposition is a structural repositioning of the Verizon brand around customer value and it's just another step in our journey to put the customer at the center of everything we do. Lower consumer postpaid churn, healthier net adds and a lower cost of acquisition and retention. Those numbers tell you that we have already begun to compete differently. Simplicity, Verizon One and the loyalty program are the customer-facing expressions of that shift. They are designed to drive volumes, further reduce churn and enhance the lifetime value of our customers. We have been deeply thoughtful and fiscally conservative in how we have built this proposition. The economics have been pressure tested. The loyalty program is funded within our existing operating envelope and every assumption underpinning Simplicity and Verizon One is grounded in disciplined modeling. The new value proposition and loyalty program are additive to our financial profile. They are fully contemplated in our outlook. They do not require us to spend our way to growth, and they are designed to compound the operating leverage you are already seeing. As I mentioned, our initial results are extremely encouraging across every metric. Our second announcement is our 50-50 joint venture with BT that combines our respective international wireline assets into a single focused entity. The combined JV will serve over 3,000 joint enterprise customers and represent roughly $4 billion of combined revenue at formation. We expect to close this transaction in the second half of 2027. The deal sharpens our focus on where and how we win. It improves the financial profile of the remaining business immediately. We expect that we will realize annualized savings of approximately $200 million versus our current course and speed. And most importantly, it allows us to significantly improve our ability to serve our enterprise customers. By uniting Verizon's network strength and international enterprise wireline team with BT's deep historic footprint, we are creating a stand-alone leader in the global connectivity market dedicated to supporting the digital future of multinational organizations. Our third announcement is also quite consequential because it foreshadows where our revenue growth profile is going from here. We recently signed an agreement with Google valued at over $1 billion to use Verizon dark fiber to connect their data centers. We have other deals that we expect to announce by year-end that, taken together, are expected to be worth multiple billions of dollars in revenue over the next several years. These are long-duration, high-quality contracted revenue streams from some of the most demanding infrastructure customers in the world. We believe that this is just the beginning. The build-out of AI infrastructure across the United States is one of the largest capital cycles of our lifetime, and Verizon is uniquely positioned to participate in it. We own one of the most extensive long-haul and metro fiber footprints in North America. We have spent decades building the kind of carrier-grade, low latency, highly resilient transport network that hyperscalers need to connect compute to compute, model to model and region to region. We built that infrastructure for a different era, but it has turned out to be exactly the right asset for this one. We are also in the early stages of retrofitting many of our central offices into data centers for inference edge computing with multiple conversations underway with partners who are eager to utilize these power-ready and permitted locations. We are moving quickly to expand our TAM in the rapidly growing AI infrastructure market. The agreements we have signed are the leading edge of a strategy that will become a meaningful incremental leg of growth for Verizon. We expect this initiative to noticeably contribute to our revenue growth starting next year and to grow substantially from there. I want to emphasize what that means in combination with everything else I've said today. In the back half of 2026, our mobility and broadband service revenue growth is expected to accelerate with Q4 forecasted to grow by approximately 4% year-over-year. That acceleration is independent of the incremental AI infrastructure revenue that begins to layer into our results starting in 2027. Said differently, our core business is accelerating and a new revenue growth vector arrives on top of it next year. This is a very different revenue growth profile than Verizon has had in a very long time, and it is the foundation of why we believe that we are at the beginning of a multiyear growth story. When I gave our initial 2026 outlook back in January, some of you rightly questioned if we could deliver this kind of acceleration in a single year. After almost a year into my tenure, we are not just on track. We are significantly raising the bar, and we are doing it the right way through healthier customer relationships, stronger network performance and disciplined execution. Tony and I believe that this is what a disciplined focus on customers and shareholders look like. We are innovating and investing in the full end-to-end customer experience. We are investing in our network. We are investing in our broadband footprint and the convergence opportunity. We're investing in our AI tech stack. We are growing our dividend, and we are paying down our debt. We are returning incremental capital through buybacks, not as a onetime event, but as a sustainable feature of how we run this company going forward. Every one of those levers is moving in the right direction, and that is a function of the operating discipline across the company. The momentum we have in Q2 is driven by our leading indicators, lower churn, quality net adds, increased customer satisfaction, network performance, convergence and OpEx and CapEx efficiency, and they are all pointing in the same positive direction. The back half of 2026 will be stronger than the first half, and 2027 should be stronger than 2026. This is a multiyear story, and we are early in it. I want to thank the Verizon team for all your hard work. These results are yours. The customer-first mindset, the operational rigor and the urgency you are bringing to this transformation every day. That is what's showing up in our numbers. And I want to thank our shareholders for believing in us. We want to earn back your confidence with execution, not with promises. Halfway through the year, the financial profile of Verizon is materially different than it was a year ago, and the trajectory from here looks to be even more promising. With that, let me turn it over to Tony to walk you through the financials in detail.”