v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
Note 10—Segment Information

Historically, we disclosed two reportable segments, Business and Mass Markets, based on customer-facing sales channels, reflecting how the business was managed and how we supported our customers. In connection with the sale of the Mass Markets Fiber‑to‑the‑Home business in 11 states to AT&T, which closed on February 2, 2026, our Chief Executive Officer, who serves as the Chief Operating Decision Maker ("CODM"), changed how the business is managed beginning in January 2026. The CODM now makes operating decisions and assesses performance and profitability on a consolidated basis and does not regularly review discrete financial information for individual business components.
As a result, we manage our business, make operating decisions, and evaluate financial performance based on one operating segment, which also represents our single reportable segment. The CODM primarily uses net income (loss), as well as a secondary non-GAAP financial measure of adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA"), to assess financial performance and allocate resources. These financial measures are used by the CODM to make key operating decisions.

Although our revenue is disaggregated by product and sales channel, which aligns with the customer markets in which the revenues are generated, we do not allocate significant operating expenses, assets, or debt to those sales channels. See Note 4—Revenue Recognition for additional information regarding revenue disaggregation.

The following tables present selected financial information with respect to our single operating segment:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Dollars in millions)
Revenue$2,805 3,092 5,704 6,274 
Operating expenses
Cost of services and products related to network expenses813 899 1,650 1,917 
Headcount costs591 649 1,234 1,268 
Non-headcount costs772 819 1,508 1,534 
Net loss (gain) on sale of business31 — (565)— 
Stock-based compensation18 12 31 22 
Depreciation and amortization668 688 1,332 1,401 
Goodwill impairment— 628 — 628 
Total operating expenses
2,893 3,695 5,190 6,770 
Total operating (loss) income(88)(603)514 (496)
Total other expense, net(167)(546)(592)(898)
Loss before income taxes(255)(1,149)(78)(1,394)
Income tax (benefit) expense(54)(234)323 (278)
Net loss$(201)(915)(401)(1,116)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Dollars in millions)
Revenue$2,805 3,092 5,704 6,274 
Operating expenses
Cost of services and products related to network expenses813 899 1,650 1,917 
Headcount costs591 649 1,234 1,268 
Non-headcount costs772 819 1,508 1,534 
Net loss (gain) on sale of business31 — (565)— 
Adjusted EBITDA
$598 725 1,877 1,555 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Dollars in millions)
Net loss
$(201)(915)(401)(1,116)
Stock-based compensation18 12 31 22 
Depreciation and amortization668 688 1,332 1,401 
Goodwill impairment— 628 — 628 
Total other expense, net167 546 592 898 
Income tax (benefit) expense(54)(234)323 (278)
Adjusted EBITDA
$598 725 1,877 1,555