v3.26.3
Joint Ventures
9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Joint Ventures
Note 3 – Joint Ventures

Fiber Joint Ventures

i3 Broadband Joint Venture

On April 24, 2026, we entered into a definitive agreement with an affiliate of Wren House Infrastructure Management Limited (“Wren House”) to establish a joint venture to acquire i3 Broadband, one of Wren House’s existing fiber portfolio companies. Subsequent to September 30, 2026, on October 1, 2026, we completed the joint acquisition of i3 Broadband upon the completion of certain customary closing conditions, including the receipt of certain regulatory approvals. At closing, we invested $671 million to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers.
GoNetspeed and Greenlight Networks Joint Venture

On April 25, 2026, we entered into definitive agreements with affiliates of Oak Hill Capital Management, LLC (“Oak Hill”) to establish a joint venture to acquire GoNetspeed and Greenlight Networks, two of Oak Hill’s existing fiber portfolio companies. The transaction with Oak Hill is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals, at which time we expect to invest approximately $2.0 billion to acquire a 50% equity interest in the joint venture and substantially all existing residential fiber customers.

Method of Accounting

Upon closing of these transactions, we expect to account for these fiber joint ventures under the equity method of accounting and recognize service revenues for the acquired fiber customers and wholesale costs paid to the joint venture for network access within Postpaid revenues and Cost of services, respectively, on our Condensed Consolidated Statements of Comprehensive Income.

Joint Venture with AT&T and Verizon
On September 14, 2026, we entered into definitive agreements and formed a joint venture with AT&T Inc. and Verizon Communications Inc., or wholly owned subsidiaries thereof, which aims to end wireless dead zones in the U.S., including in rural areas, by pooling certain spectrum resources to increase capacity and help satellite providers reach more customers through a unified platform. We expect to license certain intellectual property to the joint venture, and will also commit to provide access to certain spectrum licenses to satellite service providers who contract with the joint venture. The formation of this joint venture did not have a material impact on our condensed consolidated financial statements. We account for the joint venture with AT&T and Verizon under the equity method of accounting.