In sum – what to know:Growth delivered – AT&T revenues rose 3.6% in Q4 and 2.7% for the year, supported by sustained post-paid mobile and fiber subscriber growth. Fast convergence – fiber-mobile bundling climbed sharply; more expected in the long term as fiber reach expands beyond 40 million locations. The latter, for Lumen’s consumer fiber business (‘mass markets’, comprising one million subs and four million sites), will close shortly. Beyond 2026, we plan to expand our fiber reach by approximately five million locations annually through the end of this decade. Operating income was $5.8 billion in the quarter (versus $5.3 billion a year ago); net income was $4.2 billion for the whole of 2025 (versus $4.4 billion).