AT&T: The Rival Running the Same PlaybookNarrow moat

Verizon (VZ) — moat facet

AT&T added 432 thousand phones and 367 thousand fibre homes in mid-2026 against Verizon's 184 thousand and 155 thousand, running the convergence playbook Verizon bought Frontier to copy.

AT&T is the rival whose strategy Verizon is copying, and in the June 2026 quarter it executed it better. It reported "432,000 postpaid phone net adds with postpaid phone churn of 0.86%"1, against Verizon's 184 thousand and 0.92%2. It added "367,000 fiber and 279,000 fixed wireless" subscribers3, against Verizon's 155 thousand fibre and 193 thousand fixed wireless4.

Q2 2026 net additions, AT&T against Verizon (thousands)432AT&Tpostpaid phones184Verizonpostpaid phones367AT&T fiber155Verizon fiber279AT&Tfixed wireless193Verizon fixedwirelessAT&T and Verizon Q2 2026 results releases
AT&T led on all three in the quarter.

The playbook is convergence: a fibre line to the home and phones on the same bill, each product making the other harder to leave. AT&T reached fibre locations of "38.6 million"5; Verizon's footprint after Frontier is "over 30 million homes and businesses"6. AT&T started earlier and is further along.

On wireless revenue the two look similar. AT&T's wireless service revenue was $17,413 million in the quarter against $16,853 million, up 3.3%7. Verizon guides its own wireless service revenue to be "approximately flat in 2026"8.

This relationship is a race rather than a price war. Both companies want the same converged household, and the first fibre down a street has an edge, so the contest is decided by build pace and fill rates as much as by price.

AT&T's fibre base is the larger platform for convergence: fibre locations of 38.6 million9 against Verizon's "over 30 million homes and businesses"10. In the quarter AT&T also added 279,000 fixed wireless subscribers11, more than Verizon's 193 thousand12.

The number to follow is fibre additions. If Verizon's quarterly fibre net adds are still below half of AT&T's by the middle of 2027, the Frontier purchase will have bought Verizon a place in the race, not a lead in it.

Moat trajectory: Narrowing

AT&T ahead on phone adds, churn and fibre adds in Q2 2026.

The number that tests this moat
Moat Explorer calc
Verizon fibre net adds as a share of AT&T's, latest quarter
about 42% (Q2 2026: 155 thousand against 367 thousand)

How far behind Verizon is in the fibre race; still below half by mid-2027 would mean Frontier bought a place, not a lead.

How it's calculated: Verizon fiber broadband net additions divided by AT&T fiber net adds, Q2 2026 results releases of each company.
Source: Moat Explorer calculation from Verizon filings ↗
References
  1. ReportedIt reported "432,000 postpaid phone net adds with postpaid phone churn of 0.86%", against Verizon's 184 thousand and 0.92%.
    AT&T second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid phone net adds and churn, fiber and fixed wireless net adds, fiber locations. — Q2 2026 · publ. July 2026 · source ↗
  2. ReportedIt reported "432,000 postpaid phone net adds with postpaid phone churn of 0.86%", against Verizon's 184 thousand and 0.92%.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - operating statistics: connections, net additions, churn, ARPA, upgrades and broadband. — Q2 2026 · publ. 24 July 2026 · source ↗
  3. ReportedIt added "367,000 fiber and 279,000 fixed wireless" subscribers, against Verizon's 155 thousand fibre and 193 thousand fixed wireless.
    AT&T second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid phone net adds and churn, fiber and fixed wireless net adds, fiber locations. — Q2 2026 · publ. July 2026 · source ↗
  4. ReportedIt added "367,000 fiber and 279,000 fixed wireless" subscribers, against Verizon's 155 thousand fibre and 193 thousand fixed wireless.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - broadband statistics: fiber and fixed wireless connections and net additions. — Q2 2026 · publ. 24 July 2026 · source ↗
  5. ReportedAT&T reached fibre locations of "38.6 million"; Verizon's footprint after Frontier is "over 30 million homes and businesses".
    AT&T second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid phone net adds and churn, fiber and fixed wireless net adds, fiber locations. — Q2 2026 · publ. July 2026 · source ↗
  6. ReportedAT&T reached fibre locations of "38.6 million"; Verizon's footprint after Frontier is "over 30 million homes and businesses".
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - income statement, segment EBITDA and highlights. — FY2025 · publ. 30 January 2026 · source ↗
  7. ReportedAT&T's wireless service revenue was $17,413 million in the quarter against $16,853 million, up 3.3%.
    AT&T second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid phone net adds and churn, fiber and fixed wireless net adds, fiber locations. — Q2 2026 · publ. July 2026 · source ↗
  8. ReportedVerizon guides its own wireless service revenue to be "approximately flat in 2026".
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - cash flow, capital spending, debt and 2026 guidance. — FY2025 · publ. 30 January 2026 · source ↗
  9. ReportedAT&T's fibre base is the larger platform for convergence: fibre locations of 38.6 million against Verizon's "over 30 million homes and businesses".
    AT&T second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid phone net adds and churn, fiber and fixed wireless net adds, fiber locations. — Q2 2026 · publ. July 2026 · source ↗
  10. ReportedAT&T's fibre base is the larger platform for convergence: fibre locations of 38.6 million against Verizon's "over 30 million homes and businesses".
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - income statement, segment EBITDA and highlights. — FY2025 · publ. 30 January 2026 · source ↗
  11. ReportedIn the quarter AT&T also added 279,000 fixed wireless subscribers, more than Verizon's 193 thousand.
    AT&T second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid phone net adds and churn, fiber and fixed wireless net adds, fiber locations. — Q2 2026 · publ. July 2026 · source ↗
  12. ReportedIn the quarter AT&T also added 279,000 fixed wireless subscribers, more than Verizon's 193 thousand.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - broadband statistics: fiber and fixed wireless connections and net additions. — Q2 2026 · publ. 24 July 2026 · source ↗
Sources
Generated September 29, 2026