You cannot negotiate with physics.

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Ten launches: $2 million in fuel.

One hundred launches: $20 million.

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SpaceX can negotiate with suppliers. It can redesign engines. It can cut expenses.

But even Elon Musk cannot renegotiate the laws of physics.

That is why this tiny company’s 10X cost advantage could be worth a fortune.

It is already flying.

It already has paying customers.

And its stock still trades for less than $5.

But once Wall Street discovers the math, the cheap shares may disappear fast.

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Telecom Earnings Reveal a Sector That Finally Looks Healthier

By Dan Schmidt. Article Posted: 7/25/2026.

Three telecom giants reported second-quarter earnings over three days, and now that the market has had time to digest the results, a theme is emerging in the sector.

One positive trend from the trio of reports last week is that telecommunications companies are no longer paying up for growth through promotions or subsidies. All three companies grew earnings per share (EPS) year over year (YOY) in Q2, indicating stronger retention economics and subscriber growth. Additionally, all three increased shareholder returns through buybacks and dividends, signaling that management believes its stock is undervalued.

To choose a winner from Q2, we’ll need to examine the earnings reports in greater detail. Despite earnings, subscriber and cash flow growth, not every stock responded the same way after its release. The sector as a whole might be at its healthiest in years, but not every carrier is capturing the upside in the same way.

AT&T: Q2 Metrics Show Convergence Thesis Unlocking New Growth Opportunities

Shares of AT&T Inc. (NYSE: T) popped more than 3% following its July 22 earnings release, driven by rapid growth and low churn as its services converge. In its Q2 2026 results, the company reported a clear EPS beat and a slight revenue miss, but the underlying numbers were the true driver of the reaction. AT&T added 432,000 postpaid phone subscribers and 646,000 internet subscribers, with more than 147,000 representing new accounts rather than additional lines. Home internet service is a key area of growth, with revenue increasing 27% year over year (YOY), and management expects fiber internet to reach more than 40 million households by year-end.

Another bullish indicator is the impressively low churn rate in Q2 despite carrier price increases. Postpaid wireless churn was 0.86%, indicating that fewer than 1% of customers cancel their plans each month. Additionally, 42% of home internet customers now subscribe to AT&T wireless, supporting the “convergence” thesis of selling wireless and internet services to the same households. The Q2 metrics show that this strategy is not only driving growth and earnings but also reducing churn.

Management reaffirmed full-year EPS guidance of $2.25 to $2.35 and free cash flow guidance of $18 billion while committing to $45 billion in shareholder returns through 2028. The share repurchase program was increased from $8 billion to $10 billion, as CEO John Stankey cited improved cash flow and the stock’s value at 10.29 times forward earnings. If there’s one fly in the ointment, it’s the dividend, which has remained frozen at $1.11 annually since 2022 and continues to stagnate despite the company’s capital return commitments.

T-Mobile: Headline Numbers Shroud Murky Guidance That Triggered Sell-Off

T-Mobile US Inc. (NASDAQ: TMUS) was the only one of the three to sell off following its Q2 2026 earnings release, which might seem odd given that it beat EPS estimates by more than 15% and raised adjusted free cash flow guidance to a range of $18.4 billion to $18.8 billion. However, while the company grew subscribers above consensus, its 277,000 total postpaid net account additions represented a 13% YOY decline.

T-Mobile doesn’t publish phone churn rates, only account churn rates, but management prepared the market for a weak Q3 due to “rate plan modernization,” or price hikes. Q3 postpaid net account guidance of just 250,000 additions likely triggered the sell-off. The disappointing results followed a strong start to the year in Q1, and the market punished the missteps.

It should be noted that, despite the weak subscriber additions and troublesome guidance, the earnings growth does appear real. Average revenue per account (ARPA) grew 2% to $152.91, and management guided for full-year ARPA growth of 2.5% to 3%. T-Mobile is deliberately trading volume for monetization, accepting lower subscriber growth in exchange for higher revenue per account.

Verizon: The Cash Flow King Posts Biggest Upside Surprise

Verizon Communications Inc. (NYSE: VZ) won the quarter thanks to a massive subscriber beat and a guidance increase. Expectations were high heading into the Q2 2026 report, but the company surpassed EPS projections with 6.6% YOY growth despite a roughly 2.5% revenue miss versus consensus. However, the most impressive numbers were the subscriber metrics. Verizon added 184,000 postpaid phone net additions in Q2, smashing the consensus expectation of 106,000 and marking a swift reversal from Q2 2025, when the company lost phone subscribers. The company also added 348,000 broadband subscribers, bringing total first-half additions to more than one million. Phone churn improved by 84 basis points, an impressive feat when paired with lower acquisition and retention costs.

Management expects mobility and broadband service revenue to grow 3% in Q3 and 4% in Q4. It also boosted full-year EPS estimates to $4.99 to $5.04 and free cash flow estimates to $21.9 billion to $22.1 billion. The cash influx strengthened Verizon’s industry-leading dividend, which now yields 6.25% and absorbs only about 31% of free cash flow. Verizon also has a 20-year track record of increasing its dividend, making it the most shareholder-friendly of the major telecoms.

If Verizon’s report contained a red flag, it’s that record profitability and cash flow are occurring alongside declining revenue. Management expects revenue growth to pick up in the second half of the year, but this projection is now the most crucial for any of the three major telecoms. A strong Q3 is needed to confirm which trajectory is real.