Telecom, Cable & Satellite: Petti‘s Playbook - 2Q26 Scorecard: Key Debates Coming Out of 2Q26 Earnings
Institutional-grade analysis used by equity desks before repricing events. 43 pages.
Report fact snapshot
- Publisher
- JPMorgan
- Date
- 2026-09-04
- Type
- Industry Report
- Region
- United States
- Companies
- Apple, Comcast, Telecom, Satellite Petti
- Key signal
- 7 bps
Market is pricing this as noise.
Data shows a structural shift is underway.
Sector models are broken — re-rating is imminent.
Based on JPMorgan research, September 2026 data and regional breakdowns
Key Research Signals
Market is pricing this as noise.
Data shows a structural shift is underway.
Why it matters: Identifies the exact point where consensus models diverge from actual data.
A re-rating catalyst is approaching.
Consensus has not yet reflected this shift.
Why it matters: Frames the catalyst window before violent repricing begins.
Winners are concentrated in this space.
Specific companies are structurally outperforming.
Why it matters: Tracks the capital rotation toward structural winners before it becomes consensus.
What You Gain From This Report
Decision Insight
Mispricing is not yet reflected in consensus models.
Missed Risk
Without the full report, you miss the company-level breakdown that separates winners from losers.
Timing Advantage
The catalyst window is open now — consensus repricing will close it within quarters.
What you miss without the full report:
- Company-level positioning and stock picks
- Valuation assumptions and model inputs
- Price target logic and catalyst timeline
Why Institutional Investors Care
Mispricing windows like this typically precede sector re-rating events.
Early positioning in structural winners often leads to outsized returns when consensus catches up.
The catalyst window narrows as monthly data becomes consensus, making near-term positioning critical.
Report Summary
Actual JPMe Prior 2 JPMe JPMe Prior Street JPMe JPMe Prior Street 2Q26 2Q26 2Variance 3Q26E 3Q26E Variance 3Q26E JPMe vs. Street 2026E 2026E Variance 2026E JPMe vs. Street 2025 Y/Y Advanced Connectivity Services Subscribers h Postpaid phone net adds 432 s330 102 430 355 75 384 46 1,601 1,354 247 1,511 90 1,551 50 Prepaid phone net adds 4 a(100) 104 (100) (100) 0 (139) 39 (268) (372) 104 (412) 144 (392) 124 Postpaid phone churn 0.86n% 0.93% -7 bps 0.91% 0.95% -4 bps 92.04% -9,113 bps 0.91% 0.94% -3 bps 90.78% -8,988 bps 0.90% 1 bps AT&T Fiber net adds m3 44 285 59 375 345 30 358 17 1,347 1,233 114 1,616 (269) 1,075 272 AT&T Internet Air net adds e 215 275 (60) 245 275 (30) 256 (11) 925 1,054 (129) 951 (26) 875 50 Advanced Connectivity Services FinaGncials AT&T Internet Air p 333 342 -2.7% 3
Institutional Content Below
Full PDF (43 pages), valuation models, broker logic, and detailed charts.
Key Takeaways
- 60m on this momentum with AT&T Fiber net adds now expected to come in at 1.35m.
- Sentiment/positioning: Sharply improved following 2Q results, given upside to
- Key topics/questions:
- Is there upside to 2026 wireless service revenue, ACS EBITDA, and
- What underpins management's confidence in driving fiber penetration above
- After closing the ~$23b spectrum deal with EchoStar, what is management's
Topics Covered
Companies Mentioned
Who this summary is for
This summary is for users researching the JPMorgan Telecom, Cable & Satellite report. It helps users review Telecom, Cable & Satellite: Petti‘s Playbook - 2Q26 Scorecard: Key Debates Coming Out of 2Q26 Earnings coverage, key takeaways, and related broker or sector research paths across Telecom, Earnings, macro; Apple, Comcast.
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