Executive Summary

Frontier delivered another record fiber quarter: revenue $1.55B (+4.1% y/y), Adjusted EBITDA $637M (+16% y/y), and a record 133k fiber net adds; consumer fiber ARPU rose 4.9% y/y to $68.59 .
Results exceeded Wall Street consensus: revenue $1.55B vs $1.538B consensus (Beat); S&P Primary EPS -$0.202 vs -$0.324 consensus (Beat); EBITDA $614M vs $599M consensus (Beat). Values marked with * retrieved from S&P Global.*
Margin mix improved despite higher acquisition costs: Adjusted EBITDA margin rose to 41.1% (vs 39.4% in Q2 and 38.6% in Q1), driven by revenue growth, lower content expense, and cost efficiencies, partially offset by higher customer acquisition costs .
No outlook and no earnings call due to pending Verizon acquisition; leverage improved to ~4.8x and liquidity was ~$1.87B at quarter-end, with no maturities before 2027 .

What Went Well and What Went Wrong

What Went Well

Record fiber growth: 326k new fiber passings (to 8.8M) and 133k fiber net adds; consumer fiber broadband revenue +25.8% y/y, ARPU +4.9% y/y .
Margin expansion: Adjusted EBITDA rose 16% y/y to $637M; Adjusted EBITDA margin reached 41.1% on revenue growth, lower content costs and cost efficiencies .
Improving leverage/liquidity: Net leverage ~4.8x, liquidity ~$1.87B (cash ~$0.34B; delayed-draw term loan capacity ~$0.82B; revolver availability ~$0.71B) .
CEO tone: “The team absolutely crushed it – once again delivering our best quarter ever… all-time high in customer growth” — Nick Jeffery, CEO .

What Went Wrong

GAAP loss persisted: net loss of $76M (diluted EPS -$0.30), albeit improved vs Q2’s -$0.49 .
Business & Wholesale fiber ARPU down 2.1% y/y to $96.63; segment fiber revenue “decreased slightly y/y” despite unit growth .
Higher customer acquisition costs partially offset cost efficiencies; continued copper declines pressured mix .

Financial Results

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($B)	$1.511	$1.539	$1.550
GAAP Diluted EPS ($)	-$0.26	-$0.49	-$0.30
Operating Income ($M)	76	44	117
Net Income ($M)	-64	-123	-76
EBITDA ($M)	521	501	587
Adjusted EBITDA ($M)	583	607	637
EBITDA Margin (%)	34.5%	32.6%	37.9%
Adjusted EBITDA Margin (%)	38.6%	39.4%	41.1%
Cash from Operations ($M)	519	477	504
Capital Expenditures ($M)	757	845	819

Revenue growth vs prior year: +3.4% (Q1), +4.0% (Q2), +4.1% (Q3) .

Segment and Mix

Metric	Q1 2025	Q2 2025	Q3 2025
Consumer Revenue ($M)	813	825	826
Business & Wholesale Revenue ($M)	682	697	707
Fiber Revenue ($M)	913	939	956
Copper Revenue ($M)	582	583	577
Data & Internet ($M)	1,049	1,085	1,120
Voice ($M)	290	282	272
Video ($M)	74	68	63
Other ($M)	82	87	78

Key KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Total Fiber Passings (M)	8.1	8.5	8.8
Consumer Fiber Net Adds (k)	103	120	125
Bus & Wholesale Fiber Net Adds (k)	4	6	8
Consumer Fiber ARPU ($)	68.21	68.54	68.59
Bus & Wholesale Fiber ARPU ($)	99.98	98.72	96.63
Consumer Fiber Churn (%)	1.20%	1.29%	1.41%
Bus & Wholesale Fiber Churn (%)	1.53%	1.37%	1.32%
Total Broadband Customers (k, EOP)	3,153	3,227	3,308
Net Leverage (x)	4.9x	4.9x	4.8x
Cash & Equivalents ($M)	506	412	336

Non-GAAP adjustments (Q3): Adjusted EBITDA adds back pension/OPEB $9M, restructuring $21M, and stock-based comp $20M; no storm/legal items (total +$50M) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial Outlook	FY 2025	No guidance provided due to pending Verizon transaction	No guidance provided; no conference call	Maintained

Earnings Call Themes & Trends

Note: No Q3 earnings call was held due to the pending Verizon transaction .

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Fiber build/passings	Crossed 8.0M passings; +321k in Q1 . Reached 8.5M; +334k in Q2 .	Reached 8.8M; +326k passings .	Accelerating footprint; consistent quarterly build.
Fiber net adds & share gains	+107k in Q1; CEO: “record first-quarter growth” . +126k in Q2; “record fiber sales” .	Record +133k in Q3; “best quarter ever” .	Strengthening demand and execution.
ARPU & pricing	Consumer fiber ARPU +4.7% y/y to $68.21 (Q1) . Q2 ARPU $68.54 (+4.9% y/y) .	ARPU $68.59 (+4.9% y/y) .	Stable ARPU uplift.
Content cost & OpEx discipline	EBITDA aided by lower content expense (Q1) . Similar drivers in Q2 .	EBITDA growth “lower content expense” and cost efficiencies .	Persistent tailwind.
Customer acquisition costs	Higher CAC partially offset growth in Q1 . Higher in Q2 .	Higher CAC partially offset in Q3 .	Ongoing headwind with growth push.
Business & Wholesale ARPU	B&W fiber ARPU +1.6% y/y to $99.98 (Q1) . +0.9% y/y to $98.72 (Q2) .	-2.1% y/y to $96.63; fiber revenue down slightly y/y .	Softening ARPU in B&W.
Verizon merger & IR cadence	No call/outlook due to transaction (Q1) . Same in Q2 .	No call/outlook; closing expected by 1Q26 .	Unchanged; regulatory timeline reiterated.

Management Commentary

“The team absolutely crushed it – once again delivering our best quarter ever… delivered double-digit EBITDA growth and reached an all-time high in customer growth.” — Nick Jeffery, CEO .
“We are committed to maintaining this momentum as we join forces with Verizon to ensure more Americans have access to high-speed fiber internet.” — Nick Jeffery .
Drivers: Double-digit Adjusted EBITDA growth “driven by revenue growth, lower content expense and realized cost efficiency partially offset by higher customer acquisition costs” .

Q&A Highlights

No conference call or Q&A session was held due to the pending Verizon acquisition; no financial outlook was provided .

Estimates Context

Metric (Q3 2025)	Consensus	Actual	Result vs Consensus
Revenue ($B)	$1.538*	$1.550	Beat
Primary EPS ($)	-$0.324*	-$0.202*	Beat
EBITDA ($M)	599*	614*	Beat

Notes: Company-reported GAAP diluted EPS was -$0.30 . Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

Fiber engine remains robust: record 133k fiber net adds, 20%+ y/y fiber broadband revenue growth, and steady ARPU uplift — a strong setup into the merger timeline .
Quality of growth improving margins: Adjusted EBITDA margin rose to 41.1% as lower content costs and efficiency gains outweighed higher CAC .
Mix and B&W watch items: Business & Wholesale fiber ARPU declined 2.1% y/y and fiber revenue slipped slightly; monitor pricing/mix in enterprise/wholesale into 2026 .
Balance sheet/liquidity stable: ~4.8x net leverage, ~$1.87B liquidity, no maturities before 2027; capex remains elevated to support build .
No guidance/call limits near-term visibility, but S&P estimates were beaten across revenue, EPS, and EBITDA — likely supportive for sentiment around execution into deal close. Values marked with * retrieved from S&P Global.
Trading lens: Positive estimate beats and margin expansion are offsets to absent guidance; stock narrative likely tied to continued fiber momentum and regulatory path/timing for Verizon closing by 1Q26 .

Appendix: Additional Detail

Q3 revenue mix: Data & Internet $1.120B; Voice $272M; Video $63M; Other $78M .
Non-GAAP reconciliation (Q3): EBITDA $587M; +$50M adjustments to Adjusted EBITDA $637M (Pension/OPEB $9M; Restructuring $21M; SBC $20M) .
Operating cash flow/capex cadence: CFO $504M; capex $819M in Q3 .
Consumer fiber churn improved vs prior-year comp (1.41% vs 1.49% in Q3’24) .

Frontier Communications Parent, Inc. (FYBR)·Q3 2025 Earnings Summary