Verizon Communications (VZ.N): Multi-Variable Equation, Not Solving for Single KPI

3Q26 results demonstrated the positive impact on wireless subscriber growth from Verizon's strategic repositioning, with 406K total postpaid phone net adds well above our 193K expectation; fiber and FWA net adds were slightly below MSe but within a reasonable range. Cost of acquisition fell ~41% y/y and cost of retention ~30% y/y, reflecting the subsidy-free, flexible and transparent Simplicity plan, which is winning in segments where Verizon historically under-indexed such as 1-2 line accounts. ARPA was down ~2% y/y but up slightly q/q and accretive on a cohort/line basis. Broadband net adds were +314K (Fiber +155K, FWA +159K);