Orange, AT&T and Verizon lift earnings through cost discipline, not new services

Orange, AT&T and Verizon are improving earnings through commercial growth and cost cuts rather than new demand. Orange raised its EBITDAaL growth guidance from 4% to above 4.5% on 3.6% revenue growth, while AT&T and Verizon also trimmed headcount and boosted efficiency. AI infrastructure bets have yet to pay off: Verizon expects financial impact only from 2027.

• Orange: revenue +3.6%, EBITDAaL +4.6%, capex -2.5%, cash flow +8.8%
• Orange cut headcount from 137,000 to 123,500 between 2023 and 2025
• Verizon signed $4 billion in AI infrastructure contracts, including $2bn+ with AWS
• Verizon expects AI infrastructure revenue impact only from 2027