Item 1A. RISK FACTORS

Except as noted below, there are no material changes to the risk factors discussed in "Item 1A. Risk Factors" in the 2025 Form 10-K.

On May 1, 2026, we completed the previously announced sale of our Fiber Business. As a result of the completion of this transaction, the risks described under "Risks Relating to Our Pending Sale of the Fiber Business" in our 2025 Form 10-K are no longer applicable. Additionally, the risk factor titled "Our Fiber business model contains certain differences from our Towers business model, resulting in different operational risks. If we do not successfully operate our Fiber business model or identify or manage the related operational risks through the closing of the Strategic Fiber Transaction, such operations may produce results that are lower than anticipated." under "Risks Relating to Our Business and Industry" is also no longer applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table presents information related to our repurchases of common stock during the first six months of 2026:


(amounts in millions, except average price paid per share)	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(a)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
5/1/2026 - 5/31/2026	5	$	90.45	5	$	525
6/1/2026 - 6/30/2026	6	87.08		6	—
Total	11	$	88.65	11	$	—

(a)Effective May 1, 2026, the Company's board of directors authorized the 2026 Stock Repurchase Program that authorized the Company to repurchase up to $1.0 billion of its outstanding common stock. During the three months ended June 30, 2026, the Company completed $1.0 billion of repurchases pursuant to the 2026 Stock Repurchase Program.

Previous: Item 4. CONTROLS AND PROCEDURES · Next: Item 5. OTHER INFORMATION