• A regional **AT&T** or **Verizon**, focused on aggressively expanding its fiber internet network.
• Like the home internet division of **AT&T** or **Verizon**, but operating as a standalone company with a strong push into fiber optics.
• Similar to **CenturyLink** (Lumen's consumer segment), but with a renewed strategy centered on massive fiber infrastructure upgrades.

• Fiber Optic Broadband Internet: High-speed internet access primarily delivered through fiber-to-the-home technology for residential and business customers.
• Digital Voice Services: Traditional landline phone services and modern digital voice solutions for both residential and business subscribers.
• Video Entertainment Services: Television programming offered through partnerships or legacy systems, often bundled with internet and voice for residential customers.
• Business Connectivity Solutions: A range of data and network services including dedicated internet access, Ethernet, and managed network solutions for businesses.

Frontier Communications Parent (symbol: FYBR) primarily sells its services to individuals (residential customers).

The company serves the following categories of individual customers:

• High-Speed Internet Users: These are residential customers who subscribe to Frontier's broadband internet services. This includes customers leveraging its rapidly expanding fiber-optic network (Frontier Fiber) for ultra-fast and reliable internet access, as well as those on legacy DSL connections. They use these services for streaming, online gaming, remote work, smart home devices, and general web browsing.
• Voice Service Subscribers: This category includes individual customers who subscribe to Frontier's traditional landline phone services or Voice over IP (VoIP) services, often as part of a bundled package with their internet service.
• Digital Entertainment Consumers: While Frontier has largely moved away from offering its own traditional video programming service, it serves individuals who rely on its high-speed internet connectivity to access various over-the-top (OTT) streaming video services (e.g., YouTube TV, Netflix, Hulu, Disney+) and other digital entertainment platforms.

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Nicholas S. Jeffery, President and Chief Executive Officer

Nicholas S. Jeffery was appointed President and Chief Executive Officer of Frontier Communications Parent in March 2021. Prior to joining Frontier, he served as CEO of Vodafone UK for four years, where he led a successful turnaround, returning the business to revenue and market share growth, reducing operating expenses, and increasing customer satisfaction. Under his leadership, Vodafone UK also achieved double-digit EBITDA growth and increased free cash flow. Jeffery served on the Vodafone Group Executive Committee for eight years, during which he oversaw aspects of Vodafone's sale of its 45% stake in Verizon Wireless for $130 billion, and led Vodafone Group's acquisition of Cable & Wireless Worldwide for $1.7 billion, subsequently becoming CEO of the acquired entity. He also founded Microfone Uk Ltd. in 2001 and Impresario Partners International. His extensive career includes roles as CEO of Uniserve Communications Corp., Chief Operating Officer at PSINet Europe B.V., and Head of Investment & Strategic Planning at the European Bank for Reconstruction & Development (EBRD), where he invested in numerous TMT businesses across EMEA.

Scott C. Beasley, Executive Vice President and Chief Financial Officer

Scott C. Beasley became Executive Vice President and Chief Financial Officer of Frontier Communications Parent in 2021. Before his role at Frontier, Mr. Beasley served as Chief Financial Officer at Arcosa, Inc. He also held the positions of Chief Financial Officer and Vice President of Corporate Strategic Planning at Trinity Industries, starting in 2014. Beasley began his career as an Operations Manager at McMaster Carr Supply Company and also worked as an Associate Partner at McKinsey & Company.

Veronica Bloodworth, Executive Vice President and Chief Network Officer

Veronica Bloodworth serves as Executive Vice President and Chief Network Officer at Frontier Communications Parent. She brings decades of experience in telecommunications and corporate strategy to her role.

Mark D. Nielsen, Executive Vice President and Chief Legal and Regulatory Officer

Mark D. Nielsen holds the position of Executive Vice President and Chief Legal and Regulatory Officer at Frontier Communications Parent.

Erin Kurtz, Executive Vice President and Chief Communications Officer

Erin Kurtz is the Executive Vice President and Chief Communications Officer at Frontier Communications Parent. Prior to joining Frontier, she was the Senior Vice President, Communications at XPO Logistics, Inc. She also co-founded Hunt & Gather and held senior communications roles at AOL, Joele Frank, and Thomson Reuters.

The key risks to Frontier Communications Parent (symbol: FYBR) are its significant debt burden combined with the capital-intensive nature of its fiber buildout, intense competition in the broadband market coupled with declining legacy services, and ongoing net losses with concerns about its valuation.

1. Significant Debt Burden and Capital-Intensive Fiber Buildout

Frontier Communications operates with a substantial debt burden, reported to be $12 billion as of December 2025. Despite having emerged from bankruptcy in April 2021 after eliminating $10 billion in debt, the company continues to carry considerable financial leverage. Its net leverage ratio was approximately 4.8x as of both Q3 2025 and Q4 2024, indicating an aggressive use of financial leverage and heightened sensitivity to interest rate fluctuations. Frontier's strategic pivot to a fiber-first model, while showing accelerating growth, demands significant capital investment. For example, in Q3 2025 alone, the company reported $819 million in cash capital expenditures for network expansion. This heavy investment is crucial for future growth but also contributes to the company's financial risk.

2. Intense Competition and Declining Legacy Services

Frontier faces fierce competition in the telecommunications industry, particularly in the broadband market, from established players such as AT&T, Verizon, Cox Communications, Comcast, Charter Communications, and Lumen (formerly CenturyLink). This competitive landscape necessitates continuous investment and strategic agility to maintain and grow market share. Simultaneously, Frontier continues to experience declining revenue from its traditional landline phone business and older, copper-based services, which are being offset by growth in fiber-based products. The predictable, structural decline in these legacy assets creates a drag on overall revenue growth.

3. Ongoing Net Losses and Valuation Concerns

Frontier Communications has reported ongoing net losses, despite efforts to increase revenue through fiber expansion. The company posted a net loss of $76 million in Q3 2025 and was not profitable in 2024, with earnings per share at -$1.52. Furthermore, analyses suggest that Frontier's stock may be overvalued compared to its fair value and industry benchmarks, with its price-to-sales ratio being higher than both the estimated fair value and the US telecom industry average. This valuation, coupled with persistent net losses, poses a risk if the company fails to meet investor growth expectations in future quarters.

The clear emerging threat for Frontier Communications Parent (FYBR) is the rapid expansion and increasing adoption of Fixed Wireless Access (FWA) broadband services by mobile carriers such as T-Mobile and Verizon. This technology leverages 5G networks to deliver internet access to homes, providing a compelling alternative to traditional wireline services, including fiber. FWA often offers competitive pricing, simpler installation, and sufficient speeds for many households, directly challenging Frontier's core fiber-to-the-home business model by capturing market share and potentially slowing subscriber growth for fiber services.

Frontier Communications Parent (FYBR) primarily focuses on fiber-optic broadband services for both residential and business customers in the United States.

Addressable Markets for Main Products and Services (United States)

Residential Fiber Broadband

• The U.S. fiber to the home (FTTH) market generated approximately USD 10,726.5 million in revenue in 2024 and is projected to reach USD 21,545.1 million by 2030, growing at a CAGR of 12.7% from 2025 to 2030.
• The total available addressable market for FTTH passings (including initial and second/third passings) is estimated at approximately 150 million as of April 2025.

Business Fiber Services

• Over 1.4 million commercial buildings and data centers in the U.S. were connected to fiber in 2022.
• More than 3.8 million commercial sites in the U.S. had no optical fiber access to network services in 2022, representing a significant portion of the remaining addressable market.

Frontier Communications Parent (NASDAQ: FYBR) is expected to drive future revenue growth over the next 2-3 years through several key strategies, primarily centered around its "fiber-first" approach:

1. Fiber Optic Network Expansion and Penetration: Frontier is aggressively investing in and deploying its fiber optic network to new locations, aiming to capitalize on the increasing demand for high-speed internet. This strategy has led to significant additions in fiber passings, expanding the company's addressable market.
2. Growth in Fiber Broadband Customers: A direct outcome of the fiber network expansion is the consistent increase in fiber broadband customer additions. The company has reported record net additions in fiber broadband customers, indicating strong demand and successful acquisition efforts in this segment.
3. Enhancement of Average Revenue Per User (ARPU) for Fiber Broadband: Frontier has demonstrated consistent growth in its fiber broadband ARPU. This suggests that customers are either subscribing to higher-tier, more expensive fiber plans, or the company is successfully implementing price adjustments, contributing to increased revenue per subscriber.
4. Migration from Copper to Fiber Services: The company is actively migrating existing customers from older, less efficient copper-based services to its advanced fiber network. This transition helps to offset declines in legacy copper revenue and shifts customers to higher-value, fiber-based services, thus driving overall revenue growth.
5. Expansion of Business and Wholesale Fiber Services: Beyond the consumer market, Frontier is also experiencing growth in its Business and Wholesale segments, particularly in fiber-based data and internet services. This indicates a growing demand for high-speed fiber connectivity among commercial clients and wholesale partners, contributing to diverse revenue streams.

Share Repurchases

• Frontier Communications Parent has shown a 3-year average share buyback ratio of -0.7, indicating minimal or negative share repurchases during this period.

Share Issuance

• On April 30, 2021, Frontier emerged from bankruptcy and issued approximately 244,401,000 shares of common stock to holders of certain senior notes claims.
• As of October 24, 2025, shares outstanding were reported at 250,338,000.

Inbound Investments

• On September 4, 2024, Verizon Communications Inc. entered into a definitive agreement to acquire Frontier, with a proposed cash price of $38.50 per share.

Capital Expenditures

• Capital expenditures were $2.74 billion in 2022 and approximately $3.21 billion in the last 12 months as of October 2025.
• For the nine months ended September 30, 2025, capital expenditures reached $2.421 billion.
• The primary focus of these capital expenditures is the acceleration of Frontier's fiber build-out strategy, aiming to reach 10 million fiber locations by the end of 2025 to expand broadband services.