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Waldorf Astoria Serves Up Tennis Beneath the Chandeliers
MCLEAN, Virginia, July 24 -- Hilton Worldwide Holdings posted the following news release on July 23, 2026:
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Waldorf Astoria Serves Up Tennis Beneath the Chandeliers
Waldorf Astoria New York's legendary Grand Ballroom will transform into a tennis court for one night only as part of the brand's new Racquet Club platform
* Waldorf Astoria New York's legendary Grand Ballroom will transform into a full-size tennis court beneath the chandeliers for one night only on August 27, 2026, with top ATP and WTA players including Tommy Paul, Ben Shelton, Leylah Fernandez and Maria Sakkari.
* The event ... Show Full Article MCLEAN, Virginia, July 24 -- Hilton Worldwide Holdings posted the following news release on July 23, 2026: * * * Waldorf Astoria Serves Up Tennis Beneath the Chandeliers Waldorf Astoria New York's legendary Grand Ballroom will transform into a tennis court for one night only as part of the brand's new Racquet Club platform * Waldorf Astoria New York's legendary Grand Ballroom will transform into a full-size tennis court beneath the chandeliers for one night only on August 27, 2026, with top ATP and WTA players including Tommy Paul, Ben Shelton, Leylah Fernandez and Maria Sakkari. * The eventmarks the official debut of Waldorf Astoria Racquet Club, the brand's new global platform embracing the world of racquet culture through extraordinary destinations, distinctive hospitality and experiences timed to some of the world's most celebrated sporting and social moments.
* Tickets and overnight packages are now available, with experiences spanning live showcase match play, curated culinary offerings, signature beverage experiences, player meet-and-greet opportunities, exclusive tennis clinics, restorative experiences at Guerlain Wellness Spa and exclusive Hilton Honors Experiences.
-
NEW YORK -- Waldorf Astoria Hotels & Resorts announced today Waldorf Astoria Racquet Club: Ballroom Tennis Invitational, an unprecedented celebration of tennis, style and hospitality at Waldorf Astoria New York. The event marks the official debut of Waldorf Astoria Racquet Club, the brand's new global platform embracing the world of racquet culture through extraordinary destinations, distinctive hospitality and experiences timed to some of the world's most celebrated sporting and social moments. Building on the exceptional tennis, padel and racquet offerings already found across the Waldorf Astoria portfolio, the platform will connect the brand's landmark destinations with a new generation of players, spectators and culturally curious travelers. Designed for a new era of sport-as-social-occasion, Waldorf Astoria Racquet Club brings the elegance of Waldorf Astoria to the courtside world, from tennis to padel and beyond.
For one night only on August 27, 2026, Waldorf Astoria New York's legendary Grand Ballroom will transform into a full-size tennis court beneath the chandeliers, trading its dance floor for the baseline and turning one of New York's most storied gathering spaces into the city's most unexpected tennis venue. The Ballroom Tennis Invitational brings the platform to life in grand New York fashion, blending showcase matches, Champagne, culinary theatre and the brand's signature sense of elegant service in a moment that could only happen at Waldorf Astoria. Culinary programming will spotlight Lex Yard, Waldorf Astoria New York's signature restaurant helmed by four-time James Beard Award winner Chef Michael Anthony, alongside Champagne House Moet & Chandon, interactive chef stations, tennis-inspired cocktails, premium seafood and limited-time offerings.
The Grand Ballroom has long served as a stage for defining moments in culture, from the first Tony Awards and some of the earliest Met Galas to the Rock and Roll Hall of Fame Induction Ceremony. On August 27, it will add another first to that legacy, hosting live tennis beneath its chandeliers for the first time. Top Association of Tennis Professionals (ATP) and Women's Tennis Association (WTA) players including Tommy Paul, Ben Shelton, Leylah Fernandez and Maria Sakkari will take to the court, bringing the energy of New York's late-summer tennis season into one of the city's most storied gathering spaces.
"The Grand Ballroom has always been one of New York's great stages, a room created for moments people remember," said Luigi Romaniello, managing director, Waldorf Astoria New York. "For one night, we are doing something it has never seen before: bringing world-class tennis beneath the chandeliers. It is playful, elegant and unmistakably New York, and it reflects the spirit of Waldorf Astoria New York as we welcome guests back to experience this hotel in new and unexpected ways."
Beginning at $1,500, ticketed experiences include live showcase match play, curated culinary offerings, signature beverage experiences, player meet-and-greet opportunities along with exclusive event merchandise, which will be available for purchase. A limited collection of stay-and-play packages is also available, featuring spacious accommodations at Waldorf Astoria New York, exclusive tennis clinics and restorative experiences at the hotel's Guerlain Wellness Spa. Five percent of net sales proceeds from the event will benefit Big Brothers Big Sisters of America, with the contribution matched by the Hilton Global Foundation. The support builds on Hilton's recently announced nationwide partnership with the organization to expand access to mentorship, hospitality career exploration and transformative travel experiences for young people and their families.
"Conrad Hilton famously called Waldorf Astoria New York 'The Greatest of Them All,' and that idea has always been bigger than one address. It speaks to the spirit of Waldorf Astoria itself: creating places and experiences with a sense of occasion, a sense of story and a point of view that people remember," said Dino Michael, senior vice president and category head, Hilton Luxury Brands. "With Waldorf Astoria Racquet Club, we are bringing that spirit into a new space for the brand, where sport, culture and hospitality meet in ways that feel elegant, social and wonderfully unexpected. The Ballroom Tennis Invitational is the beginning of that story, and exactly the kind of only-at-Waldorf-Astoria moment that shows where the brand is headed."
The launch builds on a distinctive world of racquet experiences already found across the Waldorf Astoria portfolio, from professional-grade tennis and padel courts at Waldorf Astoria Maldives Ithaafushi to the celebrated clay courts at Rome Cavalieri, A Waldorf Astoria Hotel, and sunset tennis beside the private beach at Waldorf Astoria Dubai Palm Jumeirah. Ahead of the Ballroom Tennis Invitational, Waldorf Astoria Racquet Club will also make an early appearance through a pop-up experience in Sydney, bringing the platform into one of the world's fastest-growing racquet communities. Together, these expressions connect exceptional on-property play with the wider culture surrounding the sport, creating a global program that moves across destinations, disciplines and seasons.
"Racquet culture has become one of the most compelling expressions of modern luxury, where sport, style, travel and social life all move in the same orbit," said Jamie Kerr, vice president, Luxury Marketing Strategy, Hilton. "Waldorf Astoria Racquet Club is our way of entering that world with a distinct point of view, building on the exceptional tennis and padel experiences already found across our portfolio and creating moments that feel timely, surprising and unmistakably Waldorf Astoria. Ballroom Tennis is the first chapter of a global program that will continue to evolve across destinations and seasons."
Experience Waldorf Astoria Racquet Club: Ballroom Tennis Invitational
Tickets and overnight packages for the Waldorf Astoria Ballroom Tennis Invitational are now available, offering guests a range of ways to be a part of the event, from courtside-style access to multi-night stays and immersive play experiences.
* Tennis Under the Chandeliers General Access: The signature ticketed event from 6 p.m. to 10 p.m. offers guests entry to the Waldorf Astoria Ballroom Tennis Invitational, where top ATP and WTA players, including Tommy Paul, Ben Shelton, Leylah Fernandez, and Maria Sakkari, will compete in live matches in the Grand Ballroom.
- Guests will enjoy a one-of-a-kind culinary reception where classic Waldorf Astoria refinement rallies with the playful energy of the court through high-low pairings, interactive chef stations, indulgent bites, premium seafood and Champagne from Moet & Chandon.
- Guerlain Wellness Spa will elevate the guest experience with a curated selection of its signature beauty and wellness offerings, highlighted by an exclusive Art of Longevity wellness assessment tailored to each guest's individual goals.
- The beverage program draws on the original Waldorf Bar's tradition of "appointment cocktailing," creating drinks for the moments shaping culture, from the Arctic cocktail honoring Peary's North Pole expedition to the now-iconic Rob Roy. For Waldorf Astoria Racquet Club, the hotel is reviving its original Racquet Club cocktail, bringing a distinctly Waldorf Astoria ritual into the present. The cocktail will be available at Lex Yard through September 13.
- Lex Yard will also feature the Lobster Club as a limited-time special with crispy bacon, Little Gem lettuce and heirloom tomatoes.
* Champions' Grand Ballroom Tennis Clinic Add-On: Available exclusively to ticket holders, this intimate on-court experience offers guests the rare opportunity to train and rally with a top ATP or WTA player inside the Grand Ballroom. Each clinic includes on-court play for two guests, light food and beverage service, and a commemorative photo opportunity. Available August 28, 2026, with limited clinics offered.
* The Perfect Match: Waldorf Astoria Ballroom Tennis Invitational Overnight Stay: This overnight package pairs a stay at Waldorf Astoria New York with two tickets to the Waldorf Astoria Ballroom Tennis Invitational, breakfast at Lex Yard, a welcome amenity, and full access to the evening's culinary and match programming.
* Stay, Spectate & Play: The Ultimate Waldorf Astoria Grand Ballroom Tennis Experience: The most immersive of the offerings, this two-night premium package includes suite accommodations, two tickets to the Ballroom Tennis Invitational, and access to the full culinary and hospitality program. Guests also receive a private one-hour tennis clinic led by a touring ATP or WTA player on the Grand Ballroom court, followed by a spa treatment at Guerlain Wellness Spa and a curated collection of commemorative amenities. The experience blends performance, play and recovery in a single luxury itinerary.
Hilton Honors American Express Consumer and Business Card Members have access to exclusive packages, which can be redeemed using Hilton Honors Bonus Points. Packages are available on a limited basis while supplies last, with a maximum of five packages per Hilton Honors Member each calendar year. Visit Hilton Honors Experiences to learn more.
Tickets and overnight packages are now available at https://www.waldorfastorianewyork.com/ballroom-tennis/. Read more about Waldorf Astoria Hotels & Resorts at stories.hilton.com/waldorfastoria.
Participating players, appearances, schedules and programming are subject to change.
* * *
FAQ: Waldorf Astoria Serves Up Tennis Beneath the Chandeliers
What is Waldorf Astoria Racquet Club: Ballroom Tennis Invitational?
Waldorf Astoria Racquet Club: Ballroom Tennis Invitational is an unprecedented celebration of tennis, style and hospitality at Waldorf Astoria New York. For one night only, the hotel's legendary Grand Ballroom will transform into a full-size tennis court beneath the chandeliers, blending showcase matches, Champagne, culinary theatre and the brand's signature sense of elegant service.
Who will play at the Ballroom Tennis Invitational?
Top Association of Tennis Professionals and Women's Tennis Association players including Tommy Paul, Ben Shelton, Leylah Fernandez and Maria Sakkari will take to the court in a series of 45-minute singles showcase matches.
When and where will the Ballroom Tennis Invitational take place?
Waldorf Astoria Racquet Club: Ballroom Tennis Invitational will take place on August 27, 2026, at Waldorf Astoria New York. The signature ticketed event will run from 6 p.m. to 10 p.m. in the hotel's legendary Grand Ballroom.
Why is Waldorf Astoria launching the Racquet Club platform?
Waldorf Astoria Racquet Club brings the elegance of Waldorf Astoria to the courtside world, from tennis to padel and beyond. Designed for a new era of sport-as-social-occasion, the platform will connect the brand's landmark destinations with a new generation of players, spectators and culturally curious travelers.
How can guests experience the Ballroom Tennis Invitational?
Tickets and overnight packages are now available, offering guests a range of ways to be a part of the event, from courtside-style access to multi-night stays and immersive play experiences. Ticketed experiences begin at $1,500 and include live showcase match play, curated culinary offerings, signature beverage experiences and player meet-and-greet opportunities, along with exclusive event merchandise available for purchase.
* * *
About Hilton
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 28 world-class brands comprising more than 9,200 properties and over 1.3 million rooms, in 144 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed over 4 billion guests in its more than 100-year history. Named as the No. 1 World's Best Workplace by Great Place to Work and Fortune, Hilton aims to create the best culture for its 500,000 team members around the world. Hilton has introduced industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the more than 250 million Hilton Honors members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, LinkedIn, Instagram and YouTube.
* * *
About Waldorf Astoria Hotels & Resorts
Waldorf Astoria Hotels & Resorts is an award-winning portfolio of 40 iconic properties, each embodying a distinct sense of place through sincerely elegant service, one-of-a-kind experiences and culinary mastery in landmark destinations around the world. The highly anticipated reopening of Waldorf Astoria New York, which Conrad Hilton called "The Greatest of Them All," marked a defining moment for the brand - reintroducing a legend while ushering in a new era of luxury. Inspired by their timeless environments, Waldorf Astoria hotels deliver an effortless experience seamlessly, creating a true sense of place for guests through stunning architecture, the famous Peacock Alley, refined art collections, Michelin-starred dining and elevated in-room amenities. In addition to the brand's world-class hotel offerings, Waldorf Astoria boasts a global residential portfolio that provides the comfort of a private home combined with unsurpassed amenities and high-touch service. Waldorf Astoria is part of Hilton, a leading global hospitality company. Experience an unforgettable stay at Waldorf Astoria Hotels & Resorts by booking at waldorfastoria.com or through the industry-leading Hilton Honors app. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits. Learn more about Waldorf Astoria Hotels & Resorts at stories.hilton.com/waldorfastoria, and follow the brand on X and Instagram.
* * *
About Waldorf Astoria New York
Waldorf Astoria New York has been a fixture of New York City society for more than a century, earning its place as a beacon of sophistication and elegance in the cultural capital of the world. When the hotel opened in 1931, it had such grandeur that Hilton founder Conrad Hilton declared the property "The Greatest of Them All." Following complete transformation led by renowned architects, Skidmore, Owings & Merrill, with interior design by Pierre-Yves Rochon, the property retains the scale and beauty of the original Art Deco architecture reimagined with fresh contemporary furnishings that pay homage to the original Waldorf Astoria New York while ushering in a new era for the hotel and building upon Conrad Hilton's vision. The 375-room hotel features some of Manhattan's largest rooms and suites that embody the spirit of New York. Above the hotel sits 372 private residences, ranging from studios to four bedrooms, with interiors designed by Jean-Louis Deniot and access to 50,000-square-feet of amenities. In addition, hotel guests, residents and visitors have access to a holistic wellness program, including a state-of-the-art fitness center along with Guerlain Wellness Spa spanning 22,000 square feet. Unmatched culinary offerings include Lex Yard, a standout signature restaurant helmed by acclaimed Chef Michael Anthony, the return of Peacock Alley in partnership with renowned Mixologist Jeff Bell and Yoshoku, a Japanese dining experience. The property also features 43,000 square feet of modernized event space including a striking new opera-inspired Grand Ballroom set to be the crown jewel of New York City's entertainment scene. Visit waldorfastorianewyork.com for more information or follow the hotel on Instagram at @waldorfnyc and on Facebook at Waldorf Astoria New York.
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About Hilton Global Foundation
The Hilton Global Foundation is Hilton's primary philanthropic arm, supporting the company's Travel with Purpose strategy to drive positive impact and deliver lasting value to the people, hotels and communities where we all live, work and stay. Through grants and partnerships, the Foundation invests in programs that advance destination stewardship, foster career development and strengthen community resilience. Since 2019, it has contributed more than $25 million to organizations around the world and has positively impacted millions of lives. Learn more at hiltonglobalfoundation.hilton.com.
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Original text here: https://stories.hilton.com/releases/waldorf-astoria-serves-up-tennis-beneath-the-chandeliers
[Category: BizTravel]
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Waldorf Astoria Serves Up Tennis Beneath the Chandeliers
Waldorf Astoria New York's legendary Grand Ballroom will transform into a tennis court for one night only as part of the brand's new Racquet Club platform
* Waldorf Astoria New York's legendary Grand Ballroom will transform into a full-size tennis court beneath the chandeliers for one night only on August 27, 2026, with top ATP and WTA players including Tommy Paul, Ben Shelton, Leylah Fernandez and Maria Sakkari.
* The event ... Show Full Article MCLEAN, Virginia, July 24 -- Hilton Worldwide Holdings posted the following news release on July 23, 2026: * * * Waldorf Astoria Serves Up Tennis Beneath the Chandeliers Waldorf Astoria New York's legendary Grand Ballroom will transform into a tennis court for one night only as part of the brand's new Racquet Club platform * Waldorf Astoria New York's legendary Grand Ballroom will transform into a full-size tennis court beneath the chandeliers for one night only on August 27, 2026, with top ATP and WTA players including Tommy Paul, Ben Shelton, Leylah Fernandez and Maria Sakkari. * The eventmarks the official debut of Waldorf Astoria Racquet Club, the brand's new global platform embracing the world of racquet culture through extraordinary destinations, distinctive hospitality and experiences timed to some of the world's most celebrated sporting and social moments.
* Tickets and overnight packages are now available, with experiences spanning live showcase match play, curated culinary offerings, signature beverage experiences, player meet-and-greet opportunities, exclusive tennis clinics, restorative experiences at Guerlain Wellness Spa and exclusive Hilton Honors Experiences.
-
NEW YORK -- Waldorf Astoria Hotels & Resorts announced today Waldorf Astoria Racquet Club: Ballroom Tennis Invitational, an unprecedented celebration of tennis, style and hospitality at Waldorf Astoria New York. The event marks the official debut of Waldorf Astoria Racquet Club, the brand's new global platform embracing the world of racquet culture through extraordinary destinations, distinctive hospitality and experiences timed to some of the world's most celebrated sporting and social moments. Building on the exceptional tennis, padel and racquet offerings already found across the Waldorf Astoria portfolio, the platform will connect the brand's landmark destinations with a new generation of players, spectators and culturally curious travelers. Designed for a new era of sport-as-social-occasion, Waldorf Astoria Racquet Club brings the elegance of Waldorf Astoria to the courtside world, from tennis to padel and beyond.
For one night only on August 27, 2026, Waldorf Astoria New York's legendary Grand Ballroom will transform into a full-size tennis court beneath the chandeliers, trading its dance floor for the baseline and turning one of New York's most storied gathering spaces into the city's most unexpected tennis venue. The Ballroom Tennis Invitational brings the platform to life in grand New York fashion, blending showcase matches, Champagne, culinary theatre and the brand's signature sense of elegant service in a moment that could only happen at Waldorf Astoria. Culinary programming will spotlight Lex Yard, Waldorf Astoria New York's signature restaurant helmed by four-time James Beard Award winner Chef Michael Anthony, alongside Champagne House Moet & Chandon, interactive chef stations, tennis-inspired cocktails, premium seafood and limited-time offerings.
The Grand Ballroom has long served as a stage for defining moments in culture, from the first Tony Awards and some of the earliest Met Galas to the Rock and Roll Hall of Fame Induction Ceremony. On August 27, it will add another first to that legacy, hosting live tennis beneath its chandeliers for the first time. Top Association of Tennis Professionals (ATP) and Women's Tennis Association (WTA) players including Tommy Paul, Ben Shelton, Leylah Fernandez and Maria Sakkari will take to the court, bringing the energy of New York's late-summer tennis season into one of the city's most storied gathering spaces.
"The Grand Ballroom has always been one of New York's great stages, a room created for moments people remember," said Luigi Romaniello, managing director, Waldorf Astoria New York. "For one night, we are doing something it has never seen before: bringing world-class tennis beneath the chandeliers. It is playful, elegant and unmistakably New York, and it reflects the spirit of Waldorf Astoria New York as we welcome guests back to experience this hotel in new and unexpected ways."
Beginning at $1,500, ticketed experiences include live showcase match play, curated culinary offerings, signature beverage experiences, player meet-and-greet opportunities along with exclusive event merchandise, which will be available for purchase. A limited collection of stay-and-play packages is also available, featuring spacious accommodations at Waldorf Astoria New York, exclusive tennis clinics and restorative experiences at the hotel's Guerlain Wellness Spa. Five percent of net sales proceeds from the event will benefit Big Brothers Big Sisters of America, with the contribution matched by the Hilton Global Foundation. The support builds on Hilton's recently announced nationwide partnership with the organization to expand access to mentorship, hospitality career exploration and transformative travel experiences for young people and their families.
"Conrad Hilton famously called Waldorf Astoria New York 'The Greatest of Them All,' and that idea has always been bigger than one address. It speaks to the spirit of Waldorf Astoria itself: creating places and experiences with a sense of occasion, a sense of story and a point of view that people remember," said Dino Michael, senior vice president and category head, Hilton Luxury Brands. "With Waldorf Astoria Racquet Club, we are bringing that spirit into a new space for the brand, where sport, culture and hospitality meet in ways that feel elegant, social and wonderfully unexpected. The Ballroom Tennis Invitational is the beginning of that story, and exactly the kind of only-at-Waldorf-Astoria moment that shows where the brand is headed."
The launch builds on a distinctive world of racquet experiences already found across the Waldorf Astoria portfolio, from professional-grade tennis and padel courts at Waldorf Astoria Maldives Ithaafushi to the celebrated clay courts at Rome Cavalieri, A Waldorf Astoria Hotel, and sunset tennis beside the private beach at Waldorf Astoria Dubai Palm Jumeirah. Ahead of the Ballroom Tennis Invitational, Waldorf Astoria Racquet Club will also make an early appearance through a pop-up experience in Sydney, bringing the platform into one of the world's fastest-growing racquet communities. Together, these expressions connect exceptional on-property play with the wider culture surrounding the sport, creating a global program that moves across destinations, disciplines and seasons.
"Racquet culture has become one of the most compelling expressions of modern luxury, where sport, style, travel and social life all move in the same orbit," said Jamie Kerr, vice president, Luxury Marketing Strategy, Hilton. "Waldorf Astoria Racquet Club is our way of entering that world with a distinct point of view, building on the exceptional tennis and padel experiences already found across our portfolio and creating moments that feel timely, surprising and unmistakably Waldorf Astoria. Ballroom Tennis is the first chapter of a global program that will continue to evolve across destinations and seasons."
Experience Waldorf Astoria Racquet Club: Ballroom Tennis Invitational
Tickets and overnight packages for the Waldorf Astoria Ballroom Tennis Invitational are now available, offering guests a range of ways to be a part of the event, from courtside-style access to multi-night stays and immersive play experiences.
* Tennis Under the Chandeliers General Access: The signature ticketed event from 6 p.m. to 10 p.m. offers guests entry to the Waldorf Astoria Ballroom Tennis Invitational, where top ATP and WTA players, including Tommy Paul, Ben Shelton, Leylah Fernandez, and Maria Sakkari, will compete in live matches in the Grand Ballroom.
- Guests will enjoy a one-of-a-kind culinary reception where classic Waldorf Astoria refinement rallies with the playful energy of the court through high-low pairings, interactive chef stations, indulgent bites, premium seafood and Champagne from Moet & Chandon.
- Guerlain Wellness Spa will elevate the guest experience with a curated selection of its signature beauty and wellness offerings, highlighted by an exclusive Art of Longevity wellness assessment tailored to each guest's individual goals.
- The beverage program draws on the original Waldorf Bar's tradition of "appointment cocktailing," creating drinks for the moments shaping culture, from the Arctic cocktail honoring Peary's North Pole expedition to the now-iconic Rob Roy. For Waldorf Astoria Racquet Club, the hotel is reviving its original Racquet Club cocktail, bringing a distinctly Waldorf Astoria ritual into the present. The cocktail will be available at Lex Yard through September 13.
- Lex Yard will also feature the Lobster Club as a limited-time special with crispy bacon, Little Gem lettuce and heirloom tomatoes.
* Champions' Grand Ballroom Tennis Clinic Add-On: Available exclusively to ticket holders, this intimate on-court experience offers guests the rare opportunity to train and rally with a top ATP or WTA player inside the Grand Ballroom. Each clinic includes on-court play for two guests, light food and beverage service, and a commemorative photo opportunity. Available August 28, 2026, with limited clinics offered.
* The Perfect Match: Waldorf Astoria Ballroom Tennis Invitational Overnight Stay: This overnight package pairs a stay at Waldorf Astoria New York with two tickets to the Waldorf Astoria Ballroom Tennis Invitational, breakfast at Lex Yard, a welcome amenity, and full access to the evening's culinary and match programming.
* Stay, Spectate & Play: The Ultimate Waldorf Astoria Grand Ballroom Tennis Experience: The most immersive of the offerings, this two-night premium package includes suite accommodations, two tickets to the Ballroom Tennis Invitational, and access to the full culinary and hospitality program. Guests also receive a private one-hour tennis clinic led by a touring ATP or WTA player on the Grand Ballroom court, followed by a spa treatment at Guerlain Wellness Spa and a curated collection of commemorative amenities. The experience blends performance, play and recovery in a single luxury itinerary.
Hilton Honors American Express Consumer and Business Card Members have access to exclusive packages, which can be redeemed using Hilton Honors Bonus Points. Packages are available on a limited basis while supplies last, with a maximum of five packages per Hilton Honors Member each calendar year. Visit Hilton Honors Experiences to learn more.
Tickets and overnight packages are now available at https://www.waldorfastorianewyork.com/ballroom-tennis/. Read more about Waldorf Astoria Hotels & Resorts at stories.hilton.com/waldorfastoria.
Participating players, appearances, schedules and programming are subject to change.
* * *
FAQ: Waldorf Astoria Serves Up Tennis Beneath the Chandeliers
What is Waldorf Astoria Racquet Club: Ballroom Tennis Invitational?
Waldorf Astoria Racquet Club: Ballroom Tennis Invitational is an unprecedented celebration of tennis, style and hospitality at Waldorf Astoria New York. For one night only, the hotel's legendary Grand Ballroom will transform into a full-size tennis court beneath the chandeliers, blending showcase matches, Champagne, culinary theatre and the brand's signature sense of elegant service.
Who will play at the Ballroom Tennis Invitational?
Top Association of Tennis Professionals and Women's Tennis Association players including Tommy Paul, Ben Shelton, Leylah Fernandez and Maria Sakkari will take to the court in a series of 45-minute singles showcase matches.
When and where will the Ballroom Tennis Invitational take place?
Waldorf Astoria Racquet Club: Ballroom Tennis Invitational will take place on August 27, 2026, at Waldorf Astoria New York. The signature ticketed event will run from 6 p.m. to 10 p.m. in the hotel's legendary Grand Ballroom.
Why is Waldorf Astoria launching the Racquet Club platform?
Waldorf Astoria Racquet Club brings the elegance of Waldorf Astoria to the courtside world, from tennis to padel and beyond. Designed for a new era of sport-as-social-occasion, the platform will connect the brand's landmark destinations with a new generation of players, spectators and culturally curious travelers.
How can guests experience the Ballroom Tennis Invitational?
Tickets and overnight packages are now available, offering guests a range of ways to be a part of the event, from courtside-style access to multi-night stays and immersive play experiences. Ticketed experiences begin at $1,500 and include live showcase match play, curated culinary offerings, signature beverage experiences and player meet-and-greet opportunities, along with exclusive event merchandise available for purchase.
* * *
About Hilton
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 28 world-class brands comprising more than 9,200 properties and over 1.3 million rooms, in 144 countries and territories. Dedicated to fulfilling its founding vision to fill the earth with the light and warmth of hospitality, Hilton has welcomed over 4 billion guests in its more than 100-year history. Named as the No. 1 World's Best Workplace by Great Place to Work and Fortune, Hilton aims to create the best culture for its 500,000 team members around the world. Hilton has introduced industry-leading technology enhancements to improve the guest experience, including Digital Key Share, automated complimentary room upgrades and the ability to book confirmed connecting rooms. Through the award-winning guest loyalty program Hilton Honors, the more than 250 million Hilton Honors members who book directly with Hilton can earn Points for hotel stays and experiences money can't buy. With the free Hilton Honors app, guests can book their stay, select their room, check in, unlock their door with a Digital Key and check out, all from their smartphone. Visit stories.hilton.com for more information, and connect with Hilton on Facebook, LinkedIn, Instagram and YouTube.
* * *
About Waldorf Astoria Hotels & Resorts
Waldorf Astoria Hotels & Resorts is an award-winning portfolio of 40 iconic properties, each embodying a distinct sense of place through sincerely elegant service, one-of-a-kind experiences and culinary mastery in landmark destinations around the world. The highly anticipated reopening of Waldorf Astoria New York, which Conrad Hilton called "The Greatest of Them All," marked a defining moment for the brand - reintroducing a legend while ushering in a new era of luxury. Inspired by their timeless environments, Waldorf Astoria hotels deliver an effortless experience seamlessly, creating a true sense of place for guests through stunning architecture, the famous Peacock Alley, refined art collections, Michelin-starred dining and elevated in-room amenities. In addition to the brand's world-class hotel offerings, Waldorf Astoria boasts a global residential portfolio that provides the comfort of a private home combined with unsurpassed amenities and high-touch service. Waldorf Astoria is part of Hilton, a leading global hospitality company. Experience an unforgettable stay at Waldorf Astoria Hotels & Resorts by booking at waldorfastoria.com or through the industry-leading Hilton Honors app. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits. Learn more about Waldorf Astoria Hotels & Resorts at stories.hilton.com/waldorfastoria, and follow the brand on X and Instagram.
* * *
About Waldorf Astoria New York
Waldorf Astoria New York has been a fixture of New York City society for more than a century, earning its place as a beacon of sophistication and elegance in the cultural capital of the world. When the hotel opened in 1931, it had such grandeur that Hilton founder Conrad Hilton declared the property "The Greatest of Them All." Following complete transformation led by renowned architects, Skidmore, Owings & Merrill, with interior design by Pierre-Yves Rochon, the property retains the scale and beauty of the original Art Deco architecture reimagined with fresh contemporary furnishings that pay homage to the original Waldorf Astoria New York while ushering in a new era for the hotel and building upon Conrad Hilton's vision. The 375-room hotel features some of Manhattan's largest rooms and suites that embody the spirit of New York. Above the hotel sits 372 private residences, ranging from studios to four bedrooms, with interiors designed by Jean-Louis Deniot and access to 50,000-square-feet of amenities. In addition, hotel guests, residents and visitors have access to a holistic wellness program, including a state-of-the-art fitness center along with Guerlain Wellness Spa spanning 22,000 square feet. Unmatched culinary offerings include Lex Yard, a standout signature restaurant helmed by acclaimed Chef Michael Anthony, the return of Peacock Alley in partnership with renowned Mixologist Jeff Bell and Yoshoku, a Japanese dining experience. The property also features 43,000 square feet of modernized event space including a striking new opera-inspired Grand Ballroom set to be the crown jewel of New York City's entertainment scene. Visit waldorfastorianewyork.com for more information or follow the hotel on Instagram at @waldorfnyc and on Facebook at Waldorf Astoria New York.
* * *
About Hilton Global Foundation
The Hilton Global Foundation is Hilton's primary philanthropic arm, supporting the company's Travel with Purpose strategy to drive positive impact and deliver lasting value to the people, hotels and communities where we all live, work and stay. Through grants and partnerships, the Foundation invests in programs that advance destination stewardship, foster career development and strengthen community resilience. Since 2019, it has contributed more than $25 million to organizations around the world and has positively impacted millions of lives. Learn more at hiltonglobalfoundation.hilton.com.
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Original text here: https://stories.hilton.com/releases/waldorf-astoria-serves-up-tennis-beneath-the-chandeliers
[Category: BizTravel]
U.S. Department of War Speeds Procurement of Oracle Solutions Through Enterprise Software Initiative
REDWOOD SHORES, California, July 24 -- Oracle, a developer of hardware and software products, issued the following news release:
* * *
U.S. Department of War Speeds Procurement of Oracle Solutions Through Enterprise Software Initiative (ESI)
The ESI contract vehicle streamlines acquisition and standardizes access to Oracle commercial products and services for the DoW
-
Oracle has been awarded a 10-year Indefinite Delivery/Indefinite Quantity (IDIQ) contract under the U.S. Department of War (DoW) Enterprise Software Initiative (ESI), with a base value of $3.31 billion for the first five years ... Show Full Article REDWOOD SHORES, California, July 24 -- Oracle, a developer of hardware and software products, issued the following news release: * * * U.S. Department of War Speeds Procurement of Oracle Solutions Through Enterprise Software Initiative (ESI) The ESI contract vehicle streamlines acquisition and standardizes access to Oracle commercial products and services for the DoW - Oracle has been awarded a 10-year Indefinite Delivery/Indefinite Quantity (IDIQ) contract under the U.S. Department of War (DoW) Enterprise Software Initiative (ESI), with a base value of $3.31 billion for the first five yearsof the agreement and a total value of $6.99 billion if option years are exercised.
The new contract vehicle establishes a centralized framework to simplify procurement across the department. As a result, authorized DoW organizations and contractors can expedite the procurement of Oracle commercial products and services,.
The DoW is one of the largest employers in the United States, with more than 3.4 million civilians and military personnel working across dozens of specialized agencies and branches of the armed forces. Given the DoW's scale, securely procuring mission-critical technology is often an arduous and time-consuming process, making standardized contract vehicles like ESI essential.
"For the Department of War, the challenge is not just finding the right technology, it's doing so quickly, compliantly, and at scale, without getting bogged down by complex procurement processes," said Kim Lynch, executive vice president, Government, Defense & Intelligence, Oracle. "ESI is designed to address those challenges by creating a more standardized and efficient path to Oracle cloud and AI technology tuned to support mission-critical scenarios."
Through this ESI contract vehicle, DoW organizations can purchase Oracle commercial offerings, including on-premises software and support, Software-as-a-Service (SaaS) applications, and professional services through task and delivery orders tailored to specific mission and operational requirements. Pricing, deliverables, and performance criteria are defined at the order level, giving organizations flexibility while preserving a streamlined contracting structure.
Oracle has been a supplier to the DoW since the 1990s. As a long-time Oracle customer, the DoW will transition to the ESI contract vehicle in the Summer of 2026. Oracle will provide DoW organizations with dedicated program operations and standardized intake processes throughout the transition to ESI. This support will help route requests efficiently and ensure consistent engagement across Oracle teams.
Looking forward, the DoW is expected to increase its use of standardized procurement processes like ESI, and support evolving mission needs with flexible access to commercial technology.
* * *
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.
* * *
Original text here: https://www.oracle.com/news/announcement/us-department-of-war-speeds-procurement-of-oracle-solutions-through-enterprise-software-initiative-2026-07-23/
[Category: BizComputer Technology]
* * *
U.S. Department of War Speeds Procurement of Oracle Solutions Through Enterprise Software Initiative (ESI)
The ESI contract vehicle streamlines acquisition and standardizes access to Oracle commercial products and services for the DoW
-
Oracle has been awarded a 10-year Indefinite Delivery/Indefinite Quantity (IDIQ) contract under the U.S. Department of War (DoW) Enterprise Software Initiative (ESI), with a base value of $3.31 billion for the first five years ... Show Full Article REDWOOD SHORES, California, July 24 -- Oracle, a developer of hardware and software products, issued the following news release: * * * U.S. Department of War Speeds Procurement of Oracle Solutions Through Enterprise Software Initiative (ESI) The ESI contract vehicle streamlines acquisition and standardizes access to Oracle commercial products and services for the DoW - Oracle has been awarded a 10-year Indefinite Delivery/Indefinite Quantity (IDIQ) contract under the U.S. Department of War (DoW) Enterprise Software Initiative (ESI), with a base value of $3.31 billion for the first five yearsof the agreement and a total value of $6.99 billion if option years are exercised.
The new contract vehicle establishes a centralized framework to simplify procurement across the department. As a result, authorized DoW organizations and contractors can expedite the procurement of Oracle commercial products and services,.
The DoW is one of the largest employers in the United States, with more than 3.4 million civilians and military personnel working across dozens of specialized agencies and branches of the armed forces. Given the DoW's scale, securely procuring mission-critical technology is often an arduous and time-consuming process, making standardized contract vehicles like ESI essential.
"For the Department of War, the challenge is not just finding the right technology, it's doing so quickly, compliantly, and at scale, without getting bogged down by complex procurement processes," said Kim Lynch, executive vice president, Government, Defense & Intelligence, Oracle. "ESI is designed to address those challenges by creating a more standardized and efficient path to Oracle cloud and AI technology tuned to support mission-critical scenarios."
Through this ESI contract vehicle, DoW organizations can purchase Oracle commercial offerings, including on-premises software and support, Software-as-a-Service (SaaS) applications, and professional services through task and delivery orders tailored to specific mission and operational requirements. Pricing, deliverables, and performance criteria are defined at the order level, giving organizations flexibility while preserving a streamlined contracting structure.
Oracle has been a supplier to the DoW since the 1990s. As a long-time Oracle customer, the DoW will transition to the ESI contract vehicle in the Summer of 2026. Oracle will provide DoW organizations with dedicated program operations and standardized intake processes throughout the transition to ESI. This support will help route requests efficiently and ensure consistent engagement across Oracle teams.
Looking forward, the DoW is expected to increase its use of standardized procurement processes like ESI, and support evolving mission needs with flexible access to commercial technology.
* * *
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.
* * *
Original text here: https://www.oracle.com/news/announcement/us-department-of-war-speeds-procurement-of-oracle-solutions-through-enterprise-software-initiative-2026-07-23/
[Category: BizComputer Technology]
Marcus & Millichap Arranges $8.8M Sale of Cardiovascular Specialty Care Center in Covington, Louisiana
ENCINO, California, July 24 -- Marcus and Millichap issued the following news release on July 23, 2026:
* * *
Marcus & Millichap Arranges $8.8M Sale of Cardiovascular Specialty Care Center in Covington, Louisiana
COVINGTON, La. - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 10,690-square-foot medical office property, occupied by Cardiovascular Specialty Care Center, in Covington, Louisiana. The property sold for $8,811,000.
"The sale of this newly constructed ... Show Full Article ENCINO, California, July 24 -- Marcus and Millichap issued the following news release on July 23, 2026: * * * Marcus & Millichap Arranges $8.8M Sale of Cardiovascular Specialty Care Center in Covington, Louisiana COVINGTON, La. - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 10,690-square-foot medical office property, occupied by Cardiovascular Specialty Care Center, in Covington, Louisiana. The property sold for $8,811,000. "The sale of this newly constructedcardiovascular surgery center at $824 per square foot reflects the quality of the asset and the strength of the tenant," said Seth Haron, managing director investments. "Staffed by eight physicians and affiliated with US Heart & Vascular, the facility is well positioned to meet growing demand for specialized outpatient care."
Haron, Ashish Vakhariya and Darin Gross, investment specialists in Marcus & Millichap's Detroit office, in association with Steve Greer, Marcus & Millichap's Louisiana broker of record, had the exclusive listing to market the property on behalf of the seller, a group of investors/physicians affiliated with the tenant, and procured the buyer, Montecito Medical.
The newly constructed medical office property is located at 2252 Watercross Parkway. Completed in 2025, the asset is fully leased to a cardiovascular specialty practice under a long term triple-net lease and benefits from the growing Northshore region's sustained demand for outpatient and specialty healthcare services.
The property will continue operating as a cardiovascular surgery center and offers expansion potential to accommodate future growth.
* * *
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
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Original text here: https://www.marcusmillichap.com/news-events/press/2026/07/07-23-cardiovascularspecialtycarecenter
[Category: BizRealEstate]
* * *
Marcus & Millichap Arranges $8.8M Sale of Cardiovascular Specialty Care Center in Covington, Louisiana
COVINGTON, La. - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 10,690-square-foot medical office property, occupied by Cardiovascular Specialty Care Center, in Covington, Louisiana. The property sold for $8,811,000.
"The sale of this newly constructed ... Show Full Article ENCINO, California, July 24 -- Marcus and Millichap issued the following news release on July 23, 2026: * * * Marcus & Millichap Arranges $8.8M Sale of Cardiovascular Specialty Care Center in Covington, Louisiana COVINGTON, La. - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 10,690-square-foot medical office property, occupied by Cardiovascular Specialty Care Center, in Covington, Louisiana. The property sold for $8,811,000. "The sale of this newly constructedcardiovascular surgery center at $824 per square foot reflects the quality of the asset and the strength of the tenant," said Seth Haron, managing director investments. "Staffed by eight physicians and affiliated with US Heart & Vascular, the facility is well positioned to meet growing demand for specialized outpatient care."
Haron, Ashish Vakhariya and Darin Gross, investment specialists in Marcus & Millichap's Detroit office, in association with Steve Greer, Marcus & Millichap's Louisiana broker of record, had the exclusive listing to market the property on behalf of the seller, a group of investors/physicians affiliated with the tenant, and procured the buyer, Montecito Medical.
The newly constructed medical office property is located at 2252 Watercross Parkway. Completed in 2025, the asset is fully leased to a cardiovascular specialty practice under a long term triple-net lease and benefits from the growing Northshore region's sustained demand for outpatient and specialty healthcare services.
The property will continue operating as a cardiovascular surgery center and offers expansion potential to accommodate future growth.
* * *
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
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Original text here: https://www.marcusmillichap.com/news-events/press/2026/07/07-23-cardiovascularspecialtycarecenter
[Category: BizRealEstate]
Littler Issues Commentary: Department of Labor Issues Opinion Letter on Midday Commuting by Non-Exempt Employees
SAN FRANCISCO, California, July 24 -- Littler, a law firm, issued the following commentary on July 23, 2026, by associate Adam I. Green and shareholder Claire B. Deason:
* * *
Department of Labor Issues Opinion Letter on Midday Commuting by Non-Exempt Employees
On July 22, 2026, the U.S. Department of Labor (DOL) issued an opinion letter providing welcome assurance for employers with remote employees who commute between a home office and their employer's workplace during a workday.
In recent years, many employers have adjusted operations to allow employees to telework from their homes where ... Show Full Article SAN FRANCISCO, California, July 24 -- Littler, a law firm, issued the following commentary on July 23, 2026, by associate Adam I. Green and shareholder Claire B. Deason: * * * Department of Labor Issues Opinion Letter on Midday Commuting by Non-Exempt Employees On July 22, 2026, the U.S. Department of Labor (DOL) issued an opinion letter providing welcome assurance for employers with remote employees who commute between a home office and their employer's workplace during a workday. In recent years, many employers have adjusted operations to allow employees to telework from their homes wherebusiness needs permit, and employees have embraced this flexibility. However, if non-exempt employees work in more than one location during a single workday, it is necessary to clarify whether existing regulatory frameworks would allow employees' ordinary commute to and from the worksite if it occurs in the middle of the workday to be considered "ordinary commute time" and thus non-compensable. With this opinion letter, the DOL reviewed whether travel between an employee's home and office during the middle of the workday must be treated as compensable work time under the Fair Labor Standards Act (FLSA) when the employee performs work at both locations and the travel is a voluntary alternative to commuting before or after the workday.
The letter addresses commute-time compensability of home-to-work travel in three different scenarios:
* Scenario 1. A non-exempt employee is scheduled to work 9:00 a.m. to 5:00 p.m. and typically commutes to the office from 8:00 a.m. to 9:00 a.m., and home from 5:00 p.m. to 6:00 p.m. Driving two hours daily is not ideal for the employee, who wants to avoid rush hour traffic by commuting between 10:00 a.m. and 10:30 a.m. and 3:00 p.m. and 3:30 p.m., reducing the total drive time by an hour. The employee requests to work at home from 8:00 a.m. to 10:00 a.m. before driving to the office, and from 3:30 p.m. to 5:00 p.m. after returning home from the office. The employee takes a 30-minute lunch break at noon regardless of her location, so either arrangement results in the employee working a normal schedule of 7.5 hours.
* Scenario 2. A non-exempt employee volunteers to work additional hours for a special project that is short-staffed. However, the employee is only interested in the work if the employee can perform the additional work during the early hours of the morning before leaving for her regular shift at the office, instead of arriving at the office early or staying late.
* Scenario 3. A non-exempt employee uses the city bus to commute to and from the office and is unable to complete his day's work before the last bus leaves for the day. The employee asks the employer for permission to bring his work home to complete the work after arriving home.
The DOL confirmed that the home-to-work travel time in each of these scenarios would be non-compensable, "ordinary" commute time. The DOL rejected the idea that once an employee performs work at home, any subsequent travel between home and office automatically becomes compensable under the continuous workday doctrine. Instead, the DOL identified three categories of time that commonly occur within the workday but are not compensable hours worked, regardless of where they occur in a workday: 1) bona fide meal periods, 2) off-duty periods, and 3) ordinary home-to-work commuting. The opinion emphasized the longstanding principle that time is work if it is spent predominantly for the employer's benefit, rather than the employee's. If home-to-work travel is undertaken principally to accommodate an employee's preferences or needs, it remains ordinary commuting and is not compensable regardless of when it occurs in a workday.
This opinion provides significant support for hybrid-work arrangements involving non-exempt employees. According to the DOL, employers may allow employees to split their day between home and office, and mid-day commuting need not be paid simply because the employee performed compensable work before or after the trip. The key inquiry is whether the travel primarily benefits the employee, rather than travel undertaken principally for the employer's benefit.
The DOL did note, however, that this opinion does not alter existing principles that the following time remains compensable under the FLSA:
* Travel from one worksite to another during the workday.
* Travel that is itself part of the employee's principal activities.
* Work actually performed while traveling (e.g., performing work tasks during the commute).
* Special one-day assignments or emergency-call travel that primarily benefits the employer.
And indeed, another opinion letter was issued the same day discussing a situation in which DOL deemed an employee's home-to-work travel to be compensable time under the FLSA.
Employers with questions about whether certain activities can be considered compensable under the FLSA (or under relevant state law) should confer with experienced employment counsel.
* * *
Authors
Adam I. Green
Associate
Minneapolis
agreen@littler.com
* * *
Claire B. Deason
Shareholder
Minneapolis
cdeason@littler.com
* * *
INFODOC: https://www.dol.gov/sites/dolgov/files/WHD/opinion-letters/FLSA/FLSA2026-9.pdf?5ntohl3xyts
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Original text here: https://www.littler.com/news-analysis/asap/department-labor-issues-opinion-letter-midday-commuting-non-exempt-employees
[Category: BizLaw/Legal]
* * *
Department of Labor Issues Opinion Letter on Midday Commuting by Non-Exempt Employees
On July 22, 2026, the U.S. Department of Labor (DOL) issued an opinion letter providing welcome assurance for employers with remote employees who commute between a home office and their employer's workplace during a workday.
In recent years, many employers have adjusted operations to allow employees to telework from their homes where ... Show Full Article SAN FRANCISCO, California, July 24 -- Littler, a law firm, issued the following commentary on July 23, 2026, by associate Adam I. Green and shareholder Claire B. Deason: * * * Department of Labor Issues Opinion Letter on Midday Commuting by Non-Exempt Employees On July 22, 2026, the U.S. Department of Labor (DOL) issued an opinion letter providing welcome assurance for employers with remote employees who commute between a home office and their employer's workplace during a workday. In recent years, many employers have adjusted operations to allow employees to telework from their homes wherebusiness needs permit, and employees have embraced this flexibility. However, if non-exempt employees work in more than one location during a single workday, it is necessary to clarify whether existing regulatory frameworks would allow employees' ordinary commute to and from the worksite if it occurs in the middle of the workday to be considered "ordinary commute time" and thus non-compensable. With this opinion letter, the DOL reviewed whether travel between an employee's home and office during the middle of the workday must be treated as compensable work time under the Fair Labor Standards Act (FLSA) when the employee performs work at both locations and the travel is a voluntary alternative to commuting before or after the workday.
The letter addresses commute-time compensability of home-to-work travel in three different scenarios:
* Scenario 1. A non-exempt employee is scheduled to work 9:00 a.m. to 5:00 p.m. and typically commutes to the office from 8:00 a.m. to 9:00 a.m., and home from 5:00 p.m. to 6:00 p.m. Driving two hours daily is not ideal for the employee, who wants to avoid rush hour traffic by commuting between 10:00 a.m. and 10:30 a.m. and 3:00 p.m. and 3:30 p.m., reducing the total drive time by an hour. The employee requests to work at home from 8:00 a.m. to 10:00 a.m. before driving to the office, and from 3:30 p.m. to 5:00 p.m. after returning home from the office. The employee takes a 30-minute lunch break at noon regardless of her location, so either arrangement results in the employee working a normal schedule of 7.5 hours.
* Scenario 2. A non-exempt employee volunteers to work additional hours for a special project that is short-staffed. However, the employee is only interested in the work if the employee can perform the additional work during the early hours of the morning before leaving for her regular shift at the office, instead of arriving at the office early or staying late.
* Scenario 3. A non-exempt employee uses the city bus to commute to and from the office and is unable to complete his day's work before the last bus leaves for the day. The employee asks the employer for permission to bring his work home to complete the work after arriving home.
The DOL confirmed that the home-to-work travel time in each of these scenarios would be non-compensable, "ordinary" commute time. The DOL rejected the idea that once an employee performs work at home, any subsequent travel between home and office automatically becomes compensable under the continuous workday doctrine. Instead, the DOL identified three categories of time that commonly occur within the workday but are not compensable hours worked, regardless of where they occur in a workday: 1) bona fide meal periods, 2) off-duty periods, and 3) ordinary home-to-work commuting. The opinion emphasized the longstanding principle that time is work if it is spent predominantly for the employer's benefit, rather than the employee's. If home-to-work travel is undertaken principally to accommodate an employee's preferences or needs, it remains ordinary commuting and is not compensable regardless of when it occurs in a workday.
This opinion provides significant support for hybrid-work arrangements involving non-exempt employees. According to the DOL, employers may allow employees to split their day between home and office, and mid-day commuting need not be paid simply because the employee performed compensable work before or after the trip. The key inquiry is whether the travel primarily benefits the employee, rather than travel undertaken principally for the employer's benefit.
The DOL did note, however, that this opinion does not alter existing principles that the following time remains compensable under the FLSA:
* Travel from one worksite to another during the workday.
* Travel that is itself part of the employee's principal activities.
* Work actually performed while traveling (e.g., performing work tasks during the commute).
* Special one-day assignments or emergency-call travel that primarily benefits the employer.
And indeed, another opinion letter was issued the same day discussing a situation in which DOL deemed an employee's home-to-work travel to be compensable time under the FLSA.
Employers with questions about whether certain activities can be considered compensable under the FLSA (or under relevant state law) should confer with experienced employment counsel.
* * *
Authors
Adam I. Green
Associate
Minneapolis
agreen@littler.com
* * *
Claire B. Deason
Shareholder
Minneapolis
cdeason@littler.com
* * *
INFODOC: https://www.dol.gov/sites/dolgov/files/WHD/opinion-letters/FLSA/FLSA2026-9.pdf?5ntohl3xyts
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Original text here: https://www.littler.com/news-analysis/asap/department-labor-issues-opinion-letter-midday-commuting-non-exempt-employees
[Category: BizLaw/Legal]
Faegre Drinker Issues Commentary: Additional Changes to the Venezuela Sanctions Program Impacting the Energy, Minerals, Financial Services, and Aviation Sectors
MINNEAPOLIS, Minnesota, July 24 -- Faegre Drinker Biddle and Reath, a law firm, issued the following commentary on July 23, 2026, by counsel Diego A. Ortega, partners Mollie D. Sitkowski and Christopher B. Monahan and associates Matthew R. Kinsman and Caitlin E. Kwalwasser:
* * *
UPDATE: Additional Changes to the Venezuela Sanctions Program Impacting the Energy, Minerals, Financial Services, and Aviation Sectors
OFAC continues to issue new general licenses authorizing new transactions and investment opportunities in Venezuela.
At a Glance
* Since our March 2026 Venezuela client alert, the ... Show Full Article MINNEAPOLIS, Minnesota, July 24 -- Faegre Drinker Biddle and Reath, a law firm, issued the following commentary on July 23, 2026, by counsel Diego A. Ortega, partners Mollie D. Sitkowski and Christopher B. Monahan and associates Matthew R. Kinsman and Caitlin E. Kwalwasser: * * * UPDATE: Additional Changes to the Venezuela Sanctions Program Impacting the Energy, Minerals, Financial Services, and Aviation Sectors OFAC continues to issue new general licenses authorizing new transactions and investment opportunities in Venezuela. At a Glance * Since our March 2026 Venezuela client alert, theUS Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued various new and amended, Venezuela-related general licenses (GLs) that target key sectors, such as energy, minerals, financial services, and aviation.
* Recent OFAC GLs are consistent with the US government's stated commitment of expanding US investment in the Venezuelan economy. Notably, there has not yet been any revocation of Venezuela-related legal authorities. As a result, OFAC could at any time revoke a general license, which would result in sanctions "snapping back" into place. We, therefore, recommend companies to explore potential contractual protections for any transaction undertaken pursuant to a general license.
* Companies interested in pursuing investment and commercial opportunities in Venezuela pursuant to OFAC GLs will need to carefully consider the scope, requirements (including reporting requirements to the Departments of State, Energy, and Interior), and limitations of each license. Companies should also be cognizant of any additional licensing requirements, such as export licensing requirements from the US Department of Commerce's Bureau of Industry and Security.
-
Additional Changes to the Venezuela Sanctions Program
Since the publication of our March 2026 client alert discussing recent OFAC GLs concerning Venezuela, OFAC has issued various new and amended GLs and FAQs, the most significant of which are described below.
The majority of the GLs do not authorize any transaction involving: (i) payment terms that are commercially unreasonable (e.g., debt swaps, payments in gold or denominated in digital currency, digital coin, or digital tokens issued by the Government of Venezuela (GOV)); or (ii) a person located in Russia, Iran, North Korea, or Cuba, or any entity that is owned or controlled by or in a joint venture with such persons.
Certain transactions under GLs 54 and 58 contain reporting requirements to the US Department of State, and/or the US Department of the Interior. Notably, OFAC issued FAQ 1248 clarifying that: (i) parties engaged in the primary authorized activity are responsible for complying with the applicable reporting requirements; and (ii) parties only indirectly involved or providing services ancillary to the primary authorized activity are not required to file reports pursuant to the applicable license.
Venezuela's Minerals Sector
General License No. 54A (Authorizing the Supply of Certain Items and Services for Minerals Operations in Venezuela)
On June 10, 2026, OFAC issued Venezuela GL No. 54A, authorizing all transactions prohibited by the Venezuela Sanctions Regulations (VSR), including those involving the GOV and CVG Compania General de Mineria de Venezuela CA (Minerven) that are ordinarily incident and necessary to the provision from the United States or by a US person of goods, technology, software, or services for the exploration, development, mining, extraction, processing, refining, or production of minerals, including gold, in Venezuela. Notably, this general license expands upon the authorized activities involving Venezuela-origin minerals in GL 51A.
GL 54A includes the following conditions: (i) any contract for authorized transactions must specify that the laws of the United States or any jurisdiction within the United States govern the contract and that any dispute resolution under the contract must occur in the United States, the United Kingdom, France, or Singapore; and (ii) any monetary payment to a blocked person, excluding payments for local taxes, permits, or fees, must be made into the Foreign Government Deposit Funds or any other account as instructed by the US Treasury Department.
General License No. 55 (Authorizing Negotiations of and Entry into Contingent Contracts for Certain Investment in Venezuela's Minerals Sector)
On March 27, 2026, OFAC issued Venezuela GL No. 55, which authorizes all transactions prohibited by the VSR that are ordinarily incident and necessary to negotiation and execution of contingent contracts that are related to new investment in the minerals sector of Venezuela, including the gold sector, provided that the performance of any such contract is made expressly contingent upon separate authorization from the OFAC. Transactions authorized by the general license include: (i) "negotiating and entering into contingent contracts to engage in new exploration, development, mining, extractions, processing, refining, or production activities in Venezuela's minerals sector, to expand existing operations in Venezuela and to form new joint ventures or other entities in Venezuela related to the foregoing activities" and (ii) "prefatory steps for the aforementioned activities, such as conducting commercial, legal, technical, safety, and environmental due diligence and assessments." These transactions may involve the GOV; Minerven; or any entity in which Minerven owns, directly or indirectly, a 50% or greater interest.
Venezuela's Financial Services Sector
General License No. 57 (Authorizing Financial Services Transactions Involving Certain Venezuelan Banks and Government of Venezuela Individuals)
On April 14, 2026, OFAC issued Venezuela GL No. 57, which authorizes all transactions prohibited by the VSR that are ordinarily incident and necessary to the provision, export, or reexport, directly or indirectly, of financial services to, from, or for the benefit of the following Venezuela banks:
1. Banco Central de Venezuela
2. Banco de Venezuela, S.A. Banco Universal (Banco de Venezuela)
3. Banco Digital de los Trabajadores Banco Universal C.A.
4. Banco del Tesoro, C.A. Banco Universal (Banco del Tesoro)
5. Any entity in which one or more of the above persons own, directly or indirectly, individually or in the aggregate, a 50% or greater interest.
The GL also authorizes such transactions with any individual whose property and property interests are blocked solely pursuant to Executive Order 13884 because of their status as a GOV employee, excluding any individual identified on OFAC's Specially Designated Nationals and Blocked Persons List.
The GL broadly defines the term "financial services" to include a large swath of activity, such as:
maintaining, operating, or closing of accounts; loans; transfers; transfers of funds; banking services; money transfer services; collection; presentment; promise; order; consignment; the acceptance of deposits; insurance; guarantees; cash withdrawals; check services; Automated Clearing House (ACH) transfers; wire transfers; debit card, prepaid card, Automated Teller Machine transactions, and any other payments as defined under the Uniform Commercial Code Article 3-602; the issuance and use of payment cards and digital wallets; currency exchange; U.S. dollar-denominated banking, payment, and correspondent account services; services in connection with the collection, forwarding, processing, or receipt of funds or remittances; services in connection with the processing or receipt of salary, pension, annuity, payroll, and other employment-related payments or benefits; transfers of funds sent through mobile money, mobile wallets, digital bank accounts, credit cards, debit cards, online payments, or other digital technology; related safety, fraud-prevention, screening, authentication, cybersecurity, and security services and technologies; investments; securities; and commodity futures or options.
US banks processing transactions authorized under the banks may rely on the originator or beneficiary of a funds transfer with regard to compliance with this general license, provided that the processing bank does not know or have reason to know that the transaction is not in compliance with this general license.
General License No. 58 (Authorizing Certain Services to the Government of Venezuela in Connection with Potential Debt Restructuring)
On May 5, 2026, OFAC issued Venezuela GL No. 58, which authorizes the provision of legal, financial advisory, and consulting services to the GOV connected to potential debt restructuring.
Any person that provides legal, financial advisory, and consulting services pursuant to this general license needs to provide a copy of the signed contract for such services to the Department of State and the Department of Energy within 10 business days of execution.
The GL does not authorize, among other activities: (i) "the restructuring, transfer, or settlement of debt of the GOV, including debt of Petroleos de Venezuela, S.A. (PdVSA), or direct negotiations between the GOV, including PdVSA, and creditors regarding such restructuring, transfer, or settlement;" or (ii) "the entry into a settlement agreement or the enforcement of any lien, judgment, arbitral award, decree, or other order through execution, garnishment, or other judicial process purporting to transfer or otherwise alter or affect property or interests in property blocked pursuant to the VSR."
Venezuela's Aviation Sector
General License No. 59 (Authorizing the Supply of Certain Items and Services Involving Consorcio Venezolano de Industrias Aeronauticas y Servicios Aereos, S.A. (Conviasa)
On June 18, 2026, OFAC issued Venezuela GL No. 59, which authorizes all transactions prohibited by Executive Order 13884 involving Consorcio Venezolano de Industrias Aeronauticas y Servicios Aereos, S.A. ("Conviasa") or any entity in which Conviasa owns, directly or indirectly, a 50% or greater interest (collectively, "Conviasa Entities"), or any aircraft in which such entities have an interest, that are ordinarily incident and necessary to the provision from the United States or by a US person of goods, technology, software, or services for the maintenance, repair, upgrade, refurbishment, improvement, safety, or airworthiness of such aircraft.
The transactions authorized by this GL include "the processing of payments, arranging shipping, logistics, customs clearance, and delivery services; the sale, supply, installation, inspection, testing, maintenance, repair, replacement, refurbishment, upgrade, or improvement of aircraft parts, components, equipment, software, and technology; software updates; technical support; and other services related to the maintenance, repair, upgrade, refurbishment, improvement, safety, or airworthiness of aircraft in which Conviasa or a Conviasa Entity has an interest."
Parties operating under this general license are still required to comply with export licensing requirements administered and enforced by BIS.
Other Transactions Involving the GOV
General License No. 53 (Official Missions of the Government of Venezuela to the United States)
On March 24, 2026, OFAC issued Venezuela GL No. 53, which authorizes transactions prohibited by the VSR that are related to the provision and payment of goods or services in the United States to official missions of the GOV to the United States or to permanent missions of the GOV to international organizations in the United States, provided that: (i) the goods or services are for the conduct of the official business of the missions, for personal use of the employees of the mission in the United States, or for persons who share a common dwelling as a family member or dependent of such an employee; (ii) the transaction does not involve the purchase, sale, financing, or refinancing of real property; and (iii) the transaction is not otherwise prohibited by law.
General License No. 56 (Authorizing Commercial-Related Negotiations of Contingent Contracts with the Government of Venezuela)
On April 14, 2026, OFAC issued Venezuela GL No. 56, which authorizes all transactions prohibited by Executive Order 13884 ordinarily incident and necessary to engaging in commercial-related negotiations of contingent contracts with the GOV, provided that the entry into and performance of any such contract is made expressly contingent upon separate authorization from the OFAC. For purposes of the GL, the term "contingent contracts" includes "executory contracts, executory pro forma invoices, agreements in principle, executory offers capable of acceptance such as bids or proposals in response to public tenders, binding memoranda of understanding, or any other similar agreement."
General License No. 60 (Authorizing Transactions Related to Earthquake Relief Efforts in Venezuela)
On June 25, 2026, OFAC issued Venezuela GL No. 60, which authorizes "all transactions related to earthquake relief efforts in Venezuela" through October 23, 2026. Note 1 to paragraph (a) of the general license clarifies that the license covers processing and transferring of funds on behalf of third-country persons to or from Venezuela in support of relief efforts. Additionally, US financial institutions and money transmitters are permitted to "rely on the originator of a funds transfer with regard to compliance" with the license requirements so long as there is no knowledge or reason to know that the funds transfer is noncompliant. The GL does not authorize the unblocking of any property blocked pursuant to the VSR.
On July 17, 2026, OFAC published FAQ 1263, which clarifies that payments made pursuant to GL 60, including payment of taxes, tolls, and fees to the GOV, do not need to be made into the Foreign Government Deposit Funds Account at the Department of the Treasury.
Updates Clarifying Governing Law Requirements and Expanding Available Jurisdictions for International Dispute Resolution
On June 10, 2026, OFAC issued updated Venezuela GL No. 46C, Venezuela GL No. 47A, Venezuela GL No. 48B, Venezuela GL No. 50B, Venezuela GL No. 51B, Venezuela GL No. 52A, and Venezuela GL No. 54A. Each of these updated licenses included language clarifying that transactions with the GOV, PdVSA, or PdVSA Entities will require: "(i) the terms of the contract be construed and interpreted in accordance with the laws of a state or other jurisdiction within the United States and (ii) dispute resolution proceedings relating to the contract occur in the United States, the United Kingdom, France, or Singapore." Additionally, each general license includes a note clarifying that contractual terms that recognize "certain aspects of the underlying activity in Venezuela may be subject to applicable Venezuelan law and regulations, including laws and regulations governing the exercise of Venezuela's sovereign regulatory authority, administrative permits and licenses, concessions, labor, environmental, health and safety, and other mandatory regulatory requirements" are permissible.
For More Information
Faegre Drinker's customs and international trade team will continue to monitor additional regulatory and legislative developments in the days ahead.
Summer associate Coley Martin contributed to this update.
* * *
The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.
* * *
Meet the Authors
Christopher B. Monahan
Partner
Washington, D.C.
+1 202 230 5690
christopher.monahan@faegredrinker.com
* * *
Mollie D. Sitkowski
Partner
Chicago
+1 312 569 1502
mollie.sitkowski@faegredrinker.com
* * *
Diego A. Ortega
Counsel
Washington, D.C.
+1 202 230 5215
diego.ortega@faegredrinker.com
* * *
Matthew R. Kinsman
Associate
Indianapolis
+1 317 237 1142
matthew.kinsman@faegredrinker.com
* * *
Caitlin E. Kwalwasser
Associate
Washington, D.C.
+1 202 230 5337
caitlin.kwalwasser@faegredrinker.com
* * *
Original text here: https://www.faegredrinker.com/en/insights/publications/2026/7/update-additional-changes-to-the-venezuela-sanctions-program-impacting-the-energy-minerals-financial-services-and-aviation-sectors
[Category: BizLaw/Legal]
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UPDATE: Additional Changes to the Venezuela Sanctions Program Impacting the Energy, Minerals, Financial Services, and Aviation Sectors
OFAC continues to issue new general licenses authorizing new transactions and investment opportunities in Venezuela.
At a Glance
* Since our March 2026 Venezuela client alert, the ... Show Full Article MINNEAPOLIS, Minnesota, July 24 -- Faegre Drinker Biddle and Reath, a law firm, issued the following commentary on July 23, 2026, by counsel Diego A. Ortega, partners Mollie D. Sitkowski and Christopher B. Monahan and associates Matthew R. Kinsman and Caitlin E. Kwalwasser: * * * UPDATE: Additional Changes to the Venezuela Sanctions Program Impacting the Energy, Minerals, Financial Services, and Aviation Sectors OFAC continues to issue new general licenses authorizing new transactions and investment opportunities in Venezuela. At a Glance * Since our March 2026 Venezuela client alert, theUS Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued various new and amended, Venezuela-related general licenses (GLs) that target key sectors, such as energy, minerals, financial services, and aviation.
* Recent OFAC GLs are consistent with the US government's stated commitment of expanding US investment in the Venezuelan economy. Notably, there has not yet been any revocation of Venezuela-related legal authorities. As a result, OFAC could at any time revoke a general license, which would result in sanctions "snapping back" into place. We, therefore, recommend companies to explore potential contractual protections for any transaction undertaken pursuant to a general license.
* Companies interested in pursuing investment and commercial opportunities in Venezuela pursuant to OFAC GLs will need to carefully consider the scope, requirements (including reporting requirements to the Departments of State, Energy, and Interior), and limitations of each license. Companies should also be cognizant of any additional licensing requirements, such as export licensing requirements from the US Department of Commerce's Bureau of Industry and Security.
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Additional Changes to the Venezuela Sanctions Program
Since the publication of our March 2026 client alert discussing recent OFAC GLs concerning Venezuela, OFAC has issued various new and amended GLs and FAQs, the most significant of which are described below.
The majority of the GLs do not authorize any transaction involving: (i) payment terms that are commercially unreasonable (e.g., debt swaps, payments in gold or denominated in digital currency, digital coin, or digital tokens issued by the Government of Venezuela (GOV)); or (ii) a person located in Russia, Iran, North Korea, or Cuba, or any entity that is owned or controlled by or in a joint venture with such persons.
Certain transactions under GLs 54 and 58 contain reporting requirements to the US Department of State, and/or the US Department of the Interior. Notably, OFAC issued FAQ 1248 clarifying that: (i) parties engaged in the primary authorized activity are responsible for complying with the applicable reporting requirements; and (ii) parties only indirectly involved or providing services ancillary to the primary authorized activity are not required to file reports pursuant to the applicable license.
Venezuela's Minerals Sector
General License No. 54A (Authorizing the Supply of Certain Items and Services for Minerals Operations in Venezuela)
On June 10, 2026, OFAC issued Venezuela GL No. 54A, authorizing all transactions prohibited by the Venezuela Sanctions Regulations (VSR), including those involving the GOV and CVG Compania General de Mineria de Venezuela CA (Minerven) that are ordinarily incident and necessary to the provision from the United States or by a US person of goods, technology, software, or services for the exploration, development, mining, extraction, processing, refining, or production of minerals, including gold, in Venezuela. Notably, this general license expands upon the authorized activities involving Venezuela-origin minerals in GL 51A.
GL 54A includes the following conditions: (i) any contract for authorized transactions must specify that the laws of the United States or any jurisdiction within the United States govern the contract and that any dispute resolution under the contract must occur in the United States, the United Kingdom, France, or Singapore; and (ii) any monetary payment to a blocked person, excluding payments for local taxes, permits, or fees, must be made into the Foreign Government Deposit Funds or any other account as instructed by the US Treasury Department.
General License No. 55 (Authorizing Negotiations of and Entry into Contingent Contracts for Certain Investment in Venezuela's Minerals Sector)
On March 27, 2026, OFAC issued Venezuela GL No. 55, which authorizes all transactions prohibited by the VSR that are ordinarily incident and necessary to negotiation and execution of contingent contracts that are related to new investment in the minerals sector of Venezuela, including the gold sector, provided that the performance of any such contract is made expressly contingent upon separate authorization from the OFAC. Transactions authorized by the general license include: (i) "negotiating and entering into contingent contracts to engage in new exploration, development, mining, extractions, processing, refining, or production activities in Venezuela's minerals sector, to expand existing operations in Venezuela and to form new joint ventures or other entities in Venezuela related to the foregoing activities" and (ii) "prefatory steps for the aforementioned activities, such as conducting commercial, legal, technical, safety, and environmental due diligence and assessments." These transactions may involve the GOV; Minerven; or any entity in which Minerven owns, directly or indirectly, a 50% or greater interest.
Venezuela's Financial Services Sector
General License No. 57 (Authorizing Financial Services Transactions Involving Certain Venezuelan Banks and Government of Venezuela Individuals)
On April 14, 2026, OFAC issued Venezuela GL No. 57, which authorizes all transactions prohibited by the VSR that are ordinarily incident and necessary to the provision, export, or reexport, directly or indirectly, of financial services to, from, or for the benefit of the following Venezuela banks:
1. Banco Central de Venezuela
2. Banco de Venezuela, S.A. Banco Universal (Banco de Venezuela)
3. Banco Digital de los Trabajadores Banco Universal C.A.
4. Banco del Tesoro, C.A. Banco Universal (Banco del Tesoro)
5. Any entity in which one or more of the above persons own, directly or indirectly, individually or in the aggregate, a 50% or greater interest.
The GL also authorizes such transactions with any individual whose property and property interests are blocked solely pursuant to Executive Order 13884 because of their status as a GOV employee, excluding any individual identified on OFAC's Specially Designated Nationals and Blocked Persons List.
The GL broadly defines the term "financial services" to include a large swath of activity, such as:
maintaining, operating, or closing of accounts; loans; transfers; transfers of funds; banking services; money transfer services; collection; presentment; promise; order; consignment; the acceptance of deposits; insurance; guarantees; cash withdrawals; check services; Automated Clearing House (ACH) transfers; wire transfers; debit card, prepaid card, Automated Teller Machine transactions, and any other payments as defined under the Uniform Commercial Code Article 3-602; the issuance and use of payment cards and digital wallets; currency exchange; U.S. dollar-denominated banking, payment, and correspondent account services; services in connection with the collection, forwarding, processing, or receipt of funds or remittances; services in connection with the processing or receipt of salary, pension, annuity, payroll, and other employment-related payments or benefits; transfers of funds sent through mobile money, mobile wallets, digital bank accounts, credit cards, debit cards, online payments, or other digital technology; related safety, fraud-prevention, screening, authentication, cybersecurity, and security services and technologies; investments; securities; and commodity futures or options.
US banks processing transactions authorized under the banks may rely on the originator or beneficiary of a funds transfer with regard to compliance with this general license, provided that the processing bank does not know or have reason to know that the transaction is not in compliance with this general license.
General License No. 58 (Authorizing Certain Services to the Government of Venezuela in Connection with Potential Debt Restructuring)
On May 5, 2026, OFAC issued Venezuela GL No. 58, which authorizes the provision of legal, financial advisory, and consulting services to the GOV connected to potential debt restructuring.
Any person that provides legal, financial advisory, and consulting services pursuant to this general license needs to provide a copy of the signed contract for such services to the Department of State and the Department of Energy within 10 business days of execution.
The GL does not authorize, among other activities: (i) "the restructuring, transfer, or settlement of debt of the GOV, including debt of Petroleos de Venezuela, S.A. (PdVSA), or direct negotiations between the GOV, including PdVSA, and creditors regarding such restructuring, transfer, or settlement;" or (ii) "the entry into a settlement agreement or the enforcement of any lien, judgment, arbitral award, decree, or other order through execution, garnishment, or other judicial process purporting to transfer or otherwise alter or affect property or interests in property blocked pursuant to the VSR."
Venezuela's Aviation Sector
General License No. 59 (Authorizing the Supply of Certain Items and Services Involving Consorcio Venezolano de Industrias Aeronauticas y Servicios Aereos, S.A. (Conviasa)
On June 18, 2026, OFAC issued Venezuela GL No. 59, which authorizes all transactions prohibited by Executive Order 13884 involving Consorcio Venezolano de Industrias Aeronauticas y Servicios Aereos, S.A. ("Conviasa") or any entity in which Conviasa owns, directly or indirectly, a 50% or greater interest (collectively, "Conviasa Entities"), or any aircraft in which such entities have an interest, that are ordinarily incident and necessary to the provision from the United States or by a US person of goods, technology, software, or services for the maintenance, repair, upgrade, refurbishment, improvement, safety, or airworthiness of such aircraft.
The transactions authorized by this GL include "the processing of payments, arranging shipping, logistics, customs clearance, and delivery services; the sale, supply, installation, inspection, testing, maintenance, repair, replacement, refurbishment, upgrade, or improvement of aircraft parts, components, equipment, software, and technology; software updates; technical support; and other services related to the maintenance, repair, upgrade, refurbishment, improvement, safety, or airworthiness of aircraft in which Conviasa or a Conviasa Entity has an interest."
Parties operating under this general license are still required to comply with export licensing requirements administered and enforced by BIS.
Other Transactions Involving the GOV
General License No. 53 (Official Missions of the Government of Venezuela to the United States)
On March 24, 2026, OFAC issued Venezuela GL No. 53, which authorizes transactions prohibited by the VSR that are related to the provision and payment of goods or services in the United States to official missions of the GOV to the United States or to permanent missions of the GOV to international organizations in the United States, provided that: (i) the goods or services are for the conduct of the official business of the missions, for personal use of the employees of the mission in the United States, or for persons who share a common dwelling as a family member or dependent of such an employee; (ii) the transaction does not involve the purchase, sale, financing, or refinancing of real property; and (iii) the transaction is not otherwise prohibited by law.
General License No. 56 (Authorizing Commercial-Related Negotiations of Contingent Contracts with the Government of Venezuela)
On April 14, 2026, OFAC issued Venezuela GL No. 56, which authorizes all transactions prohibited by Executive Order 13884 ordinarily incident and necessary to engaging in commercial-related negotiations of contingent contracts with the GOV, provided that the entry into and performance of any such contract is made expressly contingent upon separate authorization from the OFAC. For purposes of the GL, the term "contingent contracts" includes "executory contracts, executory pro forma invoices, agreements in principle, executory offers capable of acceptance such as bids or proposals in response to public tenders, binding memoranda of understanding, or any other similar agreement."
General License No. 60 (Authorizing Transactions Related to Earthquake Relief Efforts in Venezuela)
On June 25, 2026, OFAC issued Venezuela GL No. 60, which authorizes "all transactions related to earthquake relief efforts in Venezuela" through October 23, 2026. Note 1 to paragraph (a) of the general license clarifies that the license covers processing and transferring of funds on behalf of third-country persons to or from Venezuela in support of relief efforts. Additionally, US financial institutions and money transmitters are permitted to "rely on the originator of a funds transfer with regard to compliance" with the license requirements so long as there is no knowledge or reason to know that the funds transfer is noncompliant. The GL does not authorize the unblocking of any property blocked pursuant to the VSR.
On July 17, 2026, OFAC published FAQ 1263, which clarifies that payments made pursuant to GL 60, including payment of taxes, tolls, and fees to the GOV, do not need to be made into the Foreign Government Deposit Funds Account at the Department of the Treasury.
Updates Clarifying Governing Law Requirements and Expanding Available Jurisdictions for International Dispute Resolution
On June 10, 2026, OFAC issued updated Venezuela GL No. 46C, Venezuela GL No. 47A, Venezuela GL No. 48B, Venezuela GL No. 50B, Venezuela GL No. 51B, Venezuela GL No. 52A, and Venezuela GL No. 54A. Each of these updated licenses included language clarifying that transactions with the GOV, PdVSA, or PdVSA Entities will require: "(i) the terms of the contract be construed and interpreted in accordance with the laws of a state or other jurisdiction within the United States and (ii) dispute resolution proceedings relating to the contract occur in the United States, the United Kingdom, France, or Singapore." Additionally, each general license includes a note clarifying that contractual terms that recognize "certain aspects of the underlying activity in Venezuela may be subject to applicable Venezuelan law and regulations, including laws and regulations governing the exercise of Venezuela's sovereign regulatory authority, administrative permits and licenses, concessions, labor, environmental, health and safety, and other mandatory regulatory requirements" are permissible.
For More Information
Faegre Drinker's customs and international trade team will continue to monitor additional regulatory and legislative developments in the days ahead.
Summer associate Coley Martin contributed to this update.
* * *
The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.
* * *
Meet the Authors
Christopher B. Monahan
Partner
Washington, D.C.
+1 202 230 5690
christopher.monahan@faegredrinker.com
* * *
Mollie D. Sitkowski
Partner
Chicago
+1 312 569 1502
mollie.sitkowski@faegredrinker.com
* * *
Diego A. Ortega
Counsel
Washington, D.C.
+1 202 230 5215
diego.ortega@faegredrinker.com
* * *
Matthew R. Kinsman
Associate
Indianapolis
+1 317 237 1142
matthew.kinsman@faegredrinker.com
* * *
Caitlin E. Kwalwasser
Associate
Washington, D.C.
+1 202 230 5337
caitlin.kwalwasser@faegredrinker.com
* * *
Original text here: https://www.faegredrinker.com/en/insights/publications/2026/7/update-additional-changes-to-the-venezuela-sanctions-program-impacting-the-energy-minerals-financial-services-and-aviation-sectors
[Category: BizLaw/Legal]
David J. Cohen of Forvis Mazars Appointed to PCAOB Inspections Modernization Council
SPRINGFIELD, Missouri, July 24 -- Forvis Mazars LLP, a company that provides audit, assurance, tax, advisory and consulting services, issued the following news release:
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David J. Cohen of Forvis Mazars appointed to PCAOB Inspections Modernization Council
David J, Cohen, national audit oversight leader for the SEC Practice at Forvis Mazars, has been appointed to the Public Company Accounting Oversight Board (PCAOB) Inspections Modernization Council (IMC), a newly established advisory body created to provide stakeholder input as the federal regulatory body evaluates the future of its inspections ... Show Full Article SPRINGFIELD, Missouri, July 24 -- Forvis Mazars LLP, a company that provides audit, assurance, tax, advisory and consulting services, issued the following news release: * * * David J. Cohen of Forvis Mazars appointed to PCAOB Inspections Modernization Council David J, Cohen, national audit oversight leader for the SEC Practice at Forvis Mazars, has been appointed to the Public Company Accounting Oversight Board (PCAOB) Inspections Modernization Council (IMC), a newly established advisory body created to provide stakeholder input as the federal regulatory body evaluates the future of its inspectionsprogram.
The council brings together a diverse group of leaders from public accounting, corporate finance, academia, investor advocacy, and regulatory organizations with a stake in the PCAOB's inspection activities.
The PCAOB created the council as part of its effort to gather broad stakeholder perspectives that can inform efforts to modernize its inspection program and thereby improve audit quality. Potential changes that the IMC will consider include generating more meaningful outputs for consumers of inspection reports, leveraging technological innovations such as automation and artificial intelligence, and focusing inspections on firms' systems of quality control.
Cohen has had extensive experience with the PCAOB inspection process from multiple perspectives throughout his career, including as an auditor, a financial statement preparer, a national-office audit quality professional, and in his current role as the leader responsible for coordinating inspection activities at one of the largest public accounting firms in the country. He also serves on the Center for Audit Quality's inspections task force and on the University of Kansas Accounting and Information Systems Advisory Council.
"Every stage of my career has been touched by the PCAOB inspection process," Cohen said. "I'm honored to join this council and contribute a perspective informed by those experiences. This is an important moment for the profession as we consider how strong systems of quality management can help create better outcomes for investors, firms, and other stakeholders."
"David's appointment is both a significant professional achievement and a reflection of the values that define our firm," said Tom Watson, CEO of Forvis Mazars. "Quality is how we earn trust--with our clients, our people, regulators, and the capital markets. It is a shared responsibility that shapes every decision and every investment we make in our people and processes. David's experience and leadership in audit quality make him exceptionally well positioned to contribute to this important dialogue about the future the profession."
Forvis Mazars has significantly enhanced its system of quality management in recent years, including investments in talent, training, and technology, and continually strengthening the firm's audit methodology. These efforts reflect the firm's belief that sustainable quality is achieved through sound professional judgment, accountability, continuous improvement, and a commitment to doing what is right in service of clients and the public interest.
More information about the firm's commitment to integrity and quality management can be found in its 2026 Quality Report (https://www.forvismazars.us/forsights/2026/03/2026-quality-report).
* * *
About Forvis Mazars
Forvis Mazars, LLP is an independent member of Forvis Mazars Global, a leading global professional services network. Ranked among the largest public accounting firms in the United States, the firm's 7,000 dedicated team members provide an Unmatched Client Experience(R) through the delivery of assurance, tax, and consulting services for clients in all 50 states and internationally through the global network. Visit forvismazars.us to learn more.
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Original text here: https://www.forvismazars.us/about-us/newsroom/news-releases/david-j-cohen-of-forvis-mazars-appointed-to-pcaob-inspections-modernization-council
[Category: BizConsulting]
* * *
David J. Cohen of Forvis Mazars appointed to PCAOB Inspections Modernization Council
David J, Cohen, national audit oversight leader for the SEC Practice at Forvis Mazars, has been appointed to the Public Company Accounting Oversight Board (PCAOB) Inspections Modernization Council (IMC), a newly established advisory body created to provide stakeholder input as the federal regulatory body evaluates the future of its inspections ... Show Full Article SPRINGFIELD, Missouri, July 24 -- Forvis Mazars LLP, a company that provides audit, assurance, tax, advisory and consulting services, issued the following news release: * * * David J. Cohen of Forvis Mazars appointed to PCAOB Inspections Modernization Council David J, Cohen, national audit oversight leader for the SEC Practice at Forvis Mazars, has been appointed to the Public Company Accounting Oversight Board (PCAOB) Inspections Modernization Council (IMC), a newly established advisory body created to provide stakeholder input as the federal regulatory body evaluates the future of its inspectionsprogram.
The council brings together a diverse group of leaders from public accounting, corporate finance, academia, investor advocacy, and regulatory organizations with a stake in the PCAOB's inspection activities.
The PCAOB created the council as part of its effort to gather broad stakeholder perspectives that can inform efforts to modernize its inspection program and thereby improve audit quality. Potential changes that the IMC will consider include generating more meaningful outputs for consumers of inspection reports, leveraging technological innovations such as automation and artificial intelligence, and focusing inspections on firms' systems of quality control.
Cohen has had extensive experience with the PCAOB inspection process from multiple perspectives throughout his career, including as an auditor, a financial statement preparer, a national-office audit quality professional, and in his current role as the leader responsible for coordinating inspection activities at one of the largest public accounting firms in the country. He also serves on the Center for Audit Quality's inspections task force and on the University of Kansas Accounting and Information Systems Advisory Council.
"Every stage of my career has been touched by the PCAOB inspection process," Cohen said. "I'm honored to join this council and contribute a perspective informed by those experiences. This is an important moment for the profession as we consider how strong systems of quality management can help create better outcomes for investors, firms, and other stakeholders."
"David's appointment is both a significant professional achievement and a reflection of the values that define our firm," said Tom Watson, CEO of Forvis Mazars. "Quality is how we earn trust--with our clients, our people, regulators, and the capital markets. It is a shared responsibility that shapes every decision and every investment we make in our people and processes. David's experience and leadership in audit quality make him exceptionally well positioned to contribute to this important dialogue about the future the profession."
Forvis Mazars has significantly enhanced its system of quality management in recent years, including investments in talent, training, and technology, and continually strengthening the firm's audit methodology. These efforts reflect the firm's belief that sustainable quality is achieved through sound professional judgment, accountability, continuous improvement, and a commitment to doing what is right in service of clients and the public interest.
More information about the firm's commitment to integrity and quality management can be found in its 2026 Quality Report (https://www.forvismazars.us/forsights/2026/03/2026-quality-report).
* * *
About Forvis Mazars
Forvis Mazars, LLP is an independent member of Forvis Mazars Global, a leading global professional services network. Ranked among the largest public accounting firms in the United States, the firm's 7,000 dedicated team members provide an Unmatched Client Experience(R) through the delivery of assurance, tax, and consulting services for clients in all 50 states and internationally through the global network. Visit forvismazars.us to learn more.
* * *
Original text here: https://www.forvismazars.us/about-us/newsroom/news-releases/david-j-cohen-of-forvis-mazars-appointed-to-pcaob-inspections-modernization-council
[Category: BizConsulting]
AT&T Delivers Strong 2nd-Quarter Results as Investment-Led Strategy Gains Momentum
DALLAS, Texas, July 24 -- AT&T issued the following news release:
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AT&T Delivers Strong Second-Quarter Results as Investment-Led Strategy Gains Momentum
AT&T adds more than 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers
The Company reiterates all consolidated full-year 2026 and multi-year financial guidance and multi-year capital return plans, with accelerated pace of share repurchases in 2026
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AT&T Inc. (NYSE: T) reported strong second-quarter results, driven by consistent execution ... Show Full Article DALLAS, Texas, July 24 -- AT&T issued the following news release: * * * AT&T Delivers Strong Second-Quarter Results as Investment-Led Strategy Gains Momentum AT&T adds more than 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers The Company reiterates all consolidated full-year 2026 and multi-year financial guidance and multi-year capital return plans, with accelerated pace of share repurchases in 2026 - AT&T Inc. (NYSE: T) reported strong second-quarter results, driven by consistent executionof the Company's investment-led strategy, demonstrating improved growth in consolidated service revenue and profitability. The Company continues to grow its base of high-value converged customers as it delivered a record quarter for combined fiber and fixed wireless net adds and its strongest consumer postpaid wireless account growth in more than three years.
"The accelerated growth we delivered this quarter shows our structural advantages to lead the next era of connectivity," said John Stankey, AT&T Chairman and CEO. "We are accelerating the pace of our planned share repurchases this year to approximately $10 billion, reflecting our confidence in our market position. With an industry-leading position in fiber - the best connectivity technology available - we believe our network performance and operating scale can't be matched."
Second-Quarter Consolidated Results/1
- Revenues totaled $31.6 billion, up 2.3% from the year-ago quarter
- Diluted EPS from continuing operations was $0.66, versus $0.62 in the year-ago quarter; adjusted EPS/* was $0.65, versus $0.54 in the year-ago quarter
- Operating income was $7.0 billion; adjusted operating income/* was $7.5 billion
- Income from continuing operations was $5.0 billion, up 3.6% year over year; adjusted EBITDA/* was $12.3 billion, up 5.2% year over year
- Cash from operating activities from continuing operations was $10.8 billion, versus $9.8 billion in the year-ago quarter
- Capital expenditures related to continuing operations were $5.7 billion; capital investment/* was $6.1 billion
- Free cash flow/* was $4.7 billion, versus $4.4 billion in the year-ago quarter
Second-Quarter Highlights
- Added over 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers
- Advanced Connectivity service revenue of $23.5 billion, up 5.1% year over year
- Advanced Connectivity operating income of $7.3 billion, up 20.3% year over year with EBITDA/* of $12.0 billion, up 8.0%
- 42.5% of households with AT&T's advanced home internet services also chose AT&T wireless/2
- 646,000 total consumer and business Advanced Connectivity internet net adds, including 367,000 fiber and 279,000 fixed wireless
- 432,000 postpaid phone net adds with postpaid phone churn of 0.86%
- Added more than 1 million total consumer and business locations reached with fiber for a total of 38.6 million; the Company remains on track to reach over 40 million total fiber locations by the end of 2026 and more than 60 million by the end of 2030/3
- Returned $4.1 billion to shareholders, including approximately $2.2 billion in common share repurchases under the 2024 authorization
Outlook and Capital Allocation Plan
AT&T maintains its outlook for improved growth in adjusted EBITDA/* and adjusted EPS/* and higher free cash flow/* through 2028, its plans to return $45 billion+ to shareholders during 2026-2028 through dividends and share repurchases, and an expectation that its net debt-to-adjusted EBITDA ratio/* will return to a level consistent with its target in the 2.5x range within approximately three years following the closing of its transaction with EchoStar.
The Company's long-term outlook for 2026-2028 includes/4:
- Service revenue growth in the low-single-digit range annually
= Advanced Connectivity service revenue growth in the mid-single-digit range annually, including expected growth of 5%+ in 2026
= Legacy service revenue decline of 20%+ in 2026 and be immaterial by the end of 2029
- Adjusted EBITDA/* growth in the 3% to 4% range in 2026, improving to 5% or better in 2028
= Advanced Connectivity EBITDA/* growth in the mid-to-high-single-digit range annually, including expected growth of 6%+ in 2026
= Legacy EBITDA/* expected to turn negative after 2027, until AT&T has substantially eliminated direct costs associated with operating its copper-based network/5
- Adjusted EPS/* of $2.25 to $2.35 in 2026 with a double-digit 3-year CAGR through 2028
- Capital investment/* in the $23 billion to $24 billion range annually during 2026-2028
- Free cash flow/* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028
- Strong capital returns, including plans to maintain its current annualized common stock dividend of $1.11 per share and approximately $24 billion of share repurchases, including approximately $10 billion during 2026
Note: AT&T's second-quarter 2026 earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, July 22, 2026. The webcast and related materials, including financial highlights, will be available at investors.att.com.
Consolidated Financial Results
- Revenues for the second quarter totaled $31.6 billion, versus $30.8 billion in the year-ago quarter, up 2.3%. This was largely due to growth in Advanced Connectivity fiber and wireless revenues, with fiber revenues including the impact of our first-quarter acquisition of Lumen's mass markets fiber business. Revenues in Mexico were also higher due to favorable foreign exchange impacts. Offsetting these increases were lower Legacy revenues from lower demand for services as the Company continues to decommission its copper-based network.
- Operating expenses were $24.5 billion, versus $24.3 billion in the year-ago quarter. Operating expenses increased due to an asset abandonment charge associated with the reprioritization of the Company's spectrum strategy, higher advertising expense, incremental customer costs related to the acquired mass markets fiber business, and higher bad debt expenses driven by subscriber growth. These increases were largely offset by lower depreciation expense from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives. Also offsetting the increase were cost reductions from transformation initiatives, lower content licensing fees, and gains on tower transactions.
- Operating income was $7.0 billion, versus $6.5 billion in the year-ago quarter. When adjusting for certain items, adjusted operating income/* was $7.5 billion, versus $6.5 billion in the year-ago quarter.
- Income from continuing operations was $5.0 billion, versus $4.9 billion in the year-ago quarter, which included equity in net income of DIRECTV.
- Income from continuing operations attributable to common stock was $4.6 billion, versus $4.5 billion in the year-ago quarter. Earnings per diluted common share from continuing operations was $0.66, versus $0.62 in the year-ago quarter. Adjusting for $(0.01), which includes a benefit from tax items that were primarily offset by an asset abandonment charge, and transaction, legal, and other items, adjusted earnings per diluted common share/* was $0.65, versus $0.54 in the year-ago quarter.
- Adjusted EBITDA/* was $12.3 billion, versus $11.7 billion in the year-ago quarter.
- Cash from operating activities from continuing operations was $10.8 billion versus $9.8 billion in the year-ago quarter, which benefitted from $0.3 billion of cash received from DIRECTV, net of related tax payments. The increase reflects lower cash tax payments and timing of working capital payments, which were partially offset by a voluntary pension plan contribution of $100 million.
- Capital expenditures related to continuing operations were $5.7 billion, compared to $4.9 billion in the year-ago quarter. Capital investment* totaled $6.1 billion, versus $5.1 billion in the year-ago quarter. Cash payments for vendor financing totaled $0.4 billion, versus $0.2 billion in the year-ago quarter.
- Free cash flow/* was $4.7 billion, versus $4.4 billion in the year-ago quarter.
- Total debt was $144.0 billion at the end of the second quarter, and net debt/* was $126.4 billion.
Table: Segment Results/6
Advanced Connectivity service revenues grew 5.1% year over year, driving growth in operating income of 20.3% and EBITDA/* of 8.0%. Internet net adds were 646,000 -- comprised of 367,000 fiber and 279,000 fixed wireless -- and postpaid phone net adds were 432,000.
Advanced Connectivity segment revenues grew 4.1% year over year, driven by service revenue growth of 5.1%. Wireless service revenue increased due to growth in retail wireless subscribers in underpenetrated categories and converged accounts, and pricing actions that were partially offset by promotional discounts on wireless subscriber additions. Advanced home internet revenue growth, which included an impact from the acquired mass markets fiber business that closed in the first quarter, reflects increases in fiber and AT&T Internet Air revenues. Business fiber and advanced connectivity revenues increased largely due to higher fiber and fixed wireless revenues. Business transitional and other revenues decreased partly due to lower demand for virtual private network and wholesale services.
Operating expenses were down 0.6% year over year, due to lower depreciation expense from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives. Also contributing to the decline were cost reductions from transformation initiatives, lower content licensing fees, and tower transaction gains. These decreases were partially offset by higher advertising expense, incremental customer costs related to the acquired mass markets fiber business, and higher bad debt expenses driven by subscriber growth.
Operating income was $7.3 billion, up 20.3% year over year. EBITDA/* was $12.0 billion, up $891 million year over year.
Table: Legacy revenues continued to decline year over year in line with AT&T's goal to power down and stop providing service over the large majority of its domestic copper-based network by the end of 2029.
Legacy segment revenues were down 25.9% year over year, primarily due to lower demand for services as the Company continues to decommission its copper-based network. Operating expenses, which represent direct operating costs, were $1.1 billion, down 10.8% year over year. Expense declines were primarily driven by lower personnel and other costs resulting from the decommissioning of the copper-based network, and lower fulfillment cost amortization, partially offset by vendor settlements. Operating income and EBITDA* were $523 million, down $436 million year over year.
Latin America segment revenues were up 16.1% year over year, primarily driven by favorable foreign exchange rates and postpaid wireless subscriber growth. Operating expenses were up 17.7% year over year due to unfavorable foreign exchange rates, higher bad debt expense, and higher depreciation expense. Operating income was $38 million, down $8 million year over year. EBITDA* was $227 million, up $26 million year over year.
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*/ Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.
1/ With the closing of the acquisition of substantially all of Lumen's Mass Markets fiber business on February 2, 2026, the fiber customer relationships were retained by AT&T and are included in the Company's year-to-date results, unless otherwise indicated. The recently acquired fiber network assets, including certain fiber network build capabilities, were placed in a wholly owned subsidiary, of which AT&T plans to sell a controlling interest to an equity partner that will co-invest in the ongoing business. As such, the subsidiary is classified as held-for-sale and reflected as discontinued operations.
2/ Advanced home internet connections with AT&T wireless is defined as AT&T Fiber and AT&T Internet Air connections that are also primary wireless account holders that subscribe to consumer postpaid phone service. AT&T refers to these customers as converged customers. Convergence rate represents the ratio of converged customers to advanced home internet connections. This 2Q26 convergence metric is presented based on available information and is subject to revision.
3/ Total consumer and business locations reached with fiber represents the sum of: (1) AT&T Owned and Operated locations, which reflect its customer locations passed by AT&T's fiber network and (2) AT&T Fiber Ventures locations, which represent locations served from the recently acquired mass markets fiber business, Gigapower, and other commercial open access providers.
4/ The Company's long-term outlook for 2026-2028 is presented on a continuing operations basis and excludes discontinued operations.
5/ The strategy to remove legacy fixed costs across a geography is tied to the decommissioning of infrastructure after all customers have been upgraded to newer services. Gaining approvals could delay this decommissioning beyond 2029.
6/ Effective with the Company's first-quarter 2026 reporting, AT&T revised its operating segments to reflect the evolution of its business model to focus on delivering converged advanced connectivity services.
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About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 150 years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.
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Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.
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Non-GAAP Measures and Reconciliations to GAAP Measures
Schedules and reconciliations of non-GAAP financial measures cited in this document to the most comparable financial measures under generally accepted accounting principles (GAAP) can be found at investors.att.com and in our Form 8-K dated July 22, 2026. Adjusted diluted EPS, adjusted operating income, EBITDA, EBITDA margin, adjusted EBITDA, free cash flow, and net debt are non-GAAP financial measures frequently used by investors and credit rating agencies. The information below refers only to AT&T's continuing operations and does not include discussion of balances or activity related to discontinued operations.
Adjusted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Non-operational items arising from asset acquisitions and dispositions include the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate; in these cases, we use the actual tax expense or combined marginal rate of approximately 25%.
For 2Q26, adjusted EPS of $0.65 is diluted EPS from continuing operations of $0.66 adjusted to remove $0.05 benefit from tax items and adjusted for a $0.03 asset abandonment charge, and $0.01 for benefit-related, transaction, legal and other items. For 2Q25, adjusted EPS of $0.54 is diluted EPS of $0.62 minus $0.05 equity in net income of DIRECTV and minus $0.03 benefit-related, transaction, legal and other items. Transaction, legal and other costs include certain legal reserves and settlements that cover extended historical periods, novel theories of liability, and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries.
The Company expects adjustments to 2026 reported diluted EPS from continuing operations to include acquisition-related amortization of approximately $0.3 billion (based on preliminary information), a non-cash mark-to-market benefit plan gain/loss and other items. The Company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. AT&T's projected adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, the Company cannot provide a reconciliation between this projected non-GAAP metric and the most comparable GAAP metric without unreasonable effort.
Adjusted operating income is operating income adjusted for revenues and costs the Company considers non-operational in nature, including items arising from asset acquisitions or dispositions. For 2Q26, adjusted operating income of $7.5 billion is calculated as operating income of $7.0 billion, plus adjustments of $418 million. For 2Q25, adjusted operating income of $6.5 billion is calculated as operating income of $6.5 billion minus adjustments of $12 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 22, 2026, and include transaction, legal, and other costs as discussed above.
EBITDA is income from continuing operations plus income tax, interest, and depreciation and amortization expenses minus equity in net income (loss) of affiliates and other income (expense) - net. Adjusted EBITDA is calculated by excluding from EBITDA certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation, and other material gains and losses. Adjustments include transaction, legal, and other costs as discussed above.
For 2Q26, adjusted EBITDA of $12.3 billion is calculated as income from continuing operations of $5.0 billion, plus income tax expense of $0.8 billion, plus interest expense of $1.9 billion, plus equity in net income (loss) of affiliates of $(29) million, minus other income (expense) - net of $0.7 billion, plus depreciation and amortization of $5.0 billion, plus adjustments of $334 million. For 2Q25, adjusted EBITDA of $11.7 billion is calculated as income from continuing operations of $4.9 billion, plus income tax expense of $1.2 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.5 billion, minus other income (expense) - net of $0.8 billion, plus depreciation and amortization of $5.3 billion, minus adjustments of $21 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 22, 2026.
At the segment level, EBITDA is operating income before depreciation and amortization. EBITDA margin is EBITDA divided by total revenues. For 2Q26, Advanced Connectivity EBITDA of $12.0 billion is operating income of $7.3 billion plus depreciation and amortization of $4.7 billion. For 2Q25, Advanced Connectivity EBITDA of $11.1 billion is operating income of $6.1 billion plus depreciation and amortization of $5.0 billion.
Adjusted EBITDA, Advanced Connectivity EBITDA, and Legacy EBITDA estimates depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics without unreasonable effort.
Free cash flow for 2Q26 of $4.7 billion is cash from operating activities from continuing operations of $10.8 billion, minus capital expenditures of $5.7 billion and cash paid for vendor financing of $0.4 billion. For 2Q25, free cash flow of $4.4 billion is cash from operating activities of $9.8 billion, less cash distributions from DIRECTV classified as operating activities of $0.5 billion, less cash taxes paid on DIRECTV of $0.3 billion, minus capital expenditures of $4.9 billion and cash paid for vendor financing of $0.2 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures and vendor financing payments, the Company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort.
Capital investment provides a comprehensive view of cash used to invest in our networks, product developments, and support systems. In connection with capital improvements, we have favorable payment terms of 120 days or more with certain vendors, referred to as vendor financing, which are excluded from capital expenditures and reported as financing activities. Capital investment includes capital expenditures and cash paid for vendor financing ($0.4 billion in 2Q26, $0.2 billion in 2Q25). Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the Company is not able to provide a reconciliation between projected capital investment and the most comparable GAAP metric without unreasonable effort.
Net debt of $126.4 billion at June 30, 2026, is calculated as total debt of $144.0 billion less cash and cash equivalents of $17.6 billion and time deposits (i.e., deposits at financial institutions that are greater than 90 days) of $0. Net debt-to-adjusted EBITDA is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA. Net debt and adjusted EBITDA estimates depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort.
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Original text here: https://about.att.com/story/2026/2q-earnings.html
[Category: BizTelecommunications]
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AT&T Delivers Strong Second-Quarter Results as Investment-Led Strategy Gains Momentum
AT&T adds more than 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers
The Company reiterates all consolidated full-year 2026 and multi-year financial guidance and multi-year capital return plans, with accelerated pace of share repurchases in 2026
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AT&T Inc. (NYSE: T) reported strong second-quarter results, driven by consistent execution ... Show Full Article DALLAS, Texas, July 24 -- AT&T issued the following news release: * * * AT&T Delivers Strong Second-Quarter Results as Investment-Led Strategy Gains Momentum AT&T adds more than 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers The Company reiterates all consolidated full-year 2026 and multi-year financial guidance and multi-year capital return plans, with accelerated pace of share repurchases in 2026 - AT&T Inc. (NYSE: T) reported strong second-quarter results, driven by consistent executionof the Company's investment-led strategy, demonstrating improved growth in consolidated service revenue and profitability. The Company continues to grow its base of high-value converged customers as it delivered a record quarter for combined fiber and fixed wireless net adds and its strongest consumer postpaid wireless account growth in more than three years.
"The accelerated growth we delivered this quarter shows our structural advantages to lead the next era of connectivity," said John Stankey, AT&T Chairman and CEO. "We are accelerating the pace of our planned share repurchases this year to approximately $10 billion, reflecting our confidence in our market position. With an industry-leading position in fiber - the best connectivity technology available - we believe our network performance and operating scale can't be matched."
Second-Quarter Consolidated Results/1
- Revenues totaled $31.6 billion, up 2.3% from the year-ago quarter
- Diluted EPS from continuing operations was $0.66, versus $0.62 in the year-ago quarter; adjusted EPS/* was $0.65, versus $0.54 in the year-ago quarter
- Operating income was $7.0 billion; adjusted operating income/* was $7.5 billion
- Income from continuing operations was $5.0 billion, up 3.6% year over year; adjusted EBITDA/* was $12.3 billion, up 5.2% year over year
- Cash from operating activities from continuing operations was $10.8 billion, versus $9.8 billion in the year-ago quarter
- Capital expenditures related to continuing operations were $5.7 billion; capital investment/* was $6.1 billion
- Free cash flow/* was $4.7 billion, versus $4.4 billion in the year-ago quarter
Second-Quarter Highlights
- Added over 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers
- Advanced Connectivity service revenue of $23.5 billion, up 5.1% year over year
- Advanced Connectivity operating income of $7.3 billion, up 20.3% year over year with EBITDA/* of $12.0 billion, up 8.0%
- 42.5% of households with AT&T's advanced home internet services also chose AT&T wireless/2
- 646,000 total consumer and business Advanced Connectivity internet net adds, including 367,000 fiber and 279,000 fixed wireless
- 432,000 postpaid phone net adds with postpaid phone churn of 0.86%
- Added more than 1 million total consumer and business locations reached with fiber for a total of 38.6 million; the Company remains on track to reach over 40 million total fiber locations by the end of 2026 and more than 60 million by the end of 2030/3
- Returned $4.1 billion to shareholders, including approximately $2.2 billion in common share repurchases under the 2024 authorization
Outlook and Capital Allocation Plan
AT&T maintains its outlook for improved growth in adjusted EBITDA/* and adjusted EPS/* and higher free cash flow/* through 2028, its plans to return $45 billion+ to shareholders during 2026-2028 through dividends and share repurchases, and an expectation that its net debt-to-adjusted EBITDA ratio/* will return to a level consistent with its target in the 2.5x range within approximately three years following the closing of its transaction with EchoStar.
The Company's long-term outlook for 2026-2028 includes/4:
- Service revenue growth in the low-single-digit range annually
= Advanced Connectivity service revenue growth in the mid-single-digit range annually, including expected growth of 5%+ in 2026
= Legacy service revenue decline of 20%+ in 2026 and be immaterial by the end of 2029
- Adjusted EBITDA/* growth in the 3% to 4% range in 2026, improving to 5% or better in 2028
= Advanced Connectivity EBITDA/* growth in the mid-to-high-single-digit range annually, including expected growth of 6%+ in 2026
= Legacy EBITDA/* expected to turn negative after 2027, until AT&T has substantially eliminated direct costs associated with operating its copper-based network/5
- Adjusted EPS/* of $2.25 to $2.35 in 2026 with a double-digit 3-year CAGR through 2028
- Capital investment/* in the $23 billion to $24 billion range annually during 2026-2028
- Free cash flow/* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028
- Strong capital returns, including plans to maintain its current annualized common stock dividend of $1.11 per share and approximately $24 billion of share repurchases, including approximately $10 billion during 2026
Note: AT&T's second-quarter 2026 earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, July 22, 2026. The webcast and related materials, including financial highlights, will be available at investors.att.com.
Consolidated Financial Results
- Revenues for the second quarter totaled $31.6 billion, versus $30.8 billion in the year-ago quarter, up 2.3%. This was largely due to growth in Advanced Connectivity fiber and wireless revenues, with fiber revenues including the impact of our first-quarter acquisition of Lumen's mass markets fiber business. Revenues in Mexico were also higher due to favorable foreign exchange impacts. Offsetting these increases were lower Legacy revenues from lower demand for services as the Company continues to decommission its copper-based network.
- Operating expenses were $24.5 billion, versus $24.3 billion in the year-ago quarter. Operating expenses increased due to an asset abandonment charge associated with the reprioritization of the Company's spectrum strategy, higher advertising expense, incremental customer costs related to the acquired mass markets fiber business, and higher bad debt expenses driven by subscriber growth. These increases were largely offset by lower depreciation expense from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives. Also offsetting the increase were cost reductions from transformation initiatives, lower content licensing fees, and gains on tower transactions.
- Operating income was $7.0 billion, versus $6.5 billion in the year-ago quarter. When adjusting for certain items, adjusted operating income/* was $7.5 billion, versus $6.5 billion in the year-ago quarter.
- Income from continuing operations was $5.0 billion, versus $4.9 billion in the year-ago quarter, which included equity in net income of DIRECTV.
- Income from continuing operations attributable to common stock was $4.6 billion, versus $4.5 billion in the year-ago quarter. Earnings per diluted common share from continuing operations was $0.66, versus $0.62 in the year-ago quarter. Adjusting for $(0.01), which includes a benefit from tax items that were primarily offset by an asset abandonment charge, and transaction, legal, and other items, adjusted earnings per diluted common share/* was $0.65, versus $0.54 in the year-ago quarter.
- Adjusted EBITDA/* was $12.3 billion, versus $11.7 billion in the year-ago quarter.
- Cash from operating activities from continuing operations was $10.8 billion versus $9.8 billion in the year-ago quarter, which benefitted from $0.3 billion of cash received from DIRECTV, net of related tax payments. The increase reflects lower cash tax payments and timing of working capital payments, which were partially offset by a voluntary pension plan contribution of $100 million.
- Capital expenditures related to continuing operations were $5.7 billion, compared to $4.9 billion in the year-ago quarter. Capital investment* totaled $6.1 billion, versus $5.1 billion in the year-ago quarter. Cash payments for vendor financing totaled $0.4 billion, versus $0.2 billion in the year-ago quarter.
- Free cash flow/* was $4.7 billion, versus $4.4 billion in the year-ago quarter.
- Total debt was $144.0 billion at the end of the second quarter, and net debt/* was $126.4 billion.
Table: Segment Results/6
Advanced Connectivity service revenues grew 5.1% year over year, driving growth in operating income of 20.3% and EBITDA/* of 8.0%. Internet net adds were 646,000 -- comprised of 367,000 fiber and 279,000 fixed wireless -- and postpaid phone net adds were 432,000.
Advanced Connectivity segment revenues grew 4.1% year over year, driven by service revenue growth of 5.1%. Wireless service revenue increased due to growth in retail wireless subscribers in underpenetrated categories and converged accounts, and pricing actions that were partially offset by promotional discounts on wireless subscriber additions. Advanced home internet revenue growth, which included an impact from the acquired mass markets fiber business that closed in the first quarter, reflects increases in fiber and AT&T Internet Air revenues. Business fiber and advanced connectivity revenues increased largely due to higher fiber and fixed wireless revenues. Business transitional and other revenues decreased partly due to lower demand for virtual private network and wholesale services.
Operating expenses were down 0.6% year over year, due to lower depreciation expense from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives. Also contributing to the decline were cost reductions from transformation initiatives, lower content licensing fees, and tower transaction gains. These decreases were partially offset by higher advertising expense, incremental customer costs related to the acquired mass markets fiber business, and higher bad debt expenses driven by subscriber growth.
Operating income was $7.3 billion, up 20.3% year over year. EBITDA/* was $12.0 billion, up $891 million year over year.
Table: Legacy revenues continued to decline year over year in line with AT&T's goal to power down and stop providing service over the large majority of its domestic copper-based network by the end of 2029.
Legacy segment revenues were down 25.9% year over year, primarily due to lower demand for services as the Company continues to decommission its copper-based network. Operating expenses, which represent direct operating costs, were $1.1 billion, down 10.8% year over year. Expense declines were primarily driven by lower personnel and other costs resulting from the decommissioning of the copper-based network, and lower fulfillment cost amortization, partially offset by vendor settlements. Operating income and EBITDA* were $523 million, down $436 million year over year.
Latin America segment revenues were up 16.1% year over year, primarily driven by favorable foreign exchange rates and postpaid wireless subscriber growth. Operating expenses were up 17.7% year over year due to unfavorable foreign exchange rates, higher bad debt expense, and higher depreciation expense. Operating income was $38 million, down $8 million year over year. EBITDA* was $227 million, up $26 million year over year.
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*/ Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.
1/ With the closing of the acquisition of substantially all of Lumen's Mass Markets fiber business on February 2, 2026, the fiber customer relationships were retained by AT&T and are included in the Company's year-to-date results, unless otherwise indicated. The recently acquired fiber network assets, including certain fiber network build capabilities, were placed in a wholly owned subsidiary, of which AT&T plans to sell a controlling interest to an equity partner that will co-invest in the ongoing business. As such, the subsidiary is classified as held-for-sale and reflected as discontinued operations.
2/ Advanced home internet connections with AT&T wireless is defined as AT&T Fiber and AT&T Internet Air connections that are also primary wireless account holders that subscribe to consumer postpaid phone service. AT&T refers to these customers as converged customers. Convergence rate represents the ratio of converged customers to advanced home internet connections. This 2Q26 convergence metric is presented based on available information and is subject to revision.
3/ Total consumer and business locations reached with fiber represents the sum of: (1) AT&T Owned and Operated locations, which reflect its customer locations passed by AT&T's fiber network and (2) AT&T Fiber Ventures locations, which represent locations served from the recently acquired mass markets fiber business, Gigapower, and other commercial open access providers.
4/ The Company's long-term outlook for 2026-2028 is presented on a continuing operations basis and excludes discontinued operations.
5/ The strategy to remove legacy fixed costs across a geography is tied to the decommissioning of infrastructure after all customers have been upgraded to newer services. Gaining approvals could delay this decommissioning beyond 2029.
6/ Effective with the Company's first-quarter 2026 reporting, AT&T revised its operating segments to reflect the evolution of its business model to focus on delivering converged advanced connectivity services.
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About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 150 years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.
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Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.
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Non-GAAP Measures and Reconciliations to GAAP Measures
Schedules and reconciliations of non-GAAP financial measures cited in this document to the most comparable financial measures under generally accepted accounting principles (GAAP) can be found at investors.att.com and in our Form 8-K dated July 22, 2026. Adjusted diluted EPS, adjusted operating income, EBITDA, EBITDA margin, adjusted EBITDA, free cash flow, and net debt are non-GAAP financial measures frequently used by investors and credit rating agencies. The information below refers only to AT&T's continuing operations and does not include discussion of balances or activity related to discontinued operations.
Adjusted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Non-operational items arising from asset acquisitions and dispositions include the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate; in these cases, we use the actual tax expense or combined marginal rate of approximately 25%.
For 2Q26, adjusted EPS of $0.65 is diluted EPS from continuing operations of $0.66 adjusted to remove $0.05 benefit from tax items and adjusted for a $0.03 asset abandonment charge, and $0.01 for benefit-related, transaction, legal and other items. For 2Q25, adjusted EPS of $0.54 is diluted EPS of $0.62 minus $0.05 equity in net income of DIRECTV and minus $0.03 benefit-related, transaction, legal and other items. Transaction, legal and other costs include certain legal reserves and settlements that cover extended historical periods, novel theories of liability, and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries.
The Company expects adjustments to 2026 reported diluted EPS from continuing operations to include acquisition-related amortization of approximately $0.3 billion (based on preliminary information), a non-cash mark-to-market benefit plan gain/loss and other items. The Company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. AT&T's projected adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, the Company cannot provide a reconciliation between this projected non-GAAP metric and the most comparable GAAP metric without unreasonable effort.
Adjusted operating income is operating income adjusted for revenues and costs the Company considers non-operational in nature, including items arising from asset acquisitions or dispositions. For 2Q26, adjusted operating income of $7.5 billion is calculated as operating income of $7.0 billion, plus adjustments of $418 million. For 2Q25, adjusted operating income of $6.5 billion is calculated as operating income of $6.5 billion minus adjustments of $12 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 22, 2026, and include transaction, legal, and other costs as discussed above.
EBITDA is income from continuing operations plus income tax, interest, and depreciation and amortization expenses minus equity in net income (loss) of affiliates and other income (expense) - net. Adjusted EBITDA is calculated by excluding from EBITDA certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation, and other material gains and losses. Adjustments include transaction, legal, and other costs as discussed above.
For 2Q26, adjusted EBITDA of $12.3 billion is calculated as income from continuing operations of $5.0 billion, plus income tax expense of $0.8 billion, plus interest expense of $1.9 billion, plus equity in net income (loss) of affiliates of $(29) million, minus other income (expense) - net of $0.7 billion, plus depreciation and amortization of $5.0 billion, plus adjustments of $334 million. For 2Q25, adjusted EBITDA of $11.7 billion is calculated as income from continuing operations of $4.9 billion, plus income tax expense of $1.2 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.5 billion, minus other income (expense) - net of $0.8 billion, plus depreciation and amortization of $5.3 billion, minus adjustments of $21 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 22, 2026.
At the segment level, EBITDA is operating income before depreciation and amortization. EBITDA margin is EBITDA divided by total revenues. For 2Q26, Advanced Connectivity EBITDA of $12.0 billion is operating income of $7.3 billion plus depreciation and amortization of $4.7 billion. For 2Q25, Advanced Connectivity EBITDA of $11.1 billion is operating income of $6.1 billion plus depreciation and amortization of $5.0 billion.
Adjusted EBITDA, Advanced Connectivity EBITDA, and Legacy EBITDA estimates depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics without unreasonable effort.
Free cash flow for 2Q26 of $4.7 billion is cash from operating activities from continuing operations of $10.8 billion, minus capital expenditures of $5.7 billion and cash paid for vendor financing of $0.4 billion. For 2Q25, free cash flow of $4.4 billion is cash from operating activities of $9.8 billion, less cash distributions from DIRECTV classified as operating activities of $0.5 billion, less cash taxes paid on DIRECTV of $0.3 billion, minus capital expenditures of $4.9 billion and cash paid for vendor financing of $0.2 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures and vendor financing payments, the Company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort.
Capital investment provides a comprehensive view of cash used to invest in our networks, product developments, and support systems. In connection with capital improvements, we have favorable payment terms of 120 days or more with certain vendors, referred to as vendor financing, which are excluded from capital expenditures and reported as financing activities. Capital investment includes capital expenditures and cash paid for vendor financing ($0.4 billion in 2Q26, $0.2 billion in 2Q25). Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the Company is not able to provide a reconciliation between projected capital investment and the most comparable GAAP metric without unreasonable effort.
Net debt of $126.4 billion at June 30, 2026, is calculated as total debt of $144.0 billion less cash and cash equivalents of $17.6 billion and time deposits (i.e., deposits at financial institutions that are greater than 90 days) of $0. Net debt-to-adjusted EBITDA is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA. Net debt and adjusted EBITDA estimates depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort.
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Original text here: https://about.att.com/story/2026/2q-earnings.html
[Category: BizTelecommunications]