New Street Research: Fixed Wireless Access gross adds rose 24% in Q4 2025, slowdown ahead

Major U.S. carriers have thus far seen reasonable growth in fixed wireless access gross additions, but the analysts at New Street Research said a plateau is incoming. The firm’s latest broadband trends report found residential FWA gross adds increased about 24 percent year-over-year in Q4 2025. But gross adds were “sequentially flat” compared to the 33 percent growth in the prior quarter. Gross adds measure all newly acquired customers, while net adds are a measure of newly acquired customers minus estimated disconnects. AT&T and T-Mobile’s FWA growth remains positive, for now, as both saw net subscribers increase YoY in Q4 from 158,000 to 221,000 for AT&T and from 428,000 to 495,000 for T-Mobile. However, Verizon's net FWA adds dropped from 373,000 in Q4 2024 to 319,000 in Q4 2025, which New Street attributed to flat gross adds and higher disconnect rates. “As gross adds plateau, net adds will fall as disconnects will continue to grow with the base,” New Street analysts predict.