Verizon Delivers Another Record-Breaking Quarter with 3Q 2026 Results Driven by Strong Postpaid Phone and Account Additions

Full-year free cash flow growth is expected to approach 12.0%, up from the previous outlook of 9.0% to 10.0%.

Rhea-AI Summary

Verizon (VZ) raised its full-year 2026 outlook after third-quarter results showed higher earnings and accelerating growth in phone customers. Revenue rose 1.5% year over year to $34.3 billion, net income increased 5.2% to $5.3 billion, and earnings per share rose 6.8% to $1.25. Postpaid phone net additions reached 406,000, up more than 820.0% year over year.

Quarterly operating cash flow increased 2.2% to $11.5 billion, while free cash flow rose 12.1% to $7.8 billion. Verizon now expects 1.1 million to 1.2 million postpaid phone net additions and adjusted earnings per share of $5.04 to $5.06 for 2026. It signed an AWS agreement valued at $2.0+ billion to establish a commercial framework for distributed computing serving AI workloads. Net unsecured debt fell to $123.7 billion from $128.7 billion at the end of the second quarter.

31 points · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EPS outlook raised to $5.04–$5.06, or 7.0–7.5% growth, from 6.0–7.0% growth.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year postpaid phone additions guidance raised to 1.1 million–1.2 million from upper half of 750,000–1.0 million.
• Moderate pointAWS agreement valued at $2.0+ billion establishes a commercial framework for distributed AI computing. 1.1% of market cap
• Moderate pointThird-quarter revenue increased 1.5% year over year to $34.3 billion.
• Moderate pointThird-quarter net income rose 5.2% year over year to $5.3 billion.
• Moderate pointThird-quarter adjusted EPS increased 8.3% to $1.31 from $1.21 a year earlier.
• Moderate pointThird-quarter adjusted EBITDA, an adjusted earnings measure, increased 8.0% year over year to $13.8 billion.
• Moderate pointThird-quarter postpaid phone net additions reached 406,000, up more than 820.0% year over year.
• Moderate pointThird-quarter postpaid net account additions reached 137,000, the best performance in over a decade.
• Moderate pointThird-quarter mobility and broadband service revenue grew 2.9% year over year to approximately $23.5 billion.
• Moderate pointThird-quarter broadband net additions totaled 314,000: 159,000 fixed wireless and 155,000 fiber.
• Moderate pointThird-quarter operating cash flow rose 2.2% year over year to $11.5 billion.
• Moderate pointThird-quarter free cash flow increased 12.1% year over year to $7.8 billion.
• Moderate pointNet unsecured debt declined to $123.7 billion from $128.7 billion at second-quarter end.
• Moderate pointFirst-nine-month shareholder capital returns increased 49.0% year over year to $12.8 billion.

16 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.2026 operating cash flow growth outlook raised to 3.5–5.0% from 2.0–4.0%.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 free cash flow growth now expected to approach 12.0%, up from 9.0–10.0%.
• Minor pointThird-quarter net income margin improved to 15.5% from 14.9% a year earlier.
• Minor pointThird-quarter EPS increased 6.8% to $1.25 from $1.17 a year earlier.
• Minor pointThird-quarter adjusted EBITDA margin rose to 40.2% from 37.8% a year earlier.
• Minor pointFirst-nine-month mobility and broadband subscriber additions reached nearly 1.7 million, versus 879,000 a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.2026 mobility and broadband service revenue growth expected in upper half of 2.5–3.0%; fourth-quarter growth approximately 4.0%.
• Minor pointThird-quarter overall postpaid phone churn, measuring customer departures, improved 4 basis points to 0.94% year over year.
• Minor pointThird-quarter Consumer postpaid phone churn improved 4 basis points to 0.87% year over year.
• Minor pointPromotional acquisition costs decreased 41% year over year.
• Minor pointPromotional retention costs improved by 30% year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fiber coverage expected to exceed 32 million premises by year-end, targeting 40–50 million over the medium term.
• Minor pointFirst-nine-month operating cash flow reached $29.9 billion, versus $28.0 billion in the same 2025 period.
• Minor pointFirst-nine-month free cash flow increased 14.3% year over year to $18.0 billion.
• Minor pointUnsecured debt declined to $136.1 billion from $136.5 billion at second-quarter end.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year share repurchases remain expected at up to $4.5 billion.

Negative

• Moderate pointThird-quarter equipment revenue declined 9.0% year over year, primarily reflecting lower upgrades and reduced device subsidies.
• Moderate pointThird-quarter interest expense increased to $1,950 million from $1,664 million a year earlier.
• Minor pointTotal debt increased to $166,233 million at September 30, 2026, from $165,231 million at June 30.
• Minor pointDebt maturing within one year increased to $23,889 million from $21,783 million at June 30, 2026.
• Minor pointNet unsecured debt/adjusted EBITDA reached 2.3 times at September 30, 2026, versus 2.2 times at December 31, 2025.

4 minor points

• Minor pointUnsecured debt/net income reached 8.1 times at September 30, 2026, versus 7.4 times at December 31, 2025.
• Minor pointThird-quarter acquisition-related intangible amortization increased to $289 million from $189 million a year earlier.
• Minor pointThird-quarter acquisition and integration charges increased to $57 million from $52 million a year earlier.
• Minor pointTrailing-12-month net income was $16,863 million through September 2026, versus $17,608 million through December 2025.

News Explained

During the first nine months of 2026, Verizon returned $12.8 billion to shareholders, including $8.8 billion in dividends and $4.0 billion in share repurchases; it expects up to $4.5 billion in repurchases for the full year, a repurchase figure rather than a total-return target.

Argus 15 min delay 1 alert

+0.02% vs previous close $44.67 last price 28.0x rel. volume Open Argus

Details

Market Reaction – VZ

$44.46 – $46.11 Day Range

$185.59B Mkt Cap at Last Price

On Oct 26, the day this news came out, the latest delayed price for VZ is 0.02% above the previous close. The latest delayed price is $44.67. Relative volume is exceptionally heavy at 28.0x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Postpaid phone net additions: 406,000 Mobility and broadband service revenue: $23.5 billion; up 2.9% Adjusted EBITDA: $13.8 billion; up 8.0% +5 more

Postpaid phone net additions

406,000

3Q 2026; strongest third-quarter result in five years

Mobility and broadband service revenue

$23.5 billion; up 2.9%

3Q 2026 year over year

Adjusted EBITDA

$13.8 billion; up 8.0%

3Q 2026 year over year

Adjusted EPS

$1.31; up 8.3%

3Q 2026 year over year

Free cash flow

$7.8 billion; up 12.1%

3Q 2026 year over year

AWS agreement value

$2.0+ billion

Agreement establishes a commercial framework for distributed compute

2026 postpaid phone net additions guidance

1.1 million to 1.2 million

Raised from the upper half of 750,000 to 1.0 million

2026 Adjusted EPS guidance

$5.04 to $5.06

Growth guidance raised to 7.0% to 7.5% year over year from 6.0% to 7.0%

Key Terms

adjusted ebitda, adjusted eps, free cash flow, non-gaap

4 terms

adjusted ebitda financial

"Consolidated Adjusted EBITDA1 grew 8.0 percent year-over-year to $13.8 billion"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted eps financial

"Adjusted EPS¹ of $1.31, up 8.3 percent year-over-year"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

free cash flow financial

"Free cash flow¹ was $7.8 billion in third-quarter 2026"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

View in glossary

non-gaap financial

"1 Non-GAAP financial measure."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Transformation Efforts Continue to Drive Growth and Profitability 

Company Raises Full-Year Guidance for Third Consecutive Quarter

Verizon and Amazon Web Services (AWS) Expand Strategic Partnership with Landmark $2B+ AI Infrastructure Deal

3Q26 Key Highlights:

• Delivered 406,000 postpaid phone net additions, a more than 820.0 percent increase year-over-year, representing the strongest third-quarter performance in five years.
• Added 137,000 postpaid net accounts, marking the company's best performance in over a decade.
• Acquired nearly 1.7 million mobility and broadband subscribers in the first nine months of 2026, compared to 879,000 in the first nine months of 2025.
• Mobility and broadband service revenue of $23.5 billion grew 2.9 percent year-over-year, up sequentially and forecast to grow approximately 4.0 percent in fourth-quarter 2026.
• Cash flow from operating activities was $11.5 billion for the quarter, representing an increase of 2.2 percent year-over-year. This supported free cash flow¹ of $7.8 billion, up 12.1 percent year-over-year.
• Sharp focus on operational efficiency resulted in strong consolidated net income performance of $5.3 billion, up 5.2 percent year-over-year. This drove consolidated Adjusted EBITDA¹ of $13.8 billion, up 8.0 percent year-over-year, which represents the highest quarterly result the company has ever reported.
• Earnings per share (EPS) was $1.25, up 6.8 percent year-over-year, driving Adjusted EPS¹ of $1.31, up 8.3 percent year-over-year.
• Raised full-year 2026 guidance for key metrics for the third consecutive quarter, including for postpaid phone net additions, Adjusted EPS¹, and free cash flow¹.
• Signed an agreement valued at $2.0+ billion with AWS that establishes a commercial framework to scale distributed compute and meet the real-time demands of agentic and generative AI workloads.
  

NEW YORK, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced third-quarter 2026 results that set new company benchmarks. This performance highlights the momentum behind its multi-year transformation. Verizon delivered its strongest third-quarter postpaid phone net adds in five years, and its best quarterly net account growth in over a decade, alongside lower year-over-year churn. With these strong results and the underlying performance of the business, Verizon raised its full-year guidance for the third consecutive quarter.

"Verizon delivered another record-breaking quarter. One year into our transformation, Verizon is fundamentally stronger — operationally, financially, and competitively," said Dan Schulman, Verizon CEO. "By prioritizing customer-first offerings like Simplicity and our expanded loyalty program over heavy subsidies, we are winning loyal, high-value customers while expanding margins, reducing churn, and generating strong sustained cash flow. At the same time, technology leaders are choosing our fiber network to power the next generation of AI infrastructure. We are continuing to raise the bar and we are only one year into a multi-year growth story."

3Q 2026 Highlights

Mobility and Broadband

• Mobility and broadband service revenue reached approximately $23.5 billion, representing a 2.9 percent increase year-over-year, continuing a sequential improvement from 2.8 percent in second-quarter 2026 and 1.6 percent in first-quarter 2026.
• Reported total postpaid phone net additions of 406,000 in third-quarter 2026, a more than 820.0 percent increase year-over-year, marking the strongest third-quarter performance in five years.
• Delivered 137,000 postpaid net account additions, marking the best performance in over a decade.
• Overall postpaid phone churn improved 4 bps year-over-year to 0.94 percent, with Consumer postpaid phone churn also improving 4 bps to 0.87 percent. Promotional cost of acquisition decreased 41 percent year-over-year, and promotional cost of retention improved by 30 percent year-over-year.
• Delivered 314,000 broadband net additions in third-quarter 2026. This includes total fixed wireless access net additions of 159,000 and 155,000 fiber broadband net additions.
• Verizon now maintains 17.4 million total broadband connections, with more than half of new fiber customers choosing 1-gigabit-plus download speeds.
• The company continues to anticipate total fiber passings to exceed 32 million by year-end, remaining on track toward a target of 40 to 50 million fiber passings over the medium term.
  

Consolidated Financial Results

• Total operating revenue was $34.3 billion, up 1.5 percent year-over-year. Mobility and broadband service revenue growth of 2.9 percent was offset by a 9.0 percent year-over-year decline in equipment revenue. This decline resulted primarily from significantly lower upgrade volumes, as the average time customers keep their mobile devices continues to increase, and the company’s strategic decision to reduce spending on device subsidies. It is another demonstration of Verizon’s more disciplined approach as the company structurally evolves its business model.
• In third-quarter 2026, Verizon had strong consolidated net income of $5.3 billion, a 5.2 percent increase year-over-year, and strong consolidated net income margin of 15.5 percent compared to 14.9 percent in third-quarter 2025.
• Consolidated Adjusted EBITDA¹ grew 8.0 percent year-over-year to $13.8 billion, the highest the company ever reported.
• Consolidated Adjusted EBITDA margin¹ grew from 37.8 to 40.2 percent year-over-year, the highest the company ever reported.
• EPS was $1.25 in third-quarter 2026, a 6.8 percent increase compared to $1.17 in third-quarter 2025; Adjusted EPS¹, excluding special items, was $1.31 in third-quarter 2026, an 8.3 percent increase compared to $1.21 in third-quarter 2025.
• In third-quarter 2026, cash flow from operations was $11.5 billion, up 2.2 percent year-over-year. Free cash flow¹ was $7.8 billion in third-quarter 2026, up 12.1 percent year-over-year.
• Cash flow from operations was $29.9 billion for the first nine months of the year, compared to $28.0 billion for the same period in 2025, representing a growth rate of nearly 7.0 percent. Free cash flow¹ for the first nine months of the year was $18.0 billion, up 14.3 percent year-over-year.
• Capital expenditures were $11.9 billion for the first nine months of the year, reflecting sustained, disciplined investment to maintain network excellence and capture high-return expansion across mobility and broadband.
• Verizon's total unsecured debt as of the end of third-quarter 2026 was $136.1 billion, compared to $136.5 billion at the end of second-quarter 2026. The company's net unsecured debt¹ at the end of third-quarter 2026 was $123.7 billion compared to $128.7 billion at the end of second-quarter 2026. At the end of third-quarter 2026, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 8.1 times and its net unsecured debt to consolidated Adjusted EBITDA ratio¹ was 2.3 times.
• In the first nine months of the year, Verizon returned $12.8 billion of capital to shareholders, up 49.0 percent year-over-year. This includes dividend payments of $8.8 billion and share repurchases of $4.0 billion. The company continues to expect to repurchase up to $4.5 billion for the full year.

Outlook and Guidance
Verizon does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.

Given the strong third-quarter 2026 performance and continued operational momentum, Verizon is raising its full-year 2026 guidance as follows:

• Postpaid phone net additions: 1.1 million to 1.2 million, up from upper half of 750,000 to 1.0 million, representing an increase of more than three times compared to 2025.
• Adjusted EPS¹: $5.04 to $5.06, or 7.0 to 7.5 percent growth year-over-year, up from 6.0 to 7.0 percent.
• Cash flow from operations: 3.5 to 5.0 percent growth year-over-year, up from 2.0 to 4.0 percent.
• Free cash flow¹: expected to approach 12.0 percent growth year-over-year, up from 9.0 to 10.0 percent.
• Mobility and broadband service revenue: upper half of annual guidance of 2.5 to 3.0 percent growth, with approximately 4.0 percent growth in fourth-quarter 2026.
  

In addition, for 2026, Verizon continues to expect the following:

• Capital expenditures: $16.0 billion to $16.5 billion, inclusive of success-based investments for AI Connect.
  

^{1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).}

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/about/news. For images and logos, visit verizon.com/about/news/media-resources. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Forward-looking statements

In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets,” "will" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives, network performance and quality, and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; our ability to implement business transformation initiatives and achieve their anticipated benefits; system failures and disruptions to our networks and operations and any resulting financial, reputational or business impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; significant amount of outstanding debt; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to obtain cost savings and other synergies and anticipated benefits of completed transactions within the expected time period or at all.

Media contacts:

Katie Magnotta

201-602-9235

katie.magnotta@verizon.com

Jamie Serino

201-401-5460

jamie.serino@verizon.com

Non-GAAP Reconciliations - Consolidated Verizon
Consolidated EBITDA and Consolidated Adjusted EBITDA
(dollars in millions)
Unaudited		3 Mos. Ended 9/30/26				3 Mos. Ended 6/30/26				3 Mos. Ended 3/31/26				3 Mos. Ended 12/31/25				3 Mos. Ended 9/30/25				3 Mos. Ended 6/30/25				3 Mos. Ended 3/31/25
Consolidated Net Income		$	5,320			$	3,949			$	5,146			$	2,448			$	5,056			$	5,121			$	4,983
Add:
Provision for income taxes			1,497				1,325				1,638				615				1,471				1,488				1,490
Interest expense(1)			1,950				1,985				1,940				1,759				1,664				1,639				1,632
Depreciation and amortization expense(2)			5,095				5,008				4,892				4,519				4,618				4,635				4,577
Consolidated EBITDA		$	13,862			$	12,267			$	13,616			$	9,341			$	12,809			$	12,883			$	12,682
Add/(subtract):
Other (income) expense, net(3)		$	(120	)		$	(36	)		$	(477	)		$	185			$	(92	)		$	(79	)		$	(121	)
Equity in (earnings) losses of unconsolidated businesses			3				(44	)			(5	)			(3	)			6				3				(6	)
Severance charges			—				397				—				1,715				—				—				—
Acquisition and integration related charges			57				135				261				39				52				—				—
Asset and business rationalization			—				258				—				583				—				—				—
Loss on disposition of business			—				746				—				—				—				—				—
			(60	)			1,456				(221	)			2,519				(34	)			(76	)			(127	)
Consolidated Adjusted EBITDA		$	13,802			$	13,723			$	13,395			$	11,860			$	12,775			$	12,807			$	12,555
Consolidated Operating Revenues		$	34,313															$	33,821
Consolidated Net Income Margin			15.5	%															14.9	%
Consolidated Adjusted EBITDA Margin			40.2	%															37.8	%
Consolidated Adjusted EBITDA - Year over year change %			8.0	%
Footnotes:
(1) Includes a portion of the Acquisition and integration related charges, where applicable.
(2) Includes Amortization of acquisition-related intangible assets.
(3) Includes Pension and benefits remeasurement adjustments, where applicable.

Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)
(dollars in millions)
Unaudited		12 Mos. Ended 9/30/26				12 Mos. Ended 12/31/25
Consolidated Net Income		$	16,863			$	17,608
Add:
Provision for income taxes			5,075				5,064
Interest expense(1)			7,634				6,694
Depreciation and amortization expense(2)			19,514				18,349
Consolidated EBITDA		$	49,086			$	47,715
Add/(subtract):
Other income, net(3)		$	(448	)		$	(107	)
Equity in (earnings) losses of unconsolidated businesses			(49	)			—
Severance charges			2,112				1,715
Acquisition and integration related charges			492				91
Asset and business rationalization			841				583
Loss on disposition of business			746				—
			3,694				2,282
Consolidated Adjusted EBITDA		$	52,780			$	49,997
Footnotes:
(1) Includes a portion of the Acquisition and integration related charges, where applicable.
(2) Includes Amortization of acquisition-related intangible assets.
(3) Includes Pension and benefits remeasurement adjustments, where applicable.

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
(dollars in millions)
Unaudited		9/30/26			6/30/26			12/31/25
Debt maturing within one year		$	23,889		$	21,783		$	18,618
Long-term debt			142,344			143,448			139,532
Total Debt			166,233			165,231			158,150
Less: Secured debt			30,138			28,760			27,067
Unsecured Debt			136,095			136,471			131,083
Less: Equity credit for junior subordinated notes(1)			7,879			6,037			1,982
Less: Cash and cash equivalents			4,495			1,752			19,048
Net Unsecured Debt		$	123,721		$	128,682		$	110,053
Consolidated Net Income (LTM)		$	16,863					$	17,608
Unsecured Debt to Consolidated Net Income Ratio		8.1x						7.4x
Consolidated Adjusted EBITDA (LTM)		$	52,780					$	49,997
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio		2.3x						2.2x
Footnote:
(1) Represents a fifty percent equity credit related to junior subordinated notes outstanding.

Adjusted Earnings per Common Share (Adjusted EPS)
(dollars in millions, except per share amounts)
Unaudited		3 Mos. Ended 9/30/26											3 Mos. Ended 9/30/25
		Pre-tax		Tax			After-Tax						Pre-tax		Tax			After-Tax
EPS									$	1.25										$	1.17
Amortization of acquisition-related intangible assets		$	289	$	(72	)	$	217		0.05			$	189	$	(48	)	$	141		0.03
Acquisition and integration related charges			57		(2	)		55		0.01				52		—			52		0.01
		$	346	$	(74	)	$	272	$	0.07			$	241	$	(48	)	$	193	$	0.05
Adjusted EPS									$	1.31										$	1.21
Year over year change %										8.3	%
Footnote:
Adjusted EPS may not add due to rounding.

Free Cash Flow
(dollars in millions)
Unaudited		3 Mos. Ended 9/30/26				3 Mos. Ended 9/30/25				9 Mos. Ended 9/30/26				9 Mos. Ended 9/30/25
Net Cash Provided by Operating Activities		$	11,517			$	11,266			$	29,936			$	28,023
Capital expenditures (including capitalized software)			(3,716	)			(4,310	)			(11,926	)			(12,263	)
Free Cash Flow		$	7,801			$	6,956			$	18,010			$	15,760
Year over year change %			12.1	%							14.3	%

Free Cash Flow
(dollars in millions)
Unaudited		12 Mos. Ended 12/31/25				12 Mos. Ended 12/31/24				12 Mos. Ended 12/31/23				12 Mos. Ended 12/31/22				12 Mos. Ended 12/31/21				12 Mos. Ended 12/31/20
Net Cash Provided by Operating Activities		$	37,137			$	36,912			$	37,475			$	37,141			$	39,539			$	41,768
Capital expenditures (including capitalized software)			(17,011	)			(17,090	)			(18,767	)			(23,087	)			(20,286	)			(18,192	)
Free Cash Flow		$	20,126			$	19,822			$	18,708			$	14,054			$	19,253			$	23,576

Free Cash Flow Forecast for Full Year 2026
(dollars in millions)
			Updated		Previous
Unaudited			Forecast		Forecast
Net Cash Provided by Operating Activities Forecast		$	38,440 - 39,040	$	37,940 - 38,640
Capital expenditures forecast (including capitalized software)			(16,000 - 16,500)		(16,000 - 16,500)
Free Cash Flow Forecast		$	22,440 - 22,540	$	21,940 - 22,140
Net Cash Provided by Operating Activities Growth Forecast %			3.5 % - 5.1 %		2.2 % - 4.0 %
Free Cash Flow Growth Forecast %			11.5 % - 12.0 %		9.0 % - 10.0 %

Non-GAAP Reconciliations - Segments
Segment EBITDA and Segment EBITDA Margin
Consumer
(dollars in millions)
Unaudited		3 Mos. Ended 9/30/26				3 Mos. Ended 9/30/25				9 Mos. Ended 9/30/26				9 Mos. Ended 9/30/25
Operating Income		$	8,093			$	7,664			$	23,839			$	22,731
Add: Depreciation and amortization expense			3,872				3,568				11,389				10,693
Segment EBITDA		$	11,965			$	11,232			$	35,228			$	33,424
Year over year change %			6.5	%							5.4	%
Total operating revenues		$	26,432			$	26,105			$	79,127			$	78,371
Operating Income Margin			30.6	%			29.4	%			30.1	%			29.0	%
Segment EBITDA Margin			45.3	%			43.0	%			44.5	%			42.6	%

Business
(dollars in millions)
Unaudited		3 Mos. Ended 9/30/26				3 Mos. Ended 9/30/25				9 Mos. Ended 9/30/26				9 Mos. Ended 9/30/25
Operating Income		$	855			$	716			$	2,802			$	2,186
Add: Depreciation and amortization expense			1,086				1,002				3,226				2,989
Segment EBITDA		$	1,941			$	1,718			$	6,028			$	5,175
Year over year change %			13.0	%							16.5	%
Total operating revenues		$	7,023			$	6,843			$	21,308			$	20,818
Operating Income Margin			12.2	%			10.5	%			13.1	%			10.5	%
Segment EBITDA Margin			27.6	%			25.1	%			28.3	%			24.9	%

Footnote:

In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Verizon's third-quarter 2026 earnings and revenue?

Verizon reported $34.3 billion in revenue and $1.25 in earnings per share for third-quarter 2026. Revenue increased 1.5% year over year, while earnings per share increased 6.8%. Net income rose 5.2% to $5.3 billion.

What is Verizon's updated 2026 earnings guidance?

Verizon expects adjusted earnings per share of $5.04 to $5.06 for 2026, representing 7.0 to 7.5% year-over-year growth. The previous growth outlook was 6.0 to 7.0%. This was the third consecutive quarter in which Verizon raised its full-year guidance.

How much capital spending does Verizon expect in 2026?

Verizon continues to expect $16.0 billion to $16.5 billion in 2026 capital expenditures, including success-based investments for AI Connect. Capital expenditures totaled $11.9 billion in the first nine months of 2026.