Verizon (VZ) raises dividend and authorizes $25B share repurchase in $55B return plan

Rhea-AI Filing Summary

Verizon Communications Inc. outlined a multiyear capital return plan tied to cost structure and strategic changes. The company expects these actions to fund ongoing business investment, reduce its net unsecured debt to Adjusted EBITDA ratio, and return approximately $55 billion to stockholders via dividends and share repurchases through the end of 2028.

The board declared a quarterly dividend of $0.7075 per common share, payable May 1, 2026 to holders of record on April 10, 2026. This reflects an annualized increase of $0.07 per share, or 2.5%, over the prior dividend rate.

The board also authorized a share repurchase program for up to $25 billion of common stock. Verizon expects to repurchase at least $3 billion of stock in 2026. Purchases may occur through open market transactions, privately negotiated deals, or trading plans, and the program can be suspended or discontinued at the company’s discretion.

Positive

• Large multiyear capital return commitment: Verizon expects to return approximately $55 billion to stockholders in dividends and share repurchases through the end of 2028, signaling a strong focus on shareholder capital returns.
• Dividend increase: The quarterly common dividend is raised to $0.7075 per share, an annualized increase of $0.07, or 2.5%, from the prior annual dividend rate.
• Substantial share repurchase authorization: The board approves a new program to repurchase up to $25 billion of common stock, with an expectation to repurchase at least $3 billion in 2026, subject to conditions.
• Debt reduction emphasis: The company states that its cost structure and strategic changes are intended to support continued reduction of its net unsecured debt to Adjusted EBITDA ratio while funding investments and capital returns.

Negative

• None.

Insights

Equity & Capital Allocation Analyst

Verizon combines a dividend increase with a large buyback plan totaling up to $55 billion in capital returns through 2028.

Verizon Communications Inc. links its 2026 earnings and cash flow expectations to significant cost and strategic changes that it believes will support long-term growth while improving its net unsecured debt to Adjusted EBITDA ratio. Within this framework, it targets returning approximately $55 billion to shareholders via dividends and repurchases by the end of 2028.

The quarterly dividend is raised to $0.7075 per share, an annualized increase of $0.07 or 2.5%, reinforcing the company’s income profile. In parallel, the board authorizes up to $25 billion of common stock repurchases and indicates an expectation to buy at least $3 billion of stock in 2026, subject to market conditions, pricing, and other factors.

The repurchase program is discretionary and may be suspended or discontinued, so actual buyback activity will depend on execution against the stated plan, future cash generation, and the company’s ongoing efforts to reduce its leverage ratio. Subsequent company communications may clarify pacing and any adjustments to these capital return priorities.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report: January 30, 2026

(Date of earliest event reported)

VERIZON COMMUNICATIONS INC.

(Exact name of registrant as specified in its charter)

Delaware		1-8606		23-2259884
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

1095 Avenue of the Americas New York, New York				10036
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (212) 395-1000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.10		VZ		New York Stock Exchange
Common Stock, par value $0.10		VZ		The Nasdaq Global Select Market
1.375% Notes due 2026		VZ 26B		New York Stock Exchange
0.875% Notes due 2027		VZ 27E		New York Stock Exchange
1.375% Notes due 2028		VZ 28		New York Stock Exchange
1.125% Notes due 2028		VZ 28A		New York Stock Exchange
2.350% Fixed Rate Notes due 2028		VZ 28C		New York Stock Exchange
1.875% Notes due 2029		VZ 29B		New York Stock Exchange
0.375% Notes due 2029		VZ 29D		New York Stock Exchange
1.250% Notes due 2030		VZ 30		New York Stock Exchange
1.875% Notes due 2030		VZ 30A		New York Stock Exchange
4.250% Notes due 2030		VZ 30D		New York Stock Exchange
2.625% Notes due 2031		VZ 31		New York Stock Exchange
2.500% Notes due 2031		VZ 31A		New York Stock Exchange
3.000% Fixed Rate Notes due 2031		VZ 31D		New York Stock Exchange
0.875% Notes due 2032		VZ 32		New York Stock Exchange
0.750% Notes due 2032		VZ 32A		New York Stock Exchange
3.500% Notes due 2032		VZ 32B		New York Stock Exchange
3.250% Notes due 2032		VZ 32C		New York Stock Exchange
1.300% Notes due 2033		VZ 33B		New York Stock Exchange
4.75% Notes due 2034		VZ 34		New York Stock Exchange
4.750% Notes due 2034		VZ 34C		New York Stock Exchange
3.125% Notes due 2035		VZ 35		New York Stock Exchange
1.125% Notes due 2035		VZ 35A		New York Stock Exchange
3.375% Notes due 2036		VZ 36A		New York Stock Exchange
3.750% Notes due 2036		VZ 36B		New York Stock Exchange
3.750% Notes due 2037		VZ 37B		New York Stock Exchange
2.875% Notes due 2038		VZ 38B		New York Stock Exchange
1.875% Notes due 2038		VZ 38C		New York Stock Exchange
1.500% Notes due 2039		VZ 39C		New York Stock Exchange
3.50% Fixed Rate Notes due 2039		VZ 39D		New York Stock Exchange
1.850% Notes due 2040		VZ 40		New York Stock Exchange
3.850% Fixed Rate Notes due 2041		VZ 41C		New York Stock Exchange
3.9962% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056		VZ 56		New York Stock Exchange
5.7420% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056		VZ 56A		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On January 30, 2026, on its earnings call, Verizon Communications Inc. (the Company) described its earnings and cash flow expectations for 2026, which are based on significant changes to our cost structure and our strategic approach to the market. We expect that the changes we are making will provide us with the funding necessary to continue to invest in our business for long-term growth, continue to reduce our net unsecured debt to Adjusted EBITDA ratio, and provide us with the capacity to return approximately $55 billion of value to our stockholders in the form of dividend payments and share repurchases through the end of 2028.

As part of this capital return plan, on January 30, 2026, the Board of Directors of the Company declared a quarterly dividend of $0.7075 on each outstanding share of common stock payable on May 1, 2026 to stockholders of record of such stock at the close of business on April 10, 2026. This represents an annualized increase of $0.07 per share, or 2.5%, from our prior annual dividend rate.

Also on January 30, 2026, the Board of Directors of the Company authorized a share repurchase program for up to $25 billion of our common stock. The program will terminate when the aggregate consideration paid to purchase shares of our common stock reaches $25 billion, exclusive of any fees, commissions or other expenses, or a new share repurchase plan superseding the current plan is authorized, whichever is sooner. Under the program, shares may be repurchased in privately negotiated transactions, on the open market, or otherwise, including through plans complying with Rule 10b5-1 or Rule 10b-18 under the Securities Exchange Act of 1934.

We expect to repurchase at least $3 billion of common stock under this authorization in 2026. The timing and number of shares purchased under the program, if any, will depend on prevailing stock prices, general economic and market conditions, and other considerations. The share repurchase program does not obligate us to acquire any particular amount of common stock, and the program may be suspended or discontinued at any time at our discretion.

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 or reputational 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				VERIZON COMMUNICATIONS INC.
Date: January 30, 2026				By		/s/ William L. Horton, Jr.
						William L. Horton, Jr.
						Senior Vice President, Deputy General Counsel and Corporate Secretary

FAQ

What capital return plan did Verizon (VZ) outline in its latest 8-K filing?

Verizon plans to return approximately $55 billion to stockholders through dividends and share repurchases by the end of 2028. This target is linked to significant cost structure and strategic changes supporting long-term growth and reductions in the net unsecured debt to Adjusted EBITDA ratio.

How much did Verizon (VZ) increase its quarterly dividend and what is the new rate?

Verizon’s board set a new quarterly dividend of $0.7075 per share, reflecting an annualized increase of $0.07, or 2.5%. The dividend is payable May 1, 2026 to stockholders of record on April 10, 2026, reinforcing Verizon’s shareholder income profile.

What are the key details of Verizon’s (VZ) $25 billion share repurchase authorization?

Verizon’s board authorized repurchases of up to $25 billion of common stock. The program ends once that amount is reached or a new plan supersedes it. Shares may be bought in open market trades, privately negotiated deals, or Rule 10b5-1 and 10b-18 plans.

How much stock does Verizon (VZ) expect to repurchase in 2026?

Verizon states it expects to repurchase at least $3 billion of common stock under the new authorization in 2026. Actual repurchases will depend on stock price, economic and market conditions, and other factors, and the program can be suspended or discontinued.

When will Verizon’s (VZ) new dividend be paid and who is eligible to receive it?

The $0.7075 quarterly dividend per Verizon common share will be paid on May 1, 2026. Stockholders of record at the close of business on April 10, 2026 will be eligible to receive the payment, according to the board’s declaration.

How does Verizon (VZ) link its capital returns to debt and cash flow goals?

Verizon says its cost structure and strategic changes underpin 2026 earnings and cash flow expectations, supporting long-term growth while reducing its net unsecured debt to Adjusted EBITDA ratio. These efforts are intended to fund both investment needs and the planned $55 billion capital return.