Verizon raises 2026 adjusted EPS outlook to $5.04–$5.06
Verizon's raised 2026 outlook includes adjusted EPS of $5.04 to $5.06 and forecast free cash flow growth of 11.5% to 12.0%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Verizon Communications Inc. reported third-quarter 2026 operating revenue of $34.3 billion, up 1.5% year over year, and net income of $5.3 billion, up 5.2%. Adjusted EBITDA, a non-GAAP measure, rose 8.0% to $13.8 billion, the company's highest reported quarterly result; adjusted EPS increased 8.3% to $1.31, and free cash flow rose 12.1% to $7.8 billion. Postpaid phone net additions were 406,000.
Wireless equipment revenue fell 9.0% to $5.116 billion, while service revenues and other grew 3.5% to $29.197 billion. For the first nine months, net income attributable to Verizon declined 5.1% to $14.078 billion. Verizon raised full-year 2026 guidance, including adjusted EPS of $5.04 to $5.06 and forecast free cash flow growth of 11.5% to 12.0%. It signed a $2.0+ billion agreement with AWS to establish a commercial framework to scale distributed compute for agentic and generative AI workloads.
3 points · 0 major0 major · 2 points
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.
Positive
- Moderate pointQuarterly net income rose 5.2% to $5.3 billion.
- Moderate pointAdjusted EBITDA rose 8.0% to $13.8 billion, a quarterly record.
- Moderate pointFree cash flow increased 12.1% to $7.8 billion in 3Q26.
Negative
- Moderate pointNine-month net income attributable to Verizon declined 5.1% to $14.078 billion.
- Minor pointWireless equipment revenue fell 9.0% to $5.116 billion in 3Q26.
Filing Explained
At September 30, Verizon reported $123,721 million in net unsecured debt and $4,495 million in cash and equivalents.
The company reports that it paid
At September 30, net unsecured debt was
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Operating revenue: $34.3 billion
Net income: $5.3 billion
Adjusted EBITDA: $13.8 billion
+5 more
8 metrics
Operating revenue
$34.3 billion
Third quarter 2026; up 1.5% year over year
Net income
$5.3 billion
Third quarter 2026; up 5.2% year over year
Adjusted EBITDA
$13.8 billion
Third quarter 2026; up 8.0% year over year
Adjusted EPS
$1.31
Third quarter 2026; up 8.3% year over year
Free cash flow
$7.8 billion
Third quarter 2026; up 12.1% year over year
Postpaid phone net additions
406,000
Third quarter 2026
AWS agreement value
$2.0+ billion
Commercial framework for distributed compute
Full-year 2026 adjusted EPS guidance
$5.04 to $5.06
Raised guidance
Key Terms
Adjusted EBITDA, Free cash flow, postpaid phone churn, FWA broadband
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA rose 8.0% 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.
Free cash flow financial
"free cash flow rose 12.1% to $7.8 billion"
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.
postpaid phone churn financial
"Overall postpaid phone churn improved 4 bps year-over-year to 0.94 percent"
Postpaid phone churn is the rate at which customers on monthly billed mobile plans stop using a carrier’s service—by canceling, not renewing, or switching providers—typically measured over a month or year. For investors it signals how well a company retains its steady, recurring revenue: high churn is like leaks in a bucket that force constant spending to replace lost customers, while low churn implies more predictable income and lower marketing cost per customer.
FWA broadband technical
"total fixed wireless access net additions of 159,000"
Earnings Snapshot
Operating revenue: $34.3 billion · Guidance included
Third quarter 2026
Operating revenue
$34.3 billion
+1.5% year over year
Net income
$5.3 billion
+5.2% year over year
Adjusted EBITDA
$13.8 billion
+8.0% year over year
Adjusted EPS
$1.31
+8.3% year over year
Free cash flow
$7.8 billion
+12.1% year over year
Guidance
Full-year 2026 guidance includes postpaid phone net additions of 1.1 million to 1.2 million; Adjusted EPS of $5.04 to $5.06; free cash flow growth of 11.5% to 12.0%; mobility and broadband service revenue growth in the upper half of 2.5% to 3.0%; and capital expenditures of $16.0 billion to $16.5 billion, inclusive of success-based investments for AI Connect.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were VZ's third-quarter 2026 financial results?
Verizon reported $34.3 billion in operating revenue, up 1.5% year over year, and $5.3 billion in net income, up 5.2%. Adjusted EPS was $1.31, up 8.3%, and free cash flow was $7.8 billion, up 12.1%.
What does Verizon's AWS agreement cover?
Verizon signed an agreement valued at $2.0+ billion with AWS. It establishes a commercial framework to scale distributed compute and meet the real-time demands of agentic and generative AI workloads.
What is Verizon's full-year 2026 guidance for customer additions?
Verizon raised its postpaid phone net additions guidance to 1.1 million to 1.2 million. The company also raised cash flow from operations growth guidance to 3.5% to 5.0%, and expects mobility and broadband service revenue growth in the upper half of its 2.5% to 3.0% annual guidance range.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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: October 26, 2026
(Date of earliest event reported)
______________________________________________________________________________
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (212 ) 395-1000
(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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
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).
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 2.02. Results of Operations and Financial Condition
Attached as an exhibit hereto are a press release and financial tables, dated October 26, 2026, issued by Verizon Communications Inc. (Verizon).
Non-GAAP Measures
Verizon’s press release and financial tables attached to the report include financial information prepared in conformity with generally accepted accounting principles in the United States (GAAP) as well as non-GAAP financial information. It is management's intent to provide non-GAAP financial information to enhance the understanding of Verizon's GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.
EBITDA and EBITDA Margin Related Non-GAAP Measures
Consolidated earnings before interest, taxes, depreciation and amortization (Consolidated EBITDA), Segment EBITDA and Segment EBITDA Margin are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions, as well as in evaluating operating performance in relation to Verizon's competitors.
Consolidated EBITDA is calculated by adding back interest, taxes, depreciation and amortization expense to net income.
Segment EBITDA is calculated by adding back segment depreciation and amortization expense to segment operating income. Segment EBITDA Margin is calculated by dividing Segment EBITDA by total segment operating revenues.
Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin
Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin are non-GAAP financial measures that we believe provide relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends. We believe that Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin are widely used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes, and depreciation and amortization policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis.
Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in earnings and losses of unconsolidated businesses and other income and expense, net, and the following special items: severance charges, acquisition and integration related charges, asset and business rationalization and loss on disposition of business. Severance charges recorded during 2026 and 2025 relate to separations in connection with workforce reduction initiatives. Acquisition and integration related charges recorded during 2026 and 2025 primarily relate to transaction and integration expenses associated with the acquisition of Frontier Communications Parent, Inc. completed in January 2026. Asset rationalization recorded during 2026 relates to the decision to cease use of certain real estate and network assets as part of our transformation initiatives. Asset and business rationalization recorded during 2025 predominately relates to the decision to cease use of certain real estate assets and exit non-strategic portions of certain businesses as part of our transformation initiatives. Loss on disposition of business recorded during 2026 relates to the classification of the assets and liabilities representing Verizon's international wireline connectivity and managed network services business as assets and liabilities held for sale.
Consolidated Adjusted EBITDA Margin is calculated by dividing Consolidated Adjusted EBITDA by consolidated operating revenues.
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating Verizon’s ability to service its unsecured debt from continuing operations.
Net Unsecured Debt is calculated by subtracting secured debt, a fifty percent equity credit related to junior subordinated notes, and cash and cash equivalents, from the sum of debt maturing within one year and long-term debt. Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio is calculated by dividing Net Unsecured Debt by Consolidated Adjusted EBITDA. For purposes of Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Consolidated Adjusted EBITDA is calculated for the last twelve months.
Adjusted Earnings per Common Share (Adjusted EPS) and Adjusted EPS Forecast
Adjusted EPS and Adjusted EPS Forecast are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating our operating results and understanding our operating trends without the effect of special items which could vary from period to period. We believe excluding special items provides more comparable assessment of our financial results from period to period.
Adjusted EPS is calculated by excluding from the calculation of reported EPS the effect of the following special items: amortization of acquisition-related intangible assets and acquisition and integration related charges.
We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe that it is important for investors to understand that our non-GAAP financial measure adjusts for the intangible asset amortization but does not adjust the revenue that is generated in part from the use of such intangible assets.
We exclude the acquisition and integration related charges because the amount and timing of such charges are significantly impacted by the timing, size, and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the related costs to integrate an acquired business into our operations are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of acquisition and integration related charges facilitates more consistent comparisons of our operating results with historical periods, and with both acquisitive and non-acquisitive peer companies.
We have not provided a reconciliation for our Adjusted EPS Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2026.
Free Cash Flow and Free Cash Flow Forecast
Free cash flow and free cash flow forecast are non-GAAP financial measures that reflect an additional way of viewing our liquidity that, we believe, when viewed with our GAAP results, provide management, investors and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. We believe they are more conservative measures of cash flow since capital expenditures are necessary for ongoing operations. Free cash flow and free cash flow forecast have limitations due to the fact that they do not represent the residual cash flow available for discretionary expenditures. For example, free cash flow and free cash flow forecast do not incorporate payments made or expected to be made on finance lease obligations or cash payments for business acquisitions or wireless licenses. Therefore, we believe it is important to view free cash flow and free cash flow forecast as complements to our entire condensed consolidated statements of cash flows.
Free cash flow is calculated by subtracting capital expenditures (including capitalized software) from net cash provided by operating activities. Free cash flow forecast is calculated by subtracting capital expenditures forecast (including capitalized software) from forecasted net cash provided by operating activities.
See the accompanying schedules for reconciliations of non-GAAP financial measures to GAAP.
Item 9.01. Financial Statements and Exhibits
| (d) Exhibits. | ||||||||
| Exhibit Number | Description | |||||||
99 | Press release and financial tables, dated | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). | |||||||
SIGNATURE
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. | ||||||||||||||||||||
| (Registrant) | ||||||||||||||||||||
| Date: | October 26, 2026 | /s/ Mary-Lee Stillwell | ||||||||||||||||||
| Mary-Lee Stillwell | ||||||||||||||||||||
| Senior Vice President and Controller | ||||||||||||||||||||
VZQTR20FIN
Exhibit 99
News Release
FOR IMMEDIATE RELEASE | Media contacts: | ||||
| October 26, 2026 | Katie Magnotta | ||||
| 201-602-9235 | |||||
| katie.magnotta@verizon.com | |||||
| Jamie Serino | |||||
| 201-401-5460 | |||||
| jamie.serino@verizon.com | |||||
Verizon Delivers Another Record-Breaking Quarter with 3Q 2026 Results Driven by Strong Postpaid Phone and Account Additions
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.
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•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, NY — 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.
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•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.
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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
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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.
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Condensed Consolidated Statements of Income
(dollars in millions, except per share amounts) | ||||||||||||||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 9/30/26 | 3 Mos. Ended 9/30/25 | % Change | 9 Mos. Ended 9/30/26 | 9 Mos. Ended 9/30/25 | % Change | ||||||||||||||||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||||||||||||||||||||
| Service revenues and other | $ | 29,197 | $ | 28,202 | 3.5 | $ | 87,185 | $ | 84,538 | 3.1 | ||||||||||||||||||||||||||||
| Wireless equipment revenues | 5,116 | 5,619 | (9.0) | 15,821 | 17,272 | (8.4) | ||||||||||||||||||||||||||||||||
| Total Operating Revenues | 34,313 | 33,821 | 1.5 | 103,006 | 101,810 | 1.2 | ||||||||||||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||||||||||||||
| Cost of services | 7,265 | 6,863 | 5.9 | 21,657 | 20,691 | 4.7 | ||||||||||||||||||||||||||||||||
| Cost of wireless equipment | 5,823 | 6,483 | (10.2) | 18,188 | 19,596 | (7.2) | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expense | 7,480 | 7,752 | (3.5) | 24,095 | 23,438 | 2.8 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 5,095 | 4,618 | 10.3 | 14,995 | 13,830 | 8.4 | ||||||||||||||||||||||||||||||||
| Total Operating Expenses | 25,663 | 25,716 | (0.2) | 78,935 | 77,555 | 1.8 | ||||||||||||||||||||||||||||||||
| Operating Income | 8,650 | 8,105 | 6.7 | 24,071 | 24,255 | (0.8) | ||||||||||||||||||||||||||||||||
| Equity in earnings (losses) of unconsolidated businesses | (3) | (6) | (50.0) | 46 | (3) | * | ||||||||||||||||||||||||||||||||
| Other income, net | 120 | 92 | 30.4 | 633 | 292 | * | ||||||||||||||||||||||||||||||||
| Interest expense | (1,950) | (1,664) | 17.2 | (5,875) | (4,935) | 19.0 | ||||||||||||||||||||||||||||||||
| Income Before Provision For Income Taxes | 6,817 | 6,527 | 4.4 | 18,875 | 19,609 | (3.7) | ||||||||||||||||||||||||||||||||
| Provision for income taxes | (1,497) | (1,471) | 1.8 | (4,460) | (4,449) | 0.2 | ||||||||||||||||||||||||||||||||
| Net Income | $ | 5,320 | $ | 5,056 | 5.2 | $ | 14,415 | $ | 15,160 | (4.9) | ||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | $ | 122 | $ | 106 | 15.1 | $ | 337 | $ | 328 | 2.7 | ||||||||||||||||||||||||||||
| Net income attributable to Verizon | 5,198 | 4,950 | 5.0 | 14,078 | 14,832 | (5.1) | ||||||||||||||||||||||||||||||||
| Net Income | $ | 5,320 | $ | 5,056 | 5.2 | $ | 14,415 | $ | 15,160 | (4.9) | ||||||||||||||||||||||||||||
| Basic Earnings Per Common Share | ||||||||||||||||||||||||||||||||||||||
| Net income attributable to Verizon | $ | 1.25 | $ | 1.17 | 6.8 | $ | 3.37 | $ | 3.51 | (4.0) | ||||||||||||||||||||||||||||
| Weighted-average shares outstanding (in millions) | 4,157 | 4,228 | 4,176 | 4,225 | ||||||||||||||||||||||||||||||||||
Diluted Earnings Per Common Share(1) | ||||||||||||||||||||||||||||||||||||||
| Net income attributable to Verizon | $ | 1.25 | $ | 1.17 | 6.8 | $ | 3.37 | $ | 3.51 | (4.0) | ||||||||||||||||||||||||||||
| Weighted-average shares outstanding (in millions) | 4,161 | 4,233 | 4,180 | 4,229 | ||||||||||||||||||||||||||||||||||
(1)Where applicable, Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution.
* Not meaningful
Verizon Communications Inc.
Condensed Consolidated Balance Sheets
| (dollars in millions) | ||||||||||||||||||||
| Unaudited | 9/30/26 | 12/31/25 | $ Change | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Current assets | ||||||||||||||||||||
| Cash and cash equivalents | $ | 4,495 | $ | 19,048 | $ | (14,553) | ||||||||||||||
| Accounts receivable | 27,564 | 28,347 | (783) | |||||||||||||||||
| Less Allowance for credit losses | 1,199 | 1,250 | (51) | |||||||||||||||||
| Accounts receivable, net | 26,365 | 27,097 | (732) | |||||||||||||||||
| Inventories | 2,775 | 2,441 | 334 | |||||||||||||||||
| Prepaid expenses and other | 7,876 | 8,336 | (460) | |||||||||||||||||
| Total current assets | 41,511 | 56,922 | (15,411) | |||||||||||||||||
| Property, plant and equipment | 359,427 | 337,991 | 21,436 | |||||||||||||||||
| Less Accumulated depreciation | 234,293 | 228,524 | 5,769 | |||||||||||||||||
| Property, plant and equipment, net | 125,134 | 109,467 | 15,667 | |||||||||||||||||
| Investments in unconsolidated businesses | 796 | 785 | 11 | |||||||||||||||||
| Wireless licenses | 161,417 | 157,039 | 4,378 | |||||||||||||||||
| Goodwill | 30,729 | 22,841 | 7,888 | |||||||||||||||||
| Other intangible assets, net | 12,002 | 10,458 | 1,544 | |||||||||||||||||
| Operating lease right-of-use assets | 22,680 | 23,498 | (818) | |||||||||||||||||
| Other assets | 21,253 | 23,248 | (1,995) | |||||||||||||||||
| Total assets | $ | 415,522 | $ | 404,258 | $ | 11,264 | ||||||||||||||
| Liabilities and Equity | ||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||
| Debt maturing within one year | $ | 23,889 | $ | 18,618 | $ | 5,271 | ||||||||||||||
| Accounts payable and accrued liabilities | 22,018 | 24,981 | (2,963) | |||||||||||||||||
| Current operating lease liabilities | 4,772 | 4,542 | 230 | |||||||||||||||||
| Other current liabilities | 15,592 | 14,229 | 1,363 | |||||||||||||||||
| Total current liabilities | 66,271 | 62,370 | 3,901 | |||||||||||||||||
| Long-term debt | 142,344 | 139,532 | 2,812 | |||||||||||||||||
| Employee benefit obligations | 11,533 | 11,099 | 434 | |||||||||||||||||
| Deferred income taxes | 50,976 | 48,717 | 2,259 | |||||||||||||||||
| Non-current operating lease liabilities | 17,963 | 18,951 | (988) | |||||||||||||||||
| Other liabilities | 19,143 | 17,848 | 1,295 | |||||||||||||||||
| Total long-term liabilities | 241,959 | 236,147 | 5,812 | |||||||||||||||||
| Equity | ||||||||||||||||||||
| Common stock | 429 | 429 | — | |||||||||||||||||
| Additional paid in capital | 13,250 | 13,372 | (122) | |||||||||||||||||
| Retained earnings | 99,995 | 94,744 | 5,251 | |||||||||||||||||
| Accumulated other comprehensive loss | (1,624) | (1,727) | 103 | |||||||||||||||||
| Common stock in treasury, at cost | (6,802) | (3,255) | (3,547) | |||||||||||||||||
| Deferred compensation – employee stock ownership plans and other | 738 | 897 | (159) | |||||||||||||||||
| Noncontrolling interests | 1,306 | 1,281 | 25 | |||||||||||||||||
| Total equity | 107,292 | 105,741 | 1,551 | |||||||||||||||||
| Total liabilities and equity | $ | 415,522 | $ | 404,258 | $ | 11,264 | ||||||||||||||
Verizon Communications Inc.
Consolidated - Selected Financial and Operating Statistics
| (dollars in millions, except per share amounts) | ||||||||||||||
| Unaudited | 9/30/26 | 12/31/25 | ||||||||||||
| Total debt | $ | 166,233 | $ | 158,150 | ||||||||||
| Unsecured debt | $ | 136,095 | $ | 131,083 | ||||||||||
Net unsecured debt(1) | $ | 123,721 | $ | 110,053 | ||||||||||
| Unsecured debt / Consolidated Net Income (LTM) | 8.1 | x | 7.4 | x | ||||||||||
Net unsecured debt / Consolidated Adjusted EBITDA(1)(2) | 2.3 | x | 2.2 | x | ||||||||||
| Common shares outstanding, end of period (in millions) | 4,145 | 4,217 | ||||||||||||
Total employees (‘000)(3) | 93.3 | 89.9 | ||||||||||||
| Quarterly cash dividends declared per common share | $ | 0.7075 | $ | 0.6900 | ||||||||||
Footnotes:
(1)Non-GAAP financial measure.
(2)Consolidated Adjusted EBITDA excludes the effects of non-operational items and special items.
(3)Number of employees on a full-time equivalent basis.
Verizon Communications Inc.
Condensed Consolidated Statements of Cash Flows
| (dollars in millions) | ||||||||||||||||||||
| Unaudited | 9 Mos. Ended 9/30/26 | 9 Mos. Ended 9/30/25 | $ Change | |||||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||||||
| Net Income | $ | 14,415 | $ | 15,160 | $ | (745) | ||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization expense | 14,995 | 13,830 | 1,165 | |||||||||||||||||
| Employee retirement benefits | 187 | 444 | (257) | |||||||||||||||||
| Deferred income taxes | 2,113 | 1,809 | 304 | |||||||||||||||||
| Provision for expected credit losses | 1,503 | 1,613 | (110) | |||||||||||||||||
| Equity in (earnings) losses of unconsolidated businesses, net of dividends received | (27) | 41 | (68) | |||||||||||||||||
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | (3,438) | (4,054) | 616 | |||||||||||||||||
| Other, net | 188 | (820) | 1,008 | |||||||||||||||||
| Net cash provided by operating activities | 29,936 | 28,023 | 1,913 | |||||||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||||||||
| Capital expenditures (including capitalized software) | (11,926) | (12,263) | 337 | |||||||||||||||||
| Cash paid related to acquisitions of businesses, net of cash acquired | (9,480) | — | (9,480) | |||||||||||||||||
| Acquisitions of wireless licenses | (4,384) | (340) | (4,044) | |||||||||||||||||
| Other, net | 319 | 923 | (604) | |||||||||||||||||
| Net cash used in investing activities | (25,471) | (11,680) | (13,791) | |||||||||||||||||
| Cash Flows from Financing Activities | ||||||||||||||||||||
| Proceeds from long-term borrowings | 13,658 | 3,952 | 9,706 | |||||||||||||||||
| Proceeds from asset-backed long-term borrowings | 13,773 | 7,340 | 6,433 | |||||||||||||||||
| Repayments of long-term borrowings and finance lease obligations | (17,349) | (7,529) | (9,820) | |||||||||||||||||
| Repayments of asset-backed long-term borrowings | (14,285) | (6,437) | (7,848) | |||||||||||||||||
| Dividends paid | (8,804) | (8,569) | (235) | |||||||||||||||||
| Purchase of common stock for treasury | (4,000) | — | (4,000) | |||||||||||||||||
| Other, net | (1,893) | (1,579) | (314) | |||||||||||||||||
| Net cash used in financing activities | (18,900) | (12,822) | (6,078) | |||||||||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (14,435) | 3,521 | (17,956) | |||||||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 19,499 | 4,635 | 14,864 | |||||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 5,064 | $ | 8,156 | $ | (3,092) | ||||||||||||||
Verizon Communications Inc.
Consumer - Selected Financial Results
| (dollars in millions) | ||||||||||||||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 9/30/26 | 3 Mos. Ended 9/30/25 | % Change | 9 Mos. Ended 9/30/26 | 9 Mos. Ended 9/30/25 | % Change | ||||||||||||||||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Mobility and broadband service(1) | $ | 19,777 | $ | 19,096 | 3.6 | $ | 58,594 | $ | 56,899 | 3.0 | ||||||||||||||||||||||||||||
| Wireless equipment | 4,277 | 4,766 | (10.3) | 13,279 | 14,667 | (9.5) | ||||||||||||||||||||||||||||||||
Other(2) | 2,378 | 2,243 | 6.0 | 7,254 | 6,805 | 6.6 | ||||||||||||||||||||||||||||||||
| Total Operating Revenues | 26,432 | 26,105 | 1.3 | 79,127 | 78,371 | 1.0 | ||||||||||||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||||||||||||||
| Cost of services | 4,980 | 4,635 | 7.4 | 14,728 | 13,790 | 6.8 | ||||||||||||||||||||||||||||||||
| Cost of wireless equipment | 4,665 | 5,270 | (11.5) | 14,626 | 15,988 | (8.5) | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expense | 4,822 | 4,968 | (2.9) | 14,545 | 15,169 | (4.1) | ||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 3,872 | 3,568 | 8.5 | 11,389 | 10,693 | 6.5 | ||||||||||||||||||||||||||||||||
| Total Operating Expenses | 18,339 | 18,441 | (0.6) | 55,288 | 55,640 | (0.6) | ||||||||||||||||||||||||||||||||
| Operating Income | $ | 8,093 | $ | 7,664 | 5.6 | $ | 23,839 | $ | 22,731 | 4.9 | ||||||||||||||||||||||||||||
| Operating Income Margin | 30.6 | % | 29.4 | % | 30.1 | % | 29.0 | % | ||||||||||||||||||||||||||||||
Segment EBITDA(3) | $ | 11,965 | $ | 11,232 | 6.5 | $ | 35,228 | $ | 33,424 | 5.4 | ||||||||||||||||||||||||||||
Segment EBITDA Margin(3) | 45.3 | % | 43.0 | % | 44.5 | % | 42.6 | % | ||||||||||||||||||||||||||||||
Footnotes:
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Non-GAAP financial measure.
During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Consumer revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit.
The segment financial results above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.
Verizon Communications Inc.
Business - Selected Financial Results
| (dollars in millions) | ||||||||||||||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 9/30/26 | 3 Mos. Ended 9/30/25 | % Change | 9 Mos. Ended 9/30/26 | 9 Mos. Ended 9/30/25 | % Change | ||||||||||||||||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||||||||||||||||||||
Mobility and broadband service(1) | $ | 3,713 | $ | 3,743 | (0.8) | $ | 11,129 | $ | 11,193 | (0.6) | ||||||||||||||||||||||||||||
| Wireless equipment | 839 | 853 | (1.6) | 2,542 | 2,605 | (2.4) | ||||||||||||||||||||||||||||||||
Other(2) | 2,471 | 2,247 | 10.0 | 7,637 | 7,020 | 8.8 | ||||||||||||||||||||||||||||||||
| Total Operating Revenues | 7,023 | 6,843 | 2.6 | 21,308 | 20,818 | 2.4 | ||||||||||||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||||||||||||||
| Cost of services | 2,091 | 1,985 | 5.3 | 6,231 | 6,199 | 0.5 | ||||||||||||||||||||||||||||||||
| Cost of wireless equipment | 1,157 | 1,213 | (4.6) | 3,562 | 3,608 | (1.3) | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expense | 1,834 | 1,927 | (4.8) | 5,487 | 5,836 | (6.0) | ||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 1,086 | 1,002 | 8.4 | 3,226 | 2,989 | 7.9 | ||||||||||||||||||||||||||||||||
| Total Operating Expenses | 6,168 | 6,127 | 0.7 | 18,506 | 18,632 | (0.7) | ||||||||||||||||||||||||||||||||
| Operating Income | $ | 855 | $ | 716 | 19.4 | $ | 2,802 | $ | 2,186 | 28.2 | ||||||||||||||||||||||||||||
| Operating Income Margin | 12.2 | % | 10.5 | % | 13.1 | % | 10.5 | % | ||||||||||||||||||||||||||||||
Segment EBITDA(3) | $ | 1,941 | $ | 1,718 | 13.0 | $ | 6,028 | $ | 5,175 | 16.5 | ||||||||||||||||||||||||||||
Segment EBITDA Margin(3) | 27.6 | % | 25.1 | % | 28.3 | % | 24.9 | % | ||||||||||||||||||||||||||||||
Footnotes:
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Non-GAAP financial measure.
During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Business revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit.
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.
The segment financial results above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.
Verizon Communications Inc.
Total Operating Statistics
| Unaudited | 9/30/26 | 9/30/25 | % Change | |||||||||||||||||||||||||||||||||||
| Connections (‘000) | ||||||||||||||||||||||||||||||||||||||
| Wireless retail | 147,098 | 146,119 | 0.7 | |||||||||||||||||||||||||||||||||||
| Wireless retail postpaid | 126,831 | 125,913 | 0.7 | |||||||||||||||||||||||||||||||||||
| Wireless retail postpaid phone | 94,517 | 93,246 | 1.4 | |||||||||||||||||||||||||||||||||||
Wireless retail core prepaid(1) | 19,337 | 19,062 | 1.4 | |||||||||||||||||||||||||||||||||||
Wireless retail core prepaid phone(1) | 18,603 | 18,506 | 0.5 | |||||||||||||||||||||||||||||||||||
| Fiber broadband | 11,068 | 7,674 | 44.2 | |||||||||||||||||||||||||||||||||||
| FWA broadband | 6,369 | 5,391 | 18.1 | |||||||||||||||||||||||||||||||||||
Total broadband(2) | 17,437 | 13,065 | 33.5 | |||||||||||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 9/30/26 | 3 Mos. Ended 9/30/25 | % Change | 9 Mos. Ended 9/30/26 | 9 Mos. Ended 9/30/25 | % Change | ||||||||||||||||||||||||||||||||
| Net Additions Detail (‘000) | ||||||||||||||||||||||||||||||||||||||
| Wireless retail | 166 | 2 | * | 273 | 114 | * | ||||||||||||||||||||||||||||||||
| Wireless retail postpaid | 231 | 36 | * | 223 | 32 | * | ||||||||||||||||||||||||||||||||
| Wireless retail postpaid phone | 406 | 44 | * | 645 | (254) | * | ||||||||||||||||||||||||||||||||
Wireless retail core prepaid(1) | (12) | 47 | * | 176 | 234 | (24.8) | ||||||||||||||||||||||||||||||||
Wireless retail core prepaid phone(1) | (52) | 14 | * | 42 | 148 | (71.6) | ||||||||||||||||||||||||||||||||
| Fiber broadband | 155 | 61 | * | 437 | 138 | * | ||||||||||||||||||||||||||||||||
| FWA broadband | 159 | 261 | (39.1) | 566 | 847 | (33.2) | ||||||||||||||||||||||||||||||||
Total broadband(2) | 314 | 322 | (2.5) | 1,003 | 985 | 1.8 | ||||||||||||||||||||||||||||||||
| Account Statistics | ||||||||||||||||||||||||||||||||||||||
Wireless retail postpaid accounts (‘000)(3) | 34,471 | 34,470 | * | |||||||||||||||||||||||||||||||||||
Wireless retail postpaid ARPA(4) | $ | 168.08 | $ | 171.27 | (1.9) | $ | 167.49 | $ | 170.62 | (1.8) | ||||||||||||||||||||||||||||
Wireless retail core prepaid ARPU(5) | $ | 33.51 | $ | 32.70 | 2.5 | $ | 33.40 | $ | 32.40 | 3.1 | ||||||||||||||||||||||||||||
| Churn Detail | ||||||||||||||||||||||||||||||||||||||
| Wireless retail postpaid phone | 0.94 | % | 0.98 | % | 0.94 | % | 0.97 | % | ||||||||||||||||||||||||||||||
Wireless retail core prepaid(1) | 3.80 | % | 3.73 | % | 3.62 | % | 3.60 | % | ||||||||||||||||||||||||||||||
| Wireless Retail Postpaid Connection Statistics | ||||||||||||||||||||||||||||||||||||||
| Upgrade rate | 2.6 | % | 3.3 | % | ||||||||||||||||||||||||||||||||||
Footnotes:
(1) Represents total prepaid results excluding our SafeLink brand.
(2) Total broadband excludes solutions provided over a traditional copper-based network.
(3) Statistic presented as of end of period.
(4) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(5) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand.
Where applicable, the operating results reflect certain adjustments, including those related to migration activity among different types of devices and plans, customer profile changes, product-related changes and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation.
* Not meaningful
Verizon Communications Inc.
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. | ||||||||||||||||||||||||||||||||||||||||||||
Verizon Communications Inc.
| 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. | ||||||||||||||
Verizon Communications Inc.
| 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 | 8.1 | x | 7.4 | x | ||||||||||||||||
| Consolidated Adjusted EBITDA (LTM) | $ | 52,780 | $ | 49,997 | ||||||||||||||||
| Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio | 2.3 | x | 2.2 | x | ||||||||||||||||
| 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 | % | ||||||||||||||||||||||
Verizon Communications Inc.
| 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 % | |||||||||||||||
Verizon Communications Inc.
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.