Verizon (NYSE: VZ) lifts 2026 EPS guidance on Q1 growth in profit and cash flow
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Verizon Communications Inc. reported first-quarter 2026 results showing steady growth and improved profitability. Total operating revenue rose 2.9% year-over-year to $34.4 billion, while consolidated net income increased 3.3% to $5.1 billion.
Diluted EPS grew 4.3% to $1.20, and Adjusted EPS rose 7.6% to $1.28, the strongest quarterly Adjusted EPS growth since 2021. Consolidated Adjusted EBITDA increased 6.7% to $13.4 billion. Free cash flow improved 4.0% to $3.8 billion, supported by $8.0 billion in cash flow from operations and $4.2 billion of capital expenditures.
Operationally, Verizon achieved its first positive first-quarter postpaid phone net additions since 2013, adding 55,000 postpaid phone customers and 341,000 broadband connections, including 214,000 fixed wireless and 127,000 fiber net additions. Based on this momentum, the company raised its 2026 Adjusted EPS guidance to $4.95–$4.99 and now expects total retail postpaid phone net additions in the upper half of its 750,000 to 1 million range.
Positive
- Raised 2026 Adjusted EPS guidance: Outlook increased to $4.95–$4.99, implying 5.0–6.0% year-over-year growth and signaling management confidence in earnings momentum.
- Strong profitability metrics: Consolidated Adjusted EBITDA rose 6.7% to $13.4 billion, and Adjusted EPS grew 7.6% to $1.28, the best quarterly Adjusted EPS growth since 2021.
- Improving cash generation: Free cash flow increased 4.0% year-over-year to $3.8 billion in Q1 2026, while full-year free cash flow is guided to about $21.5 billion, the highest since 2020.
- Healthier subscriber trends: Verizon delivered 55,000 postpaid phone net additions—the first positive first-quarter result since 2013—and 341,000 broadband net additions, including strong fixed wireless and fiber growth.
Negative
- Higher leverage levels: Total debt rose to $172.5 billion from $158.2 billion, and net unsecured debt increased to $130.1 billion, lifting the net unsecured debt-to-Consolidated Adjusted EBITDA ratio from 2.2x to 2.6x.
Insights
Verizon posts solid Q1 2026 growth and raises full-year EPS guidance.
Verizon delivered a broadly stronger quarter, with revenue up 2.9% to $34.4 billion and consolidated net income up 3.3% to $5.1 billion. Profitability improved as consolidated Adjusted EBITDA grew 6.7% to $13.4 billion, outpacing revenue growth.
Diluted EPS rose to $1.20, while Adjusted EPS of $1.28 increased 7.6% year-over-year, the fastest quarterly Adjusted EPS growth since 2021. Free cash flow climbed to $3.8 billion on operating cash flow of $8.0 billion and capital spending of $4.2 billion, supporting both network investment and capital returns.
Management highlighted improved customer metrics, including 55,000 postpaid phone net additions and 341,000 broadband net additions in Q1 2026. Reflecting this momentum and the Frontier acquisition contribution, Verizon raised its 2026 Adjusted EPS outlook to $4.95–$4.99 and guided free cash flow to at least $21.5 billion. Investors may focus on execution against these higher targets and on managing net unsecured debt, which increased to $130.1 billion with a 2.6x net unsecured debt-to-Consolidated Adjusted EBITDA ratio.
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, and exhibit attachments filed with this report.
Key Figures
Total operating revenue: $34.4 billion
Consolidated net income: $5.1 billion
Consolidated Adjusted EBITDA: $13.4 billion
+5 more
8 metrics
Total operating revenue
$34.4 billion
Q1 2026, up 2.9% year-over-year
Consolidated net income
$5.1 billion
Q1 2026, up 3.3% year-over-year
Consolidated Adjusted EBITDA
$13.4 billion
Q1 2026, 6.7% year-over-year growth
Diluted EPS
$1.20
Q1 2026, 4.3% increase vs. Q1 2025
Adjusted EPS
$1.28
Q1 2026, 7.6% increase vs. Q1 2025
Free cash flow
$3.8 billion
Q1 2026, up 4.0% year-over-year
Total debt
$172.5 billion
As of March 31, 2026; up from $158.2 billion at December 31, 2025
2026 Adjusted EPS guidance
$4.95–$4.99
Full-year 2026 outlook, 5.0–6.0% year-over-year growth target
Key Terms
Consolidated Adjusted EBITDA, Free cash flow, Postpaid phone net additions, Net unsecured debt, +2 more
6 terms
Consolidated Adjusted EBITDA financial
"Consolidated adjusted EBITDA1 grew 6.7 percent year-over-year to $13.4 billion."
Consolidated adjusted EBITDA is a company’s combined operating profit across all its units before interest, taxes, depreciation and amortization, further cleaned up by removing one‑time, noncash or unusual items so it shows the ongoing cash-generating performance. Think of it as the business’s engine power after stripping out financing, tax rules and one-off events—investors use it to compare operating health and value companies, but it’s not a formal accounting measure.
Free cash flow financial
"Free cash flow1 was $3.8 billion in first-quarter 2026 compared to $3.6 billion in first-quarter 2025."
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 net additions financial
"Verizon reported total postpaid phone net additions of 55,000, the first time the company generated positive first-quarter total postpaid phone net additions since 2013."
Net unsecured debt financial
"The company's net unsecured debt1 at the end of first-quarter 2026 was $130.1 billion compared to $110.1 billion at the end of the fourth-quarter 2025."
Segment EBITDA Margin financial
"Segment EBITDA Margin is calculated by dividing Segment EBITDA by total segment operating revenues."
Segment EBITDA margin measures how much profit a particular business unit or product line generates from its own revenue after subtracting the direct operating costs, but before interest, taxes and certain accounting charges. Think of it like the share of each dollar from one shop in a chain that remains after paying the shop’s day-to-day expenses; investors use it to compare efficiency across parts of a company and to judge which units drive value or pose risk.
Earnings Snapshot
Total operating revenue: $34.4 billion · Guidance included
Q1 2026
Total operating revenue
$34.4 billion
2.9% year-over-year
Consolidated net income
$5.1 billion
3.3% year-over-year
Diluted EPS
$1.20
4.3% year-over-year
Adjusted EPS
$1.28
7.6% year-over-year
Consolidated Adjusted EBITDA
$13.4 billion
6.7% year-over-year
Free cash flow
$3.8 billion
4.0% year-over-year
Guidance
For 2026, Verizon guides to Adjusted EPS of $4.95–$4.99 (5.0–6.0% growth), mobility and broadband service revenue growth of 2.0–3.0%, cash flow from operations of $37.5–$38.0 billion, capital expenditures of $16.0–$16.5 billion, and free cash flow of about $21.5 billion or more.
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: April 27, 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 April 27, 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
Consolidated Adjusted EBITDA is a non-GAAP financial measure that we believe provides 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 is 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, asset and business rationalization and acquisition and integration related charges. Severance charges recorded during 2025 relate to separations in connection with workforce reduction 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. Acquisition and integration related charges recorded during 2026 and 2025 relate to transaction and integration expenses associated with the acquisition of Frontier Communications Parent, Inc. completed in January 2026.
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, pension and benefits charges (credits), acquisition and integration related charges, legacy legal matter, early debt redemption costs and loss on spectrum licenses.
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: | April 27, 2026 | /s/ Mary-Lee Stillwell | ||||||||||||||||||
| Mary-Lee Stillwell | ||||||||||||||||||||
| Senior Vice President and Controller | ||||||||||||||||||||
VZQTR20FIN
Exhibit 99
News Release
FOR IMMEDIATE RELEASE | Media contacts: | ||||
| April 27, 2026 | Katie Magnotta | ||||
| 201-602-9235 | |||||
| katie.magnotta@verizon.com | |||||
| Jamie Serino | |||||
| 201-401-5460 | |||||
| jamie.serino@verizon.com | |||||
Verizon’s Transformation Actions Deliver Growth & Profitability in 1Q26; Company Raises Adjusted EPS Guidance
Verizon Achieved First Positive 1Q Postpaid Phone Net Additions Since 2013, a Year-Over-Year Improvement of Over 340,000; Guidance Raised to Top Half of 750,000 - 1M Range
Key 1Q26 Highlights:
•Strong consolidated net income leading to highest quarterly Adjusted EBITDA1 in company history
•Solid earnings per share (EPS) growth, which drove highest quarterly Adjusted EPS1 growth since 2021
•Strong cash flow from operating activities providing confidence in free cash flow1 guidance
NEW YORK, NY — Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported first-quarter 2026 results that demonstrate accelerating momentum in its strategic transformation. The company delivered a strong quarter across core operating metrics, including its first positive first-quarter postpaid phone net adds since 2013. The achievements and performance this quarter were driven by healthier customer economics, including key improvements in customer acquisition and churn, and operational efficiency.
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VZQTR20FIN
“Our first-quarter 2026 results show that our turnaround is not only progressing, it is gaining momentum," said Verizon CEO Dan Schulman. "We are beginning to reclaim our market leadership by putting the customer at the center of everything we do, reducing friction to increase loyalty and create genuine value. This disciplined approach is already delivering healthier economics, lower churn, and the first positive first-quarter postpaid phone net adds we've seen in over a decade. Given our strong performance and momentum, we are raising our 2026 Adjusted EPS1 guidance to year-over-year growth of 5.0 to 6.0 percent and we now expect our total retail postpaid phone net additions to be in the upper half of our 750,000 to one million range."
1Q 2026 Highlights
Frontier results are included in Verizon's financial and operating results beginning on January 20, 2026, the date of the closing of the acquisition.
Consolidated Financial Results
•Total operating revenue was $34.4 billion, up 2.9 percent year-over-year. This result was driven in part by the company's disciplined approach to promotional spending and the resulting moderated upgrade activity, which impacted wireless equipment revenue.
•Consolidated net income was $5.1 billion, a 3.3 percent increase year-over-year.
•Consolidated adjusted EBITDA1 grew 6.7 percent year-over-year to $13.4 billion.
•Diluted EPS increased to $1.20, representing solid growth of 4.3 percent year-over-year.
•Adjusted EPS1, excluding special items, grew to $1.28 in first-quarter 2026, a 7.6 percent increase year-over-year and the best quarterly growth rate since 2021.
•Cash flow from operating activities was $8.0 billion in first-quarter 2026 compared to $7.8 billion in first-quarter 2025, representing a growth rate of 2.6 percent.
•Capital expenditures were $4.2 billion, as network build pace across mobility and fiber remains on track.
•Free cash flow1 was $3.8 billion in first-quarter 2026 compared to $3.6 billion in first-quarter 2025, representing a growth rate of 4.0 percent.
•Verizon's total unsecured debt as of the end of first-quarter 2026 was $142.5 billion, compared to $131.1 billion at the end of fourth-quarter 2025. The company's net unsecured debt1 at the end of first-quarter 2026 was $130.1 billion compared to $110.1 billion at the end of the fourth-quarter 2025. At the end of first-quarter 2026, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 8.0 times and its net unsecured debt to consolidated adjusted EBITDA ratio1 was 2.6 times.
•Verizon paid down approximately half of the Frontier debt since the acquisition closed, and expects to repay substantially all of Frontier's debt by the end of the year.
•Verizon successfully completed $2.5 billion of share repurchases in first-quarter 2026, and remains on track for its full-year target of at least $3.0 billion.
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VZQTR20FIN
Mobility and Broadband
•Mobility and broadband service revenue reached approximately $22.9 billion, representing a 1.6 percent increase year-over-year. The company's first-quarter revenue result includes an 80 basis point impact to wireless service revenue growth due to the January network outage. In March, mobility and broadband service revenue grew in the middle of the 2.0 percent to 3.0 percent guidance range.
•Wireless equipment revenue was $5.7 billion, up 5.2 percent year-over-year.
•In first-quarter 2026, Verizon reported total postpaid phone net additions of 55,000, the first time the company generated positive first-quarter total postpaid phone net additions since 2013. The year-over-year improvement of over 340,000 was driven in part by a higher mix of new to Verizon gross additions.
•Total core prepaid2 net additions were 115,000, representing seven consecutive quarters of growth.
•Verizon delivered 341,000 broadband net additions in first-quarter 2026. This includes total fixed wireless access net additions of 214,000 and 127,000 fiber broadband net additions.
•Verizon now has approximately 16.8 million fixed wireless access and fiber broadband connections.
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.
Transformation efforts and strong first-quarter performance give Verizon the confidence to provide the following raised guidance for 2026:
•Adjusted EPS1 of $4.95 to $4.99, or year-over-year growth of 5.0 to 6.0 percent, representing a significant acceleration compared to recent historical performance.
•Total retail postpaid phone net additions are now expected to be in the top half of the 750,000 to 1.0 million range, which is approximately 2 to 3 times the 2025 reported result.
In addition, for 2026, Verizon continues to expect the following:
•Total mobility and broadband service revenue growth of 2.0 percent to 3.0 percent, equating to approximately $93 billion. Wireless service revenue growth will be approximately flat in 2026 as the company transitions to sustainable volume-based growth.
•Cash flow from operations of $37.5 billion to $38.0 billion.
•Capital expenditures of $16.0 billion to $16.5 billion.
•Free cash flow1 of $21.5 billion or more, growing approximately 7.0 percent or more from 2025, which will mark the highest free cash flow1 generated since 2020.
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VZQTR20FIN
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).
2 Represents total prepaid results excluding our SafeLink brand.
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.
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Verizon Communications Inc.
Condensed Consolidated Statements of Income
(dollars in millions, except per share amounts) | ||||||||||||||||||||
| Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | % Change | |||||||||||||||||
| Operating Revenues | ||||||||||||||||||||
| Service revenues and other | $ | 28,759 | $ | 28,087 | 2.4 | |||||||||||||||
| Wireless equipment revenues | 5,681 | 5,398 | 5.2 | |||||||||||||||||
| Total Operating Revenues | 34,440 | 33,485 | 2.9 | |||||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Cost of services | 7,167 | 6,950 | 3.1 | |||||||||||||||||
| Cost of wireless equipment | 6,506 | 6,106 | 6.6 | |||||||||||||||||
| Selling, general and administrative expense | 7,633 | 7,874 | (3.1) | |||||||||||||||||
| Depreciation and amortization expense | 4,892 | 4,577 | 6.9 | |||||||||||||||||
| Total Operating Expenses | 26,198 | 25,507 | 2.7 | |||||||||||||||||
| Operating Income | 8,242 | 7,978 | 3.3 | |||||||||||||||||
| Equity in earnings of unconsolidated businesses | 5 | 6 | (16.7) | |||||||||||||||||
| Other income, net | 477 | 121 | * | |||||||||||||||||
| Interest expense | (1,940) | (1,632) | 18.9 | |||||||||||||||||
| Income Before Provision For Income Taxes | 6,784 | 6,473 | 4.8 | |||||||||||||||||
| Provision for income taxes | (1,638) | (1,490) | 9.9 | |||||||||||||||||
| Net Income | $ | 5,146 | $ | 4,983 | 3.3 | |||||||||||||||
| Net income attributable to noncontrolling interests | $ | 101 | $ | 104 | (2.9) | |||||||||||||||
| Net income attributable to Verizon | 5,045 | 4,879 | 3.4 | |||||||||||||||||
| Net Income | $ | 5,146 | $ | 4,983 | 3.3 | |||||||||||||||
| Basic Earnings Per Common Share | ||||||||||||||||||||
| Net income attributable to Verizon | $ | 1.20 | $ | 1.16 | 3.4 | |||||||||||||||
| Weighted-average shares outstanding (in millions) | 4,205 | 4,222 | ||||||||||||||||||
Diluted Earnings Per Common Share(1) | ||||||||||||||||||||
| Net income attributable to Verizon | $ | 1.20 | $ | 1.15 | 4.3 | |||||||||||||||
| Weighted-average shares outstanding (in millions) | 4,210 | 4,226 | ||||||||||||||||||
(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 | 3/31/26 | 12/31/25 | $ Change | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Current assets | ||||||||||||||||||||
| Cash and cash equivalents | $ | 8,366 | $ | 19,048 | $ | (10,682) | ||||||||||||||
| Accounts receivable | 27,966 | 28,347 | (381) | |||||||||||||||||
| Less Allowance for credit losses | 1,311 | 1,250 | 61 | |||||||||||||||||
| Accounts receivable, net | 26,655 | 27,097 | (442) | |||||||||||||||||
| Inventories | 2,320 | 2,441 | (121) | |||||||||||||||||
| Prepaid expenses and other | 7,382 | 8,336 | (954) | |||||||||||||||||
| Total current assets | 44,723 | 56,922 | (12,199) | |||||||||||||||||
| Property, plant and equipment | 357,650 | 337,991 | 19,659 | |||||||||||||||||
| Less Accumulated depreciation | 231,678 | 228,524 | 3,154 | |||||||||||||||||
| Property, plant and equipment, net | 125,972 | 109,467 | 16,505 | |||||||||||||||||
| Investments in unconsolidated businesses | 730 | 785 | (55) | |||||||||||||||||
| Wireless licenses | 157,082 | 157,039 | 43 | |||||||||||||||||
| Goodwill | 30,628 | 22,841 | 7,787 | |||||||||||||||||
| Other intangible assets, net | 12,799 | 10,458 | 2,341 | |||||||||||||||||
| Operating lease right-of-use assets | 23,401 | 23,498 | (97) | |||||||||||||||||
| Other assets | 22,547 | 23,248 | (701) | |||||||||||||||||
| Total assets | $ | 417,882 | $ | 404,258 | $ | 13,624 | ||||||||||||||
| Liabilities and Equity | ||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||
| Debt maturing within one year | $ | 28,229 | $ | 18,618 | $ | 9,611 | ||||||||||||||
| Accounts payable and accrued liabilities | 21,932 | 24,981 | (3,049) | |||||||||||||||||
| Current operating lease liabilities | 4,720 | 4,542 | 178 | |||||||||||||||||
| Other current liabilities | 14,999 | 14,229 | 770 | |||||||||||||||||
| Total current liabilities | 69,880 | 62,370 | 7,510 | |||||||||||||||||
| Long-term debt | 144,231 | 139,532 | 4,699 | |||||||||||||||||
| Employee benefit obligations | 12,023 | 11,099 | 924 | |||||||||||||||||
| Deferred income taxes | 49,312 | 48,717 | 595 | |||||||||||||||||
| Non-current operating lease liabilities | 18,692 | 18,951 | (259) | |||||||||||||||||
| Other liabilities | 19,122 | 17,848 | 1,274 | |||||||||||||||||
| Total long-term liabilities | 243,380 | 236,147 | 7,233 | |||||||||||||||||
| Equity | ||||||||||||||||||||
| Common stock | 429 | 429 | — | |||||||||||||||||
| Additional paid in capital | 13,263 | 13,372 | (109) | |||||||||||||||||
| Retained earnings | 96,824 | 94,744 | 2,080 | |||||||||||||||||
| Accumulated other comprehensive loss | (2,372) | (1,727) | (645) | |||||||||||||||||
| Common stock in treasury, at cost | (5,335) | (3,255) | (2,080) | |||||||||||||||||
| Deferred compensation – employee stock ownership plans and other | 500 | 897 | (397) | |||||||||||||||||
| Noncontrolling interests | 1,313 | 1,281 | 32 | |||||||||||||||||
| Total equity | 104,622 | 105,741 | (1,119) | |||||||||||||||||
| Total liabilities and equity | $ | 417,882 | $ | 404,258 | $ | 13,624 | ||||||||||||||
Verizon Communications Inc.
Consolidated - Selected Financial and Operating Statistics
| (dollars in millions, except per share amounts) | ||||||||||||||
| Unaudited | 3/31/26 | 12/31/25 | ||||||||||||
| Total debt | $ | 172,460 | $ | 158,150 | ||||||||||
| Unsecured debt | $ | 142,498 | $ | 131,083 | ||||||||||
Net unsecured debt(1) | $ | 130,053 | $ | 110,053 | ||||||||||
| Unsecured debt / Consolidated Net Income (LTM) | 8.0 | x | 7.4 | x | ||||||||||
Net unsecured debt / Consolidated Adjusted EBITDA(1)(2) | 2.6 | x | 2.2 | x | ||||||||||
| Common shares outstanding, end of period (in millions) | 4,176 | 4,217 | ||||||||||||
Total employees (‘000)(3) | 99.6 | 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 | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | $ Change | |||||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||||||
| Net Income | $ | 5,146 | $ | 4,983 | $ | 163 | ||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization expense | 4,892 | 4,577 | 315 | |||||||||||||||||
| Employee retirement benefits | (117) | 143 | (260) | |||||||||||||||||
| Deferred income taxes | 703 | 132 | 571 | |||||||||||||||||
| Provision for expected credit losses | 581 | 587 | (6) | |||||||||||||||||
| Equity in losses of unconsolidated businesses, inclusive of dividends received | 3 | 20 | (17) | |||||||||||||||||
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | (3,082) | (2,618) | (464) | |||||||||||||||||
| Other, net | (142) | (42) | (100) | |||||||||||||||||
| Net cash provided by operating activities | 7,984 | 7,782 | 202 | |||||||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||||||||
| Capital expenditures (including capitalized software) | (4,201) | (4,145) | (56) | |||||||||||||||||
| Cash paid related to acquisitions of businesses, net of cash acquired | (9,480) | — | (9,480) | |||||||||||||||||
| Acquisitions of wireless licenses | (83) | (122) | 39 | |||||||||||||||||
| Other, net | 191 | 515 | (324) | |||||||||||||||||
| Net cash used in investing activities | (13,573) | (3,752) | (9,821) | |||||||||||||||||
| Cash Flows from Financing Activities | ||||||||||||||||||||
| Proceeds from long-term borrowings | 5,975 | — | 5,975 | |||||||||||||||||
| Proceeds from asset-backed long-term borrowings | 6,154 | 2,781 | 3,373 | |||||||||||||||||
| Repayments of long-term borrowings and finance lease obligations | (4,258) | (2,446) | (1,812) | |||||||||||||||||
| Repayments of asset-backed long-term borrowings | (6,828) | (2,589) | (4,239) | |||||||||||||||||
| Dividends paid | (2,910) | (2,856) | (54) | |||||||||||||||||
| Purchase of common stock for treasury | (2,500) | — | (2,500) | |||||||||||||||||
| Other, net | (911) | (783) | (128) | |||||||||||||||||
| Net cash used in financing activities | (5,278) | (5,893) | 615 | |||||||||||||||||
| Decrease in cash, cash equivalents and restricted cash | (10,867) | (1,863) | (9,004) | |||||||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 19,499 | 4,635 | 14,864 | |||||||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 8,632 | $ | 2,772 | $ | 5,860 | ||||||||||||||
Verizon Communications Inc.
Consumer - Selected Financial Results
| (dollars in millions) | ||||||||||||||||||||
| Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | % Change | |||||||||||||||||
| Operating Revenues | ||||||||||||||||||||
Mobility and broadband service(1) | $ | 19,180 | $ | 18,801 | 2.0 | |||||||||||||||
| Wireless equipment | 4,824 | 4,532 | 6.4 | |||||||||||||||||
Other(2) | 2,449 | 2,285 | 7.2 | |||||||||||||||||
| Total Operating Revenues | 26,453 | 25,618 | 3.3 | |||||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Cost of services | 4,820 | 4,574 | 5.4 | |||||||||||||||||
| Cost of wireless equipment | 5,303 | 4,912 | 8.0 | |||||||||||||||||
| Selling, general and administrative expense | 4,886 | 5,165 | (5.4) | |||||||||||||||||
| Depreciation and amortization expense | 3,730 | 3,543 | 5.3 | |||||||||||||||||
| Total Operating Expenses | 18,739 | 18,194 | 3.0 | |||||||||||||||||
| Operating Income | $ | 7,714 | $ | 7,424 | 3.9 | |||||||||||||||
| Operating Income Margin | 29.2 | % | 29.0 | % | ||||||||||||||||
Segment EBITDA(3) | $ | 11,444 | $ | 10,967 | 4.3 | |||||||||||||||
Segment EBITDA Margin(3) | 43.3 | % | 42.8 | % | ||||||||||||||||
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 3/31/26 | 3 Mos. Ended 3/31/25 | % Change | |||||||||||||||||
| Operating Revenues | ||||||||||||||||||||
Mobility and broadband service(1) | $ | 3,688 | $ | 3,717 | (0.8) | |||||||||||||||
| Wireless equipment | 857 | 866 | (1.0) | |||||||||||||||||
Other(2) | 2,874 | 2,703 | 6.3 | |||||||||||||||||
| Total Operating Revenues | 7,419 | 7,286 | 1.8 | |||||||||||||||||
| Operating Expenses | ||||||||||||||||||||
| Cost of services | 2,341 | 2,376 | (1.5) | |||||||||||||||||
| Cost of wireless equipment | 1,202 | 1,194 | 0.7 | |||||||||||||||||
| Selling, general and administrative expense | 1,911 | 2,032 | (6.0) | |||||||||||||||||
| Depreciation and amortization expense | 1,081 | 1,020 | 6.0 | |||||||||||||||||
| Total Operating Expenses | 6,535 | 6,622 | (1.3) | |||||||||||||||||
| Operating Income | $ | 884 | $ | 664 | 33.1 | |||||||||||||||
| Operating Income Margin | 11.9 | % | 9.1 | % | ||||||||||||||||
Segment EBITDA(3) | $ | 1,965 | $ | 1,684 | 16.7 | |||||||||||||||
Segment EBITDA Margin(3) | 26.5 | % | 23.1 | % | ||||||||||||||||
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.
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 | 3/31/26 | 3/31/25 | % Change | |||||||||||||||||
| Connections (‘000) | ||||||||||||||||||||
| Wireless retail | 146,798 | 145,974 | 0.6 | |||||||||||||||||
| Wireless retail postpaid | 126,499 | 125,744 | 0.6 | |||||||||||||||||
| Wireless retail postpaid phone | 93,920 | 93,214 | 0.8 | |||||||||||||||||
Wireless retail core prepaid(1) | 19,279 | 18,977 | 1.6 | |||||||||||||||||
| Fiber broadband | 10,757 | 7,581 | 41.9 | |||||||||||||||||
| FWA broadband | 6,006 | 4,845 | 24.0 | |||||||||||||||||
Total broadband(2) | 16,763 | 12,426 | 34.9 | |||||||||||||||||
| Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | % Change | |||||||||||||||||
| Net Additions Detail (‘000) | ||||||||||||||||||||
| Wireless retail | (116) | (65) | (78.5) | |||||||||||||||||
| Wireless retail postpaid | (196) | (159) | (23.3) | |||||||||||||||||
| Wireless retail postpaid phone | 55 | (289) | * | |||||||||||||||||
Wireless retail core prepaid(1) | 115 | 137 | (16.1) | |||||||||||||||||
| Fiber broadband | 127 | 45 | * | |||||||||||||||||
| FWA broadband | 214 | 308 | (30.5) | |||||||||||||||||
Total broadband(2) | 341 | 353 | (3.4) | |||||||||||||||||
| Account Statistics | ||||||||||||||||||||
Wireless retail postpaid accounts (‘000)(3) | 34,369 | 34,696 | (0.9) | |||||||||||||||||
Wireless retail postpaid ARPA(4) | $ | 166.66 | $ | 169.81 | (1.9) | |||||||||||||||
Wireless retail core prepaid ARPU(5) | $ | 33.31 | $ | 31.92 | 4.4 | |||||||||||||||
| Churn Detail | ||||||||||||||||||||
| Wireless retail postpaid phone | 0.97 | % | 0.95 | % | ||||||||||||||||
Wireless retail core prepaid(1) | 3.45 | % | 3.47 | % | ||||||||||||||||
| Wireless Retail Postpaid Connection Statistics | ||||||||||||||||||||
| Upgrade rate | 3.0 | % | 2.8 | % | ||||||||||||||||
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 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 | $ | 5,146 | $ | 2,448 | $ | 5,056 | $ | 5,121 | $ | 4,983 | ||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||||||||||
| Provision for income taxes | 1,638 | 615 | 1,471 | 1,488 | 1,490 | |||||||||||||||||||||||||||
Interest expense(1) | 1,940 | 1,759 | 1,664 | 1,639 | 1,632 | |||||||||||||||||||||||||||
Depreciation and amortization expense(2) | 4,892 | 4,519 | 4,618 | 4,635 | 4,577 | |||||||||||||||||||||||||||
| Consolidated EBITDA | $ | 13,616 | $ | 9,341 | $ | 12,809 | $ | 12,883 | $ | 12,682 | ||||||||||||||||||||||
| Add/(subtract): | ||||||||||||||||||||||||||||||||
Other (income) expense, net(3) | $ | (477) | $ | 185 | $ | (92) | $ | (79) | $ | (121) | ||||||||||||||||||||||
| Equity in (earnings) losses of unconsolidated businesses | (5) | (3) | 6 | 3 | (6) | |||||||||||||||||||||||||||
| Severance charges | — | 1,715 | — | — | — | |||||||||||||||||||||||||||
| Acquisition and integration related charges | 261 | 39 | 52 | — | — | |||||||||||||||||||||||||||
| Asset and business rationalization | — | 583 | — | — | — | |||||||||||||||||||||||||||
| (221) | 2,519 | (34) | (76) | (127) | ||||||||||||||||||||||||||||
| Consolidated Adjusted EBITDA | $ | 13,395 | $ | 11,860 | $ | 12,775 | $ | 12,807 | $ | 12,555 | ||||||||||||||||||||||
| Consolidated Adjusted EBITDA - Year over year change % | 6.7 | % | ||||||||||||||||||||||||||||||
| 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 3/31/26 | 12 Mos. Ended 12/31/25 | ||||||||||||
| Consolidated Net Income | $ | 17,771 | $ | 17,608 | ||||||||||
| Add: | ||||||||||||||
| Provision for income taxes | 5,212 | 5,064 | ||||||||||||
Interest expense(1) | 7,002 | 6,694 | ||||||||||||
Depreciation and amortization expense(2) | 18,664 | 18,349 | ||||||||||||
| Consolidated EBITDA | $ | 48,649 | $ | 47,715 | ||||||||||
| Add/(subtract): | ||||||||||||||
Other income, net(3) | $ | (463) | $ | (107) | ||||||||||
Equity in losses of unconsolidated businesses | 1 | — | ||||||||||||
| Severance charges | 1,715 | 1,715 | ||||||||||||
| Acquisition and integration related charges | 352 | 91 | ||||||||||||
| Asset and business rationalization | 583 | 583 | ||||||||||||
| 2,188 | 2,282 | |||||||||||||
| Consolidated Adjusted EBITDA | $ | 50,837 | $ | 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 | 3/31/26 | 12/31/25 | ||||||||||||
| Debt maturing within one year | $ | 28,229 | $ | 18,618 | ||||||||||
| Long-term debt | 144,231 | 139,532 | ||||||||||||
| Total Debt | 172,460 | 158,150 | ||||||||||||
| Less Secured debt | 29,962 | 27,067 | ||||||||||||
| Unsecured Debt | 142,498 | 131,083 | ||||||||||||
Less Equity credit for junior subordinated notes(1) | 4,079 | 1,982 | ||||||||||||
| Less Cash and cash equivalents | 8,366 | 19,048 | ||||||||||||
Net Unsecured Debt | $ | 130,053 | $ | 110,053 | ||||||||||
| Consolidated Net Income (LTM) | $ | 17,771 | $ | 17,608 | ||||||||||
| Unsecured Debt to Consolidated Net Income Ratio | 8.0 | x | 7.4 | x | ||||||||||
| Consolidated Adjusted EBITDA (LTM) | $ | 50,837 | $ | 49,997 | ||||||||||
| Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio | 2.6 | 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 3/31/26 | 3 Mos. Ended 3/31/25 | ||||||||||||||||||||||||||||||
| Pre-tax | Tax | After-Tax | Pre-tax | Tax | After-Tax | |||||||||||||||||||||||||||
| EPS | $ | 1.20 | $ | 1.15 | ||||||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 240 | $ | (60) | $ | 180 | 0.04 | $ | 190 | $ | (48) | $ | 142 | 0.03 | ||||||||||||||||||
| Pension and benefits credits | (237) | 59 | (178) | (0.04) | — | — | — | — | ||||||||||||||||||||||||
Acquisition and integration related charges | 261 | 68 | 329 | 0.08 | — | — | — | — | ||||||||||||||||||||||||
| $ | 264 | $ | 67 | $ | 331 | $ | 0.08 | $ | 190 | $ | (48) | $ | 142 | $ | 0.03 | |||||||||||||||||
| Adjusted EPS | $ | 1.28 | $ | 1.19 | ||||||||||||||||||||||||||||
Year over year change % | 7.6 | % | 3.5 | % | ||||||||||||||||||||||||||||
| Footnote: | ||||||||||||||||||||||||||||||||
| Adjusted EPS may not add due to rounding. | ||||||||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | ||||||||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 3/31/24 | 3 Mos. Ended 3/31/23 | ||||||||||||||||||||||||||||||
| Pre-tax | Tax | After-Tax | Pre-tax | Tax | After-Tax | |||||||||||||||||||||||||||
| EPS | $ | 1.09 | $ | 1.17 | ||||||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 221 | $ | (56) | $ | 165 | 0.04 | $ | 208 | $ | (53) | $ | 155 | 0.04 | ||||||||||||||||||
| Legacy legal matter | 106 | (27) | 79 | 0.02 | — | — | — | — | ||||||||||||||||||||||||
| $ | 327 | $ | (83) | $ | 244 | $ | 0.06 | $ | 208 | $ | (53) | $ | 155 | $ | 0.04 | |||||||||||||||||
| Adjusted EPS | $ | 1.15 | $ | 1.20 | ||||||||||||||||||||||||||||
Year over year change % | (4.2) | % | (11.1) | % | ||||||||||||||||||||||||||||
| Footnote: | ||||||||||||||||||||||||||||||||
| Adjusted EPS may not add due to rounding. | ||||||||||||||||||||||||||||||||
Verizon Communications Inc.
(dollars in millions, except per share amounts) | ||||||||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 3/31/22 | 3 Mos. Ended 3/31/21 | ||||||||||||||||||||||||||||||
| Pre-tax | Tax | After-Tax | Pre-tax | Tax | After-Tax | |||||||||||||||||||||||||||
| EPS | $ | 1.09 | $ | 1.27 | ||||||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 238 | $ | (60) | $ | 178 | 0.04 | $ | 276 | $ | (67) | $ | 209 | 0.05 | ||||||||||||||||||
| Early debt redemption costs | 1,241 | (316) | 925 | 0.22 | — | — | — | — | ||||||||||||||||||||||||
| Loss on spectrum licenses | — | — | — | — | 223 | (56) | 167 | 0.04 | ||||||||||||||||||||||||
| $ | 1,479 | $ | (376) | $ | 1,103 | $ | 0.26 | $ | 499 | $ | (123) | $ | 376 | $ | 0.09 | |||||||||||||||||
| Adjusted EPS | $ | 1.35 | $ | 1.36 | ||||||||||||||||||||||||||||
Year over year change % | (0.7) | % | 7.9 | % | ||||||||||||||||||||||||||||
| Footnote: | ||||||||||||||||||||||||||||||||
| Adjusted EPS may not add due to rounding. | ||||||||||||||||||||||||||||||||
(dollars in millions, except per share amounts) | |||||||||||||||||
| Unaudited | 3 Mos. Ended 3/31/20 | ||||||||||||||||
| Pre-tax | Tax | After-Tax | |||||||||||||||
| EPS | $ | 1.00 | |||||||||||||||
| Loss on spectrum licenses | $ | 1,195 | $ | (281) | $ | 914 | 0.22 | ||||||||||
| Pension and benefits charges | 182 | (47) | 135 | 0.03 | |||||||||||||
| $ | 1,377 | $ | (328) | $ | 1,049 | $ | 0.25 | ||||||||||
| Adjusted EPS | $ | 1.26 | |||||||||||||||
| Footnote: | |||||||||||||||||
| Adjusted EPS may not add due to rounding. | |||||||||||||||||
| Free Cash Flow | ||||||||||||||
| (dollars in millions) | ||||||||||||||
| Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | ||||||||||||
| Net Cash Provided by Operating Activities | $ | 7,984 | $ | 7,782 | ||||||||||
| Capital expenditures (including capitalized software) | (4,201) | (4,145) | ||||||||||||
| Free Cash Flow | $ | 3,783 | $ | 3,637 | ||||||||||
| Year over year change % | 4.0 | % | ||||||||||||
| (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 | ||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||
| 12 Mos. Ended | ||||||||||||||||||||
| Unaudited | 12/31/26 | |||||||||||||||||||
| Net Cash Provided by Operating Activities Forecast | $ | 37,500 - 38,000 | ||||||||||||||||||
| Capital expenditures forecast (including capitalized software) | (16,000 - 16,500) | |||||||||||||||||||
| Free Cash Flow Forecast | $ | 21,500 | ||||||||||||||||||
Free Cash Flow Growth Forecast % | 6.8 | % | ||||||||||||||||||
Verizon Communications Inc.
Non-GAAP Reconciliations - Segments
| Segment EBITDA and Segment EBITDA Margin | ||||||||||||||
| Consumer | ||||||||||||||
| (dollars in millions) | ||||||||||||||
| Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | ||||||||||||
| Operating Income | $ | 7,714 | $ | 7,424 | ||||||||||
| Add Depreciation and amortization expense | 3,730 | 3,543 | ||||||||||||
| Segment EBITDA | $ | 11,444 | $ | 10,967 | ||||||||||
| Year over year change % | 4.3 | % | ||||||||||||
| Total operating revenues | $ | 26,453 | $ | 25,618 | ||||||||||
| Operating Income Margin | 29.2 | % | 29.0 | % | ||||||||||
| Segment EBITDA Margin | 43.3 | % | 42.8 | % | ||||||||||
| Business | ||||||||||||||
| (dollars in millions) | ||||||||||||||
| Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | ||||||||||||
| Operating Income | $ | 884 | $ | 664 | ||||||||||
| Add Depreciation and amortization expense | 1,081 | 1,020 | ||||||||||||
| Segment EBITDA | $ | 1,965 | $ | 1,684 | ||||||||||
| Year over year change % | 16.7 | % | ||||||||||||
| Total operating revenues | $ | 7,419 | $ | 7,286 | ||||||||||
| Operating Income Margin | 11.9 | % | 9.1 | % | ||||||||||
| Segment EBITDA Margin | 26.5 | % | 23.1 | % | ||||||||||
FAQ
How did Verizon (VZ) perform financially in Q1 2026?
Verizon delivered modest growth in Q1 2026, with total operating revenue rising 2.9% to $34.4 billion and consolidated net income increasing 3.3% to $5.1 billion. Profitability improved as consolidated Adjusted EBITDA grew 6.7% year-over-year to $13.4 billion.
What were Verizon’s Q1 2026 EPS and Adjusted EPS results?
Diluted EPS for Q1 2026 was $1.20, up 4.3% year-over-year. Adjusted EPS, which excludes items like acquisition-related amortization and integration charges, reached $1.28, a 7.6% increase and the company’s strongest quarterly Adjusted EPS growth since 2021.
How strong was Verizon’s free cash flow in Q1 2026?
Verizon generated free cash flow of $3.8 billion in Q1 2026, up 4.0% from $3.6 billion a year earlier. This reflected $8.0 billion in cash flow from operating activities and $4.2 billion in capital expenditures for network and fiber investments.
What subscriber trends did Verizon (VZ) report for Q1 2026?
Verizon posted 55,000 total postpaid phone net additions, its first positive first-quarter result since 2013. The company also added 341,000 broadband connections, including 214,000 fixed wireless access and 127,000 fiber broadband net additions, supporting long-term revenue growth.
Did Verizon change its 2026 guidance based on Q1 2026 results?
Yes. Verizon raised its 2026 Adjusted EPS guidance to $4.95–$4.99, targeting 5.0–6.0% year-over-year growth. It now expects total retail postpaid phone net additions to land in the upper half of its 750,000 to 1 million range, reflecting stronger operating momentum.
How did Verizon’s debt and leverage look after Q1 2026?
Total debt increased to $172.5 billion and net unsecured debt rose to $130.1 billion. The net unsecured debt-to-Consolidated Adjusted EBITDA ratio moved to 2.6x from 2.2x, while Verizon continues paying down Frontier-related obligations acquired in January 2026.