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Verizon (VZ) investor relations material
Verizon Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Record Q3 postpaid phone net additions of 406,000 and postpaid account net additions of 137,000; lower churn and disciplined promotions supported growth.
Q3 growth in service revenue, adjusted EBITDA, adjusted EPS and free cash flow supported a third consecutive increase to full-year 2026 guidance.
Financial highlights
Operating revenue was $34.313B, up 1.5% YoY; service revenue rose 3.5%, while wireless equipment revenue fell 9.0% on lower upgrade volumes.
Mobility and Broadband Service Revenue was $23.5B, up 2.9% YoY.
Adjusted EBITDA reached a record $13.8B, up 8.0%; adjusted EBITDA margin was 40.2%, up from 37.8%.
Net income was $5.320B, up 5.2%; operating income was $8.650B, up 6.7%. EPS was $1.25, up 6.8%, and adjusted EPS was $1.31, up 8.3%.
Q3 free cash flow was $7.8B, up 12.1%; 9M free cash flow was $18.0B, up 14.3%, and operating cash flow was $29.9B, up nearly 7%.
Outlook and guidance
FY2026 postpaid phone net additions guidance raised to 1.1M–1.2M from the upper half of 750,000–1.0M.
Adjusted EPS guidance raised to $5.04–$5.06, or 7.0%–7.5% growth; cash flow from operations growth guidance increased to 3.5%–5.0%.
Free cash flow growth guidance raised to 11.5%–12.0%; mobility and broadband service revenue growth is expected in the upper half of 2.5%–3.0%, with ~4.0% growth in Q4.
Capital expenditure guidance remains $16.0B–$16.5B, including success-based AI Connect investments.
- 2024 guidance targets wireless service growth and adjusted EPS of $4.50–$4.70.VZ
Q4 2023 - Customer-focused transformation, cost discipline, and broadband/AI growth drive strong momentum.VZ
Goldman Sachs Communacopia + Technology Conference 2026 - Transformation drives growth, efficiency, and new revenue streams, supporting raised guidance.VZ
Citi’s 2026 Global TMT Conference - Record Q2 2026 growth, record adjusted EBITDA margin, and raised full-year guidance.VZ
Q2 2026 - Healthy DRAM, NAND, and HBM demand, tech ramp success, and U.S. expansion drive growth.VZ
53rd Annual JPMorgan Global Technology, Media and Communications Conference - AI-driven transformation and efficiency boost churn, growth, and shareholder value.VZ
J.P. Morgan 54th Annual Global Technology, Media and Communications Conference - Q3 2025 revenue up 1.5% to $33.8B, net income up 48%, and free cash flow improved.VZ
Q3 2025 - Q2 2025 saw raised guidance, strong revenue and net income growth, and industry-leading wireless results.VZ
Q2 2025 - Record subscriber growth and robust wireless revenue drive strong 2024 results and positive 2025 outlook.VZ
Q4 2024
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Frequently asked questions
The power of connectivity
Verizon Communications is a multinational telecommunications company based in New York City. The company operates in two main business segments: wireless communications and wireline communications. Verizon is mostly known for its wireless network, which is the largest in the United States, and its extensive fiber-optic network, which provides high-speed internet and TV services.
One of Verizon's significant competitive advantages is its extensive infrastructure, including its wireless network and fiber-optic network. The company has invested heavily in expanding and improving its networks, providing its customers with fast and reliable internet and wireless connectivity. Verizon also focuses on offering its customers a high-quality user experience, investing in new technologies such as 5G and providing excellent customer service.
Personalized offerings
Verizon's business model is also heavily focused on data and analytics, which allows the company to personalize its offerings and provide targeted advertising. The company's data analytics capabilities are among the most advanced in the industry, enabling it to make data-driven decisions and provide its customers with more relevant and personalized products and services.
Building blocks for the success story
→ Strong network infrastructure: Verizon has invested heavily in building and maintaining a robust network infrastructure that provides reliable and fast connectivity. This has helped to differentiate its services from competitors and has allowed it to maintain a loyal customer base.
→ Innovation: Verizon has a strong culture of innovation, which has helped it to stay ahead of the curve in developing new products and services. For example, Verizon was one of the first companies to launch 5G services in the United States, and it has continued to invest in new technologies like the Internet of Things (IoT) and cloud computing.
→ Strategic acquisitions: Verizon has made strategic acquisitions over the years, which have helped it to expand its customer base and services. For example, its acquisition of AOL and Yahoo has helped it to expand its digital media offerings and compete with companies like Google and Meta in some areas.
Three listed peers to Verizon are: AT&T, T-Mobile, and Comcast.
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