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.
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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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Verizon Communications Inc.
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
Footnotes:
(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.
