Verizon Communications Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +10.59%.
Did VZ Beat Earnings? Q1 2025 Results
Verizon posted a steady first quarter in 2025, with adjusted EPS of $1.19 rising from $1.15 a year ago and total operating revenue climbing 1.5% year over year to $33.48 billion, as the telecom giant's broadband expansion and wireless service momentum offset a softening in postpaid phone subscriber trends. The clearest engine behind the results was fixed wireless access, where Verizon added 308,000 FWA subscribers in the quarter, pushing its base past 4.8 million and driving FWA revenue up 47.8% to $668.00 million. Wireless service revenue overall grew 2.7% to $20.76 billion, while consolidated adjusted EBITDA expanded to $12.55 billion from $12.07 billion. Free cash flow improved meaningfully to $3.64 billion from $2.71 billion. The quarter was not without pressure, as consumer postpaid phone net losses widened to 356,000. Looking ahead, Verizon reaffirmed its full-year 2025 guidance for wireless service revenue growth of 2.0% to 2.8% and free cash flow of $17.50 billion to $18.50 billion, while noting its outlook does not account for potential tariff impacts.
- Customer segmentation strategy driving wireless service revenue growth of 2.7% YoY
- Consumer wireless postpaid ARPA increased 3.6% YoY to $146.46
- Fixed wireless access net additions of 308,000 growing the FWA base past 4.8 million subscribers
- FWA revenue surged 47.8% YoY to $668 million
- Best wireless retail core prepaid net additions (137,000) since TracFone acquisition
- SG&A expense reduced 3.3% year over year at consolidated level
- Business segment operating income grew 66.4% YoY driven by cost discipline
- Total broadband connections surpassed 12.6 million, up 13.7% YoY
“Verizon plays an essential role in our customers' lives and our differentiated value proposition delivers what customers want and need, on their terms. We continue to drive our multi-year customer-first strategy, launching new programs such as our 3-year price lock and free phone guarantee for consumers and My Biz Plan for small and medium sized businesses. With our high quality customer base, network superiority and position of financial strength, we have the momentum and flexibility to continue innovating to meet customer needs and invest for growth.”
Verizon CEO, on the earnings call
Forward Guidance & Outlook
Verizon reaffirmed its full-year 2025 guidance: total wireless service revenue growth of 2.0% to 2.8%; adjusted EBITDA growth of 2.0% to 3.5%; adjusted EPS growth of 0% to 3.0%; cash flow from operations of $35.0 billion to $37.0 billion; capital expenditures between $17.5 billion and $18.5 billion; and free cash flow of $17.5 billion to $18.5 billion. The company explicitly noted that its 2025 financial guidance does not reflect any assumptions regarding the potential impacts of the evolving tariff environment. Verizon targets 8 to 9 million fixed wireless access subscribers by 2028.
VZ YoY Financials
VZ Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.