Companies /Communication Services
Verizon Communications Inc
NYSE: VZ Telecom Services
$41.65
▼ $3.93 (−8.61%) today
Markets closed · 5:51pm ET

Verizon (VZ) Q2 2025 Earnings

Reported Jul 21, 2025, 6:58am ET · SEC source
$1.22
Beat +2.05%
EPS · est. $1.20
$34.5B
Beat +2.84%
Revenue · est. $33.5B
+4.6%
Beating market
VZ vs S&P since report
7 quarters
Consecutive EPS beats

How Did VZ Stock React to Q2 2025 Earnings?

% change · around the report
−2%0+2%Jul 21Jul 22report 6:58am ETearnings−0.2%+0.5%
−2%0+2%Jul 21Jul 22earnings−0.2%+0.5%
VZ +0.5%S&P 500 −0.2%
−2%0+2%Jul 21Jul 22report 6:58am ETearnings−0.4%+0.5%
−2%0+2%Jul 21Jul 22earnings−0.4%+0.5%
VZ +0.5%NASDAQ −0.4%
−2%0+2%Jul 21Jul 29report 6:58am ETearnings+1.5%−0.3%
−2%0+2%Jul 21Jul 29earnings+1.5%−0.3%
VZ −0.3%S&P 500 +1.5%
−2%0+2%Jul 21Jul 29report 6:58am ETearnings+1.4%−0.3%
−2%0+2%Jul 21Jul 29earnings+1.4%−0.3%
VZ −0.3%NASDAQ +1.4%
+4.04%
Day of report
+1.11%
Next session
−0.31%
One week
+6.05%
30 days

S&P 500 over the same 30 days: +1.49%.

Did VZ Beat Earnings? Q2 2025 Results

Yes. Verizon reported Q2 2025 earnings of $1.22 a share on Jul 21, 2025, beating the $1.20 consensus estimate by 2.0%. Revenue was $34.5B against a $33.5B estimate.

Verizon posted a solid second quarter, reporting adjusted earnings per share of $1.22 and total operating revenue of $34.50 billion, the latter rising 5.2% year-over-year as a sharp surge in wireless equipment activity drove results above year-ago levels. The standout driver was a 25.2% jump in wireless equipment revenue to $6.25 billion, fueled by elevated upgrade rates that climbed to 4.0% from 2.9% a year earlier, lifting the Consumer segment to $26.65 billion in revenue even as higher equipment costs compressed segment EBITDA margins. Fixed wireless access continued to contribute meaningfully, with FWA revenue growing 41.6% to $728.00 million and total broadband net additions reaching 293,000 for the period. Consolidated net income rose to $5.12 billion from $4.70 billion in Q2 2024, underscoring the broader earnings improvement. Encouraged by first-half execution and favorable tax dynamics, Verizon raised its full-year free cash flow guidance to $19.50 billion to $20.50 billion and lifted operating cash flow expectations to $37.00 billion to $39.00 billion, while guiding adjusted EPS growth of 1.0% to 3.0%.

Key Takeaways
  • Wireless service revenue growth of 2.2% YoY driven by customer segmentation and ARPA increases
  • Wireless equipment revenue surged 25.2% on higher upgrade rates
  • Business segment operating income grew 27.6% on cost discipline
  • FWA revenue grew 41.6% as subscriber base exceeded 5.1 million
  • Consumer postpaid ARPA increased 2.3% to $147.50
  • Favorable tax reform contributed to raised guidance

“Verizon's strong second-quarter financial performance reflects our high-quality, industry-leading customer base, our multiple growth paths, the success of our disciplined, segmented approach, and the inherent strength of our company.”

Verizon CEO, on the earnings call

What Was Verizon's Outlook in Q2 2025?

Verizon raised its full-year 2025 guidance: adjusted EBITDA growth of 2.5% to 3.5% (up from prior guidance), adjusted EPS growth of 1.0% to 3.0% (up from prior guidance), cash flow from operations of $37.0 billion to $39.0 billion (up from $35.0 billion to $37.0 billion), and free cash flow of $19.5 billion to $20.5 billion (up from $17.5 billion to $18.5 billion). The company continues to expect total wireless service revenue growth of 2.0% to 2.8% and capital expenditures of $17.5 billion to $18.5 billion. Guidance does not reflect assumptions regarding the pending Frontier acquisition. The company targets 8 to 9 million FWA subscribers by 2028 and 650,000 new Fios passings in 2025.

VZ YoY Financials

Revenue$34.5B
Operating Income$8.2B
Net Income$5.1B

VZ Revenue by Segment

Verizon Consumer$26.6B+6.9%
Wireless Service$20.9B+2.2%
Wireless Equipment$6.3B+25.2%
Verizon Business
Business Markets and Other$3.3B+4.5%
Enterprise and Public Sector$3.4B−3.1%
Fios$2.9B+1.0%
Fixed Wireless Access$728.0M+41.6%

Figures from SEC filings and company reports. Not investment advice.