Companies /Communication Services

Verizon Communications Inc

NYSE: VZ Telecom Services
$50.10
â–² $0.67 (+1.36%) today
Markets closed · 8:00pm ET

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

Market Reaction

% 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

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

Forward Guidance & Outlook

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.