Verizon Communications Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.99%.
Did VZ Beat Earnings? Q4 2025 Results
Verizon closed out 2025 on a note of operational momentum tempered by a heavy restructuring bill, reporting Q4 adjusted EPS of $1.09, down slightly from $1.10 a year earlier, on total revenue of $36.38 billion, a 2.0% year-over-year gain driven by wireless equipment revenue rising 9.1%. The headline story was subscriber growth, with the company recording more than 1 million combined mobility and broadband net additions in the quarter, including 616,000 postpaid phone net adds compared to 504,000 a year prior. That momentum came at a price: $1.72 billion in severance charges and $583 million in asset rationalization costs pushed GAAP EPS down sharply to $0.55 from $1.18, compressing quarterly net income to $2.45 billion from $5.11 billion. The Frontier acquisition, which closed January 20, 2026, now anchors Verizon's growth strategy, and the company projects 2026 adjusted EPS of $4.90 to $4.95, free cash flow of at least $21.50 billion, and postpaid phone net additions of roughly 2 to 3 times the 2025 result.
- Highest quarterly total mobility and broadband net additions since 2019 with 616,000 postpaid phone net adds
- Wireless equipment revenue grew 9.1% year-over-year driven by higher upgrade rates
- Fixed wireless access subscriber base grew 25.5% year-over-year to over 5.7 million
- Broadband net additions of 372,000 in Q4, with 319,000 from fixed wireless access
- Consumer segment revenue grew 3.2% year-over-year
- Fios internet net additions of 67,000, highest Q4 since 2020
“We are exiting 2025 with strong momentum, delivered by a team that is intensely focused on winning through healthy volumes and fiscally responsible growth. Our performance in the fourth quarter proves that we can grow by delighting our customers and building deep trust and loyalty. Verizon will no longer be a hunting ground for our competitors. The closing of our Frontier acquisition on January 20 is another pivotal step in our turnaround, significantly scaling our fiber footprint to over 30 million homes and businesses. In the past 100 days, there has been a true shift in mindset. We are increasing our speed of decision-making and transforming into a leaner, outcomes-oriented organization, one that delights our customers and delivers for our shareholders. This is a new Verizon and we will not settle for anything less than being the best.”
Verizon CEO, on the earnings call
Forward Guidance & Outlook
For 2026 (including Frontier results from January 20, 2026), Verizon expects: total retail postpaid phone net additions of 750,000 to 1.0 million (approximately 2 to 3 times the 2025 result); total mobility and broadband service revenue growth of 2.0% to 3.0%, equating to approximately $93 billion; wireless service revenue growth approximately flat as the company transitions to sustainable volume-based growth; adjusted EPS of $4.90 to $4.95, or 4.0% to 5.0% year-over-year growth; cash flow from operations of $37.5 billion to $38.0 billion; capital expenditures of $16.0 billion to $16.5 billion including at least 2.0 million fiber passings; and free cash flow of $21.5 billion or more, growing approximately 7.0% or more from 2025.
VZ YoY Financials
VZ Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.