Q2 26 EPS
$1.30
BEAT +2.36%
Est. $1.27
Q2 26 Revenue
$34.25B
vs S&P Since Q2 26
+2.6%
BEATING MARKET
VZ +7.2% vs S&P +4.6%
Market Reaction
Did VZ Beat Earnings? Q2 2026 Results
Verizon Communications delivered a clean beat in Q2 2026, posting adjusted EPS of $1.30 against a consensus estimate of $1.27, a 2.36% positive surprise that extends the telecom giant's winning streak to six consecutive quarters of beating analyst ex… Read more Verizon Communications delivered a clean beat in Q2 2026, posting adjusted EPS of $1.30 against a consensus estimate of $1.27, a 2.36% positive surprise that extends the telecom giant's winning streak to six consecutive quarters of beating analyst expectations. Total revenue came in at $34.25 billion, down 0.7% year-over-year, but the modest top-line decline masked a deliberate strategic shift: Verizon intentionally pulled back on device subsidies and extended customer upgrade cycles, causing wireless equipment revenue to drop nearly 20%, while service revenues grew 3.5%. The trade-off is showing up in margins, with consolidated adjusted EBITDA rising 7.2% to $13.72 billion and the adjusted EBITDA margin expanding to 40.1% from 37.1% a year ago. Subscriber momentum added to the story, with 184,000 postpaid phone net additions compared to a loss of 9,000 in the year-ago quarter. Looking ahead, Verizon raised full-year adjusted EPS guidance to $4.99 to $5.04, representing 6-7% growth, and expanded its share buyback target to up to $4.50 billion.
Key Takeaways
- • Mobility and broadband service revenue growth of 2.8% YoY
- • 184,000 postpaid phone net additions vs. loss of 9,000 in year-ago quarter
- • 348,000 broadband net additions, up 12.3% YoY
- • Postpaid phone churn improvement to 0.92% from 0.97%
- • Equipment revenue decline of nearly 20% due to lower upgrade volumes and reduced device subsidies
- • Adjusted EBITDA margin expansion to 40.1% from 37.1%
- • Consumer segment EBITDA margin improvement to 45.0% from 42.1%
- • Business segment EBITDA growth of 20.9% YoY
- • Eight consecutive quarters of positive core prepaid net additions
- • Total broadband connections reached approximately 17.1 million, up 34.5% YoY
- • Fiber broadband connections grew 43.3% YoY to 10.9 million
VZ Forward Guidance & Outlook
Verizon raised full-year 2026 guidance for the second consecutive quarter. Mobility and broadband service revenue growth is now expected at 2.5-3.0%, with sequential acceleration to approximately 3.0% in Q3 2026 and approximately 4.0% in Q4 2026. Adjusted EPS is guided to $4.99-$5.04, representing 6-7% YoY growth. Cash flow from operations growth is expected at approximately 2.0-4.0% YoY, with free cash flow growth of 9.0-10.0% YoY. Capital expenditures are expected at $16.0-$16.5 billion. Total retail postpaid phone net additions are expected in the upper half of the 750,000-1.0 million range, approximately 2-3x the 2025 result. Full-year share buyback target expanded to up to $4.5 billion.
VZ YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
VZ Revenue by Segment
With YoY comparisons, source: SEC Filings
“We're putting customers at the center of every decision we make. With recent updates including our new Simplicity plans, Verizon One converged offerings, and an industry-leading loyalty program, we are gaining subscribers and earning long-term retention based on real value rather than subsidized promotions. Our second-quarter results provide clear, compelling evidence that this transformation is driving a structural inflection point across our entire business. We are accelerating across our key metrics, achieving a step-change in churn reduction while lowering our customer acquisition and retention costs. By compounding lower churn with healthier unit economics, we have generated the strongest operating position we have seen in years. Our core connectivity business is gaining momentum, and with the emergence of AI infrastructure revenue, we are fundamentally reshaping Verizon's growth trajectory.”
— Dan Schulman, Q2 2026 Earnings Press Release
VZ Earnings Trends
VZ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
VZ EPS Trend
Earnings per share: estimate vs actual
VZ Revenue Trend
Quarterly revenue: estimate vs actual
VZ Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.27 | $1.30 | +2.36% | $34.25B | — |
| Q1 26 BEAT | $1.21 | $1.28 | +6.18% | $34.44B | -1.22% |
| Q4 25 BEAT FY | $1.06 | $1.09 | +3.28% | $36.38B | +0.51% |
| FY Full Year | — | $4.71 | — | $138.19B | — |
| Q3 25 BEAT | $1.19 | $1.21 | +1.54% | $33.82B | -1.31% |
| Q2 25 BEAT | $1.20 | $1.22 | +2.05% | $34.50B | +2.84% |
| Q1 25 BEAT | $1.15 | $1.19 | +3.64% | $33.49B | +0.61% |
| Q4 24 BEAT FY | $1.10 | $1.10 | +0.32% | $35.68B | +0.95% |
| FY Full Year | — | $4.59 | — | $134.79B | — |