Verizon
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Verizon (VZ) investor relations material

Verizon Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary30 Jan, 2026

Executive summary

  • Achieved over 1 million mobility and broadband net adds in Q4 2025, the highest since 2019, with 616,000 postpaid phone net adds, marking the best performance in five years.

  • Closed the Frontier acquisition, expanding fiber passings to over 30 million and accelerating convergence strategy.

  • Wireless retail postpaid phone gross adds grew 13.0% year-over-year, with consumer segment up 15.3%.

  • Announced a new value proposition to launch in H1 2026, with positive market feedback and focus on customer experience.

  • Committed to transformation focused on efficiency, customer satisfaction, and sustainable growth.

Financial highlights

  • 2025 total operating revenue was $138.2B, up 2.5% year-over-year; Q4 2025 revenue was $36.4B.

  • Consolidated adjusted EBITDA for Q4 2025 was $11.9B; full year $50B, up 2.5% year-over-year.

  • Adjusted EPS for Q4 2025 was $1.09; full year $4.71, up 2.6% year-over-year.

  • 2025 net income was $17.6B; free cash flow was $20.1B, up from $19.8B in 2024.

  • Capital expenditures for 2025 were $17.0B.

Outlook and guidance

  • 2026 guidance: Adjusted EPS of $4.90–$4.95 (4–5% growth), free cash flow of $21.5B+ (7%+ growth), CapEx $16.0–$16.5B.

  • Targeting 750,000–1 million postpaid phone net adds in 2026, 2–3x 2025 levels.

  • Mobility and broadband service revenue growth of 2–3% (~$93B); wireless service revenue expected to be flat.

  • $5B in OpEx savings targeted for 2026, with reinvestment in growth and customer experience.

  • Guidance reflects inclusion of Frontier Communications results from January 20, 2026.

Detail the transition to volume-based wireless growth
Frontier acquisition's impact on debt metrics?
Strategic rationale for 2026 fiber build pace
What are the next waves of efficiency beyond 2026?
What drives ARPU growth without price increases?
How will Verizon achieve 40-50M fiber passings?
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Frequently asked questions

The power of connectivity

Verizon Communications is a multinational telecommunications company based in New York City. The company operates in two main business segments: wireless communications and wireline communications. Verizon is mostly known for its wireless network, which is the largest in the United States, and its extensive fiber-optic network, which provides high-speed internet and TV services.

One of Verizon's significant competitive advantages is its extensive infrastructure, including its wireless network and fiber-optic network. The company has invested heavily in expanding and improving its networks, providing its customers with fast and reliable internet and wireless connectivity. Verizon also focuses on offering its customers a high-quality user experience, investing in new technologies such as 5G and providing excellent customer service.

Personalized offerings

Verizon's business model is also heavily focused on data and analytics, which allows the company to personalize its offerings and provide targeted advertising. The company's data analytics capabilities are among the most advanced in the industry, enabling it to make data-driven decisions and provide its customers with more relevant and personalized products and services.

Building blocks for the success story

→ Strong network infrastructure: Verizon has invested heavily in building and maintaining a robust network infrastructure that provides reliable and fast connectivity. This has helped to differentiate its services from competitors and has allowed it to maintain a loyal customer base.

→ Innovation: Verizon has a strong culture of innovation, which has helped it to stay ahead of the curve in developing new products and services. For example, Verizon was one of the first companies to launch 5G services in the United States, and it has continued to invest in new technologies like the Internet of Things (IoT) and cloud computing.

→ Strategic acquisitions: Verizon has made strategic acquisitions over the years, which have helped it to expand its customer base and services. For example, its acquisition of AOL and Yahoo has helped it to expand its digital media offerings and compete with companies like Google and Meta in some areas.

Three listed peers to Verizon are: AT&T, T-Mobile, and Comcast.

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