Verizon (VZ) Q1 2026 earnings summary

Executive summary

• Achieved 2.9% total revenue growth to $34.4B in Q1 2026, with net income of $5.1B and operating income of $8.2B, driven by Consumer and Business segment gains and the Frontier acquisition.

• Achieved first positive Q1 postpaid phone net adds since 2013, with 55,000 net adds, up 344,000 year-over-year.

• Transformation program and integration of Frontier are driving improved customer retention, lower churn, and higher free cash flow and adjusted EPS.

• Raised 2026 guidance for adjusted EPS growth to 5%-6% ($4.95–$4.99) and postpaid phone net adds to the upper half of the 750,000–1M range.

• Launched a $25B share repurchase program, with $2.5B executed in Q1.

Financial highlights

• Adjusted EPS was $1.28, up 7.6% year-over-year; diluted EPS increased 4.3% to $1.20.

• Adjusted EBITDA reached a record $13.4B, up 6.7% year-over-year, with a margin of 38.9%.

• Free cash flow was $3.8B, up 4% year-over-year.

• Capital expenditures were $4.2B for the quarter, on track for $16B–$16.5B full-year guidance.

• Mobility and broadband service revenue was $22.9B, up 1.6% year-over-year; wireless service revenue was $20.6B, down 1% due to network outage credits.

Outlook and guidance

• Adjusted EPS for 2026 guided to $4.95–$4.99, up 5%-6% year-over-year.

• Postpaid phone net adds expected in the upper half of the 750,000–1M range.

• Mobility and broadband service revenue growth forecast at 2%-3% for 2026 (~$93B).

• Free cash flow guidance maintained at $21.5B or more, representing at least 7% growth.

• Capital expenditures projected at $16.0–$16.5B.