Verizon (VZ) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with strong growth in mobility and broadband, robust wireless and broadband customer growth, and raised full-year guidance for revenue, EPS, and free cash flow for the second consecutive quarter.

• Transformation initiatives and operational discipline led to improved customer metrics, lower churn, higher quality net adds, and improved unit economics.

• Launched new customer-centric offerings, including an industry-first loyalty program, Simplicity wireless plan, and Verizon One converged plan.

• Announced a joint venture with BT Group for international wireline assets and a $1B+ Google dark fiber deal, with more AI infrastructure contracts expected.

• Generated over 1 million mobility and broadband net additions in the first half of 2026, more than double the prior year.

Financial highlights

• Q2 2026 mobility and broadband service revenue grew 2.8% year-over-year to $23.4B.

• Adjusted EBITDA rose 7.2% year-over-year to $13.7B, with a record 40.1% margin.

• Adjusted EPS was $1.30, up 6.6% year-over-year; full-year adjusted EPS guidance raised to 6%-7% growth.

• Free cash flow for Q2 2026 was $6.4B, up 24.4% year-over-year; first-half free cash flow was $10.2B, up 16.0%.

• Total Q2 2026 revenue was $34.3B, down 0.7% year-over-year, mainly due to a 20% drop in equipment revenue.

Outlook and guidance

• Mobility and broadband service revenue growth for 2026 expected at 2.5%-3%, accelerating to ~4% in Q4.

• Adjusted EPS guidance for 2026 raised to $4.99–$5.04, representing 6%-7% year-over-year growth.

• Free cash flow guidance for 2026 raised to $21.5B or more, representing 9%-10% growth.

• Retail postpaid phone net additions expected in the upper half of 750,000–1.0 million range.

• Capital expenditures projected at $16.0–$16.5B for 2026.