Verizon Communications Inc. is a leading global provider of communications, technology, information, and entertainment products and services, primarily operating through two segments: Verizon Consumer Group and Verizon Business Group. The company offers a range of wireless and wireline communications services and products, including broadband, data, video, and IoT services, leveraging its high-performing networks to drive growth . Verizon focuses on enhancing and monetizing its networks, platforms, and solutions to retain and grow its customer base while improving financial performance .
- Verizon Consumer Group - Offers wireless and wireline communications services and products, including fixed wireless access (FWA) broadband through its 5G and 4G LTE networks, and wireline services via its 100% fiber-optic network, Verizon Fios, and a traditional copper-based network.
- Verizon Business Group - Provides wireless and wireline communications services and products, such as FWA broadband, data, video and conferencing services, corporate networking solutions, security and managed network services, and Internet of Things (IoT) services, catering to businesses, government customers, and carriers across the U.S. and globally.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Hans Vestberg ExecutiveBoard | Chairman and Chief Executive Officer | Board Member of BlackRock, Inc.; Member of the Board of Directors of the United Nations Foundation. | Hans Vestberg has been CEO since 2018 and Chairman since 2019. He has driven Verizon's leadership in 5G deployment and strategic planning. | |
Anthony Skiadas Executive | Executive Vice President and Chief Financial Officer | None. | Anthony Skiadas became CFO in 2023. Specific achievements or external roles are not detailed in the documents. | |
Joseph Russo Executive | Executive Vice President and President of Global Networks and Technology | None. | Joseph Russo has been with Verizon for nearly 29 years. He oversees network operations and has led broadband growth strategies, including fixed wireless and fiber expansion. | |
Kyle Malady Executive | Executive Vice President and Group CEO of Verizon Business | None. | Kyle Malady has been with Verizon for decades and became Group CEO of Verizon Business in March 2023. He has led network expansion and strategic restructuring efforts. | |
Mary-Lee Stillwell Executive | Senior Vice President and Controller | None. | Mary-Lee Stillwell joined Verizon in August 2020 and became SVP and Controller in May 2023. She oversees accounting and external reporting. | |
Samantha Hammock Executive | Executive Vice President and Chief Human Resources Officer | None. | Samantha Hammock joined Verizon in December 2020 and became CHRO in December 2021. She oversees HR functions and previously held leadership roles at American Express. | |
Sowmyanarayan Sampath Executive | Executive Vice President and Group CEO of Verizon Consumer Group | None. | Sowmyanarayan Sampath joined Verizon in 2020 and became Group CEO of Verizon Consumer Group in March 2023. He has driven fiber and broadband growth and introduced flexible plans like "myPlan". | |
Vandana Venkatesh Executive | Executive Vice President - Public Policy and Chief Legal Officer | None. | Vandana Venkatesh became Chief Legal Officer in 2022. She oversees legal, regulatory, and public policy matters for Verizon. | |
Caroline A. Litchfield Board | Director | Executive Vice President and Chief Financial Officer of Merck & Co., Inc.. | Caroline A. Litchfield joined Verizon's Board of Directors in October 2024. She is also the CFO of Merck & Co., Inc.. | |
Clarence Otis, Jr. Board | Lead Director | Director at The Travelers Companies, Inc.; Director at VF Corporation; Trustee/Director of MFS Mutual Funds Complex. | Clarence Otis, Jr. has been an Independent Director at Verizon since 2006 and currently serves as Lead Director. He has extensive experience in governance and financial oversight. |
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Given that your current pace of fiber expansion is slower than some competitors and considering the aggressive targets for fiber passings industry-wide, how do you justify not accelerating your build-out to capture this market opportunity before it's saturated?
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With your leverage target updated to 2.0 to 2.25x net unsecured debt to adjusted EBITDA, and current leverage at 2.50x, how confident are you that you can achieve this target while also meeting your capital expenditure plans, dividend commitments, and potential share buybacks?
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Your competitors are using alternative investment models like joint ventures for fiber deployment to optimize capital efficiency; why has Verizon not pursued such partnerships, and how do you plan to remain competitive in fiber without adopting these strategies?
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Given the significant capital investments in both expanding your 5G ultra-wideband network and in fiber deployments, how are you ensuring adequate returns on these investments, especially when considering potential market saturation and increased competition?
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With the anticipated increases in cash taxes, capital expenditures, and potential working capital needs due to factors like the iPhone cycle, how will these pressures impact your free cash flow and capital allocation priorities moving forward?
Research analysts who have asked questions during VERIZON COMMUNICATIONS earnings calls.
Benjamin Swinburne
Morgan Stanley
4 questions for VZ
James Schneider
Goldman Sachs
4 questions for VZ
John Hodulik
UBS Group AG
4 questions for VZ
Michael Rollins
Citigroup
4 questions for VZ
Sebastiano Petti
JPMorgan Chase & Co.
4 questions for VZ
Kannan Venkateshwar
Barclays PLC
3 questions for VZ
Samuel McHugh
BNP Paribas
3 questions for VZ
Bryan Kraft
Deutsche Bank AG
2 questions for VZ
Craig Moffett
MoffettNathanson
2 questions for VZ
David Barden
Bank of America
2 questions for VZ
Peter Supino
Wolfe Research
2 questions for VZ
Robert Palmisano
Raymond James
2 questions for VZ
Frank Louthan
Raymond James
1 question for VZ
Gregory Williams
TD Cowen
1 question for VZ
Kutgun Maral
Evercore ISI
1 question for VZ
Michael Funk
Bank of America
1 question for VZ
Timothy Horan
Oppenheimer & Co. Inc.
1 question for VZ
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
TracFone Wireless, Inc. | 2021 | Verizon’s acquisition was completed on November 23, 2021, with a total purchase price of $3.125 billion in cash and $3.125 billion in common stock, plus up to $650 million in future performance-based cash, and involved issuing between 47,124,445 and 57,596,544 shares. This strategic move was aimed at strengthening Verizon’s position in the prepaid and value mobile services market and included a Registration Rights Agreement with América Móvil. |
Recent press releases and 8-K filings for VZ.
- Verizon is negotiating to acquire portions of EchoStar’s AWS-3 spectrum licenses to bolster its nationwide 5G capabilities.
- EchoStar’s AWS-3 assets carry a book value of $9.8 billion, though Verizon may pay less than the premiums seen in recent AT&T and SpaceX deals.
- Proceeds from the sale are projected to deliver $24.1 billion in cash for EchoStar to pay down debt and strengthen its balance sheet.
- A 2026 federal auction of additional AWS-3 spectrum highlights ongoing demand for high-quality 5G licenses.
- Verizon maintains a strong and efficient spectrum position, pursuing a disciplined “build‐buy” approach and remaining opportunistic for accretive transactions to support capacity needs.
- Churn is slightly elevated due to competitive pressures and strategic price increases; Verizon is leveraging AI to streamline key customer journeys and improve CX, aiming to drive churn back to normalized levels.
- The prepaid segment has posted four quarters of growth, driven by a hyper‐segmented, eight‐brand portfolio and expanded distribution, and is expected to contribute positively to service revenue in 2025.
- Verizon reiterates closing the Frontier fiber acquisition in Q1 2026, planning to expand its fiber footprint beyond its current 1 million+ annual passes and targeting 8–9 million FWA customers on existing capacity with no incremental capex.
- Capital allocation priorities remain: fund growth in service revenue, adjusted EBITDA and free cash flow; target annual dividend increases; maintain 2–2.25× leverage; and deploy excess cash to buybacks.
- Verizon’s share price has returned 26% since March 2024, lagging AT&T’s 87% and T-Mobile’s 62% over the same period.
- Shares trade at 9.4× forward earnings, reflecting a 30% discount to AT&T’s valuation multiple.
- CFO confirms 18 consecutive years of dividend increases with a goal for a 19th, free cash flow guidance of $19.5–20.5 billion, and network capex of $17.5–18.5 billion for 2025.
- Regulatory approval secured for a $20 billion acquisition of Frontier Communications, expected to add 10 million broadband subscribers and close by Q1 2026.
- Raymond James rates Verizon Outperform, citing a 12–18 month outlook for wireless subscriber growth driven by bundling and fiber expansion.
- The S&P 500 is highly concentrated, with its top 10 stocks constituting 40% of its weight and the top 250 stocks accounting for 90%, making it less of a broad-based index for diversification.
- Midcap stocks may offer better diversification away from large-cap tech, though they remain exposed to tariffs similarly to larger companies.
- Verizon is recommended as a large-cap value play, having increased its dividend every year for 18 years and outperforming the S&P 500 so far this year.
- Verizon generates 40× the revenue of Palantir and trades at 9× earnings compared to Palantir’s 285×, underscoring its relative valuation appeal.
- Regan Capital highlights Verizon as a defensive, tariff-immune investment with an ~6.6% dividend yield, sub-10x P/E and 2% annual dividend growth.
- The stock offers nearly six times the S&P 500’s dividend yield, making it attractive amid trade-policy uncertainty.
- Expected Fed rate cuts may drive cash out of money markets into 5–6% yield assets, including dividend stocks and government-guaranteed mortgage bonds.
- Regan Capital also sees MSG Sports (MSGS) trading at a $5 billion market cap versus $10–15 billion in asset value, but it currently pays no dividend.
- June 2000 merger of Bell Atlantic and GTE established Verizon, now celebrating 25 years as a leading U.S. telecom provider.
- CEO Hans Vestberg reports over $200 billion invested in U.S. networks since his appointment.
- Annual network CAPEX runs at $18–18.5 billion, focused on fiber build-out and 5G deployment.
- Verizon is adding 650,000 new fiber passings per year and, with the pending Frontier acquisition, will offer fiber in 31 states.
- In Q1, Verizon lost 289,000 postpaid phone customers—its worst quarter on record—but achieved its best-ever prepaid performance.
- Verizon announced final results of its private Exchange Offers to swap 10 series of Old Notes for newly issued 5.401% Notes due 2037, with settlement expected on June 25, 2025.
- The Exchange Offers will issue approximately $2.2 billion aggregate principal amount of New Notes, satisfying the Minimum Issue Requirement; no cash proceeds will be received by Verizon.
- In parallel, Verizon completed Cash Offers, raising its Maximum Total Consideration Amount from $300 million to $500 million to purchase all Covered Notes, also settling on June 25, 2025.
- Series with Acceptance Priority Level 6 were rejected from both the Exchange and Cash Offers due to cap constraints, and those Non-Covered Notes will be returned without expense.
- Verizon’s Exchange Offers expired June 18, 2025, for 10 series of Old Notes, offering newly issued 5.401% Notes due 2037, with settlement expected June 25, 2025.
- Preliminary results show tenders across all series, including $722.4 million for 4.329% Notes due 2028 and $523.5 million for 4.016% Notes due 2029.
- Cash Offers expired June 18, 2025, with expected settlement June 25, 2025, featuring preliminary tenders of $255.7 million for 2.100% Notes due 2028.
- Offers are subject to a $2.5 billion cap on New Notes issuance and follow a priority-level “waterfall” acceptance method.
- Exchange Offers: Verizon will repurchase 10 series of outstanding notes via private exchange offers expiring June 18, 2025, with expected settlement on June 25, 2025.
- Pricing and structure: Offers use a waterfall acceptance by priority levels (1–10), with total exchange prices ranging from $867.19 to $1,152.36 per $1,000 of old notes, based on reference U.S. Treasury yields and fixed spreads.
- New Notes details: Verizon will issue up to $2.5 billion of new notes due July 2, 2037, bearing a 5.401% coupon (105 bp spread over a 4.351% Treasury yield), subject to a $750 million minimum issuance.
- Cash Offers: Parallel cash tender offers are capped at $300 million total consideration, with accrued interest paid in cash and completion conditioned on the corresponding exchange offers.
- Verizon launched private exchange offers for ten series of its outstanding notes, expiring at 5:00 p.m. ET on June 18, 2025, with settlement expected on June 25, 2025, subject to customary conditions and a $2.5 billion cap on new notes issuance.
- Eligible holders (qualified institutional buyers and certain non-U.S. persons) may tender old notes in exchange for new notes maturing July 2, 2037, bearing interest at the yield of the 4.250% U.S. Treasury due May 15, 2035 plus 105 basis points.
- Concurrent cash tender offers are available to other holders under the same ten-series priority structure, with total cash consideration set to approximate the exchange value and subject to a maximum total consideration cap.
- Offers employ a waterfall acceptance by Acceptance Priority Level, require a minimum $750 million issue of new notes, and Verizon may, at its discretion, waive or increase issuance caps and other offer conditions.