VERIZON COMMUNICATIONS (VZ) Company Report

Verizon projects 2026 targets of 750 k–1 M postpaid phone net adds, 2–3% mobility & broadband service revenue growth, 4–5% adjusted EPS growth, and free cash flow ≥$21.5 B (+7%).
The company is executing a $5 B OpEx savings plan and setting CapEx at $16–16.5 B, prioritizing wireless (90% C-band build) and broadband (≥2 M fiber premises passed).
On January 20, Verizon closed the Frontier acquisition—adding over 16 M broadband subscribers—and aims for ≥$1 B in annual run-rate synergies by 2028.
Capital allocation includes the 20th straight annual dividend increase, up to $25 B in share buybacks over three years (≥$3 B in 2026), and a return to long-term leverage targets by 2027.

4 days ago

Transcript

Verizon outlines 2026 growth guidance and cost savings at Barclays Symposium

Guidance Update

M&A

Share Buyback

Delivered 2026 targets: 750 K–1 M postpaid phone net adds; 2–3 % mobility & broadband service revenue growth; 4–5 % adjusted EPS increase; and ≥ 7 % free cash flow growth to $21.5 B.
Closed Frontier integration on January 20 with a plan to realize ≥ $1 B in annual OpEx synergies by 2028 through network and IT consolidation.
Committed $16–16.5 B CapEx for 2026 to complete 5G C-band roll-out (90 % of sites) and pass ≥ 2 M fiber premises, targeting 40–50 M passings over the medium term.
Updated capital framework: 20th consecutive annual dividend increase; leverage to return to target by 2027; $25 B share repurchase authorization over three years (≥ $3 B in 2026).
Emphasized AI deployment for cost efficiencies in customer care and network operations, alongside revenue opportunities via AI Connect dark and lit fiber solutions for hyperscale customers.

4 days ago

Transcript

Verizon outlines 2026 guidance, cost savings and capital priorities

Guidance Update

Share Buyback

M&A

Verizon expects 750k–1M postpaid phone net adds, 2–3% mobility & broadband service revenue growth, 4–5% adjusted EPS growth and ≥7% free cash flow growth (≥$21.5 B) in 2026.
Plans $16–$16.5 B CapEx to sustain network excellence, complete C-band rollout and deploy fiber, including ≥2 M fiber premises passed in 2026 toward a 40–50 M medium-term target.
Targets $5 B of 2026 OpEx savings through network legacy decommissioning, IT and real-estate rationalization, and workforce reductions (13 K roles in Q4), plus ≥$1 B Frontier opex synergies by 2028.
Capital allocation prioritizes business investment, 20th consecutive dividend increase, debt paydown to 2027 leverage targets, and a $25 B share buyback authorization (≥$3 B in 2026).

4 days ago

Transcript

Verizon closes €2.25 B and £600 M junior subordinated notes offerings

Debt Issuance

On February 23, 2026, Verizon closed the sale of €2.25 billion aggregate principal amount of its 4.2462% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056, issued under an effective Form S-3 shelf registration; interest resets after August 15, 2032, to the Five-Year Swap Rate plus 1.716% (initial margin) then plus step-up spreads.
On the same date, Verizon closed the sale of £600 million aggregate principal amount of its 5.7427% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056; interest resets after August 15, 2032, to a UK Benchmark Gilt Rate plus 1.707% (initial margin) then plus step-up spreads.
The notes are junior subordinated, allow up to 10 years’ interest deferral, and include par-call, make-whole, tax- and rating-event redemption provisions, plus currency-conversion mechanics if euro or sterling become unavailable.
The 8-K incorporates the forms of both note issues into the registration statement, with purchasers including Barclays Bank PLC, Merrill Lynch International, Citigroup Global Markets, Mizuho International, RBC Europe and Banco Santander among others.

4 days ago

8-K

Verizon Consumer Group CEO steps down

CEO Change

Layoffs

Sowmyanarayan Sampath will leave his role as CEO of Verizon’s consumer division at the end of Q1, with Alfonso Villanueva appointed interim CEO.
Under Sampath, the consumer unit generated $106.81 billion in 2025 revenue, accounting for about 78% of Verizon’s total.
The leadership change follows recent upheaval, including Daniel Schulman’s succession of Hans Vestberg as CEO and a 13,000-job cut in November.
Verizon reiterated its ambitious subscriber-growth targets, noting that the planned Frontier acquisition should support these goals.

Feb 5, 2026, 9:36 PM

WSJ

Verizon announces 2026 guidance and $55 billion capital return plan

Guidance Update

Dividends

Share Buyback

2026 Outlook: Verizon expects improved earnings and cash flow in 2026, underpinned by cost-structure changes and strategic market initiatives to reduce its net unsecured debt/Adjusted EBITDA ratio.
$55 B Capital Return: The company plans to return approximately $55 billion to shareholders through dividends and share repurchases by the end of 2028.
Dividend Increase: The Board declared a quarterly dividend of $0.7075 per share, payable May 1, 2026 (record date April 10), reflecting a 2.5% annualized increase.
Share Repurchase: Authorized a share buyback program of up to $25 billion, with at least $3 billion expected to be repurchased in 2026.

Jan 30, 2026, 1:35 PM

8-K

Verizon reports Q4 2025 results

Earnings

Guidance Update

Total revenue was $36.4 B, up 2.0% Y/Y in Q4 2025
Adjusted EBITDA of $11.9 B (-0.6% Y/Y, margin 32.6%) and Adjusted EPS of $1.09 (-0.9% Y/Y)
Strong subscriber trends with 616 K retail postpaid phone net adds and 67 K Fios internet net adds in Q4 2025
2026 guidance: 4–5% Adjusted EPS growth to $4.90–$4.95, 2–3% Mobility and Broadband service revenue growth (~$93 B), $16.0–16.5 B capex, and ≥$21.5 B free cash flow

Jan 30, 2026, 1:00 PM

Presentation

Verizon reports Q4 2025 results and issues 2026 guidance

Earnings

Guidance Update

Share Buyback

Strong volume momentum: >1 million net adds across mobility and broadband in Q4, including 616,000 postpaid phone net adds, the highest in six years.
Fiscal 2025 financials: Adjusted EBITDA of $50 billion (+2.5% YoY), Q4 Adjusted EBITDA $11.9 billion, Adjusted EPS $4.71 (+2.6% YoY), free cash flow $20.1 billion, and CapEx $17 billion.
2026 guidance: targeting 2–3% mobility and broadband service revenue growth (~$93 billion), 750,000–1 million postpaid phone net adds, Adjusted EPS $4.90–4.95, CapEx $16–16.5 billion, and free cash flow $21.5 billion+.
Cost and capital allocation initiatives: $5 billion in-year OpEx savings, $1 billion+ run-rate Frontier synergies by 2028, a $0.07 annual dividend increase (2.5%), and a $25 billion share repurchase authorization (≥$3 billion in 2026).

Jan 30, 2026, 1:00 PM

Transcript

Verizon reports Q4 and full-year 2025 results and provides 2026 guidance

Earnings

Guidance Update

Share Buyback

Verizon delivered over 1 million mobility and broadband net adds in Q4, including 616,000 postpaid phone net adds, the highest reported quarterly net adds since 2019.
Full-year 2025 financials: Adjusted EBITDA of $50 billion (+2.5% y/y), Adjusted EPS of $4.71 (+2.6%), and free cash flow of $20.1 billion.
2026 guidance: 750,000–1 million postpaid phone net adds, 2%–3% service revenue growth (≈$93 billion), Adjusted EPS of $4.90–$4.95, CapEx of $16–16.5 billion, and free cash flow of ≥$21.5 billion.
Operational priorities include $5 billion of OpEx savings in 2026, Frontier integration synergies exceeding $1 billion by 2028, and at least 2 million new fiber passings with a medium-term target of 40–50 million.
Capital allocation: raised dividend by $0.07 (2.5%), authorized $25 billion in share repurchases (≥$3 billion in 2026), and aims to reduce leverage to 2.0–2.25× by 2027.

Jan 30, 2026, 1:00 PM

Transcript

Verizon reports Q4 2025 results

Earnings

Guidance Update

M&A

Verizon added >1 million mobility and broadband net adds in Q4 2025, including 616 000 postpaid phone net adds, its strongest quarterly performance since 2019 and highest postpaid growth in five years.
For FY 2025, wireless service revenue grew 2%, consolidated adjusted EBITDA reached $50 billion (up 2.5%), adjusted EPS was $4.71 (up 2.6%), cash flow from operations was $37.1 billion, CapEx totaled $17 billion, and free cash flow was $20.1 billion.
2026 guidance calls for 750 000–1 million postpaid phone net adds, 2–3% mobility & broadband service revenue growth (~$93 billion), flat wireless revenue, $4.90–4.95 EPS (+4–5%), $16–16.5 billion CapEx, and ≥$21.5 billion free cash flow (+~7%).
Strategic initiatives include building an in-year war chest of $5 billion in OpEx savings, realizing $1 billion+ run-rate synergies by 2028 from the Frontier acquisition, and expanding fiber passings to 30 million with a medium-term target of 40–50 million.