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.
Sebastiano Petti
JPMorgan Chase & Co.
6 questions for VZ
John Hodulik
UBS Group AG
5 questions for VZ
Benjamin Swinburne
Morgan Stanley
4 questions for VZ
James Schneider
Goldman Sachs
4 questions for VZ
Michael Rollins
Citigroup
4 questions for VZ
Peter Supino
Wolfe Research
4 questions for VZ
Kannan Venkateshwar
Barclays PLC
3 questions for VZ
Michael Funk
Bank of America
3 questions for VZ
Samuel McHugh
BNP Paribas
3 questions for VZ
Ben Swinburne
Morgan Stanley
2 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
Michael Ng
Goldman Sachs
2 questions for VZ
Mike Rollins
Citigroup
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
John Hodlik
UBS
1 question for VZ
Kutgun Maral
Evercore ISI
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.
- Adjusted EPS of $1.21 topped estimates despite a 2.3% revenue miss at $33.8 billion, aided by a net addition of 44,000 postpaid wireless subscribers even after losing 7,000 postpaid phone users
- Business segment saw a 2.8% revenue decline despite adding 51,000 postpaid mobile users, highlighting uneven performance across units
- New CEO Dan Schulman, appointed in October, is driving a focus on customer experience, cost structure, and sustainability, with major investments in 5G and fiber expansion, including a partnership with Eaton Fiber and a pending $20 billion fiber acquisition
- Company reaffirms full-year wireless service revenue growth guidance of 2%–2.8%, and its stock now yields nearly 7% after 19 consecutive years of dividend increases
- Verizon’s total revenue was $33.8 B, up 1.5% year-over-year.
- Adjusted EBITDA rose to $12.8 B (+2.3% Y/Y) with a 37.8% margin; adjusted EPS was $1.21, up 1.7% Y/Y.
- Wireless retail postpaid phone gross adds totaled 2.8 M (+5.4% Y/Y) and Fios internet net adds were 61 K.
- Through nine months, free cash flow reached $15.8 B vs. $14.5 B a year ago; net unsecured debt to adjusted EBITDA improved to 2.2x.
- Dan Schulman was appointed CEO after eight years under his predecessor, outlining a shift to a customer-centric strategy with four imperatives: delight customers, cost transformation, capital efficiency, and accelerate shareholder returns.
- Q3 operational highlights include postpaid phone net losses of 7,000, prepaid net adds of 47,000, Verizon Business phone net adds of 51,000, and broadband net adds of 306,000 (FiOS +61,000; FWA +261,000 to 5.4 million subs; total broadband base 13.2 million).
- Q3 financials: revenue of $33.8 billion (+1.5% yoy); adjusted EBITDA of $12.8 billion (+2.3% yoy); adjusted EPS of $1.21 (+1.7% yoy); free cash flow of $7 billion (+17% yoy; $15.8 billion YTD +9%); net unsecured debt/EBITDA at 2.2×; dividend raised for the 19th consecutive year.
- Maintains full-year financial guidance and remains on track to close the Frontier acquisition in Q1 2026; 2026 guidance to be provided during the January earnings call.
- Dan Schulman appointed CEO, succeeding Hans Vestberg, with a mandate to shift to a customer-first strategy and drive cost and capital transformation.
- Wireless service revenue rose 2.1% and equipment revenue grew 5.2% year-over-year; consolidated adjusted EBITDA was $12.8 billion (+2.3%), and adjusted EPS was $1.21 (+1.7%).
- Q3 free cash flow reached $7 billion (up ~17%), and YTD free cash flow totaled $15.8 billion (+9%); net unsecured debt fell to $112 billion, with a leverage ratio of 2.2x.
- The planned Frontier acquisition remains on track for early 2026, expected to add ~29 million fiber passings, creating material convergence opportunities.
- Strategic priorities include delighting customers through an enhanced value proposition, aggressive cost savings, optimized capital allocation, and leveraging AI across operations.
- Dan Schwartz (name inferred) appointed as new CEO, initiating a customer-centric transformation with aggressive cost reduction, AI-driven experiences, and focus on converged offerings ahead of the Frontier close.
- Q3 consolidated revenue of $33.8 billion (+1.5%), adjusted EBITDA of $12.8 billion (+2.3%), adjusted EPS of $1.21 (+1.7%); Q3 free cash flow of $7 billion (+17%) and YTD free cash flow of $15.8 billion (+9%).
- Operational highlights include a net loss of 7,000 postpaid phone accounts, 306,000 broadband net adds, and 61,000 FiOS Internet net adds; 18% of consumer postpaid phone subscribers now take a converged offering.
- Strong balance sheet with net unsecured debt of $112 billion (2.2× consolidated adjusted EBITDA), 19th consecutive annual dividend increase, and on track to close the Frontier fiber deal in Q1 2026.
- EPS of $1.17, up from $0.78 a year ago, on total operating revenue of $33.8 billion, a 1.5% year-over-year increase.
- Wireless service revenue of $21.0 billion, up 2.1% year-over-year.
- Free cash flow of $15.8 billion for the nine months ended September 30, 2025, versus $14.5 billion a year earlier.
- Reiterated full-year guidance, raising the free cash flow forecast to $19.5 – 20.5 billion from $17.5 – 18.5 billion.
- Raised the dividend for the 19th consecutive year.
- Total Wireless, an MVNO on Verizon’s 5G network, launched a LifeLine program in California offering unlimited talk & text plus 6 GB of high-speed data at $0 per month, including a free smartphone.
- Eligibility is based on enrollment in government assistance programs (CalFresh, Medi-Cal, Veterans Pension), limited to one per household, with no credit checks or barriers.
- Customers can upgrade to unlimited data for $11 per month; video streams are capped at 480p and data may be deprioritized during congestion.
- Total Wireless plans to expand nationwide through its approximately 1,900 stores across the U.S..
- Verizon Communications will acquire Starry, a fixed wireless access (FWA) service provider specializing in millimeter wave (mmWave) technology, to enhance its urban and multi-dwelling unit broadband offerings.
- Starry serves nearly 100,000 MDU customers across Boston, New York, Los Angeles, Denver, and Washington, D.C..
- The acquisition aims to accelerate Verizon's FWA customer base to 8–9 million by 2028, with capacity to serve up to 90 million households.
- Verizon’s financial metrics include an operating margin of 21.53%, net margin of 13.28%, current ratio of 0.64, and debt-to-equity ratio of 1.65, supporting the strategic investment.
- The deal is expected to close by early 2026 pending regulatory approval, with the purchase price undisclosed.
- Verizon names Dan Schulman, former PayPal CEO and current Lead Independent Director, as its new Chief Executive Officer, replacing Hans Vestberg.
- Mark Bertolini is elected Chairman of Verizon’s Board of Directors, succeeding Hans Vestberg in that role.
- Hans Vestberg will serve as a Special Advisor through October 4, 2026 and remain on the Board until the 2026 Annual Meeting to support the leadership transition.
- Verizon plans to integrate its $20 billion acquisition of Frontier Communications, expected to close in early 2026, under the new leadership.
- The company has reaffirmed its financial guidance for 2025 under Schulman’s leadership.
- Board appoints Dan Schulman, former PayPal CEO, as Chief Executive Officer, effective immediately, and elects Mark Bertolini as Chairman of the Board.
- Hans Vestberg to serve as Special Advisor through October 4, 2026, and remain on the Board until the 2026 Annual Meeting to support the Frontier Communications integration.
- Verizon reiterates full-year 2025 financial guidance and expects the Frontier acquisition to close in Q1 2026.