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Verizon (VZ) investor relations material
Verizon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 operating revenue was $33.8B, up 1.5% year-over-year, with net income rising 48% to $5.1B, driven by strong Consumer segment performance and disciplined cost management.
New CEO Dan Schulman announced a strategic shift to a customer-centric approach, emphasizing growth through retention, cost transformation, and a superior value proposition.
Subscriber additions and upgrades were strong, reflecting effective strategic actions and momentum in a competitive environment.
Dividend was raised for the 19th consecutive year.
Pending acquisitions of Frontier and Starry, and a $1.0B UScellular spectrum deal, are expected to enhance network and growth opportunities.
Financial highlights
Q3 consolidated revenue was $33.8B, up 1.5% year-over-year; net income was $5.1B, up from $3.4B; adjusted EBITDA was $12.8B, up 2.3%; adjusted EPS was $1.21, up 1.7%.
Free cash flow for Q3 was $7B, with $15.8B for the first nine months, up $1.3B year-over-year.
Cash flow from operations for the nine months was $28.0B, up from $26.5B.
Capital expenditures for the nine months were $12.3B, on track to meet investment goals.
Dividends paid totaled $8.6B for the nine months.
Outlook and guidance
Full-year guidance reaffirmed for adjusted EBIT, adjusted EPS, and free cash flow; wireless service revenue growth expected at 2.0%–2.8%, adjusted EBITDA at 2.5%–3.5%, and adjusted EPS at 1.0%–3.0%.
Free cash flow in 2026 is expected to exceed 2025, even including the Frontier acquisition.
Capital expenditures for 2025 expected within or below $17.5B–$18.5B.
2026 guidance and further details on cost transformation and portfolio optimization will be provided in January.
No required pension funding expected through year-end 2025.
Impact of CEO's aggressive transformation?
What drives wireless service revenue growth despite postpaid phone losses?
Outline plans for further debt reduction
Which legacy businesses are costing billions?
How to address back book pricing perception?
What changes to capital allocation framework?
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Q4 202527 Jan, 2026
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Frequently asked questions
The power of connectivity
Verizon Communications is a multinational telecommunications company based in New York City. The company operates in two main business segments: wireless communications and wireline communications. Verizon is mostly known for its wireless network, which is the largest in the United States, and its extensive fiber-optic network, which provides high-speed internet and TV services.
One of Verizon's significant competitive advantages is its extensive infrastructure, including its wireless network and fiber-optic network. The company has invested heavily in expanding and improving its networks, providing its customers with fast and reliable internet and wireless connectivity. Verizon also focuses on offering its customers a high-quality user experience, investing in new technologies such as 5G and providing excellent customer service.
Personalized offerings
Verizon's business model is also heavily focused on data and analytics, which allows the company to personalize its offerings and provide targeted advertising. The company's data analytics capabilities are among the most advanced in the industry, enabling it to make data-driven decisions and provide its customers with more relevant and personalized products and services.
Building blocks for the success story
→ Strong network infrastructure: Verizon has invested heavily in building and maintaining a robust network infrastructure that provides reliable and fast connectivity. This has helped to differentiate its services from competitors and has allowed it to maintain a loyal customer base.
→ Innovation: Verizon has a strong culture of innovation, which has helped it to stay ahead of the curve in developing new products and services. For example, Verizon was one of the first companies to launch 5G services in the United States, and it has continued to invest in new technologies like the Internet of Things (IoT) and cloud computing.
→ Strategic acquisitions: Verizon has made strategic acquisitions over the years, which have helped it to expand its customer base and services. For example, its acquisition of AOL and Yahoo has helped it to expand its digital media offerings and compete with companies like Google and Meta in some areas.
Three listed peers to Verizon are: AT&T, T-Mobile, and Comcast.
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