Verizon Communications Inc. Reports Strong Q4 and Full-Year 2025 Results, Highlights Strategic Turnaround

Verizon Communications Inc. (NYSE, Nasdaq: VZ) reported its fourth-quarter and full-year 2025 results, highlighting a strategic turnaround. CEO Dan Schulman stated the company's focus on achieving healthy volumes and fiscally responsible growth, which resulted in the highest quarterly total mobility and broadband volumes since 2019.

The acquisition of Frontier, completed on January 20, is expected to expand Verizon's fiber footprint to over 30 million homes and businesses.

Full-Year 2025 Financial Highlights

Earnings per share (EPS) was $4.06; Adjusted EPS was $4.71.
Total operating revenue reached $138.2 billion, up from $134.8 billion in 2024.
Cash flow from operating activities was $37.1 billion.
Free cash flow was $20.1 billion.
Consolidated net income was $17.6 billion, and adjusted EBITDA was $50.0 billion.
Capital expenditures totaled $17.0 billion.

Fourth-Quarter 2025 Performance

Consolidated Financials

EPS for Q4 2025 was $0.55; Adjusted EPS was $1.09.
Total operating revenue for the quarter was $36.4 billion.
Consolidated net income was $2.4 billion, and adjusted EBITDA was $11.9 billion.
Total unsecured debt was $131.1 billion, with net unsecured debt at $110.1 billion.

Mobility and Broadband Growth

Verizon saw significant growth in its core segments during the fourth quarter.

Postpaid phone net additions reached 616,000, marking the best quarter for postpaid phone net additions since 2019.

Wireless service revenue grew 1.1% year-over-year to $21.0 billion.
Wireless equipment revenue increased 9.1% year-over-year to $8.2 billion.
Broadband net additions were 372,000, including 319,000 fixed wireless access additions, bringing the total base to over 5.7 million subscribers.
Fios internet saw 67,000 net additions, the highest Q4 since 2020.
Following the Frontier acquisition, Verizon now manages over 16.3 million fixed wireless access and fiber broadband connections.

2026 Outlook and Guidance

Verizon provided the following guidance for 2026, which includes the results of the Frontier acquisition from January 20, 2026:

Total retail postpaid phone net additions are projected to be between 750,000 and 1.0 million.
Total mobility and broadband service revenue growth is expected to be 2.0% to 3.0%, reaching approximately $93 billion. Wireless service revenue growth is anticipated to be approximately flat.
Adjusted EPS is forecasted between $4.90 and $4.95, representing a 4.0% to 5.0% year-over-year growth.
Cash flow from operations is estimated at $37.5 billion to $38.0 billion.
Capital expenditures are planned for $16.0 billion to $16.5 billion, with at least 2.0 million fiber passings.
Free cash flow is projected to be $21.5 billion or more, marking an approximate 7.0% or greater increase from 2025.

Verizon also updated its long-term Mobile Virtual Network Operator (MVNO) agreement with Charter and Comcast.