Verizon (VZ) Q2 2025 earnings summary

Executive summary

• Achieved strong Q2 2025 results with record adjusted EBITDA, robust free cash flow, and 5.2% revenue growth, driven by disciplined execution, network leadership, and customer-centric innovation.

• Surpassed 5 million fixed wireless subscribers and posted four consecutive quarters of core prepaid growth, expanding market share in broadband and mobility.

• Raised full-year guidance for adjusted EBITDA, adjusted EPS, and free cash flow, supported by operational momentum and tax reform benefits.

• Pending Frontier Communications acquisition remains on track for early 2026, expected to accelerate fiber expansion and convergence opportunities.

• Recognized for network reliability and quality by J.D. Power and RootMetrics for 5G performance.

Financial highlights

• Q2 2025 consolidated revenue reached $34.5 billion, up 5.2% year-over-year, with wireless service revenue at $20.9 billion, up 2.2%.

• Adjusted EBITDA hit a record $12.8 billion, up 4.1% year-over-year; margin was 37.1%.

• Net income for Q2 2025 was $5.1 billion, up 8.9% year-over-year; adjusted EPS was $1.22, up 6.1%.

• Free cash flow for the first half of 2025 was $8.8 billion, up 3.6% year-over-year.

• Wireless equipment revenue grew 25.2% year-over-year to $6.3 billion.

Outlook and guidance

• Full-year adjusted EBITDA growth guidance raised to 2.5%-3.5%, adjusted EPS growth to 1%-3%, and free cash flow to $19.5-$20.5 billion, reflecting $1.5-$2 billion benefit from tax reform.

• Wireless service revenue growth guidance at 2.0%-3.5%; CapEx guidance unchanged at $17.5-$18.5 billion.

• Cash flow from operations projected at $37.0–$39.0 billion.