Verizon (VZ) Q4 2025 earnings summary

Executive summary

• Achieved over 1 million mobility and broadband net adds in Q4 2025, the highest since 2019, with 616,000 postpaid phone net adds, marking the best performance in five years.

• Closed the Frontier acquisition, expanding fiber passings to over 30 million and accelerating convergence strategy.

• Wireless retail postpaid phone gross adds grew 13.0% year-over-year, with consumer segment up 15.3%.

• Announced a new value proposition to launch in H1 2026, with positive market feedback and focus on customer experience.

• Committed to transformation focused on efficiency, customer satisfaction, and sustainable growth.

Financial highlights

• 2025 total operating revenue was $138.2B, up 2.5% year-over-year; Q4 2025 revenue was $36.4B.

• Consolidated adjusted EBITDA for Q4 2025 was $11.9B; full year $50B, up 2.5% year-over-year.

• Adjusted EPS for Q4 2025 was $1.09; full year $4.71, up 2.6% year-over-year.

• 2025 net income was $17.6B; free cash flow was $20.1B, up from $19.8B in 2024.

• Capital expenditures for 2025 were $17.0B.

Outlook and guidance

• 2026 guidance: Adjusted EPS of $4.90–$4.95 (4–5% growth), free cash flow of $21.5B+ (7%+ growth), CapEx $16.0–$16.5B.

• Targeting 750,000–1 million postpaid phone net adds in 2026, 2–3x 2025 levels.

• Mobility and broadband service revenue growth of 2–3% (~$93B); wireless service revenue expected to be flat.

• $5B in OpEx savings targeted for 2026, with reinvestment in growth and customer experience.

• Guidance reflects inclusion of Frontier Communications results from January 20, 2026.