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, including 551,000 from Consumer, marking the best postpaid phone net adds in five years.

• Closed the Frontier acquisition, expanding fiber passings to over 30 million and targeting 40-50 million over the medium term, 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 guidance reflecting anticipated impacts on volumes and financials.

• Transformation strategy focuses on cost efficiency, customer experience, and leveraging AI for operational and customer-facing improvements.

Financial highlights

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

• Adjusted EBITDA for 2025 was $50B (up 2.5% YoY); Q4 consolidated adjusted EBITDA was $11.9B.

• 2025 net income was $17.6B; adjusted EPS was $4.71 (up 2.6% YoY); Q4 adjusted EPS was $1.09.

• Free cash flow for 2025 was $20.1B, up from $19.8B in 2024.

• CapEx for 2025 was $17B; C-Band build-out 90% complete, covering 300 million POPs.

Outlook and guidance

• 2026 guidance: Adjusted EPS of $4.90-$4.95 (4%-5% YoY growth), free cash flow of $21.5B or more (7%+ growth), and 750,000-1 million postpaid phone net adds (2x-3x 2025 levels).

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

• CapEx for 2026 guided at $16-$16.5B, a $4B reduction from combined 2025 levels, with at least 2M new fiber passings.

• $5B in OpEx savings targeted for 2026, with ongoing cost transformation and reinvestment in growth.

• Share repurchase authorization of up to $25B over three years, with at least $3B in 2026.