Verizon (VZ) Q3 2025 earnings summary

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.

• The leadership team is committed to aggressive cost transformation, capital efficiency, and maximizing shareholder returns, including a continued focus on dividend growth.

• Pending acquisitions and continued 5G and fiber investments position the company for future growth.

Financial highlights

• Q3 consolidated revenue reached $33.8B, up 1.5% year-over-year; adjusted EBITDA was $12.8B, up 2.3%; adjusted EPS was $1.21, up 1.7%.

• Net income for Q3 2025 was $5.1B, up from $3.4B year-over-year; EPS was $1.17 vs. $0.78.

• Free cash flow for the nine months ended September 30, 2025, was $15.8B, up from $14.5B; cash flow from operations was $28.0B.

• Capital expenditures for the nine months were $12.3B, on track with investment goals.

• Dividend raised for the 19th consecutive year; dividends paid totaled $8.6B for the nine months.

Outlook and guidance

• Full-year guidance reaffirmed for adjusted EBITDA, adjusted EPS, and Free Cash Flow; wireless service revenue growth expected at 2.0%–2.8%.

• 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 will be provided in January, with quarterly progress updates planned.

• No required pension funding expected through year-end 2025.