Verizon (VZ) Q3 2026 earnings summary

Executive summary

• Record Q3 postpaid phone net additions of 406,000 and postpaid account net additions of 137,000; lower churn and disciplined promotions supported growth.

• Q3 growth in service revenue, adjusted EBITDA, adjusted EPS and free cash flow supported a third consecutive increase to full-year 2026 guidance.

Financial highlights

• Operating revenue was $34.313B, up 1.5% YoY; service revenue rose 3.5%, while wireless equipment revenue fell 9.0% on lower upgrade volumes.

• Mobility and Broadband Service Revenue was $23.5B, up 2.9% YoY.

• Adjusted EBITDA reached a record $13.8B, up 8.0%; adjusted EBITDA margin was 40.2%, up from 37.8%.

• Net income was $5.320B, up 5.2%; operating income was $8.650B, up 6.7%. EPS was $1.25, up 6.8%, and adjusted EPS was $1.31, up 8.3%.

• Q3 free cash flow was $7.8B, up 12.1%; 9M free cash flow was $18.0B, up 14.3%, and operating cash flow was $29.9B, up nearly 7%.

Outlook and guidance

• FY2026 postpaid phone net additions guidance raised to 1.1M–1.2M from the upper half of 750,000–1.0M.

• Adjusted EPS guidance raised to $5.04–$5.06, or 7.0%–7.5% growth; cash flow from operations growth guidance increased to 3.5%–5.0%.

• Free cash flow growth guidance raised to 11.5%–12.0%; mobility and broadband service revenue growth is expected in the upper half of 2.5%–3.0%, with ~4.0% growth in Q4.

• Capital expenditure guidance remains $16.0B–$16.5B, including success-based AI Connect investments.