Verizon (VZ) Q4 2023 earnings summary

Executive summary

• 2023 wireless service revenue was $76.7B; adjusted EBITDA was $47.8B and free cash flow was $18.7B.

• Q4 revenue was $35.1B, down 0.3% YoY; adjusted EBITDA was $11.7B, down 0.6%, and adjusted EPS was $1.08, down 9.2%.

• 2024 priorities center on execution, profitable growth and delivery against guidance.

Financial highlights

• FY 2023 total revenue was $134.0B, compared with $136.8B in 2022; wireless service revenue was $76.7B, up from $74.4B.

• Q4 wireless service revenue was $19.4B, up 3.2% YoY; total wireless service revenue for 2023 grew 3.2% YoY.

• FY 2023 cash flow from operations was $37.5B, compared with $37.1B in 2022.

Outlook and guidance

• 2024 wireless service revenue growth guidance: 2.0%–3.5%; adjusted EBITDA growth: 1.0%–3.0%.

• 2024 adjusted EPS guidance is $4.50–$4.70; adjusted effective income tax rate guidance is 22.5%–24.0%.

• 2024 capital expenditures are guided at $17.0B–$17.5B; execution is the stated focus for the year.