Verizon Communications Inc. (VZ) SEC Filings & Earnings Calls
EquiReason read 26 Verizon Communications Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-09-29 — Verizon elects Charles Phillips (Co-Founder & Managing Partner of Recognize Partners LP) as a director, effective Sep 25, 2026. Standard non-employee director compensation applies..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 185.6B
- P/E TTM
- 11.6
- Dividend yield
- 6.3%
- 52-week
- —
- Next earnings
- 26 Oct, in 2 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
31 Jul 202610-QVerizon reported Q2 2026 results with consolidated revenue down 0.7% YoY, but Consumer segment EBITDA margin improved to 45.0% and Business segment EBITDA margin improved to 29.1%. WRB reported Q2 2026 net income of $452 million, up 12.7% Yearningsopen
Figures in the filing · each found in the filing text
| Consumer segment operating revenues · Consumer · Q2-2026 | $26.24B | -2% y/y |
| Consumer segment EBITDA margin · Consumer · Q2-2026 | 45.0% | |
| Business segment EBITDA margin · Business · Q2-2026 | 29.1% | |
| Fiber broadband connections · Consumer · Q2-2026 | 10,913,000 | +43% y/y |
| FWA broadband connections · Consumer · Q2-2026 | 6,208,000 | +21% y/y |
| Total broadband connections · Consumer · Q2-2026 | 17,121,000 | +35% y/y |
| Wireless retail postpaid phone churn · Consumer · Q2-2026 | 0.9% | |
| Wireless retail postpaid ARPA · Consumer · Q2-2026 | $168.35 | -1% y/y |
| Capital expenditures · H1-2026 | $8.20B | +3% y/y |
| Total debt · Q2-2026 | $165.20B |
Guidance
Capital expenditures for 2026 are expected to be within the range of $16.0 billion to $16.5 billion. Share repurchase target increased from $3.0 billion to up to $4.5 billion for full year 2026.
Verizon reaffirmed capex guidance of $16.0-$16.5 billion for 2026 and increased share repurchase target to up to $4.5 billion. WRB did not provide explicit guidance but indicated continued rate increases and improved underwriting profitability.
Risks flagged
Social inflation impact on liability lines
“The Company believes that auto-related claims are being particularly impacted by social inflation, which is contributing to an increase in the frequency of large losses beyond expectations.”
High debt levels and interest expense
“At June 30, 2026, our total debt of $165.2 billion included unsecured debt of $136.5 billion and secured debt of $28.8 billion.” · word for word
Consumer segment revenue decline
“Consumer segment's operating revenues for the three months ended June 30, 2026 totaled $26.2 billion ... representing a decrease of 1.5% ... compared to the similar periods in 2025.”
Integration risk from Frontier acquisition
“During the three and six months ended June 30, 2026, we recorded charges of $135 million and $396 million, respectively, inclusive of acquisition related severance charges, related to transaction and integration expenses primarily associated with the acquisition of Frontier.” · word for word
Workforce reduction costs
“During the three and six months ended June 30, 2026, we recorded pre-tax severance charges of $397 million, exclusive of acquisition related severance charges, principally as a result of separations in connection with our workforce reduction initiatives.” · word for word
24 Jul 20268-K · 2.02Verizon Q2 2026: record adjusted EBITDA $13.7B (+7.2% YoY), mobility/broadband service revenue +2.8% YoY, 184K postpaid phone net adds. Raised full-year guidance for second consecutive quarter: mobility/broadband service revenue, cash flowopen
Figures in the filing · each found in the filing text
| Total operating revenue · Q2-2026 | $34.30B | -1% y/y |
| Consolidated net income · Q2-2026 | $3.90B | -23% y/y |
| Consolidated adjusted EBITDA · Q2-2026 | $13.70B | +7% y/y |
| Cash flow from operations (H1) · H1-2026 | $18.40B | +10% y/y |
| Free cash flow (H1) · H1-2026 | $10.20B | +16% y/y |
| Capital expenditures (H1) · H1-2026 | $8.20B | |
| EPS · Q2-2026 | $0.92 | -22% y/y |
| Adjusted EPS · Q2-2026 | $1.30 | +7% y/y |
| Mobility and broadband service revenue · Q2-2026 | $23.40B | +3% y/y |
| Postpaid phone net additions · Q2-2026 | 184,000 |
Guidance
Full-year guidance raised for mobility and broadband service revenue, cash flow from operations, free cash flow, and adjusted EPS. Full-year share buyback target expanded to up to $4.5 billion.
Second consecutive quarterly guidance raise driven by strong subscriber growth, record margins, and robust cash flow.
Risks flagged
Equipment revenue decline of nearly 20% YoY due to lower upgrade volumes and reduced device subsidies, reflecting structural shift in business model.
“decline resulted primarily from significantly lower upgrade volumes, as the average time customers keep their mobile devices continues to increase, and the company's strategic decision to reduce spending on device subsidies.” · word for word
Special items of $1.8B pre-tax, including $746M loss on disposition of international wireline business, asset rationalization charges, and severance.
“driven by $1.8 billion in pre-tax special items, including, among others, a $746 million loss on disposition of business” · word for word
24 Jul 20268-K · 5.02CEO LTI Award Target Value $25Mopen
Figures in the filing · each found in the filing text
| CEO LTI Award Target Value · 2028 | $25M |
29 Jun 20268-K · 7.01Verizon and BT Group entered a joint venture combining international wireline connectivity and managed network services businesses, with Verizon contributing assets and a $625M cash payment for 50% equity.open
Figures in the filing · each found in the filing text
| cash payment · point_in_time | $625M |
Risks flagged
Restructuring charges indicate ongoing transformation costs and potential operational disruption.
“severance charge in the range of $350 million to $450 million ... asset rationalization charges in the range of $200 million to $300 million”
1 May 202610-QVerizon reported Q1 2026 results with consolidated revenue +2.9% YoY, Consumer segment revenue +3.3%, and Business segment revenue +1.8%. Operating income improved in both segments. No explicit beat or miss versus expectations stated.earningsopen
Figures in the filing · each found in the filing text
| Consolidated Operating Revenues · Q1-2026 | $34.44B | +3% y/y |
| Consumer Segment Operating Revenues · Consumer · Q1-2026 | $26.45B | +3% y/y |
| Business Segment Operating Revenues · Business · Q1-2026 | $7.42B | +2% y/y |
| Consumer Segment Operating Income · Consumer · Q1-2026 | $7.71B | +4% y/y |
| Business Segment Operating Income · Business · Q1-2026 | $884M | +33% y/y |
| Wireless Retail Postpaid Phone Connections · Consumer · Q1-2026 | 93,920,000 | +1% y/y |
| Fiber Broadband Connections · Consumer · Q1-2026 | 10,757,000 | +42% y/y |
| FWA Broadband Connections · Consumer · Q1-2026 | 6,006,000 | +24% y/y |
| Capital Expenditures · Q1-2026 | $4.20B | +1% y/y |
| Free Cash Flow · Q1-2026 | $3.78B | +4% y/y |
Guidance
FY2026 capex guidance $16.0B-$16.5B
Capex guidance reaffirmed at $16.0B-$16.5B. No explicit revenue or margin guidance, but tone is positive with fiber growth and cost discipline.
Risks flagged
Integration risk from Frontier acquisition
“During the three months ended March 31, 2026, we recorded charges of $261 million related to transaction and integration expenses associated with the acquisition of Frontier.” · word for word
Postpaid revenue pressure from promotions and credits
“a decrease of $414 million in postpaid revenue primarily related to the amortization of wireless equipment sales promotions, credits provided to customers in connection with the network outage in the first quarter of 2026 and acquisition related discounts” · word for word
High debt levels from Frontier acquisition
“At March 31, 2026, our total debt of $172.5 billion included unsecured debt of $142.5 billion and secured debt of $30.0 billion.” · word for word
27 Apr 20268-K · 2.02Total operating revenue $34.40B (+3% y/y); Consolidated net income $5.10B (+3% y/y); Consolidated adjusted EBITDA $13.40B (+7% y/y); Guidance: FY2026 Adjusted EPS $4.95-$4.99 (5-6% YoY growth); postpaid phone net adds in top half of 750K-1Mearningsopen
Figures in the filing · each found in the filing text
| Total operating revenue · Consolidated · Q1-2026 | $34.40B | +3% y/y |
| Consolidated net income · Consolidated · Q1-2026 | $5.10B | +3% y/y |
| Consolidated adjusted EBITDA · Consolidated · Q1-2026 | $13.40B | +7% y/y |
| Adjusted EPS · Consolidated · Q1-2026 | $1.28 | +8% y/y |
| Free cash flow · Consolidated · Q1-2026 | $3.80B | +4% y/y |
| Capital expenditures · Consolidated · Q1-2026 | $4.20B | |
| Postpaid phone net additions · Mobility · Q1-2026 | 55,000 | |
| Broadband net additions · Broadband · Q1-2026 | 341,000 |
Guidance
FY2026 Adjusted EPS $4.95-$4.99 (5-6% YoY growth); postpaid phone net adds in top half of 750K-1M range
Raised guidance on strong Q1 performance and momentum in subscriber growth
Risks flagged
Debt increase from Frontier acquisition; net unsecured debt $130.1B vs $110.1B Q4 2025
“Net unsecured debt at end of Q1 2026 was $130.1 billion compared to $110.1 billion at end of Q4 2025”
Wireless service revenue growth impacted by January network outage (80 bps impact)
“80 basis point impact to wireless service revenue growth due to the January network outage” · word for word
6 Apr 2026DEF 14ACEO transition: Daniel Schulman appointed CEO effective October 4, 2025, replacing Hans Vestberg; new CEO's compensation package includes aggressive stock price performance targets.open
Figures in the filing · each found in the filing text
| Wireless Service Revenue · Consumer · FY2025 | $83.70B | |
| Adjusted Operating Income · FY2025 | $32.40B | |
| Cash Flow from Operations · FY2025 | $35.00B | |
| Cumulative Adjusted EPS (3-year) · 2023-2025 | $14.01 | |
| Cumulative Free Cash Flow (3-year) · 2023-2025 | $55.70B | |
| Cumulative Service and Other Revenue (3-year) · 2023-2025 | $333.90B | |
| Net Income · FY2025 | $17.61B | |
| Adjusted EPS · FY2025 | $4.71 |
Risks flagged
CEO Transition Execution Risk
“Mr. Vestberg remains Special Advisor, providing transition support with a focus on advising on the integration and execution of the Frontier Communications Parent, Inc. (Frontier) acquisition and Verizon’s larger convergence and broadband strategy” · word for word
Key Person Departure Risk
“Mr. Sowmyanarayan Sampath stepped down from his role as Executive Vice President and Group CEO – Verizon Consumer on February 4, 2026 and served in an advisory role until his separation from Verizon on March 27, 2026.” · word for word
Share Dilution Risk
“This proposal includes a request to authorize the issuance of an additional 95,000,000 shares of Verizon common stock.” · word for word
13 Mar 20268-K · 7.01Verizon revises segment revenue presentation and operating metric disclosure, providing historical recast data for comparability. No financial guidance or material business change.open
Figures in the filing · each found in the filing text
| Business Total Operating Revenues · Business · Q3-2025 | $7.14B | |
| Wireless retail postpaid connections · Consumer · Q3-2025 | 125,913,000 | |
| Total broadband connections · Consumer · Q3-2025 | 13,065,000 | |
| Broadband net additions · Consumer · Q3-2025 | 322,000 | |
| Wireless retail postpaid ARPA · Consumer · Q3-2025 | $171.27 | |
| Wireless retail core prepaid ARPU · Consumer · Q3-2025 | $32.70 | |
| Wireless retail postpaid phone churn rate · Consumer · Q3-2025 | 1.0% | |
| Wireless retail postpaid phone upgrade rate · Consumer · Q3-2025 | 3.3% |
17 Feb 202610-KConsumer revenue $106.81B (+4% y/y); Business revenue $29.07B (-2% y/y); Consolidated revenue $138.19B (+2% y/y); Guidance: Plans to return ~$55B to shareholders through 2028, including $25B share repurchase authorization and dividend increopen
Figures in the filing · each found in the filing text
| Consumer revenue · Consumer · FY2025 | $106.81B | +4% y/y |
| Business revenue · Business · FY2025 | $29.07B | -2% y/y |
| Consolidated revenue · FY2025 | $138.19B | +3% y/y |
| Net income · FY2025 | $17.61B | -2% y/y |
| Adjusted EBITDA · FY2025 | $50.00B | +3% y/y |
| Capital expenditures · FY2025 | $17.00B | |
| Wireless retail connections · Consumer · 2025-12-31 | 115,903,000 | +1% y/y |
| Wireless retail postpaid connections · Consumer · 2025-12-31 | 95,678,000 | +1% y/y |
| FWA broadband connections · Consumer · 2025-12-31 | 3,407,000 | +26% y/y |
| Total broadband connections · Consumer · 2025-12-31 | 10,858,000 | +8% y/y |
Guidance
Plans to return ~$55B to shareholders through 2028, including $25B share repurchase authorization and dividend increase; expects at least $3B in repurchases in 2026
No explicit revenue or earnings guidance provided, but management expressed confidence in cash flow generation through share repurchase and dividend plans.
Risks flagged
Cyberattack risk from nation-state actors
“In September 2024, we became aware that we were one of several telecommunications companies that were the subject of a cyberattack by a highly sophisticated nation-state actor known as Salt Typhoon.” · word for word
High debt leverage
“As of December 31, 2025, Verizon had approximately $131.1 billion of outstanding unsecured indebtedness ... and $27.1 billion of outstanding secured indebtedness.” · word for word
Intense competition and market maturity
“we expect the wireless industry’s customer growth rate to continue to moderate over time in comparison to historical growth rates, leading to increased competition for customers.” · word for word
Tariff cost pressure
“New or increased tariffs and other trade restrictions could adversely affect our cost structure and profitability.” · word for word
Labor union concentration
“As of December 31, 2025, approximately 27% of our workforce is represented by the Communications Workers of America or the International Brotherhood of Electrical Workers.” · word for word
5 Feb 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Leadership vacuum in consumer segment may affect strategic execution and customer retention
“Departure of Group CEO for Verizon Consumer, advisory role until March 27, 2026”
30 Jan 20268-K · 7.01Free cash flow guidance $21.50B (+7% y/y); Share repurchase authorization $25.00B; Quarterly dividend per share $0.71 (+2% y/y); Guidance: Adjusted EPS $4.90-$4.95; FCF $21.5B+; revenue growth 2-3%open
Figures in the filing · each found in the filing text
| Free cash flow guidance · FY2026 | $21.50B | +7% y/y |
| Share repurchase authorization · FY2026 | $25.00B | |
| Quarterly dividend per share · Q1-2026 | $0.71 | +3% y/y |
Guidance
Adjusted EPS $4.90-$4.95; FCF $21.5B+; revenue growth 2-3%
Strong guidance raise with subscriber growth acceleration, margin expansion, and significant capital return.
30 Jan 20268-K · 2.02Total operating revenue $36.40B; Adjusted EPS $1.09; Postpaid phone net additions 616,000 (+22% y/y); Guidance: Adjusted EPS $4.90-$4.95; FCF $21.5B+; revenue growth 2-3%earningsopen
Figures in the filing · each found in the filing text
| Total operating revenue · Q4-2025 | $36.40B | |
| Adjusted EPS · Q4-2025 | $1.09 | |
| Postpaid phone net additions · Q4-2025 | 616,000 | +22% y/y |
| Broadband net additions · Q4-2025 | 372,000 | |
| Wireless service revenue · Q4-2025 | $21.00B | +1% y/y |
| Free cash flow · FY2025 | $20.10B | +2% y/y |
| Capital expenditures · FY2025 | $17.00B | |
| Consolidated adjusted EBITDA · FY2025 | $50.00B | |
| Net unsecured debt · Q4-2025 | $110.10B | -3% y/y |
| Fixed wireless access subscribers · Q4-2025 | 5,700,000 |
Guidance
Adjusted EPS $4.90-$4.95; FCF $21.5B+; revenue growth 2-3%
Strong earnings beat with subscriber growth inflection and positive 2026 guidance.
20 Jan 20268-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement)open
Risks flagged
Integration risk from large acquisition
“Acquisition of Frontier may involve integration challenges and cost overruns.”
12 Jan 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
No material risk identified
“Routine executive compensation amendment.”
20 Nov 20258-K · 7.01Verizon announces severance charge of $1.6B-$1.8B in Q4 2025, eliminating over 13,000 positions as part of cost reduction plan.open
Figures in the filing · each found in the filing text
| Workforce reduction · Q4-2025 | 13,000 |
Risks flagged
Workforce reduction may impact employee morale and operational continuity.
“over 13,000 positions eliminated, with over 80% exiting in December 2025.”
10 Nov 20258-K · 8.01Euro notes principal 2,250,000,000; Sterling notes principal 1,000,000,000open
Figures in the filing · each found in the filing text
| Euro notes principal | $2.25B | |
| Sterling notes principal | $1.00B |
Risks flagged
Increased debt load may raise leverage, but long-dated maturities reduce refinancing risk.
“Junior Subordinated Notes due 2056” · word for word
29 Oct 20258-K · 2.02Total Operating Revenue $33.80B (+2% y/y); Wireless Service Revenue $21.00B (+2% y/y); Adjusted EPS $1.21 (+2% y/y); Guidance: Wireless service revenue growth 2.0-2.8%; adjusted EBITDA growth 2.5-3.5%; adjusted EPS growth 1.0-3.0%; FCF $19.earningsopen
Figures in the filing · each found in the filing text
| Total Operating Revenue · Q3-2025 | $33.80B | +2% y/y |
| Wireless Service Revenue · Q3-2025 | $21.00B | +2% y/y |
| Adjusted EPS · Q3-2025 | $1.21 | +2% y/y |
| Free Cash Flow (YTD) · 9M-2025 | $15.80B | +9% y/y |
| Broadband Net Additions · Broadband · Q3-2025 | 306,000 | |
| Fixed Wireless Access Net Additions · Broadband · Q3-2025 | 261,000 | |
| Consumer Wireless Postpaid ARPA · Consumer · Q3-2025 | $147.91 | +2% y/y |
| Consumer Segment EBITDA Margin · Consumer · Q3-2025 | 43.0% | |
| Business Segment EBITDA Margin · Business · Q3-2025 | 23.4% | |
| Total Broadband Connections · Broadband · Q3-2025 | 13,200,000 | +11% y/y |
Guidance
Wireless service revenue growth 2.0-2.8%; adjusted EBITDA growth 2.5-3.5%; adjusted EPS growth 1.0-3.0%; FCF $19.5-20.5B
Reiterated full-year guidance with confidence; CEO outlined new vision for growth transformation.
Risks flagged
Business segment revenue decline of 2.8% YoY, indicating enterprise demand weakness.
“Total Verizon Business revenue was $7.1 billion in third-quarter 2025, a decrease of 2.8 percent year-over-year.” · word for word
Consumer postpaid phone net losses of 7,000, indicating competitive pressure.
“Consumer reported 7,000 wireless retail postpaid phone net losses compared to 18,000 postpaid phone net additions in third-quarter 2024.” · word for word
29 Oct 202510-QVerizon reported Q3 2025 revenue up 1.5% YoY, net income up 48% YoY due to lower severance charges, with mixed segment performance.earningsopen
Figures in the filing · each found in the filing text
| Consumer Segment Revenue · Consumer · Q3-2025 | $26.11B | +3% y/y |
| Consolidated Net Income · Q3-2025 | $5.06B | +48% y/y |
| Consolidated Adjusted EBITDA · Q3-2025 | $12.78B | +2% y/y |
| FWA Broadband Connections - Consumer · Consumer · Q3-2025 | 3,198,000 | +28% y/y |
| Wireless Retail Postpaid Phone Net Additions · Consumer · Q3-2025 | -7,000 | |
| Capital Expenditures · 9M-2025 | $12.30B | +2% y/y |
| Consumer Segment EBITDA Margin · Consumer · Q3-2025 | 43.0% |
Guidance
FY2025 capex guided $17.5B-$18.5B
Verizon reaffirmed its capex guidance for 2025, indicating stable investment plans.
Risks flagged
Enterprise and Public Sector revenue decline
“Enterprise and Public Sector revenues decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily due to a decrease of $165 million and $379 million, respectively, in wireline revenue” · word for word
Postpaid phone net additions negative
“Wireless retail postpaid phone net additions were (7,000) for the three months ended September 30, 2025 compared to 18,000 in the prior year.”
Tariff and government efficiency impacts
“We have seen negative impacts from these efforts in our business with public sector customers during the first three quarters of 2025.” · word for word
Verizon Communications Inc. — questions
- What did Verizon Communications Inc. file recently?
- 26 SEC filings in the last 12 months. Latest: 8-K on 2026-09-29 — Verizon elects Charles Phillips (Co-Founder & Managing Partner of Recognize Partners LP) as a director, effective Sep 25, 2026. Standard non-employee director compensation applies.
Every figure on this page comes from Verizon Communications Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.