Key Highlights:
NEW YORK, July 24, 2026 (GLOBE NEWSWIRE) -- Verizon Communications Inc. ((NYSE, NASDAQ:VZ) today announced exceptional second-quarter 2026 financial and operational results, showcasing how its customer-first strategic transformation is driving sustainable growth and momentum. Intense operational discipline and improved unit economics translated directly into subscriber growth, lower churn, strong operating cash flow and industry-leading free cash flow¹ generation. With these results, Verizon raised its full-year guidance for the second consecutive quarter. Verizon also expanded its full-year share buyback target to up to $4.5 billion.
"We’re putting customers at the center of every decision we make," said Dan Schulman, Verizon CEO. "With recent updates including our new Simplicity plans, Verizon One converged offerings, and an industry-leading loyalty program, we are gaining subscribers and earning long-term retention based on real value rather than subsidized promotions. Our second-quarter results provide clear, compelling evidence that this transformation is driving a structural inflection point across our entire business. We are accelerating across our key metrics, achieving a step-change in churn reduction while lowering our customer acquisition and retention costs. By compounding lower churn with healthier unit economics, we have generated the strongest operating position we have seen in years. Our core connectivity business is gaining momentum, and with the emergence of AI infrastructure revenue, we are fundamentally reshaping Verizon’s growth trajectory."
2Q 2026 Highlights
Mobility and Broadband
Consolidated Financial Results
Outlook and Guidance
Verizon does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.
Given the strong second-quarter performance and visibility into the second half of the year, Verizon is raising guidance as follows:
In addition, for 2026, Verizon continues to expect the following:
1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
2 Represents total prepaid results excluding our SafeLink brand.
Verizon Communications Inc. ((NYSE, NASDAQ:VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.
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Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets," "will" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the "SEC"), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives, network performance and quality, and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; our ability to implement business transformation initiatives and achieve their anticipated benefits; system failures and disruptions to our networks and operations and any resulting financial, reputational or business impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; significant amount of outstanding debt; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to obtain cost savings and other synergies and anticipated benefits of completed transactions within the expected time period or at all.
Media contacts:
Katie Magnotta
201-602-9235
katie.magnotta@verizon.com
Jamie Serino
201-401-5460
jamie.serino@verizon.com
| Non-GAAP Reconciliations – Consolidated Verizon | ||||||||||||||||||||||||
| Consolidated EBITDA and Consolidated Adjusted EBITDA | ||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 6/30/26 | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 12/31/25 | 3 Mos. Ended 9/30/25 | 3 Mos. Ended 6/30/25 | 3 Mos. Ended 3/31/25 | ||||||||||||||||||
| Consolidated Net Income | $ | 3,949 | $ | 5,146 | $ | 2,448 | $ | 5,056 | $ | 5,121 | $ | 4,983 | ||||||||||||
| Add: | ||||||||||||||||||||||||
| Provision for income taxes | 1,325 | 1,638 | 615 | 1,471 | 1,488 | 1,490 | ||||||||||||||||||
| Interest expense(1) | 1,985 | 1,940 | 1,759 | 1,664 | 1,639 | 1,632 | ||||||||||||||||||
| Depreciation and amortization expense(2) | 5,008 | 4,892 | 4,519 | 4,618 | 4,635 | 4,577 | ||||||||||||||||||
| Consolidated EBITDA | $ | 12,267 | $ | 13,616 | $ | 9,341 | $ | 12,809 | $ | 12,883 | $ | 12,682 | ||||||||||||
| Add/(subtract): | ||||||||||||||||||||||||
| Other (income) expense, net(3) | $ | (36 | ) | $ | (477 | ) | $ | 185 | $ | (92 | ) | $ | (79 | ) | $ | (121 | ) | |||||||
| Equity in (earnings) losses of unconsolidated businesses | (44 | ) | (5 | ) | (3 | ) | 6 | 3 | (6 | ) | ||||||||||||||
| Severance charges | 397 | — | 1,715 | — | — | — | ||||||||||||||||||
| Acquisition and integration related charges | 135 | 261 | 39 | 52 | — | — | ||||||||||||||||||
| Asset and business rationalization | 258 | — | 583 | — | — | — | ||||||||||||||||||
| Loss on disposition of business | 746 | — | — | — | — | — | ||||||||||||||||||
| 1,456 | (221 | ) | 2,519 | (34 | ) | (76 | ) | (127 | ) | |||||||||||||||
| Consolidated Adjusted EBITDA | $ | 13,723 | $ | 13,395 | $ | 11,860 | $ | 12,775 | $ | 12,807 | $ | 12,555 | ||||||||||||
| Consolidated Operating Revenues | $ | 34,253 | $ | 34,504 | ||||||||||||||||||||
| Consolidated Net Income Margin | 11.5 | % | 14.8 | % | ||||||||||||||||||||
| Consolidated Adjusted EBITDA Margin | 40.1 | % | 37.1 | % | ||||||||||||||||||||
| Consolidated Adjusted EBITDA – Year over year change % | 7.2 | % | ||||||||||||||||||||||
Footnotes: | ||||||||||||||||||||||||
| (1) Includes a portion of the Acquisition and integration related charges, where applicable. | ||||||||||||||||||||||||
| (2) Includes Amortization of acquisition-related intangible assets. | ||||||||||||||||||||||||
| (3) Includes Pension and benefits remeasurement adjustments, where applicable. | ||||||||||||||||||||||||
| Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM) | ||||||||
| (dollars in millions) | ||||||||
| Unaudited | 12 Mos. Ended 6/30/26 | 12 Mos. Ended 12/31/25 | ||||||
| Consolidated Net Income | $ | 16,599 | $ | 17,608 | ||||
| Add: | ||||||||
| Provision for income taxes | 5,049 | 5,064 | ||||||
| Interest expense(1) | 7,348 | 6,694 | ||||||
| Depreciation and amortization expense(2) | 19,037 | 18,349 | ||||||
| Consolidated EBITDA | $ | 48,033 | $ | 47,715 | ||||
| Add/(subtract): | ||||||||
| Other income, net(3) | $ | (420 | ) | $ | (107 | ) | ||
| Equity in losses of unconsolidated businesses | (46 | ) | — | |||||
| Severance charges | 2,112 | 1,715 | ||||||
| Acquisition and integration related charges | 487 | 91 | ||||||
| Asset and business rationalization | 841 | 583 | ||||||
| Loss on disposition of business | 746 | — | ||||||
| 3,720 | 2,282 | |||||||
| Consolidated Adjusted EBITDA | $ | 51,753 | $ | 49,997 | ||||
| Footnotes: | ||||||||
| (1) Includes a portion of the Acquisition and integration related charges, where applicable. | ||||||||
| (2) Includes Amortization of acquisition-related intangible assets. | ||||||||
| (3) Includes Pension and benefits remeasurement adjustments, where applicable. | ||||||||
| Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio | ||||||||||||
| (dollars in millions) | ||||||||||||
| Unaudited | 6/30/26 | 3/31/26 | 12/31/25 | |||||||||
| Debt maturing within one year | $ | 21,783 | $ | 28,229 | $ | 18,618 | ||||||
| Long-term debt | 143,448 | 144,231 | 139,532 | |||||||||
| Total Debt | 165,231 | 172,460 | 158,150 | |||||||||
| Less: Secured debt | 28,760 | 29,962 | 27,067 | |||||||||
| Unsecured Debt | 136,471 | 142,498 | 131,083 | |||||||||
| Less: Equity credit for junior subordinated notes(1) | 6,037 | 4,079 | 1,982 | |||||||||
| Less: Cash and cash equivalents | 1,752 | 8,366 | 19,048 | |||||||||
| Net Unsecured Debt | $ | 128,682 | $ | 130,053 | $ | 110,053 | ||||||
| Consolidated Net Income (LTM) | $ | 16,599 | $ | 17,608 | ||||||||
| Unsecured Debt to Consolidated Net Income Ratio | 8.2 | x | 7.4 | x | ||||||||
| Consolidated Adjusted EBITDA (LTM) | $ | 51,753 | $ | 49,997 | ||||||||
| Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio | 2.5 | x | 2.2 | x | ||||||||
| Footnote: | ||||||||||||
| (1) Represents a fifty percent equity credit related to junior subordinated notes outstanding. | ||||||||||||
| Adjusted Earnings per Common Share (Adjusted EPS) | ||||||||||||||||||||||||||
| (dollars in millions, except per share amounts) | ||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 6/30/26 | 3 Mos. Ended 6/30/25 | ||||||||||||||||||||||||
| Pre-tax | Tax | After-Tax | Pre-tax | Tax | After-Tax | |||||||||||||||||||||
| EPS | $ | 0.92 | $ | 1.18 | ||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 274 | $ | (69 | ) | $ | 205 | 0.05 | $ | 192 | $ | (49 | ) | $ | 143 | 0.03 | ||||||||||
| Severance charges | 397 | (98 | ) | 299 | 0.07 | — | — | — | — | |||||||||||||||||
| Acquisition and integration related charges | 135 | (18 | ) | 117 | 0.03 | — | — | — | — | |||||||||||||||||
| Asset rationalization | 258 | (63 | ) | 195 | 0.05 | — | — | — | — | |||||||||||||||||
| Loss on disposition of business | 746 | 29 | 775 | 0.19 | — | — | — | — | ||||||||||||||||||
| $ | 1,810 | $ | (219 | ) | $ | 1,591 | $ | 0.38 | $ | 192 | $ | (49 | ) | $ | 143 | $ | 0.03 | |||||||||
| Adjusted EPS | $ | 1.30 | $ | 1.22 | ||||||||||||||||||||||
| Year over year change % | 6.6 | % | ||||||||||||||||||||||||
| Footnote: | ||||||||||||||||||||||||||
| Adjusted EPS may not add due to rounding. | ||||||||||||||||||||||||||
| Free Cash Flow | ||||||||||||||||
| (dollars in millions) | ||||||||||||||||
| Unaudited | 3 Mos. Ended 6/30/26 | 3 Mos. Ended 6/30/25 | 6 Mos. Ended 6/30/26 | 6 Mos. Ended 6/30/25 | ||||||||||||
| Net Cash Provided by Operating Activities | $ | 10,435 | $ | 8,975 | $ | 18,419 | $ | 16,757 | ||||||||
| Capital expenditures (including capitalized software) | (4,009 | ) | (3,808 | ) | (8,210 | ) | (7,953 | ) | ||||||||
| Free Cash Flow | $ | 6,426 | $ | 5,167 | $ | 10,209 | $ | 8,804 | ||||||||
| Year over year change % | 24.4 | % | 16.0 | % | ||||||||||||
| Free Cash Flow Forecast for Full Year 2026 | ||||||
| (dollars in millions) | ||||||
| Revised | Original | |||||
| Unaudited | Forecast | Forecast | ||||
| Net Cash Provided by Operating Activities Forecast | $ | 37,940 - 38,640 | $ | 37,500 - 38,000 | ||
| Capital expenditures forecast (including capitalized software) | (16,000 - 16,500) | (16,000 - 16,500) | ||||
| Free Cash Flow Forecast | $ | 21,940 - 22,140 | $ | 21,500 | ||
| Net Cash Provided by Operating Activities Growth Forecast % | 2.2 % - 4.0 % | 1.0 % - 2.3 % | ||||
| Free Cash Flow Growth Forecast % | 9.0 % - 10.0 % | 6.80 % | ||||
| Non-GAAP Reconciliations – Segments | ||||||||||||||||
| Segment EBITDA and Segment EBITDA Margin | ||||||||||||||||
| Consumer | ||||||||||||||||
| (dollars in millions) | ||||||||||||||||
| Unaudited | 3 Mos. Ended 6/30/26 | 3 Mos. Ended 6/30/25 | 6 Mos. Ended 6/30/26 | 6 Mos. Ended 6/30/25 | ||||||||||||
| Operating Income | $ | 8,032 | $ | 7,643 | $ | 15,746 | $ | 15,067 | ||||||||
| Add: Depreciation and amortization expense | 3,787 | 3,582 | 7,517 | 7,125 | ||||||||||||
| Segment EBITDA | $ | 11,819 | $ | 11,225 | $ | 23,263 | $ | 22,192 | ||||||||
| Year over year change % | 5.3 | % | 4.8 | % | ||||||||||||
| Total operating revenues | $ | 26,242 | $ | 26,648 | $ | 52,695 | $ | 52,266 | ||||||||
| Operating Income Margin | 30.6 | % | 28.7 | % | 29.9 | % | 28.8 | % | ||||||||
| Segment EBITDA Margin | 45.0 | % | 42.1 | % | 44.1 | % | 42.5 | % | ||||||||
| Business | ||||||||||||||||
| (dollars in millions) | ||||||||||||||||
| Unaudited | 3 Mos. Ended 6/30/26 | 3 Mos. Ended 6/30/25 | 6 Mos. Ended 6/30/26 | 6 Mos. Ended 6/30/25 | ||||||||||||
| Operating Income | $ | 991 | $ | 724 | $ | 1,947 | $ | 1,470 | ||||||||
| Add: Depreciation and amortization expense | 1,091 | 998 | 2,140 | 1,987 | ||||||||||||
| Segment EBITDA | $ | 2,082 | $ | 1,722 | $ | 4,087 | $ | 3,457 | ||||||||
| Year over year change % | 20.9 | % | 18.2 | % | ||||||||||||
| Total operating revenues | $ | 7,155 | $ | 6,973 | $ | 14,285 | $ | 13,975 | ||||||||
| Operating Income Margin | 13.9 | % | 10.4 | % | 13.6 | % | 10.5 | % | ||||||||
| Segment EBITDA Margin | 29.1 | % | 24.7 | % | 28.6 | % | 24.7 | % | ||||||||
| Footnote: | ||||||||||||||||
| In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation. | ||||||||||||||||
