Verizon Communications (VZ)
Market Price (11/3/2026): $44.95 | Market Cap: $186.3 BilInvestor Relations Sector: Communication Services | Industry: Integrated Telecommunication Services
Verizon Communications (VZ)
Market Price (11/3/2026): $44.95Market Cap: $186.3 BilSector: Communication ServicesIndustry: Integrated Telecommunication Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 6.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 9.5% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 39 Bil, FCF LTM is 18 Bil Stock buyback supportStock Buyback 3Y Total is 4.0 Bil Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, Wireless Services, Show more. | Weak multi-year price returns2Y Excs Rtn is -6.1%, 3Y Excs Rtn is -23% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 99% Key risksVZ key risks include [1] a substantial debt load nearing $146 billion that restricts financial flexibility and [2] slow growth due to a plateauing customer base and declines in its legacy wireline and public sector segments. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 6.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 9.5% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 39 Bil, FCF LTM is 18 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.0 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, Wireless Services, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -6.1%, 3Y Excs Rtn is -23% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 99% |
| Key risksVZ key risks include [1] a substantial debt load nearing $146 billion that restricts financial flexibility and [2] slow growth due to a plateauing customer base and declines in its legacy wireline and public sector segments. |
Qualitative Assessment
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Verizon Communications (VZ) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Financial Performance: Verizon delivered strong adjusted earnings per share (EPS) of $1.31 in fiscal Q3 2026, exceeding analyst estimates of $1.27, and reported a record-high Adjusted EBITDA of $13.8 billion, marking an 8.0% increase year-over-year. The company also significantly boosted postpaid phone net additions by 406,000, achieving its strongest Q3 performance in five years, and raised its full-year 2026 guidance for adjusted EPS and free cash flow for the third consecutive quarter. However, total operating revenue of $34.3 billion missed analyst expectations, partly due to a 9% decline in wireless equipment revenue, which likely muted overall investor enthusiasm despite the profitability gains.
2. Persistent Debt Load and Capital Allocation Demands: Despite generating robust free cash flow of $7.8 billion in fiscal Q3 2026 and slightly reducing total unsecured debt from $136.5 billion in fiscal Q2 2026 to $136.1 billion, Verizon's substantial net debt load, around $123.7 billion at the end of fiscal Q3 2026, continued to be a notable factor for investors. The company's ongoing commitment to significant capital expenditures, projected at $16 billion-$16.5 billion for full-year 2026, for continuous 5G network upgrades and investments in AI infrastructure, further influences financial flexibility and capital market perceptions.
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Verizon Communications (VZ) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Financial Performance: Verizon delivered strong adjusted earnings per share (EPS) of $1.31 in fiscal Q3 2026, exceeding analyst estimates of $1.27, and reported a record-high Adjusted EBITDA of $13.8 billion, marking an 8.0% increase year-over-year. The company also significantly boosted postpaid phone net additions by 406,000, achieving its strongest Q3 performance in five years, and raised its full-year 2026 guidance for adjusted EPS and free cash flow for the third consecutive quarter. However, total operating revenue of $34.3 billion missed analyst expectations, partly due to a 9% decline in wireless equipment revenue, which likely muted overall investor enthusiasm despite the profitability gains.
2. Persistent Debt Load and Capital Allocation Demands: Despite generating robust free cash flow of $7.8 billion in fiscal Q3 2026 and slightly reducing total unsecured debt from $136.5 billion in fiscal Q2 2026 to $136.1 billion, Verizon's substantial net debt load, around $123.7 billion at the end of fiscal Q3 2026, continued to be a notable factor for investors. The company's ongoing commitment to significant capital expenditures, projected at $16 billion-$16.5 billion for full-year 2026, for continuous 5G network upgrades and investments in AI infrastructure, further influences financial flexibility and capital market perceptions.
3. Intensifying Competitive Landscape and Industry Challenges: The telecommunications sector continued to experience a low-growth environment and heightened competition. Concerns arose regarding emerging competition from SpaceX's Starlink, which is reportedly pursuing a path to become a fourth nationwide wireless carrier, introducing long-term market uncertainty. Furthermore, major carriers, including Verizon, implemented wireless rate hikes in August 2026, with Verizon raising prices by $5 for new Unlimited Ultimate customers, to help fund extensive network modernization and AI systems. This could potentially pressure subscriber acquisition and retention in a price-sensitive market.
4. Operational Setbacks and Restructuring Initiatives: Verizon experienced significant communication service outages in early August 2026, impacting thousands of users nationwide and raising concerns about network reliability. Concurrently, the company continued its restructuring efforts, including job cuts of approximately 3,000 employees and the divestiture of some retail stores, with layoffs effective September 18, 2026, as part of a broader strategy to optimize its cost structure. These operational challenges and adjustments likely counterbalanced positive news from subscriber growth and efficiency gains during the period.
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Stock Movement Drivers
Fundamental Drivers
The -2.3% change in VZ stock from 7/31/2026 to 11/2/2026 was primarily driven by a -4.0% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.10 | 45.05 | -2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 138,895 | 139,387 | 0.4% |
| Net Income Margin (%) | 11.6% | 11.8% | 1.2% |
| P/E Multiple | 11.9 | 11.4 | -4.0% |
| Shares Outstanding (Mil) | 4,168 | 4,157 | 0.3% |
| Cumulative Contribution | -2.3% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| VZ | -2.3% | |
| Market (SPY) | 0.7% | -29.1% |
| Sector (XLC) | -7.4% | 33.9% |
Fundamental Drivers
The -3.1% change in VZ stock from 4/30/2026 to 11/2/2026 was primarily driven by a -5.2% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.50 | 45.05 | -3.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 138,191 | 139,387 | 0.9% |
| Net Income Margin (%) | 12.4% | 11.8% | -5.2% |
| P/E Multiple | 11.5 | 11.4 | -0.4% |
| Shares Outstanding (Mil) | 4,229 | 4,157 | 1.7% |
| Cumulative Contribution | -3.1% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| VZ | -3.1% | |
| Market (SPY) | 4.9% | -26.8% |
| Sector (XLC) | -13.7% | 25.2% |
Fundamental Drivers
The 20.9% change in VZ stock from 10/31/2025 to 11/2/2026 was primarily driven by a 43.6% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.26 | 45.05 | 20.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 137,491 | 139,387 | 1.4% |
| Net Income Margin (%) | 14.4% | 11.8% | -18.4% |
| P/E Multiple | 7.9 | 11.4 | 43.6% |
| Shares Outstanding (Mil) | 4,228 | 4,157 | 1.7% |
| Cumulative Contribution | 20.9% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| VZ | 20.9% | |
| Market (SPY) | 11.2% | -22.5% |
| Sector (XLC) | -11.9% | 19.3% |
Fundamental Drivers
The 55.9% change in VZ stock from 10/31/2023 to 11/2/2026 was primarily driven by a 95.8% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.89 | 45.05 | 55.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 134,095 | 139,387 | 3.9% |
| Net Income Margin (%) | 15.6% | 11.8% | -24.4% |
| P/E Multiple | 5.8 | 11.4 | 95.8% |
| Shares Outstanding (Mil) | 4,213 | 4,157 | 1.3% |
| Cumulative Contribution | 55.9% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| VZ | 55.9% | |
| Market (SPY) | 86.0% | -3.1% |
| Sector (XLC) | 59.8% | 16.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VZ Return | -8% | -20% | 3% | 13% | 9% | 18% | 10% |
| Peers Return | 3% | -21% | -2% | 50% | -1% | -24% | -11% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| VZ Win Rate | 42% | 50% | 58% | 58% | 50% | 55% | |
| Peers Win Rate | 52% | 38% | 55% | 60% | 52% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| VZ Max Drawdown | -14% | -34% | -23% | -11% | -13% | -18% | |
| Peers Max Drawdown | -26% | -40% | -34% | -25% | -35% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: T, TMUS, CMCSA, CHTR, LUMN. See VZ Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | VZ | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.1% | -6.7% |
| % Gain to Breakeven | 15.1% | 7.1% |
| Time to Breakeven | 178 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.9% | -24.5% |
| % Gain to Breakeven | 40.6% | 32.4% |
| Time to Breakeven | 693 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -14.2% | -33.7% |
| % Gain to Breakeven | 16.6% | 50.9% |
| Time to Breakeven | 20 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.6% | -3.7% |
| % Gain to Breakeven | 13.2% | 3.9% |
| Time to Breakeven | 128 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -11.5% | -0.2% |
| % Gain to Breakeven | 13.0% | 0.2% |
| Time to Breakeven | 305 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -41.3% | -53.4% |
| % Gain to Breakeven | 70.3% | 114.4% |
| Time to Breakeven | 790 days | 1085 days |
In The Past
Verizon Communications's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | VZ | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.9% | -24.5% |
| % Gain to Breakeven | 40.6% | 32.4% |
| Time to Breakeven | 693 days | 427 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -41.3% | -53.4% |
| % Gain to Breakeven | 70.3% | 114.4% |
| Time to Breakeven | 790 days | 1085 days |
In The Past
Verizon Communications's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Verizon Communications (VZ)
Verizon Communications (VZ) is a leading global telecommunications company that provides a comprehensive suite of communication, technology, information, and entertainment products and services. It caters to a broad customer base, serving individual consumers, businesses ranging from small to large enterprises, and various governmental entities worldwide. Essentially, Verizon connects people and organizations through its vast network and technological offerings.
The company operates primarily through two segments. Its Consumer segment is widely recognized for offering extensive wireless services, including postpaid and prepaid mobile plans, smartphones, tablets, and other connected devices like smartwatches. This segment also provides residential fixed connectivity solutions such as Fios internet, video, and voice services for homes, and sells network access to other mobile virtual network operators. As of December 2021, Verizon served approximately 115 million wireless retail connections in its Consumer segment.
Verizon's Business segment focuses on enterprise and government clients, delivering sophisticated network connectivity products like private networking, secure cloud connectivity, and high-speed internet access. This segment also provides advanced services such as IP-based voice and video, unified communications and collaboration tools, contact center solutions, and critical data security services. Furthermore, it offers global voice and data solutions, customer premises equipment, and a growing array of Internet of Things (IoT) products and services tailored for commercial and governmental operations.
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Here are a few brief analogies for Verizon Communications (VZ):
- Like a national electric utility, but instead of power, it delivers essential mobile and internet connectivity.
- Imagine T-Mobile combined with Comcast, offering both wireless and home internet/TV services.
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- Wireless Service Plans: Offers postpaid and prepaid mobile service plans for smartphones, tablets, and other connected devices.
- Wireless Equipment Sales: Sells wireless devices including smartphones, handsets, tablets, smartwatches, and other wireless-enabled devices.
- Residential Fixed Connectivity (Fios): Provides residential high-speed internet, video (television), and voice (landline phone) services.
- Business Network Connectivity: Delivers private networking, private cloud connectivity, virtual and software-defined networking, and internet access services for businesses.
- Business Communication & Collaboration Solutions: Offers IP-based voice and video services, unified communications, and customer contact center solutions for enterprises.
- Business Security & Management Services: Provides data security, network management, and Internet of Things (IoT) products and services for businesses.
- Wholesale Network Access: Sells network access to mobile virtual network operators (MVNOs).
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Verizon Communications (VZ) primarily serves the following major customer categories:
- Individual Consumers: These include subscribers to Verizon's postpaid and prepaid wireless service plans, internet access (including Fios), video, and voice services for personal and residential use. As of December 31, 2021, this segment accounted for approximately 115 million wireless retail connections, 7 million wireline broadband connections, and 4 million Fios video connections.
- Businesses: This category encompasses enterprises of all sizes that utilize Verizon for network connectivity products, private cloud solutions, virtual and software-defined networking, IP-based voice and video services, unified communications, data security services, customer contact center solutions, and Internet of Things (IoT) products and services. As of December 31, 2021, this segment had approximately 27 million wireless retail postpaid connections and 477 thousand wireline broadband connections.
- Governmental Entities: Public sector organizations and agencies, both domestic and global, that leverage Verizon's communication and technology services for their operational and infrastructure needs. These services generally fall under the offerings described within the Business segment.
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Dan Schulman
Chief Executive Officer
Dan Schulman was appointed Chief Executive Officer of Verizon Communications, effective October 21, 2025. He previously served as the CEO of PayPal Holdings Inc. Schulman joined Verizon's Board of Directors in 2018 and became Lead Independent Director in 2024. His extensive leadership experience encompasses telecommunications, fintech, and technology sectors.
Tony Skiadas
Executive Vice President and Chief Financial Officer
Tony Skiadas was promoted to Executive Vice President and Chief Financial Officer of Verizon in May 2023. He began his career with Bell Atlantic Mobile, a legacy company of Verizon, in 1996, and has since accumulated over two decades of experience in financial management and operations within the company. Prior to his current role, he served as Senior Vice President and Controller from June 2013 to May 2023, where he oversaw corporate-wide accounting, finance operations, compliance, financial policies, and SEC financial reporting. Skiadas is a Certified Public Accountant (CPA) in New Jersey and holds an MBA in Finance from Seton Hall University and a Bachelor of Science degree in accounting from the University of Delaware.
Sowmyanarayan Sampath
Executive Vice President and Chief Executive Officer, Verizon Consumer Group
Sowmyanarayan Sampath is the Executive Vice President and Chief Executive Officer for Verizon Consumer Group, which is Verizon's largest operational segment. He joined Verizon in 2014 and has been instrumental in transforming the consumer operating model and empowering its customer-facing organization. His previous roles at Verizon include Chief Revenue Officer for Verizon Business, President of Global Enterprise, and Chief Product Officer for the Consumer and Enterprise businesses. Before joining Verizon, he worked at KPMG, Advenis, and Boston Consulting Group.
Kyle Malady
Executive Vice President and Chief Executive Officer, Verizon Business Group
Kyle Malady leads Verizon's Business Group as its Executive Vice President and CEO, overseeing annual revenues exceeding $30 billion. He possesses decades of experience in building and managing global networks, having previously served as Executive Vice President and President of Global Networks and Technology for Verizon. His expertise is crucial in advancing Verizon's enterprise solutions and business growth.
Frank Boulben
Chief Revenue Officer, Verizon Consumer Group
Frank Boulben serves as the Chief Revenue Officer at Verizon Consumer Group, responsible for direct-to-consumer growth and revenue generation across all consumer brands and segments. Before his tenure at Verizon, Frank held senior executive positions, including Chief Strategy Officer at Rogers Communications and Chief Marketing Officer at BlackBerry. He began his career as a consultant and has worked with major telecommunications and internet operators such as SFR, Vivendi, Orange, and Vodafone.
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Verizon Communications (VZ) faces several key risks to its business:
- High Debt Load and Capital Expenditure: Verizon carries a substantial amount of debt, nearing $146 billion as of mid-2025, which acts as a constant financial burden, especially in a rising interest rate environment. The company is also committed to significant capital expenditures, projected between $17.5 billion and $18.5 billion for 2025, primarily for its 5G network build-out. This high debt and ongoing investment limit Verizon's capital allocation flexibility and can expose it to financial instability, with some analyses placing the company in a "distress zone."
- Intense Competition and Market Saturation: The U.S. telecommunications market is characterized by fierce competition, with major rivals like AT&T and T-Mobile aggressively competing for market share. Verizon has experienced net losses in postpaid phone subscribers and a slowdown in its Fixed Wireless Access (FWA) growth, indicating challenges in customer retention and acquisition in a saturated market. This competitive pressure directly impacts Verizon's ability to grow its subscriber base and revenue.
- Evolving Regulatory Landscape and Technological Challenges: As a major telecommunications provider, Verizon operates within a heavily regulated industry, subject to laws concerning spectrum allocation, data protection, and consumer rights. Changes in these regulations, particularly those related to 5G security, AI governance, and data privacy, are a significant concern for telecom executives and can result in substantial fines and reputational damage for non-compliance. Furthermore, the rapid advancement of technologies such as 5G and the Internet of Things (IoT) presents challenges related to compatibility, security, and an expanded "attack surface" for cyber threats, necessitating continuous investment in security measures.
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- Continued Cord-Cutting and Shift to Streaming Services
- Cloud-Native Communication Platforms (CPaaS/UCaaS) for Businesses
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Verizon Communications (symbol: VZ) operates in several large addressable markets within the United States for its main products and services:
- Wireless Services (Consumer Segment): The addressable market for wireless telecommunication services in the U.S. was valued at approximately USD 450.21 billion in 2025 and is projected to grow to about USD 960.79 billion by 2035. Another estimate places the U.S. wireless telecommunications carriers market at USD 326.4 billion in 2025. The broader U.S. telecom services market, which includes wireless, was estimated at USD 468.08 billion in 2023 and is expected to reach USD 725.68 billion by 2030.
- Residential Fixed Connectivity Solutions (Internet, Video, and Voice - Fios): The U.S. broadband services market generated a revenue of USD 74.03 billion in 2024 and is expected to reach USD 113.83 billion by 2030. In 2024, the U.S. residential fixed broadband market had 120.6 million subscriptions. Furthermore, nearly 80 million U.S. homes had access to fiber by the end of 2024. The remaining addressable market for Fiber-to-the-Home (FTTH) passings in the U.S. is estimated to be 150 million or more over the next decade.
- Business Segment (Network Connectivity, IP-based Voice and Video, Unified Communications, Data Solutions):
- Enterprise Connectivity and Networking: The U.S. enterprise networking market generated a revenue of USD 47.07 billion in 2024 and is expected to reach USD 60.02 billion by 2030. The North America enterprise networking market was valued at USD 77.28 billion in 2025 and is expected to reach USD 118.05 billion by 2034, with the U.S. capturing 78.3% of the share in 2024.
- Unified Communications: The U.S. unified communications market was estimated at USD 28.37 billion in 2023 and is expected to reach USD 32.30 billion in 2024. It is projected to grow to USD 148.11 billion by 2033, from USD 47.85 billion in 2025.
- Internet of Things (IoT) Products and Services: The U.S. Internet of Things (IoT) market size was estimated at USD 413.22 billion in 2024 and is projected to grow to USD 553.92 billion by 2030. The U.S. industrial IoT market alone was valued at USD 142.35 billion in 2024 and is projected to reach USD 671.92 billion by 2033.
- Data Security Services (Business Segment): The U.S. cybersecurity market size was USD 91.6 billion in 2025 and is expected to reach USD 180.4 billion by 2034. Another source reported the U.S. cybersecurity market at USD 82.4 billion in 2024, projected to increase to USD 165.1 billion by 2032.
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Verizon Communications (VZ) is expected to drive future revenue growth over the next two to three years through several key initiatives:
- Accelerated Postpaid Mobile and Broadband Subscriber Growth: Verizon projects significant increases in its postpaid phone net additions, targeting between 750,000 and 1 million new customers in 2026, which is two to three times its 2025 volume. This growth is complemented by strong broadband net additions, including both Fixed Wireless Access (FWA) and Fios internet. The company's strategy involves gaining market share across all segments, including prepaid, and enhancing customer retention through bundling wireless and broadband services, which helps reduce churn and boosts customer loyalty. Verizon expects mobility and broadband service revenue to grow 2% to 3% in 2026.
- Continued Expansion of Fixed Wireless Access (FWA) Services: FWA remains a major growth engine for Verizon, leveraging its 5G network to deliver home internet services. The company reported substantial FWA net additions in late 2024 and late 2025, growing its subscriber base to over 5.7 million. Verizon is well-positioned to achieve its goal of 8 million to 9 million FWA subscribers by 2028. FWA is seen as a strong alternative for broadband in areas without fiber, with more open-for-sale FWA services available in 2026.
- Strategic Fiber-to-the-Home (FTTH) Rollout and Converged Services: Following the integration of Frontier, Verizon's fiber footprint has expanded significantly, reaching nearly 30 million premises passed. The company plans to add at least 2 million new fiber passings in 2026, with a medium-term goal of 40 million to 50 million. Fiber is considered the "gold standard" for connectivity, offering higher margins and lower churn. Verizon is accelerating converged offerings that bundle fiber broadband with wireless services, as these customers demonstrate higher lifetime value and lower churn rates.
- Growth in the Verizon Business Group through Private 5G and Enterprise Solutions: The Business segment is poised for a revenue breakout by monetizing private 5G networks, particularly as manufacturing and logistics companies adopt these for automation. Verizon Business reported a 350% growth in its private 5G revenue in 2024, with projections for an additional 200% increase in 2025. The company is also focusing on becoming an "AI-first company," deploying AI at scale to optimize operations and drive innovation within its business solutions.
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Share Repurchases
- Verizon announced a $25 billion share buyback program on June 14, 2024, which is effective immediately and will remain in place through 2027.
- The company anticipates repurchasing at least $3 billion of common stock under this authorization in 2026.
- Verizon plans to return approximately $55 billion to stockholders through dividends and share repurchases by the end of 2028.
Share Issuance
- Verizon's shares outstanding have shown slight annual increases in recent years, rising from 4.215 billion in 2023 to 4.223 billion in 2024, and 4.231 billion in 2025.
Outbound Investments
- Verizon announced its intention to acquire Frontier Communications in an all-stock deal valued at $20 billion on September 5, 2024, which closed in January 2026.
- The company acquired TracFone Wireless for $6.25 billion in September 2020, with the deal closing in November 2021.
- Verizon invested $100 million in AST SpaceMobile in May 2024 to support the deployment of direct-to-cellular service in the continental United States.
Capital Expenditures
- Capital expenditures totaled $17.1 billion in 2024 and $17.0 billion in 2025.
- For 2026, Verizon expects capital expenditures to be in the range of $16.0 billion to $16.5 billion.
- The primary focus of these capital expenditures is the completion of C-Band deployment, continued fiber expansion with a goal of at least 2 million new passings in 2026, and further investment in 5G network infrastructure.
Peer Outperformance in Integrated Telecommunication Services
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| VZ | Verizon Communications | 1.3% | 11.4x | 20.9% | 52.1% | 18.0% | — |
| IDT | IDT | 1.6% | 23.6x | 63.2% | 188.1% | 64.4% | +46pp |
| T | AT&T | 1.9% | 11.2x | -9.2% | 56.9% | 48.2% | +30pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -17.7% | 14.2% | 45.5% | ECHO 292% · TMUS 45% |
| Publishing | 5 | 24.2% | 8.3% | 16.5% | NYT 32% · NWSA 32% |
| Integrated Telecommunication Services ← | 21 | -12.4% | -5.2% | -28.9% | GSAT 229% · AD 132% · TDS 114% |
| Movies & Entertainment | 23 | 10.6% | 42.4% | -31.3% | IMAX 153% · CNK 91% · BATRA 81% |
| Alternative Carriers | 4 | -33.6% | 11.2% | -68.0% | IRDM 13% · LUMN -57% |
| Interactive Home Entertainment | 8 | -43.6% | -34.4% | -69.0% | TTWO 4% · RBLX -46% · PINS -54% |
| Advertising | 18 | -28.6% | -8.0% | -70.3% | APP 132% · OMC 48% · STGW 24% |
| Interactive Media & Services | 32 | -38.2% | -32.6% | -71.6% | GOOGL 94% · META 87% · CARG -2% |
| Broadcasting | 14 | -5.7% | -27.3% | -71.9% | FOXA 61% · NXST 31% · SIRI -48% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 34.44 |
| Mkt Cap | 115.8 |
| Rev LTM | 108,410 |
| Op Inc LTM | 18,742 |
| FCF LTM | 17,420 |
| FCF 3Y Avg | 14,622 |
| CFO LTM | 30,222 |
| CFO 3Y Avg | 27,882 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.6% |
| Rev Chg 3Y Avg | 0.9% |
| Rev Chg Q | -0.1% |
| QoQ Delta Rev Chg LTM | -0.0% |
| Op Inc Chg LTM | -6.3% |
| Op Inc Chg 3Y Avg | 0.7% |
| Op Mgn LTM | 20.8% |
| Op Mgn 3Y Avg | 20.9% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 30.4% |
| CFO/Rev 3Y Avg | 29.0% |
| FCF/Rev LTM | 13.3% |
| FCF/Rev 3Y Avg | 12.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 115.8 |
| P/S | 0.9 |
| P/Op Inc | 5.0 |
| P/EBIT | 5.2 |
| P/E | 9.3 |
| P/CFO | 3.2 |
| Total Yield | 14.7% |
| Dividend Yield | 4.0% |
| FCF Yield 3Y Avg | 11.0% |
| D/E | 1.1 |
| Net D/E | 1.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.4% |
| 3M Rtn | -8.6% |
| 6M Rtn | -16.3% |
| 12M Rtn | -15.7% |
| 3Y Rtn | 33.0% |
| 1M Excs Rtn | 1.0% |
| 3M Excs Rtn | -5.7% |
| 6M Excs Rtn | -21.0% |
| 12M Excs Rtn | -26.2% |
| 3Y Excs Rtn | -44.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer | 106,807 | 102,904 | 101,626 | 103,506 | 95,300 |
| Business | 29,069 | 29,531 | 30,122 | 31,072 | 31,042 |
| Corporate and other | 2,642 | 2,609 | 2,479 | 2,510 | 7,722 |
| Eliminations | -327 | -256 | -253 | -253 | -451 |
| Total | 138,191 | 134,788 | 133,974 | 136,835 | 133,613 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer | 29,628 | 29,484 | 29,011 | 28,846 | 29,955 |
| Business | 2,532 | 2,058 | 2,066 | 2,631 | 3,437 |
| Other components of net periodic pension and benefit charges | -32 | -33 | -248 | -387 | -769 |
| Acquisition and integration related charges | -91 | ||||
| Corporate and other | -480 | -610 | -643 | -319 | -449 |
| Asset and business rationalization | -583 | -374 | -480 | 0 | |
| Severance charges | -1,715 | -1,733 | -533 | -304 | -209 |
| Legacy legal matter | -106 | 0 | 0 | ||
| Business transformation costs | -176 | 0 | 0 | ||
| Legal settlement | -100 | 0 | |||
| Non-strategic business shutdown | -179 | 0 | 0 | ||
| Verizon Business Group goodwill impairment | -5,841 | 0 | 0 | ||
| Asset rationalization | 0 | ||||
| Loss on spectrum licenses | -223 | ||||
| Net gain from disposition of business | 706 | ||||
| Total | 29,259 | 28,686 | 22,877 | 30,467 | 32,448 |
| $ Mil | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Corporate and other | 244,695 | 239,040 | 213,787 | 205,930 | |
| Wireless | 213,290 | 235,873 | 211,345 | 185,406 | 160,385 |
| Wireline | 94,799 | 75,282 | 66,679 | 78,316 | 76,673 |
| Eliminations | -287,955 | -293,052 | -247,631 | -225,012 | |
| Reconciling items | -4,350 | ||||
| Total | 264,829 | 257,143 | 244,180 | 244,640 | 232,708 |
Price Behavior
| Market Price | $45.05 | |
| Market Cap ($ Bil) | 187.3 | |
| First Trading Date | 11/21/1983 | |
| Distance from 52W High | -11.1% | |
| 50 Days | 200 Days | |
| DMA Price | $46.47 | $45.53 |
| DMA Trend | down | up |
| Distance from DMA | -3.1% | -1.1% |
| 3M | 1YR | |
| Volatility | 28.9% | 26.9% |
| Downside Capture | -72.90 | -57.94 |
| Upside Capture | -101.10 | -25.39 |
| Correlation (S&P 500) | -32.4% | -22.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.95 | -1.14 | -0.77 | -0.62 | -0.47 | -0.05 |
| Up Beta | -4.27 | -0.49 | -0.35 | -1.39 | -0.89 | -0.09 |
| Down Beta | -0.89 | -1.57 | -1.26 | -0.49 | -0.21 | 0.06 |
| Up Capture | -230% | -133% | -69% | -35% | -15% | 0% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 21 | 33 | 64 | 128 | 392 |
| Down Capture | -230% | -68% | -79% | -55% | -102% | -51% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 22 | 31 | 62 | 122 | 354 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VZ | |
|---|---|---|---|---|
| VZ | 23.4% | 26.9% | 0.75 | - |
| Sector ETF (XLC) | -11.5% | 16.3% | -0.94 | 19.4% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | -22.3% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | -23.4% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -4.7% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 22.2% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | -13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VZ | |
|---|---|---|---|---|
| VZ | 3.4% | 23.0% | 0.09 | - |
| Sector ETF (XLC) | 5.5% | 21.0% | 0.18 | 24.2% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 13.2% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | -1.9% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 1.5% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 32.4% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 0.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VZ | |
|---|---|---|---|---|
| VZ | 4.9% | 21.0% | 0.19 | - |
| Sector ETF (XLC) | 8.1% | 22.1% | 0.40 | 31.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 29.9% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 0.1% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 7.5% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 38.6% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 4.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | -3.5% | 0.2% | |
| 7/24/2026 | 5.8% | 5.2% | 12.8% |
| 4/27/2026 | 1.6% | 3.7% | 4.5% |
| 1/30/2026 | 11.8% | 18.3% | 25.5% |
| 10/29/2025 | 2.3% | 0.0% | 4.0% |
| 7/21/2025 | 4.0% | 5.5% | 8.7% |
| 4/22/2025 | 0.6% | -1.3% | 3.0% |
| 1/24/2025 | 0.9% | 0.7% | 10.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 11 |
| # Negative | 10 | 9 | 12 |
| Median Positive | 2.1% | 3.6% | 4.5% |
| Median Negative | -4.6% | -3.7% | -2.3% |
| Max Positive | 11.8% | 18.3% | 25.5% |
| Max Negative | -6.7% | -12.0% | -10.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | -3.5% | 0.2% | |
| 7/24/2026 | 5.8% | 5.2% | 12.8% |
| 4/27/2026 | 1.6% | 3.7% | 4.5% |
| 1/30/2026 | 11.8% | 18.3% | 25.5% |
| 10/29/2025 | 2.3% | 0.0% | 4.0% |
| 7/21/2025 | 4.0% | 5.5% | 8.7% |
| 4/22/2025 | 0.6% | -1.3% | 3.0% |
| 1/24/2025 | 0.9% | 0.7% | 10.6% |
| 10/22/2024 | -5.0% | -4.8% | -4.1% |
| 7/22/2024 | -6.1% | -3.7% | -2.1% |
| 4/22/2024 | -4.7% | -2.0% | -0.9% |
| 1/23/2024 | 6.7% | 6.2% | 3.8% |
| 10/24/2023 | 9.3% | 10.3% | 18.7% |
| 7/25/2023 | 0.8% | 0.3% | -2.3% |
| 4/25/2023 | 0.5% | 4.3% | -2.3% |
| 1/24/2023 | 2.0% | 3.6% | -0.9% |
| 10/21/2022 | -4.5% | -2.2% | 4.2% |
| 7/22/2022 | -6.7% | -4.4% | -6.8% |
| 4/22/2022 | -5.6% | -12.0% | -10.0% |
| 1/25/2022 | -0.1% | 0.5% | 0.8% |
| 10/20/2021 | 2.4% | 1.4% | -1.2% |
| 7/21/2021 | 0.7% | 1.1% | -0.2% |
| 4/21/2021 | -0.4% | -3.5% | -2.5% |
| 1/26/2021 | -3.2% | -7.1% | -2.2% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 11 |
| # Negative | 10 | 9 | 12 |
| Median Positive | 2.1% | 3.6% | 4.5% |
| Median Negative | -4.6% | -3.7% | -2.3% |
| Max Positive | 11.8% | 18.3% | 25.5% |
| Max Negative | -6.7% | -12.0% | -10.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/11/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/27/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
Recent Forward Guidance
Updated 10/27/2026Latest: Q3 2026 Earnings Reported 10/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Mobility and broadband service revenue growth | Reported | 4.0% | ||||||
| 2026 Total fiber passings | Reported | 32.00 Mil | 32.00 Mil | |||||
| 2026 Postpaid phone net additions | Reported | 1.10 Mil | 1.15 Mil | 1.20 Mil | ||||
| 2026 Cash flow from operations growth | Reported | 3.5% | 4.25% | 5.0% | 1.2% | Raised | Guidance: 3.0% for 2026 | |
| 2026 Net Cash Provided by Operating Activities | Reported | 38.44 Bil | 38.74 Bil | 39.04 Bil | ||||
| 2026 Net Cash Provided by Operating Activities Growth | Reported | 3.5% | 4.3% | 5.1% | ||||
| 2026 Mobility and broadband service revenue growth | Reported | 2.75% | 2.88% | 3.0% | 0.1% | Raised | Guidance: 2.75% for 2026 | |
| 2026 Adjusted EPS | Reported | 5.04 | 5.05 | 5.06 | 0.7% | Raised | Guidance: 5.02 for 2026 | |
| 2026 Adjusted EPS growth | Reported | 7.0% | 7.25% | 7.5% | 0.8% | Raised | Guidance: 6.5% for 2026 | |
| 2026 Capital expenditures | Reported | 16.00 Bil | 16.25 Bil | 16.50 Bil | 0.0% | Affirmed | Guidance: 16.25 Bil for 2026 | |
| 2026 Capital expenditures forecast (including capitalized software) | Reported | 16.00 Bil | 16.25 Bil | 16.50 Bil | 0.0% | Affirmed | Guidance: 16.25 Bil for 2026 | |
| 2026 Free cash flow growth | Reported | 12.0% | 2.5% | Raised | Guidance: 9.5% for 2026 | |||
| 2026 Free Cash Flow | Reported | 22.44 Bil | 22.49 Bil | 22.54 Bil | ||||
| 2026 Free Cash Flow Growth | Reported | 11.5% | 11.75% | 12.0% | 2.2% | Raised | Guidance: 9.5% for 2026 | |
| 2026 Share repurchases | Reported | 4.50 Bil | 4.50 Bil | |||||
Prior: Q2 2026 Earnings Reported 7/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash flow from operations growth | Reported | 2.0% | 3.0% | 4.0% | ||||
| 2026 Mobility and broadband service revenue growth | Reported | 2.5% | 2.75% | 3.0% | 10.0% | 0.2% | Raised | Guidance: 2.5% for 2026 |
| 2026 Adjusted EPS | Reported | 4.99 | 5.02 | 5.04 | 0.9% | Raised | Guidance: 4.97 for 2026 | |
| 2026 Adjusted EPS growth | Reported | 6.0% | 6.5% | 7.0% | 1.0% | Raised | Guidance: 5.5% for 2026 | |
| 2026 Capital expenditures | Reported | 16.00 Bil | 16.25 Bil | 16.50 Bil | 0 | Affirmed | Guidance: 16.25 Bil for 2026 | |
| 2026 Free cash flow growth | Reported | 9.0% | 9.5% | 10.0% | ||||
Q1 2026 Earnings Reported 4/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash flow from operations | Reported | 37.50 Bil | 37.75 Bil | 38.00 Bil | 0.0% | Affirmed | Guidance: 37.75 Bil for 2026 | |
| 2026 Total mobility and broadband service revenue | Reported | 93.00 Bil | 0.0% | Affirmed | Guidance: 93.00 Bil for 2026 | |||
| 2026 Total mobility and broadband service revenue growth | Reported | 2.0% | 2.5% | 3.0% | 0.0% | Affirmed | Guidance: 2.5% for 2026 | |
| 2026 Adjusted EPS | Reported | 4.95 | 4.97 | 4.99 | 0.9% | Raised | Guidance: 4.93 for 2026 | |
| 2026 Adjusted EPS Growth | Reported | 5.0% | 5.5% | 6.0% | 1.0% | Raised | Guidance: 4.5% for 2026 | |
| 2026 Capital Expenditures | Reported | 16.00 Bil | 16.25 Bil | 16.50 Bil | 0.0% | Affirmed | Guidance: 16.25 Bil for 2026 | |
| 2026 Free Cash Flow | Reported | 21.50 Bil | 0.0% | Affirmed | Guidance: 21.50 Bil for 2026 | |||
Q4 2025 Earnings Reported 1/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total retail postpaid phone net additions | Reported | 0.75 Mil | 0.88 Mil | 1.00 Mil | ||||
| 2026 Cash flow from operations | Reported | 37.50 Bil | 37.75 Bil | 38.00 Bil | -0.7% | Lower New | Actual: 38.00 Bil for 2025 | |
| 2026 Total mobility and broadband service revenue growth | Reported | 2.0% | 2.5% | 3.0% | ||||
| 2026 Revenue | Reported | 93.00 Bil | ||||||
| 2026 Adjusted EPS | Reported | 4.9 | 4.93 | 4.95 | ||||
| 2026 EPS Growth | Reported | 4.0% | 4.5% | 5.0% | 2.5% | Higher New | Actual: 2.0% for 2025 | |
| 2026 Capital Expenditures | Reported | 16.00 Bil | 16.25 Bil | 16.50 Bil | -9.7% | Lower New | Actual: 18.00 Bil for 2025 | |
| 2026 Free Cash Flow | Reported | 21.50 Bil | 7.5% | Higher New | Actual: 20.00 Bil for 2025 | |||
Insider Activity
Updated 10/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 10282026 | 43.00 | 1,100 | 47,300 | 4,251,238 | Form |
| 2 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 10212026 | 44.48 | 1,100 | 48,928 | 4,446,488 | Form |
| 3 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 10142026 | 42.93 | 1,100 | 47,223 | 4,338,763 | Form |
| 4 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 10072026 | 45.75 | 1,100 | 50,325 | 4,674,094 | Form |
| 5 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 9302026 | 46.40 | 1,100 | 51,040 | 4,791,542 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 10282026 | 43.00 | 1,100 | 47,300 | 4,251,238 | Form |
| 2 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 10212026 | 44.48 | 1,100 | 48,928 | 4,446,488 | Form |
| 3 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 10142026 | 42.93 | 1,100 | 47,223 | 4,338,763 | Form |
| 4 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 10072026 | 45.75 | 1,100 | 50,325 | 4,674,094 | Form |
| 5 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 9302026 | 46.40 | 1,100 | 51,040 | 4,791,542 | Form |
| 6 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 9232026 | 47.65 | 1,100 | 52,415 | 4,973,040 | Form |
| 7 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 9162026 | 51.19 | 1,100 | 56,309 | 5,398,805 | Form |
| 8 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 9092026 | 49.98 | 1,100 | 54,978 | 5,326,169 | Form |
| 9 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 9022026 | 50.50 | 1,100 | 55,550 | 5,437,133 | Form |
| 10 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 8262026 | 50.06 | 1,100 | 55,066 | 5,444,826 | Form |
| 11 | Malady, Kyle | EVP and Group CEO-VZ Business | Direct | Sell | 8192026 | 48.68 | 1,100 | 53,548 | 5,348,277 | Form |
| 12 | Hammock, Samantha | EVP & Chief HR Officer | Direct | Sell | 6022026 | 47.83 | 73,069 | 3,495,036 | 775,883 | Form |
| 13 | Stillwell, Mary-Lee | SVP and Controller | Direct | Sell | 3032026 | 50.00 | 8,569 | 428,450 | 2,189,100 | Form |
| 14 | Vestberg, Hans Erik | Direct | Sell | 2252026 | 49.61 | 200,000 | 9,922,800 | 7,197,453 | Form | |
| 15 | Vestberg, Hans Erik | trust 1 | Sell | 2252026 | 49.61 | 12,500 | 620,175 | 646,173 | Form | |
| 16 | Vestberg, Hans Erik | trust 2 | Sell | 2252026 | 49.61 | 12,500 | 620,175 | 646,123 | Form | |
| 17 | Russo, Joseph J | EVP&Pres-Global Networks&Tech | Direct | Sell | 2032026 | 44.88 | 9,579 | 429,906 | 1,976,740 | Form |
Investor Activity (13F)
Updated Nov 3, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Portland Investment Counsel Inc. | $43.4 Mil | 13.9% | 55 | Hold | 13F |
| Heathbridge Capital Management Ltd. | $24.1 Mil | 8.8% | 29 | TRIM -9.7% | 13F |
| Wilsey Asset Management Inc | $45.7 Mil | 7.2% | 25 | Hold | 13F |
| St. James Investment Company, LLC | $29.4 Mil | 4.6% | 22 | ADD +24.3% | 13F |
| Rempart Asset Management Inc. | $15.5 Mil | 3.3% | 36 | TRIM -13.3% | 13F |
| Keystone Financial Planning, Inc. | $12.0 Mil | 3.2% | 40 | Hold | 13F |
| Inlight Wealth Management, LLC | $6.4 Mil | 2.4% | 50 | New | 13F |
| Schwerin Boyle Capital Management Inc | $18.7 Mil | 2.4% | 47 | TRIM -6.6% | 13F |
| Promethos Capital, LLC | $6.8 Mil | 1.8% | 46 | TRIM -6.1% | 13F |
| Kettle Hill Capital Management, LLC | $5.4 Mil | 1.3% | 45 | TRIM -81.4% | 13F |
| Walter Public Investments Inc. | $5.6 Mil | 1.3% | 48 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Kettle Hill Capital Management, LLC | $5.4 Mil | 1.3% | 45 | TRIM -81.4% | 13F |
| Rempart Asset Management Inc. | $15.5 Mil | 3.3% | 36 | TRIM -13.3% | 13F |
| Heathbridge Capital Management Ltd. | $24.1 Mil | 8.8% | 29 | TRIM -9.7% | 13F |
| Schwerin Boyle Capital Management Inc | $18.7 Mil | 2.4% | 47 | TRIM -6.6% | 13F |
| Promethos Capital, LLC | $6.8 Mil | 1.8% | 46 | TRIM -6.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Wilsey Asset Management Inc | $45.7 Mil | 7.2% | 25 | Hold | 13F |
| Portland Investment Counsel Inc. | $43.4 Mil | 13.9% | 55 | Hold | 13F |
| St. James Investment Company, LLC | $29.4 Mil | 4.6% | 22 | ADD +24.3% | 13F |
| Heathbridge Capital Management Ltd. | $24.1 Mil | 8.8% | 29 | TRIM -9.7% | 13F |
| Schwerin Boyle Capital Management Inc | $18.7 Mil | 2.4% | 47 | TRIM -6.6% | 13F |
| Rempart Asset Management Inc. | $15.5 Mil | 3.3% | 36 | TRIM -13.3% | 13F |
| Keystone Financial Planning, Inc. | $12.0 Mil | 3.2% | 40 | Hold | 13F |
| Promethos Capital, LLC | $6.8 Mil | 1.8% | 46 | TRIM -6.1% | 13F |
| Inlight Wealth Management, LLC | $6.4 Mil | 2.4% | 50 | New | 13F |
| Walter Public Investments Inc. | $5.6 Mil | 1.3% | 48 | New | 13F |
| Kettle Hill Capital Management, LLC | $5.4 Mil | 1.3% | 45 | TRIM -81.4% | 13F |
VZ Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive, based on a successful operational turnaround in the core wireless business, evidenced by accelerating subscriber growth and record quarterly margins. A new, high-margin growth business providing fiber for AI has secured approximately $4 billion in contracts. The primary uncertainty is a recent strategic shift in the broadband business, which created near-term market concern.
STOCK ARCHETYPE
Recurring Subscription(Number of Connections) x (Average Revenue Per Connection) Operating leverage from scaling a large, fixed-cost network, supplemented by disciplined cost reductions and growth in high-margin services.
INVESTMENT THESIS
Evidence points to a successful operational pivot gaining momentum, with a new growth layer emerging.
- Q3 postpaid phone net additions were 406,000, the strongest third quarter in five years.
- Management raised full-year 2026 postpaid phone net adds guidance to 1.1 million-1.2 million.
- Full-year 2026 free cash flow growth guidance was raised to approach 12%.
- Signed approximately $4 billion in AI infrastructure contracts with partners including Google and Amazon.
- Q4 service revenue growth is guided to accelerate to approximately 4%.
PRIMARY RISK
In a highly competitive market, Verizon's revenue growth of 1.4% trails peers like T-Mobile at 9.3%, while its balance sheet carries $184.5 billion in net debt, constraining flexibility.
- The telecommunications industry is described as 'highly competitive' with intense pressure.
- Trailing-twelve-month revenue growth of 1.4% lags T-Mobile's 9.3%.
- Net debt stands at $184.5 billion, or 3.76 times trailing-twelve-month EBITDA.
- Broadband net additions of 314,000 in Q3 slowed from 348,000 in the prior quarter.
- Approximately 95% of wireless postpaid contracts are on a month-to-month basis.
| KPI | Status | Rationale |
|---|---|---|
| Postpaid Phone Net Additions | 406,000 in Q3 2026 - Accelerating | Postpaid phone net additions showed a dramatic acceleration, described by management as the strongest Q3 in five years. The result continues a strong upward trend from 55,000 in Q1 and 184,000 in Q2, signaling a significant turnaround in the core wireless business. |
| Total Broadband Net Additions | 314,000 in Q3 2026 - Weakening | Broadband net additions slowed sequentially from 348,000 in Q2 and 341,000 in Q1. Management stated this was a "deliberate choice" to shift the mix towards higher-value fiber and to stop selling Fixed Wireless Access (FWA) in areas where it could not meet customer speed expectations. |
| Consumer postpaid phone churn | 0.87% (Q3 2026) | Measures the rate of customer attrition in the core consumer wireless business. A lower churn rate indicates higher customer loyalty and retention, which improves customer lifetime value. |
| Postpaid net account additions | 137,000 (Q3 2026) | Measures the growth in the number of customer accounts, which management views as a higher-quality growth metric than individual lines, as it represents new customer relationships. |
Core Turnaround Strength vs. Broadband Growth Questions
BULL VIEW
The accelerating 406,000 postpaid phone net adds, achieved with lower costs, proves the turnaround is real and profitable. The broadband slowdown is a strategic choice for higher-value customers that will pay off.
CORE TENSION
Can accelerating, high-quality phone net adds (406,000) and a new AI business offset concerns from slowing broadband net adds (314,000), which drove a negative stock reaction?
PREVAILING SENTIMENT
The latest evidence favors the bull view. The quality of the phone subscriber growth, confirmed by a 41% drop in acquisition costs, and tangible AI contracts provide a stronger signal than the explained broadband slowdown.
BEAR VIEW
The market's negative reaction to earnings was correct. The sequential slowdown in broadband net additions to 314,000 signals a ceiling for this key growth engine, which the core business cannot overcome alone.
| Timeline | Event & Metric To Watch |
|---|---|
1/26/2027 | Peer AT&T Earnings Watch: Peer AT&T (T) is scheduled to report earnings. |
1/27/2027 | Peer Comcast Earnings Watch: Peer Comcast (CMCSA) is scheduled to report earnings. |
1/28/2027 | Margin Pressure Persists Watch: Q4 operating margin and progress updates on the cost-cutting program. Failure to show tangible improvement undermines the turnaround thesis. |
1/28/2027 | Faltering Broadband Growth Watch: Q4 total broadband net additions, with specific focus on the FWA component, to see if the new strategy is pressuring a key growth pillar. |
1/28/2027 | Q4 2026 Earnings Report Watch: Company is scheduled to report Q4 2026 earnings. |
2/9/2027 | Sustained Competitive Underperformance Watch: T-Mobile's postpaid phone net additions and service revenue growth. Strong results could indicate Verizon's recent gains are not taking significant share from the market leader. |
at our next earnings call | Full-Year 2027 Outlook Watch: Company will provide its financial outlook for 2027. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-26 | Major AI Infrastructure Deal Details: Announced a dark fiber agreement with Amazon Web Services valued at over $2 billion, signaling a strategic pivot to serving AI infrastructure providers. | -1.6% $44.66 -> $43.93 |
2026-10-26 | Q3 Earnings and Guidance Raise Details: Reported Q3 adjusted EPS of $1.31, up 8.3% YoY, and raised full-year guidance for postpaid phone net adds, adjusted EPS, and free cash flow growth. | -1.6% $44.66 -> $43.93 |
2026-10-19 | Straight Talk Plans Upgraded Details: The company supercharged its Straight Talk unlimited plans, adding faster 5G Ultra Wideband access and up to 66% more hotspot data without raising base prices. | -0.6% $44.79 -> $44.54 |
2026-09-17 | New 5G Handset Launched Details: The company announced the launch of the new SD7 Ultra 5G Push-to-Talk handset with partner Siyata PTT. | -3.4% $49.00 -> $47.36 |
2026-08-04 | Pet Tracker Partnership Launched Details: Verizon partnered with Fi to integrate Fi's smart pet tracker directly into the Verizon Family app, creating a unified safety dashboard. | -1.9% $46.64 -> $45.76 |
2026-07-24 | Q2 Earnings Beat Expectations Details: The company reported 2Q26 results including postpaid phone net additions and raised guidance for mobility/broadband service revenue, free cash flow, and adjusted EPS. | +8.0% $43.15 -> $46.60 |
2026-05-11 | Debt Tender Offers Announced Details: The company announced tender offers and consent solicitations for 20 series of notes for its own account and on behalf of certain subsidiaries. | +1.5% $45.72 -> $46.41 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: VZ trades at roughly 29% annualized realized (three-month) volatility versus about 10% for the S&P 500 (2.9x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
T - AT&T Inc.
Converged Incumbent PlayAT&T offers a very similar investment profile, competing directly in wireless, fiber, and AI-grade connectivity with a comparable margin structure. This provides a direct peer alternative to diversify execution risk within the same theme.
TMUS - T-Mobile US, Inc.
Pure-Play Growth LeaderT-Mobile provides exposure to the same industry but with a much higher growth profile, having grown revenue 9.3% year-over-year. It competes on a 'best value' proposition, which may be more resilient in certain economic environments.
A mature telecom incumbent executing a turnaround by shifting from defending its base to aggressively competing on customer experience and disciplined growth, while unlocking a new revenue stream by leasing its fiber network for AI infrastructure.
After years of ceding market share, Verizon is now 'playing to win' by focusing on quality growth (net accounts, not just lines) and reducing churn through an improved value proposition. This is funded by a massive $9 billion cost-cutting program. Simultaneously, the company is leveraging its extensive fiber assets to capture a new, high-margin revenue stream from hyperscalers like Google and Amazon, creating a new growth vector on top of its stabilizing core business.
Sustained reductions in postpaid phone churn, continued positive net account growth, and announcements of additional multi-billion dollar AI infrastructure or edge computing contracts.
A return to rising churn rates, a stall in net account growth, or a failure to convert the AI infrastructure pipeline into significant revenue, suggesting the turnaround is losing momentum.
Short-term promotional battles with competitors or minor fluctuations in quarterly line-level net additions that do not impact the trend of positive account growth.
Repricing Catalyst
Evidence that the new 'AI Connect' business is scaling into a material, high-margin revenue stream, and continued execution on the core business turnaround (lower churn, positive account growth) leading to sustained EPS and free cash flow growth.
Consumer
$107.2B TTM (77% of Total)What It Is
Provides wireless (postpaid and prepaid) and wireline (Fios fiber internet, video, voice) communication services and products to individual consumers. It also offers Fixed Wireless Access (FWA) broadband and sells wireless equipment.
Who Pays & How
Individual consumers and households pay for reliable mobile connectivity and high-speed home internet. They choose Verizon for its network quality, brand trust, and increasingly for its bundled offerings that combine mobile and broadband services.
Competition
Business
$29.4B TTM (21% of Total)What It Is
Provides wireless and wireline services to businesses, public sector customers (including government and education), and other carriers. Offerings include mobility, FWA, broadband, IoT, corporate networking, and security services.
Who Pays & How
Enterprises, small and medium businesses, government entities, and other telecommunications carriers pay for reliable, secure, and high-capacity connectivity and managed network solutions to run their operations.
Competition
Verizon Communications — Investor Video Playlist
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Integrated Telecommunication Services Resources |
| Fierce Telecom |
| Telecoms.com |
| Light Reading |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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