Verizon Communications (VZ)
Market Price (8/5/2026): $45.75 | Market Cap: $190.7 BilInvestor Relations Sector: Communication Services | Industry: Integrated Telecommunication Services
Verizon Communications (VZ)
Market Price (8/5/2026): $45.75Market Cap: $190.7 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 14%, Dividend Yield is 6.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9%, FCF Yield is 10% 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 15%, CFO LTM is 39 Bil, FCF LTM is 20 Bil Stock buyback supportStock Buyback 3Y Total is 3.5 Bil Low stock price volatilityVol 12M is 25% 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 -8.8%, 3Y Excs Rtn is -0.4% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 96% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 1.0%, Rev Chg QQuarterly Revenue Change % is -0.7% 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 14%, Dividend Yield is 6.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9%, FCF Yield is 10% |
| 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 15%, CFO LTM is 39 Bil, FCF LTM is 20 Bil |
| Stock buyback supportStock Buyback 3Y Total is 3.5 Bil |
| Low stock price volatilityVol 12M is 25% |
| 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 -8.8%, 3Y Excs Rtn is -0.4% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 96% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 1.0%, Rev Chg QQuarterly Revenue Change % is -0.7% |
| 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 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Operational Performance and Upgraded Full-Year Guidance.
Verizon reported robust operational results for fiscal Q2 2026 (ending June 30, 2026), with 184,000 postpaid phone net additions, marking its best consumer second-quarter performance in five years. Additionally, the company added 348,000 broadband subscribers, including 193,000 fixed wireless access and 155,000 fiber broadband net additions. These gains were accompanied by an improved consumer postpaid phone churn rate, which fell to 84 basis points in fiscal Q2 2026 from 90 basis points in fiscal Q1 2026. As a result of this strong performance, Verizon raised its full-year 2026 guidance for the second consecutive quarter, projecting mobility and broadband service revenue growth of 2.5% to 3.0%, adjusted earnings per share (EPS) growth of 6% to 7%, and free cash flow growth of 9% to 10%.
2. Strategic Investments and Proactive Debt Management.
During the period, Verizon made significant strategic investments, completing the approximately $9.8 billion acquisition of Frontier and purchasing $1.0 billion in UScellular spectrum licenses. Concurrently, the company demonstrated financial discipline by reducing its total unsecured debt by $6 billion, bringing the total to $136.5 billion by the end of fiscal Q2 2026, compared to $142.5 billion at the end of fiscal Q1 2026. These actions indicate a balance between expanding its network and service capabilities and maintaining a healthy balance sheet.
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Verizon Communications (VZ) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Operational Performance and Upgraded Full-Year Guidance.
Verizon reported robust operational results for fiscal Q2 2026 (ending June 30, 2026), with 184,000 postpaid phone net additions, marking its best consumer second-quarter performance in five years. Additionally, the company added 348,000 broadband subscribers, including 193,000 fixed wireless access and 155,000 fiber broadband net additions. These gains were accompanied by an improved consumer postpaid phone churn rate, which fell to 84 basis points in fiscal Q2 2026 from 90 basis points in fiscal Q1 2026. As a result of this strong performance, Verizon raised its full-year 2026 guidance for the second consecutive quarter, projecting mobility and broadband service revenue growth of 2.5% to 3.0%, adjusted earnings per share (EPS) growth of 6% to 7%, and free cash flow growth of 9% to 10%.
2. Strategic Investments and Proactive Debt Management.
During the period, Verizon made significant strategic investments, completing the approximately $9.8 billion acquisition of Frontier and purchasing $1.0 billion in UScellular spectrum licenses. Concurrently, the company demonstrated financial discipline by reducing its total unsecured debt by $6 billion, bringing the total to $136.5 billion by the end of fiscal Q2 2026, compared to $142.5 billion at the end of fiscal Q1 2026. These actions indicate a balance between expanding its network and service capabilities and maintaining a healthy balance sheet.
3. New Revenue Streams and Enhanced Shareholder Returns.
Verizon secured a multi-year dark fiber agreement with Google, valued at over $1 billion, to connect Google's data centers, representing a new avenue for monetizing its existing infrastructure and signaling future growth potential beyond traditional telecom services. Complementing these growth initiatives, the company expanded its full-year share buyback target to up to $4.5 billion, having already completed $3.5 billion in repurchases during the first half of 2026. This commitment to returning capital to shareholders, alongside a consistent quarterly dividend of 70.75 cents per share declared on June 4, 2026, bolstered investor confidence.
4. Ongoing Competitive Pressures and Capital-Intensive Environment.
Despite Verizon's operational improvements, the telecommunications sector remains intensely competitive, with continuous efforts by carriers to attract and retain subscribers. Verizon faces ongoing significant capital expenditures for its 5G and fiber network expansion, as well as the integration costs associated with acquisitions such as Frontier. While the sector saw a healthier trend of reduced promotional spending in fiscal Q2 2026, these inherent industry characteristics and the need for substantial investment continued to exert a balancing force on the stock's performance, preventing more significant upward movement.
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Stock Movement Drivers
Fundamental Drivers
The -0.7% change in VZ stock from 4/30/2026 to 8/4/2026 was primarily driven by a -6.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.23 | 46.88 | -0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 138,191 | 138,895 | 0.5% |
| Net Income Margin (%) | 12.4% | 11.6% | -6.3% |
| P/E Multiple | 11.6 | 12.1 | 3.9% |
| Shares Outstanding (Mil) | 4,229 | 4,168 | 1.5% |
| Cumulative Contribution | -0.7% |
Market Drivers
4/30/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| VZ | -0.7% | |
| Market (SPY) | 7.3% | -24.0% |
| Sector (XLC) | -3.8% | 16.8% |
Fundamental Drivers
The 8.7% change in VZ stock from 1/31/2026 to 8/4/2026 was primarily driven by a 31.4% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.13 | 46.88 | 8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 137,491 | 138,895 | 1.0% |
| Net Income Margin (%) | 14.4% | 11.6% | -19.3% |
| P/E Multiple | 9.2 | 12.1 | 31.4% |
| Shares Outstanding (Mil) | 4,228 | 4,168 | 1.4% |
| Cumulative Contribution | 8.7% |
Market Drivers
1/31/2026 to 8/4/2026| Return | Correlation | |
|---|---|---|
| VZ | 8.7% | |
| Market (SPY) | 11.8% | -24.3% |
| Sector (XLC) | -6.4% | 11.3% |
Fundamental Drivers
The 17.1% change in VZ stock from 7/31/2025 to 8/4/2026 was primarily driven by a 30.0% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.03 | 46.88 | 17.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 137,000 | 138,895 | 1.4% |
| Net Income Margin (%) | 13.3% | 11.6% | -12.3% |
| P/E Multiple | 9.3 | 12.1 | 30.0% |
| Shares Outstanding (Mil) | 4,224 | 4,168 | 1.3% |
| Cumulative Contribution | 17.1% |
Market Drivers
7/31/2025 to 8/4/2026| Return | Correlation | |
|---|---|---|
| VZ | 17.1% | |
| Market (SPY) | 23.1% | -16.0% |
| Sector (XLC) | 5.3% | 14.4% |
Fundamental Drivers
The 68.2% change in VZ stock from 7/31/2023 to 8/4/2026 was primarily driven by a 116.7% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8042026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.87 | 46.88 | 68.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 135,000 | 138,895 | 2.9% |
| Net Income Margin (%) | 15.6% | 11.6% | -25.3% |
| P/E Multiple | 5.6 | 12.1 | 116.7% |
| Shares Outstanding (Mil) | 4,208 | 4,168 | 1.0% |
| Cumulative Contribution | 68.2% |
Market Drivers
7/31/2023 to 8/4/2026| Return | Correlation | |
|---|---|---|
| VZ | 68.2% | |
| Market (SPY) | 74.4% | 1.7% |
| Sector (XLC) | 68.0% | 16.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VZ Return | -8% | -20% | 3% | 13% | 9% | 22% | 14% |
| Peers Return | 3% | -21% | -2% | 50% | -1% | -14% | 2% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| VZ Win Rate | 42% | 50% | 58% | 58% | 50% | 62% | |
| Peers Win Rate | 52% | 38% | 55% | 60% | 52% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| VZ Max Drawdown | -14% | -34% | -23% | -11% | -13% | -17% | |
| Peers Max Drawdown | -26% | -40% | -34% | -25% | -35% | -36% | |
| 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 8/4/2026 (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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| 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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 35.91 |
| Mkt Cap | 125.5 |
| Rev LTM | 108,547 |
| Op Inc LTM | 18,422 |
| FCF LTM | 16,945 |
| FCF 3Y Avg | 14,259 |
| CFO LTM | 30,675 |
| CFO 3Y Avg | 27,582 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.0% |
| Rev Chg 3Y Avg | 1.1% |
| Rev Chg Q | -1.0% |
| QoQ Delta Rev Chg LTM | -0.2% |
| Op Inc Chg LTM | -4.4% |
| Op Inc Chg 3Y Avg | -0.1% |
| Op Mgn LTM | 20.3% |
| Op Mgn 3Y Avg | 20.6% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 30.8% |
| CFO/Rev 3Y Avg | 28.8% |
| FCF/Rev LTM | 14.1% |
| FCF/Rev 3Y Avg | 12.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 125.5 |
| P/S | 1.0 |
| P/Op Inc | 5.5 |
| P/EBIT | 4.9 |
| P/E | 7.7 |
| P/CFO | 3.4 |
| Total Yield | 16.2% |
| Dividend Yield | 3.6% |
| FCF Yield 3Y Avg | 11.2% |
| D/E | 1.0 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 8.2% |
| 3M Rtn | -6.4% |
| 6M Rtn | -12.4% |
| 12M Rtn | -13.0% |
| 3Y Rtn | 56.7% |
| 1M Excs Rtn | 7.2% |
| 3M Excs Rtn | -15.3% |
| 6M Excs Rtn | -22.2% |
| 12M Excs Rtn | -37.1% |
| 3Y Excs Rtn | -18.8% |
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 | $46.88 | |
| Market Cap ($ Bil) | 195.4 | |
| First Trading Date | 11/21/1983 | |
| Distance from 52W High | -5.8% | |
| 50 Days | 200 Days | |
| DMA Price | $44.94 | $43.43 |
| DMA Trend | up | down |
| Distance from DMA | 4.3% | 7.9% |
| 3M | 1YR | |
| Volatility | 28.4% | 24.9% |
| Downside Capture | -26.33 | -45.28 |
| Upside Capture | -16.56 | -16.91 |
| Correlation (SPY) | -23.6% | -15.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.01 | -0.64 | -0.52 | -0.48 | -0.31 | 0.03 |
| Up Beta | -3.44 | -2.48 | -2.02 | -0.98 | -0.75 | -0.04 |
| Down Beta | 1.44 | -0.34 | -0.20 | 0.19 | 0.08 | 0.09 |
| Up Capture | 147% | -22% | -18% | -18% | -10% | 3% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 32 | 61 | 126 | 387 |
| Down Capture | -38% | -22% | -22% | -110% | -73% | -15% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 22 | 31 | 65 | 125 | 360 |
[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 | 16.9% | 24.9% | 0.58 | - |
| Sector ETF (XLC) | 6.7% | 15.0% | 0.22 | 14.5% |
| Equity (SPY) | 25.2% | 12.9% | 1.47 | -16.1% |
| Gold (GLD) | 21.1% | 28.1% | 0.67 | -21.6% |
| Commodities (DBC) | 28.3% | 19.8% | 1.14 | -10.3% |
| Real Estate (VNQ) | 15.6% | 13.8% | 0.81 | 25.5% |
| Bitcoin (BTCUSD) | -44.2% | 43.0% | -1.23 | -14.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VZ | |
|---|---|---|---|---|
| VZ | 2.7% | 22.2% | 0.07 | - |
| Sector ETF (XLC) | 7.2% | 20.9% | 0.26 | 23.9% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 15.5% |
| Gold (GLD) | 17.3% | 18.5% | 0.76 | 0.4% |
| Commodities (DBC) | 8.1% | 19.6% | 0.31 | 1.6% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 33.7% |
| Bitcoin (BTCUSD) | 10.0% | 53.0% | 0.38 | 1.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VZ | |
|---|---|---|---|---|
| VZ | 3.7% | 20.7% | 0.14 | - |
| Sector ETF (XLC) | 9.2% | 22.2% | 0.47 | 31.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 31.6% |
| Gold (GLD) | 11.6% | 16.1% | 0.58 | 2.0% |
| Commodities (DBC) | 7.0% | 18.0% | 0.31 | 7.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 39.9% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 4.8% |
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Returns Analyses
Earnings Returns History
Updated 8/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/24/2026 | 5.8% | 5.2% | |
| 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% |
| ... | |||
| 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 |
| 7/24/2026 | 5.8% | 5.2% | |
| 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% |
| 10/21/2020 | -0.9% | 0.2% | 5.4% |
| 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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/25/2026Latest: Q2 2026 Earnings Reported 7/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Mobility and broadband service revenue growth | 2.5% | 2.75% | 3.0% | 10.0% | 0.2% | Raised | Guidance: 2.5% for 2026 |
| 2026 Adjusted EPS | 4.99 | 5.01 | 5.04 | 0.9% | Raised | Guidance: 4.97 for 2026 | |
| 2026 Adjusted EPS growth | 6.0% | 6.5% | 7.0% | 1.0% | Raised | Guidance: 5.5% for 2026 | |
| 2026 Cash flow from operations growth | 2.0% | 3.0% | 4.0% | ||||
| 2026 Free cash flow growth | 9.0% | 9.5% | 10.0% | ||||
| 2026 Capital expenditures | 16.00 Bil | 16.25 Bil | 16.50 Bil | 0 | Affirmed | Guidance: 16.25 Bil for 2026 | |
Prior: Q4 2025 Earnings Reported 1/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total retail postpaid phone net additions | 0.75 Mil | 0.88 Mil | 1.00 Mil | ||||
| 2026 Total mobility and broadband service revenue growth | 2.0% | 2.5% | 3.0% | ||||
| 2026 Revenue | 93.00 Bil | ||||||
| 2026 Adjusted EPS | 4.9 | 4.92 | 4.95 | ||||
| 2026 EPS Growth | 4.0% | 4.5% | 5.0% | 2.5% | Higher New | Actual: 2.0% for 2025 | |
| 2026 Cash flow from operations | 37.50 Bil | 37.75 Bil | 38.00 Bil | -0.7% | Lower New | Actual: 38.00 Bil for 2025 | |
| 2026 Capital Expenditures | 16.00 Bil | 16.25 Bil | 16.50 Bil | -9.7% | Lower New | Actual: 18.00 Bil for 2025 | |
| 2026 Free Cash Flow | 21.50 Bil | 7.5% | Higher New | Actual: 20.00 Bil for 2025 | |||
Q4 2025 Earnings Reported 1/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total retail postpaid phone net additions | 0.75 Mil | 0.88 Mil | 1.00 Mil | ||||
| 2026 Total mobility and broadband service revenue growth | 2.0% | 2.5% | 3.0% | ||||
| 2026 Revenue | 93.00 Bil | ||||||
| 2026 Adjusted EPS | 4.9 | 4.92 | 4.95 | ||||
| 2026 EPS Growth | 4.0% | 4.5% | 5.0% | 2.5% | Higher New | Actual: 2.0% for 2025 | |
| 2026 Cash flow from operations | 37.50 Bil | 37.75 Bil | 38.00 Bil | -0.7% | Lower New | Actual: 38.00 Bil for 2025 | |
| 2026 Capital Expenditures | 16.00 Bil | 16.25 Bil | 16.50 Bil | -9.7% | Lower New | Actual: 18.00 Bil for 2025 | |
| 2026 Free Cash Flow | 21.50 Bil | 7.5% | Higher New | Actual: 20.00 Bil for 2025 | |||
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Total wireless service revenue growth | 2.0% | 2.4% | 2.8% | 0.0% | Affirmed | Guidance: 2.4% for 2025 | |
| 2025 Adjusted EBITDA growth | 2.5% | 3.0% | 3.5% | 0.0% | Affirmed | Guidance: 3.0% for 2025 | |
| 2025 Adjusted EPS growth | 1.0% | 2.0% | 3.0% | 0.0% | Affirmed | Guidance: 2.0% for 2025 | |
| 2025 Cash flow from operations | 37.00 Bil | 38.00 Bil | 39.00 Bil | 0.0% | Affirmed | Guidance: 38.00 Bil for 2025 | |
| 2025 Free cash flow | 19.50 Bil | 20.00 Bil | 20.50 Bil | 0.0% | Affirmed | Guidance: 20.00 Bil for 2025 | |
| 2025 Capital expenditures | 17.50 Bil | 18.00 Bil | 18.50 Bil | 0.0% | Affirmed | Guidance: 18.00 Bil for 2025 | |
Insider Activity
Updated 8/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hammock, Samantha | EVP & Chief HR Officer | Direct | Sell | 6022026 | 47.83 | 73,069 | 3,495,036 | 775,883 | Form |
| 2 | Stillwell, Mary-Lee | SVP and Controller | Direct | Sell | 3032026 | 50.00 | 8,569 | 428,450 | 2,189,100 | Form |
| 3 | Vestberg, Hans Erik | Direct | Sell | 2252026 | 49.61 | 200,000 | 9,922,800 | 7,197,453 | Form | |
| 4 | Vestberg, Hans Erik | trust 1 | Sell | 2252026 | 49.61 | 12,500 | 620,175 | 646,173 | Form | |
| 5 | Vestberg, Hans Erik | trust 2 | Sell | 2252026 | 49.61 | 12,500 | 620,175 | 646,123 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hammock, Samantha | EVP & Chief HR Officer | Direct | Sell | 6022026 | 47.83 | 73,069 | 3,495,036 | 775,883 | Form |
| 2 | Stillwell, Mary-Lee | SVP and Controller | Direct | Sell | 3032026 | 50.00 | 8,569 | 428,450 | 2,189,100 | Form |
| 3 | Vestberg, Hans Erik | Direct | Sell | 2252026 | 49.61 | 200,000 | 9,922,800 | 7,197,453 | Form | |
| 4 | Vestberg, Hans Erik | trust 1 | Sell | 2252026 | 49.61 | 12,500 | 620,175 | 646,173 | Form | |
| 5 | Vestberg, Hans Erik | trust 2 | Sell | 2252026 | 49.61 | 12,500 | 620,175 | 646,123 | Form | |
| 6 | 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 Aug 5, 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
A new strategy is delivering a clear operational turnaround, evidenced by the best Q2 consumer postpaid phone net additions in five years and two consecutive guidance raises. This momentum is supported by a new growth opportunity in AI infrastructure. While significant debt remains a key consideration, strong and growing free cash flow provides a clear path to deleveraging.
STOCK ARCHETYPE
Recurring Subscription(Number of Subscribers x Average Revenue Per Account/Unit) + Equipment Sales Operating leverage from adding subscribers to the existing network infrastructure, coupled with a major cost-reduction program and a strategic shift away from low-margin device subsidies.
INVESTMENT THESIS
Evidence suggests a successful strategic pivot is underway, with subscriber trends inflecting positively and a new, multi-billion dollar AI infrastructure revenue stream emerging.
- Delivered 184,000 postpaid phone net additions in Q2 2026, an improvement of 193,000 from last year.
- Raised full-year 2026 guidance for free cash flow growth to 9% to 10%.
- Forecasting mobility and broadband service revenue growth to accelerate to approximately 4% in Q4 2026.
- Signed a deal with Google valued at over $1 billion to provide fiber for AI infrastructure.
PRIMARY RISK
A net debt load of $186.7 billion creates significant financial risk. Intense competition from peers could force a return to costly promotions, stalling the turnaround and making the debt burden unmanageable.
- Net debt stands at $186.7 billion, or 3.89 times trailing-twelve-month EBITDA.
- Interest coverage is low at 3.9 times.
- Trailing revenue growth lags T-Mobile's 9.7%.
- The Business segment's revenue declined 1.6% in 2025.
| KPI | Status | Rationale |
|---|---|---|
| Postpaid Phone Net Additions | 184,000 postpaid phone net additions in Q2 2026 - Turning around | The metric shows a clear turnaround, shifting from net losses a year ago to accelerating positive net additions. Management attributes this to a new customer-centric strategy, resulting in the best Consumer Q2 postpaid phone net additions in five years. This growth is occurring alongside a 5 basis point year-over-year reduction in postpaid phone churn, indicating improved customer retention is a key driver. |
| Total Broadband Net Additions | 348,000 total broadband net additions in Q2 2026 - Stable | Broadband growth remains a consistent source of subscriber gains, composed of 193,000 fixed wireless access (FWA) net adds and 155,000 fiber net adds. Management noted that the integration of the recently acquired Frontier business is ahead of plan and that converged mobility and broadband customers have materially lower churn, reinforcing the strategic importance of this metric. |
| Wireless retail postpaid phone connections, net additions | (Q2 2026) | Signals the company's ability to attract and retain high-value mobile phone subscribers, a core driver of wireless service revenue. |
| Total broadband connections, net additions | (Q2 2026) | Measures growth in the key strategic area of broadband, combining both fiber and fixed wireless access (FWA) subscribers. It is a primary indicator of the success of the company's convergence strategy. |
| Wireless retail postpaid phone churn | 0.92% (Q2 2026) | The rate at which high-value mobile phone subscribers terminate their service. A lower churn rate indicates higher customer loyalty and retention, which is a key focus of the new management strategy and directly impacts profitability. |
Turnaround Traction vs. Competitive Gravity
BULL VIEW
The new customer-centric strategy is durably improving churn and net adds, funded by a $9 billion cost-cutting program, creating a sustainable growth inflection.
CORE TENSION
Can accelerating service revenue, guided to ~4% in Q4, and lower acquisition costs (down 15% YoY) overcome the structural competitive intensity of the U.S. wireless market?
PREVAILING SENTIMENT
Q2 results, with the best consumer postpaid phone net adds in 5 years and a second consecutive guidance raise, show the new strategy is gaining meaningful traction.
BEAR VIEW
Intense price and promotional competition from AT&T and T-Mobile will prove overwhelming, forcing a retreat from the new disciplined strategy and eroding recent gains.
| Timeline | Event & Metric To Watch |
|---|---|
full year 2026 | Updated Share Repurchase Target Watch: The company's full-year 2026 share repurchase target has been raised to up to $4.5 billion. |
Q3 | Q3 Service Revenue Growth Watch: Guidance for Q3 mobility and broadband service revenue is to approach 3% year-over-year growth. |
10/20/2026 | Growth Deceleration versus Raised Guidance Watch: Q3 mobility and broadband service revenue growth falling short of the "approaching 3%" guide; weaker than expected postpaid phone net adds. |
10/20/2026 | New Value Proposition Fails to Sustain Momentum Watch: A reversal in the positive churn trend or a slowdown in net new account growth in the Q3 report, indicating the new strategy is not durable. |
10/20/2026 - 10/29/2026 | Intensified Competitive Promotions Watch: Peer earnings calls from AT&T, T-Mobile, and cable companies signaling more aggressive device promotions or pricing, potentially forcing Verizon to increase spending or lose share. |
10/21/2026 | T-Mobile US Earnings Report Watch: Peer T-Mobile US (TMUS) is scheduled to report earnings on 10/21/2026. |
10/28/2026 | Lumen and Comcast Earnings Watch: Peers Lumen Technologies (LUMN) and Comcast (CMCSA) are scheduled to report earnings on 10/28/2026. |
Q4 | Q4 Service Revenue Growth Watch: Guidance for Q4 mobility and broadband service revenue is for approximately 4% year-over-year growth. |
by year-end | AI Growth Narrative Falters Watch: Failure to announce significant new AI infrastructure or hyperscaler deals by the end of 2026, undermining credibility of this new growth story. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-24 | Record Q2 Results and Guidance Raised Again Details: On July 24, Verizon reported record adjusted EBITDA and raised full-year guidance for mobility/broadband service revenue, free cash flow, and adjusted EPS, while increasing its buyback target to $4.5 billion. | +8.0% $43.82 -> $47.32 |
2026-06-29 | International Wireline Joint Venture Formed Details: On June 29, the company announced an agreement with BT Group to combine their international enterprise operations into a 50:50 joint venture. | -9.0% $45.76 -> $41.63 |
2026-06-23 | Replacement in Dow Jones Industrial Average Details: On June 23, it was announced that Alphabet Inc. would replace Verizon in the Dow Jones Industrial Average, effective June 29, 2026, due to Verizon's lower share price. | +0.7% $44.60 -> $44.91 |
2026-05-11 | Debt Restructuring Initiatives Announced Details: On May 11, the company announced tender offers and private exchange offers for multiple series of notes to restructure its debt. | +1.5% $46.43 -> $47.13 |
2026-04-27 | Q1 Earnings Beat and Guidance Raise Details: On April 27, the company reported strong Q1 results and raised its guidance for adjusted EPS growth to 5% to 6% and anticipated postpaid phone net adds in the upper half of its range. | +1.9% $45.60 -> $46.45 |
2026-01-30 | New CEO Announces Transformation Plan Details: On January 30, new CEO Dan Schulman outlined a transformation plan focusing on subscriber growth, cost savings, and shareholder returns, including a new $25 billion share repurchase program. | +12.1% $38.56 -> $43.21 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: VZ trades at roughly 24% annualized options-implied volatility versus about 14% for the S&P 500 (1.7x the market), around the 82nd percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
T - AT&T Inc.
Converged Fiber PlayAT&T offers a similar large-scale fiber and wireless strategy, with management reporting 42.5% of its advanced internet customers also take a postpaid wireless account.
TMUS - T-Mobile US, Inc.
Wireless Growth LeaderT-Mobile provides exposure to the wireless market with a stronger growth profile, reporting 9.7% trailing revenue growth, and superior gross margins at 62.2%.
Verizon is an execution-driven turnaround story, shifting from a mature telecom reliant on price hikes to a customer-centric growth company focused on healthier subscriber economics and new revenue from AI infrastructure.
Under a new CEO, Verizon is undergoing a strategic transformation to reignite growth. The company is moving away from 'empty price increases' and heavy device subsidies, focusing instead on improving the customer experience to reduce churn and lower acquisition costs. Early results show accelerating subscriber growth and improving profitability, leading to raised guidance. A new, significant growth opportunity is emerging by leveraging its extensive fiber network to serve the booming demand for AI data center connectivity.
Sustained postpaid phone net additions, continued reduction in customer churn, and announcements of further multi-billion dollar fiber deals for AI infrastructure.
A return to elevated churn, a stall in subscriber growth despite the new strategy, or evidence that the company is re-engaging in aggressive, margin-eroding promotions to compete.
Short-term stock price fluctuations or news about being replaced in the Dow Jones Industrial Average, which management commentary suggests is not reflective of the business's fundamental acceleration.
Repricing Catalyst
Strong Q2 2026 results, a second consecutive guidance raise, and the articulation of a new, multi-billion dollar revenue opportunity in AI infrastructure, signaling a fundamental positive shift in the company's growth trajectory.
Consumer
$107.6B TTM (77% of Total)What It Is
Provides wireless (postpaid and prepaid) and wireline communications services and products to consumers. Offerings include mobile phone plans, fixed wireless access (FWA) broadband, fiber-optic (Fios) internet, video, and voice services, as well as wireless equipment like smartphones and tablets.
Who Pays & How
Consumers pay for mobile connectivity and home broadband services. They choose Verizon for its extensive and reliable network, with a new strategic focus on providing value through simplified plans, loyalty rewards, and a better customer experience rather than just promotional device subsidies.
Competition
Business
$29.2B TTM (21% of Total)What It Is
Provides wireless and wireline communications services and products to businesses, public sector customers (including federal, state, and local governments), and other carriers. Offerings include mobility, FWA, wireline broadband, IoT connectivity, corporate networking, and security services.
Who Pays & How
Businesses and government entities pay for reliable connectivity and advanced communication solutions to optimize their operations. Other carriers pay for wholesale access to Verizon's network facilities to provide services to their own customers.
Competition
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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