Verizon Communications (VZ)
Market Price (7/23/2026): $44.275 | Market Cap: $186.2 BilInvestor Relations Sector: Communication Services | Industry: Integrated Telecommunication Services
Verizon Communications (VZ)
Market Price (7/23/2026): $44.275Market Cap: $186.2 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 16%, Dividend Yield is 6.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 37 Bil, FCF LTM is 20 Bil Stock buyback supportStock Buyback 3Y Total is 2.5 Bil Low stock price volatilityVol 12M is 24% 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 -14% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years 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 16%, Dividend Yield is 6.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 37 Bil, FCF LTM is 20 Bil |
| Stock buyback supportStock Buyback 3Y Total is 2.5 Bil |
| Low stock price volatilityVol 12M is 24% |
| 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 -14% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 101% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years 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 lost about 10% since 3/31/2026 because of the following key factors:
1. Fiscal Q1 2026 Revenue Miss Amidst Intensifying Competition.
Verizon reported revenue of $34.44 billion for fiscal Q1 2026 (ended March 31, 2026), which fell below analysts' consensus estimates of up to $35.03 billion. This revenue shortfall, coupled with aggressive fiber expansion by competitors such as AT&T and Charter, highlighted an increasingly competitive landscape within the telecommunications sector.
2. Aggressive Cost-Cutting and Workforce Reductions Create Near-Term Uncertainty.
Verizon has been implementing a strategic plan to reduce $5 billion in operating expenses by 2026 under CEO Daniel Schulman. This initiative has included substantial workforce reductions, such as 13,000 layoffs in November 2025, several hundred in May 2026, and an additional 500 corporate employees in July 2026, alongside the planned sale of 274 retail stores effective August 16, 2026. While intended to boost efficiency, these extensive restructuring efforts may signal underlying business pressures and introduce operational uncertainties for investors.
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Verizon Communications (VZ) stock has lost about 10% since 3/31/2026 because of the following key factors:
1. Fiscal Q1 2026 Revenue Miss Amidst Intensifying Competition.
Verizon reported revenue of $34.44 billion for fiscal Q1 2026 (ended March 31, 2026), which fell below analysts' consensus estimates of up to $35.03 billion. This revenue shortfall, coupled with aggressive fiber expansion by competitors such as AT&T and Charter, highlighted an increasingly competitive landscape within the telecommunications sector.
2. Aggressive Cost-Cutting and Workforce Reductions Create Near-Term Uncertainty.
Verizon has been implementing a strategic plan to reduce $5 billion in operating expenses by 2026 under CEO Daniel Schulman. This initiative has included substantial workforce reductions, such as 13,000 layoffs in November 2025, several hundred in May 2026, and an additional 500 corporate employees in July 2026, alongside the planned sale of 274 retail stores effective August 16, 2026. While intended to boost efficiency, these extensive restructuring efforts may signal underlying business pressures and introduce operational uncertainties for investors.
3. Growing Analyst Concerns Over Emerging Competition from SpaceX Starlink.
Several analysts have lowered their price targets for Verizon, citing concerns about new market entrants. Scotiabank, for example, reduced its price target to $51.50 from $54.50 in July 2026, attributing the change to "investor trepidation to increased satellite competition," particularly from SpaceX's Starlink. Similarly, Bernstein lowered its price target to $44 from $49, emphasizing that Starlink introduces another competitor into an already mature and highly penetrated broadband market, suggesting that future subscriber gains will likely come at the expense of established providers.
4. Debt and Integration Challenges from Frontier Communications Acquisition.
Verizon's total consolidated debt increased to $172.5 billion in fiscal Q1 2026, partly influenced by its approximately $20 billion acquisition of Frontier Communications. Despite the strategic intent of expanding fiber reach, the substantial debt burden and the ongoing integration processes, including plans to repay most of the Frontier debt by the end of 2026, introduce execution risks and financial considerations that can weigh on investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The -8.9% change in VZ stock from 3/31/2026 to 7/22/2026 was primarily driven by a -10.3% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.63 | 44.29 | -8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 138,191 | 139,146 | 0.7% |
| Net Income Margin (%) | 12.4% | 12.5% | 0.3% |
| P/E Multiple | 12.0 | 10.7 | -10.3% |
| Shares Outstanding (Mil) | 4,229 | 4,205 | 0.6% |
| Cumulative Contribution | -8.9% |
Market Drivers
3/31/2026 to 7/22/2026| Return | Correlation | |
|---|---|---|
| VZ | -8.9% | |
| Market (SPY) | 14.9% | -30.8% |
| Sector (XLC) | -1.5% | 2.2% |
Fundamental Drivers
The 14.2% change in VZ stock from 12/31/2025 to 7/22/2026 was primarily driven by a 29.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.78 | 44.29 | 14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 137,491 | 139,146 | 1.2% |
| Net Income Margin (%) | 14.4% | 12.5% | -13.6% |
| P/E Multiple | 8.3 | 10.7 | 29.9% |
| Shares Outstanding (Mil) | 4,228 | 4,205 | 0.5% |
| Cumulative Contribution | 14.2% |
Market Drivers
12/31/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| VZ | 14.2% | |
| Market (SPY) | 9.9% | -25.5% |
| Sector (XLC) | -6.9% | 3.1% |
Fundamental Drivers
The 11.1% change in VZ stock from 6/30/2025 to 7/22/2026 was primarily driven by a 13.5% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.86 | 44.29 | 11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 135,292 | 139,146 | 2.8% |
| Net Income Margin (%) | 13.1% | 12.5% | -5.2% |
| P/E Multiple | 9.5 | 10.7 | 13.5% |
| Shares Outstanding (Mil) | 4,222 | 4,205 | 0.4% |
| Cumulative Contribution | 11.1% |
Market Drivers
6/30/2025 to 7/22/2026| Return | Correlation | |
|---|---|---|
| VZ | 11.1% | |
| Market (SPY) | 22.0% | -17.1% |
| Sector (XLC) | 1.6% | 10.3% |
Fundamental Drivers
The 48.2% change in VZ stock from 6/30/2023 to 7/22/2026 was primarily driven by a 84.4% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7222026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.88 | 44.29 | 48.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 136,193 | 139,146 | 2.2% |
| Net Income Margin (%) | 15.8% | 12.5% | -21.4% |
| P/E Multiple | 5.8 | 10.7 | 84.4% |
| Shares Outstanding (Mil) | 4,207 | 4,205 | 0.0% |
| Cumulative Contribution | 48.2% |
Market Drivers
6/30/2023 to 7/22/2026| Return | Correlation | |
|---|---|---|
| VZ | 48.2% | |
| Market (SPY) | 74.6% | 1.9% |
| Sector (XLC) | 73.1% | 14.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VZ Return | -8% | -20% | 3% | 13% | 9% | 13% | 6% |
| Peers Return | 3% | -21% | -2% | 50% | -1% | -15% | 0% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| VZ Win Rate | 42% | 50% | 58% | 58% | 50% | 57% | |
| Peers Win Rate | 52% | 38% | 55% | 60% | 52% | 34% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| VZ Max Drawdown | -14% | -34% | -23% | -11% | -13% | -17% | |
| Peers Max Drawdown | -26% | -40% | -34% | -25% | -35% | -35% | |
| 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 7/22/2026 (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 | 33.91 |
| Mkt Cap | 124.1 |
| Rev LTM | 107,904 |
| Op Inc LTM | 18,700 |
| FCF LTM | 16,696 |
| FCF 3Y Avg | 13,599 |
| CFO LTM | 30,282 |
| CFO 3Y Avg | 26,909 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.0% |
| Rev Chg 3Y Avg | 1.0% |
| Rev Chg Q | 3.2% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | -2.7% |
| Op Inc Chg 3Y Avg | 0.7% |
| Op Mgn LTM | 20.0% |
| Op Mgn 3Y Avg | 20.3% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 30.4% |
| CFO/Rev 3Y Avg | 28.2% |
| FCF/Rev LTM | 14.2% |
| FCF/Rev 3Y Avg | 12.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 124.1 |
| P/S | 1.0 |
| P/Op Inc | 5.4 |
| P/EBIT | 3.9 |
| P/E | 6.0 |
| P/CFO | 3.3 |
| Total Yield | 17.0% |
| Dividend Yield | 3.5% |
| FCF Yield 3Y Avg | 11.2% |
| D/E | 1.1 |
| Net D/E | 1.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.3% |
| 3M Rtn | -14.5% |
| 6M Rtn | -8.1% |
| 12M Rtn | -14.3% |
| 3Y Rtn | 50.8% |
| 1M Excs Rtn | 3.9% |
| 3M Excs Rtn | -20.0% |
| 6M Excs Rtn | -17.2% |
| 12M Excs Rtn | -33.1% |
| 3Y Excs Rtn | -7.4% |
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 | ||
| Severance charges | -1,715 | -1,733 | -533 | -304 | -209 |
| Legacy legal matter | -106 | 0 | 0 | ||
| Business transformation costs | -176 | 0 | |||
| Legal settlement | -100 | ||||
| Non-strategic business shutdown | -179 | 0 | |||
| Verizon Business Group goodwill impairment | -5,841 | 0 | |||
| Asset rationalization | 0 | ||||
| Loss on spectrum licenses | 0 | -223 | |||
| Net gain from disposition of business | 0 | 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 | $44.29 | |
| Market Cap ($ Bil) | 186.2 | |
| First Trading Date | 11/21/1983 | |
| Distance from 52W High | -11.0% | |
| 50 Days | 200 Days | |
| DMA Price | $44.92 | $43.07 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -1.4% | 2.8% |
| 3M | 1YR | |
| Volatility | 26.0% | 23.9% |
| Downside Capture | -50.00 | -49.47 |
| Upside Capture | -47.65 | -27.30 |
| Correlation (SPY) | -31.7% | -17.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.99 | -0.69 | -0.50 | -0.51 | -0.31 | 0.03 |
| Up Beta | -1.62 | -1.34 | -0.67 | -0.57 | -0.63 | -0.00 |
| Down Beta | -1.24 | -0.74 | -0.83 | -0.06 | -0.04 | 0.06 |
| Up Capture | -141% | -74% | -41% | -34% | -13% | 2% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 20 | 27 | 62 | 122 | 385 |
| Down Capture | -9% | -12% | -1% | -113% | -60% | -4% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 21 | 36 | 63 | 128 | 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 | 11.4% | 23.8% | 0.39 | - |
| Sector ETF (XLC) | 2.5% | 13.9% | -0.06 | 8.5% |
| Equity (SPY) | 20.0% | 12.6% | 1.16 | -18.1% |
| Gold (GLD) | 21.2% | 28.1% | 0.67 | -21.1% |
| Commodities (DBC) | 33.0% | 19.1% | 1.36 | -6.9% |
| Real Estate (VNQ) | 13.9% | 14.0% | 0.70 | 23.2% |
| Bitcoin (BTCUSD) | -43.6% | 42.9% | -1.21 | -13.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VZ | |
|---|---|---|---|---|
| VZ | 1.5% | 22.0% | 0.01 | - |
| Sector ETF (XLC) | 7.0% | 20.8% | 0.25 | 23.1% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 15.7% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 0.8% |
| Commodities (DBC) | 9.3% | 19.5% | 0.37 | 2.8% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 33.3% |
| Bitcoin (BTCUSD) | 15.2% | 53.5% | 0.46 | 1.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VZ | |
|---|---|---|---|---|
| VZ | 3.2% | 20.5% | 0.12 | - |
| Sector ETF (XLC) | 9.0% | 22.1% | 0.46 | 31.3% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 31.8% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 2.2% |
| Commodities (DBC) | 7.1% | 17.9% | 0.31 | 8.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 39.8% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 4.9% |
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Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 12 |
| # Negative | 10 | 9 | 12 |
| Median Positive | 1.9% | 2.6% | 5.0% |
| 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 |
| 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% |
| 7/24/2020 | 1.8% | 2.6% | 5.6% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 12 |
| # Negative | 10 | 9 | 12 |
| Median Positive | 1.9% | 2.6% | 5.0% |
| 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 |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 06/30/2019 | 08/08/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 4/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EPS | 4.95 | 4.97 | 4.99 | 0.9% | Raised | Guidance: 4.92 for 2026 | |
| 2026 Adjusted EPS Growth | 5.0% | 5.5% | 6.0% | 1.0% | Raised | Guidance: 4.5% for 2026 | |
| 2026 Total mobility and broadband service revenue | 93.00 Bil | 0.0% | Affirmed | Guidance: 93.00 Bil for 2026 | |||
| 2026 Total mobility and broadband service revenue growth | 2.0% | 2.5% | 3.0% | 0.0% | Affirmed | Guidance: 2.5% for 2026 | |
| 2026 Cash flow from operations | 37.50 Bil | 37.75 Bil | 38.00 Bil | 0.0% | Affirmed | Guidance: 37.75 Bil for 2026 | |
| 2026 Capital Expenditures | 16.00 Bil | 16.25 Bil | 16.50 Bil | 0.0% | Affirmed | Guidance: 16.25 Bil for 2026 | |
| 2026 Free Cash Flow | 21.50 Bil | 0.0% | Affirmed | Guidance: 21.50 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 | |||
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 7/17/2026| # | 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 Jul 23, 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 early, tangible signs of a successful strategic pivot. The company delivered positive postpaid phone net adds of 55,000 in Q1 2026, a first for that quarter in 13 years, and subsequently raised full-year profit guidance. While the turnaround is not yet proven, management is executing on its plan.
STOCK ARCHETYPE
Subscription-based Utility(Number of Subscribers) x (Average Revenue Per Account/ARPA) Margin expansion driven by a $5 billion cost-cutting program and a mix shift towards the higher-margin Consumer segment.
INVESTMENT THESIS
Early evidence suggests a pivot to sustainable subscriber growth is taking hold, with key metrics inflecting positively.
- Postpaid phone net adds were positive 55,000 in Q1 2026, a first for Q1 in 13 years.
- Management raised 2026 adjusted EPS growth guidance to a range of 5% to 6%.
- Consumer postpaid phone churn improved sequentially and fell below 0.85% in March 2026.
- A new $25 billion share repurchase program was authorized in January 2026.
- The company has line of sight to $5 billion in operating expense savings in 2026.
PRIMARY RISK
In a saturated market, aggressive promotions from peers could force a return to a high-cost acquisition model, eroding margins and stalling the turnaround before it gains momentum.
- The telecommunications industry is described as 'highly competitive' with 'aggressive pricing'.
- Trailing-twelve-month gross margin declined 1.1 percentage points year-over-year.
- Total debt stands at $195.9 billion, limiting financial flexibility in a price war.
- The Business segment's revenue declined 1.6% in 2025, showing persistent weakness.
- A peer CEO stated Verizon lost 127,000 postpaid net accounts in a recent period.
| KPI | Status | Rationale |
|---|---|---|
| Postpaid Phone Net Additions | 55,000 net additions for Q1 2026 - Turning around | The year-over-year performance marks a major turnaround, turning a substantial loss into a gain. Management highlighted this as the first time in 13 years Verizon has reported positive postpaid phone net adds in the seasonally weak first quarter, suggesting a strategic inflection point despite the sequential slowdown. |
| Postpaid Phone Churn | 0.97% for Q1 2026 - Turning around | While slightly worse year-over-year, the metric showed sequential improvement. Management also highlighted positive intra-quarter momentum, with consumer postpaid phone churn improving to below 85 basis points in March, signaling that recent strategic shifts are beginning to improve retention. |
| Total broadband net additions | (Q1 2026) | Measures growth in home and business internet connections (fiber and FWA). It is a key indicator of the company's success in the convergence strategy and capturing share from cable. |
Turnaround Traction vs. Competitive Gravity
BULL VIEW
Bulls believe the new strategy is working, citing the first positive Q1 net adds in 13 years and raised profit guidance as proof of a sustainable shift to higher-quality growth.
CORE TENSION
Can the momentum from 55,000 positive Q1 net adds overcome the structural headwind of a 'highly competitive' market where T-Mobile US grew revenue 9.5%?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management's decision to raise full-year guidance for both net adds and EPS suggests the positive Q1 trend has continued.
BEAR VIEW
Bears argue that one quarter of positive data is insufficient in a fiercely competitive market, and the company's high debt load leaves it vulnerable if a price war resumes.
| Timeline | Event & Metric To Watch |
|---|---|
July 24, 2026 | Second Quarter Earnings Report Watch: Verizon will report second-quarter 2026 earnings. |
September 1, 2026 | New JV CEO Starts Watch: The CEO-designate of the new BT Group joint venture, Martijn Blanken, will join BT. |
10/20/2026 | Turnaround Execution Failure Watch: Q3 results to see if positive postpaid phone net adds, lower churn, and reduced acquisition costs are sustainable. |
10/20/2026 - 10/29/2026 | Intensified Competitive Pressure Watch: Peer Q3 earnings reports for market share commentary, particularly from T-Mobile and AT&T, and any new aggressive promotional campaigns. |
10/20/2026 | Margin Erosion From Promotions Watch: Gross and operating margin trends in the Q3 report, and any management commentary suggesting a return to heavier promotional spending to meet subscriber targets. |
10/20/2026 | Third Quarter Earnings Report Watch: Verizon is scheduled to report its next earnings. |
10/21/2026 | Peer T-Mobile Earnings Watch: Peer T-Mobile US (TMUS) is scheduled to report earnings. |
10/28/2026 | Peer Comcast Earnings Watch: Peer Comcast (CMCSA) is scheduled to report earnings. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-21 | Executed Accelerated Share Repurchase Details: In February 2026, the company entered into ASR agreements for an upfront payment of $2.5 billion, which completed in March 2026, repurchasing a total of 50,758,023 shares. | +1.8% $43.50 -> $44.29 |
2026-06-29 | Formed International JV With BT Details: Verizon and BT Group agreed to form a 50:50 joint venture combining their international enterprise operations, representing approximately $4 billion in combined annual revenue. | -9.0% $45.76 -> $41.63 |
2026-06-29 | Removed From Dow Jones Average Details: Verizon was replaced by Alphabet Inc. in the Dow Jones Industrial Average, effective prior to trading on Monday, June 29, 2026. | -9.0% $45.76 -> $41.63 |
2026-04-27 | Raised Full-Year Profit Guidance Details: Following strong Q1 results, including positive postpaid phone net adds for the first time in a Q1 in 13 years, the company raised its 2026 Adjusted EPS growth guidance. | +1.9% $45.60 -> $46.45 |
2026-01-30 | Announced Major Capital Return Program Details: The Board authorized a new share repurchase program for up to $25 billion of common stock, expected to be completed over the next three years. | +12.1% $38.56 -> $43.21 |
2026-01-30 | Reported Strong Q4 2025 Results Details: The company reported 616,000 postpaid phone net adds and issued strong 2026 guidance, including adjusted EPS growth of 4% to 5%. | +12.1% $38.56 -> $43.21 |
2026-01-20 | Completed Frontier and Starry Acquisitions Details: Verizon completed the acquisition of Frontier on January 20, 2026, and Starry on January 30, 2026, expanding its fiber and fixed wireless broadband footprint. | +0.8% $37.69 -> $38.01 |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: VZ trades at roughly 25% annualized options-implied volatility versus about 15% for the S&P 500 (1.7x the market), around the 90th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
T - AT&T Inc.
Similar StrategyAT&T offers a similar investment case focused on 5G and fiber convergence. The company is also executing an investment-led strategy to grow its customer base.
TMUS - T-Mobile US, Inc.
Pure-Play GrowthT-Mobile US provides exposure to the fastest-growing player in the wireless market, with trailing-twelve-month revenue growth of 9.5% and higher gross margins of 62.2%.
A mature telecom incumbent attempting a turnaround by shifting from a network-led, price-hike-driven model to a customer-centric, value-based strategy focused on profitable growth and convergence.
Under a new CEO, Verizon is executing a transformation to reverse market share losses. The strategy involves improving the customer experience to reduce churn, competing for subscribers in a 'fiscally responsible manner,' and funding these investments through a $5 billion cost-cutting program. The goal is to create a more sustainable model of volume-based growth in both mobility and broadband, rather than relying on unpopular price increases.
Sustained positive postpaid phone net adds, continued decline in churn rates below 0.90%, and achieving revenue growth targets without resorting to broad price hikes.
A return to postpaid phone net losses, churn ticking back up, or margin erosion due to a renewed promotional war with competitors.
Launches of niche products like the Gizmo Watch or minor changes to international JVs that have immaterial revenue impact.
Repricing Catalyst
Evidence that the new CEO's transformation plan is working, demonstrated by achieving or exceeding raised guidance for postpaid phone net adds and EPS growth, which would validate the turnaround narrative.
Consumer
$106.8B TTM (77% of Total) · 28% MarginWhat It Is
Provides consumer-focused wireless and wireline communications services and products, including wireless plans, devices (smartphones, tablets), and residential fixed connectivity solutions like Fios internet, video, voice, and FWA broadband.
Who Pays & How
Individual consumers and households pay for reliable mobile and home internet connectivity. Customers choose Verizon for its extensive wireless network, fiber-optic network, and bundled service offerings.
Competition
Business
$29.1B TTM (21% of Total) · 9% MarginWhat It Is
Provides wireless and wireline services to businesses, public sector customers (including federal, state, and local governments), and other wireless/wireline carriers. Offerings include mobility, FWA, IoT, corporate networking, and security services.
Who Pays & How
Businesses, government entities, and other carriers pay for connectivity and advanced communication solutions to optimize operations, mitigate risks, and serve their own customers.
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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