Verizon Communications Inc.
VZFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$34.4B
Q1 2026 · +4% YoY
TTM ROIC
7%
FY2025 · NOPAT / Invested Capital (Net PP&E + Spectrum licenses + Goodwill + Net working capital); adj. NOPAT at 25% tax rate · WACC ~5% · Moat spread +2pp
Financial Snapshot
ticker: VZ step: 04 generated: 2026-05-12 source: quick-research
Verizon Communications Inc. (VZ) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $133.9B | $134.8B | $138.2B | +2.5% |
| Wireless Service Revenue | grew | $80B+ | $84B (+2.0-2.8%) | accelerating |
| Adj. EBITDA | $47.7B | $49.0B | $50.5B | +3% |
| Adj. EPS | $4.71 | $4.59 | $4.65 | +1% |
| Free Cash Flow | $18.7B | $19.8B | $19.0B | -4% |
Q4 2025 Highlights
| Metric | Q4 2025 | YoY |
|---|---|---|
| Postpaid Phone Net Adds | 616K | +22% (best since 2019) |
| Wireless Service Revenue | $21B (industry leading) | +2.1% |
| 19th Consecutive Dividend Increase |
Mobility Performance
| Metric | FY2024 | FY2025 |
|---|---|---|
| Q4 Postpaid Phone Net Adds | 568K | 616K |
| Postpaid Phone Churn | 0.88% | 0.95% (rising — concern) |
| ARPU (postpaid phone) | growing | growing |
Broadband / Fiber (post-Frontier)
| Metric | Value |
|---|---|
| Fios broadband subs | ~7M |
| Frontier broadband subs | ~3M (acquired Jan 2026) |
| Total fiber passings | ~30M homes |
| 5G Home (FWA) subs | ~4-5M |
| Total broadband subs | ~14M+ post-Frontier |
Frontier Acquisition (closed January 20, 2026)
| Metric | Value |
|---|---|
| Deal Value | $20B |
| Fiber footprint added | 31 states |
| Synergy target by 2028 | $1B run-rate |
| LTM net debt post-close | $165.8B |
| Net Debt/EBITDA | ~2.9-3.0x |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$37B |
| CapEx | ~$18B |
| Free Cash Flow | ~$19B |
| Total Debt (pre-Frontier) | ~$145B |
| Total Debt (post-Frontier) | ~$165B |
| Net Debt/EBITDA | ~2.9-3.0x |
| Annual interest expense | ~$7.5B |
Key Ratios (approximate, May 2026)
- P/E (forward): ~9x | EV/EBITDA: ~7x | Dividend Yield: ~6.2%
- FCF Yield: ~10%
- Net Debt/EBITDA: ~3.0x
Forward Estimates
- FY2026E Revenue: ~$148B (+7% with Frontier consolidation)
- FY2026E Adj EPS: ~$4.70 (slight dilution from Frontier interest cost)
- FY2026E FCF: $19-20B
- FY2027E EPS: ~$5.00 (synergies + reduced rate cost)
- Synergies by 2028: $1B run-rate
Capital Return
- Dividend $2.71 annual = ~$11B paid annually
- 19+ consecutive years of dividend growth (5G + fiber operator with highest dividend yield)
- $25B share buyback authorized (proxy disclosed)
- Total capital return ~$14-15B annually
- Combined yield ~8-9%
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $VZ.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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