# Verizon Communications Inc. (VZ) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/VZ/thesis · /stocks/VZ/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/VZ/fundamental

## Navigation

- Overview: /stocks/VZ
- Financials (this page): /stocks/VZ/financials
- Thesis: /stocks/VZ/thesis
- Investment Memo: /stocks/VZ/memo
- Coverage universe: /stocks