FOR IMMEDIATE RELEASE Media contacts:
FOR IMMEDIATE RELEASE Media contacts: October 26, 2026 Katie Magnotta ───────────────────────────────────────────────────── 201-602-9235 katie.magnotta@verizon.com Jamie Serino 201-401-5460 jamie.serino@verizon.com
Verizon Delivers Another Record-Breaking Quarter with 3Q 2026 Results Driven by Strong Postpaid Phone and Account Additions
Verizon and Amazon Web Services (AWS) Expand Strategic Partnership with Landmark $2B+ AI Infrastructure Deal 3Q26 Key Highlights:
• Delivered 406,000 postpaid phone net additions, a more than 820.0 percent increase year-over-year, representing the strongest third-quarter performance in five years.
• Added 137,000 postpaid net accounts, marking the company's best performance in over a decade.
• Acquired nearly 1.7 million mobility and broadband subscribers in the first nine months of 2026, compared to 879,000 in the first nine months of 2025.
• Mobility and broadband service revenue of $23.5 billion grew 2.9 percent year- over-year, up sequentially and forecast to grow approximately 4.0 percent in fourth-quarter 2026.
• Cash flow from operating activities was $11.5 billion for the quarter, representing an increase of 2.2 percent year-over-year. This supported free cash flow¹ of $7.8 billion, up 12.1 percent year-over-year.
• Sharp focus on operational efficiency resulted in strong consolidated net income performance of $5.3 billion, up 5.2 percent year-over-year. This drove consolidated Adjusted EBITDA 1 of $13.8 billion, up 8.0 percent year-over-year, which represents the highest quarterly result the company has ever reported.
• Earnings per share (EPS) was $1.25, up 6.8 percent year-over-year, driving Adjusted EPS¹ of $1.31, up 8.3 percent year-over-year.
• Raised full-year 2026 guidance for key metrics for the third consecutive quarter, including for postpaid phone net additions, Adjusted EPS¹, and free cash flow¹. Page 1
• Signed an agreement valued at $2.0+ billion with AWS that establishes a commercial framework to scale distributed compute and meet the real-time demands of agentic and generative AI workloads.
— Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced third-quarter 2026 results that set new company benchmarks. This performance highlights the momentum behind its multi-year transformation. Verizon delivered its strongest third-quarter postpaid phone net adds in five years, and its best quarterly net account growth in over a decade, alongside lower year-over-year churn. With these strong results and the underlying performance of the business, Verizon raised its full-year guidance for the third consecutive quarter.
"Verizon delivered another record-breaking quarter. One year into our transformation, Verizon is fundamentally stronger — operationally, financially, and competitively," said Dan Schulman, Verizon CEO. "By prioritizing customer- first offerings like Simplicity and our expanded loyalty program over heavy subsidies, we are winning loyal, high-value customers while expanding margins, reducing churn, and generating strong sustained cash flow. At the same time, technology leaders are choosing our fiber network to power the next generation of AI infrastructure. We are continuing to raise the bar and we are only one year into a multi-year growth story."
• Mobility and broadband service revenue reached approximately $23.5 billion, representing a 2.9 percent increase year-over-year, continuing a sequential improvement from 2.8 percent in second-quarter 2026 and 1.6 percent in first- quarter 2026.
• Reported total postpaid phone net additions of 406,000 in third-quarter 2026, a more than 820.0 percent increase year-over-year, marking the strongest third- quarter performance in five years.
• Delivered 137,000 postpaid net account additions, marking the best performance in over a decade.
• Overall postpaid phone churn improved 4 bps year-over-year to 0.94 percent, with Consumer postpaid phone churn also improving 4 bps to 0.87 percent. Promotional cost of acquisition decreased 41 percent year-over-year, and promotional cost of retention improved by 30 percent year-over-year. Page 2
• Delivered 314,000 broadband net additions in third-quarter 2026. This includes total fixed wireless access net additions of 159,000 and 155,000 fiber broadband net additions.
• Verizon now maintains 17.4 million total broadband connections, with more than half of new fiber customers choosing 1-gigabit-plus download speeds.
• The company continues to anticipate total fiber passings to exceed 32 million by year-end, remaining on track toward a target of 40 to 50 million fiber passings over the medium term.
• Total operating revenue was $34.3 billion, up 1.5 percent year-over-year. Mobility and broadband service revenue growth of 2.9 percent was offset by a 9.0 percent year-over-year decline in equipment revenue. This decline resulted primarily from significantly lower upgrade volumes, as the average time customers keep their mobile devices continues to increase, and the company’s strategic decision to reduce spending on device subsidies. It is another demonstration of Verizon’s more disciplined approach as the company structurally evolves its business model.
In third-quarter 2026, Verizon had strong consolidated net income of $5.3 billion, a 5.2 percent increase year-over-year, and strong consolidated net income margin of 15.5 percent compared to 14.9 percent in third-quarter 2025.
• Consolidated Adjusted EBITDA 1 grew 8.0 percent year-over-year to $13.8 billion, the highest the company ever reported.
• Consolidated Adjusted EBITDA margin 1 grew from 37.8 to 40.2 percent year- over-year, the highest the company ever reported.
• EPS was $1.25 in third-quarter 2026, a 6.8 percent increase compared to $1.17 in third-quarter 2025; Adjusted EPS 1 , excluding special items, was $1.31 in third-quarter 2026, an 8.3 percent increase compared to $1.21 in third-quarter 2025.
In third-quarter 2026, cash flow from operations was $11.5 billion, up 2.2 percent year-over-year. Free cash flow 1 was $7.8 billion in third-quarter 2026, up 12.1 percent year-over-year.
• Cash flow from operations was $29.9 billion for the first nine months of the year, compared to $28.0 billion for the same period in 2025, representing a growth rate of nearly 7.0 percent. Free cash flow 1 for the first nine months of the year was $18.0 billion, up 14.3 percent year-over-year.
• Capital expenditures were $11.9 billion for the first nine months of the year, reflecting sustained, disciplined investment to maintain network excellence and capture high-return expansion across mobility and broadband.
• Verizon's total unsecured debt as of the end of third-quarter 2026 was $136.1 billion, compared to $136.5 billion at the end of second-quarter 2026. The company's net unsecured debt 1 at the end of third-quarter 2026 was $123.7 billion compared to $128.7 billion at the end of second-quarter 2026. At the end of third-quarter 2026, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 8.1 times and its net unsecured debt to consolidated Adjusted EBITDA ratio 1 was 2.3 times.
• In the first nine months of the year, Verizon returned $12.8 billion of capital to shareholders, up 49.0 percent year-over-year. This includes dividend payments of $8.8 billion and share repurchases of $4.0 billion. The company continues to expect to repurchase up to $4.5 billion for the full year. Page 3
Verizon does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.
Given the strong third-quarter 2026 performance and continued operational momentum, Verizon is raising its full-year 2026 guidance as follows:
Postpaid phone net additions: 1.1 million to 1.2 million, up from upper half of 750,000 to 1.0 million, representing an increase of more than three times compared to 2025.
• Adjusted EPS¹: $5.04 to $5.06, or 7.0 to 7.5 percent growth year-over-year, up from 6.0 to 7.0 percent.
• Cash flow from operations: 3.5 to 5.0 percent growth year-over-year, up from 2.0 to 4.0 percent.
Free cash flow¹: expected to approach 12.0 percent growth year-over-year, up from 9.0 to 10.0 percent.
• Mobility and broadband service revenue: upper half of annual guidance of 2.5 to 3.0 percent growth, with approximately 4.0 percent growth in fourth-quarter 2026.
• Capital expenditures: $16.0 billion to $16.5 billion, inclusive of success- based investments for AI Connect.
1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores. ### VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/about/news. For images and logos, visit verizon.com/about/news/media-resources. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets,” "will" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which Page 4
we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives, network performance and quality, and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; our ability to implement business transformation initiatives and achieve their anticipated benefits; system failures and disruptions to our networks and operations and any resulting financial, reputational or business impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; significant amount of outstanding debt; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to obtain cost savings and other synergies and anticipated benefits of completed transactions within the expected time period or at all. Page 5
Footnotes: (1) Where applicable, Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution.
(2) Consolidated Adjusted EBITDA excludes the effects of non-operational items and special items.
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber- based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Non-GAAP financial measure. During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Consumer revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit. The segment financial results above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber- based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Non-GAAP financial measure. During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Business revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit.
In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation.
The segment financial results above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance. Certain intersegment transactions with corporate entities have not been eliminated.
(2) Total broadband excludes solutions provided over a traditional copper-based network.
(4) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(5) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand.
Where applicable, the operating results reflect certain adjustments, including those related to migration activity among different types of devices and plans, customer profile changes, product-related changes and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation.
Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM) (dollars in millions) 12 Mos. Ended 12 Mos. Ended Unaudited 9/30/26 12/31/25 ────────────────────────────────────────────────────────────────────────────── Consolidated $ 16,863 $ 17,608 Net Income Add: Provision for 5,075 5,064 income taxes Interest 7,634 6,694 expense(1) Depreciation and 19,514 18,349 amortization expense(2) Consolidated $ 49,086 $ 47,715 EBITDA Add/(subtract): Other income, $ -448 $ -107 net(3) Equity in (earnings) losses of -49 — unconsolidated businesses Severance 2,112 1,715 charges Acquisition and integration 492 91 related charges Asset and business 841 583 rationalization Loss on disposition of 746 — business 3,694 2,282 Consolidated $ 52,780 $ 49,997 Adjusted EBITDA Footnotes: (1) Includes a portion of the Acquisition and integration related charges, where applicable. (2) Includes Amortization of acquisition-re… intangible assets. (3) Includes Pension and benefits remeasurement adjustments, where applicable.
Free Cash Flow Forecast for Full Year 2026 -dollars in millions Updated Previous Unaudited Forecast Forecast Net Cash Provided by 38,440 - 37,940 - Operating $ 39,040 $ 38,640 Activities Forecast Capital expenditures forecast -16,000 - -16,000 - (including 16,500 16,500 capitalized software) Free Cash 22,440 - 21,940 - Flow $ 22,540 $ 22,140 Forecast Net Cash Provided by Operating 3.5 % - 5.1 % 2.2 % - 4.0 % Activities Growth Forecast % Free Cash 11.5 % - 12.0 9.0 % - 10.0 Flow Growth % % Forecast %
In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation.
Full text with the tables
VZQTR20FIN
Exhibit 99
News Release
FOR IMMEDIATE RELEASE Media contacts:
October 26, 2026 Katie Magnotta
─────────────────────────────────────────────────────
201-602-9235
katie.magnotta@verizon.com
Jamie Serino
201-401-5460
jamie.serino@verizon.com
Verizon Delivers Another Record-Breaking Quarter with 3Q 2026 Results Driven by
Strong Postpaid Phone and Account Additions
Transformation Efforts Continue to Drive Growth and Profitability
Company Raises Full-Year Guidance for Third Consecutive Quarter
Verizon and Amazon Web Services (AWS) Expand Strategic Partnership with Landmark
$2B+ AI Infrastructure Deal
3Q26 Key Highlights:
• Delivered 406,000 postpaid phone net additions, a more than 820.0 percent
increase year-over-year, representing the strongest third-quarter performance in
five years.
• Added 137,000 postpaid net accounts, marking the company's best performance in
over a decade.
• Acquired nearly 1.7 million mobility and broadband subscribers in the first
nine months of 2026, compared to 879,000 in the first nine months of 2025.
• Mobility and broadband service revenue of $23.5 billion grew 2.9 percent year-
over-year, up sequentially and forecast to grow approximately 4.0 percent in
fourth-quarter 2026.
• Cash flow from operating activities was $11.5 billion for the quarter,
representing an increase of 2.2 percent year-over-year. This supported free cash
flow¹ of $7.8 billion, up 12.1 percent year-over-year.
• Sharp focus on operational efficiency resulted in strong consolidated net
income performance of $5.3 billion, up 5.2 percent year-over-year. This drove
consolidated Adjusted EBITDA 1 of $13.8 billion, up 8.0 percent year-over-year,
which represents the highest quarterly result the company has ever reported.
• Earnings per share (EPS) was $1.25, up 6.8 percent year-over-year, driving
Adjusted EPS¹ of $1.31, up 8.3 percent year-over-year.
• Raised full-year 2026 guidance for key metrics for the third consecutive
quarter, including for postpaid phone net additions, Adjusted EPS¹, and free
cash flow¹.
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• Signed an agreement valued at $2.0+ billion with AWS that establishes a
commercial framework to scale distributed compute and meet the real-time demands
of agentic and generative AI workloads.
NEW YORK, NY
— Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced third-quarter
2026 results that set new company benchmarks. This performance highlights the
momentum behind its multi-year transformation. Verizon delivered its strongest
third-quarter postpaid phone net adds in five years, and its best quarterly net
account growth in over a decade, alongside lower year-over-year churn. With
these strong results and the underlying performance of the business, Verizon
raised its full-year guidance for the third consecutive quarter.
"Verizon delivered another record-breaking quarter. One year into our
transformation, Verizon is fundamentally stronger — operationally, financially,
and competitively," said Dan Schulman, Verizon CEO. "By prioritizing customer-
first offerings like Simplicity and our expanded loyalty program over heavy
subsidies, we are winning loyal, high-value customers while expanding margins,
reducing churn, and generating strong sustained cash flow. At the same time,
technology leaders are choosing our fiber network to power the next generation
of AI infrastructure. We are continuing to raise the bar and we are only one
year into a multi-year growth story."
3Q 2026 Highlights
Mobility and Broadband
• Mobility and broadband service revenue reached approximately $23.5 billion,
representing a 2.9 percent increase year-over-year, continuing a sequential
improvement from 2.8 percent in second-quarter 2026 and 1.6 percent in first-
quarter 2026.
• Reported total postpaid phone net additions of 406,000 in third-quarter 2026,
a more than 820.0 percent increase year-over-year, marking the strongest third-
quarter performance in five years.
• Delivered 137,000 postpaid net account additions, marking the best performance
in over a decade.
• Overall postpaid phone churn improved 4 bps year-over-year to 0.94 percent,
with Consumer postpaid phone churn also improving 4 bps to 0.87 percent.
Promotional cost of acquisition decreased 41 percent year-over-year, and
promotional cost of retention improved by 30 percent year-over-year.
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• Delivered 314,000 broadband net additions in third-quarter 2026. This includes
total fixed wireless access net additions of 159,000 and 155,000 fiber broadband
net additions.
• Verizon now maintains 17.4 million total broadband connections, with more than
half of new fiber customers choosing 1-gigabit-plus download speeds.
• The company continues to anticipate total fiber passings to exceed 32 million
by year-end, remaining on track toward a target of 40 to 50 million fiber
passings over the medium term.
Consolidated Financial Results
• Total operating revenue was $34.3 billion, up 1.5 percent year-over-year.
Mobility and broadband service revenue growth of 2.9 percent was offset by a 9.0
percent year-over-year decline in equipment revenue. This decline resulted
primarily from significantly lower upgrade volumes, as the average time
customers keep their mobile devices continues to increase, and the company’s
strategic decision to reduce spending on device subsidies. It is another
demonstration of Verizon’s more disciplined approach as the company structurally
evolves its business model.
•
In third-quarter 2026, Verizon had strong consolidated net income of $5.3
billion, a 5.2 percent increase year-over-year, and strong consolidated net
income margin of 15.5 percent compared to 14.9 percent in third-quarter 2025.
• Consolidated Adjusted EBITDA 1 grew 8.0 percent year-over-year to $13.8
billion, the highest the company ever reported.
• Consolidated Adjusted EBITDA margin 1 grew from 37.8 to 40.2 percent year-
over-year, the highest the company ever reported.
• EPS was $1.25 in third-quarter 2026, a 6.8 percent increase compared to $1.17
in third-quarter 2025; Adjusted EPS 1 , excluding special items, was $1.31 in
third-quarter 2026, an 8.3 percent increase compared to $1.21 in third-quarter
2025.
•
In third-quarter 2026, cash flow from operations was $11.5 billion, up 2.2
percent year-over-year. Free cash flow 1 was $7.8 billion in third-quarter 2026,
up 12.1 percent year-over-year.
• Cash flow from operations was $29.9 billion for the first nine months of the
year, compared to $28.0 billion for the same period in 2025, representing a
growth rate of nearly 7.0 percent. Free cash flow 1 for the first nine months of
the year was $18.0 billion, up 14.3 percent year-over-year.
• Capital expenditures were $11.9 billion for the first nine months of the year,
reflecting sustained, disciplined investment to maintain network excellence and
capture high-return expansion across mobility and broadband.
• Verizon's total unsecured debt as of the end of third-quarter 2026 was $136.1
billion, compared to $136.5 billion at the end of second-quarter 2026. The
company's net unsecured debt 1 at the end of third-quarter 2026 was $123.7
billion compared to $128.7 billion at the end of second-quarter 2026. At the end
of third-quarter 2026, Verizon's ratio of unsecured debt to consolidated net
income (LTM) was 8.1 times and its net unsecured debt to consolidated Adjusted
EBITDA ratio 1 was 2.3 times.
• In the first nine months of the year, Verizon returned $12.8 billion of
capital to shareholders, up 49.0 percent year-over-year. This includes dividend
payments of $8.8 billion and share repurchases of $4.0 billion. The company
continues to expect to repurchase up to $4.5 billion for the full year.
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Outlook and Guidance
Verizon does not provide a reconciliation for certain of the following adjusted
(non-GAAP) forecasts because it cannot, without unreasonable effort, predict the
special items that could arise, and the company is unable to address the
probable significance of the unavailable information.
Given the strong third-quarter 2026 performance and continued operational
momentum, Verizon is raising its full-year 2026 guidance as follows:
•
Postpaid phone net additions: 1.1 million to 1.2 million, up from upper half of
750,000 to 1.0 million, representing an increase of more than three times
compared to 2025.
• Adjusted EPS¹: $5.04 to $5.06, or 7.0 to 7.5 percent growth year-over-year, up
from 6.0 to 7.0 percent.
• Cash flow from operations: 3.5 to 5.0 percent growth year-over-year, up from
2.0 to 4.0 percent.
•
Free cash flow¹: expected to approach 12.0 percent growth year-over-year, up
from 9.0 to 10.0 percent.
• Mobility and broadband service revenue: upper half of annual guidance of 2.5
to 3.0 percent growth, with approximately 4.0 percent growth in fourth-quarter
2026.
In addition, for 2026, Verizon continues to expect the following:
• Capital expenditures: $16.0 billion to $16.5 billion, inclusive of success-
based investments for AI Connect.
1 Non-GAAP financial measure. See the accompanying schedules and
www.verizon.com/about/investors for reconciliations of non-GAAP financial
measures cited in this document to most directly comparable financial measures
under generally accepted accounting principles (GAAP).
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its
millions of customers live, work and play, delivering on their demand for
mobility, reliable network connectivity and security. Headquartered in New York
City, serving countries worldwide and nearly all of the Fortune 500, Verizon
generated revenues of $138.2 billion in 2025. Verizon’s world-class team never
stops innovating to meet customers where they are today and equip them for the
needs of tomorrow. For more, visit verizon.com or find a retail location at
verizon.com/stores.
###
VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other
resources are available at verizon.com/about/news. For images and logos, visit
verizon.com/about/news/media-resources. News releases are also available through
an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Forward-looking statements
In this communication we have made forward-looking statements. These statements
are based on our estimates and assumptions and are subject to risks and
uncertainties. Forward-looking statements include the information concerning our
possible or assumed future results of operations. Forward-looking statements
also include those preceded or followed by the words “anticipates,” “assumes,”
“believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,”
“targets,” "will" or similar expressions. For those statements, we claim the
protection of the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. We undertake no obligation to
revise or publicly release the results of any revision to these forward-looking
statements, except as required by law. Given these risks and uncertainties,
readers are cautioned not to place undue reliance on such forward-looking
statements. The following important factors, along with those discussed in our
filings with the Securities and Exchange Commission (the “SEC”), could affect
future results and could cause those results to differ materially from those
expressed in the forward-looking statements: the effects of competition in the
markets in which
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VZQTR20FIN
we operate, including the inability to successfully respond to competitive
factors such as prices, promotional incentives, network performance and quality,
and evolving consumer preferences; failure to take advantage of, or respond to
competitors' use of, developments in technology, including artificial
intelligence, and address changes in consumer demand; the inability to implement
our business strategy; adverse conditions in the U.S. and international
economies, including inflation and changing interest rates in the markets in
which we operate; changes to international trade and tariff policies and related
economic and other impacts; cyberattacks impacting our networks or systems and
any resulting financial or reputational impact; our ability to implement
business transformation initiatives and achieve their anticipated benefits;
system failures and disruptions to our networks and operations and any resulting
financial, reputational or business impact; disruption of our key suppliers’ or
vendors' provisioning of products or services, including as a result of
geopolitical factors, public health crises, natural disasters or extreme weather
conditions; material adverse changes in labor matters and any resulting
financial or operational impact; damage to our reputation or brands; changes in
the regulatory environment in which we operate, including any increase in
restrictions on our ability to operate our networks or businesses; allegations
regarding the release of hazardous materials or pollutants into the environment
from our, or our predecessors’, network assets and any related government
investigations, regulatory developments, litigation, penalties and other
liability, remediation and compliance costs, operational impacts or reputational
damage; significant amount of outstanding debt; significant litigation and any
resulting material expenses incurred in defending against lawsuits or paying
awards or settlements; an adverse change in the ratings afforded our debt
securities by nationally accredited ratings organizations or adverse conditions
in the credit markets affecting the cost, including interest rates, and/or
availability of further financing; significant increases in benefit plan costs
or lower investment returns on plan assets; changes in tax laws or regulations,
or in their interpretation, or challenges to our tax positions, resulting in
additional tax expense or liabilities; changes in accounting assumptions that
regulatory agencies, including the SEC, may require or that result from changes
in the accounting rules or their application, which could result in an impact on
earnings; our ability to return capital to shareholders, including the amount,
timing, and effect of share repurchases and dividends; and risks associated with
mergers, acquisitions, divestitures and other strategic transactions, including
our ability to obtain cost savings and other synergies and anticipated benefits
of completed transactions within the expected time period or at all.
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Verizon Communications Inc.
Condensed Consolidated Statements of Income
(…
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e…
p…
s…
a… 3 3 9 9
U… Mo… Mo… Mo… Mo…
O… En… En… % En… En… %
R… 9/… 9/… Ch… 9/… 9/… Ch…
──────────────────────────────────────────────────────────────────────────────
S…
r… $ 29… $ 28… 3.5 $ 87… $ 84… 3.1
a…
o…
W…
e… 5,… 5,… -9… 15… 17… -8…
r…
T…
O… 34… 33… 1.5 10… 10… 1.2
R…
O…
E…
C…
of 7,… 6,… 5.9 21… 20… 4.7
s…
C…
of 5,… 6,… -1… 18… 19… -7…
w…
e…
S…
g…
a… 7,… 7,… -3… 24… 23… 2.8
a…
e…
D…
a… 5,… 4,… 10… 14… 13… 8.4
a…
e…
T…
O… 25… 25… -0… 78… 77… 1.8
E…
O… 8,… 8,… 6.7 24… 24… -0…
I…
E…
in
e…
(… -3 -6 -5… 46 -3 *
of
u…
b…
O…
i… 120 92 30… 633 292 *
n…
I… -1… -1… 17… -5… -4… 19…
e…
I…
B…
P… 6,… 6,… 4.4 18… 19… -3…
F…
I…
T…
P…
f… -1… -1… 1.8 -4… -4… 0.2
i…
t…
N… $ 5,… $ 5,… 5.2 $ 14… $ 15… -4…
I…
N…
i…
a… $ 122 $ 106 15… $ 337 $ 328 2.7
to
n…
i…
N…
i…
a… 5,… 4,… 5.0 14… 14… -5…
to
V…
N… $ 5,… $ 5,… 5.2 $ 14… $ 15… -4…
I…
B…
E…
P…
C…
S…
N…
i…
a… $ 1.… $ 1.… 6.8 $ 3.… $ 3.… -4…
to
V…
W…
s…
o… 4,… 4,… 4,… 4,…
(…
m…
D…
E…
P…
C…
S…
N…
i…
a… $ 1.… $ 1.… 6.8 $ 3.… $ 3.… -4…
to
V…
W…
s…
o… 4,… 4,… 4,… 4,…
(…
m…
Footnotes:
(1) Where applicable, Diluted Earnings per Common Share includes the dilutive
effect of shares issuable under our stock-based compensation plans, which
represents the only potential dilution.
* Not meaningful
Verizon Communications Inc.
Condensed Consolidated Balance Sheets
(dolla…
Unaud… in
Assets millio…
Curre… $
assets 9/30/26 12/31/25 Change
──────────────────────────────────────────────────────────────────────────────
Cash
and $ 4,495 $ 19,048 $ -14,553
cash
equiv…
Accou… 27,564 28,347 -783
recei…
Less
Allow…
for 1,199 1,250 -51
credit
losses
Accou…
recei… 26,365 27,097 -732
net
Inven… 2,775 2,441 334
Prepa…
expen… 7,876 8,336 -460
and
other
Total
curre… 41,511 56,922 -15,411
assets
Prope…
plant 359,427 337,991 21,436
and
equip…
Less
Accum… 234,293 228,524 5,769
depre…
Prope…
plant
and 125,134 109,467 15,667
equip…
net
Inves…
in 796 785 11
uncon…
busin…
Wirel… 161,417 157,039 4,378
licen…
Goodw… 30,729 22,841 7,888
Other
intan… 12,002 10,458 1,544
asset…
net
Opera…
lease 22,680 23,498 -818
right…
assets
Other 21,253 23,248 -1,995
assets
Total $ 415,522 $ 404,258 $ 11,264
assets
Liabi…
and
Equity
Curre…
liabi…
Debt
matur…
within $ 23,889 $ 18,618 $ 5,271
one
year
Accou…
payab…
and 22,018 24,981 -2,963
accru…
liabi…
Curre…
opera… 4,772 4,542 230
lease
liabi…
Other
curre… 15,592 14,229 1,363
liabi…
Total
curre… 66,271 62,370 3,901
liabi…
Long-… 142,344 139,532 2,812
debt
Emplo…
benef… 11,533 11,099 434
oblig…
Defer…
income 50,976 48,717 2,259
taxes
Non-c…
opera… 17,963 18,951 -988
lease
liabi…
Other 19,143 17,848 1,295
liabi…
Total
long-… 241,959 236,147 5,812
liabi…
Equity
Common 429 429 —
stock
Addit…
paid 13,250 13,372 -122
in
capit…
Retai… 99,995 94,744 5,251
earni…
Accum…
other -1,624 -1,727 103
compr…
loss
Common
stock
in -6,802 -3,255 -3,547
treas…
at
cost
Defer…
compe…
–
emplo…
stock 738 897 -159
owner…
plans
and
other
Nonco… 1,306 1,281 25
inter…
Total 107,292 105,741 1,551
equity
Total
liabi… $ 415,522 $ 404,258 $ 11,264
and
equity
Verizon Communications Inc.
Consolidated - Selected Financial and Operating Statistics
(dollars in
millions, except
per share amounts)
Unaudited 9/30/26 12/31/25
──────────────────────────────────────────────────────────────────────────────
Total debt $ 166,233 $ 158,150
Unsecured debt $ 136,095 $ 131,083
Net unsecured $ 123,721 $ 110,053
debt(1)
Unsecured debt /
Consolidated Net 8.1 x 7.4 x
Income
(LTM)
Net unsecured debt
/ Consolidated 2.3 x 2.2 x
Adjusted
EBITDA(1)(2)
Common shares
outstanding, end 4,145 4,217
of period
(in millions)
Total employees 93.3 89.9
(‘000)(3)
Quarterly cash
dividends declared $ 0.7075 $ 0.6900
per
common share
Footnotes:
(1) Non-GAAP financial measure.
(2) Consolidated Adjusted EBITDA excludes the effects of non-operational items
and special items.
(3) Number of employees on a full-time equivalent basis.
Verizon Communications Inc.
Condensed Consolidated Statements of Cash Flows
Unaud…
Cash (dolla…
Flows in
from 9 Mos. 9 Mos. millio…
Opera… Ended Ended $
Activ… 9/30/26 9/30/25 Change
──────────────────────────────────────────────────────────────────────────────
Net $ 14,415 $ 15,160 $ -745
Income
Adjus…
to
recon…
net
income
to
net
cash
provi…
by
opera…
activ…
Depre…
and 14,995 13,830 1,165
amort…
expen…
Emplo…
retir… 187 444 -257
benef…
Defer…
income 2,113 1,809 304
taxes
Provi…
for
expec… 1,503 1,613 -110
credit
losses
Equity
in
(earn…
losses
of -27 41 -68
uncon…
busin…
net of
divid…
recei…
Chang…
in
curre…
assets
and
liabi… -3,438 -4,054 616
net of
effec…
from
acqui…
of
busin…
Other, 188 -820 1,008
net
Net
cash
provi… 29,936 28,023 1,913
by
opera…
activ…
Cash
Flows
from
Inves…
Activ…
Capit…
expen…
(incl… -11,926 -12,263 337
capit…
softw…
Cash
paid
relat…
to
acqui… -9,480 — -9,480
of
busin…
net of
cash
acqui…
Acqui…
of -4,384 -340 -4,044
wirel…
licen…
Other, 319 923 -604
net
Net
cash
used -25,471 -11,680 -13,791
in
inves…
activ…
Cash
Flows
from
Finan…
Activ…
Proce…
from 13,658 3,952 9,706
long-…
borro…
Proce…
from
asset… 13,773 7,340 6,433
long-…
borro…
Repay…
of
long-…
borro… -17,349 -7,529 -9,820
and
finan…
lease
oblig…
Repay…
of
asset… -14,285 -6,437 -7,848
long-…
borro…
Divid… -8,804 -8,569 -235
paid
Purch…
of
common -4,000 — -4,000
stock
for
treas…
Other, -1,893 -1,579 -314
net
Net
cash
used -18,900 -12,822 -6,078
in
finan…
activ…
Incre…
(decr…
in
cash,
cash -14,435 3,521 -17,956
equiv…
and
restr…
cash
Cash,
cash
equiv…
and
restr… 19,499 4,635 14,864
cash,
begin…
of
period
Cash,
cash
equiv…
and $ 5,064 $ 8,156 $ -3,092
restr…
cash,
end of
period
Verizon Communications Inc.
Consumer - Selected Financial Results
3 3 9 9
… M… M… Mo… Mo… (d…
… E… E… % En… En… % in
… 9… 9… Ch… 9/… 9/… C… mi…
──────────────────────────────────────────────────────────────────────────────
…
… $ 1… $ 19… 3.6 $ 5… $ 5… 3…
…
…
… 4… 4,… -1… 1… 1… -…
…
… 2… 2,… 6.0 7… 6… 6…
…
… 2… 26… 1.3 7… 7… 1…
…
…
…
…
… 4… 4,… 7.4 1… 1… 6…
…
…
… 4… 5,… -1… 1… 1… -…
…
…
…
…
… 4… 4,… -2… 1… 1… -…
…
…
…
… 3… 3,… 8.5 1… 1… 6…
…
…
…
… 1… 18… -0… 5… 5… -…
…
… $ 8… $ 7,… 5.6 $ 2… $ 2… 4…
…
…
… 3… % 29… % 3… % 2… %
…
… $ 1… $ 11… 6.5 $ 3… $ 3… 5…
…
…
… 4… % 43… % 4… % 4… %
…
Footnotes:
(1) Mobility and broadband service revenue primarily includes revenue from
mobility communication services, FWA broadband, Fios internet and other fiber-
based services.
(2) Other revenue primarily includes revenue from wireline products that provide
legacy voice, video and data solutions, as well as broadband solutions over a
traditional copper-based network. Other revenue also includes fees that
partially recover the direct and indirect costs of complying with regulatory and
industry obligations and programs, leasing and interest recognized when
equipment is sold to the customer by an authorized agent under a device payment
plan agreement.
(3) Non-GAAP financial measure.
During the first quarter of 2026, Verizon revised its presentation of revenue
reporting for its reportable segments. Accordingly, beginning in the first
quarter of 2026, Verizon has reported Consumer revenue disaggregated by products
and services as follows: Mobility and broadband service revenue, Wireless
equipment revenue and Other revenue. Prior period operating revenue results have
been recast to conform to the current period presentation. There was no change
to the composition of our reportable segments and total segment results, nor to
the determination of segment profit.
The segment financial results above exclude the effects of special items (other
than the effects of acquisition-related intangible asset amortization), which
the Company’s chief operating decision maker does not consider in assessing
segment performance.
Certain intersegment transactions with corporate entities have not been
eliminated.
Verizon Communications Inc.
Business - Selected Financial Results
3 3 9 9
… Mo… Mo… M… M… (…
… En… En… % E… E… % in
… 9/… 9/… C… 9… 9… Ch… m…
──────────────────────────────────────────────────────────────────────────────
…
… $ 3… $ 3… -… $ 11… $ 11… -0…
…
…
… 8… 8… -… 2,… 2,… -2…
…
… 2… 2… 1… 7,… 7,… 8.8
…
… 7… 6… 2… 21… 20… 2.4
…
…
…
…
… 2… 1… 5… 6,… 6,… 0.5
…
…
… 1… 1… -… 3,… 3,… -1…
…
…
…
…
… 1… 1… -… 5,… 5,… -6…
…
…
…
… 1… 1… 8… 3,… 2,… 7.9
…
…
…
… 6… 6… 0… 18… 18… -0…
…
… $ 8… $ 7… 1… $ 2,… $ 2,… 28…
…
…
… 1… % 1… % 13… % 10… %
…
… $ 1… $ 1… 1… $ 6,… $ 5,… 16…
…
…
… 2… % 2… % 28… % 24… %
…
Footnotes:
(1) Mobility and broadband service revenue primarily includes revenue from
mobility communication services, FWA broadband, Fios internet and other fiber-
based services.
(2) Other revenue primarily includes revenue from wireline products that provide
legacy voice, video and data solutions, as well as broadband solutions over a
traditional copper-based network. Other revenue also includes fees that
partially recover the direct and indirect costs of complying with regulatory and
industry obligations and programs, leasing and interest recognized when
equipment is sold to the customer by an authorized agent under a device payment
plan agreement.
(3) Non-GAAP financial measure.
During the first quarter of 2026, Verizon revised its presentation of revenue
reporting for its reportable segments. Accordingly, beginning in the first
quarter of 2026, Verizon has reported Business revenue disaggregated by products
and services as follows: Mobility and broadband service revenue, Wireless
equipment revenue and Other revenue. Prior period operating revenue results have
been recast to conform to the current period presentation. There was no change
to the composition of our reportable segments and total segment results, nor to
the determination of segment profit.
In the second quarter of 2026, the net assets representing Verizon's
international wireline connectivity and managed network services business were
classified as assets and liabilities held for sale and moved from the Business
segment to Corporate and other. Where applicable, historical segment results
have been reclassified to conform to the current period presentation.
The segment financial results above exclude the effects of special items (other
than the effects of acquisition-related intangible asset amortization), which
the Company’s chief operating decision maker does not consider in assessing
segment performance.
Certain intersegment transactions with corporate entities have not been
eliminated.
Verizon Communications Inc.
Total Operating Statistics
U… 9/… 9/… %
Ch…
C…
(…
W… 14… 14… 0.7
r…
W…
r… 12… 12… 0.7
p…
W…
r… 94… 93… 1.4
p…
p…
W…
r… 19… 19… 1.4
c…
p…
W…
r…
c… 18… 18… 0.5
p…
p…
F… 11… 7,… 44…
b…
F… 6,… 5,… 18…
b…
T… 17… 13… 33…
b…
3 3 9 9
U… Mo… Mo… % Mo… Mo… %
En… En… Ch… En… En… Ch…
9/… 9/… 9/… 9/…
N…
A…
D…
(…
W… 166 2 * 273 114 *
r…
W…
r… 231 36 * 223 32 *
p…
W…
r… 406 44 * 645 -2… *
p…
p…
W…
r… -12 47 * 176 234 -2…
c…
p…
W…
r…
c… -52 14 * 42 148 -7…
p…
p…
F… 155 61 * 437 138 *
b…
F… 159 261 -3… 566 847 -3…
b…
T… 314 322 -2… 1,… 985 1.8
b…
A…
S…
W…
r…
p… 34… 34… *
a…
(…
W…
r… $ 16… $ 17… -1… $ 16… $ 17… -1…
p…
A…
W…
r…
c… $ 33… $ 32… 2.5 $ 33… $ 32… 3.1
p…
A…
C…
D…
W…
r… 0.… % 0.… % 0.… % 0.… %
p…
p…
W…
r… 3.… % 3.… % 3.… % 3.… %
c…
p…
W…
R…
P…
C…
S…
U… 2.6 % 3.3 %
r…
Footnotes:
(1) Represents total prepaid results excluding our SafeLink brand.
(2) Total broadband excludes solutions provided over a traditional copper-based
network.
(3) Statistic presented as of end of period.
(4) Wireless retail postpaid ARPA - average service revenue per account from
retail postpaid accounts.
(5) Wireless retail core prepaid ARPU - average service revenue per unit from
retail prepaid connections excluding our SafeLink brand.
Where applicable, the operating results reflect certain adjustments, including
those related to migration activity among different types of devices and plans,
customer profile changes, product-related changes and adjustments in connection
with mergers, acquisitions and divestitures. Where applicable, historical
results have been recast to conform to the current period presentation.
* Not meaningful
Verizon Communications Inc.
Non-GAAP Reconciliations - Consolidated Verizon
…
…
…
3 3 3 3 3 3
… … … … … …
… … … … … …
… … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … $ …
… … … … … … …
… … … … … … …
… … … … … … …
$ … $ … $ … $ … $ … $ … $ …
$ … $ … $ … $ … $ … $ … $ …
3 … … … 6 3 …
— … — … — — —
… … … … … — —
— … — … — — —
— … — — — — —
… … … … … … …
$ … $ … $ … $ … $ … $ … $ …
… …
… % … %
… % … %
… %
Verizon Communications Inc.
Consolidated
EBITDA and
Consolidated
Adjusted EBITDA
(LTM)
(dollars in
millions) 12 Mos. Ended 12 Mos. Ended
Unaudited 9/30/26 12/31/25
──────────────────────────────────────────────────────────────────────────────
Consolidated $ 16,863 $ 17,608
Net Income
Add:
Provision for 5,075 5,064
income taxes
Interest 7,634 6,694
expense(1)
Depreciation
and 19,514 18,349
amortization
expense(2)
Consolidated $ 49,086 $ 47,715
EBITDA
Add/(subtract):
Other income, $ -448 $ -107
net(3)
Equity in
(earnings)
losses of -49 —
unconsolidated
businesses
Severance 2,112 1,715
charges
Acquisition and
integration 492 91
related
charges
Asset and
business 841 583
rationalization
Loss on
disposition of 746 —
business
3,694 2,282
Consolidated $ 52,780 $ 49,997
Adjusted EBITDA
Footnotes:
(1) Includes a
portion of the
Acquisition and
integration
related
charges, where
applicable.
(2) Includes
Amortization of
acquisition-re…
intangible
assets.
(3) Includes
Pension and
benefits
remeasurement
adjustments,
where
applicable.
Verizon Communications Inc.
Net
Unse…
Debt
and
Net
Unse…
Debt
to
Cons…
Adju…
EBIT… (doll…
Ratio in
Unau… 9/30/… 6/30… milli… 12/31…
──────────────────────────────────────────────────────────────────────────────
Debt
matu…
with… $ 23,889 $ 21,783 $ 18,6…
one
year
Long… 142,3… 143,4… 139,…
debt
Total 166,2… 165,2… 158,…
Debt
Less:
Secu… 30,138 28,760 27,0…
debt
Unse… 136,0… 136,4… 131,…
Debt
Less:
Equi…
cred…
for 7,879 6,037 1,982
juni…
subo…
note…
Less:
Cash
and 4,495 1,752 19,0…
cash
equi…
Net
Unse… $ 123,7… $ 128,6… $ 110,…
Debt
Cons…
Net $ 16,863 $ 17,6…
Inco…
(LTM)
Unse…
Debt
to
Cons… 8.1 x 7.4 x
Net
Inco…
Ratio
Cons…
Adju… $ 52,780 $ 49,9…
EBIT…
(LTM)
Net
Unse…
Debt
to 2.3 x 2.2 x
Cons…
Adju…
EBIT…
Ratio
Foot…
(1)
Repr…
a
fifty
perc…
equi…
cred…
rela…
to
juni…
subo…
notes
outs…
3 3
M… M…
E… E…
… … … 9… … … … 9…
──────────────────────────────────────────────────────────────────────────────
$ … $ …
$ … $ … $ 2… … $ 1… $ -… $ 1… …
… … 55 … 52 — 52 …
$ … $ … $ 2… $ … $ 2… $ -… $ 1… $ …
$ … $ …
… %
Fr… 3 3 9 9
Ca… Mos. Mos. Mos. (d… Mo…
Fl… End… End… End… in En…
Un… 9/3… 9/3… 9/3… mi… 9/…
──────────────────────────────────────────────────────────────────────────────
Net
Ca…
Pr… $ 11,… $ 11,… $ 29… $ 28,…
by
Op…
Ac…
Ca…
ex…
(i… -3,… -4,… -1… -12…
ca…
so…
Fr…
Ca… $ 7,8… $ 6,9… $ 18… $ 15,…
Fl…
Ye…
ov…
ye… 12.1 % 14… %
ch…
%
Verizon Communications Inc.
(…
in
m…
… 12 12 12 12 12 12
… M… M… M… M… M… M…
… E… E… E… E… E… E…
… 1… 1… 1… 1… 1… 1…
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 3… $ 3… $ 3… $ … $ … $ …
…
…
…
…
…
… -… -… -… … … …
…
…
…
… $ 2… $ 1… $ 1… $ … $ … $ …
…
Free Cash
Flow
Forecast for
Full Year
2026
-dollars in
millions
Updated Previous
Unaudited Forecast Forecast
Net Cash
Provided by 38,440 - 37,940 -
Operating $ 39,040 $ 38,640
Activities
Forecast
Capital
expenditures
forecast -16,000 - -16,000 -
(including 16,500 16,500
capitalized
software)
Free Cash 22,440 - 21,940 -
Flow $ 22,540 $ 22,140
Forecast
Net Cash
Provided by
Operating 3.5 % - 5.1 % 2.2 % - 4.0 %
Activities
Growth
Forecast %
Free Cash 11.5 % - 12.0 9.0 % - 10.0
Flow Growth % %
Forecast %
Verizon Communications Inc.
Non-GAAP Reconciliations - Segments
Se…
EB…
and
Se…
EB… 3 3 9 9
Ma… Mos. Mos. Mos. (do… Mo…
Co… End… End… End… in En…
Un… 9/3… 9/3… 9/3… mil… 9/…
──────────────────────────────────────────────────────────────────────────────
Op… $ 8,0… $ 7,6… $ 23,… $ 22,…
In…
Ad…
De…
and 3,8… 3,5… 11,… 10,…
am…
ex…
Se… $ 11,… $ 11,… $ 35,… $ 33,…
EB…
Ye…
ov…
ye… 6.5 % 5.4 %
ch…
%
To…
op… $ 26,… $ 26,… $ 79,… $ 78,…
re…
Op…
In… 30.6 % 29.4 % 30.1 % 29.0 %
Ma…
Se…
EB… 45.3 % 43.0 % 44.5 % 42.6 %
Ma…
(do…
in
mil…
3 3 9 9
Mos. Mos. Mos. Mos.
Bus… End… End… End… End…
Una… 9/3… 9/3… 9/3… 9/3…
──────────────────────────────────────────────────────────────────────────────
Ope… $ 855 $ 716 $ 2,802 $ 2,186
Inc…
Add:
Dep…
and 1,086 1,002 3,226 2,989
amo…
exp…
Seg… $ 1,941 $ 1,718 $ 6,028 $ 5,175
EBI…
Year
over
year 13.0 % 16.5 %
cha…
%
Tot…
ope… $ 7,023 $ 6,843 $ 21,3… $ 20,8…
rev…
Ope…
Inc… 12.2 % 10.5 % 13.1 % 10.5 %
Mar…
Seg…
EBI… 27.6 % 25.1 % 28.3 % 24.9 %
Mar…
Footnote:
In the second quarter of 2026, the net assets representing Verizon's
international wireline connectivity and managed network services business were
classified as assets and liabilities held for sale and moved from the Business
segment to Corporate and other. Where applicable, historical segment results
have been reclassified to conform to the current period presentation.