Verizon (VZ) · Telecom
Verizon Q2 2026 earnings: summary, key numbers & outlook
Results filed 24 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Verizon reported second-quarter 2026 total operating revenue of $34.3 billion, down 0.7 percent, consolidated net income of $3.9 billion, adjusted EPS of $1.30 and free cash flow of $6.4 billion, up 24.4 percent.
Verizon's revenue slipped 0.7 percent to $34.3 billion because equipment revenue fell nearly 20 percent as customers upgraded phones less often and the company cut device subsidies. Mobility and broadband service revenue grew 2.8 percent, and the company added 184,000 postpaid phone customers. Net income fell 22.9 percent to $3.9 billion on $1.8 billion of pre-tax special items. Adjusted EPS rose 6.6 percent to $1.30, and adjusted EBITDA was the highest the company has reported.
Management raised full-year guidance for the second quarter in a row. It now expects mobility and broadband service revenue growth of 2.5 to 3.0 percent, adjusted EPS of $4.99 to $5.04, and free cash flow growth of 9.0 to 10.0 percent. It also expects growth to speed up to approximately 4.0 percent in the fourth quarter. The tension is that growth depends on subscriber gains without heavy promotions, while debt remains high and wireless service revenue is expected to be approximately flat for the year.
Key numbers
- Total operating revenue · GAAP
- $34.3 billion
- Consolidated net income · GAAP
- $3.9 billion
- Diluted EPS · GAAP
- $0.92
- Adjusted EPS · non-GAAP
- $1.30
- Operating income · GAAP
- $7.2B
- Cash flow from operations · GAAP
- $10.4 billion
- Free cash flow · non-GAAP
- $6.4 billion
- Consolidated adjusted EBITDA · non-GAAP
- $13.7 billion
down 0.7 percent year-over-year
a 22.9 percent decrease year-over-year
a 22.0 percent decrease compared to $1.18 in second-quarter 2025
a 6.6 percent increase compared to $1.22 in second-quarter 2025
down 12.2% from 8,172
up 16.3 percent year-over-year
up 24.4 percent year-over-year
grew 7.2 percent year-over-year
| Segment or metric | Value | Change |
|---|---|---|
| Mobility and broadband service revenue | $23.4 billion | a 2.8 percent increase year-over-year |
| Postpaid phone net additions | 184,000 | |
| Broadband net additions | 348,000 | a year-over-year increase of 12.3 percent |
| Fixed wireless access net additions | 193,000 | |
| Fiber broadband net additions | 155,000 | |
| Core prepaid net additions | 73,000 | eight consecutive quarters of positive net additions |
| Fixed wireless access and fiber broadband connections | approximately 17.1 million | |
| Consumer segment EBITDA | $11.8B | up 5.3% |
Where each number comes from
- Total operating revenue: “Total operating revenue was $34.3 billion, down 0.7 percent year-over-year, as sequential improvement in mobility and broadband service revenue was offset by a nearly 20 percent, or over $1.2 billion, decline in equipment revenue.”
- Consolidated net income: “Consolidated net income was $3.9 billion, a 22.9 percent decrease year-over-year. This decrease was primarily driven by $1.8 billion in pre-tax special items”
- Diluted EPS: “EPS was $0.92 in second-quarter 2026, a 22.0 percent decrease compared to $1.18 in second-quarter 2025; adjusted EPS1, excluding special items, was $1.30 in second-quarter 2026”
- Adjusted EPS: “adjusted EPS1, excluding special items, was $1.30 in second-quarter 2026, a 6.6 percent increase compared to $1.22 in second-quarter 2025.”
- Operating income: “Total Operating Expenses | 27,074 | 26,332 | 2.8 | 53,272 | 51,839 | 2.8 Operating Income | 7,179 | 8,172 | (12.2)”
- Cash flow from operations: “In second quarter 2026, strong cash from operations was $10.4 billion, up 16.3 percent year-over-year. Free cash flow1 was $6.4 billion, up 24.4 percent year-over-year”
- Free cash flow: “In second quarter 2026, strong cash from operations was $10.4 billion, up 16.3 percent year-over-year. Free cash flow1 was $6.4 billion, up 24.4 percent year-over-year”
- Consolidated adjusted EBITDA: “Consolidated adjusted EBITDA1 grew 7.2 percent year-over-year to $13.7 billion, the highest the company ever reported.”
- Mobility and broadband service revenue: “Mobility and broadband service revenue reached approximately $23.4 billion, representing a 2.8 percent increase year-over-year.”
- Postpaid phone net additions: “In second-quarter 2026, Verizon reported total postpaid phone net additions of 184,000, with the best Consumer second-quarter postpaid phone net additions in five years.”
- Broadband net additions: “Verizon delivered 348,000 broadband net additions in second-quarter 2026, a year-over-year increase of 12.3 percent.”
- Fixed wireless access net additions: “This includes total fixed wireless access net additions of 193,000 and 155,000 fiber broadband net additions.”
- Fiber broadband net additions: “This includes total fixed wireless access net additions of 193,000 and 155,000 fiber broadband net additions.”
- Core prepaid net additions: “Total core prepaid2 net additions were 73,000, representing eight consecutive quarters of positive net additions.”
- Fixed wireless access and fiber broadband connections: “Verizon now has approximately 17.1 million fixed wireless access and fiber broadband connections.”
- Consumer segment EBITDA: “Segment EBITDA(3) | $11,819 | $11,225 | 5.3 | $23,263 | $22,192 | 4.8 Segment EBITDA Margin(3) | 45.0% | 42.1% | 44.1% | 42.5%”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $34.3B | −0.7% | −0.5% |
| Operating income | $7.2B | −12.2% | −12.9% |
| Net income | $3.8B | −23.3% | −24.0% |
| Diluted EPS | $0.92 | −22.0% | −23.3% |
| Operating margin | 21.0% | −2.7 pts | −2.9 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Mobility and broadband service revenue growth | 2026 | 2.5 to 3.0 percent |
| Total mobility and broadband service revenue growth | third-quarter 2026 | approach 3.0 percent |
| Total mobility and broadband service revenue growth | fourth-quarter 2026 | approximately 4.0 percent |
| Adjusted EPS | 2026 | $4.99 to $5.04 |
| Cash flow from operations growth | 2026 | approximately 2.0 to 4.0 percent |
| Free cash flow growth | 2026 | 9.0 to 10.0 percent |
| Total retail postpaid phone net additions | 2026 | upper half of the 750,000 to 1.0 million range |
| Capital expenditures | 2026 | $16.0 billion to $16.5 billion |
| Share repurchase target | 2026 | up to $4.5 billion |
Key takeaways
Equipment revenue drop pulled total revenue down
Total operating revenue was $34.3 billion, down 0.7 percent, as equipment revenue fell nearly 20 percent. Verizon cited lower upgrade volumes and reduced device subsidies.
Special items cut net income, not adjusted EPS
Net income fell 22.9 percent to $3.9 billion on $1.8 billion in pre-tax special items, including a $746 million loss on disposition of business. Adjusted EPS rose 6.6 percent to $1.30.
Subscriber momentum improved with lower churn
Verizon added 184,000 postpaid phone customers, versus a loss of 9 thousand a year earlier. Postpaid phone churn was 0.92% compared with 0.97%.
Cash generation and margins hit strong levels
Free cash flow was $6.4 billion, up 24.4 percent, and adjusted EBITDA margin grew from 37.1 to 40.1 percent. Adjusted EBITDA was $13.7 billion.
Guidance raised again, with leverage still elevated
Verizon raised 2026 adjusted EPS guidance to $4.99 to $5.04 and expanded the buyback target to up to $4.5 billion. Net unsecured debt to adjusted EBITDA was 2.5 times, up from 2.2 times at year-end.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $35.7B * |
| Q1 2025 | $33.5B |
| Q2 2025 | $34.5B |
| Q3 2025 | $33.8B |
| Q4 2025 | $36.4B * |
| Q1 2026 | $34.4B |
| Q2 2026 | $34.3B |
| Q3 2026 | $34.3B |
Data
| Q1 2025 | $1.15 |
| Q2 2025 | $1.18 |
| Q3 2025 | $1.17 |
| Q1 2026 | $1.20 |
| Q2 2026 | $0.92 |
| Q3 2026 | $1.25 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 20.8% |
| Q1 2025 | 23.8% |
| Q2 2025 | 23.7% |
| Q3 2025 | 24.0% |
| Q4 2025 | 13.8% |
| Q1 2026 | 23.9% |
| Q2 2026 | 21.0% |
| Q3 2026 | 25.2% |
Questions
What were Verizon's main Q2 2026 results?
Total operating revenue was $34.3 billion, down 0.7 percent, and net income was $3.9 billion, down 22.9 percent. Adjusted EPS was $1.30, up 6.6 percent from $1.22.
Why did Verizon's revenue decline?
Equipment revenue fell nearly 20 percent, or over $1.2 billion, on lower upgrade volumes and the decision to reduce device subsidies. Mobility and broadband service revenue grew 2.8 percent.
What is Verizon's updated 2026 guidance?
It expects mobility and broadband service revenue growth of 2.5 to 3.0 percent, adjusted EPS of $4.99 to $5.04, and free cash flow growth of 9.0 to 10.0 percent. Cash flow from operations growth is expected at approximately 2.0 to 4.0 percent, with capital expenditures of $16.0 billion to $16.5 billion.
How did Verizon's subscriber and cash flow metrics look?
It added 184,000 postpaid phone customers and 348,000 broadband customers, with postpaid phone churn at 0.92%. Free cash flow was $6.4 billion, up 24.4 percent.
What is Verizon's debt and capital return position?
Total unsecured debt was $136.5 billion and net unsecured debt to adjusted EBITDA was 2.5 times. Verizon repurchased $1.0 billion of shares in the quarter, $3.5 billion year to date, and raised its full-year buyback target to up to $4.5 billion.
Documents
SEC filing