Verizon Communications Overview
Verizon is the incumbent premium-network operator of the United States telecommunications market and, by wireless retail connections, its largest. It is a holding company whose economics rest on three assets: a nationwide licensed spectrum portfolio spanning 700 MHz, cellular, PCS, AWS, C-Band and millimetre wave; approximately 147 million wireless retail connections and, following the January 2026 acquisition of Frontier Communications, a fibre footprint reaching more than 30 million homes and businesses across 31 states and Washington D.C.; and one of the world's largest global enterprise fibre networks, serving business customers in more than 180 countries. For most of the past decade Verizon monetised network superiority through price, accepting subscriber attrition in exchange for average-revenue-per-account growth. That model reached its limit in 2025, when the company lost postpaid phone customers in three of four quarters. Under Dan Schulman, appointed chief executive in October 2025, Verizon has pivoted to a volume-and-simplification strategy — flat-rate pricing, a converged fibre-plus-mobility bundle, an industry-first loyalty programme, roughly 13,000 job reductions and a $5 billion operating-expense reduction target — while opening a genuinely new revenue vector by selling dark and lit fibre capacity to hyperscale artificial-intelligence infrastructure operators. The investment question is no longer whether Verizon can defend margin; it is whether it can defend margin and grow units simultaneously.
The FY2021 figure (approximately 118,400, of which roughly 89% were US-based) and the FY2025 figure (approximately 89,900) are taken directly from the respective Forms 10-K. The trajectory is unambiguous regardless of rounding: Verizon has removed roughly 28,500 positions — about 24% of its workforce — over four years, and the FY2025 figure predates the bulk of the workforce reduction announced on 20 November 2025.
The company's own characterisation
In the FY2025 Form 10-K, Verizon describes itself as a holding company that, acting through its subsidiaries, is one of the world's leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities. It states that it has a presence around the world and offers data, video and voice services and solutions on its networks and platforms, designed to meet customer demand for mobility, reliable network connectivity and security. It operates and manages two reportable segments as strategic business units: Verizon Consumer Group and Verizon Business Group.
Independent characterisation
Verizon is fundamentally a capital-intensive subscription utility wrapped around a spectrum and fibre asset base, with a declining hardware-resale business attached to it and an emergent infrastructure-wholesale business bolted on top.
Revenue model composition. For FY2025, of $138,191 million of total operating revenues, $112,721 million (81.6%) came from service and other revenues and $25,470 million (18.4%) from wireless equipment sales (FY2025 Form 10-K income statement). The service component is overwhelmingly recurring monthly subscription revenue — postpaid and prepaid wireless access, fixed wireless access broadband, Fios internet, video and voice, enterprise connectivity contracts, and wholesale network access sold to mobile virtual network operators. The equipment component is a low-margin device pass-through: in FY2025 the cost of wireless equipment was $28,976 million against $25,470 million of wireless equipment revenue, meaning Verizon sold handsets at an aggregate gross loss of approximately $3.5 billion. This is the structural signature of a subsidised acquisition model, and it is precisely the line item that new management is deliberately shrinking. In 2Q26, equipment revenue fell nearly 20%, or more than $1.2 billion year over year, which management attributed to lower upgrade volumes as device holding periods lengthen and to a strategic decision to reduce device subsidy spending (2Q26 earnings release, 24 July 2026).
There is essentially no licensing revenue and no software-product revenue of consequence. Verizon's intellectual property is held largely for defensive and cross-licensing purposes rather than monetised as a revenue line.
Value chain position. Verizon sits at the network layer. It buys spectrum licences from the FCC and secondary-market sellers; buys radio access network, transport and core equipment from Ericsson, Nokia, Samsung, Ciena, Corning and others; buys handsets from Apple, Samsung and Google for resale; builds and operates the physical network; and sells connectivity directly to end customers and wholesale to resellers. It does not own significant content (having exited media in 2021), does not manufacture devices, and does not operate a hyperscale cloud. Its recent strategic moves — the Frontier acquisition, the Eaton Fiber wholesale arrangement, the AI Connect dark-fibre business — all deepen rather than diversify this position: they are bets that owning physical transport and access assets becomes more valuable, not less, in an AI-driven compute cycle.
Customer types. (i) Individual consumers and households, served postpaid under the Verizon brand and prepaid under Verizon Value brands; (ii) small and medium businesses; (iii) large enterprises and multinational corporations; (iv) US federal, state and local government agencies and educational institutions, plus more than 40,000 public safety agencies (per a January 2026 US House Homeland Security Committee letter); (v) wholesale counterparties, including cable operators reselling Verizon's network as MVNOs — most importantly Comcast and Charter, whose long-term MVNO agreement Verizon amended and extended in January 2026; and (vi), newly, hyperscale data-centre operators buying fibre capacity.
End markets. Consumer mobility and home broadband; enterprise and public-sector connectivity, managed networking and security; wholesale carrier transport; IoT and connected fleet; and AI infrastructure connectivity.
Distribution. Verizon uses direct channels (company-operated stores, sales and service centres, business direct sales teams, digital and omni-channel), indirect channels (exclusive agents, national retailers, convenience-store chains for prepaid), and, for Business, resellers, distributors and systems integrators. In November 2025 the company announced it would convert 179 corporate-owned retail stores to franchised operations and close one — a deliberate shift of fixed retail cost off balance sheet.
Financial Narrative
All figures USD millions unless the row label states otherwise. Source: consolidated financial statements from Forms 10-K for fiscal years 2021 through 2025.
Income statement
Consolidated EBITDA is calculated as consolidated net income plus provision for income taxes, interest expense and depreciation and amortisation. The FY2025 result of $47,715 million ties exactly to the figure reported by the company, validating the method for prior years. Basic EPS approximates diluted EPS in every period given Verizon's minimal dilution.
Margin structure (%)
Revenue compound annual growth rate FY2021 to FY2025: 0.85%. Over the same period, consolidated net income declined at a compound rate of 6.1% per year and net income attributable to Verizon at 6.1% per year. This is the single most important fact in the financial history of the period: Verizon added $4.6 billion of revenue over four years while losing $5.0 billion of net income.
Income statement commentary
Revenue. The five-year revenue line is almost flat, but the composition of that flatness is instructive. Service revenues and other grew from $110,449 million to $112,721 million — 2.1% cumulative over four years, or roughly 0.5% annually, well below US nominal GDP and below inflation for most of the period. Wireless equipment revenue oscillated on the device replacement cycle, peaking at $27,210 million in FY2022 and troughing at $23,217 million in FY2024. The FY2025 revenue acceleration to +2.5% was driven by the Consumer segment (+3.8%) and, within it, by pricing actions and equipment volume rather than by unit growth — Verizon lost postpaid phone subscribers in the first three quarters of FY2025 before recovering sharply in the fourth.
Cost structure and the SG&A problem. Cost of services declined steadily from $31,234 million to $27,789 million, evidence of genuine network and operating efficiency. Cost of wireless equipment tracked equipment revenue and, in every year of the period, exceeded it — the aggregate five-year equipment gross loss is approximately $12.1 billion. But the dominant negative trend is selling, general and administrative expense, which rose from $28,658 million (21.4% of revenue) in FY2021 to a peak of $34,113 million (25.3% of revenue) in FY2024 — a $5.5 billion, 390-basis-point deterioration. FY2025 marked the first reduction, to $33,818 million, but that reduction was achieved despite absorbing $1,715 million of severance and $583 million of asset rationalisation charges in the fourth quarter, meaning the underlying improvement was closer to $2.6 billion. This SG&A line is the direct target of the $5 billion 2026 operating-expense reduction programme.
The FY2023 inflection. FY2023 is the pivot year. Operating income fell 24.9% to $22,877 million, driven by the $5,841 million Verizon Business Group goodwill impairment; net income attributable to Verizon fell 45.4% to $11,614 million. Excluding the impairment, FY2023 operating income would have been $28,718 million — still 5.7% below FY2022, and the underlying deterioration was real. Simultaneously, interest expense jumped 52.9% from $3,613 million to $5,524 million as the fixed-rate debt stack raised for the C-Band purchase began repricing into a materially higher rate environment. Interest expense has since risen further, to $6,694 million in FY2025 — an 92% increase over FY2021. Roughly $3.2 billion of annual pre-tax earnings has been transferred from equity holders to debt holders over four years purely through the interest line.
Other income volatility. Other income (expense), net swung from +$1,373 million in FY2022 to -$313 million in FY2023 to +$995 million in FY2024 to +$107 million in FY2025, driven principally by pension and benefit remeasurement adjustments and net debt extinguishment gains and losses. FY2021 included a $3,541 million debt extinguishment loss and FY2022 a $1,077 million loss — the cost of liability management during the C-Band financing. From FY2023 onward Verizon has recorded modest extinguishment gains ($308 million, $385 million and $368 million). Other components of net periodic benefit income swung from +$3,785 million in FY2021 to -$827 million in FY2025, a $4.6 billion adverse swing that is non-cash and non-operating but has depressed reported pre-tax income.
Effective tax rate. 23.1% (FY2021), 23.1% (FY2022), 28.8% (FY2023, distorted by the non-deductible goodwill impairment), 21.9% (FY2024), 22.3% (FY2025). A normalised rate of 22–23% is the appropriate forward assumption.
Balance sheet
FY2021 and FY2025 total-equity figures, FY2021, FY2024 and FY2025 current liabilities, and FY2025 retained earnings are drawn directly from filing-based commentary; intermediate-year equity and current-liability values are derived from standardised balance-sheet data and working-capital disclosures and should be treated as accurate to within rounding. Total assets, all asset-side line items, and the intangible composition are taken directly from the Forms 10-K.
Debt and leverage
Values shown as 0 indicate the ratio was not disclosed for that period. FY2025, 1Q26 and 2Q26 figures are from the 4Q25 and 2Q26 earnings release reconciliations.
Verizon's own leverage metric — net unsecured debt to consolidated adjusted EBITDA — improved from 2.6x at the end of 1Q26 to 2.5x at 30 June 2026, having stood at 2.2x at 31 December 2025 before the Frontier debt assumption. Management's stated target is 2.0–2.25x, to be achieved during 2027. Verizon paid down approximately half of the assumed Frontier debt in the first quarter following the close and expects to repay substantially all of it by the end of 2026. LTM consolidated adjusted EBITDA at 30 June 2026 was $51,753 million, against $49,997 million for FY2025.
Cash flow
Free cash flow is defined by Verizon as net cash provided by operating activities less capital expenditures including capitalised software; the calculated series above ties to the company's reported FCF of $19.3 billion, $14.1 billion, $18.7 billion, $19.8 billion and $20.1 billion respectively.
Cash flow commentary
Operating cash flow is the most stable line in Verizon's financial statements, oscillating in a narrow $36.9–39.5 billion band across five years despite a 45% swing in net income. This stability is the product of a large, growing depreciation and amortisation add-back ($16.2 billion rising to $18.3 billion), a consistent credit-loss provision ($789 million rising to $2,349 million — itself a signal of gradual credit-quality drift in the subscriber base), and deferred tax add-backs. It is the reason Verizon's dividend has never come under genuine threat despite the earnings decline.
The dominant cash-flow story of the period is the capital intensity unwind. Capex peaked at $23,087 million in FY2022 (16.9% of revenue) during the C-Band deployment and has since fallen to $17,011 million (12.3%). Combined with the collapse in spectrum spending — from $47,596 million in FY2021 to $450 million in FY2025 — total investing outflow fell 75% over four years. Free cash flow accordingly rose from a trough of $14,054 million in FY2022 to $20,126 million in FY2025, a 43% recovery achieved with essentially no revenue growth. FY2026 guidance takes capex lower again to $16.0–16.5 billion.
FY2025 financing activity was anomalous and deserves comment: Verizon raised $18,268 million of long-term borrowings, well above the $2–7 billion typical of FY2022–FY2024, and ended the year with $19,048 million of cash. This was pre-funding for the Frontier close on 20 January 2026, which required approximately $9.9 billion of cash purchase consideration plus assumption of approximately $12.9 billion of Frontier debt at fair value. Cash was drawn down to $8,366 million by 31 March 2026 and $1,752 million by 30 June 2026.
Verizon executed zero share repurchases in every year from FY2021 through FY2025 — a five-year period in which the entire discretionary shareholder return was the dividend. Repurchases resumed in 1Q26 with $2.5 billion (including an accelerated share repurchase of 50.76 million shares at an average price of $49.25), followed by $1.0 billion in 2Q26, with the full-year target raised to up to $4.5 billion.
Ratio analysis
Return on invested capital is computed as operating income multiplied by (1 minus the effective tax rate), divided by total debt plus total equity less cash. Users requiring it should build it from the accounts payable and accrued liabilities detail in the 10-K balance sheet.
Interpretation. The ratio set tells a coherent story of a business that de-levered its capital intensity while re-levering its interest burden. Interest coverage more than halved, from 9.3x to 4.4x, and has not recovered — that is a structural, not cyclical, change reflecting the maturity wall of low-coupon 2020–2021 issuance rolling into a higher-rate market. Return on invested capital fell from 10.8% to a 9.3% plateau; against a weighted average cost of capital plausibly in the 6.5–7.5% range for a Baa1/BBB+ credit with a 0.23 equity beta, Verizon is still creating economic value, but the spread has compressed by roughly 150 basis points. Asset turnover has drifted down every year, which is the arithmetic consequence of adding $37.7 billion of assets against $4.6 billion of revenue. The current ratio recovery in FY2025 to 0.91x is an artefact of Frontier pre-funding cash and will normalise back below 0.7x. The FY2023 payout ratio of 95.8% on GAAP EPS — a direct consequence of the goodwill impairment — was the moment the market began pricing dividend risk; on free cash flow, cover never fell below 1.30x and has been stable at approximately 1.75x since.
7. SEGMENTAL AND GEOGRAPHIC REVENUE MAPPING
Verizon does not disclose a geographic revenue split in its financial statements. This is a material limitation for any regional analysis and should be stated plainly rather than worked around. The FY2025 Form 10-K contains no revenue-by-geography table; the only geographic disaggregation in the filing is for income tax purposes, splitting pre-tax income between Ireland and foreign jurisdictions excluding Ireland. Country-level revenue is not publicly disclosed.
What can be established from disclosure:
Fastest-growing and declining areas. In the absence of geographic disclosure, the meaningful growth/decline analysis is by segment and customer group rather than region:
The drivers are well identified in the filings and management commentary. Consumer growth is priced-led and, from 4Q25, increasingly volume-led. Enterprise and Public Sector decline reflects secular migration off legacy voice and TDM circuits, federal budget pressure, and competitive substitution by systems integrators, SD-WAN vendors and cloud-native networking. Wholesale decline reflects consolidation among the small number of large carrier counterparties, most of which compete with Verizon directly. The international enterprise business is being exited via joint venture precisely because it lacked the scale to compete against Orange Business, Tata Communications, NTT and Telefónica Global Solutions.
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Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Service revenues and other (USD Mn) | 110,449 | 109,625 | 109,652 | 111,571 | 112,721 |
Wireless equipment revenues (USD Mn) | 23,164 | 27,210 | 24,322 | 23,217 | 25,470 |
Total operating revenues (USD Mn) | 133,613 | 136,835 | 133,974 | 134,788 | 138,191 |
Cost of services (USD Mn) | 31,234 | 28,637 | 28,100 | 27,997 | 27,789 |
Cost of wireless equipment (USD Mn) | 25,067 | 30,496 | 26,787 | 26,100 | 28,976 |
Gross profit (USD Mn) | 77,312 | 77,702 | 79,087 | 80,691 | 81,426 |
Selling, general and administrative expense (USD Mn) | 28,658 | 30,136 | 32,745 | 34,113 | 33,818 |
Depreciation and amortisation (USD Mn) | 16,206 | 17,099 | 17,624 | 17,892 | 18,349 |
Verizon Business Group goodwill impairment (USD Mn) | 0 | 0 | 5,841 | 0 | 0 |
Operating income (USD Mn) | 32,448 | 30,467 | 22,877 | 28,686 | 29,259 |
Consolidated EBITDA (USD Mn) | 49,111 | 48,983 | 40,135 | 47,520 | 47,715 |
Interest expense (USD Mn) | 3,485 | 3,613 | 5,524 | 6,649 | 6,694 |
Other income (expense), net (USD Mn) | 312 | 1,373 | -313 | 995 | 107 |
Income before provision for income taxes (USD Mn) | 29,420 | 28,271 | 16,987 | 22,979 | 22,672 |
Provision for income taxes (USD Mn) | 6,802 | 6,523 | 4,892 | 5,030 | 5,064 |
Consolidated net income (USD Mn) | 22,618 | 21,748 | 12,095 | 17,949 | 17,608 |
Net income attributable to noncontrolling interests (USD Mn) | 553 | 492 | 481 | 443 | 434 |
Net income attributable to Verizon (USD Mn) | 22,065 | 21,256 | 11,614 | 17,506 | 17,174 |
Diluted EPS (USD) | 5.32 | 5.06 | 2.75 | 4.14 | 4.06 |
Adjusted EPS excluding special items (USD) | 5.39 | 5.18 | 4.71 | 4.59 | 4.71 |
Dividends declared per share (USD) | 2.5350 | 2.5850 | 2.6350 | 2.6850 | 2.7350 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 57.9 | 56.8 | 59.0 | 59.9 | 58.9 |
Operating margin (%) | 24.3 | 22.3 | 17.1 | 21.3 | 21.2 |
EBITDA margin (%) | 36.8 | 35.8 | 30.0 | 35.3 | 34.5 |
Net income margin, consolidated (%) | 16.9 | 15.9 | 9.0 | 13.3 | 12.7 |
SG&A as percent of revenue (%) | 21.4 | 22.0 | 24.4 | 25.3 | 24.5 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash and cash equivalents (USD Mn) | 2,921 | 2,605 | 2,065 | 4,194 | 19,048 |
Accounts receivable, net (USD Mn) | 23,846 | 24,506 | 25,085 | 26,109 | 27,097 |
Inventories (USD Mn) | 3,055 | 2,388 | 2,057 | 2,247 | 2,441 |
Total current assets (USD Mn) | 36,728 | 37,857 | 36,814 | 40,523 | 56,922 |
Plant, property and equipment, net (USD Mn) | 99,696 | 107,434 | 108,310 | 108,522 | 109,467 |
Wireless licences (USD Mn) | 147,619 | 149,796 | 155,667 | 156,613 | 157,039 |
Goodwill (USD Mn) | 28,603 | 28,671 | 22,843 | 22,841 | 22,841 |
Other intangible assets, net (USD Mn) | 11,677 | 11,461 | 11,057 | 11,129 | 10,458 |
Wireless licences, goodwill and other intangibles (USD Mn) | 187,899 | 189,928 | 189,567 | 190,583 | 190,338 |
Operating lease right-of-use assets (USD Mn) | 27,883 | 26,130 | 24,726 | 24,472 | 23,498 |
Total non-current assets (USD Mn) | 329,868 | 341,823 | 343,441 | 344,188 | 347,336 |
Total assets (USD Mn) | 366,596 | 379,680 | 380,255 | 384,711 | 404,258 |
Total current liabilities (USD Mn) | 47,160 | 50,167 | 53,224 | 64,771 | 62,370 |
Working capital (USD Mn) | -10,432 | -12,310 | -16,410 | -24,248 | -5,448 |
Total liabilities (USD Mn) | 283,396 | 287,218 | 286,459 | 284,131 | 298,517 |
Total equity including noncontrolling interests (USD Mn) | 83,200 | 92,462 | 93,796 | 100,580 | 105,741 |
Equity attributable to Verizon (USD Mn) | 81,790 | 91,144 | 92,430 | 99,240 | 104,461 |
Retained earnings (USD Mn) | 71,993 | 78,091 | 78,624 | 85,029 | 94,744 |
Balance Sheet and Financial Ratios (x)
| Metric | FY2024 | FY2025 | 1Q26 | 2Q26 |
|---|---|---|---|---|
Debt maturing within one year (USD Mn) | 22,633 | 18,618 | 28,229 | 21,783 |
Long-term debt (USD Mn) | 121,362 | 139,532 | 144,231 | 143,448 |
Total debt (USD Mn) | 143,995 | 158,150 | 172,460 | 165,231 |
Secured debt (USD Mn) | 26,095 | 27,067 | 29,962 | 28,760 |
Unsecured debt (USD Mn) | 117,900 | 131,083 | 142,498 | 136,471 |
Equity credit for junior subordinated notes (USD Mn) | 0 | 1,982 | 4,079 | 6,037 |
Cash and cash equivalents (USD Mn) | 4,194 | 19,048 | 8,366 | 1,752 |
Net unsecured debt (USD Mn) | 113,700 | 110,053 | 130,053 | 128,682 |
Unsecured debt to consolidated net income, LTM (x) | 0 | 7.4 | 0 | 8.2 |
Net unsecured debt to consolidated adjusted EBITDA (x) | 0 | 2.2 | 0 | 2.5 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash provided by operating activities (USD Mn) | 39,539 | 37,141 | 37,475 | 36,912 | 37,137 |
Capital expenditures including capitalised software (USD Mn) | 20,286 | 23,087 | 18,767 | 17,090 | 17,011 |
Free cash flow (USD Mn) | 19,253 | 14,054 | 18,708 | 19,822 | 20,126 |
Acquisitions of wireless licences (USD Mn) | 47,596 | 3,653 | 5,796 | 900 | 450 |
Cash paid for acquisitions of businesses, net (USD Mn) | 4,065 | -248 | 30 | 0 | 0 |
Net cash used in investing activities (USD Mn) | 67,153 | 28,662 | 23,432 | 18,674 | 16,660 |
Proceeds from long-term borrowings (USD Mn) | 33,034 | 7,074 | 2,018 | 3,146 | 18,268 |
Proceeds from asset-backed long-term borrowings (USD Mn) | 8,383 | 10,732 | 6,594 | 12,422 | 9,338 |
Repayments of long-term borrowings and finance leases (USD Mn) | 14,063 | 8,616 | 6,181 | 11,854 | 11,352 |
Repayments of asset-backed long-term borrowings (USD Mn) | 4,800 | 4,948 | 4,443 | 8,490 | 8,437 |
Dividends paid (USD Mn) | 10,445 | 10,805 | 11,025 | 11,249 | 11,481 |
Share repurchases (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Net cash provided by (used in) financing activities (USD Mn) | 8,277 | -8,529 | -14,657 | -17,100 | -5,613 |
Capex as percent of revenue (%) | 15.2 | 16.9 | 14.0 | 12.7 | 12.3 |
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View Subscription PlansReturns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Return on equity, consolidated net income on ending total equity (%) | 27.2 | 23.5 | 12.9 | 17.8 | 16.7 |
Return on assets, consolidated net income on ending total assets (%) | 6.2 | 5.7 | 3.2 | 4.7 | 4.4 |
Return on invested capital, analyst-computed (%) | 10.8 | 9.7 | 6.7 | 9.3 | 9.3 |
Current ratio (x) | 0.78 | 0.75 | 0.69 | 0.63 | 0.91 |
Total debt to total equity (x) | 1.81 | 1.63 | 1.61 | 1.43 | 1.50 |
Interest coverage, operating income on interest expense (x) | 9.3 | 8.4 | 4.1 | 4.3 | 4.4 |
Total asset turnover (x) | 0.36 | 0.36 | 0.35 | 0.35 | 0.34 |
Days sales outstanding (days) | 65.1 | 65.4 | 68.3 | 70.7 | 71.6 |
Days inventory outstanding (days) | 19.8 | 14.7 | 13.7 | 15.2 | 15.7 |
Dividend payout on diluted EPS (%) | 47.7 | 51.1 | 95.8 | 64.9 | 67.4 |
Free cash flow dividend cover (x) | 1.84 | 1.30 | 1.70 | 1.76 | 1.75 |
Attribute Details
| Attribute | Detail |
|---|---|
Predominant revenue geography | United States. Both reportable segments are described as serving customers "across the U.S."; only the Business segment provides "a subset of these products and services to customers around the world." |
International presence | Verizon owns and operates one of the largest global fibre-optic networks in the world, providing connectivity to Business customers in more than 180 countries (FY2025 Form 10-K). |
Scale of international enterprise wireline | The BT joint venture announcement (29 June 2026) states that the combined entity — BT International plus Verizon's international enterprise wireline arm — will serve more than 3,000 customers across more than 180 countries with approximately $4 billion in combined annual revenue. Verizon agreed to pay BT a $625 million equalisation payment, implying that Verizon's contributed business is somewhat smaller in value than BT's. This bounds Verizon's international enterprise wireline revenue at materially less than $4 billion — under 3% of consolidated revenue. |
Accounting treatment | In 2Q26 the international wireline connectivity and managed network services business was classified as held for sale and moved out of the Business segment into Corporate and other, generating a $746 million pre-tax loss on disposition of business. |
Wireline service footprint (domestic) | 31 US states and Washington D.C. following the Frontier close, per the FY2025 Form 10-K as of filing date. |
Revenue Lines
| Revenue line | FY2023 | FY2024 | FY2025 | Direction |
|---|---|---|---|---|
Consumer (USD Mn) | 101,626 | 102,904 | 106,800 | Growing; +3.8% in FY2025 |
Business — Business Markets and Other (USD Mn) | 12,697 | 13,081 | 13,600 | Growing; small and medium business and FWA-led |
Business — Enterprise and Public Sector (USD Mn) | 15,076 | 14,218 | 13,500 | Declining; -10.5% over two years |
Business — Wholesale (USD Mn) | 2,313 | 2,196 | 2,000 | Declining; -13.5% over two years |
Valuation Snapshot
| Metric | Value |
|---|---|
Share price (mid-August 2026) | Approximately $47–48 |
52-week range | $38.39 (low, 23 October 2025) to $51.68 (high, 24 March 2026) |
Market capitalisation | Approximately $200–201 billion |
Shares outstanding | Approximately 4.15 billion |
Beta | 0.23–0.24 |
P/E (trailing twelve months) | Approximately 12.6x |
Forward P/E (next twelve months) | Approximately 9.5x |
Price to sales | Approximately 1.46–1.52x |
Price to book | Approximately 1.9x |
Revenue (trailing twelve months) | $138.9 billion |
Adjusted EBITDA (LTM to 30 June 2026) | $51.753 billion |
Return on equity (trailing twelve months) | Approximately 15.6% |
Consensus rating | "Buy" per 26 analysts polled by S&P Global; "Moderate Buy" per MarketBeat's 20-analyst sample |
Average 12-month price target | $51.21 to $51.56 |
Target range | $44.00 low to $71.00 high (S&P Global sample); $40.00 to $56.00 (MarketBeat sample) |
Implied upside on average target | Approximately 6% to 10% |
FY2026 consensus EPS | Approximately $4.69 to $4.94 depending on sample and date; company guidance $4.99–$5.04 |
FY2027 consensus EPS | Approximately $5.26 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends declared per share (USD) | 2.5350 | 2.5850 | 2.6350 | 2.6850 | 2.7350 |
Dividends paid, total (USD Mn) | 10,445 | 10,805 | 11,025 | 11,249 | 11,481 |
Dividend growth year over year (%) | 2.0 | 2.0 | 1.9 | 1.9 | 1.9 |
Payout ratio on diluted EPS (%) | 47.7 | 51.1 | 95.8 | 64.9 | 67.4 |
Free cash flow cover (x) | 1.84 | 1.30 | 1.70 | 1.76 | 1.75 |
Capital Programmes
| Programme | Detail |
|---|---|
Authorisation | Up to $25 billion, authorised 30 January 2026, no fixed expiration; runs until exhausted or superseded |
2026 target | Originally at least $3 billion; raised to up to $4.5 billion on 24 July 2026 |
Executed 1Q26 | $2.5 billion, including an accelerated share repurchase of 50.76 million shares at an average price of $49.25 |
Executed 2Q26 | $1.0 billion; year-to-date $3.5 billion |
Total capital return framework | Approximately $55 billion through the end of 2028 via dividends and repurchases; $9.4 billion returned in 1H26 |
Prior history | Zero repurchases in each of FY2021, FY2022, FY2023, FY2024 and FY2025 |
Credit Ratings
| Agency | Long-term rating | Short-term | Outlook | Last action |
|---|---|---|---|---|
Moody's Ratings | Baa1 (issuer and senior unsecured); (P)Baa1 shelf and MTN | Prime-2 | Stable | Affirmed 7 August 2025 |
S&P Global Ratings | BBB+ | A-2 | Stable | — |
Fitch Ratings | A- | F2 | Stable | — |
Margin Analysis (%) (Original guidance (30 Jan 2026)–Current guidance (24 Jul 2026))
| Metric | Original guidance (30 Jan 2026) | Raised guidance (27 Apr 2026) | Current guidance (24 Jul 2026) |
|---|---|---|---|
Mobility and broadband service revenue growth (%) | 2.0 to 3.0 | 2.0 to 3.0 | 2.5 to 3.0 |
Adjusted EPS (USD) | 4.90 to 4.95 | 4.95 to 4.99 | 4.99 to 5.04 |
Adjusted EPS growth (%) | 4.0 to 5.0 | 5.0 to 6.0 | 6.0 to 7.0 |
Cash flow from operations (USD Bn) | 37.5 to 38.0 | 37.5 to 38.0 | 37.94 to 38.64 |
Free cash flow (USD Bn) | 21.5 or more | 21.5 or more | 21.94 to 22.14 |
Free cash flow growth (%) | 7.0 or more | 6.8 | 9.0 to 10.0 |
Capital expenditures (USD Bn) | 16.0 to 16.5 | 16.0 to 16.5 | 16.0 to 16.5 |
Monitorable Details
| Monitorable | Why it matters | Timing |
|---|---|---|
Further AI Connect contract announcements | Management guided to multiple additional deals worth multiple billions before year-end 2026. Non-delivery would undermine the central new element of the equity story. | Before 31 December 2026 |
4Q26 mobility and broadband service revenue growth reaching approximately 4.0% | The specific number management guided to. It is the test of whether volume growth translates to revenue growth. | 4Q26 results, approximately late January 2027 |
Postpaid phone net adds landing in the upper half of 750,000–1,000,000 | Requires roughly 510,000–760,000 in 2H26 against 239,000 in 1H26 — a seasonally plausible but demanding step-up. | 3Q26 and 4Q26 |
Simplicity, Verizon One and Loyalty attach rates and churn effect | Management asserted accretion to revenue and EBITDA and continued churn reduction. Verizon has not disclosed take-up. | 3Q26 onward |
$5 billion 2026 opex reduction delivery | Progress reported as on track in 1Q26 with savings in advertising, network operating costs and workforce. | Quarterly |
Frontier integration and synergy realisation toward $1 billion run-rate by 2028 | Largest integration since Alltel. Frontier debt repayment substantially complete by end-2026 is the near-term marker. | Continuous |
Deleveraging to 2.0–2.25x | Governs buyback capacity and rating stability. 2.5x at 30 June 2026. | During 2027 |
Buyback execution against the raised $4.5 billion target | $3.5 billion completed in 1H26; the raise signals confidence but 2H26 delivery is the proof. | 3Q26 and 4Q26 |
FCC outage proceeding PS Docket No. 26-21 | Possible enforcement action; the Supreme Court has now confirmed the FCC's forfeiture authority. | Open |
SpaceX direct-to-device commercial launch and the three-carrier JV definitive agreements | The JV remains an agreement in principle only. Failure to convert it would leave the carriers individually exposed. | Ongoing |
BT joint venture regulatory clearance | Expected to complete in 2027; a delay extends the held-for-sale accounting drag. | 2,027 |
Vestberg's departure as special advisor, 4 October 2026 | Completes the leadership transition. | 4 October 2026 |
Q3 2026 results | Estimated 20 October 2026. | October 2026 |
Executive Leadership
Executive Leadership Team
| Name | Title | Notes |
|---|---|---|
Dan Schulman | Chief Executive Officer | Appointed effective 4 October 2025. Verizon director since 2018; lead independent director from December 2024. Former chief executive of PayPal Holdings 2015–2023, where Verizon states revenue tripled from $8 billion to $30 billion and EPS grew fivefold. Prior senior roles at AT&T, Priceline, Virgin Mobile and American Express. Age reported as 67–68 at appointment. |
Anthony (Tony) Skiadas | Executive Vice President and Chief Financial Officer | CFO since April 2023; long-tenured Verizon finance executive. Age reported as 57. |
Kyle Malady | Executive Vice President and Chief Executive Officer, Verizon Business Group | Former Verizon chief technology officer; leads the enterprise, public sector and wholesale business. |
Alfonso Villanueva | Executive Vice President and Chief Executive Officer, Verizon Consumer Group | Succeeded Sowmyanarayan Sampath, who stepped down 4 February 2026 and separated from the company 27 March 2026. |
Joe Russo | Executive Vice President and President, Global Networks and Technology | Retained in role through the December 2025 network reorganisation. |
Leslie Berland | Executive Vice President and Chief Marketing Officer | Joined January 2024; previously CMO at Twitter and American Express. Age reported as 48. |
Vandana Venkatesh | Executive Vice President and Chief Legal Officer | In role since October 2022. Age reported as 54. |
Franz Paasche | Executive Vice President, Corporate Affairs | Joined from PayPal, where he was chief corporate affairs officer. |
Donna Epps | Senior Vice President and Chief Responsible Business Officer | Leads ESG, sustainability and responsible business. |
Mary-Lee Stillwell | Senior Vice President and Controller | Principal accounting officer since April 2023. Age reported as 52. |
Scott Krohn | Senior Vice President and Treasurer | In role since 2015. |
William L. Horton, Jr. | Senior Vice President, Deputy General Counsel and Corporate Secretary | Signatory on Verizon's 2026 Forms 8-K. |
Hans Vestberg | Special Advisor | Chief executive 2018–2025 and board chair 2019–2025. Serving as special advisor through 4 October 2026, focused on the Frontier integration. |
Board of Directors
| Director | Principal occupation | Role |
|---|---|---|
Mark T. Bertolini | Chief Executive Officer, Oscar Health, Inc. | Chair of the Board (independent), elected October 2025. Verizon director since 2014. Age reported as 69. |
Dan Schulman | Chief Executive Officer, Verizon | Executive director |
Shellye L. Archambeau | Former Chief Executive Officer, MetricStream, Inc. | Independent |
Roxanne S. Austin | President and Chief Executive Officer, Austin Investment Advisors | Independent |
Vittorio Colao | Former Italian Minister for Innovation, Digital Transition and Space; former Chief Executive, Vodafone Group plc | Independent; director since 2010. Age reported as 64. |
Caroline Litchfield | Executive Vice President and Chief Financial Officer, Merck & Co., Inc. | Independent; joined June 2025. Age reported as 57. |
Jennifer Mann | Executive Vice President and President, North America Operating Unit, The Coca-Cola Company | Independent; joined December 2025. Age reported as 53. |
Laxman Narasimhan | Former Chief Executive Officer, Starbucks Corporation | Independent; director since 2021. Age reported as 58. |
Carol B. Tomé | Chief Executive Officer, United Parcel Service, Inc. | Independent |
Directors' Remuneration
| Named executive officer | Salary | Stock awards | Non-equity incentive | Pension/NQDC change | All other | **Total** |
|---|---|---|---|---|---|---|
Daniel Schulman, CEO | 375,000 | 32,774,795 | 937,500 | 0 | 223,721 | 34,311,016 |
Hans Vestberg, former Chairman and CEO | 1,500,000 | 25,000,000 | — | — | 924,990 | 31,175,022 |
Sowmyanarayan Sampath, former EVP and Group CEO – Consumer | 1,200,000 | 15,000,000 | — | — | 301,130 | 18,900,000 |
Anthony Skiadas, EVP and CFO | 1,100,000 | 13,000,067 | 1,650,000 | 1,299 | 256,860 | 16,008,226 |
Kyle Malady, EVP and Group CEO – Business | — | — | — | — | — | 12,760,000 |
Vandana Venkatesh, EVP and Chief Legal Officer | — | — | — | — | — | 7,430,000 |
Major Shareholders
| Holder | Shares | Percent | Source |
|---|---|---|---|
BlackRock, Inc. | 348,127,746 | 8.3% | 2026 DEF 14A beneficial ownership table |
State Street Corporation | 215,538,375 | 5.2% | 2026 DEF 14A beneficial ownership table |
The Vanguard Group | See note | See note | 13G filed 27 March 2026 |
Governance Timeline
| Date | Initiative | Detail |
|---|---|---|
Jan 2025 | AI Connect launched | Suite for AI workload connectivity; relaunched in importance under Schulman. |
May 2025 | DEI programmes ended | Undertaken in connection with FCC review of the Frontier transaction. |
Oct 2025 | Eaton Fiber commercial arrangement | Tillman affiliate funds, builds and operates fibre; Verizon is exclusive retail provider. |
Oct 2025 | CEO transition and board chair separation | Schulman CEO; Bertolini independent chair. |
Nov 2025 | Workforce and cost restructuring | More than 13,000 positions; 179 stores franchised; $20 million reskilling fund; $1,715 million severance charge in 4Q25. |
Dec 2025 | Network organisation restructure | New Core Engineering and Operations organisation; new wireless, fibre and core network leaders. |
Jan 2026 | Frontier and Starry acquisitions close | Fibre to 30 million-plus locations; MDU fixed wireless. |
Jan 2026 | Comcast and Charter MVNO agreement amended and modernised | Long-term agreement extended and enhanced. |
Jan 2026 | Capital return framework | $25 billion buyback authorisation; dividend +2.5%; approximately $55 billion returned through 2028; at least $3 billion of buybacks in 2026. |
May 2026 | Satellite direct-to-device joint venture | Agreement in principle with AT&T and T-Mobile. |
Jun 2026 | Simplicity, Verizon One, Verizon Loyalty | Comprehensive consumer proposition reset. |
Jun 2026 | BT Group joint venture | 50:50 international enterprise combination; $625 million equalisation payment; close expected 2027. |
Jun 2026 | Liability management | Tender offers and consent solicitations for 20 series of Verizon and subsidiary notes; private exchange offers for 11 series, covering approximately $1.86 billion of subsidiary notes — simplifying the post-Frontier capital structure and tightening covenants. |
Jul 2026 | Google dark fibre agreement | Well in excess of $1 billion; first disclosed AI Connect anchor contract. |
Jul 2026 | Buyback target raised | Full-year 2026 repurchase target increased to up to $4.5 billion. |
Aug 2026 | Lockheed Martin collaboration | NetSense counter-unmanned-aircraft system combining 5G, commercial technology and AI, with Verizon and NVIDIA. |
Targets & Commitments
| Target | Statement |
|---|---|
2026 mobility and broadband service revenue growth | 2.5% to 3.0%, accelerating to approximately 3.0% in 3Q26 and approximately 4.0% in 4Q26 |
2026 wireless service revenue growth | Approximately flat, during transition to volume-based growth |
2026 adjusted EPS | $4.99 to $5.04, growth of 6.0% to 7.0% |
2026 cash flow from operations | $37.94 to $38.64 billion, growth of 2.2% to 4.0% |
2026 free cash flow | $21.94 to $22.14 billion, growth of 9.0% to 10.0% |
2026 capital expenditures | $16.0 to $16.5 billion |
2026 retail postpaid phone net additions | Upper half of a 750,000 to 1,000,000 range |
2026 fibre build | At least 2.0 million passings; more than 32 million total fibre passings by year end |
2026 share repurchases | Up to $4.5 billion |
Fixed wireless access subscribers | 8 to 9 million by 2028; availability to 90 million households |
Frontier synergies | More than $1 billion run-rate operating cost synergies by 2028 |
Leverage | Net unsecured debt to adjusted EBITDA of 2.0x to 2.25x during 2027 |
Shareholder returns | Approximately $55 billion through the end of 2028 |
Targets & Commitments by Target / Counterparty
| Target / counterparty | Type | Announced | Closed | Value | Rationale and financing | Status |
|---|---|---|---|---|---|---|
Frontier Communications Parent, Inc. | Acquisition | 5 Sep 2024 | 20 Jan 2026 | $38.50 per share cash; approximately $9.6 billion equity value; approximately $20 billion enterprise value. 10-Q discloses approximately $9.92 billion purchase consideration, approximately $12.9 billion of debt assumed at fair value, $7.76 billion of goodwill and $2.90 billion of other intangibles recognised. | Fibre convergence: extends fibre to more than 30 million homes and businesses across 31 states and D.C. Cash-funded from FY2025 pre-funding issuance. FCC approval May 2025 conditioned on ending DEI programmes; California approval 15 January 2026 was the final regulatory gate. | Closed; integration underway. Approximately half of assumed Frontier debt repaid within the first quarter post-close; substantially all expected repaid by end-2026. |
Starry Group Holdings, Inc. | Acquisition | Oct 2025 | 30 Jan 2026 | — | Millimetre-wave fixed wireless in multi-dwelling units across five markets; accelerates the 8–9 million FWA target. Guggenheim Securities advised Starry. | Closed |
Array Digital Infrastructure (formerly UScellular) spectrum | Asset acquisition | 17 Oct 2024 | 1 Jun 2026 | $1.0 billion | AWS, cellular and PCS licences; Verizon held lease rights pending close. Conditioned on completion of the T-Mobile purchase of UScellular's wireless operations (closed 1 August 2025) and termination of related post-closing arrangements. FCC Wireless Bureau approval 14 May 2026. | Closed |
BT Group plc — international enterprise joint venture | Joint venture | 28–29 Jun 2026 | Expected 2027 | Approximately $4 billion combined annual revenue; Verizon pays BT a $625 million equalisation payment; 50:50 equity and equal voting rights | Combines BT International with Verizon's international enterprise wireline connectivity and managed network services business into a UK-headquartered NewCo designed for cloud and AI-era multinational connectivity. Martijn Blanken appointed CEO-designate, joining BT from 1 September 2026. Relative values subject to customary post-closing cash, working capital and indebtedness adjustments. | Pending regulatory clearances and employee consultations. Verizon's contributed business classified as held for sale in 2Q26, generating a $746 million pre-tax loss on disposition. |
AT&T / T-Mobile / Verizon satellite direct-to-device JV | Joint venture | 14 May 2026 | Not yet formed | — | Pooling of limited spectrum resources to support satellite D2D coverage, create industry specifications and provide satellite operators a unified platform. Existing individual carrier-satellite agreements remain in place. | Agreement in principle only — subject to negotiation of definitive agreements and customary closing conditions. Flagged as unconfirmed. |
Eaton Fiber (Tillman Global Holdings) | Commercial arrangement / strategic partnership | Oct 2025 | In effect | Not disclosed for the Verizon arrangement; Bain Capital and Tillman committed $1.5 billion to Eaton Fiber on 29 July 2026 | Eaton funds, builds, maintains and operates fibre; Verizon is exclusive retail provider for residential and small business fibre, owning sales, marketing and end-user service. Extends Verizon fibre to more than one million locations outside its footprint without Verizon capital. Eaton's acquisition of Ripple Fiber expected to close before end-2026. | Active and expanding |
Vertical Bridge REIT LLC | Tower monetisation | Dec 2024 | Dec 2024 | Not restated here | Lease and licence of approximately 6,300 towers; follows a comparable 2015 tower monetisation transaction. Prepaid rent structure. | Closed |
TracFone Wireless, Inc. | Acquisition | Sep 2020 | 23 Nov 2021 | Approximately $6.25 billion | Established the Verizon Value prepaid portfolio and brought SafeLink Lifeline scale. | Closed; fully integrated |
Verizon Media (AOL / Yahoo) | Divestiture | 3 May 2021 | 1 Sep 2021 | Approximately $5.0 billion to Apollo Global Management (approximately $4.25 billion cash plus retained interests) | Exit from content and advertising after the FY2018 Oath impairment. Generated a $1,051 million gain in FY2021. | Closed |
C-Band spectrum (FCC Auction 107) | Spectrum acquisition | Feb 2021 | 2021–2022 | $45.45 billion of licence payments plus multi-billion clearing and relocation obligations; FY2021 cash outflow for wireless licences was $47,596 million | Foundation of the 5G Ultra Wideband build. Debt-funded; drove FY2021 long-term borrowings of $33,034 million. | Completed; deployed from January 2022 |
Vodafone's 45% of Verizon Wireless | Acquisition | Sep 2013 | 21 Feb 2014 | Approximately $130 billion | Consolidated 100% of the wireless business. Historic origin of the leverage profile. | Closed |
“—” = not publicly disclosed.
Competitive Landscape
Key Competitors
| Competitor | Primary competitive arena | Positioning versus Verizon |
|---|---|---|
AT&T Inc. | Consumer and Business wireless; consumer and business fibre; enterprise networking | The closest structural analogue. FY2025 revenue $125.6 billion, net income $23.4 billion, adjusted EBITDA $46.4 billion, FCF $16.6 billion, capex $20.8 billion, diluted EPS $3.04, adjusted EPS $2.12. More than 1.5 million postpaid phone net adds for a fifth consecutive year, versus Verizon's roughly 300–350 thousand in FY2025. AT&T's convergence lead is real: it led with roughly 30 million fibre passings before Verizon's Frontier close, is acquiring Lumen's mass-market fibre business, and reported more than 40% of fibre subscribers bundling wireless. Returned over $12 billion to shareholders in 2025 with $45 billion-plus planned for 2026–2028. |
T-Mobile US, Inc. | Consumer and Business wireless; 5G home internet | The share gainer. FY2025 service revenues $71.3 billion (+8%), net income $11.0 billion, diluted EPS $9.72, core adjusted EBITDA $33.9 billion, adjusted FCF $18.0 billion, 8.0 million total net customer additions, 7.8 million postpaid net adds, 2.0 million broadband net adds, 142.4 million total customers, $14.0 billion returned to stockholders. 2026 core adjusted EBITDA guidance of $37.0–37.5 billion implies roughly 10% growth against Verizon's low-single-digit trajectory. Also absorbed UScellular's wireless operations in August 2025. Won first-ever J.D. Power highest network quality recognition in five of six regions in the 2026 study — directly attacking Verizon's core differentiator. |
Comcast Corporation (Xfinity Mobile) | Consumer wireless via MVNO on Verizon's network; broadband | Structurally unusual: Comcast is simultaneously Verizon's wholesale customer and its fastest-growing consumer wireless competitor. The January 2026 MVNO amendment locks in the relationship on modernised terms. |
Charter Communications, Inc. (Spectrum Mobile) | Consumer wireless via MVNO on Verizon's network; broadband | Same dual role as Comcast. Together these cable MVNOs have taken a material share of US postpaid phone net additions. |
SpaceX / Starlink | Emerging: direct-to-device cellular, satellite broadband | The most consequential new entrant. FCC approval of an approximately $40 billion EchoStar spectrum transaction in May 2026 gave Starlink the licensed spectrum to compete directly in cellular. Reporting on SpaceX spectrum ambitions moved Verizon and AT&T shares on 29 July 2026. The three-carrier D2D joint venture is a direct defensive response. Note the counterview: MoffettNathanson's Craig Moffett publicly argued on 24 July 2026 that the idea of SpaceX as a threat to cable is significantly overstated. |
EchoStar / Boost Mobile | Consumer wireless, value tier | Diminished as an operator following spectrum monetisation, but its spectrum divestitures reshaped the competitive map. |
Lumen Technologies, Inc. | Enterprise and wholesale fibre; AI data-centre connectivity | Direct competitor for hyperscaler dark-fibre contracts — the same market Verizon's Google deal opened. Divesting mass-market fibre to AT&T to concentrate on enterprise and AI transport. |
Zayo Group, Cogent Communications, Crown Castle Fiber | Metro and long-haul fibre; data-centre interconnect | Specialist competitors for AI Connect revenue. |
Altice USA, Cable One, Frontier (pre-acquisition), Windstream/Uniti | Regional broadband | Fragmented regional broadband competition, now partly consolidated into Verizon. |
Cisco, HPE, IBM, Accenture, Kyndryl, Orange Business, Tata Communications, NTT | Enterprise networking, managed services, systems integration | The 10-K notes that companies with a global presence increasingly compete in the Business segment, that large IT services companies are making strategic acquisitions and forging alliances, and that competition centres on cloud computing, software-defined networking and communications applications rather than on-premise equipment. |
Peer Comparison FY2025
| Metric | Verizon | AT&T | T-Mobile |
|---|---|---|---|
Total operating revenue (USD Bn) | 138.2 | 125.6 | 0 |
Service revenue (USD Bn) | 112.7 | 0 | 71.3 |
Revenue growth year over year (%) | 2.5 | 0 | 8.0 |
Net income (USD Bn) | 17.6 | 23.4 | 11.0 |
Net income margin on total revenue (%) | 12.7 | 18.6 | 0 |
Adjusted EBITDA (USD Bn) | 50.0 | 46.4 | 33.9 |
Diluted EPS (USD) | 4.06 | 3.04 | 9.72 |
Adjusted EPS (USD) | 4.71 | 2.12 | 0 |
Cash from operations (USD Bn) | 37.1 | 40.3 | 28.0 |
Capital expenditures (USD Bn) | 17.0 | 20.8 | 0 |
Free cash flow (USD Bn) | 20.1 | 16.6 | 18.0 |
Postpaid phone net additions (millions) | 0 | 1.5 | 0 |
Total customers / connections (millions) | 147 | 119 | 142.4 |
Shareholder returns in year (USD Bn) | 11.5 | 12.0 | 14.0 |
Recent Developments
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