# Verizon Communications (VZ) Q2 2025 Earnings Report
**Release Date: July 21, 2025**
Verizon Communications Inc. (NYSE: VZ) reported strong financial performance for the second quarter of 2025, demonstrating significant growth in key metrics. The following are the highlights of the report:
## Key Financial Highlights
– **Earnings Per Share (EPS)**:
– EPS for Q2 2025: **$1.18** (up **8.3%** from **$1.09** in Q2 2024)
– Adjusted EPS (excluding special items): **$1.22** (up **6.1%** from **$1.15** in Q2 2024)
– **Total Operating Revenue**:
– Q2 2025: **$34.5 billion**, representing a **5.2%** increase from **$32.8 billion** in Q2 2024.
– **Consolidated Net Income**:
– Q2 2025: **$5.1 billion**, compared to **$4.7 billion** in Q2 2024 (an **8.9%** increase).
– **Adjusted EBITDA**:
– Q2 2025: **$12.8 billion**, a rise of **4.1%** from **$12.3 billion** in Q2 2024.
– **Free Cash Flow**:
– First half of 2025: **$8.8 billion**, up from **$8.5 billion** in the first half of 2024.
– **Cash Flow from Operations**:
– First half of 2025: **$16.8 billion**, slightly higher than **$16.6 billion** in the same period last year.
## Customer Metrics
– **Wireless Service Revenue**:
– Q2 2025: **$20.9 billion** (up **2.2%** from Q2 2024).
– **Total Operating Revenue**:
– Q2 2025: **$34.5 billion** (up **5.2%** from Q2 2024).
– **Broadband and Mobility Customers**:
– Added **300,000 net additions** in customers across mobility and broadband.
– Reported **293,000 broadband net additions** in Q2 2025.
– **Fixed Wireless Access**:
– Notable total of **278,000 net additions**, growing the subscriber base to over **5.1 million**.
## Consumer Segment Performance
– **Consumer Revenue**:
– Q2 2025: **$26.6 billion**, a **6.9%** increase from **$24.9 billion** a year prior.
– **Consumer Wireless Service Revenue**:
– Q2 2025: **$17.4 billion**, reflecting a **2.3%** year-over-year increase.
– **Operating Income**:
– Consumer operating income stood at **$7.6 billion**, a modest increase of **0.5%** year-over-year, with a segment margin down to **28.7%** from **30.5%** in Q2 2024.
– **Churn Rate**:
– Consumer wireless retail postpaid churn for Q2 2025 was **1.12%**, with retail postpaid phone churn at **0.90%**.
## Business Segment Performance
– **Verizon Business Revenue**:
– Q2 2025: **$7.3 billion**, slight decrease of **0.3%** year-over-year.
– **Business Wireless Service Revenue**:
– Q2 2025: **$3.6 billion**, an increase of **1.6%** compared to Q2 2024.
– **Operating Income**:
– Business operating income reached **$638 million**, an increase of **27.6%** compared to **$500 million** in Q2 2024.
## Debt and Cash Management
– **Total Unsecured Debt**:
– Standing at **$119.4 billion** at the end of Q2 2025, compared to **$125.3 billion** from the previous year.
– **Net Unsecured Debt**:
– Totaled **$116.0 billion**, with a ratio of unsecured debt to consolidated net income at **6.4 times**.
## Dividend and Share Repurchase
– Verizon declared a quarterly dividend of **$0.6775** per common share, maintaining the same amount as from the previous quarter.
## Outlook for 2025
– Verizon has raised its financial guidance for the full year:
– Adjusted EBITDA growth projected at **2.5% to 3.5%**.
– Adjusted EPS growth forecasted at **1.0% to 3.0%**.
– Expected cash flow from operations to be between **$37.0 billion and $39.0 billion**.
– Free cash flow is expected to fall between **$19.5 billion and $20.5 billion**.
This comprehensive growth narrative showcases Verizon’s strategic trajectory and continued lead in the mobility and broadband sectors as they pursue innovation and improve customer engagement.
### Condensed Consolidated Statements of Income
*(dollars in millions except per share amounts)*
| 3 Mos. Ended 6/30/25 | 3 Mos. Ended 6/30/24 | % Change | 6 Mos. Ended 6/30/25 | 6 Mos. Ended 6/30/24 | % Change | |
|---|---|---|---|---|---|---|
| Service revenue and other | $28,249 | $27,798 | 1.6 | $56,336 | $55,418 | 1.7 |
| Wireless equipment revenue | $6,255 | $4,998 | 25.2 | $11,653 | $10,359 | 12.5 |
| Total Operating Revenue | $34,504 | $32,796 | 5.2 | $67,989 | $65,777 | 3.4 |
| Cost of services | $6,878 | $6,904 | -0.4 | $13,828 | $13,871 | -0.3 |
| Cost of wireless equipment | $7,007 | $5,567 | 25.9 | $13,113 | $11,472 | 14.3 |
| Selling, general and administrative expense | $7,812 | $8,024 | -2.6 | $15,686 | $16,167 | -3.0 |
| Depreciation and amortization expense | $4,635 | $4,483 | 3.4 | $9,212 | $8,928 | 3.2 |
| Total Operating Expenses | $26,332 | $24,978 | 5.4 | $51,839 | $50,438 | 2.8 |
| Operating Income | $8,172 | $7,818 | 4.5 | $16,150 | $15,339 | 5.3 |
| Income Equity in earnings (loss) of unconsolidated businesses | $-3 | $-14 | -78.6 | $3 | $-23 | * |
| Other income (expense), net | $79 | $-72 | * | $200 | $126 | 58.7 |
| Interest expense | $-1,639 | $-1,698 | -3.5 | $-3,271 | $-3,333 | -1.9 |
| Income Before Provision for Income Taxes | $6,609 | $6,034 | 9.5 | $13,082 | $12,109 | 8.0 |
| Provision for income taxes | $-1,488 | $-1,332 | 11.7 | $-2,978 | $-2,685 | 10.9 |
| Net Income | $5,121 | $4,702 | 8.9 | $10,104 | $9,424 | 7.2 |
| Net income attributable to noncontrolling interests | $118 | $109 | 8.3 | $222 | $229 | -3.1 |
| Net income attributable to Verizon | $5,003 | $4,593 | 8.9 | $9,882 | $9,195 | 7.5 |
| Net Income | $5,121 | $4,702 | 8.9 | $10,104 | $9,424 | 7.2 |
| Basic Earnings Per Common Share Net income attributable to Verizon | $1.18 | $1.09 | 8.3 | $2.34 | $2.18 | 7.3 |
| Weighted-average shares outstanding (in millions) | 4,224 | 4,215 | 4,223 | 4,215 | ||
| Diluted Earnings Per Common Share Net income attributable to Verizon | $1.18 | $1.09 | 8.3 | $2.34 | $2.18 | 7.3 |
| Weighted-average shares outstanding (in millions) | 4,228 | 4,221 | 4,227 | 4,220 |
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.
