Verizon Communications Inc. (VZ) Q3 2025 Financial Results Summary
Release Date: October 29, 2025
Verizon Communications Inc. (NYSE: VZ) has released its financial results for the third quarter of 2025, showcasing a mixture of growth and challenges as the company aims to redefine its trajectory. Below are the key highlights from their earnings report.
Key Financial Highlights
- Earnings per Share (EPS):
- Reported EPS of $1.17, a 50% increase from $0.78 in Q3 2024.
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Adjusted EPS (excluding special items) at $1.21, compared to $1.19 in Q3 2024.
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Total Operating Revenue:
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Achieved a revenue of $33.8 billion, representing a 1.5% increase year-over-year.
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Net Income:
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Reported consolidated net income of $5.1 billion, up 48% from $3.4 billion in the same quarter last year.
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Cash Flow:
- Cash flow from operating activities rose to $28.0 billion for the nine months ended September 30, 2025, compared to $26.5 billion in 2024.
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Free cash flow increased to $15.8 billion from $14.5 billion year-over-year.
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Wireless Service Revenue:
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Generated $21.0 billion in wireless service revenue, marking a 2.1% year-over-year growth.
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Wireless Equipment Revenue:
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Revenue of $5.6 billion, up 5.2% compared to the prior year.
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Debt Management:
- Total unsecured debt at the end of Q3 2025 was $119.7 billion, down from $126.4 billion in Q3 2024.
- The ratio of unsecured debt to consolidated net income (last twelve months) stood at 5.9 times, and net unsecured debt to adjusted EBITDA was at 2.2 times.
Broadband Performance
- Net Additions:
- Achieved 306,000 broadband net additions in Q3 2025.
- Fixed wireless access achieved 261,000 net additions, totaling nearly 5.4 million fixed wireless subscribers.
- 61,000 Fios internet net additions, the best quarterly performance in two years.
- Broadband Connections:
- Total broadband connections reached over 13.2 million, a 11.1% increase year-over-year.
Consumer Segment Insights
- Total consumer revenue was $26.1 billion, representing a 2.9% increase from Q3 2024.
- Consumer wireless service revenue grew by 2.4% to $17.4 billion.
- Consumer wireless retail postpaid churn was recorded at 1.12%, while wireless retail postpaid phone churn was at 0.91%.
- Wireless postpaid average revenue per account (ARPA) stood at $147.91, up 2.0% year-over-year.
Business Segment Overview
- Total Business revenue was $7.1 billion, down 2.8% compared to Q3 2024.
- Business wireless service revenue increased by 0.7% to $3.6 billion.
- Noteworthy performance included 110,000 wireless retail postpaid net additions, inclusive of 51,000 postpaid phone net additions.
- Operating income for the Business segment was $637 million, a 12.7% increase from the previous year, leading to an improved operating income margin of 8.9%.
Dividend Declaration
- Verizon has raised its quarterly dividend for the 19th consecutive year, now declared at $0.6900 per share, increased from $0.6775 previously.
Outlook and Guidance
Verizon has reiterated its financial guidance for the full year:
– Total wireless service revenue growth projected between 2.0% and 2.8%.
– Adjusted EBITDA growth targeted between 2.5% and 3.5%.
– Adjusted EPS growth forecast is between 1.0% and 3.0%.
– Cash flow from operations anticipated to reach between $37.0 billion to $39.0 billion.
– Expected free cash flow of $19.5 billion to $20.5 billion.
– Capital expenditures forecasted to remain within or below the previously guided range of $17.5 billion to $18.5 billion.
Verizon remains poised for future development, with confidence in achieving its investment goals and continuing to enhance customer value alongside shareholder returns.
Verizon Communications Inc.
Condensed Consolidated Statements of Income
(in millions except per share amounts)
| 3 Mos. Ended 9/30/25 | 3 Mos. Ended 9/30/24 | % Change | 9 Mos. Ended 9/30/25 | 9 Mos. Ended 9/30/24 | % Change | |
|---|---|---|---|---|---|---|
| Service revenue and other | $28,202 | $27,987 | 0.8 | $84,538 | $83,405 | 1.4 |
| Wireless equipment revenue | $5,619 | $5,343 | 5.2 | $17,272 | $15,702 | 10.0 |
| Total Operating Revenue | $33,821 | $33,330 | 1.5 | $101,810 | $99,107 | 2.7 |
| Operating Expenses | ||||||
| Cost of services | $6,863 | $7,193 | -4.6 | $20,691 | $21,064 | -1.8 |
| Cost of wireless equipment | $6,483 | $6,047 | 7.2 | $19,596 | $17,519 | 11.9 |
| Selling, general and admin expen. | $7,752 | $9,706 | -20.1 | $23,438 | $25,873 | -9.4 |
| Depreciation and amortization expen. | $4,618 | $4,458 | 3.6 | $13,830 | $13,386 | 3.3 |
| Total Operating Expenses | $25,716 | $27,404 | -6.2 | $77,555 | $77,842 | -0.4 |
| Operating Income | $8,105 | $5,926 | 36.8 | $24,255 | $21,265 | 14.1 |
| Equity in losses of unconsol. businesses | $-6 | $-24 | -75.0 | $-3 | $-47 | -93.6 |
| Other income, net | $92 | $72 | 27.8 | $292 | $198 | 47.5 |
| Interest expense | $-1,664 | $-1,672 | -0.5 | $-4,935 | $-5,005 | -1.4 |
| Income Before Provision for Income Taxes | $6,527 | $4,302 | 51.7 | $19,609 | $16,411 | 19.5 |
| Provision for income taxes | $-1,471 | $-891 | 65.1 | $-4,449 | $-3,576 | 24.4 |
| Net Income | $5,056 | $3,411 | 48.2 | $15,160 | $12,835 | 18.1 |
| Net income attributable to noncontrolling interests | $106 | $105 | 1.0 | $328 | $334 | -1.8 |
| Net income attributable to Verizon | $4,950 | $3,306 | 49.7 | $14,832 | $12,501 | 18.6 |
| Basic Earnings Per Common Share | $1.17 | $0.78 | 50.0 | $3.51 | $2.96 | 18.6 |
| Weighted-average shares outstanding (in millions) | 4,228 | 4,220 | 4,225 | 4,217 | ||
| Diluted Earnings Per Common Share | $1.17 | $0.78 | 50.0 | $3.51 | $2.96 | 18.6 |
| Weighted-average shares outstanding (in millions) | 4,233 | 4,225 | 4,229 | 4,221 |
Verizon Communications Inc.
Condensed Consolidated Balance Sheets
(dollars in millions)
| Assets | 9/30/25 | 12/31/24 | $ Change |
|---|---|---|---|
| Cash and cash equivalents | $7,706 | $4,194 | $3,512 |
| Accounts receivable | $27,083 | $27,261 | $-178 |
| Less Allowance for credit losses | $1,163 | $1,152 | $11 |
| Accounts receivable, net | $25,920 | $26,109 | $-189 |
| Inventories | $2,700 | $2,247 | $453 |
| Prepaid expenses and other | $7,684 | $7,973 | $-289 |
| Total current assets | $44,010 | $40,523 | $3,487 |
| Property, plant and equipment | $334,765 | $331,406 | $3,359 |
| Less Accumulated depreciation | $226,298 | $222,884 | $3,414 |
| Property, plant and equipment, net | $108,467 | $108,522 | $-55 |
| Investments in unconsolidated businesses | $799 | $842 | $-43 |
| Wireless licenses | $156,926 | $156,613 | $313 |
| Goodwill | $22,841 | $22,841 | $— |
| Other intangible assets, net | $10,516 | $11,129 | $-613 |
| Operating lease right-of-use assets | $23,760 | $24,472 | $-712 |
| Other assets | $21,012 | $19,769 | $1,243 |
| Total assets | $388,331 | $384,711 | $3,620 |
| Liabilities and Equity | |||
|---|---|---|---|
| Current liabilities | |||
| Debt maturing within one year | $20,146 | $22,633 | $-2,487 |
| Accounts payable and accrued liabilities | $20,700 | $23,374 | $-2,674 |
| Current operating lease liabilities | $4,501 | $4,415 | $86 |
| Other current liabilities | $14,216 | $14,349 | $-133 |
| Total current liabilities | $59,563 | $64,771 | $-5,208 |
| Long-term debt | $126,629 | $121,381 | $5,248 |
| Employee benefit obligations | $11,072 | $11,997 | $-925 |
| Deferred income taxes | $48,226 | $46,732 | $1,494 |
| Non-current operating lease liabilities | $19,176 | $19,928 | $-752 |
| Other liabilities | $17,320 | $19,327 | $-2,007 |
| Total long-term liabilities | $222,423 | $219,365 | $3,058 |
| Equity | |||
| Common stock | $429 | $429 | $— |
| Additional paid in capital | $13,408 | $13,466 | $-58 |
| Ret |
