Verizon is a connectivity company whose investment case depends on recurring wireless and broadband service revenue, not simply on the number of subscribers it adds. The company reports Consumer and Business segments, sells mobile and fixed connectivity, and is expanding broadband through both fixed wireless access (FWA) and fiber. Its July 24, 2026 second-quarter release showed improving service revenue and customer additions, but lower equipment sales and special items pushed reported revenue and GAAP earnings down.
The figures below come from Verizon’s 2025 Form 10-K and its July 24, 2026 second-quarter release, which was the latest earnings release reviewed as of October 13, 2026. Company metrics, non-GAAP measures and forecasts are identified as such; they are not independent industry estimates.
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What Verizon’s business includes
Verizon’s reportable operations are organized into Consumer and Business. Consumer serves households and individuals with mobile, home-internet and related communications products. Business serves companies and public-sector customers with wireless, broadband, networking and other communications services. Wireless service revenue is a central recurring stream across those activities, while equipment revenue comes largely from devices and related hardware sold to customers.
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2025 segment and service baseline
| Measure | 2025 reported amount | How to interpret it |
|---|---|---|
| Consumer operating revenue | $106.807 billion | Annual operating revenue for Verizon’s Consumer segment, reported in the 2025 Form 10-K. |
| Business operating revenue | $29.069 billion | Annual operating revenue for the Business segment, reported in the 2025 Form 10-K. |
| Total wireless service revenue | $83.703 billion | Company-wide 2025 wireless service revenue; Verizon reclassified recurring device-protection and insurance-plan revenue into this category beginning in the first quarter of 2025. |
| Capital expenditures | $17.0 billion | 2025 spending; Verizon identifies spectrum, capacity, fiber, network evolution, maintenance and information systems as major investment needs. |
The 2025 wireless-service figure is not perfectly comparable with earlier periods unless the reclassification is considered. Verizon began placing recurring device-protection and insurance-plan revenue in wireless service revenue in the first quarter of 2025, so part of the year-over-year change reflects reporting presentation as well as underlying activity.
How broadband growth is being built
Verizon’s broadband offering combines two different access models:
- Fixed wireless access: A home or business gateway connects over Verizon’s wireless network. It can be deployed without extending a dedicated fiber line to every premise, making the pace and economics different from fiber construction.
- Fiber broadband: A wired fiber connection offers a separate infrastructure path and requires extensive construction, activation and maintenance investment.
Verizon completed its Frontier acquisition on January 20, 2026, according to the 2025 Form 10-K, expanding its fiber footprint to 31 U.S. states and Washington, D.C. It also completed the Starry acquisition on January 30, 2026. Starry serves multi-dwelling units in five U.S. markets with fixed wireless broadband. The larger fiber footprint and the additional multi-dwelling-unit capability create potential distribution and scale benefits, but those benefits depend on integration and execution; they are not guaranteed outcomes.
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| Q2 2026 measure | Reported result |
|---|---|
| Total broadband net additions | 348,000 |
| Fixed wireless access additions | 193,000 |
| Fiber broadband additions | 155,000 |
| FWA and fiber connections at quarter-end | Approximately 17.1 million |
FWA supplied 193,000 of the quarter’s 348,000 broadband additions, while fiber supplied 155,000. That mix shows why “broadband growth” should not be treated as a single product trend: wireless capacity, gateway economics, fiber construction and customer demand all affect the result.
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What Verizon reported for the second quarter of 2026
Verizon reported approximately $23.4 billion of mobility and broadband service revenue in the second quarter of 2026, up 2.8% year over year. It added 184,000 postpaid phone customers and the 348,000 broadband connections described above.
Those operating gains did not translate directly into higher consolidated revenue. Total operating revenue was $34.3 billion, down 0.7% year over year. Verizon said stronger mobility and broadband service revenue was offset by an almost 20% decline in equipment revenue. For an investor, this is the key bridge: recurring service momentum can coexist with a weak device-sales quarter.
GAAP results versus adjusted measures
| Q2 2026 measure | Reported result | Status |
|---|---|---|
| Consolidated net income | $3.9 billion, down 22.9% year over year | GAAP result; Verizon attributed the decline primarily to $1.8 billion of pre-tax special items. |
| GAAP diluted EPS | $0.92, down 22.0% | GAAP result. |
| Adjusted EPS | $1.30, up 6.6% | Non-GAAP measure; excludes items defined by Verizon’s reconciliation. |
| Operating cash flow, first half | $18.4 billion, up 9.9% | Six-month reported cash-flow result. |
| Free cash flow, first half | $10.2 billion, up 16.0% | Non-GAAP measure as labeled by Verizon. |
The contrast between $0.92 GAAP EPS and $1.30 adjusted EPS is not a contradiction. GAAP includes the special items that affected net income; adjusted EPS removes items under Verizon’s non-GAAP methodology. Investors should examine the reconciliation and avoid treating adjusted EPS as a substitute for GAAP earnings.
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In the July 24 release, management raised its 2026 outlook. Every figure in this section is a forecast, not a reported result, and Verizon cautions that actual outcomes may differ materially from forward-looking statements.
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| 2026 guidance item | Management forecast |
|---|---|
| Mobility and broadband service revenue growth | 2.5% to 3.0% |
| Adjusted EPS | $4.99 to $5.04 |
| Cash flow from operations growth | Approximately 2% to 4% |
| Free cash flow growth | 9% to 10% |
| Capital expenditures | $16.0 billion to $16.5 billion |
| Postpaid phone net additions | Upper half of the previously stated 750,000 to 1.0 million range |
The guidance emphasizes service revenue and cash generation rather than equipment sales. The projected capital-expenditure range is below Verizon’s $17.0 billion reported for 2025, but the comparison should not be read as a promise of permanently lower network investment. Spending can vary with spectrum, fiber construction, capacity requirements, maintenance and integration work.
Cash generation, investment and debt
Telecommunications is capital intensive. Verizon’s 2025 Form 10-K identifies spectrum, network capacity, fiber, network evolution, maintenance and information systems as recurring investment requirements. The $17.0 billion 2025 capital-expenditure figure provides the annual baseline; the 2026 guidance range is management’s current plan.
First-half 2026 operating cash flow was $18.4 billion, up 9.9%, and first-half free cash flow was $10.2 billion, up 16.0%. Verizon labels free cash flow a non-GAAP measure, so the definition and reconciliation matter when comparing it with other companies. Cash generation can support network investment and financial obligations, but it does not remove the need to monitor debt service, refinancing and interest-rate conditions.
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Company-defined leverage measures
| At June 30, 2026 | Verizon-reported amount |
|---|---|
| Total unsecured debt | $136.5 billion |
| Net unsecured debt | $128.7 billion |
| Net unsecured debt to adjusted EBITDA | 2.5 times |
These are Verizon-defined measures and should not be confused with a universally standardized GAAP leverage ratio. The net figure reflects Verizon’s stated calculation, and the adjusted-EBITDA denominator is non-GAAP. Use the company’s definition consistently when tracking changes over time, then review GAAP debt, cash and interest obligations in the financial statements.
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How investors should read the growth signals
Service revenue versus equipment revenue
Service revenue generally reflects recurring customer relationships, while equipment revenue can be more volatile because it depends on device upgrades, promotions and sales timing. In the second quarter, service revenue rose 2.8% for mobility and broadband, yet total operating revenue fell because equipment revenue declined almost 20%. A service-led improvement is strategically important, but it does not guarantee near-term top-line growth.
Phone additions versus broadband additions
Postpaid phone net additions were 184,000 in the quarter. Broadband net additions were 348,000, more than the phone total, but the products have different installation, retention, capacity and acquisition-cost profiles. Investors should track both categories instead of treating one as a proxy for the other.
FWA versus fiber
FWA contributed 193,000 of the quarter’s broadband additions and fiber contributed 155,000. FWA can use existing wireless infrastructure and gateway equipment; fiber requires a physical access network and construction program. Verizon’s expanded fiber footprint after Frontier increases the addressable opportunity, while the Starry transaction adds a multi-dwelling-unit FWA presence. Neither acquisition guarantees a specific subscriber or margin outcome.
GAAP versus adjusted performance
GAAP net income and EPS capture special items; adjusted EPS and free cash flow are non-GAAP measures designed to exclude or recast specified items. The second quarter demonstrates why both views are necessary: adjusted EPS increased 6.6% while GAAP EPS decreased 22.0%.
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Risks that can change the investment case
Verizon lists risks in its filings and release that could cause actual results to differ materially from its forecasts. They are disclosed risk categories, not predictions of likelihood.
- Competition and pricing: Rivals’ promotions, price changes and changing customer preferences can affect additions, churn, revenue per account and margins.
- Execution: Business transformation, network deployment and integration programs may cost more, take longer or deliver less benefit than planned.
- Technology shifts: Changes in wireless, fiber, broadband or related technologies can alter required capital spending and customer demand.
- Economic conditions: Employment, household budgets, business spending and credit conditions can influence upgrades and connectivity purchases.
- Cybersecurity and disruptions: Cyberattacks, network outages and information-system failures can interrupt service and create remediation or regulatory costs.
- Debt and credit conditions: A large debt base makes refinancing conditions, interest rates and access to capital relevant to equity holders.
- Regulation: Changes in communications, spectrum, privacy, competition or consumer-protection rules can affect operations and costs.
- Acquisition and divestiture integration: Frontier and Starry must be integrated operationally and financially; expected scale or cross-selling benefits may not materialize.
A practical framework for analyzing future Verizon quarters
- Start with service revenue. Check mobility and broadband service growth, then determine whether the change is driven by customers, pricing, mix or the 2025 device-protection reclassification.
- Separate the customer categories. Review postpaid phone additions, broadband additions, FWA additions and fiber additions individually.
- Reconcile the income statement. Compare total operating revenue with service revenue and equipment revenue; identify special items before interpreting GAAP earnings.
- Read cash flow alongside capital spending. Compare operating cash flow and free cash flow with actual capital expenditures and the latest guidance range.
- Track balance-sheet capacity. Follow unsecured debt, cash, interest obligations and Verizon’s stated net-debt-to-adjusted-EBITDA measure without treating that measure as GAAP.
- Test guidance against execution. Mark each outlook item as a forecast and compare later reported results with the 2.5%–3.0% service-revenue target, $4.99–$5.04 adjusted-EPS range, cash-flow goals and capital plan.
- Look for integration evidence. After Frontier and Starry, monitor broadband additions, fiber footprint utilization, costs and operational milestones rather than assuming the acquisitions automatically improve returns.
What management says about the strategy
CEO Dan Schulman said in the second-quarter 2026 release, “We’re putting customers at the center of every decision we make.” He also said, “Our core connectivity business is gaining momentum, and with the emergence of AI infrastructure revenue, we are fundamentally reshaping Verizon’s growth trajectory.” These are management’s characterizations of strategy and opportunity, not independently verified forecasts. The reported quarter supports a measurable connectivity story—service revenue growth and additions in mobile and broadband—but the durability and financial impact of any emerging AI-infrastructure revenue remain matters for subsequent reported results.
Investor takeaway
Verizon’s wireless and broadband business is best understood as a recurring-connectivity platform supported by two broadband access paths and substantial infrastructure investment. The second quarter of 2026 brought positive service-revenue growth, 184,000 postpaid phone additions and 348,000 broadband additions, yet total revenue and GAAP earnings declined because equipment revenue fell and special items reduced reported income. The investment question is therefore not simply whether Verizon adds customers. It is whether service growth, FWA and fiber expansion, cash generation and integration execution can produce durable returns while the company funds its network and manages $128.7 billion of reported net unsecured debt.
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