Verizon reported adjusted earnings per share of $1.09 for Q4, topping consensus estimates of $1.06, and generated revenue of $36.4 billion versus the $36.1 billion analysts expected. Wireless service revenue grew 1.1% year-over-year to $21.0 billion, while equipment revenue rose 9.1% to $8.2 billion. Total net income reached $2.4 billion, and consolidated adjusted EBITDA was $11.9 billion, reflecting disciplined cost control despite elevated capital spending of $17.0 billion for the full year.

Verizon added 616,000 postpaid phone subscribers in the quarter—the highest quarterly total since 2019—and 372,000 broadband connections, including 319,000 fixed wireless access and 67,000 Fios internet additions. Management highlighted that total mobility and broadband volumes are at multi-year highs, driven by strategic promotional offers during the holiday season and accelerated fiber deployment through the recent Frontier acquisition, which expanded Verizon’s fiber footprint to over 30 million homes and businesses.

For 2026, Verizon projects adjusted EPS of $4.90–$4.95, representing 4–5% year-over-year growth, free cash flow of at least $21.5 billion (up roughly 7%), and cash flow from operations of $37.5–$38.0 billion. The company expects retail postpaid phone net additions of 750,000–1.0 million—two to three times last year’s result—and service revenue growth of 2–3%, equating to approximately $93 billion. Capital expenditures are forecast at $16.0–$16.5 billion, including a fiber build pace of at least 2.0 million passings, supporting long-term network leadership and dividend sustainability.