On its Q4 2025 earnings call, Verizon outlined a broad transformation plan aimed at improving reliability, customer experience and operational efficiency. CEO Dan Schulman characterized the company’s efforts as a “turnaround story,” emphasizing a network reliability overhaul following a recent outage, organizational rightsizing to remove underperforming layers, and a simplified customer journey. The company reported over 1 million net additions across mobility and broadband in Q4, representing its highest quarterly volumes in six years, with 616,000 postpaid phone net adds (including 551,000 consumer connections) and 372,000 broadband net adds, driven by strong Fixed Wireless Access and Fios Internet growth.

CFO Tony Skiadas highlighted that Verizon achieved its full-year 2025 guidance, including raised targets for adjusted EBITDA, adjusted EPS and free cash flow. The company generated $20.1 billion in free cash flow on operating cash flow of $37.1 billion and capital expenditures of $17.0 billion. Consolidated adjusted EBITDA reached $11.9 billion in Q4 and $50.0 billion for the full year, up 2.5% year-over-year. Net unsecured debt ended the period at $110.1 billion, a $3.6 billion reduction year-over-year, resulting in a leverage ratio of 2.2x. The C-band network build-out stood at approximately 90% completion, covering around 300 million population points.

Verizon completed its Frontier transaction during Q4 and now reports over 30 million fiber passings, with plans to add at least 2 million more this year and reach 40–50 million passings over the medium term. Integration benefits have been revised higher, with run-rate operating cost synergies now expected to exceed $1 billion by 2028—double initial forecasts—driven by network consolidation, third-party contract efficiencies and marketing savings. Frontier’s own footprint grew by 1.3 million new fiber passings in 2025, and delivered 125,000 fiber net additions in Q4, a 29% increase versus the prior year.

For 2026, Verizon is targeting 750,000 to 1 million postpaid phone net adds—approximately double 2025’s total—and mobility and broadband service revenue growth of 2% to 3%. Adjusted EPS is guided to $4.90–$4.95, representing 4% to 5% growth, while capital expenditures are forecast at $16.0–$16.5 billion, down $4.0 billion versus combined 2025 levels. Free cash flow is projected at $21.5 billion or more. The board approved an annualized dividend increase of $0.07 per share (2.5%) marking the 20th consecutive annual raise, and authorized up to $25 billion in share repurchases over three years, including at least $3 billion in 2026.