Verizon Communications Inc. (NYSE: VZ) reported fourth-quarter and full-year 2025 financial results on January 30, 2026. The company reported more than 1 million total net additions across mobility and broadband in Q4 2025, marking the highest quarterly net additions since 2019.
Market Capitalization
Verizon had a market capitalization of approximately $164-168 billion as of January 30, 2026.
Q4 2025 Results
Verizon reported consolidated total operating revenue of $36.4 billion for Q4 2025, representing 2.0% year-over-year growth. Wireless service revenue was $21.0 billion, up 1.1% year-over-year. Wireless equipment revenue was $8.2 billion, up 9.1% year-over-year.
Consolidated net income for Q4 2025 was $2.4 billion. Consolidated adjusted EBITDA was $11.9 billion, representing an adjusted EBITDA margin of 32.6%.
The company reported 616,000 postpaid phone net additions in Q4 2025, up from 504,000 in Q4 2024. Broadband net additions totaled 372,000, including 319,000 fixed wireless access net additions and 67,000 Fios internet net additions.
Full-Year 2025 Results
For full-year 2025, Verizon reported consolidated total operating revenue of $138.2 billion, compared to $134.8 billion in 2024, representing 2.5% year-over-year growth. Total wireless service revenue for the full year was $83.7 billion, up 2.0% year-over-year.
Consolidated net income for full-year 2025 was $17.6 billion. Consolidated adjusted EBITDA was $50.0 billion. Cash flow from operating activities was $37.1 billion, compared to $36.9 billion in 2024. Free cash flow was $20.1 billion, compared to $19.8 billion in 2024. Capital expenditures totaled $17.0 billion in 2025.
Quarterly Total Revenue Trend
3-Month Trading Volume Trend
Business and Operations Update
Verizon closed its acquisition of Frontier Communications on January 20, 2026, expanding fiber access to over 30 million homes and businesses. Following the acquisition, Verizon now has over 16.3 million fixed wireless access and fiber broadband connections.
The company reported 5.7 million fixed wireless access subscribers at the end of Q4 2025. Fios internet net additions of 67,000 in Q4 2025 marked the highest fourth-quarter net additions since 2020.
Strategic Developments
Verizon amended and modernized its long-term Mobile Virtual Network Operator (MVNO) agreement with Charter and Comcast. The company announced a share repurchase program of up to $25 billion over the next three years, with at least $3 billion in 2026.
Verizon also announced a dividend increase of 2.5% ($0.07 per share), payable in May 2026, marking the 20th consecutive year of dividend increases.
Guidance and Outlook
For 2026, Verizon issued the following guidance: total retail postpaid phone net additions of 750,000 to 1.0 million; total mobility and broadband service revenue growth of 2.0% to 3.0% (approximately $93 billion); capital expenditures of $16.0 billion to $16.5 billion, including at least 2.0 million fiber passings.
The company expects free cash flow of $21.5 billion or more in 2026, representing approximately 7% or more growth from 2025. Cash flow from operations is expected to be $37.5 billion to $38.0 billion. The 2026 guidance includes results from Frontier Communications from the January 20, 2026 closing date.
Performance Summary
Verizon reported Q4 2025 total operating revenue of $36.4 billion, up 2.0% year-over-year. Full-year 2025 total operating revenue was $138.2 billion. Consolidated net income was $2.4 billion for the quarter and $17.6 billion for the full year. The company added 616,000 postpaid phone subscribers in Q4, the highest since 2019. The Frontier acquisition closed on January 20, 2026, expanding Verizon’s fiber footprint to over 30 million homes and businesses.