Verizon Communications Inc. reported third‑quarter 2025 results with revenue of $33.8 billion, up 1.5 % year‑over‑year, but below the consensus estimate of $34.3 billion. Adjusted earnings per share were $1.21, exceeding the $1.19 consensus, and adjusted EBITDA reached $12.8 billion, a 4 % increase from the prior year’s $12.5 billion.
The business segment revenue fell 2.8 % YoY due to lower enterprise demand, while wholesale revenue declined 12.9 %. Consumer postpaid phone subscribers experienced a net loss of 7,000, whereas the business postpaid segment added 51,000 net subscribers. The prepaid segment grew by 47,000 net additions, and 5G broadband net additions reached 261,000, contributing to a total broadband net addition of 306,000.
Verizon reaffirmed its full‑year outlook, projecting adjusted EPS growth of 1 %–3 % and adjusted EBITDA growth of 2.5 %–3.5 %. The company reiterated a free‑cash‑flow target of $19.5 billion to $20.5 billion and capped capital expenditures at $17.5 billion to $18.5 billion. CEO Dan Schulman highlighted a customer‑first strategy, cost discipline, and the need to navigate competitive pressures. The dividend was raised for the 19th consecutive year.
Competitive dynamics remain intense, with T‑Mobile adding 1 million customers and AT&T adding 405,000 in the same quarter. Broadband growth remains strong, and Verizon’s net unsecured debt has been reduced to $119.7 billion. The pending acquisition of Frontier Communications is not factored into the current guidance, and management noted headwinds from declining enterprise demand and wholesale revenue drops.
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