Verizon (VZ) Q3 2026 Earnings Call: Guidance Raised as Subscriber Growth Accelerates
Source Tradingkey
Key Takeaways
- Verizon added 406,000 postpaid phone customers in Q3 2026, up 820% year over year and its strongest third-quarter result in five years. Postpaid net account additions reached 137,000, the best quarterly performance in more than a decade.
- Total revenue increased 1.5% year over year to $34.3 billion. Mobility and broadband service revenue grew 2.9%, while equipment revenue fell 9% as upgrade volumes declined by more than 20%.
- Adjusted EBITDA rose 8% to $13.8 billion. The adjusted EBITDA margin expanded 240 basis points to 40.2%, the highest reported by the company.
- Adjusted EPS increased 8.3% to $1.31. Q3 free cash flow reached $7.8 billion, up more than 12% and the highest quarterly level since 2020.
- Verizon raised its 2026 outlook for postpaid phone net additions, adjusted EPS growth and free cash flow growth. Management also expects Q4 mobility and broadband service revenue growth of approximately 4%.
- AI Connect signed contracts reached approximately $4 billion, including a dark fiber agreement with Amazon Web Services valued at more than $2 billion. Management expects revenue contributions to begin in 2027.
Key Financial Data
| Metric | Q3 2026 result | Change / context |
|---|---|---|
| Total revenue | $34.3 billion | Up 1.5% year over year |
| Wireless service revenue | More than $20.9 billion | Management expects year-over-year growth in Q4 |
| Mobility and broadband service revenue growth | 2.9% | Improved from 2.8% in Q2 and 1.6% in Q1 |
| Equipment revenue | — | Down 9% year over year due to lower upgrades |
| Adjusted EBITDA | $13.8 billion | Up 8% year over year |
| Adjusted EBITDA margin | 40.2% | Up 240 basis points year over year |
| Adjusted EPS | $1.31 | Up 8.3% year over year |
| Q3 free cash flow | $7.8 billion | Up more than 12% year over year |
| Nine-month operating cash flow | $29.9 billion | Up nearly 7% year over year |
| Nine-month free cash flow | $18.0 billion | Up 14.3% year over year |
| Nine-month capital expenditure | $11.9 billion | Full-year guidance remains $16.0 billion–$16.5 billion |
| Net unsecured debt / adjusted EBITDA | 2.3x | Improved by 0.2x from Q2 |
Business and Operating Performance
Mobility
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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