In his first earnings call since taking over as CEO, Dan Schulman outlined an ambitious plan to redefine Verizon’s future, pledging sweeping cultural and structural changes aimed at revitalizing growth and sharpening the company’s competitive edge. “We are going to take bold and fiscally responsible action to redefine Verizon’s trajectory at this critical inflection point for our company,” Schulman said. “These will not be incremental changes. We will aggressively transform our culture, our cost structure, and the financial profile of Verizon in order to put our customers first, compete effectively, and deliver sustainable returns for our shareholders.”
Financial Highlights
Verizon’s third-quarter results reflected modest but steady improvement across key financial metrics. The company reported earnings per share (EPS) of $1.17, up from $0.78 in the same quarter last year, while adjusted EPS—excluding special items—stood at $1.21, slightly higher than $1.19 in Q3 2024.
Operating revenue reached $33.8 billion, representing a 1.5% year-over-year increase. Consolidated net income climbed to $5.1 billion from $3.4 billion in the prior-year quarter, while adjusted EBITDA rose to $12.8 billion. Free cash flow for the first nine months of 2025 totaled $15.8 billion, up from $14.5 billion in 2024, signaling continued improvement in Verizon’s liquidity position.
The company also made progress in deleveraging its balance sheet, reducing total unsecured debt to $119.7 billion, compared to $126.4 billion a year earlier.
Wireless and Broadband Momentum
Wireless service revenue remained the backbone of Verizon’s operations, reaching $21.0 billion, up 2.1% year-over-year. Equipment sales also saw a 5.2% uptick, reflecting healthy device demand.
In broadband, Verizon recorded 306,000 net additions during the quarter, driven by the continued strength of its fixed wireless access (FWA) service, which now boasts nearly 5.4 million subscribers. The company also added 61,000 Fios internet customers—the best quarterly Fios growth in two years—bringing total broadband connections to over 13.2 million, an 11.1% increase from last year.
Consumer and Business Segments
The Consumer segment remained Verizon’s strongest performer, with revenue of $26.1 billion, up 2.9% year-over-year. Wireless service revenue rose 2.4% to $17.4 billion, though the segment recorded a modest 7,000 net loss in postpaid phone customers. Consumer prepaid subscriptions, however, continued to grow for a fifth consecutive quarter, adding 47,000 new users.
Operating income for the Consumer division reached $7.7 billion, while segment EBITDA rose 2.0% to $11.2 billion, driven by service revenue growth and disciplined cost management.
Meanwhile, Verizon Business reported total revenue of $7.1 billion, reflecting a 2.8% decline year-over-year. Nonetheless, wireless service revenue grew slightly to $3.6 billion, supported by 110,000 net postpaid additions, including 51,000 phone lines. The segment achieved notable margin improvement, with operating income up 12.7% and EBITDA up 4.2% to $1.7 billion.
Outlook for the Full Year
Verizon reaffirmed its 2025 guidance, projecting wireless service revenue growth between 2.0% and 2.8%, adjusted EBITDA growth of 2.5% to 3.5%, and adjusted EPS growth between 1.0% and 3.0%. The company expects cash flow from operations to range from $37 billion to $39 billion, with free cash flow projected between $19.5 billion and $20.5 billion.
Capital expenditures are expected to remain within or below the $17.5 billion to $18.5 billion range, as Verizon continues to invest in network expansion and 5G infrastructure.
Looking Ahead
As Schulman takes the helm, Verizon is entering what he described as a “critical inflection point.” His focus on customer-centric transformation, operational efficiency, and disciplined financial management underscores a broader effort to restore Verizon’s growth momentum amid an increasingly competitive telecom landscape.
The company’s 2025 guidance does not factor in the pending acquisition of Frontier, which, if completed, could further reshape Verizon’s footprint in broadband and infrastructure markets.