10-Q · May 1, 2026
Verizon's Q1 2026 results show modest revenue growth with a 2.9% increase year-over-year, driven by the Consumer segment's performance despite a slight earnings miss versus consensus estimates. While net income rose to…
Earnings analysis · 10-Q
VZ earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Verizon delivered improving third-quarter operating results, with revenue of $34.313 billion, adjusted EPS of $1.31, and free cash flow of $7.801 billion. EPS and free cash flow increased substantially versus the prior…
Read full summary
Verizon delivered improving third-quarter operating results, with revenue of $34.313 billion, adjusted EPS of $1.31, and free cash flow of $7.801 billion. EPS and free cash flow increased substantially versus the prior quarter and prior year, although revenue missed consensus. Management raised full-year adjusted EPS, operating cash flow, and free cash flow growth outlooks, supporting a bullish trend despite ongoing top-line and capital-allocation risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
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Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.31
What stood out
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Revenue grew modestly year over year
Third-quarter revenue was $34.313 billion, up approximately 1.5% from $33.82 billion in Q3 2025 and 0.2% from $34.25 billion in Q2 2026, but below the $34.844 billion consensus estimate.
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Adjusted EPS accelerated
Adjusted EPS was $1.31, up 11.9% from $1.17 in Q3 2025 and 42.4% from $0.92 in Q2 2026; it exceeded the $1.27 consensus estimate by $0.04.
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Free cash flow improved materially
Free cash flow reached $7.801 billion, up 12.1% year over year from $6.96 billion and approximately 21.3% sequentially from $6.43 billion.
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Full-year EPS outlook raised
Management raised full-year 2026 adjusted EPS guidance to $5.04-$5.06, representing 7.0%-7.5% growth versus the prior 6.0%-7.0% outlook.
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Share repurchases support per-share results
The company authorized a $25 billion repurchase program and repurchased 10,383,436 shares during the quarter at an average price of $48.15, including a $500 million ASR upfront payment.
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Service revenue outlook remains positive
Management expects mobility and broadband service revenue to grow approximately 4.0% in Q4 2026, while operating cash flow growth guidance was raised to 3.5%-5.1%.
What to watch
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Revenue missed consensus
Third-quarter revenue of $34.313 billion missed the $34.844 billion consensus estimate by approximately $531 million, indicating continued pressure on top-line performance despite EPS growth.
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Large buyback commitment
The $25 billion repurchase authorization and $500 million ASR upfront payment increase capital-allocation commitments; $21 billion remained available under the program at September 30, 2026.
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No updated risk-factor disclosure
The filing states there were no material changes to the risk factors from the 2025 Form 10-K. Verizon also applies a $1.0 million disclosure threshold for certain environmental proceedings, so the absence of newly disclosed material proceedings does not eliminate litigation or regulatory exposure.
Management's outlook
Full-year 2026 adjusted EPS guidance was raised to $5.04-$5.06, with adjusted EPS growth of 7.0%-7.5% versus prior guidance of 6.0%-7.0%. Free cash flow growth guidance increased to 11.5%-12.0% from 9.0%-10.0%, and operating cash flow growth guidance increased to 3.5%-5.1% from 2.2%-4.0%. Mobility and broadband service revenue is expected to grow approximately 4.0% in Q4 2026.
Earlier filings 4
10-K · February 17, 2026
Verizon positions itself as a scale leader in U.S. wireless and fiber broadband with a two-segment structure (Consumer and Business). In 2025 the Company continued to invest in network evolution (5G, fiber, vRAN/ORAN)…
10-Q · October 29, 2025
Verizon reported Q3 operating revenues of $33,821 million (up $491 million, +1.5% YoY) and net income of $5,056 million, with diluted EPS of $1.17 versus $0.78 in the year‑ago quarter. Operating income expanded to…
10-Q · April 25, 2025
Verizon reported modest revenue growth to $33,485 million (up $504 million, +1.5% year-over-year) with operating income rising to $7,978 million (up $457 million). Margins expanded (gross 61.0%, operating 23.8%),…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.