Verizon Communications Inc (NYSE:VZ, XETRA:BAC) shares are set to add more than 5% at the open as its fourth quarter earnings topped Wall Street estimates, driven by subscriber growth and revenue gains.
For Q4, Verizon posted adjusted earnings of $1.09 per share, topping consensus estimates of about $1.06. Revenue reached $36.4 billion, up roughly 2% from a year earlier and modestly above analysts’ forecasts of around $36.1 billion.
The company highlighted strong momentum in its wireless and broadband businesses.
Verizon reported 616,000 postpaid phone net additions in the quarter, its best fourth-quarter performance since 2019. Wireless service revenue rose 1.1% year over year to $21 billion, while wireless equipment revenue increased 9.1% to $8.2 billion.
In broadband, Verizon added 372,000 subscribers, including 319,000 fixed wireless access additions and 67,000 Fios internet additions, the highest fourth-quarter Fios gain since 2020.
Following the closing of the Frontier acquisition, the company said it now has more than 16.3 million fixed wireless and fiber broadband connections.
For the full year 2025, Verizon reported adjusted earnings of $4.71 per share and GAAP earnings of $4.06 per share. Total operating revenue was $138.2 billion, up from $134.8 billion in 2024.
Looking ahead, Verizon issued guidance that reflects contributions from Frontier beginning January 20, 2026. The company expects 750,000 to 1 million retail postpaid phone net additions in 2026, mobility and broadband service revenue growth of 2% to 3%, and adjusted earnings of $4.90 to $4.95 per share, representing 4% to 5% year-over-year growth.
Verizon also forecast operating cash flow of $37.5 billion to $38.0 billion, capital expenditures of $16 billion to $16.5 billion, and free cash flow of at least $21.5 billion.
“We are exiting 2025 with strong momentum, delivered by a team that is intensely focused on winning through healthy volumes and fiscally responsible growth,” Verizon CEO Dan Schulman said in a statement.
“The closing of our Frontier acquisition on January 20 is another pivotal step in our turnaround, significantly scaling our fiber footprint to over 30 million homes and businesses.”