Verizon Communications Inc (NYSE:VZ, XETRA:BAC) shares rose about 3% on Friday morning after the company reported second quarter results that beat Wall Street expectations for adjusted earnings and raised its full-year outlook, despite revenue coming in below forecasts.
The company reported adjusted earnings per share of $1.30 for the quarter ended June 30, ahead of analyst estimates of $1.27 to $1.28.
Total revenue was $34.25 billion, slightly below expectations of about $35.28 billion.
Verizon reported strong subscriber trends during the quarter, adding 184,000 postpaid phone customers, above analyst expectations of 106,000. The company said this marked its strongest consumer Q2 postpaid phone net additions in five years.
Mobility and broadband service revenue increased 2.8% year over year to approximately $23.4 billion, with Verizon forecasting growth to accelerate to around 4% in the fourth quarter of 2026. The company added more than 550,000 total mobility and broadband connections during the quarter, more than double the level from the first half of 2025.
Broadband net additions totaled 348,000 in the second quarter, including 193,000 fixed wireless access additions and 155,000 fiber broadband additions. Verizon said it now has approximately 17.1 million fixed wireless access and fiber broadband connections.
Following the results, Verizon raised its full-year guidance, now expecting mobility and broadband service revenue growth of 2.5% to 3.0% in 2026.
The company also lifted its adjusted EPS outlook to $4.99 to $5.04, representing year-over-year growth of 6% to 7%, and increased its full-year share buyback target to up to $4.5 billion.
“We’re putting customers at the center of every decision we make,” Verizon CEO Dan Schulman said in a statement.
“With recent updates including our new Simplicity plans, Verizon One converged offerings, and an industry-leading loyalty program, we are gaining subscribers and earning long-term retention based on real value rather than subsidized promotions.”