Company Reports

Verizon's revenue rose 1.5% in the third quarter but would have fallen about 3% adjusted for the Frontier acquisition. Lower phone sales drove most of the decline as the firm deemphasizes upgrades and subsidies. Core wireless and broadband revenue increased about 0.4%, also adjusted for Frontier.

We expect Verizon Communications and its two primary wireless rivals, T-Mobile and AT&T, to compete rationally in the coming years. We don't believe existing wireless carriers have an incentive to price irrationally over the long term. Market share moves very slowly, allowing rivals to respond quickly to new promotions.

Shares of US wireless carriers are trading lower after SpaceX agreed to purchase low-band 800 MHz spectrum licenses from Grain Capital, which Grain recently acquired from T-Mobile. SpaceX also says Starlink will build a terrestrial wireless network to supplement satellite with indoor coverage.

We expect Verizon and its two primary wireless rivals, T-Mobile and AT&T, to compete rationally in the coming years. That said, we expect Verizon to struggle to grow as fast as its rivals, even with the shift to lower service pricing and a stronger focus on customer satisfaction. SpaceX is also threatening to build a terrestrial wireless network. While unlikely in our view, such a move would create a new round of competitive intensity.

Shares of US wireless carriers and tower firms traded lower after SpaceX claimed that it will use satellite dishes to build a wireless network capable of competing in the US wireless industry. SpaceX also claimed that it will launch 10 times as many V3 broadband satellites as V2.

Wireless competitive intensity has increased recently, but we expect Verizon and its two primary wireless rivals, T-Mobile and AT&T, to compete rationally in the coming years. That said, we expect Verizon to struggle to grow as fast as its rivals, even with the shift to lower service pricing and a stronger focus on customer satisfaction.

Verizon reported a 3.5% increase in service revenue during the second quarter. Excluding the benefit of the Frontier acquisition, service revenue was down about 1.7%. Wireless and fiber broadband growth improved, flipping to a small increase from a small decline last quarter.

Verizon was the big bidder in Auction 113, spending $3.2 billion on 82 spectrum licenses. T-Mobile picked up more than 100 licenses, nearly all in small markets, for only $277 million. AT&T added 13 licenses for $133 million. SpaceX did not bid aggressively, landing two licenses for $8 million.

Bidding in FCC Auction 113 has concluded, placing licenses that have been dormant since EchoStar subsidiary Dish Network failed to pay for them more than a decade ago. The auction resolves the related dispute between the FCC and EchoStar. We should know the winning bidders in the coming days.

Verizon grew revenue 2.9% during the first quarter, but we estimate sales would have been down about 1% excluding the Frontier acquisition. Adjusted EBITDA expanded 6.7% (about 3% excluding Frontier) on strong cost-cutting following a large workforce reduction last year.

Wireless competitive intensity has increased recently, but we expect Verizon and its two primary wireless rivals, T-Mobile and AT&T, to compete rationally in the coming years. That said, we expect Verizon to struggle to grow as fast as its rivals, even with new CEO Dan Schulman's pledge to focus more intently on customer satisfaction than in the past.

Verizon delivered improved customer metrics during the fourth quarter, adding 22% more postpaid wireless phone customers than the prior year. Wireless service revenue growth slowed to 1% from around 2.5% over the prior several quarters, reflecting competitive intensity in the market.

Wireless competitive intensity has increased recently, but we expect Verizon and its two primary wireless rivals, T-Mobile and AT&T, to compete rationally in the coming years. That said, we expect Verizon to struggle to grow as fast as its rivals, even with new CEO Dan Schulman's pledge to focus more intently on customer satisfaction than in the past.

Verizon reported decelerating growth in the third quarter, with service revenue up only 0.8% year over year. Wireless customer additions remained weak, while competitive intensity weighed on revenue per customer. New CEO Dan Schulman outlined his plans, including a commitment to the dividend.

Verizon's revenue growth reached 5% year over year, driven by a surge in phone upgrades. Service revenue growth remained below 2%. Free cash flow hit $8.8 billion during the first half of 2025, up 4%. Management raised 2025 cash flow expectations to $19.5 billion-$20.5 billion on tax savings.

Wireless competitive intensity has increased recently, but we expect Verizon and its two primary wireless rivals, T-Mobile and AT&T, to compete rationally in the coming years, allowing each to generate consistent financial results. That said, we expect Verizon will struggle to grow as fast as its rivals.

Verizon posted solid first-quarter financial results amid weak customer metrics. Wireless service revenue increased 2.7% compared with a year ago, despite the loss of 289,000 net postpaid wireless phone customers during the quarter. EBITDA increased 4%, the fastest pace in nearly four years.

Verizon Communications is primarily focused on the wireless business. We expect the firm and its two primary wireless rivals, T-Mobile and AT&T, to compete rationally, allowing each to generate consistent financial results in the coming years. That said, we expect Verizon will struggle to grow as its market share lead erodes. Slowing industry growth could also cause some challenges as the wireless carriers attempt to hit short-term customer growth targets.

On April 2, the Trump administration announced broad tariffs on US trading partners, sending markets tumbling. Shares of US wireless and fixed-line telecom providers are mostly unchanged, with phone carriers up slightly and cable providers seeing a small decline in April 3 trading.

Verizon indicated at an investor conference that wireless competition has been more aggressive than usual thus far during the first quarter. Its shares slid 7%, giving back all the gains from a sharp rally over the prior week. AT&T and T-Mobile shares also dropped about 3%.