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Verizon earnings arrive Monday, October 26, and the report will show whether a turnaround story still has momentum. The company will webcast its third-quarter results at 8:30 a.m. Eastern, according to Verizon. Analysts surveyed by Hudson Labs expect adjusted earnings of $1.28 a share on revenue of about $34.86 billion, up roughly 1.7% from a year ago.
That bar sits just below last quarter’s result. In the second quarter, Verizon posted adjusted earnings of $1.30 a share, up from $1.22, on revenue of $34.3 billion, down 0.7%, the company reported. Free cash flow was $6.4 billion, up 24.4%. Reported earnings were $0.92, down from $1.18, so adjusted figures are the ones most investors will track.
What to Watch in Verizon Earnings
Can subscriber growth hold up?
The second quarter added 184,000 postpaid phone customers. Verizon’s full-year goal is the upper half of a 750,000 to 1 million range, so another solid number keeps that target on track. A weak one would raise doubts. Verizon also said churn, the rate at which customers leave, fell last quarter, so watch whether that continues. Wireless service revenue is guided to be roughly flat this year, which puts the focus on customer counts.
Will revenue growth speed up?
Verizon says growth in mobility and broadband service revenue should approach 3.0% in the third quarter and reach about 4.0% in the fourth. The second quarter came in at 2.8%. That’s a small step up, but it’s the first checkpoint. Missing it would make the fourth-quarter target look harder to hit.
Does the cash flow story continue?
Free cash flow is the core of the raised outlook. Verizon expects it to grow 9% to 10% this year, with capital spending of $16.0 billion to $16.5 billion. First-half free cash flow was $10.2 billion, up 16%. Buybacks matter too. The company spent $3.5 billion through June and now plans to repurchase up to $4.5 billion for the year. Any change to that pace would stand out.
Will Verizon keep its guidance?
Verizon earnings guidance for adjusted earnings per share is $4.99 to $5.04 for 2026, which is growth of 6% to 7%. Reaffirming that range would be the baseline. A raise would be a pleasant surprise. A cut would be a real shock, given how recently the outlook went up.
Why does the gap between adjusted and reported earnings matter?
In the second quarter, adjusted earnings were $1.30 a share and reported earnings were $0.92, a gap of 38 cents. Verizon earnings releases include a reconciliation between the two, so check which items explain the difference. A gap that keeps growing would deserve a harder look than the headline beat or miss.
Editor’s Take
Verizon’s pitch is simple: steady revenue, rising cash flow and bigger buybacks. The risk is that investors want more than steady. AT&T’s stock fell 6% this week even after it beat estimates, as the threat from Starlink mobile weighed on sentiment. Analysts may press Verizon on the same issue.
For Verizon earnings, the quiet quarter might be the best result. If customer additions stay positive, revenue growth edges toward 3% and the cash flow guide holds, the story stays intact. If any of those slip, the stock will probably feel it, because expectations for this report are modest but the outlook was recently raised.
The numbers to hold in mind going in are short. Consensus is $1.28 in adjusted earnings and about $34.86 billion in revenue. The company’s own markers are 184,000 phone additions last quarter, service revenue growth near 3.0%, and free cash flow up 9% to 10% for the year. Compare the results against those, and the Verizon earnings story will be clear within minutes of the release.
