Adjusted EBITDA and EPS beat, while consumer phone losses of 51,000 were better than feared. FCF guidance rose by roughly $2 billion, largely because of bonus-depreciation tax benefits. FWA, total broadband and business phone additions missed, while churn stayed elevated.
[AS-012]EBITDA and EPS ranges narrowed upward, and FCF increased to $19.5–20.5 billion; service revenue and capex were reiterated.
[AS-012]The plan still required slower second-half EBITDA growth, and most of the FCF improvement was below the operating line.
[AS-012]The market rewarded cash-flow de-risking and better-than-feared consumer losses, amplified by oversold positioning.
[MKT-001]Adjusted EBITDA and EPS beat, while consumer phone losses of 51,000 were better than feared. FCF guidance rose by roughly $2 billion, largely because of bonus-depreciation tax benefits. FWA, total broadband and business phone additions missed, while churn stayed elevated.
Adjusted EBITDA and EPS beat, while consumer phone losses of 51,000 were better than feared.
FCF guidance rose by roughly $2 billion, largely because of bonus-depreciation tax benefits.
FWA, total broadband and business phone additions missed, while churn stayed elevated.
EBITDA and EPS ranges narrowed upward, and FCF increased to $19.5–20.5 billion; service revenue and capex were reiterated.
| Metric | Prior | Latest | Consensus | Delta | Status | Reason / implication |
|---|---|---|---|---|---|---|
| Wireless service revenue growth | 2.0–2.8% | 2.0–2.8% | Approximately 2.4% | No change | Reiterated | Underlying momentum intact but no acceleration signaledSecond-half growth approximately 2.4% at midpoint |
| Adjusted EBITDA growth | 2.0–3.5% | 2.5–3.5% | Approximately 2.7% | +25bp midpoint | Raised low end | First-half operating executionRequired 2H approximately $24.90B, about 2% YoY |
| Adjusted EPS growth | 0–3.0% | 1.0–3.0% | Approximately 1.7% | +50bp midpoint | Raised low end | Higher EBITDA outlookRequired 2H approximately $2.27, about 1% below prior year |
| Cash flow from operations | $35.0–37.0B | $37.0–39.0B | Approximately $36B | +$2.0B midpoint | Raised | Bonus depreciation under tax reform plus executionAbove Street, but mostly a cash-tax benefit |
| Free cash flow | $17.5–18.5B | $19.5–20.5B | Approximately $18.2B | +$2.0B midpoint | Raised above Street | Approximately $1.5–2.0B tax benefit; capex unchangedRequired 2H approximately $11.2B at midpoint, broadly flat versus prior year |
| Capital expenditures | $17.5–18.5B | $17.5–18.5B | Approximately $18.0B | No change | Reiterated | Network plan unchangedTax windfall was not reinvested in 2025 |
The environment supported the FCF raise but left postpaid churn, FWA additions and Business revenue as key drags.
The plan still required slower second-half EBITDA growth, and most of the FCF improvement was below the operating line.
The market rewarded cash-flow de-risking and better-than-feared consumer losses, amplified by oversold positioning.
The 4.0% day-one gain extended to 5.5% through day five, but disappeared before the next result.
| Window | Stock | vs benchmark | vs peers |
|---|---|---|---|
| 1D | +4.0% | +3.9% | +2.0% |
| 2D | +5.2% | +5.0% | +3.0% |
| 5D | +5.5% | +4.0% | -0.1% |
Gross additions and cash generation improved, but churn, FWA capacity and public-sector weakness kept the operating recovery incomplete.
Consumer postpaid phone gross adds up 18.9% y/y , a 2Q record
Total postpaid phone net adds of −9K held in on higher gross adds; churn remains elevated
"A significant majority of the y/y decline was driven by the public sector business"; pressures to persist but subside toward year-end
Postpaid upgrades up 30.9% y/y on Best Value Guarantee; still expects MSD full-year upgrade growth
With C-band moving to less dense areas, "we have less passing… less open for sale" in FWA
"C-band deployment is ahead of schedule"; fiber build tracking ahead; capex held at $17.5–18.5B
Wireless market "remains competitive"; VZ takes a "strategic and segmented approach, maintaining financial discipline"
"Elevated competitor promotional activity" cited; VZ "pulled back on promos in the latter half of 2Q" and will "pulse in, pulse out"
Consensus states were reconstructed from broker estimates rather than one continuous aggregate series.
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