Postpaid phone additions of 616,000 were the best since 2019 and far above consensus. Adjusted EBITDA declined and ARPA missed as promotions and equipment upgrades funded the volume turn. The 2026 phone-add guide of 750,000–1.0 million and $25 billion buyback authorization were well above expectations.
[AS-014]The initial 2026 plan targeted 2–3% mobility-and-broadband service growth, 4–5% EPS growth, at least $21.5 billion FCF and 750,000–1.0 million phone additions.
[AS-014]Wireless service revenue was guided approximately flat in a transition year, but volumes, EPS, FCF and shareholder returns were set to accelerate.
[AS-014]The market treated the aggressive volume plan and buyback as a credible, funded turnaround rather than an uncontrolled promotional push.
[MKT-001]Postpaid phone additions of 616,000 were the best since 2019 and far above consensus. Adjusted EBITDA declined and ARPA missed as promotions and equipment upgrades funded the volume turn. The 2026 phone-add guide of 750,000–1.0 million and $25 billion buyback authorization were well above expectations.
Postpaid phone additions of 616,000 were the best since 2019 and far above consensus.
Adjusted EBITDA declined and ARPA missed as promotions and equipment upgrades funded the volume turn.
The 2026 phone-add guide of 750,000–1.0 million and $25 billion buyback authorization were well above expectations.
The initial 2026 plan targeted 2–3% mobility-and-broadband service growth, 4–5% EPS growth, at least $21.5 billion FCF and 750,000–1.0 million phone additions.
| Metric | Prior | Latest | Consensus | Delta | Status | Reason / implication |
|---|---|---|---|---|---|---|
| Postpaid phone net additions | No formal FY2026 target | 750K–1.0M | Approximately 540K–618K | Initiated | Initiated above Street | Churn reduction and a new value propositionTwo to three times the 2025 result |
| Mobility & broadband service revenue growth | No formal FY2026 target | 2.0–3.0% | Not directly comparable | Initiated | Initiated | Frontier, FWA, prepaid, perks and volumeBack-half acceleration expected |
| Wireless service revenue growth | No formal FY2026 target | Approximately flat | Not consistently available | Initiated | Initiated soft | Lapping price increases and promotion amortizationA transitional year despite growth in the broader composite metric |
| Adjusted EPS | No formal FY2026 target | $4.90–4.95; 4–5% growth | Not cleanly available | Initiated | Initiated | $5B cost program and operating transformationApproximately 4.6% growth at midpoint |
| Cash flow from operations | No formal FY2026 target | $37.5–38.0B | Not cleanly available | Initiated | Initiated | Operating leverageApproximately 1–2% growth |
| Free cash flow | No formal FY2026 target | At least $21.5B | Not cleanly available | Initiated | Initiated | Cost efficiency and lower capexAt least approximately 7% growth |
The backdrop supported the 2026 phone-add guide and cost savings, but flat wireless service revenue made churn and ARPA the binding KPIs.
Wireless service revenue was guided approximately flat in a transition year, but volumes, EPS, FCF and shareholder returns were set to accelerate.
The market treated the aggressive volume plan and buyback as a credible, funded turnaround rather than an uncontrolled promotional push.
The 11.8% first-day gain expanded to 18.3% after five sessions.
| Window | Stock | vs benchmark | vs peers |
|---|---|---|---|
| 1D | +11.8% | +12.3% | +7.6% |
| 2D | +12.1% | +11.9% | +8.2% |
| 5D | +18.3% | +20.8% | +10.7% |
A volume-led turnaround produced the strongest customer quarter in years, while lower pricing dependence reset the 2026 revenue mix.
551K consumer postpaid phone net adds; "bring-in-your-bill" and 4/$100 offers resonated
Over 1M combined mobility + broadband net adds, highest quarterly volume in six years
Completed "comprehensive long-term agreement" with Comcast and Charter; "accretive" and on "solid footing"
Postpaid phone churn 1.02%, "a new high watermark"; convergence bundling cuts churn ~40%
Entered 2026 with more FWA network capacity than a year earlier; Frontier lifts fiber to 30M+ passings
Schulman: competed with "blunt tools," "took no actions on our core base pricing" while winning 616K net adds
2026 wireless service revenue guided approximately flat as VZ stops "empty price increases"; ~180 bps price-lap headwind
Consensus estimates came from multiple broker snapshots, but the direction of change was consistent.
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