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Verizon (VZ) stock

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NYSE: VZ NYSE Integrated Telecommunication Services Next results ~January 29, 2027

C+ Fundamentals grade

Verizon is a US-listed company in the integrated telecommunication services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$58

Cash-flow model

Base case. Range ~$33–$91 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 22% below our base value.

Price used: $45.05, November 2, 2026

Verizon valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Verizon files

10-Q filed October 29: Verizon

Model value +2.6%

Revenue for the twelve months to September 2026 was $139.4bn, up 1.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 14.0%. Operating margin narrowed to 20.9% from 23.0%. Our model value rises from $56.36 to $57.81 a share, against a share price of $44.73. The rating stays Hold. At that price, our model says the market is pricing in cash flow shrinking about 0.4% a year for five years, close to the 0.8% a year revenue growth it has delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 31: Verizon

Verizon generated $139.4bn in revenue over the twelve months to June 2026, up 1.4% on the year before and little changed from the pace seen a quarter earlier. Free-cash-flow margin was steady at 14.0%, while operating margin narrowed to 20.9% from 23.0%. Our model value has dropped sharply, from $131 to $56.36 a share, well above the current share price of $43.18. Hold remains our rating. At today's price, the market appears to be pricing in cash flow contracting by roughly 0.5% a year over the next five years, not far from the 0.8% annual revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Verizon stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $138.9bn, up 1.4% on a year earlier, slower than 2.8% a quarter earlier. That puts it 786 of 931 for growth among all the companies we cover. Free-cash-flow margin held at 27.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $130 a share, against a share price of $44.51.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 29, 2027 (estimated)

Verizon's trailing-twelve-month revenue grew 1.4% year on year, with a free-cash-flow margin of 14.0%.

Our discounted-cash-flow model values the business at ~$58 per share in the base case (~$33–$91 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Operating margin compressing: TTM operating margin fell to 20.9%, down 2.2pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $45.05 is 28% below our value per share of $58.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 5 insiders sold $15M of stock over the past 365 days and none bought (6% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 2.6 points on a year ago.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.31 against an average estimate of $1.27: beat by 2.8%
Revenue
$34.31bn, up 1.5% on a year earlier
Share reaction
-1.6% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Guidance given
postpaid phone net additions 1.1 to 1.2 (full-year 2026); adjusted EPS $5.04 to $5.06 (full-year 2026)
Next report
October 26, 2026; average EPS estimate $1.15

Verizon's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week+4.5%
  • 1 month-0.4%
  • This year+18.0%
  • 1 year+20.9%
  • 5 years+17.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$139B
Operating margin
20.9%
Net margin
11.8%
EPS (TTM, diluted)
$3.91

Growth

Revenue growth
+1.4%
Change in growth rate
−0.0 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$19.5B
FCF margin
14.0%

Earnings

Last results
October 26, 2026
Next results (est.)
January 29, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Leadership
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Verizon valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 0.5% a year for five years.That is close to the 0.8% a year revenue growth Verizon has delivered.

  • Priced in-0.5%
  • Last 12 months1.4%
  • 3 years a year1.3%
  • 5 years a year0.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($44.59, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$58
Price used
$44.59close November 3, 2026
Implied change
▲ +30%
Uncertainty
High

How we got here: a discounted-cash-flow model of Verizon's free cash flow after stock-based pay with after-tax interest added back ($24.9B, FY2026 Q3 TTM), growing 2% and 2% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$33–~$91 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Verizon's free cash flow after stock-based pay ( $24.9B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Verizon as an operating company, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.58 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$58 ~$33–$91 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$65 ~$49–$89 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$85 ~$70–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$66 ~$58–$85 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Verizon with Integrated Telecommunication Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −42%
  • Revenue growth 5 points higher ▲ +56%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −5%
  • Discount rate 1 point higher ▼ −24%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $45$76$117$170$241$331
8.5% $25$47$76$115$165$230
10% $12$30$52$82$120$169

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$25.72$31.04$32.28$35.91$40.88$40.82$37.74$30.19$31.00$35.08$38.19$45.05
Market value$105.3bn$126.8bn$132.0bn$148.4bn$169.2bn$169.1bn$156.6bn$126.9bn$130.7bn$148.1bn$161.6bn$189.0bn
+ Net debt (− = net cash)$105.3bn$105.2bn$115.0bn$110.3bn$108.9bn$107.2bn$147.9bn$148.2bn$148.6bn$139.9bn$139.5bn$161.7bn
Enterprise value$210.5bn$232.0bn$247.0bn$258.7bn$278.1bn$276.3bn$304.6bn$275.1bn$279.3bn$288.0bn$301.1bn$350.7bn
Multiples
Price / sales 0.8x1.0x1.0x1.1x1.3x1.3x1.2x0.9x1.0x1.1x1.2x1.4x
Price / earnings 5.9x9.7x4.4x9.6x8.8x9.5x7.1x6.0x11.3x8.5x9.4x11.5x
Price / free cash flow 5.0x27.4x18.7x8.4x4.7x4.0x4.0x3.4x3.5x4.0x4.4x4.8x
EV / EBITDA 4.3x5.1x5.6x6.5x5.9x6.1x6.3x5.8x6.9x6.2x6.3x7.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

79 /100

Strong moat

How hard Verizon's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Cash operating profit has been a median 14.3% of total assets over 6 years.

  • Pricing power 20 / 20

    Gross margin has been a median 60.4%, moving by 1.6 percentage points (standard deviation) across 7 years.

  • Durability 17 / 20

    Operating margin has been a median 22.0%; its worst year was 16.3%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 14.2% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 1.2% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (84 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.06 +8% $140.1bn +1%
Next $5.31 +5% $142.9bn +2%

Next year's EPS estimate has moved +0.6% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.7% on 90 days ago. In the last 30 days, 4 analysts raised Verizon's forecast and 8 cut it.

Consensus EPS forecast Verizon, last 90 days
$5.00 $5.10 $5.20 $5.30 $5.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.03 Current fiscal year, 60 days ago: $5.01 Current fiscal year, 30 days ago: $5.03 Current fiscal year, 7 days ago: $5.02 Current fiscal year, Now: $5.06 $5.06 Next fiscal year, 90 days ago: $5.27 Next fiscal year, 60 days ago: $5.28 Next fiscal year, 30 days ago: $5.28 Next fiscal year, 7 days ago: $5.27 Next fiscal year, Now: $5.31 $5.31

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.03$5.27
60 days ago $5.01$5.28
30 days ago $5.03$5.28
7 days ago $5.02$5.27
Now $5.06$5.31

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.27 $1.31 +2.8%
Jun 2026 $1.27 $1.30 +2.7%
Mar 2026 $1.21 $1.28 +5.8%
Dec 2025 $1.06 $1.09 +3.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 26, 2026
  • Adjusted EPS full-year 2026 $5.04 to $5.06 Non-GAAP Raised
    “Adjusted EPS¹: $5.04 to $5.06, or 7.0 to 7.5 percent growth year-over-year, up from 6.0 to 7.0 percent.” source
  • Adjusted EPS growth full-year 2026 7% growth to 7.5% growth Non-GAAP Raised
    “Adjusted EPS¹: $5.04 to $5.06, or 7.0 to 7.5 percent growth year-over-year, up from 6.0 to 7.0 percent.” source
  • Postpaid phone net additions full-year 2026 1.1m to 1.2m Raised
    “Postpaid phone net additions: 1.1 million to 1.2 million, up from upper half of 750,000 to 1.0 million, representing an increase of more than three times compared to 2025.” source
  • Cash flow from operations growth full-year 2026 3.5% growth to 5% growth Raised
    “Cash flow from operations: 3.5 to 5.0 percent growth year-over-year, up from 2.0 to 4.0 percent.” source
  • Free cash flow growth full-year 2026 about 12% growth Non-GAAP Raised
    “Free cash flow¹: expected to approach 12.0 percent growth year-over-year, up from 9.0 to 10.0 percent.” source
  • Mobility and broadband service revenue growth full-year 2026 2.5% growth to 3% growth Raised
    “Mobility and broadband service revenue: upper half of annual guidance of 2.5 to 3.0 percent growth, with approximately 4.0 percent growth in fourth-quarter 2026.” source
Show 3 more items
  • Capital expenditures full-year 2026 $16bn to $16.5bn Maintained
    “Capital expenditures: $16.0 billion to $16.5 billion, inclusive of success-based investments for AI Connect.” source
  • Mobility and broadband service revenue growth fourth-quarter 2026 about 4% growth Maintained vs about 4
    “Mobility and broadband service revenue: upper half of annual guidance of 2.5 to 3.0 percent growth, with approximately 4.0 percent growth in fourth-quarter 2026.” source
  • Total fiber passings · Fiber broadband year-end 2026 about 32m
    “The company continues to anticipate total fiber passings to exceed 32 million by year-end, remaining on track toward a target of 40 to 50 million fiber passings over the medium term.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Verizon's revenue by +2.0% next year and +2.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+2.0%, weight 69%) and the company's own record (+2.0%, weight 31%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy1144%
Hold1456%
Sell00%

Monthly trend

  1. Oct 2026381425
  2. Sep 2026381526
  3. Aug 2026281626
  4. Jul 2026381526

Counts of recommendations published by analysts covering Verizon, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
3.11
at average volume
Short interest, 1 month
−1%
to October 15, 2026
Held by institutions
71%
of shares
Held by insiders
0.1%
of shares
Employees
93,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +20.9%

$37.26 on October 31, 2025 to $45.05

ThenNowEffect
Revenue (last 12 months) $137.0bn $138.9bn +1.4%
Net margin 13.3% 11.6% −12.3%
P/E multiple 8.7x 11.7x +35.6%
Share count 4227m 4213m +0.3%

Biggest factor: p/e multiple.

Last 3 years +52.1%

$29.62 on November 3, 2023 to $45.05

ThenNowEffect
Revenue (last 12 months) $135.0bn $138.9bn +2.9%
Net margin 15.6% 11.6% −25.3%
P/E multiple 5.9x 11.7x +98.0%
Share count 4209m 4213m −0.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VZ−8%−20%+3%+13%+9%+18%
Industry peers (median)−3%−58%+19%+8%+8%−10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VZ42%50%58%58%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VZ−14%−34%−23%−11%−13%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 41% from December 3, 2020 to October 13, 2023. Getting back needed a 70% gain, reached on February 3, 2026, 844 days after the low.

Price behaviour

52-week range
$36.87 – $50.66
From 52-week high
−11.1%
vs 50-day average
−3.0%
vs 200-day average
−1.1%
Volatility (1 year)
27%
Beta vs S&P 500
-0.48

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.1%
After a week
8 up, 4 down
typical move ±4.1%
After a month
8 up, 3 down
typical move ±7.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 −1.6% +1.3% +0.9% —
July 24, 2026 +8.0% +0.1% +6.8% +14.4%
April 27, 2026 +1.9% −0.3% +2.6% +4.0%
January 30, 2026 +12.1% +0.2% +16.3% +27.8%
October 29, 2025 −0.9% −1.1% +0.9% +4.6%
July 21, 2025 +5.2% +0.2% +3.7% +10.0%
April 22, 2025 −0.5% +4.2% 0.0% +1.9%
January 24, 2025 +3.7% −1.7% +0.5% +11.6%
October 22, 2024 −1.9% −1.0% −5.4% −3.4%
July 22, 2024 −6.6% +0.9% −3.8% −1.9%
April 22, 2024 −2.0% +2.1% −1.0% −2.1%
January 23, 2024 +4.3% +0.4% +7.3% +2.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Verizon’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.93× the last 60 days’ realised volatility , richer than 11% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Verizon in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Verizon
$132B $134B $136B $138B $140B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $134B Revenue (TTM), FY24 Q1: $134B Revenue (TTM), FY24 Q2: $134.2B Revenue (TTM), FY24 Q3: $134.2B Revenue (TTM), FY24 Q4: $134.8B Revenue (TTM), FY25 Q1: $135.3B Revenue (TTM), FY25 Q2: $137B Revenue (TTM), FY25 Q3: $137.5B Revenue (TTM), FY25 Q4: $138.2B Revenue (TTM), FY26 Q1: $139.1B Revenue (TTM), FY26 Q2: $138.9B Revenue (TTM), FY26 Q3: $139.4B $139.4B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $134B
FY24 Q1 $134B
FY24 Q2 $134.2B
FY24 Q3 $134.2B
FY24 Q4 $134.8B
FY25 Q1 $135.3B
FY25 Q2 $137B
FY25 Q3 $137.5B
FY25 Q4 $138.2B
FY26 Q1 $139.1B
FY26 Q2 $138.9B
FY26 Q3 $139.4B
Revenue growth, TTM YoY Verizon
-4% -2% 0% 2% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -2.1% Revenue growth, TTM YoY, FY24 Q1: -1.6% Revenue growth, TTM YoY, FY24 Q2: -0.6% Revenue growth, TTM YoY, FY24 Q3: 0.1% Revenue growth, TTM YoY, FY24 Q4: 0.6% Revenue growth, TTM YoY, FY25 Q1: 0.9% Revenue growth, TTM YoY, FY25 Q2: 2.1% Revenue growth, TTM YoY, FY25 Q3: 2.4% Revenue growth, TTM YoY, FY25 Q4: 2.5% Revenue growth, TTM YoY, FY26 Q1: 2.8% Revenue growth, TTM YoY, FY26 Q2: 1.4% Revenue growth, TTM YoY, FY26 Q3: 1.4% 1.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -2.1%
FY24 Q1 -1.6%
FY24 Q2 -0.6%
FY24 Q3 0.1%
FY24 Q4 0.6%
FY25 Q1 0.9%
FY25 Q2 2.1%
FY25 Q3 2.4%
FY25 Q4 2.5%
FY26 Q1 2.8%
FY26 Q2 1.4%
FY26 Q3 1.4%
Operating margin (TTM) Verizon
16% 18% 20% 22% 24% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 17.1% Operating margin (TTM), FY24 Q1: 17.0% Operating margin (TTM), FY24 Q2: 17.4% Operating margin (TTM), FY24 Q3: 16.3% Operating margin (TTM), FY24 Q4: 21.3% Operating margin (TTM), FY25 Q1: 21.5% Operating margin (TTM), FY25 Q2: 21.5% Operating margin (TTM), FY25 Q3: 23.0% Operating margin (TTM), FY25 Q4: 21.2% Operating margin (TTM), FY26 Q1: 21.2% Operating margin (TTM), FY26 Q2: 20.5% Operating margin (TTM), FY26 Q3: 20.9% 20.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 17.1%
FY24 Q1 17.0%
FY24 Q2 17.4%
FY24 Q3 16.3%
FY24 Q4 21.3%
FY25 Q1 21.5%
FY25 Q2 21.5%
FY25 Q3 23.0%
FY25 Q4 21.2%
FY26 Q1 21.2%
FY26 Q2 20.5%
FY26 Q3 20.9%
FCF margin (TTM) Verizon
12.5% 13% 13.5% 14% 14.5% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 14.8% FCF margin (TTM), FY24 Q1: 13.8% FCF margin (TTM), FY24 Q2: 13.5% FCF margin (TTM), FY24 Q3: 12.9% FCF margin (TTM), FY24 Q4: 14.1% FCF margin (TTM), FY25 Q1: 14.5% FCF margin (TTM), FY25 Q2: 13.8% FCF margin (TTM), FY25 Q3: 14.6% FCF margin (TTM), FY25 Q4: 13.6% FCF margin (TTM), FY26 Q1: 13.4% FCF margin (TTM), FY26 Q2: 14.2% FCF margin (TTM), FY26 Q3: 14.0% 14.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 14.8%
FY24 Q1 13.8%
FY24 Q2 13.5%
FY24 Q3 12.9%
FY24 Q4 14.1%
FY25 Q1 14.5%
FY25 Q2 13.8%
FY25 Q3 14.6%
FY25 Q4 13.6%
FY26 Q1 13.4%
FY26 Q2 14.2%
FY26 Q3 14.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Verizon took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $138B
  2. Selling, general and admin $33.8B · 24.5%
  3. Other operating costs $75.1B · 54.4%
  4. Operating income $29.3B · 21.2%
  5. Income tax $5.1B · 3.7%
  6. Interest and other $7B · 5.1%
  7. Net income $17.2B · 12.4%

Shares of revenue. Source: Verizon's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 107.8 106.6 110.9 115.8 120.6 127.1 131.6 126.0 126.0 130.9 131.9 128.3 133.6 136.8 134.0 134.8 138.2 139.4
Gross profit 63.2 62.4 65.0 69.6 75.7 77.1 — — — — — — — — — — — —
EBITDA 32.5 31.1 29.4 29.6 48.6 36.1 49.1 45.2 44.4 39.7 47.1 45.5 48.7 47.6 40.5 46.6 47.6 48.6
Operating income 16.0 14.6 12.9 13.2 32.0 19.6 33.1 29.2 27.4 22.3 30.4 28.8 32.4 30.5 22.9 28.7 29.3 29.1
Net income 4.9 2.5 2.4 0.9 11.5 9.6 17.9 13.1 30.1 15.5 19.3 17.8 22.1 21.3 11.6 17.5 17.2 16.4
Diluted EPS $1.72 $0.90 $0.85 $0.31 $4.00 $2.42 $4.37 $3.21 $7.36 $3.76 $4.65 $4.30 $5.32 $5.06 $2.75 $4.14 $4.06 $3.91
Growth (year on year)
Revenue +10.7% −1.2% +4.0% +4.5% +4.1% +5.4% +3.6% −4.3% +0.0% +3.8% +0.8% −2.7% +4.1% +2.4% −2.1% +0.6% +2.5% +1.4%
EBITDA +88.8% −4.5% −5.4% +0.8% +64.0% −25.6% +35.8% −7.9% −1.8% −10.6% +18.6% −3.3% +6.9% −2.2% −14.9% +15.0% +2.2% −2.8%
Operating income +511.7% −8.3% −12.1% +2.2% +142.9% −38.7% +68.7% −11.5% −6.2% −18.8% +36.4% −5.2% +12.7% −6.1% −24.9% +25.4% +2.0% −8.2%
Net income — −47.9% −5.7% −63.6% — −16.3% +85.8% −26.6% +129.3% −48.4% +24.1% −7.6% +24.0% −3.7% −45.4% +50.7% −1.9% −17.2%
Diluted EPS — −47.7% −5.6% −63.5% — −39.5% +80.6% −26.5% +129.3% −48.9% +23.7% −7.5% +23.7% −4.9% −45.7% +50.5% −1.9% −16.6%
Margins
Gross margin 58.6% 58.6% 58.6% 60.1% 62.8% 60.7% — — — — — — — — — — — —
EBITDA margin 30.2% 29.1% 26.5% 25.6% 40.3% 28.4% 37.3% 35.9% 35.2% 30.3% 35.7% 35.5% 36.4% 34.8% 30.2% 34.6% 34.5% 34.9%
Operating margin 14.8% 13.7% 11.6% 11.4% 26.5% 15.4% 25.1% 23.2% 21.8% 17.0% 23.0% 22.4% 24.3% 22.3% 17.1% 21.3% 21.2% 20.9%
Net margin 4.5% 2.4% 2.2% 0.8% 9.5% 7.6% 13.6% 10.4% 23.9% 11.9% 14.6% 13.9% 16.5% 15.5% 8.7% 13.0% 12.4% 11.8%
Free-cash-flow margin 13.5% 15.9% 12.2% 13.2% 18.4% 10.6% 16.1% 3.7% 5.6% 13.5% 27.1% 32.6% 29.6% 27.1% 28.0% 27.4% 26.9% 28.0%
Cash flow
Cash from operations 31.4 33.4 29.8 31.5 38.8 30.6 39.0 21.7 24.3 34.3 35.7 41.8 39.5 37.1 37.5 36.9 37.1 39.1
Capital spending 16.9 16.5 16.2 16.2 16.6 17.2 17.8 17.1 17.2 16.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow 14.5 16.9 13.5 15.3 22.2 13.4 21.3 4.6 7.1 17.7 35.7 41.8 39.5 37.1 37.5 36.9 37.1 39.1
Stock-based pay 0.5 0.5 0.5 0.7 0.4 0.3 0.3 0.4 — — — — — — — — — —
Free cash flow after stock pay 14.0 16.4 13.0 14.6 21.8 13.1 21.0 4.2 — — — — — — — — — —
Balance sheet
Cash 2.0 6.7 13.4 3.1 53.5 10.6 4.5 2.9 2.1 2.7 2.6 22.2 2.9 2.6 2.1 4.2 19.0 4.5
Total debt 62.3 52.8 55.2 52.0 93.6 113.3 109.7 108.1 117.1 113.1 111.5 129.4 150.9 150.8 150.7 144.1 158.6 166.2
Net debt (negative = net cash) 60.2 46.1 41.8 48.9 40.1 102.7 105.3 105.2 115.0 110.3 108.9 107.2 147.9 148.2 148.6 139.9 139.5 161.7
Diluted shares 2,841m 2,833m 2,839m 2,862m 2,874m 3,981m 4,093m 4,086m 4,089m 4,132m 4,140m 4,142m 4,150m 4,204m 4,215m 4,223m 4,231m 4,195m
Returned to shareholders
Dividends 5.3 5.4 5.6 5.2 5.9 7.8 8.5 9.3 9.5 9.8 10.0 10.2 10.4 10.8 11.0 11.2 11.5 11.7
Buybacks 0.0 — — — 0.2 — 5.1 0.0 0.0 — — — — — — — — —
Total returned 5.3 5.4 5.6 5.2 6.1 7.8 13.7 9.3 9.5 9.8 10.0 10.2 10.4 10.8 11.0 11.2 11.5 11.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $415.5bn
Short-term assets $41.5bnLonger-term assets $374.0bn
What it owes, and who funded it · $173.6bn
Short-term liabilities $66.3bnShareholders' equity $107.3bn
  • Short-term assets cover short-term liabilities $41.5bn of assets due within a year against $66.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $4.5bn of cash against $166.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 155% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 164% to 155% over five years.
  • A year's operating cash flow covers at least 20% of debt $39.0bn of operating cash flow against $166.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $29.1bn against $7.6bn of interest.

From Verizon's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$11.7B
Diluted share count
−0.8%
year over year
Total shareholder yield
6.3%
dividends 6.3% + buybacks 0.0% of market value
Dividend payout ratio
71%
of net income paid out
Sales & admin spending
24.7%
of revenue

Competitors: side by side with peers

Closest by revenue in integrated telecommunication services
Last 12 months unless stated VZ T AMX BCE TU CHT Median
Revenue, last 12 months $139.4bn $128.9bn $49.2bn $17.5bn $14.7bn $7.6bn $4.6bn
Revenue growth, last 12 months 1.4% 3.5% 3.1% −1.7% −1.4% 5.9% 3.3%
Revenue growth, 3-year average 1.3% 1.9% — — — — 1.9%
Revenue growth, latest quarter 1.5% 5.3% — — — — 5.3%
Gross margin 60.4% 52.8% 62.1% 68.4% 88.3% 36.8% 61.2%
Operating margin 20.9% 18.3% 20.3% — 11.5% 20.6% 20.3%
Operating margin, 3-year average 20.1% 17.6% 16.8% — 16.6% 20.8% 16.7%
Net margin 11.8% 10.2% 8.8% 26.6% 5.4% 16.4% 10.5%
Cash from operations / revenue 28.0% 31.2% 28.9% 28.6% 23.7% 32.8% 28.5%
Free-cash-flow margin 14.0% 13.8% 16.7% 13.5% 10.4% 21.1% 13.9%
Free-cash-flow margin, 3-year average 13.8% 15.5% 13.5% 13.8% 9.4% 19.7% 10.2%
Change in share count −0.8% −3.1% −1.9% 1.8% 2.8% 0.0% 0.5%

Median of all 16 companies we cover in integrated telecommunication services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

16 integrated telecommunication services companies
Measure Company Peer median Rank
Revenue growth Growth 1.4% 3.5% 11 of 16
Change in growth rate Growth -0.0pp +0.9pp 12 of 16
Operating margin Profitability 20.9% 20.3% 6 of 15
Net margin Profitability 11.8% 10.7% 7 of 16
Free-cash-flow margin Cash generation 14.0% 13.8% 7 of 15
Long-term debt as % of assets Balance sheet 34.3% 26.0% 9 of 13
Change in share count Balance sheet -0.8% 0.0% 6 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Service and Other $113B ▲ 1.0%
Wireless Service $83.7B ▲ 2.0%
Products $25.5B ▲ 9.7%
Fios Revenues $12.9B ▲ 0.2%

These categories overlap or exclude eliminations, so shares aren't shown.

From Verizon's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$122B
Institutions reporting
3,108
Shares held vs prior quarter
▲ 3.2%
Positions opened / closed
121 / 241

Top buyers and sellers, Q2 2026: 1,538 institutions bought and 1,479 sold ; the biggest buyer was Blackrock, Inc (+30.2M shares) and the biggest seller Ameriprise Financial Inc (−9.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $16.9B 398.2M 13.9% ▲ 8.2%
Vanguard Capital Management LLC $11B 259.0M 9.0% ▼ 0.5%
State Street Corp $8.9B 209.7M 7.3% ▼ 2.4%
Charles Schwab Investment Management Inc $5.4B 127.8M 4.4% ▲ 13.1%
Geode Capital Management, LLC $4.5B 106.8M 3.7% ▲ 0.6%
Vanguard Portfolio Management LLC $3.3B 77.4M 2.7% ▲ 0.8%
Morgan Stanley $3B 70.3M 2.4% ▼ 5.1%
Bank Of America Corp $2.6B 60.9M 2.1% ▼ 2.0%
Norges Bank $2.3B 54.3M 1.9% —
Northern Trust Corp $1.9B 43.8M 1.5% ▼ 1.1%
Jpmorgan Chase & Co $1.8B 41.2M 1.5% ▲ 25.1%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $1.7B 41.2M 1.4% ▲ 14.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Verizon's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $15.5M 16 trades by 5 insiders · 7% under pre-set plans
Net ▼ $15.5M net selling
Insider Date Trade Shares Price Value
Malady Kyle EVP and Group CEO-VZ Business October 27, 2026 Sell pre-set plan 1,100 $43.00 $47,300
Malady Kyle EVP and Group CEO-VZ Business October 20, 2026 Sell pre-set plan 1,100 $44.48 $48,928
Malady Kyle EVP and Group CEO-VZ Business October 13, 2026 Sell pre-set plan 1,100 $42.93 $47,223
Malady Kyle EVP and Group CEO-VZ Business October 6, 2026 Sell pre-set plan 1,100 $45.75 $50,325
Malady Kyle EVP and Group CEO-VZ Business September 29, 2026 Sell pre-set plan 1,100 $46.40 $51,040
Malady Kyle EVP and Group CEO-VZ Business September 22, 2026 Sell pre-set plan 1,100 $47.65 $52,415
Malady Kyle EVP and Group CEO-VZ Business September 15, 2026 Sell pre-set plan 1,100 $51.19 $56,309
Malady Kyle EVP and Group CEO-VZ Business September 8, 2026 Sell pre-set plan 1,100 $49.98 $54,978
Malady Kyle EVP and Group CEO-VZ Business September 1, 2026 Sell pre-set plan 1,100 $50.50 $55,550
Malady Kyle EVP and Group CEO-VZ Business August 25, 2026 Sell pre-set plan 1,100 $50.06 $55,066
Malady Kyle EVP and Group CEO-VZ Business August 18, 2026 Sell pre-set plan 1,100 $48.68 $53,548
Hammock Samantha EVP & Chief HR Officer May 29, 2026 Sell 73,069 $47.83 $3.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 177 trades and filings

In the last 12 months, 6 members of Congress disclosed 4 purchases and 9 sales of Verizon shares.

  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded October 2, 2026, filed October 27, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded September 18, 2026, filed October 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 29, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • July 24, 2026
  • April 27, 2026
  • January 30, 2026
  • October 29, 2025
  • July 21, 2025

Recent SEC filings

Data status

When each part of this page on Verizon was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Verizon in brief

What does Verizon do?
Verizon is a US-listed company in the integrated telecommunication services industry. Its financial year ends in December.
What is Verizon's stock ticker?
Verizon trades under the ticker VZ on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Verizon's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Verizon reported revenue of $139B, 1.4% higher than a year earlier, according to its SEC filings.
What is Verizon's free cash flow?
Verizon's free-cash-flow margin is 14.0% of revenue over the trailing twelve months, ranking 7 of the 15 integrated telecommunication services companies we cover.
What is Verizon's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Verizon's free cash flow after stock-based pay gives ~$58 per share in the base case, and ~$33–$91 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Verizon's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Verizon's market cap?
On November 2, 2026, Verizon's market capitalisation was about $189B, with a price-to-earnings ratio of 11.5 and net debt of $162B. Market figures come from third-party market data and may be delayed.
Does Verizon pay a dividend?
Yes: Verizon paid $11.7B in dividends over the trailing twelve months, a dividend yield of 6.25% and a payout ratio of 71.4%.
How much debt does Verizon have?
Verizon's debt-to-equity ratio is 154.9%, from its latest balance sheet (164.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Verizon's competitors?
In our Integrated Telecommunication Services peer group, the companies closest to Verizon are AT&T, America Movil SAB DE Cv/, BCE Inc, Telus Corp and Chunghwa Telecom Co LTD. The side-by-side comparison below sets their revenue, margins and growth against Verizon's.
Are insiders buying or selling Verizon stock?
Over the last 12 months, Verizon's directors and officers reported 0 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Verizon's next earnings date?
Around January 29, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Verizon announces its own schedule.