VerizonWide moat

VZ — overall economic moat

Investment snapshot
Wide moat→ Holding steadyConfidenceMediumValuationFair
Strongest advantageAbout $158 billion of spectrum licences, a national network and 94 million postpaid phones that churn under 1% a month keep any new national carrier out
Greatest threatNo growth: revenue rose about 0.5% a year from 2015 to 2025, T-Mobile now has more postpaid accounts, cable resells Verizon's own network, and ROIC fell from about 11% to about 7% after C-Band
Key metricPostpaid phone net adds and ARPA (184 thousand and $168.35, down 1.4%, in Q2 2026), and ROIC against a 7% hurdle (7.1% in 2025)
Verdict: Verizon's moat is real and expensive: government licences, a national network and a sticky family-plan base keep new carriers out, but $53 billion of C-Band and a flat decade of revenue have pulled its return on capital down to about its cost. Schulman's turnaround has cut costs, lifted margins and brought phone growth back at the price of lower ARPA, while Frontier adds fibre and debt. At 12 times earnings and a 6% yield the shares price no growth, which is about what the decade delivered.
📈 VZ valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Verizon sells wireless and broadband connections to American households and businesses, and it makes most of its money from monthly phone bills. It had 146,953 thousand retail connections at 30 June 2026, including 94,098 thousand postpaid phones and 17,121 thousand broadband connections1. It was formed in 2000 from the merger of Bell Atlantic and GTE2, and today it runs a national wireless network on spectrum carried at $158,159 million3 and a fibre network that after the Frontier purchase reaches "over 30 million homes and businesses"4.

Verizon consolidated revenue and operating income, 2015 against 2025 ($bn)131.6Revenue 2015138.2Revenue 202530.6Operating income 201529.3Operating income 2025Verizon 10-K FY2019 Exhibit 13 (restated 2015) and Form 10-K FY2025
Five percent more revenue in ten years, and less operating income.

Revenue was $138,191 million in 20255: service revenues and other of $112,721 million and wireless equipment revenue of $25,470 million6. Wireless service revenue alone was $83,703 million7. By segment, Consumer brought in $106,807 million and Business $29,069 million8, and Consumer earned 92.1% of segment operating income910. No customer exceeded 10% of revenue11.

Profit is large and flat. Operating income was $29,259 million, net income attributable to Verizon $17,174 million and diluted EPS $4.061213. Free cash flow was $20,126 million14, of which dividends took $11,481 million15. Revenue grew about 0.5% a year from 201516, and total debt was $165,231 million in June 202617.

The company is in the middle of a turnaround. Dan Schulman became chief executive on 4 October 202518, cut over 13,000 positions19, closed the Frontier purchase on 20 January 202620 and restarted buybacks. By the June 2026 quarter postpaid phone net additions were positive, churn was 0.92% and the adjusted EBITDA margin was a record 40.1%21, but postpaid ARPA was down 1.4%22.

At $46.68 on 28 September 2026 the market value was $193.94 billion, 12.16 times trailing earnings, with a 6.06% dividend yield23.

The company describes its network modestly and precisely: its wireless services "are provided across one of the most extensive wireless networks in the United States"24. It employed about 89,900 people on a full-time equivalent basis at the end of 2025, "89% of whom are based in the U.S."25, and had 374,977 shareholders of record26. In Consumer alone it counted "96 million postpaid connections and 20 million prepaid connections"27. It has been reshaping itself for five years: the media business was sold to an affiliate of Apollo on 1 September 202128, TracFone was bought that November29, and in 2024 it took "$2.0 billion of proceeds related to the transaction with Vertical Bridge REIT, LLC" for tower rights30.

The turnaround comes with a new pay structure and a longer runway. Schulman received performance stock units with a "$30 million target value" vesting on 31 December 202731, and in July 2026 his term was extended to 31 December 202832. Seven months before he left, his predecessor's 2025 long-term incentive target had been raised "from $18,000,000 to $25,000,000"33. Market value was $171.74 billion at the end of 2025 and $193.94 billion on 28 September 20263435, so investors have paid something for the turnaround already.

The moat is wide: licences, towers and 94 million sticky customers keep any new national network out. But the business earns about its cost of capital, a return on invested capital of 7.1% in 2025 against 11.3% in 201936. What would falsify the verdict is revenue: if the promised acceleration to about 4% growth in mobility and broadband service revenue by the fourth quarter of 202637 does not arrive, the moat will be defending a franchise that no longer grows.

The number that tests this moat
Reported
Revenue, and where it comes from
$138.19bn in 2025: Consumer $106.81bn (77%), Business $29.07bn, Corporate and other $2.64bn less eliminations; wireless service $83.70bn; equipment $25.47bn

No customer at 10%. Watch postpaid phone net adds and ARPA, and mobility and broadband service growth (2.8% in Q2 2026, guided about 4% in Q4).

Source: Verizon Form 10-K, FY2025 ↗
Moat scorecardHow ratings work →
Switching costs7/10
Network effects3/10
Pricing power4/10
Hard to replicate9/10
Disruption resistance6/10
Overall durability8/10

Replication is very hard: a national network needs government licences carried at $158 billion, towers and fibre. Switching costs are solid (postpaid phone churn 0.92% a month, family plans at 3.67 lines, phones on instalments) but loosen as upgrades fall. Pricing power is weak: revenue per postpaid line was flat in 2025 and ARPA fell 1.4% in Q2 2026, with T-Mobile now ahead on accounts. Network effects are minimal between carriers. Disruption resistance is moderate: cable MVNOs on Verizon's own network and fixed wireless and fibre rivals compete for the same homes. Durability sits at the bottom of the wide band.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Verizon's two segments reconcile to its revenue with Corporate and other added; Consumer earns 92% of the segment profit and Business a twelfth.
DIG DEEPER 02
The Moat
Verizon's moat keeps any new national network out of America, but after $53 billion of C-Band it earns about 7% on capital, roughly what that capital…
DIG DEEPER 03
Competitors
Verizon's rivals are few and strong: T-Mobile has more accounts, AT&T is ahead on fibre and the cable companies grow on Verizon's own network.
DIG DEEPER 04
Major Clients
Verizon has no customer at a tenth of revenue, but its only large institutional buyers are shrinking and its household customers are borrowing more to…
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Verizon's next two years rest on an acceleration to about 4% revenue growth, a restarted buyback and a claim about AI that has no number yet.
⚠ Threats to the moat
⚠ THREAT 01
Revenue That Has Not Grown in a Decade
Verizon's revenue grew about half a percent a year from 2015 to 2025 and its operating income fell, despite a $45.5 billion spectrum purchase.
⚠ THREAT 02
A Dividend That Stopped Rising
Verizon moved its dividend raise to January and held it in September 2026; the payout is 57% of free cash flow, but $17.3 billion of debt falls due…
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
The market prices Verizon at 12 times earnings as if it were shrinking, but an 11% free cash flow yield returned to owners compounds even on flat…
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q2 2026)
Verizon's June 2026 quarter added phones, cut churn and set a record margin, while revenue fell, ARPA fell 1.4% and reported net income fell 23%.
References
  1. ReportedIt had 146,953 thousand retail connections at 30 June 2026, including 94,098 thousand postpaid phones and 17,121 thousand broadband connections.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - broadband statistics: fiber and fixed wireless connections and net additions. — Q2 2026 · publ. 24 July 2026 · source ↗
  2. Third-party estimateIt was formed in 2000 from the merger of Bell Atlantic and GTE, and today it runs a national wireless network on spectrum carried at $158,159 million and a fibre network that after the Frontier purchase reaches "over 30 million homes and businesses".
    companiesmarketcap.com, Verizon market capitalisation page - company profile: founded on 30 June 2000 from the merger of Bell Atlantic Corporation and GTE Corporation; market value $193.94bn. — September 2026 · publ. 28 September 2026 · source ↗
  3. ReportedIt was formed in 2000 from the merger of Bell Atlantic and GTE, and today it runs a national wireless network on spectrum carried at $158,159 million and a fibre network that after the Frontier purchase reaches "over 30 million homes and businesses".
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - broadband statistics: fiber and fixed wireless connections and net additions. — Q2 2026 · publ. 24 July 2026 · source ↗
  4. ReportedIt was formed in 2000 from the merger of Bell Atlantic and GTE, and today it runs a national wireless network on spectrum carried at $158,159 million and a fibre network that after the Frontier purchase reaches "over 30 million homes and businesses".
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - income statement, segment EBITDA and highlights. — FY2025 · publ. 30 January 2026 · source ↗
  5. ReportedRevenue was $138,191 million in 2025: service revenues and other of $112,721 million and wireless equipment revenue of $25,470 million.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: services, networks, employees and the Frontier and Starry acquisitions. — FY2025 · publ. 17 February 2026 · source ↗
  6. ReportedRevenue was $138,191 million in 2025: service revenues and other of $112,721 million and wireless equipment revenue of $25,470 million.
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - income statement, segment EBITDA and highlights. — FY2025 · publ. 30 January 2026 · source ↗
  7. ReportedWireless service revenue alone was $83,703 million.
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - income statement, segment EBITDA and highlights. — FY2025 · publ. 30 January 2026 · source ↗
  8. ReportedBy segment, Consumer brought in $106,807 million and Business $29,069 million, and Consumer earned 92.1% of segment operating income.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - segment note (Note 13) and MD&A segment results: Consumer and Business revenue, operating income and costs. — FY2025 · publ. 17 February 2026 · source ↗
  9. ReportedBy segment, Consumer brought in $106,807 million and Business $29,069 million, and Consumer earned 92.1% of segment operating income.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - segment note (Note 13) and MD&A segment results: Consumer and Business revenue, operating income and costs. — FY2025 · publ. 17 February 2026 · source ↗
  10. Moat Explorer calcBy segment, Consumer brought in $106,807 million and Business $29,069 million, and Consumer earned 92.1% of segment operating income.
    Moat Explorer calculation from Verizon's reported figures ($ millions unless stated; calendar years). Revenue and profit over the decade: revenue 2015-2025 (138,191 / 131,620) ^ (1/10) - 1 = about 0.5% a year; 138,191 / 131,620 - 1 = +5.0%; range 138,191 - 125,980 = about 12.2bn; 2027 revenue of 142bn would need (142 / 138.191) ^ (1/2) - 1 = about 1.4% a year; operating income 29,259 / 30,615 - 1 = -4.4%; net income 17,174 / 17,879 - 1 = -3.9%; diluted EPS 4.06 / 4.37 - 1 = -7.1%; total assets 404,258 / 244,175 - 1 = +65.6%. Segments 2025: Consumer share of segment operating income 29,628 / (29,628 + 2,532 = 32,160) = 92.1% (2024 29,484 / 31,542 = 93.5%; 2023 29,011 / 31,077 = 93.4%); Business share 2,532 / 32,160 = 7.9%; Q2 2026 Consumer 8,032 / (8,032 + 991 = 9,023) = 89.0%, Q2 2025 7,643 / (7,643 + 724 = 8,367) = 91.3%; Consumer operating margin 29,628 / 106,807 = 27.7%, Business 2,532 / 29,069 = 8.7%; Business share of segment revenue 29,069 / 135,876 = 21.4%; shared network and service costs 17,991 + 9,717 = 27,708, Business share 9,717 / 27,708 = 35.1%; Consumer share of segment EBITDA 43,801 / (43,801 + 6,644) = 86.8%; Consumer revenue 2025 106,807 / 102,904 - 1 = +3.8%, 2023-2025 106,807 / 101,626 - 1 = +5.1%; Consumer service revenue 80,617 / 77,127 - 1 = +4.5%; Consumer equipment 21,779 - 23,930 = -2,151, about 2.2bn below cost; Business revenue 29,069 / 30,122 - 1 = -3.5%; Enterprise and Public Sector 13,532 / 15,076 - 1 = -10.2%; Business Markets and Other 13,555 / 12,697 - 1 = +6.8%; Wholesale 1,953 / 2,313 - 1 = -15.6%; institutional and wholesale decline (15,076 - 13,532) + (2,313 - 1,953) = 1,904; Q2 2026 Consumer revenue 26,242 / 26,648 - 1 = -1.5%; Business revenue 7,155 / 6,973 - 1 = +2.6%; restatement 7,275 - 6,973 = 302 a quarter; mobility and broadband service revenue 2025 75,923 + 14,940 = 90,863. Customers: T-Mobile postpaid accounts 34,700 - 34,237 = 463 more than Verizon; T-Mobile 34,700 / 31,502 - 1 = +10.2%, 34,700 - 31,502 = 3,198; Verizon accounts 34,237 - 34,646 = -409, -1.2%; ARPA premium 168.35 / 152.91 - 1 = +10.1%; cable lines 10,187 + 12,540 = about 22.7 million; cable Q2 net adds 448 + 406 = 854 thousand, 854 / 184 = 4.6 times; Q2 net adds share 184 / (184 + 432 + 448 + 406 = 1,470) = 12.5%; fibre net adds 155 / 367 = 42%; annual churn at 0.92% a month 0.92 x 12 = 11.0%, about one customer in ten; 0.1 point on 94 million = about 94 thousand phones a month; prepaid churn 3.59 / 0.92 = 3.9 times; prepaid annual loss 1 - (1 - 0.0359) ^ 12 = 35.5%, average life 1 / 0.0359 = 27.9 months, a little over two years; revenue per postpaid line 170.62 / 3.67 = 46.49 (2025), 167.26 / 3.61 = 46.33 (2024); ARPA 2025 170.62 / 167.26 - 1 = +2.0%; ARPA Q2 2026 168.35 / 170.79 - 1 = -1.4%; ARPA H1 2026 167.50 / 170.30 - 1 = -1.6%; wireless service revenue 83,703 / 82,073 - 1 = +2.0%; wireless service share of revenue 83,703 / 138,191 = 60.6%; FWA revenue 2,940 / 2,139 - 1 = +37.4%; FWA revenue share 2,940 / 138,191 = 2.1%; fibre annualised 155 x 4 = 620 thousand; passings 2.0 / 30 = 6.7%; passings to fill 2,000 / 620 = 3.2 times. Spectrum and capital: C-Band 45.5 + 7.5 = 53.0bn; licences share of assets 158,159 / 410,186 = 38.6%; licences over goodwill 158,159 / 30,664 = 5.2 times; licences over equity 158,159 / 105,196 = 1.5 times; wireless service revenue per dollar of licences 83,703 / 157,039 = 0.53; spectrum bought June 2026 1.0 + 3.2 = 4.2bn; capex / revenue 17,011 / 138,191 = 12.3% (2025), 23,087 / 136,835 = 16.9% (2022); capex 17,011 / 23,087 - 1 = -26.3%; capex less depreciation 17,011 - 18,349 = -1,338; ROIC averages 2015-2019 (10.8 + 9.1 + 12.7 + 8.2 + 11.3) / 5 = 10.4%, 2021-2025 (8.7 + 7.3 + 5.0 + 7.0 + 7.1) / 5 = 7.0%; interest expense 6,694 / 5,524 - 1 = +21.2% (2023-2025); Q2 interest 1,985 / 1,639 - 1 = +21.1%; interest / operating income 6,694 / 29,259 = 22.9%. Cost, cash and capital returns: employees 89.9 / 99.6 - 1 = -9.7%; severance 533 + 1,733 + 1,715 + 397 = 4,378, about 4.4bn; adjusted EBITDA margin 49,997 / 138,191 = 36.2% (2025), 48,791 / 134,788 = 36.2% (2024); Q2 2026 operating income 7,179 / 8,172 - 1 = -12.2%; free cash flow Q2 6,426 / 5,167 - 1 = +24.4%; adjusted EPS less diluted EPS 4.71 - 4.06 = 0.65; phones sold below cost 28,976 - 25,470 = 3,506, about 3.5bn; dividends / free cash flow 11,481 / 20,126 = 57.0% (2025), 5,864 / 10,209 = 57.4% (H1 2026); dividends / net income 11,481 / 17,174 = 66.9%; dividends per share 2.735 / 2.230 - 1 = +22.6%, (2.735 / 2.230) ^ (1/10) - 1 = 2.1% a year; dividend cost a quarter 0.7075 x 4,155 = about 2,940; buyback average 3,500 / 72.047 = about $48.58 a share; shares 4,155 / 4,217 - 1 = -1.5%; free cash flow yield 21.53 / 193.94 = 11.1%; cash returned about (11.5 + 4.5) / 193.94 = 8.2% of market value; net unsecured debt 128,682 - 110,053 = 18,629; backlog 55.2 / 58.1 - 1 = -5.0%; backlog months 58.1 / 138.191 x 12 = about 5.0; device receivables 34,004 / 31,308 - 1 = +8.6%, allowance 1,628 / 1,315 - 1 = +23.8%; TracFone 3.5 + 3.0 = 6.5bn plus up to 0.65bn. Valuation: Frontier price / market value 22.3 / 193.94 = 11.5%; market value 193.94 / 253.94 - 1 = -23.6% (against end-2019), 193.94 / 188.06 - 1 = +3.1% (against end-2015); target 51.58 / 46.68 - 1 = +10.5%; year-end market value over net income 188.06 / 17.879 = 10.5 (2015), 217.61 / 13.127 = 16.6 (2016), 215.92 / 30.101 = 7.2 (2017), 232.30 / 15.528 = 15.0 (2018), 253.94 / 19.265 = 13.2 (2019), 243.11 / 17.801 = 13.7 (2020), 215.12 / 22.065 = 9.7 (2021), 165.47 / 21.256 = 7.8 (2022), 158.49 / 11.614 = 13.6 (2023), 168.34 / 17.506 = 9.6 (2024), 171.74 / 17.174 = 10.0 (2025); trailing twelve months to June 2026 revenue 138,191 - 67,989 + 68,693 = 138,895, net income 17,174 - 9,882 + 8,880 = 16,172, 193.94 / 16.172 = 12.0, 193.94 / 138.895 = 1.40 - segments and customer groups. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Verizon's Forms 10-K and 10-Q, quarterly results releases, the recast segment revenue 8-K, peer results releases (T-Mobile, AT&T, Comcast, Charter) and market data; operands shown in the source line.
  11. ReportedNo customer exceeded 10% of revenue.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: services, networks, employees and the Frontier and Starry acquisitions. — FY2025 · publ. 17 February 2026 · source ↗
  12. ReportedOperating income was $29,259 million, net income attributable to Verizon $17,174 million and diluted EPS $4.06.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - financial statements and notes: debt, interest, pensions, receivables, performance obligations and taxes. — FY2025 · publ. 17 February 2026 · source ↗
  13. ReportedOperating income was $29,259 million, net income attributable to Verizon $17,174 million and diluted EPS $4.06.
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - income statement, segment EBITDA and highlights. — FY2025 · publ. 30 January 2026 · source ↗
  14. ReportedFree cash flow was $20,126 million, of which dividends took $11,481 million.
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - cash flow, capital spending, debt and 2026 guidance. — FY2025 · publ. 30 January 2026 · source ↗
  15. ReportedFree cash flow was $20,126 million, of which dividends took $11,481 million.
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - cash flow, capital spending, debt and 2026 guidance. — FY2025 · publ. 30 January 2026 · source ↗
  16. Moat Explorer calcRevenue grew about 0.5% a year from 2015, and total debt was $165,231 million in June 2026.
    Moat Explorer calculation from Verizon's reported figures ($ millions unless stated; calendar years). Revenue and profit over the decade: revenue 2015-2025 (138,191 / 131,620) ^ (1/10) - 1 = about 0.5% a year; 138,191 / 131,620 - 1 = +5.0%; range 138,191 - 125,980 = about 12.2bn; 2027 revenue of 142bn would need (142 / 138.191) ^ (1/2) - 1 = about 1.4% a year; operating income 29,259 / 30,615 - 1 = -4.4%; net income 17,174 / 17,879 - 1 = -3.9%; diluted EPS 4.06 / 4.37 - 1 = -7.1%; total assets 404,258 / 244,175 - 1 = +65.6%. Segments 2025: Consumer share of segment operating income 29,628 / (29,628 + 2,532 = 32,160) = 92.1% (2024 29,484 / 31,542 = 93.5%; 2023 29,011 / 31,077 = 93.4%); Business share 2,532 / 32,160 = 7.9%; Q2 2026 Consumer 8,032 / (8,032 + 991 = 9,023) = 89.0%, Q2 2025 7,643 / (7,643 + 724 = 8,367) = 91.3%; Consumer operating margin 29,628 / 106,807 = 27.7%, Business 2,532 / 29,069 = 8.7%; Business share of segment revenue 29,069 / 135,876 = 21.4%; shared network and service costs 17,991 + 9,717 = 27,708, Business share 9,717 / 27,708 = 35.1%; Consumer share of segment EBITDA 43,801 / (43,801 + 6,644) = 86.8%; Consumer revenue 2025 106,807 / 102,904 - 1 = +3.8%, 2023-2025 106,807 / 101,626 - 1 = +5.1%; Consumer service revenue 80,617 / 77,127 - 1 = +4.5%; Consumer equipment 21,779 - 23,930 = -2,151, about 2.2bn below cost; Business revenue 29,069 / 30,122 - 1 = -3.5%; Enterprise and Public Sector 13,532 / 15,076 - 1 = -10.2%; Business Markets and Other 13,555 / 12,697 - 1 = +6.8%; Wholesale 1,953 / 2,313 - 1 = -15.6%; institutional and wholesale decline (15,076 - 13,532) + (2,313 - 1,953) = 1,904; Q2 2026 Consumer revenue 26,242 / 26,648 - 1 = -1.5%; Business revenue 7,155 / 6,973 - 1 = +2.6%; restatement 7,275 - 6,973 = 302 a quarter; mobility and broadband service revenue 2025 75,923 + 14,940 = 90,863. Customers: T-Mobile postpaid accounts 34,700 - 34,237 = 463 more than Verizon; T-Mobile 34,700 / 31,502 - 1 = +10.2%, 34,700 - 31,502 = 3,198; Verizon accounts 34,237 - 34,646 = -409, -1.2%; ARPA premium 168.35 / 152.91 - 1 = +10.1%; cable lines 10,187 + 12,540 = about 22.7 million; cable Q2 net adds 448 + 406 = 854 thousand, 854 / 184 = 4.6 times; Q2 net adds share 184 / (184 + 432 + 448 + 406 = 1,470) = 12.5%; fibre net adds 155 / 367 = 42%; annual churn at 0.92% a month 0.92 x 12 = 11.0%, about one customer in ten; 0.1 point on 94 million = about 94 thousand phones a month; prepaid churn 3.59 / 0.92 = 3.9 times; prepaid annual loss 1 - (1 - 0.0359) ^ 12 = 35.5%, average life 1 / 0.0359 = 27.9 months, a little over two years; revenue per postpaid line 170.62 / 3.67 = 46.49 (2025), 167.26 / 3.61 = 46.33 (2024); ARPA 2025 170.62 / 167.26 - 1 = +2.0%; ARPA Q2 2026 168.35 / 170.79 - 1 = -1.4%; ARPA H1 2026 167.50 / 170.30 - 1 = -1.6%; wireless service revenue 83,703 / 82,073 - 1 = +2.0%; wireless service share of revenue 83,703 / 138,191 = 60.6%; FWA revenue 2,940 / 2,139 - 1 = +37.4%; FWA revenue share 2,940 / 138,191 = 2.1%; fibre annualised 155 x 4 = 620 thousand; passings 2.0 / 30 = 6.7%; passings to fill 2,000 / 620 = 3.2 times. Spectrum and capital: C-Band 45.5 + 7.5 = 53.0bn; licences share of assets 158,159 / 410,186 = 38.6%; licences over goodwill 158,159 / 30,664 = 5.2 times; licences over equity 158,159 / 105,196 = 1.5 times; wireless service revenue per dollar of licences 83,703 / 157,039 = 0.53; spectrum bought June 2026 1.0 + 3.2 = 4.2bn; capex / revenue 17,011 / 138,191 = 12.3% (2025), 23,087 / 136,835 = 16.9% (2022); capex 17,011 / 23,087 - 1 = -26.3%; capex less depreciation 17,011 - 18,349 = -1,338; ROIC averages 2015-2019 (10.8 + 9.1 + 12.7 + 8.2 + 11.3) / 5 = 10.4%, 2021-2025 (8.7 + 7.3 + 5.0 + 7.0 + 7.1) / 5 = 7.0%; interest expense 6,694 / 5,524 - 1 = +21.2% (2023-2025); Q2 interest 1,985 / 1,639 - 1 = +21.1%; interest / operating income 6,694 / 29,259 = 22.9%. Cost, cash and capital returns: employees 89.9 / 99.6 - 1 = -9.7%; severance 533 + 1,733 + 1,715 + 397 = 4,378, about 4.4bn; adjusted EBITDA margin 49,997 / 138,191 = 36.2% (2025), 48,791 / 134,788 = 36.2% (2024); Q2 2026 operating income 7,179 / 8,172 - 1 = -12.2%; free cash flow Q2 6,426 / 5,167 - 1 = +24.4%; adjusted EPS less diluted EPS 4.71 - 4.06 = 0.65; phones sold below cost 28,976 - 25,470 = 3,506, about 3.5bn; dividends / free cash flow 11,481 / 20,126 = 57.0% (2025), 5,864 / 10,209 = 57.4% (H1 2026); dividends / net income 11,481 / 17,174 = 66.9%; dividends per share 2.735 / 2.230 - 1 = +22.6%, (2.735 / 2.230) ^ (1/10) - 1 = 2.1% a year; dividend cost a quarter 0.7075 x 4,155 = about 2,940; buyback average 3,500 / 72.047 = about $48.58 a share; shares 4,155 / 4,217 - 1 = -1.5%; free cash flow yield 21.53 / 193.94 = 11.1%; cash returned about (11.5 + 4.5) / 193.94 = 8.2% of market value; net unsecured debt 128,682 - 110,053 = 18,629; backlog 55.2 / 58.1 - 1 = -5.0%; backlog months 58.1 / 138.191 x 12 = about 5.0; device receivables 34,004 / 31,308 - 1 = +8.6%, allowance 1,628 / 1,315 - 1 = +23.8%; TracFone 3.5 + 3.0 = 6.5bn plus up to 0.65bn. Valuation: Frontier price / market value 22.3 / 193.94 = 11.5%; market value 193.94 / 253.94 - 1 = -23.6% (against end-2019), 193.94 / 188.06 - 1 = +3.1% (against end-2015); target 51.58 / 46.68 - 1 = +10.5%; year-end market value over net income 188.06 / 17.879 = 10.5 (2015), 217.61 / 13.127 = 16.6 (2016), 215.92 / 30.101 = 7.2 (2017), 232.30 / 15.528 = 15.0 (2018), 253.94 / 19.265 = 13.2 (2019), 243.11 / 17.801 = 13.7 (2020), 215.12 / 22.065 = 9.7 (2021), 165.47 / 21.256 = 7.8 (2022), 158.49 / 11.614 = 13.6 (2023), 168.34 / 17.506 = 9.6 (2024), 171.74 / 17.174 = 10.0 (2025); trailing twelve months to June 2026 revenue 138,191 - 67,989 + 68,693 = 138,895, net income 17,174 - 9,882 + 8,880 = 16,172, 193.94 / 16.172 = 12.0, 193.94 / 138.895 = 1.40 - dividends, buybacks, debt and valuation. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Verizon's Forms 10-K and 10-Q, quarterly results releases, the recast segment revenue 8-K, peer results releases (T-Mobile, AT&T, Comcast, Charter) and market data; operands shown in the source line.
  17. ReportedRevenue grew about 0.5% a year from 2015, and total debt was $165,231 million in June 2026.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - cash flow, balance sheet, capital returns and guidance. — Q2 2026 · publ. 24 July 2026 · source ↗
  18. ReportedDan Schulman became chief executive on 4 October 2025, cut over 13,000 positions, closed the Frontier purchase on 20 January 2026 and restarted buybacks.
    Verizon Form 8-K of 6 October 2025, Item 5.02 - appointment of Daniel H. Schulman as chief executive and Hans Vestberg stepping down. — October 2025 · publ. 6 October 2025 · source ↗
  19. ReportedDan Schulman became chief executive on 4 October 2025, cut over 13,000 positions, closed the Frontier purchase on 20 January 2026 and restarted buybacks.
    Verizon Form 8-K of 20 November 2025, Item 7.01 - elimination of over 13,000 positions and expected severance of $1.6 billion to $1.8 billion. — November 2025 · publ. 20 November 2025 · source ↗
  20. ReportedDan Schulman became chief executive on 4 October 2025, cut over 13,000 positions, closed the Frontier purchase on 20 January 2026 and restarted buybacks.
    Verizon Form 8-K of 20 January 2026, Item 8.01 - completion of the Frontier Communications acquisition at $38.50 a share in cash. — January 2026 · publ. 20 January 2026 · source ↗
  21. ReportedBy the June 2026 quarter postpaid phone net additions were positive, churn was 0.92% and the adjusted EBITDA margin was a record 40.1%, but postpaid ARPA was down 1.4%.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - operating statistics: connections, net additions, churn, ARPA, upgrades and broadband. — Q2 2026 · publ. 24 July 2026 · source ↗
  22. ReportedBy the June 2026 quarter postpaid phone net additions were positive, churn was 0.92% and the adjusted EBITDA margin was a record 40.1%, but postpaid ARPA was down 1.4%.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - operating statistics: connections, net additions, churn, ARPA, upgrades and broadband. — Q2 2026 · publ. 24 July 2026 · source ↗
  23. Third-party estimateAt $46.68 on 28 September 2026 the market value was $193.94 billion, 12.16 times trailing earnings, with a 6.06% dividend yield.
    stockanalysis.com, Verizon quote page, 28 September 2026: price $46.68, market value $193.94bn, trailing P/E 12.16, forward P/E 9.20, dividend $2.83 (6.06%), 52-week range $38.39-$51.68, analyst target $51.58. — September 2026 · publ. 28 September 2026 · source ↗
  24. ReportedThe company describes its network modestly and precisely: its wireless services "are provided across one of the most extensive wireless networks in the United States".
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: services, networks, employees and the Frontier and Starry acquisitions. — FY2025 · publ. 17 February 2026 · source ↗
  25. ReportedIt employed about 89,900 people on a full-time equivalent basis at the end of 2025, "89% of whom are based in the U.S.", and had 374,977 shareholders of record.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: services, networks, employees and the Frontier and Starry acquisitions. — FY2025 · publ. 17 February 2026 · source ↗
  26. ReportedIt employed about 89,900 people on a full-time equivalent basis at the end of 2025, "89% of whom are based in the U.S.", and had 374,977 shareholders of record.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: services, networks, employees and the Frontier and Starry acquisitions. — FY2025 · publ. 17 February 2026 · source ↗
  27. ReportedIn Consumer alone it counted "96 million postpaid connections and 20 million prepaid connections".
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - segment note (Note 13) and MD&A segment results: Consumer and Business revenue, operating income and costs. — FY2025 · publ. 17 February 2026 · source ↗
  28. ReportedIt has been reshaping itself for five years: the media business was sold to an affiliate of Apollo on 1 September 2021, TracFone was bought that November, and in 2024 it took "$2.0 billion of proceeds related to the transaction with Vertical Bridge REIT, LLC" for tower rights.
    Verizon Communications Inc. Form 10-K for fiscal 2021 - the sale of Verizon Media to Apollo. — FY2021 · publ. February 2022 · source ↗
  29. ReportedIt has been reshaping itself for five years: the media business was sold to an affiliate of Apollo on 1 September 2021, TracFone was bought that November, and in 2024 it took "$2.0 billion of proceeds related to the transaction with Vertical Bridge REIT, LLC" for tower rights.
    Verizon Communications Inc. Form 10-K for fiscal 2022 - the TracFone acquisition terms and 2020-2022 results. — FY2022 · publ. February 2023 · source ↗
  30. ReportedIt has been reshaping itself for five years: the media business was sold to an affiliate of Apollo on 1 September 2021, TracFone was bought that November, and in 2024 it took "$2.0 billion of proceeds related to the transaction with Vertical Bridge REIT, LLC" for tower rights.
    Verizon Communications Inc. Form 10-K for fiscal 2024 - the Vertical Bridge tower transaction and 2024 comparatives. — FY2024 · publ. February 2025 · source ↗
  31. ReportedSchulman received performance stock units with a "$30 million target value" vesting on 31 December 2027, and in July 2026 his term was extended to 31 December 2028.
    Verizon Form 8-K of 12 January 2026, Item 5.02 - Dan Schulman's performance stock unit award with a $30 million target value. — January 2026 · publ. 12 January 2026 · source ↗
  32. ReportedSchulman received performance stock units with a "$30 million target value" vesting on 31 December 2027, and in July 2026 his term was extended to 31 December 2028.
    Verizon Form 8-K of 24 July 2026, Item 5.02 - Dan Schulman's term extended to 31 December 2028. — July 2026 · publ. 24 July 2026 · source ↗
  33. ReportedSeven months before he left, his predecessor's 2025 long-term incentive target had been raised "from $18,000,000 to $25,000,000".
    Verizon Form 8-K of 18 March 2025, Item 5.02 - Hans Vestberg's 2025 long-term incentive target raised from $18 million to $25 million. — March 2025 · publ. 18 March 2025 · source ↗
  34. Third-party estimateMarket value was $171.74 billion at the end of 2025 and $193.94 billion on 28 September 2026, so investors have paid something for the turnaround already.
    stockanalysis.com, Verizon market-cap history: year-end values 2015-2025. — 2015-2026 · publ. 28 September 2026 · source ↗
  35. Third-party estimateMarket value was $171.74 billion at the end of 2025 and $193.94 billion on 28 September 2026, so investors have paid something for the turnaround already.
    stockanalysis.com, Verizon quote page, 28 September 2026: price $46.68, market value $193.94bn, trailing P/E 12.16, forward P/E 9.20, dividend $2.83 (6.06%), 52-week range $38.39-$51.68, analyst target $51.58. — September 2026 · publ. 28 September 2026 · source ↗
  36. Moat Explorer calcBut the business earns about its cost of capital, a return on invested capital of 7.1% in 2025 against 11.3% in 2019.
    Moat Explorer calculation, repo method (tools_roic_edgar.py run on a scratch copy with CIK 732712) on SEC EDGAR XBRL: return on invested capital 10.8% (2015), 9.1% (2016), 12.7% (2017), 8.2% (2018), 11.3% (2019), 8.8% (2020), 8.7% (2021), 7.3% (2022), 5.0% (2023), 7.0% (2024), 7.1% (2025). — FY2015-FY2025 · publ. September 2026 · source ↗
    Method: NOPAT (operating income times one minus the effective tax rate, clamped 0-35%) divided by average operating invested capital (total assets less current liabilities less cash), SEC EDGAR XBRL. 2017 is flattered because the tax-reform benefit clamps the rate to zero; 2021 onward carries about $53 billion of C-Band licences and clearing costs in invested capital; 2023 is cut by the $5.8 billion goodwill impairment.
  37. ReportedWhat would falsify the verdict is revenue: if the promised acceleration to about 4% growth in mobility and broadband service revenue by the fourth quarter of 2026 does not arrive, the moat will be defending a franchise that no longer grows.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - broadband statistics: fiber and fixed wireless connections and net additions. — Q2 2026 · publ. 24 July 2026 · source ↗
Sources
Generated September 29, 2026