CompetitorsNarrow moat

Verizon (VZ) — moat facet

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.

Verizon has few competitors and all of them are formidable. The 10-K says: "we compete against other national wireless service providers, including AT&T Inc. and T-Mobile US, Inc., as well as various regional wireless service providers"1, and against resellers including "cable companies, such as Comcast Corporation and Charter Communications, Inc."2. In broadband it lists cable companies, wireless providers, satellite companies and "low Earth orbit satellite companies"3. It adds that "The rapid evolution and increasing use of AI technologies also contribute to increasing competition"4.

Wireless net additions, Q2 2026 (thousands)Comcast lines448AT&T postpaid phones432Charter lines406Verizon postpaid phones184Company Q2 2026 results releases; lines and phones are different measures; T-Mobile no longer headlines phone adds
Verizon added the fewest of the four.

The market is concentrated, which is why prices are stable, and contested, which is why they do not rise much. Rivals offer "increased levels of promotions and service plan discounts, price locks and guarantees", in some cases "specifically targeting Verizon customers"5. The 10-K discloses no market share.

The four pages below describe four different relationships. T-Mobile: The Rival With More Accounts is the head-on rival that has overtaken Verizon on households. Comcast and Charter: Customers Who Compete is the reseller that pays Verizon and takes its customers. AT&T: The Rival Running the Same Playbook is the race for fibre and phones together. BT: The Rival Becoming a Partner is the contest Verizon is leaving by sharing ownership.

The quarter's numbers are not kind. In June 2026 AT&T added 432 thousand postpaid phones6, Comcast and Charter 854 thousand mobile lines between them789, and Verizon 184 thousand phones10.

The rivals are also Verizon's reference points for price. T-Mobile's postpaid ARPA was $152.91 in the June 2026 quarter11 against Verizon's $168.3512; AT&T's wireless service revenue rose 3.3% to $17,413 million13. Comcast called its quarter "Our Best Quarterly Result on Record" for wireless line additions14. Each figure describes a competitor that grew in a quarter when Verizon's own revenue fell 0.7%15.

The position is narrow. The barrier keeps new carriers out; it does not stop three incumbents and two resellers from competing hard for the same families. If Verizon's share of the quarter's postpaid phone and cable line additions stays below a fifth, its customers will be flowing out faster than its price premium can compensate.

Moat trajectory: Narrowing

Verizon added 184k phones in Q2 2026 against AT&T's 432k and cable's 854k lines.

The number that tests this moat
Moat Explorer calc
Verizon share of Q2 net additions among Verizon, AT&T, Comcast and Charter
about 12% (Q2 2026: 184 thousand of 1,470 thousand phones and lines)

How much of the market's growth Verizon takes; below a fifth means customers flow to rivals faster than the premium compensates.

How it's calculated: Verizon postpaid phone net additions divided by the sum of Verizon and AT&T postpaid phone net additions and Comcast and Charter mobile line net additions, Q2 2026 results releases (different measures, a rough share).
Source: Moat Explorer calculation from Verizon filings ↗
Dig deeper
DIG DEEPER 01
T-Mobile: The Rival With More Accounts
T-Mobile passed Verizon on postpaid accounts in 2026 by adding households, while Verizon kept a 10% price premium by adding lines to fewer homes.
DIG DEEPER 02
Comcast and Charter: Customers Who Compete
Comcast and Charter added 854 thousand mobile lines in a quarter on Verizon's own network, a wholesale customer that is also the fastest-growing…
DIG DEEPER 03
AT&T: The Rival Running the Same Playbook
AT&T added 432 thousand phones and 367 thousand fibre homes in mid-2026 against Verizon's 184 thousand and 155 thousand, running the convergence…
DIG DEEPER 04
BT: The Rival Becoming a Partner
Verizon is paying BT $625 million and taking a $746 million loss to share an international wireline business rather than keep competing in it.
References
  1. ReportedThe 10-K says: "we compete against other national wireless service providers, including AT&T Inc. and T-Mobile US, Inc., as well as various regional wireless service providers", and against resellers including "cable companies, such as Comcast Corporation and Charter Communications, Inc.".
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, competition: named wireless and broadband competitors and resellers. — FY2025 · publ. 17 February 2026 · source ↗
  2. ReportedThe 10-K says: "we compete against other national wireless service providers, including AT&T Inc. and T-Mobile US, Inc., as well as various regional wireless service providers", and against resellers including "cable companies, such as Comcast Corporation and Charter Communications, Inc.".
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, competition: named wireless and broadband competitors and resellers. — FY2025 · publ. 17 February 2026 · source ↗
  3. ReportedIn broadband it lists cable companies, wireless providers, satellite companies and "low Earth orbit satellite companies".
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, competition: named wireless and broadband competitors and resellers. — FY2025 · publ. 17 February 2026 · source ↗
  4. ReportedIt adds that "The rapid evolution and increasing use of AI technologies also contribute to increasing competition".
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, competition: named wireless and broadband competitors and resellers. — FY2025 · publ. 17 February 2026 · source ↗
  5. ReportedRivals offer "increased levels of promotions and service plan discounts, price locks and guarantees", in some cases "specifically targeting Verizon customers".
    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. ReportedIn June 2026 AT&T added 432 thousand postpaid phones, Comcast and Charter 854 thousand mobile lines between them, and Verizon 184 thousand phones.
    AT&T second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid phone net adds and churn, fiber and fixed wireless net adds, fiber locations. — Q2 2026 · publ. July 2026 · source ↗
  7. ReportedIn June 2026 AT&T added 432 thousand postpaid phones, Comcast and Charter 854 thousand mobile lines between them, and Verizon 184 thousand phones.
    Comcast second-quarter 2026 results release, Form 8-K exhibit 99.1 - domestic wireless line net additions and broadband customer losses. — Q2 2026 · publ. July 2026 · source ↗
  8. ReportedIn June 2026 AT&T added 432 thousand postpaid phones, Comcast and Charter 854 thousand mobile lines between them, and Verizon 184 thousand phones.
    Charter Communications second-quarter 2026 results release, Form 8-K exhibit 99.1 - Spectrum Mobile line net additions and Internet customer losses. — Q2 2026 · publ. July 2026 · source ↗
  9. Moat Explorer calcIn June 2026 AT&T added 432 thousand postpaid phones, Comcast and Charter 854 thousand mobile lines between them, and Verizon 184 thousand phones.
    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 - customers, churn, ARPA and competitors. — 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.
  10. ReportedIn June 2026 AT&T added 432 thousand postpaid phones, Comcast and Charter 854 thousand mobile lines between them, and Verizon 184 thousand phones.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - consolidated results and special items. — Q2 2026 · publ. 24 July 2026 · source ↗
  11. ReportedT-Mobile's postpaid ARPA was $152.91 in the June 2026 quarter against Verizon's $168.35; AT&T's wireless service revenue rose 3.3% to $17,413 million.
    T-Mobile US second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid accounts, account churn, ARPA and service revenue. — Q2 2026 · publ. July 2026 · source ↗
  12. ReportedT-Mobile's postpaid ARPA was $152.91 in the June 2026 quarter against Verizon's $168.35; AT&T's wireless service revenue rose 3.3% to $17,413 million.
    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 ↗
  13. ReportedT-Mobile's postpaid ARPA was $152.91 in the June 2026 quarter against Verizon's $168.35; AT&T's wireless service revenue rose 3.3% to $17,413 million.
    AT&T second-quarter 2026 results release, Form 8-K exhibit 99.1 - postpaid phone net adds and churn, fiber and fixed wireless net adds, fiber locations. — Q2 2026 · publ. July 2026 · source ↗
  14. ReportedComcast called its quarter "Our Best Quarterly Result on Record" for wireless line additions.
    Comcast second-quarter 2026 results release, Form 8-K exhibit 99.1 - domestic wireless line net additions and broadband customer losses. — Q2 2026 · publ. July 2026 · source ↗
  15. ReportedEach figure describes a competitor that grew in a quarter when Verizon's own revenue fell 0.7%.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - consolidated results and special items. — Q2 2026 · publ. 24 July 2026 · source ↗
Sources
Generated September 29, 2026