Seventeen Million Broadband HomesNarrow moat

Verizon (VZ) — moat facet

Verizon's 17.1 million broadband connections are the base for selling phones and home internet on one bill, but most of its 94 million phone customers live where it has no fibre.

Verizon now sells home internet to more than 17 million connections. Total broadband connections were 17,121 thousand on 30 June 2026, of which fibre 10,913 thousand and fixed wireless 6,208 thousand1. Total broadband net additions were 348 thousand in the quarter against 310 thousand a year earlier2.

Verizon broadband connections, 30 June 2026 (thousands)Fiber 10,913 — 64%Fixed wireless 6,208 — 36%Verizon Q2 2026 results release, broadband statistics
Fibre is now almost two-thirds of the home base.

The point of the home connection is the phone. A household that buys broadband and mobile from one company, on one bill, has two reasons to stay, and each product lowers the churn of the other. That is the argument behind "Verizon One converged offerings"3 and behind paying $22.3 billion for Frontier4.

The cable companies are losing on this front. Comcast reported domestic broadband net losses of 167,000 in the quarter5, and Charter said its Internet customers "declined by 172,000"6. Some of those customers went to fibre and fixed wireless providers, Verizon among them.

The broadband base is still small next to the phone base: 17.1 million broadband connections against 94.1 million postpaid phones7. Most Verizon phone customers do not live where Verizon can sell them fibre.

The mix changed sharply in one year. Fibre connections rose 43.3% to 10,913 thousand and fixed wireless 21.4% to 6,208 thousand8, most of the fibre growth coming with Frontier. In the June 2026 quarter fibre supplied 155 thousand of the 348 thousand broadband net additions9, against 32 thousand of 310 thousand a year earlier.

This is where the convergence moat will be won or lost. If total broadband net additions fall below 300 thousand a quarter for two quarters, the home business will not be growing fast enough to lock in the phones.

Moat trajectory: Widening

Broadband net adds 348k in Q2 2026 against 310k.

The number that tests this moat
Reported
Total broadband connections, latest quarter
17,121 thousand (30 June 2026): fiber 10,913 thousand, FWA 6,208 thousand

The base for convergence; net adds below 300 thousand a quarter for two quarters would say it is not growing fast enough.

Source: Verizon Q2 2026 results release ↗
⚠ Threats to the moat
⚠ THREAT 01
Fibre Net Adds of 155,000 a Quarter
Verizon adds about 155,000 fibre customers a quarter while passing at least 2 million new homes a year, so the build runs three times ahead of the…
References
  1. ReportedTotal broadband connections were 17,121 thousand on 30 June 2026, of which fibre 10,913 thousand and fixed wireless 6,208 thousand.
    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. ReportedTotal broadband net additions were 348 thousand in the quarter against 310 thousand a year earlier.
    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 ↗
  3. ReportedThat is the argument behind "Verizon One converged offerings" and behind paying $22.3 billion for Frontier.
    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 ↗
  4. ReportedThat is the argument behind "Verizon One converged offerings" and behind paying $22.3 billion for Frontier.
    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 ↗
  5. ReportedComcast reported domestic broadband net losses of 167,000 in the quarter, and Charter said its Internet customers "declined by 172,000".
    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 ↗
  6. ReportedComcast reported domestic broadband net losses of 167,000 in the quarter, and Charter said its Internet customers "declined by 172,000".
    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 ↗
  7. ReportedThe broadband base is still small next to the phone base: 17.1 million broadband connections against 94.1 million postpaid phones.
    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 ↗
  8. ReportedFibre connections rose 43.3% to 10,913 thousand and fixed wireless 21.4% to 6,208 thousand, most of the fibre growth coming with Frontier.
    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 ↗
  9. ReportedIn the June 2026 quarter fibre supplied 155 thousand of the 348 thousand broadband net additions, against 32 thousand of 310 thousand a year earlier.
    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