Verizon said third-quarter revenue was $34.3 billion

Verizon said third-quarter operating revenue was $34.3 billion, up 1.5% from a year earlier. The company’s release on Oct. 26 shows $34,313 million of operating revenue in its reconciliation table, against $33,821 million in the third quarter of 2025. Consolidated net income in that table was $5,320 million, against $5,056 million. The company described net income as $5.3 billion, up 5.2%, and the net income margin as 15.5%, against 14.9%. Earnings per share were $1.25, against $1.17. Adjusted earnings per share, the company’s figure excluding special items, were $1.31, against $1.21. Those adjusted figures are Verizon’s non-GAAP measures.

The company said it added 406,000 postpaid phones, a year-over-year increase of more than 820%, and called that its strongest third quarter in five years. It said it added 137,000 postpaid net accounts, which it called its best quarterly account growth in more than a decade. Postpaid phone churn was 0.94%, and consumer postpaid phone churn was 0.87%, each 4 basis points lower than a year earlier, the release says. Broadband net additions were 314,000, including 159,000 fixed-wireless additions and 155,000 fiber additions. Verizon said it had 17.4 million broadband connections, and that more than half of new fiber customers chose download speeds of 1 gigabit or more.

Mobility and broadband service revenue was about $23.5 billion, up 2.9% from a year earlier, the company said, after growth of 2.8% in the second quarter and 1.6% in the first. It said equipment revenue fell 9.0%, which it tied to fewer phone upgrades and less spending on device subsidies. Cash flow from operating activities was $11.5 billion, up 2.2%. Free cash flow, which Verizon presents as a non-GAAP measure, was $7.8 billion, up 12.1%. The reconciliation table shows consolidated adjusted EBITDA of $13,802 million. The company called $13.8 billion its highest quarterly adjusted EBITDA.

Verizon said it signed an agreement valued at more than $2 billion with Amazon Web Services for a commercial framework to scale distributed computing for what it called agentic and generative AI workloads. That is the company’s description of the agreement. For the full year, it said it is raising its outlook for postpaid phone net additions to 1.1 million to 1.2 million, from the upper half of a prior range of 750,000 to 1.0 million, and for adjusted earnings per share to $5.04 to $5.06. It said capital spending is still expected at $16.0 billion to $16.5 billion, including what it calls AI Connect. Those ranges are the company’s guidance. The release says they are forward-looking and may not be met.

Unsecured debt was $136.1 billion at the end of the quarter, against $136.5 billion a quarter earlier, the company said. In the first nine months it said it returned $12.8 billion to shareholders, including $8.8 billion of dividends and $4.0 billion of repurchases, and that it still expects repurchases of up to $4.5 billion for the year. A change in the share price is not a judgment on whether the shares should be owned.