01—Abstract
Summary
Summary of the 8-K filed April 22, 2025. Cited figures are marked; the original filing is the authoritative source.
Verizon reported first-quarter 2025 results on April 22, 2025, with total operating revenue of $33.5 billiona (up 1.5% year over year), GAAP EPS of $1.15 (vs. $1.09), and adjusted EPS of $1.19 (vs. $1.15).
Consolidated adjusted EBITDA rose to $12.6 billionb from $12.1 billion, and net income reached $5.0 billion. Free cash flow was $3.6 billion, up from $2.7 billion a year earlier, supported by higher operating cash flow of $7.8 billion and lower capital expenditures of $4.1 billion. The quarter's main weakness was mobility subscriber growth.
Verizon posted 289,000 total postpaid phone net losses (versus 114,000 losses a year earlier), driven by 356,000 consumer retail postpaid phone net losses. Consumer wireless postpaid churn rose to 1.13% from 1.03%. Management offset this with pricing and mix gains: wireless service revenue grew 2.7% to $20.8 billionc, and consumer postpaid ARPA rose 3.6%.
Broadband remained a bright spot, with 339,000 net additions and fixed wireless access reaching more than 4.8 million subscribers. Balance-sheet metrics improved. Total unsecured debt fell to $117.3 billiond, net unsecured debt was $115.1 billion, and the net unsecured debt to adjusted EBITDA ratio held at 2.3x.
Verizon reaffirmed its full-year 2025 guidance, including adjusted EBITDA growth of 2.0% to 3.5%, adjusted EPS growth of 0% to 3%, and free cash flow of $17.5 billion to $18.5 billion. That guidance excludes any impact from evolving tariff policy, which is a key risk for investors to monitor.
02—Key points
Key Highlights
- Total operating revenue of $33.5 billion, up 1.5% year over year, with total wireless service revenue of $20.8 billion (+2.7%).
- GAAP diluted EPS of $1.15 versus $1.09 a year ago; adjusted EPS of $1.19 versus $1.15, excluding amortization of acquisition-related intangibles.
- Consolidated adjusted EBITDA of $12.6 billion (vs. $12.1 billion), with net income of $5.0 billion (vs. $4.7 billion).
- Free cash flow of $3.6 billion, up from $2.7 billion, on operating cash flow of $7.8 billion and capex of $4.1 billion.
- Postpaid phone net losses of 289,000 (vs. 114,000 losses), with consumer postpaid churn rising to 1.13% from 1.03%.
- Broadband net additions of 339,000, with fixed wireless access reaching over 4.8 million subscribers, and Business segment operating income up 66.4% to $664 million.
- Net unsecured debt of $115.1 billion, a 2.3x net unsecured debt to adjusted EBITDA ratio, and 2025 guidance reaffirmed (excluding tariff impacts).
03—Questions
Frequently Asked Questions
Did Verizon's first-quarter 2025 results meet expectations?
Verizon delivered modest top-line growth and higher earnings, with revenue up 1.5%, adjusted EPS up 3.5%, and free cash flow up 34%. However, the filing does not include analyst consensus, so whether results beat or missed expectations cannot be determined from this document alone. The postpaid phone net losses were a notable weak point.
Why did Verizon lose postpaid phone subscribers, and is this a concern?
Verizon reported 289,000 total postpaid phone net losses, with consumer retail postpaid phone losses of 356,000. Consumer postpaid churn increased to 1.13% from 1.03%. Management emphasized customer segmentation and pricing strategy, including a 3-year price lock. The filing does not explain the drivers in detail, but sustained losses would pressure long-term wireless service revenue growth, so investors should watch subsequent quarters.
Is Verizon's full-year 2025 guidance changing?
No. Verizon continued to expect total wireless service revenue growth of 2.0% to 2.8%, adjusted EBITDA growth of 2.0% to 3.5%, adjusted EPS growth of 0% to 3%, and free cash flow of $17.5 billion to $18.5 billion. The guidance does not reflect potential impacts from evolving tariff policies.
How strong is Verizon's balance sheet?
Verizon's total debt was $143.6 billion, and unsecured debt declined to $117.3 billion from $128.4 billion a year earlier. Net unsecured debt to consolidated adjusted EBITDA was 2.3x, unchanged from year-end 2024. Cash fell to $2.3 billion from $4.2 billion at year-end, reflecting dividends and debt repayment during the quarter.
What do the non-GAAP measures mean for investors?
Adjusted EPS excludes amortization of acquisition-related intangibles, which is a non-cash charge tied to past acquisitions. Consolidated adjusted EBITDA excludes non-operating items and special items. Free cash flow is operating cash flow minus capital expenditures and does not account for finance lease payments or acquisition and spectrum purchases. Verizon does not reconcile its forward-looking adjusted metrics because it cannot predict special items for 2025.
04—Continue