Did Verizon's turnaround show up in its first-quarter 2026 results?

Yes, on several measures. Verizon reported its first positive first-quarter postpaid phone net additions since 2013, Adjusted EBITDA hit a company-record $13.4B (up 6.7%), and Adjusted EPS grew 7.6% to $1.28. Management also raised its 2026 Adjusted EPS guidance and its postpaid phone net add outlook.

How did the Frontier acquisition affect Verizon's balance sheet?

Total debt increased to $172.5B from $158.2B, and net unsecured debt rose to $130.1B from $110.1B. The net unsecured debt to Adjusted EBITDA ratio increased to 2.6x from 2.2x. Verizon paid $9.5B in acquisition cash, and about half of Frontier's debt has already been repaid, with substantially all expected to be repaid by year-end.

Is Verizon's cash flow still supporting its dividend and buybacks?

Operating cash flow was $8.0B and free cash flow was $3.8B in the quarter. Dividends paid were $2.9B and share repurchases were $2.5B, which together exceeded free cash flow, and cash fell to $8.4B from $19.0B. Full-year free cash flow guidance of at least $21.5B and the buyback target of at least $3.0B for 2026 were maintained, so investors should watch how the company funds these returns while it reduces Frontier debt.

Were there any one-time items or headwinds in the quarter?

Yes. Adjusted EPS excluded a $264M pre-tax net benefit from special items, including $261M of acquisition and integration charges and $237M of pension credits, plus $240M of acquisition-related intangible amortization. Management also cited an 80 basis point hit to wireless service revenue growth from a January network outage, and moderated upgrade activity that weighed on wireless equipment revenue.

What guidance did Verizon update and what did it keep unchanged?

Verizon raised 2026 Adjusted EPS guidance to $4.95-$4.99 (5.0%-6.0% growth) and moved postpaid phone net adds to the upper half of 750,000-1.0 million. It kept mobility and broadband service revenue growth at 2.0%-3.0%, with wireless service revenue roughly flat, along with operating cash flow of $37.5-38.0B, capex of $16.0-16.5B, and free cash flow of at least $21.5B.

VZ 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed April 27, 2026. Cited figures are marked; the original filing is the authoritative source.

Verizon's first-quarter 2026 results, reported April 27, 2026, show a turnaround gaining traction.

Total operating revenue rose 2.9% year-over-year to $34.4 billion^a, consolidated net income rose 3.3% to $5.1 billion, and consolidated Adjusted EBITDA grew 6.7% to $13.4 billion, which management describes as the highest quarterly Adjusted EBITDA in company history. Diluted EPS was $1.20 (up 4.3%), and Adjusted EPS was $1.28 (up 7.6%), the best quarterly growth since 2021. Verizon posted its first positive first-quarter postpaid phone net additions since 2013 (+55,000), a year-over-year improvement of over 340,000, and raised its 2026 Adjusted EPS guidance to $4.95-$4.99 (5.0%-6.0% growth) and its postpaid phone net add outlook to the upper half of 750,000-1.0 million.

The quarter also carried a significant balance sheet cost tied to the Frontier acquisition, which closed January 20, 2026. Total debt rose to $172.5 billion^b from $158.2 billion, and net unsecured debt climbed to $130.1 billion from $110.1 billion at year-end 2025. The net unsecured debt to Adjusted EBITDA ratio increased to 2.6x from 2.2x.

Verizon spent $9.5 billion^c on acquisitions in the quarter and repurchased $2.5 billion of stock, and cash fell to $8.4 billion from $19.0 billion. Management says roughly half of Frontier's debt has been repaid and substantially all is expected to be repaid by year-end. Cash generation remained solid, with operating cash flow of $8.0 billion (up 2.6%), capex of $4.2 billion, and free cash flow of $3.8 billion (up 4.0%).

Full-year guidance for operating cash flow ($37.5^d-38.0 billion), capex ($16.0-16.5 billion), and free cash flow (at least $21.5 billion) was maintained. Investors should weigh the operational improvement against a materially higher leverage and debt load, and against the note that the first quarter included an 80 basis point hit to wireless service revenue growth from a January network outage.

02—Key points

Key Highlights

Total operating revenue of $34.4B, up 2.9% YoY; wireless equipment revenue up 5.2% to $5.7B, though management cited moderated upgrade activity from disciplined promotional spending.
Consolidated Adjusted EBITDA of $13.4B, up 6.7% YoY, described as the highest quarterly Adjusted EBITDA in company history.
Diluted EPS of $1.20 (up 4.3%) and Adjusted EPS of $1.28 (up 7.6%), the strongest quarterly Adjusted EPS growth since 2021.
First positive first-quarter postpaid phone net adds since 2013 (+55,000), a YoY improvement of over 340,000; 2026 postpaid phone net add guidance raised to the upper half of 750,000-1.0 million.
2026 Adjusted EPS guidance raised to $4.95-$4.99 (5.0%-6.0% growth); free cash flow guidance of at least $21.5B maintained.
Net unsecured debt rose to $130.1B from $110.1B at year-end 2025, and the net unsecured debt to Adjusted EBITDA ratio rose to 2.6x from 2.2x, driven by the Frontier acquisition.
Free cash flow of $3.8B (up 4.0%); broadband net adds of 341,000, including 214,000 FWA and 127,000 fiber, bringing total broadband connections to about 16.8 million.

03—Questions

Frequently Asked Questions

Did Verizon's turnaround show up in its first-quarter 2026 results?
Yes, on several measures. Verizon reported its first positive first-quarter postpaid phone net additions since 2013, Adjusted EBITDA hit a company-record $13.4B (up 6.7%), and Adjusted EPS grew 7.6% to $1.28. Management also raised its 2026 Adjusted EPS guidance and its postpaid phone net add outlook.
How did the Frontier acquisition affect Verizon's balance sheet?
Total debt increased to $172.5B from $158.2B, and net unsecured debt rose to $130.1B from $110.1B. The net unsecured debt to Adjusted EBITDA ratio increased to 2.6x from 2.2x. Verizon paid $9.5B in acquisition cash, and about half of Frontier's debt has already been repaid, with substantially all expected to be repaid by year-end.
Is Verizon's cash flow still supporting its dividend and buybacks?
Operating cash flow was $8.0B and free cash flow was $3.8B in the quarter. Dividends paid were $2.9B and share repurchases were $2.5B, which together exceeded free cash flow, and cash fell to $8.4B from $19.0B. Full-year free cash flow guidance of at least $21.5B and the buyback target of at least $3.0B for 2026 were maintained, so investors should watch how the company funds these returns while it reduces Frontier debt.
Were there any one-time items or headwinds in the quarter?
Yes. Adjusted EPS excluded a $264M pre-tax net benefit from special items, including $261M of acquisition and integration charges and $237M of pension credits, plus $240M of acquisition-related intangible amortization. Management also cited an 80 basis point hit to wireless service revenue growth from a January network outage, and moderated upgrade activity that weighed on wireless equipment revenue.
What guidance did Verizon update and what did it keep unchanged?
Verizon raised 2026 Adjusted EPS guidance to $4.95-$4.99 (5.0%-6.0% growth) and moved postpaid phone net adds to the upper half of 750,000-1.0 million. It kept mobility and broadband service revenue growth at 2.0%-3.0%, with wireless service revenue roughly flat, along with operating cash flow of $37.5-38.0B, capex of $16.0-16.5B, and free cash flow of at least $21.5B.

04—Continue

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