VZ US S&P 500Russell 1000 Earnings call · transcribed from the recording
Verizon (VZ) · Q3 2026 results and valuation
Share price: $46.60 · 2026-11-11
Verizon is a holding company providing communications, technology, and streaming products and services to consumers, businesses, and government entities. The company operates a network of fiber-optic and wireless infrastructure to provide data, video, and voice services in the United States and internationally. Source: 10-K annual report (2026-02-17)
Results Q3 2026 vs Q2 2026 · previous quarter · published 26 Oct 2026 and 24 Jul 2026
Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
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Figures not yet filed
Guidance raised
2 · How management spoke
Upbeat
More upbeat than 81% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Figure
Verizon's postpaid phone net additions were up 820% year-over-year to 406,000, its strongest Q3 in five years.
Valuation
Is Verizon undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 0.3% growth a year (3-year revenue growth), the model's fair value is $18.21 a share — the stock trades 156% above it. Today's price assumes 6.1% growth a year.
Current price
$46.60
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+6.1% for 10 yrs
Fair value / share
$18.21
Buy below
$13.66
Price vs fair value
Overvalued 156%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
Consequently, Verizon is raising its mobility and broadband service revenue, free cash flow and adjusted EPS guidance. But in a nutshell, it is accelerating across every key metric. its operational metrics continue to shine.
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Key theme
Verizon expects that Q4 mobility and broadband service revenue growth will accelerate to approximately 4%.
Source quote
“More importantly, we expect that Q4 mobility and broadband service revenue growth will accelerate to approximately 4%. Mobility and broadband service revenue grew 2.9 percent, a further improvement from the the 2.8% we delivered in Q2, and the 1.6% we delivered in Q1. Wireless service revenue once again improved sequentially, and we expect to see year-over-year growth in Q4.”
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Guidance ↑
Of the third quarter and its visibility into the fourth, Verizon is raising its annual guidance for postpaid phone net ads, adjusted EPS, and free cash flow.
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Guidance
Its Q3 adjusted EPS of $1.31 grew 8 percent year over year, and Verizon now expects its 2026 full-year adjusted EPS growth to be 7 to 7.5 percent...
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We're driving some of the best account growth we've seen in years, and we're doing all of this while producing record high margins and strong free cash flow.”
“Our improving revenue profile and cost efficiency work continues to drive strong profitability.”
“Growing both lines and accounts is important to us, and we deliver our best account growth in over a decade.”
Full figures
Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.
Topics
Most discussed now
- This is high quality growth delivered in a fiscally responsible manner.
- In the third quarter, Verizon delivered significantly improved performance across almost all of its key metrics.
- Verizon is increasingly running its transformation through its newly completed AI tech stack for applications that help us better serve...
- AI infrastructure is becoming a real growth driver for Verizon.
- Last month, Verizon announced a multi-year, multi-billion dollar agreement with Corning for more than 80 million miles of fiber through...
Faded since Q2 2026
- Fading Verizon's consumer Q2 postpaid phone net adds were its best in 5 years, and its overall postpaid phone gross adds...
- Fading Fourth, the transformation work streams I described last quarter are producing tangible results, and Verizon is fully on track to...
- Dropped As Verizon talked to hyperscalers, alternative cloud providers, enterprises, there is a need for ever-increasing compute power.
- Fading Verizon had solid business phone net add results in the quarter, driven by year-over-year improvement across all customer groups.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
Verizon reported mobility and broadband revenue of $23.5 billion, up 2.9 percent year-over-year, and consolidated net income of $5.3 billion, up 5.2 percent year-over-year.
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
Verizon reported mobility and broadband service revenue of approximately $23.4 billion, up 2.8 percent year-over-year, and consolidated adjusted EBITDA of $13.7 billion, up 7.2 percent year-over-year.
- Regulation FD disclosure · SEC 8-K
The company filed a Regulation FD disclosure on June 29, 2026, containing forward-looking statements regarding a proposed transaction with BT Group plc.
- Other events · SEC 8-K
Verizon announced the expiration of its exchange offers and consent solicitations for 11 series of notes, with the final results and accepted principal amounts for various debt securities as of June 16, 2026.
- Other events · SEC 8-K
Verizon extended the early participation date for its exchange offers and consent solicitations for 11 series of notes to June 16, 2026.
- Director or officer change; Shareholder vote results · SEC 8-K
At the May 21, 2026 meeting, shareholders voted to elect several directors, approve executive compensation and the 2026 Long-Term Incentive Plan, and ratify Ernst & Young LLP as the independent accounting firm.