Verizon Communications Inc. Q3 2026 Earnings Recap

Verizon’s shares fell 3.5% after earnings, suggesting investors focused on the near-term risks rather than the raised full-year targets. The likely concern is management’s decision to pull back from FWA adds where it cannot deliver the speed customers expect, alongside a new high-speed FWA rollout that will scale over time rather than immediately.

Key Takeaways

• Verizon added 406,000 postpaid phone customers and 137,000 postpaid accounts in Q3; it raised its 2026 postpaid phone net-add outlook to 1.1 million–1.2 million.
• Broadband net adds were 314,000, with fiber making up nearly half. Verizon said it began limiting FWA sales where speeds fall short of customer expectations.
• Management plans to scale 1-gig FWA service beginning this quarter and through 2027 and beyond, aiming to add 10 million–15 million premises served over the medium term, beyond its planned 40 million–50 million fiber build.
• Mobility and broadband service revenue grew 2.9% in Q3; Verizon expects about 4% growth in Q4. Adjusted EPS was $1.31, up 8% year over year.
• Verizon raised 2026 adjusted EPS growth guidance to 7%–7.5% and expects free cash flow growth to approach 12%; Q3 free cash flow was $7.8 billion, up more than 12% year over year.