Verizon Reports Record Q2 EBITDA Growth
Verizon Raised 2025 Financial Guidance on Surging Cash Flow
Year-to-date free cash flow reached $8.8 billion, representing a 3.6% increase versus the prior year period, while operating cash flow climbed to $16.8 billion. The recently approved federal tax reform law is expected to contribute $1.5 billion to $2 billion in additional free cash flow in 2025, significantly improving capital allocation flexibility.
"We are raising our 2025 free cash flow guidance to a range of $19.5 billion to $20.5 billion. The increase is driven by an estimated benefit of $1.5 billion to $2 billion from the recently enacted tax legislation, as well as the disciplined operational execution that drove our strong adjusted EBITDA and free cash flow performance in the first half of the year."
— Tony Skiadas, Chief Financial Officer
Stronger free cash flow and tax benefits in 2025 enable faster deleveraging and position the company for greater flexibility in strategic investments and potential buybacks after the Frontier Communications merger closes.
Verizon Has an Accelerated Infrastructure Build and Hit a Fixed Wireless Milestone
The company surpassed 5 million fixed wireless access (FWA) subscribers, delivering 278,000 FWA net adds in the quarter and maintaining momentum toward its target of 8 million to 9 million FWA subscribers by 2028. The C-band spectrum deployment is now tracking ahead of schedule, expected to reach 80%-90% of planned sites by year-end, while the fiber build is also exceeding plan, aiming for 650,000 new passings this year.
"Our fixed wireless base has surpassed 5 million subscribers, and our fiber build is tracking ahead of its plan. This demonstrates disciplined execution across our entire portfolio."
— Hans Vestberg, Chairman and Chief Executive Officer
Rapid network expansion broadens the addressable market and drives incremental revenue streams.
Verizon Managed Disciplined Customer Strategy Amid Churn and Promotional Pressures
Despite persistent consumer postpaid phone churn at 0.9% and increased industry promotional intensity, Verizon reduced consumer postpaid phone net losses to 51,000 versus 109,000 in the prior year period and improved core prepaid net additions by 62,000 year over year. Four consecutive quarters of core prepaid net adds have pushed prepaid ARPU above $32, marking a turning point for prepaid revenue contribution.
"We have now reached an inflection point where, after four quarters of volume growth, we expect prepaid to positively contribute to wireless service revenue growth for the remainder of 2025."
— Tony Skiadas, Chief Financial Officer
The transformation in prepaid economics reduces reliance on postpaid for service revenue growth and reflects effective brand segmentation and execution across diverse customer tiers.
Looking Ahead
Verizon raised its full-year 2025 guidance for adjusted (non-GAAP) EBITDA growth to 2.5%-3.5%, adjusted EPS growth guidance to 1%-3%, and free cash flow guidance to $19.5-$20.5 billion for 2025, factoring in benefits from tax reform and superior first-half execution. The C-band build-out is on track to cover 80%-90% of planned sites by year-end, and fiber expansion targets 650,000 new passings for the full year. Management confirmed the Frontier acquisition remains on schedule for an early 2026 close. As Verizon nears the closing of the Frontier acquisition, the company will provide an update on its broadband expansion and capital allocation strategy; no additional quantitative guidance for 2026 or post-acquisition integration has been provided at this time.
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