Verizon Communications Inc

Verizon is operating better than a year ago, but its revenue has not yet confirmed the turnaround. In the third quarter of 2026 it added 406,000 postpaid phone lines, against 44,000 a year earlier. It also lifted its adjusted EBITDA margin (earnings before interest, taxes, depreciation and amortization, excluding special items, as a share of revenue) to 40.2% from 37.8%. Yet fiber revenue gains attributed primarily to the Frontier acquisition exceed the entire rise in mobility and broadband service revenue, and wireless service revenue slipped to $20.9B from $21.0B. Cash flow covers the dividend and buybacks with room, though part of this year's gain comes from tax timing and equipment bought on vendor credit.

• Revenue was $34.3B, up 1.5%. Diluted EPS was $1.25 vs $1.17, and adjusted EPS $1.31 vs $1.21.
• Postpaid phone churn (the monthly share of lines cancelled) fell to 0.94% from 0.98%. The upgrade rate fell to 2.6% from 3.3%.
• Free cash flow was $7.8B vs $7.0B.
• Guidance was raised:
• postpaid phone adds 1.1–1.2M, from the upper half of 750,000–1.0M
• adjusted EPS $5.04–$5.06, or 7.0–7.5% growth, from 6–7%
• free cash flow growth approaching 12%, from 9–10%
• capex of $16.0–16.5B kept
• Other events: $3.75B of junior subordinated notes issued in Q3; a satellite joint venture with AT&T and T-Mobile on September 14; an Amazon Web Services fiber deal valued at over $2B on October 26.

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

• Service-revenue growth is acquired, not earned in wireless
• Customers are returning, but revenue per account is falling
• Margin and cash gains lean on fewer upgrades, lapped advertising and timing
• Leverage looks steady partly because of hybrid debt's equity credit

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

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