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$46.38
Market Capi
$183B
Growth-adj P/E (3-yr hist)i
n/a
Growth-adj P/E (3-yr proj)i
0.9x
P/S 26Ei
1.3x
P/S 28Ei
1.3x
EV/EBIT 26Ei
10x
EV/EBIT 28Ei
9.4x
P/E 26Ei
9.2x
P/E 28Ei
7.6x
P/S 26Ei
1.3x
EV/EBIT 26Ei
10x
P/E 26Ei
9.2x
P/S 28Ei
1.3x
EV/EBIT 28Ei
9.4x
P/E 28Ei
7.6x
Revenue
2026E
$143B
Gross Margini
59%
Hist. CAGRi
0.2%
Proj. CAGRi
2.2%
EBIT
2026E
$34B
Op. Margini
23%
Hist. CAGRi
0.2%
Proj. CAGRi
4.6%
Net profit
2026E
$20B
Net Margini
12%
Hist. CAGRi
-6.9%
Proj. CAGRi
8.6%
Business Model
Recent Developments
Average Targeti
$51.69+22%
Consensusi
Outperform
26 analysts covering
Net debti
$156B
Div. Yieldi
6.4%
Dilutioni
0.2%
Market Capi
$183B
P/E 26Ei
9.2x
Adj. P/E (fwd.)i
0.9x
Revenue 26E
$143B
Proj. CAGRi
2.2%
Gross Margini
59%
EBIT 26E
$34B
Proj. CAGRi
4.6%
Op. Margini
23%
Net Profit 26E
$20B
Proj. CAGRi
8.6%
Net Margini
12%
Average Targeti
$51.69+22%
Consensusi
Outperform
26 analysts covering
Profile
Verizon is one of the two dominant U.S. wireless carriers, generating revenue through subscription-based mobile services, fixed broadband, and device sales. The business operates through two reported segments:
Industry
Verizon sells almost exclusively to U.S. customers — the company has no meaningful international revenue. The consumer segment targets households with wireless and broadband bundles; the business segment serves a broad range of enterprises, federal government agencies, and public safety networks. U.S. wireless is a mature, effectively three-player market (Verizon, AT&T, T-Mobile), with competition centered on network quality, pricing, and increasingly on convergence bundles. Postpaid wireless customers exhibit very low voluntary churn, making the subscriber base highly predictable. Revenue is overwhelmingly recurring — roughly 83% from services, the rest from handset sales.
Key metrics
Economic moat
Verizon's durability rests on infrastructure that cannot be quickly replicated — decades of spectrum licenses, towers, and now a coast-to-coast fiber network acquired through the Frontier deal. Spectrum holdings, especially C-Band mid-band licenses purchased for roughly $45 billion, create a high barrier to quality competition. Network reliability is the primary brand equity in wireless; enterprise and government customers in particular exhibit very high switching costs given the integration depth of private 5G and managed services contracts. The dividend history — uninterrupted and growing for 18+ years — reinforces the defensive cash flow profile, though the debt load limits financial flexibility.
Dan Schulman
Schulman took the CEO role on October 6, 2025, succeeding Hans Vestberg who had led the company since 2018. His background is unusual for a telecom CEO: he ran PayPal from 2014 to 2023, tripling revenue and quintupling EPS before stepping down, and prior to that held senior roles at American Express, Virgin Mobile USA, and AT&T. He had been a Verizon board member since 2018, which reduced transition risk. The strategic rationale for his hire centers on consumer experience and financial product integration — capabilities increasingly relevant as Verizon pursues bundled offerings combining wireless, fiber, and digital services.
Tony Skiadas
Skiadas has served as CFO since April 2023, having spent his entire career inside Verizon. His continuity through the Frontier acquisition and the C-Band spectrum buildout gives him deep institutional knowledge of the balance sheet and capital allocation framework, though some investors note that his long tenure means he is unlikely to drive a dramatic change in financial philosophy.
Santiago Tenorio
Tenorio joined as CTO in October 2024, bringing a background in network architecture from Vodafone, where he led technology strategy for several European markets. His appointment signals a renewed emphasis on network differentiation at a time when Verizon is integrating Frontier's fiber infrastructure into its existing C-Band 5G buildout.
Other key figures
Vandana Venkatesh (General Counsel, since October 2022) oversees regulatory and compliance matters relevant to the Frontier integration. Mark Bertolini chairs the board since October 2025 — a former Aetna CEO who brings healthcare and enterprise services expertise. Harish Gandhi leads sales and marketing (since 2017) with long tenure covering the company's consumer and enterprise go-to-market teams.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Verizon's Q1 2026 results, reported on April 27, 2026, showed revenue growing roughly 3% year-over-year — modest but ahead of the low expectations the market had set. Adjusted EPS growth of 7.6% was the fastest quarterly pace since 2021, giving investors the clearest evidence yet that Schulman-era cost discipline is translating to the bottom line.
Broadband net additions of 341,000 in the quarter — spanning fixed wireless and fiber — were a standout, reinforcing that the company's convergence strategy is gaining traction beyond pure wireless.
Management raised full-year adjusted EPS guidance and held its free cash flow outlook firm, signalling confidence that Frontier integration costs will stay within budget. The tone on the call was notably more upbeat than in recent quarters.
Recent developments
On January 20, 2026, Verizon closed its acquisition of Frontier Communications, expanding its fiber footprint to more than 30 million premises across 31 states. The deal is the largest fixed-line infrastructure move in U.S. telecom in a decade, and management is targeting at least $1 billion in annual operating expense synergies by 2028.
Verizon also announced a $25 billion share repurchase program alongside Q1 results, a signal that management views deleveraging as compatible with returning capital — a stance that surprised some skeptics who expected buybacks to be deferred while integration debt is digested.
Dan Schulman, who took the CEO role in October 2025 after a decade running PayPal, has moved quickly to restructure the workforce and accelerate convergence bundling. His background in financial services and consumer technology is considered a meaningful shift in strategic emphasis from Vestberg's infrastructure-first tenure.
Debate & sentiment
Bulls argue that the Frontier acquisition is the missing piece — Verizon finally has a credible national fiber asset to pair with its C-Band 5G network, enabling converged bundles that structurally reduce churn. Fixed wireless access is growing fast, and the free cash flow yield at current prices provides a substantial margin of safety even before any multiple re-rating.
Bears focus on the debt load accumulated through C-Band spectrum spending and the Frontier purchase, which leaves limited flexibility for further M&A or macro-driven shocks. Legacy wireline revenue remains in structural decline, and higher-for-longer interest rates increase refinancing costs on a balance sheet that is meaningfully leveraged.
The swing factor is execution: if converged-customer adoption tracks management's targets and EBITDA synergies materialize by 2028, the valuation case strengthens considerably. Any meaningful miss on broadband adds or fiber integration milestones would likely revive the bear case quickly.
Consensusi
Outperform
Average targeti
$51.69+22%
Highest targeti
$71.00+68%
Lowest targeti
$43.00+2%
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