Analyst Consensus ?
ConsensusHold58 ratings
Bullish2136.2%
Neutral3458.6%
Bearish35.2%
1 unmapped firm rating excluded from the percentages.
Verizon Communications Inc. · VZ · FY2026 Q2 · Calendar Q3 2026
Verizon Q2 2026: Record Postpaid Adds, Raised Guidance, New AI Infrastructure Deals
Verizon's Q2 2026 results reinforce a multiquarter turnaround narrative: postpaid net adds accelerated to 184K from 55K in Q1, churn hit a record-low 84 bps, and the consumer value proposition built around Simplicity, Verizon One, and the Loyalty program is translating into higher ARPU and better-quality additions. Beyond the core wireless story, two new strategic moves -- a 50-50 BT joint venture combining approximately $4B of international wireline revenue and a greater-than-$1B Google dark-fiber agreement for AI data centers -- open a high-margin infrastructure revenue stream beginning in 2027. Management raised full-year guidance across revenue, adjusted EPS, and free cash flow, and increased the share buyback target to $4.5B, signaling confidence that cost-efficiency gains are sustainable. The stock responded with a 5.7% abnormal move on the session and continued to drift higher…
Reported Before market openNYSECommunication Services
$197.59B market cap
100quality score
Company context
Snapshot as of publicationVerizon Communications Inc. operates as a prominent global provider of diverse communication, technology, information, and entertainment solutions, catering to individuals, enterprises, and government entities worldwide through its various divisions. Its Consumer segment focuses on individual customers, supplying a broad spectrum of mobile service options, including both subscription-based (postpaid) and pay-as-you-go (prepaid) plans. This segment also facilitates internet access for portable devices such as laptop computers and tablets, and offers a variety of wireless hardware, ranging from smartphones and traditional mobile handsets to advanced wireless-enabled gadgets like tablets and smartwatches. Additionally, it delivers essential residential fixed connectivity services, which encompass internet, television, and voice communication. Verizon also extends its network capabilities by providing access to mobile virtual network operators.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.30
Consensus $1
EPS surprise
+2.4%
Reported versus consensus
Reported revenue
$34.25B
Consensus $35.16B
Revenue surprise
-2.6%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$48.48Current
$41Low
$49.79Average
$68High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 20, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jul 15, 2026 |
| BNP Paribas | Neutral | Neutral | Maintain | Jul 14, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 8, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Apr 30, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Apr 28, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Apr 28, 2026 |
| Citigroup | Buy | Buy | Maintain | Mar 20, 2026 |
| Daiwa Capital | Buy | Outperform | Maintain | Feb 19, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Feb 2, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Jan 16, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 30, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Jul 22, 2025 |
| Tigress Financial | Buy | Buy | Maintain | Apr 28, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | Apr 1, 2025 |
| UBS | Neutral | Neutral | Maintain | Dec 20, 2024 |
| Keybanc | Overweight | Downgrade | Oct 24, 2024 | |
| Raymond James | Outperform | Outperform | Maintain | Sep 24, 2024 |
| Redburn Atlantic | Neutral | Sell | Upgrade | Mar 22, 2024 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 4, 2024 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 26, 2023 |
| HSBC | Hold | Hold | Maintain | Jun 5, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jan 25, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Sep 27, 2022 |
| MoffettNathanson | Underperform | Market Perform | Downgrade | Aug 18, 2022 |
| Deutsche Bank | Hold | Hold | Maintain | Jul 25, 2022 |
| LightShed Partners | Neutral | Neutral | Maintain | May 31, 2022 |
| DZ Bank | Sell | Hold | Downgrade | Apr 29, 2022 |
| Loop Capital | Hold | Hold | Maintain | Sep 21, 2021 |
| Redburn Partners | Sell | Sell | Maintain | Jun 25, 2021 |
| Argus Research | Buy | Hold | Upgrade | Sep 8, 2020 |
| Baird | Neutral | Neutral | Maintain | Apr 28, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 3, 2020 |
| Nomura | Neutral | Neutral | Maintain | Mar 30, 2020 |
| Moffett Nathanson | Neutral | Buy | Downgrade | Sep 4, 2018 |
| Guggenheim | Buy | Buy | Maintain | Mar 13, 2018 |
| Bank of America | Buy | Buy | Maintain | Jan 24, 2018 |
| Scotia Howard Weil | Sector Outperform | Sector Perform | Upgrade | Jan 22, 2018 |
| Argus | Hold | Buy | Downgrade | Apr 21, 2017 |
| FBR Capital | Market Perform | Outperform | Downgrade | Jan 25, 2017 |
| Drexel Hamilton | Buy | Hold | Upgrade | Oct 24, 2016 |
| Hilliard Lyons | Neutral | Buy | Downgrade | Jul 27, 2016 |
| Jefferies | Hold | Buy | Downgrade | Apr 7, 2016 |
| Macquarie | Neutral | Neutral | Maintain | Apr 5, 2016 |
| DA Davidson | Neutral | Neutral | Maintain | Feb 4, 2016 |
| BTIG Research | Neutral | Buy | Downgrade | Dec 15, 2015 |
| BTIG | Neutral | Buy | Downgrade | Dec 15, 2015 |
| Buckingham Research | Neutral | Neutral | Maintain | Jul 2, 2015 |
| J. Safra Sarasin | Neutral | Neutral | Maintain | Nov 5, 2014 |
| Pacific Crest | Sector Perform | Outperform | Downgrade | Jan 22, 2014 |
| BMO Capital | Outperform | Outperform | Maintain | May 30, 2013 |
| Janco Partners | Strong Buy | Buy | Upgrade | Apr 18, 2013 |
| Canaccord Genuity | Buy | Buy | Maintain | Apr 18, 2013 |
| PiperJaffray | Overweight | Neutral | Upgrade | Feb 1, 2013 |
| Piper Sandler | Overweight | Neutral | Upgrade | Feb 1, 2013 |
| Hudson Square | Hold | Sell | Upgrade | Jan 23, 2013 |
| Pivotal Research | Hold | Hold | Maintain | Jan 22, 2013 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Sep 14, 2012 |
| Stifel | Hold | Buy | Downgrade | Sep 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $48.48. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $52 | $47.06 | +7.3% | Jul 27, 2026 |
| RBC Capital | Analyst unavailable | $47 | $46.38 | -3.0% | Jul 27, 2026 |
| Scotiabank | Maher Yaghi | $52.5 | $46.38 | +8.3% | Jul 27, 2026 |
| Barclays | Analyst unavailable | $46 | $46.38 | -5.1% | Jul 27, 2026 |
| Wells Fargo | Analyst unavailable | $47 | $46.38 | -3.0% | Jul 27, 2026 |
| Bernstein | Laurent Yoon | $47 | $46.38 | -3.0% | Jul 27, 2026 |
| Scotiabank | Maher Yaghi | $51.5 | $43.04 | +6.2% | Jul 15, 2026 |
| Barclays | Analyst unavailable | $45 | $42.59 | -7.2% | Jul 8, 2026 |
| Wells Fargo | Analyst unavailable | $43 | $42.59 | -11.3% | Jul 8, 2026 |
| Morgan Stanley | Analyst unavailable | $50 | $46.88 | +3.1% | Apr 28, 2026 |
| Raymond James | Frank Louthan | $56 | $50.63 | +15.5% | Mar 12, 2026 |
| Scotiabank | Maher Yaghi | $54.5 | $50.45 | +12.4% | Mar 9, 2026 |
| Daiwa | Analyst unavailable | $58 | $48.05 | +19.6% | Feb 19, 2026 |
| Williams Trading | Gregory Williams | $54 | $44.37 | +11.4% | Feb 2, 2026 |
| UBS | Analyst unavailable | $48 | $43.98 | -1.0% | Feb 2, 2026 |
| Bernstein | Laurent Yoon | $48 | $44.21 | -1.0% | Feb 2, 2026 |
| Scotiabank | Maher Yaghi | $50.25 | $44.44 | +3.7% | Feb 2, 2026 |
| Wells Fargo | Eric Luebchow | $44 | $44.52 | -9.2% | Feb 2, 2026 |
| Morgan Stanley | Analyst unavailable | $49 | $44.52 | +1.1% | Feb 2, 2026 |
| Wells Fargo | Analyst unavailable | $41 | $39.52 | -15.4% | Jan 26, 2026 |
| Bernstein | Analyst unavailable | $44 | $39.36 | -9.2% | Jan 16, 2026 |
| Scotiabank | Analyst unavailable | $48 | $40.11 | -1.0% | Jan 7, 2026 |
| Morgan Stanley | Benjamin Swinburne | $47 | $40.14 | -3.0% | Dec 10, 2025 |
| Scotiabank | Maher Yaghi | $51 | $39.42 | +5.2% | Oct 30, 2025 |
| BNP Paribas | Sam McHugh | $44 | $40.8 | -9.2% | Oct 21, 2025 |
| Scotiabank | Maher Yaghi | $50.5 | $43.67 | +4.2% | Oct 6, 2025 |
| Goldman Sachs | Michael Ng | $49 | $44.23 | +1.1% | Sep 2, 2025 |
| RBC Capital | Analyst unavailable | $45 | $43.49 | -7.2% | Mar 25, 2025 |
| UBS | John Hodulik | $44 | $41.5 | -9.2% | Oct 23, 2024 |
| Williams Trading | Gregory Williams | $51 | $41.84 | +5.2% | Oct 23, 2024 |
| Scotiabank | Maher Yaghi | $47 | $41.5 | -3.0% | Oct 23, 2024 |
| Goldman Sachs | James Schneider | $52 | $41.5 | +7.3% | Oct 22, 2024 |
| Raymond James | Frank Louthan | $48 | $44.26 | -1.0% | Sep 24, 2024 |
| RBC Capital | Jonathan Atkin | $46 | $44.33 | -5.1% | Sep 23, 2024 |
| KeyBanc | Brandon Nispel | $44 | $41.31 | -9.2% | Sep 6, 2024 |
| Loop Capital Markets | Brandon Nispel | $46 | $39.2 | -5.1% | Jul 23, 2024 |
| Citigroup | Michael Rollins | $47 | $41.62 | -3.0% | Jul 22, 2024 |
| Goldman Sachs | James Schneider | $50 | $41.24 | +3.1% | Jul 1, 2024 |
| RBC Capital | Kutgun Maral | $42 | $40.7 | -13.4% | Jun 27, 2024 |
| Oppenheimer | Timothy Horan | $48 | $41.47 | -1.0% | Jun 5, 2024 |
| Evercore ISI | Vijay Jayant | $42 | $38.6 | -13.4% | Apr 23, 2024 |
| Wells Fargo | Eric Luebchow | $40 | $38.6 | -17.5% | Apr 23, 2024 |
| RBC Capital | Kutgun Maral | $40 | $42.28 | -17.5% | Apr 1, 2024 |
| KeyBanc | Brandon Nispel | $46 | $40.68 | -5.1% | Feb 23, 2024 |
| Daiwa | Jonathan Kees | $47 | $41.28 | -3.0% | Jan 24, 2024 |
| KeyBanc | Brandon Nispel | $45 | $39.4 | -7.2% | Jan 3, 2024 |
| Citigroup | Michael Rollins | $40 | $34.54 | -17.5% | Aug 29, 2023 |
| Oppenheimer | Tymothy Horan | $43 | $36.94 | -11.3% | Apr 26, 2023 |
| Citigroup | Michael Rollins | $42 | $40.32 | -13.4% | Feb 15, 2023 |
| Morgan Stanley | Simon Flannery | $44 | $37.87 | -9.2% | Dec 15, 2022 |
| Raymond James | Frank Louthan | $51 | $35.74 | +5.2% | Oct 24, 2022 |
| MoffettNathanson | Craig Moffett | $41 | $44.12 | -15.4% | Aug 18, 2022 |
| Williams Trading | Gregory Williams | $64 | $44.65 | +32.0% | Aug 4, 2022 |
| RBC Capital | Kutgun Maral | $50 | $44.3 | +3.1% | Jul 25, 2022 |
| Raymond James | Frank Louthan | $64 | $50.8 | +32.0% | Jul 7, 2022 |
| Scotiabank | Maher Yaghi | $59 | $51.42 | +21.7% | Jul 5, 2022 |
| Credit Suisse | Douglas Mitchelson | $54 | $50.96 | +11.4% | Jun 28, 2022 |
| Bank of America Securities | David Barden | $64 | $55.38 | +32.0% | Apr 21, 2022 |
| Goldman Sachs | Brett Feldman | $61 | $55.11 | +25.8% | Mar 5, 2022 |
| Citigroup | Michael Rollins | $58 | $53.31 | +19.6% | Feb 6, 2022 |
| Tigress Financial | Ivan Feinseth | $68 | $53.16 | +40.3% | Jan 22, 2022 |
| Wells Fargo | Eric Luebchow | $56 | $52.12 | +15.5% | Oct 21, 2021 |
| Morgan Stanley | Simon Flannery | $60 | $53.98 | +23.8% | Jul 22, 2021 |
| Redburn Partners | Stephen Malcolm | $50 | $53.79 | +3.1% | Jun 25, 2021 |
| Berenberg Bank | Sunil Rajgopal | $62 | $54.36 | +27.9% | May 24, 2021 |
| MoffettNathanson | Craig Moffett | $57 | $53.73 | +17.6% | Apr 27, 2021 |
| Bernstein | Peter Supino | $64 | $54.67 | +32.0% | Apr 23, 2021 |
Track every rating change on VZ the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+5.8%
Event window
SPY move
+0.1%
Same window
Abnormal move
+5.7%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
+2.0%
Up to 20 sessions
VZSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Compared to Q1 2026, postpaid net adds more than tripled from 55K to 184K, broadband net adds rose from 341K to 348K, and churn tightened further to 84 bps. Free cash flow growth accelerated from 4% YoY to 24% YoY. The share buyback target was raised from $2.5B to $4.5B. New strategic announcements not present in Q1 include the BT joint venture, the Google dark-fiber agreement, the $3.2B AWS-3 spectrum purchase, and the extension of CEO Dan Schulman's contract through December 2028. The cost-savings target was expanded from $5B in OpEx savings to $9B of combined OpEx and CapEx savings.
Guidance delta
Management raised full-year guidance across all key metrics: wireless service revenue growth to 2.5-3% (up from prior targets), adjusted EPS growth to 6-7% (up from 5-6% set in Q1), and free cash flow growth to 9-10%. The share repurchase target was increased to $4.5B from $2.5B. Capex outlook remains stable at $16-16.5B.
Key takeaways
- Postpaid net adds reached 184K (up from 55K in Q1) and broadband net adds were 348K, while churn fell to a record-low 84 bps.
- Adjusted EPS of $1.30 beat the $1.27 consensus by 2.4%, though revenue of $34.25B missed the $35.16B estimate by 2.6%.
- Free cash flow grew 24% year-over-year, a significant acceleration from 4% in Q1.
- A 50-50 BT joint venture (~$4B revenue) and a >$1B Google dark-fiber deal establish a new AI infrastructure revenue stream beginning in 2027.
- Cost-efficiency program expanded to $9B of combined OpEx/CapEx savings; share buyback target raised to $4.5B from $2.5B.
Management priorities
- Scale the Simplicity, Verizon One, and Loyalty consumer propositions across all customer segments.
- Expand fiber passings beyond 32 million and continue aggressive fiber deployment.
- Commercialize AI Connect services and monetize dark and lit fiber routes with hyperscalers.
- Close the BT joint venture in H2 2027 and capture $200M in annual synergies.
- Maintain the accelerated share repurchase program and pursue additional capital allocation opportunities.
Related earnings events
Communication ServicesTMUS · FY2026 Q2 · Calendar Q3 2026T-Mobile Q2 2026: Record NPS, Strong Postpaid Adds, EPS Beat Offset by Revenue MissGOOG · FY2026 Q2 · Calendar Q3 2026Alphabet Q2 2026: Cloud Surges 82%, Capex Raised to $195-205B as AI Demand AcceleratesNFLX · FY2026 Q2 · Calendar Q3 2026Netflix Reaffirms 2026 Growth Outlook as Live Events Drive Acquisition and Ad Revenue
Sources
- Earnings call transcript and parsed analysis · 2026-07-24T18:09:21.293542+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T13:20:54.517007+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T13:20:54.514134+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.