Analyst Consensus ?
ConsensusHold58 ratings
Bullish2136.2%
Neutral3458.6%
Bearish35.2%
1 unmapped firm rating excluded from the percentages.
Verizon Communications Inc. · VZ · FY2026 Q3 · Calendar Q4 2026
Verizon’s demand rebound broadens as AI Connect scales
The supplied analysis provides evidence for a strengthening operating trajectory: demand improved across postpaid phone and broadband, cash-flow guidance was raised, and AI Connect adds a potential longer-term growth stream. The thesis remains conditional because AI Connect monetization, pricing durability and network-investment returns are not yet fully demonstrated.
Reported Before market openNYSECommunication Services
$185.55B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.27
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $34.77B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.8%
Event window
SPY move
+0.8%
Same window
Abnormal move
-3.6%
Stock minus SPY
Volume
0.8×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
VZSPY benchmark
Ask FN2 about VZ FY2026 Q3
Transcript, numbers and history already loaded
What drove VZ's -2.8% move after FY2026 Q3 earnings?What changed in VZ's guidance and outlook in FY2026 Q3?Give me the bull and bear case for VZ after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current analysis emphasizes a larger postpaid phone net-add rebound, accelerated fiber and 1 Gbps fixed-wireless deployment, and approximately $4 billion of signed AI Connect contracts. Guidance sentiment remained positive, while concerns shifted toward pricing durability, contract economics and LEO competition.
Guidance delta
Guidance sentiment was raised: full-year postpaid phone net-add guidance was reaffirmed at 1.1–1.2 million, and full-year free-cash-flow growth guidance was raised to approximately 12%.
Key takeaways
- The supplied analysis describes a strong Q3 demand backdrop, led by 406,000 postpaid phone net adds and record broadband additions.
- Fiber and 1 Gbps fixed-wireless expansion are central to the broadband growth plan, alongside a targeted expansion of fiber passings.
- AI Connect has approximately $4 billion of signed contracts in the supplied analysis, but its revenue contribution is expected to build beginning in 2027.
Management priorities
- Scale Simplicity and Verizon One to sustain higher-quality customer additions.
- Expand fiber and 1 Gbps fixed-wireless coverage while managing the capital needs of network deployment.
- Convert AI Connect agreements with hyperscalers into a higher-margin revenue stream and continue the cost-transformation program.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$42.94Current
$41Low
$49.88Average
$68High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 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 |
|---|---|---|---|---|
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Oct 9, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 27, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 27, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 27, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 27, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 27, 2026 |
| BNP Paribas | Neutral | Neutral | Maintain | Jul 14, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Apr 30, 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 |
| 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 $42.94. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $45 | $42.78 | +4.8% | Oct 13, 2026 |
| Scotiabank | Analyst unavailable | $50 | $46.35 | +16.5% | Oct 9, 2026 |
| Morgan Stanley | Analyst unavailable | $52 | $47.06 | +21.1% | Jul 27, 2026 |
| RBC Capital | Analyst unavailable | $47 | $46.38 | +9.5% | Jul 27, 2026 |
| Scotiabank | Maher Yaghi | $52.5 | $46.38 | +22.3% | Jul 27, 2026 |
| Barclays | Analyst unavailable | $46 | $46.38 | +7.1% | Jul 27, 2026 |
| Wells Fargo | Analyst unavailable | $47 | $46.38 | +9.5% | Jul 27, 2026 |
| Bernstein | Laurent Yoon | $47 | $46.38 | +9.5% | Jul 27, 2026 |
| Scotiabank | Maher Yaghi | $51.5 | $43.04 | +19.9% | Jul 15, 2026 |
| Barclays | Analyst unavailable | $45 | $42.59 | +4.8% | Jul 8, 2026 |
| Wells Fargo | Analyst unavailable | $43 | $42.59 | +0.2% | Jul 8, 2026 |
| Morgan Stanley | Analyst unavailable | $50 | $46.88 | +16.5% | Apr 28, 2026 |
| Raymond James | Frank Louthan | $56 | $50.63 | +30.4% | Mar 12, 2026 |
| Scotiabank | Maher Yaghi | $54.5 | $50.45 | +26.9% | Mar 9, 2026 |
| Daiwa | Analyst unavailable | $58 | $48.05 | +35.1% | Feb 19, 2026 |
| Williams Trading | Gregory Williams | $54 | $44.37 | +25.8% | Feb 2, 2026 |
| UBS | Analyst unavailable | $48 | $43.98 | +11.8% | Feb 2, 2026 |
| Bernstein | Laurent Yoon | $48 | $44.21 | +11.8% | Feb 2, 2026 |
| Scotiabank | Maher Yaghi | $50.25 | $44.44 | +17.0% | Feb 2, 2026 |
| Wells Fargo | Eric Luebchow | $44 | $44.52 | +2.5% | Feb 2, 2026 |
| Morgan Stanley | Analyst unavailable | $49 | $44.52 | +14.1% | Feb 2, 2026 |
| Wells Fargo | Analyst unavailable | $41 | $39.52 | -4.5% | Jan 26, 2026 |
| Bernstein | Analyst unavailable | $44 | $39.36 | +2.5% | Jan 16, 2026 |
| Scotiabank | Analyst unavailable | $48 | $40.11 | +11.8% | Jan 7, 2026 |
| Morgan Stanley | Benjamin Swinburne | $47 | $40.14 | +9.5% | Dec 10, 2025 |
| Scotiabank | Maher Yaghi | $51 | $39.42 | +18.8% | Oct 30, 2025 |
| BNP Paribas | Sam McHugh | $44 | $40.8 | +2.5% | Oct 21, 2025 |
| Scotiabank | Maher Yaghi | $50.5 | $43.67 | +17.6% | Oct 6, 2025 |
| Goldman Sachs | Michael Ng | $49 | $44.23 | +14.1% | Sep 2, 2025 |
| RBC Capital | Analyst unavailable | $45 | $43.49 | +4.8% | Mar 25, 2025 |
| UBS | John Hodulik | $44 | $41.5 | +2.5% | Oct 23, 2024 |
| Williams Trading | Gregory Williams | $51 | $41.84 | +18.8% | Oct 23, 2024 |
| Scotiabank | Maher Yaghi | $47 | $41.5 | +9.5% | Oct 23, 2024 |
| Goldman Sachs | James Schneider | $52 | $41.5 | +21.1% | Oct 22, 2024 |
| Raymond James | Frank Louthan | $48 | $44.26 | +11.8% | Sep 24, 2024 |
| RBC Capital | Jonathan Atkin | $46 | $44.33 | +7.1% | Sep 23, 2024 |
| KeyBanc | Brandon Nispel | $44 | $41.31 | +2.5% | Sep 6, 2024 |
| Loop Capital Markets | Brandon Nispel | $46 | $39.2 | +7.1% | Jul 23, 2024 |
| Citigroup | Michael Rollins | $47 | $41.62 | +9.5% | Jul 22, 2024 |
| Goldman Sachs | James Schneider | $50 | $41.24 | +16.5% | Jul 1, 2024 |
| RBC Capital | Kutgun Maral | $42 | $40.7 | -2.2% | Jun 27, 2024 |
| Oppenheimer | Timothy Horan | $48 | $41.47 | +11.8% | Jun 5, 2024 |
| Evercore ISI | Vijay Jayant | $42 | $38.6 | -2.2% | Apr 23, 2024 |
| Wells Fargo | Eric Luebchow | $40 | $38.6 | -6.8% | Apr 23, 2024 |
| RBC Capital | Kutgun Maral | $40 | $42.28 | -6.8% | Apr 1, 2024 |
| KeyBanc | Brandon Nispel | $46 | $40.68 | +7.1% | Feb 23, 2024 |
| Daiwa | Jonathan Kees | $47 | $41.28 | +9.5% | Jan 24, 2024 |
| KeyBanc | Brandon Nispel | $45 | $39.4 | +4.8% | Jan 3, 2024 |
| Citigroup | Michael Rollins | $40 | $34.54 | -6.8% | Aug 29, 2023 |
| Oppenheimer | Tymothy Horan | $43 | $36.94 | +0.2% | Apr 26, 2023 |
| Citigroup | Michael Rollins | $42 | $40.32 | -2.2% | Feb 15, 2023 |
| Morgan Stanley | Simon Flannery | $44 | $37.87 | +2.5% | Dec 15, 2022 |
| Raymond James | Frank Louthan | $51 | $35.74 | +18.8% | Oct 24, 2022 |
| MoffettNathanson | Craig Moffett | $41 | $44.12 | -4.5% | Aug 18, 2022 |
| Williams Trading | Gregory Williams | $64 | $44.65 | +49.1% | Aug 4, 2022 |
| RBC Capital | Kutgun Maral | $50 | $44.3 | +16.5% | Jul 25, 2022 |
| Raymond James | Frank Louthan | $64 | $50.8 | +49.1% | Jul 7, 2022 |
| Scotiabank | Maher Yaghi | $59 | $51.42 | +37.4% | Jul 5, 2022 |
| Credit Suisse | Douglas Mitchelson | $54 | $50.96 | +25.8% | Jun 28, 2022 |
| Bank of America Securities | David Barden | $64 | $55.38 | +49.1% | Apr 21, 2022 |
| Goldman Sachs | Brett Feldman | $61 | $55.11 | +42.1% | Mar 5, 2022 |
| Citigroup | Michael Rollins | $58 | $53.31 | +35.1% | Feb 6, 2022 |
| Tigress Financial | Ivan Feinseth | $68 | $53.16 | +58.4% | Jan 22, 2022 |
| Wells Fargo | Eric Luebchow | $56 | $52.12 | +30.4% | Oct 21, 2021 |
| Morgan Stanley | Simon Flannery | $60 | $53.98 | +39.7% | Jul 22, 2021 |
| Redburn Partners | Stephen Malcolm | $50 | $53.79 | +16.5% | Jun 25, 2021 |
| Berenberg Bank | Sunil Rajgopal | $62 | $54.36 | +44.4% | May 24, 2021 |
| MoffettNathanson | Craig Moffett | $57 | $53.73 | +32.8% | Apr 27, 2021 |
| Bernstein | Peter Supino | $64 | $54.67 | +49.1% | Apr 23, 2021 |
Track every rating change on VZ the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All VZ earningsCommunication Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RCI Rogers Communications Inc. | FY2026 Q3 · Calendar Q4 2026 | +9.5% | -2.4% | Rogers Reaffirms 2026 Guidance as Capex Falls and MLSE Monetization Advances |
| OMC Omnicom Group Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.2% | +2.6% | Omnicom pairs resilient demand with AI and integration progress |
| SPOT Spotify Technology S.A. | FY2026 Q3 · Calendar Q4 2026 | -11.6% | +11.1% | Spotify: resilient Q3 demand, with AI and audiobooks central to growth |
| CMCSA Comcast Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.5% | +3.4% | Comcast balances wireless and Peacock gains against Q4 costs |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-26T17:03:25.179025+00:00
- FN2 earnings calendar · 2026-10-26T01:23:14.857074+00:00
- Polygon adjusted daily market bars · 2026-10-26T17:30:44.825107+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T17:30:44.822513+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 · As of 2026-10-26. For educational purposes only; not investment advice.