Verizon (VZ) official guidance

I would expect that for Q3, you will see positive new account growth as well.

Capital expenditures were $8.2 billion through the end of the second quarter. We are executing towards our full year guide of $16 billion-$16.5 billion as we continue to focus on future growth opportunities within mobility and broadband.

As a result, we are raising our adjusted EPS guidance to 6%-7% growth for the year.

We continue to build out fiber at an aggressive pace and remain on track to end the year with over 32 million fiber passings.

We now expect to deliver 9%-10% free cash flow growth year-over-year for 2026.

We remain on track to reach our target leverage range during the 2027 timeframe.

Fourth, the transformation workstreams I described last quarter are producing tangible results, and we are fully on track to deliver at least the $9 billion of OpEx and CapEx savings we said we would.

We're also making great progress with the Frontier integration and remain on track to deliver over $1 billion in operating cost run rate synergies by 2028.

We continue to expect postpaid phone net adds to be in the upper half of our 750,000-1 million range for the full year.

For the full year, we are now guiding revenues to grow 2.5%-3%, the upper half of our previous 2%-3% range.

As a result, we are now guiding our Q3 mobility and broadband service revenue to approach 3% year-over-year growth.

Our Q4 mobility and broadband service revenue is now anticipated to grow at approximately 4% year-over-year.

As we think about looking ahead, we expect wireless service revenue to be about flat for the full year, which implies that the second half would suggest that we see positive revenue growth.

We are now raising our full year buyback target to up to $4.5 billion, reflecting both our accelerating free cash flow and our conviction that Verizon stock at current levels represents a compelling use of capital.

Adjusted EPS1 of $4.99 to $5.04, or year-over-year growth of 6.0 to 7.0 percent, representing a significant acceleration compared to recent historical performance.

| Free Cash Flow Forecast | $ | 21,940 - 22,140 | $ | 21,500 |

| Net Cash Provided by Operating Activities Forecast | $ | 37,940 - 38,640 | $ | 37,500 - 38,000 |

Cash flow from operations growth of approximately 2.0 to 4.0 percent year-over-year.

I would say in general, we expect to see account net adds continue to improve as well as ARPA as we go through 2026 and as we go into 2027.

I would say in general, we expect to see account net adds continue to improve as well as ARPA as we go through 2026 and as we go into 2027.

Our Frontier integration is on track, and I'm extremely pleased with the level of teamwork and focus from go-to-market execution to network integration, and all with a keen focus on driving convergence and delivering on our more than $1 billion of run rate operating cost synergies by 2028.

Consequently, we are well on our way towards our OpEx savings target of $5 billion in 2026.

•Total mobility and broadband service revenue growth of 2.0 percent to 3.0 percent, equating to approximately $93 billion. Wireless service revenue growth will be approximately flat in 2026 as the company transitions to sustainable volume-based growth.

We remain committed to paying down debt and achieving our long-term net unsecured leverage target of 2.0x-2.25x within the 2027 time frame.

We expect that the changes we are making will provide us with the funding necessary to continue to invest in our business for long-term growth, continue to reduce our net unsecured debt to Adjusted EBITDA ratio, and provide us with the capacity to return approximately $55 billion of value to our stockholders in the form of dividend payments and share repurchases through the end of 2028.

Capital expenditures of $16.0 billion to $16.5 billion. This includes a fiber build pace of at least 2.0 million passings in 2026.

Total mobility and broadband service revenue growth of 2.0 percent to 3.0 percent, equating to approximately $93 billion. Wireless service revenue growth will be approximately flat in 2026 as the company transitions to sustainable volume-based growth.

We reiterated our guidance for the year at $19.5 billion-$20.5 billion for 2025.

I expect the actions we are taking will enable us to generate higher Free Cash Flow in 2026 than 2025, even when we include Frontier.

In addition, Verizon remains on track to meet its investment goals for 2025 and expects capital expenditures to be within or below the previously guided range of $17.5 billion to $18.5 billion.

•Adjusted EBITDA2 growth of 2.5 percent to 3.5 percent.

•Adjusted EPS2 growth of 1.0 percent to 3.0 percent.

•Cash flow from operations of $37.0 billion to $39.0 billion.

•Total wireless service revenue1 growth of 2.0 percent to 2.8 percent.