Verizon Lifts 2025 Outlook After Strong Q2 Results and Subscriber Growth

Prime Highlights

Verizon lifted full-year guidance for adjusted EBITDA, EPS, and free cash flow after second-quarter results.
Wireless and broadband customer bases drove financial discipline.

Key Fact

Q2 adjusted EBITDA of $12.8 billion and adjusted EPS of $1.22.
First half 2025 free cash flow of $8.8 billion drove Verizon’s full-year upgrade.

Key Background

Verizon Communications surpassed second-quarter 2025 expectations, and the company also updated fiscal 2025 guidance. The communications giant reported robust wireless service crown jewel and broadband expansion driven by continued customer additions as well as gains in equipment sales. Second-quarter overall revenue increased 5.2% to $34.5 billion compared to last year.

Revenue from wireless services increased 2.2% to $20.9 billion and revenue from wireless equipment increased 25% to $6.3 billion. Net income was $5.1 billion, an increase of 9% versus the prior year quarter. Verizon recorded $12.8 billion adjusted EBITDA and adjusted EPS of $1.22—both better than expected.

The firm added a combined 300,000-plus new subscribers during the quarter. They were 293,000 broadband subscriptions, of which 278,000 were fixed wireless access, an expansion category under which Verizon is transitioning rapidly. Their broadband base grew 12.2% year-over-year to more than 12.9 million customers.

First-half free cash flow was $8.8 billion and the full-year guidance has been upgraded by the company. Verizon expects 2.5% to 3.5% growth in adjusted EBITDA, 1% to 3% growth in adjusted EPS, and full-year free cash flow of $19.5 billion to $20.5 billion.

While Verizon itself shed only 9,000 postpaid wireless phone customers to price war competition, Verizon overall took the biggest hit from all the loss. Solid prudence in prepaid, broadband, and fixed wireless operation attested to the health and direction of Verizon.

Verizon will ride out its diversified asset portfolio, grow its 5G and broadband businesses, and build solid shareholder value by better retaining customers and being more efficient in the future.