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How Verizon (VZ) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/24/2026
Verizon Communications Inc. is an American telecommunications company headquartered in New York City. · Wikipedia
More about the company
It is the world's second-largest telecommunications company by revenue and its mobile network is the largest wireless carrier in the United States, with 146.8 million subscribers as of March 31, 2026. The company was founded as Bell Atlantic Corporation and renamed to Verizon on June 30, 2000 as a result of a merger with GTE.
Key growth driver: Excluding special items, Consolidated Adjusted EBITDA rose to $13,723M (+7.2% y/y) and both segments' operating income grew — Consumer +5.1%, Business +36.9% —… · by the Q2 2026 report
How does Verizon make money?
Verizon brought in $34.3 billion of revenue in Q2 2026, down 0.7% year over year. The largest source was Consumer: $26.2 billion, or 77% of the total, followed by Business ($7.16B, 21%); other lines add the remaining 2%. Net income for the quarter was $3.83 billion, down 23.3% year over year.
Revenue by source, Q2 2026
- Consumer$26.2B · 77% · −1.5%
- Business$7.16B · 21% · +2.6%
- Corporate & other$936M · 3% · −3.0%
Shares of $34.3B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is VZ’s next earnings date?
Monday, October 26, 2026confirmed · before market open
Verizon (VZ) is scheduled to report results for the quarter ending Sep 2026 on Oct 26, 2026. Consensus EPS forecast: $1.28 (8 analysts), vs $1.21 in the same quarter last year.
What time does VZ report? Usually before market open: the last 4 results releases reached the SEC at 7:00 am, 7:00 am, 6:30 am, 6:31 am ET.
Last report: Jul 24, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$34,253
−0.7%
Gross profit
$21,169
+4.7%
Operating income
$7,179
−12.2%
Net income
$3,835
−23.3%
EPS diluted $0.92 vs $1.18
Verdict: a messy but operationally solid quarter—segment operating income actually grew 8% as Business turned a corner and Consumer margins expanded—but $1.8B of one-off charges (BT held-for-sale loss, severance, Frontier integration, asset rationalization) and higher interest expense from Frontier-related debt dragged reported operating income down 12% and net income down 23%.
OCF $18,419M (6mo, +10%) · buybacks $3,500M in Q2 · dividends $2,931M declared in quarter ($0.7075/sh) · capex guidance $16.0–16.5B FY26 · share repurchase target raised to $4.5B FY26
Source and notation
* marks non-cash / ≈ estimated. Source: Verizon Communications Inc. press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- net income fell 23% y/y in Q2 2026
- debt load increased (Q2 2026)
Most likely because reported operating income fell 12% mainly due to $1.81B of special items: $746M loss on classifying the international wireline…; frontier acquisition (closed Jan 20, 2026, ~$9.8B cash) drove higher D&A, interest expense (avg debt +$25B) and SG&A integration costs. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗Most likely because frontier acquisition (closed Jan 20, 2026, ~$9.8B cash) drove higher D&A, interest expense (avg debt +$25B) and SG&A integration costs; free cash flow (6mo) rose to $10.2B (+16%) on working-capital benefits and tax payment timing. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗VZ earnings history: past report dates
| Jul 24, 2026 Fri | 7:00 ambefore market open | Jun 30, 2026 | $34.3B−1% y/y | $0.92−22% y/y |
| Apr 27, 2026 Mon | 7:00 ambefore market open | Mar 31, 2026 | $34.4B+3% y/y | $1.20+4% y/y |
| Jan 30, 2026 Fri | 6:30 ambefore market open | Dec 31, 2025 | ≈$36.4B+2% y/y | ≈$0.56−53% y/y |
| Oct 29, 2025 Wed | 6:31 ambefore market open | Sep 30, 2025 | $33.8B+1% y/y | $1.17+50% y/y |
| Jul 21, 2025 Mon | 6:58 ambefore market open | Jun 30, 2025 | $34.5B+5% y/y | $1.18+8% y/y |
| Apr 22, 2025 Tue | 6:55 ambefore market open | Mar 31, 2025 | $33.5B+2% y/y | $1.15+6% y/y |
| Jan 24, 2025 Fri | 6:55 ambefore market open | Dec 31, 2024 | ≈$35.7B+2% y/y | ≈$1.18 |
| Oct 22, 2024 Tue | 7:00 ambefore market open | Sep 30, 2024 | $33.3B−0% y/y | $0.78−31% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Verizon: 5-year financials
| 2025 | 138,191 | 29,259 | 17,174 | 11,481 |
| 2024 | 134,788 | 28,686 | 17,506 | 11,249 |
| 2023 | 133,974 | 22,877 | 11,614 | 11,025 |
| 2022 | 136,835 | 30,467 | 21,256 | 10,805 |
| 2021 | 133,613 | 32,448 | 22,065 | 10,445 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K FY2025: no material legal proceedings requiring disclosure under Item 3. sec.gov ↗
- Jan 2026Shares outstanding of 4,217.7M vs. 4,138.1M in January 2021 (+1.9%); SBC 0.7% of revenue. data.sec.gov ↗
- Dec 2025Dividend per share: $2.485 (2020) → $2.735 (2025), raised every year. data.sec.gov ↗
- Mar 20262026 proxy: there were no related-party transactions requiring disclosure in 2025. sec.gov ↗
Scoring: 2.0, no deductions: single share class, share count +1.9% over 5 years, dividend raised every year, no material proceedings or related-party transactions = 2.0
- Share classes
- Single class of common stock (NYSE/Nasdaq: VZ).
- Dilution
- Shares 4,138.1M (January 2021) → 4,217.7M (January 2026), +1.9%; SBC 0.7% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend $2.485 (2020) → $2.735 (2025), raised every year.
- Lawsuits & regulators
- 2025 10-K: no material proceedings requiring disclosure; lead-sheathed cables are covered in risk factors; no SEC cases.
- Related parties
- 2026 proxy: no related-party transactions requiring disclosure in 2025.
How the score works · checked as of Sep 2026
Verizon (VZ) earnings: FAQ
How does Verizon make money?
Verizon brought in $34.3 billion of revenue in Q2 2026, down 0.7% year over year. The largest source was Consumer: $26.2 billion, or 77% of the total, followed by Business ($7.16B, 21%); other lines add the remaining 2%. Net income for the quarter was $3.83 billion, down 23.3% year over year.
When is VZ's next earnings date?
Verizon (VZ) is scheduled to report on Oct 26, 2026, before market open.
What time does VZ report earnings?
Verizon is scheduled to report before market open on Oct 26, 2026. Its last results releases were filed before market open, most recently at 7:00 am ET on Jul 24, 2026.
When did VZ last report earnings?
Verizon reported Q2 2026 results on Jul 24, 2026.
What is the EPS estimate for VZ's next earnings?
The consensus EPS forecast is $1.28 (8 analysts), vs $1.21 in the same quarter last year.
Where can I find Verizon's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to VZ's filings; this page breaks the latest report down in a Sankey chart.
What was VZ's net income in Q2 2026?
Verizon reported net income of $3,835M for Q2 2026 (−23.3% year over year), under US GAAP.
Does Verizon pay dividends?
Yes. In 2025, Verizon paid $11,481M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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