Verizon Beats on Wireless, Internet Revenue Amid Turnaround

Verizon Communications Inc. reported mobility and broadband sales that exceeded Wall Street’s expectations in the second quarter, signaling that Chief Executive Officer Dan Schulman’s turnaround plan is starting to bear fruit.

Mobility and broadband service revenue totaled about $23.4 billion, up 2.8% from a year ago and well above analysts’ estimates of $19.5 billion on average. Adjusted earnings were $1.30 a share, also beating projections, the New York-based company said Friday, and adjusted earnings before interest, taxes, depreciation and amortization reached a record.

Verizon raised its full-year guidance for some metrics, including adjusted earnings and cash flow. The company now expects adjusted earnings of $4.99 to $5.04 a share. It had forecast as much as $4.99 in April.

The shares rose about 2% in premarket trading. They had gained 7.6% this year through the close of trading on Thursday while shares of Verizon’s main two rivals are down for the year.

Verizon’s growth has stagnated in recent years, with the company losing wireless market share to rivals such as T-Mobile US Inc. Schulman, who took the helm in late 2025, has vowed to rehabilitate the company’s brand by, among other things, simplifying offerings and bringing the focus back to customers. At a Bloomberg Tech conference in June, he said customers should expect a “steady drumbeat of improvements” over the next several months.

In June, Verizon rolled out a simplified wireless service plan. It also introduced a new loyalty rewards program, offering giveaways and discounts to existing customers. Verizon drew 184,000 postpaid phone net additions in the second quarter.

Still, the company’s operating revenue totaled $34.3 billion, missing analysts’ estimates of roughly $35 billion and down 0.7% from a year ago. Verizon attributed the dip to lower hardware upgrade volumes as customers keep their handsets for longer.

Verizon is the last of its peers to report earnings this quarter. AT&T rallied on its results while T-Mobile missed estimates.