Verizon said on Friday it expects 2026 adjusted earnings and free cash flow to top market forecasts after reporting its strongest quarterly retail wireless phone net additions in six years. The company attributed the quarterly gain to aggressive promotions during the peak holiday buying period and to growing traction from combined wireless and broadband bundle offers.
Shares of the U.S. wireless carrier rose 9% after the company unveiled a share repurchase program of up to $25 billion to be executed over the next three years, including at least $3 billion planned for this year.
Telecom operators typically roll out device incentives and bundled plans during the fourth quarter to capture customers switching carriers amid Black Friday and Cyber Monday deals. Verizon said promotions such as offering four phone lines for $100 per month drew strong consumer response, helping the carrier add 616,000 monthly bill-paying wireless phone subscribers in the final three months of 2025. That figure exceeded the 417,250 additions forecast by analysts surveyed by FactSet.
Verizon is leaning on a strategy of wireless and broadband convergence to sustain subscriber growth as it incorporates additional fiber assets from the recently closed Frontier acquisition. Analysts at MoffettNathanson noted that with the Frontier deal completed last week, Verizon’s fiber footprint has expanded to nearly the size of AT&T’s, a development the company is using to bolster bundled offerings that tie mobile service to high-speed home internet.
"Verizon will no longer be a hunting ground for our competitors," the company said. Since taking over as CEO in October, Schulman has pursued cost reductions and restructuring measures, most recently announcing more than 13,000 job cuts as part of efforts to make the company leaner.
For the year, Verizon expects to add between 750,000 and 1 million retail postpaid phone subscribers, a meaningful step up from the 362,000 additions reported in 2025. The company projected adjusted earnings per share for 2026 in a range of $4.90 to $4.95, versus consensus estimates of $4.76 compiled by LSEG. Verizon also set a baseline for annual free cash flow of at least $21.5 billion, above Visible Alpha estimates of $20.96 billion.
Management’s combination of heavy promotional activity, expanded fiber capabilities from the Frontier closing, and an aggressive capital return program has been met positively by investors, as reflected in the share-price movement following the announcements. The firm’s guidance and buyback plan together signal confidence in near-term cash generation tied to both wireless subscriber momentum and the enlarged broadband footprint.
Data and statements in this article reflect the information provided by the company and third-party estimates cited relating to expectations and comparisons.