- The company added nearly 1 million postpaid mobile and broadband subscribers in the fourth quarter, the best quarterly result in more than a decade
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- Industry-leading total wireless service revenue of 20.0 billion dollars in the fourth quarter
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| Key 2024 Highlights |
| · Delivered financial guidance |
| · Revenue growth with strong operational results |
| · More than doubled wireless postpaid phone net additions compared to 2023 |
| · Continued to take broadband market share with Fios and fixed wireless access |
| · Strong execution against capital allocation priorities, including strategic transactions |
| · Well-positioned with a strong outlook for 2025 |
| Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong operational and financial results for the fourth quarter and full year 2024, further extending its industry leadership with new products and services that continued to resonate with customers. With solid momentum on its strategy to grow connections and strengthen customer relationships, the company delivered on its 2024 financial guidance, demonstrating strong performance and success across its three priorities of growing wireless service revenue, expanding adjusted EBITDA and generating strong free cash flow. |
| “With innovations powered by the best network in the country, we are bringing the best experiences to our customers, in life and work. Customizable offerings like myPlan, myHome, Verizon Business Complete and Total Wireless feature the control, simplicity and value our customers expect,” said Verizon Chairman and CEO Hans Vestberg. “It’s only going to get better this year and beyond, as we have continued to strengthen Verizon with the pending Frontier acquisition, new satellite partnerships, and ongoing AI enablement, which we expect will enhance and broaden our network for everybody we serve.” |
| 2024 Financial Highlights |
| Consolidated: Verizon delivers on 2024 financial guidance and extends industry leadership through operational excellence and customer focus |
- Full-year 2024 earnings per share (EPS) of $4.14 compared to $2.75 for full-year 2023; adjusted EPS1, excluding special items, of $4.59 compared to full-year 2023 adjusted EPS1 of $4.71.
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- Total operating revenue of $134.8 billion for full-year 2024, up 0.6 per cent compared to full-year 2023.
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- Full-year 2024 cash flow from operations totalled $36.9 billion compared to $37.5 billion in 2023. This result reflects higher cash taxes, as well as higher interest expense. Full-year cash flow from operations includes a one-time contribution of approximately $2.0 billion from Verizon’s tower transaction with Vertical Bridge and reflects fourth-quarter severance payments related to our voluntary separation program of approximately $600 million.
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- Full-year 2024 capital expenditures were $17.1 billion.
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- Full-year 2024 free cash flow1 of $19.8 billion compared to $18.7 billion in full-year 2023.
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| 4Q 2024 Highlights |
| Consolidated: Strong fourth-quarter performance results in revenue increases |
- Earnings per share of $1.18 in fourth-quarter 2024 compared to EPS of $(0.64) in fourth-quarter 2023; adjusted EPS1, excluding special items, of $1.10 compared to $1.08 in fourth-quarter 2023.
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- Fourth-quarter 2024 financial results reflected a pre-tax gain from special items of $477 million. This includes a mark-to-market adjustment for our pension and other post-employment benefit (OPEB) liabilities of $668 million, partially offset by amortization of intangible assets related to Tracfone and other acquisitions of $191 million.
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- Total operating revenue of $35.7 billion in fourth-quarter 2024, up 1.6 per cent compared to fourth-quarter 2023.
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- Consolidated net income for fourth-quarter 2024 was $5.1 billion compared to a net loss of $2.6 billion in fourth-quarter 2023. Consolidated adjusted EBITDA1 was $11.9 billion in the fourth quarter of 2024 compared to $11.7 billion in the fourth quarter of 2023. This result was driven by wireless service revenue growth, partially offset by the impact of higher upgrade volumes and continued declines in Business wireline revenue.
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- Verizon’s total unsecured debt as of the end of fourth-quarter 2024 was $117.9 billion, an $8.5 billion decrease compared to third-quarter 2024 and $10.6 billion lower year over year. The company’s net unsecured debt1 at the end of fourth-quarter 2024 was $113.7 billion. At the end of fourth-quarter 2024, Verizon’s ratio of unsecured debt to net income (LTM) was 6.6 times and net unsecured debt to consolidated adjusted EBITDA ratio1 was 2.3 times.
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| Mobility: Industry-leading wireless service revenue and double-digit growth in postpaid phone net adds |
- Wireless service revenue2 grew sequentially for the 18th consecutive quarter. Total wireless service revenue2 in fourth-quarter 2024 was $20.0 billion, up 3.1 per cent year over year, driven primarily by pricing actions implemented in recent quarters, sales of perks and add-on services and growth in fixed wireless access.
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- Wireless equipment revenue of $7.5 billion in fourth-quarter 2024, up 0.6 per cent compared to fourth-quarter 2023, predominantly due to increased upgrade volumes in the quarter.
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- Total postpaid phone net additions of 568,000 in fourth-quarter 2024, up from 449,000 in fourth-quarter 2023.
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| Broadband: Verizon continued to take broadband market share with strong demand for best-in-class Fios and fixed wireless access offerings |
- Broadband net additions of 408,000 in the fourth quarter of 2024, continuing the quarterly pace of over 350,000 broadband net additions.
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- Total fixed wireless access net additions of 373,000 in fourth-quarter 2024, growing the base to nearly 4.6 million fixed wireless subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.
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- Fios internet net additions were 51,000 compared to 55,000 in the fourth quarter of 2023.
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- Total broadband connections grew to more than 12.3 million as of the end of the fourth quarter of 2024, representing a 15.0 per cent increase year over year.
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| Verizon Consumer: Positive net additions with strongest quarterly phone gross additions result in five years |
- Total Verizon Consumer revenue in the fourth quarter of 2024 was $27.6 billion, an increase of 2.2 per cent year over year, predominantly driven by gains in service revenue.
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- Wireless service revenue in the fourth quarter of 2024 was $16.5 billion, up 3.0 per cent year over year, primarily driven by growth in Consumer wireless postpaid average revenue per account (ARPA) from pricing actions and continued fixed wireless access adoption.
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- Consumer wireless retail postpaid churn was 1.12 per cent in the fourth quarter of 2024, and wireless retail postpaid phone churn was 0.89 per cent.
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- Consumer ARPA of $139.77 in fourth-quarter 2024, an increase of 4.2 per cent compared to fourth-quarter 2023.
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- In the fourth year of 2024, Consumers reported 426,000 wireless retail postpaid phone net additions, up 34.0 per cent from the fourth quarter of 2023. This improvement was driven by a 5.5 per cent year-over-year increase in postpaid phone gross additions, which represented the strongest quarterly result for postpaid phone gross additions in five years.
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- Excluding the contribution from the company’s second number offering, Consumer reported 82,000 wireless retail postpaid phone net additions for the year, meeting the goal of positive net additions for 2024, and 367,000 wireless retail postpaid phone net additions for fourth-quarter 2024.
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- Excluding SafeLink, Verizon’s brand offering access to government-sponsored connectivity benefits and programs, in the fourth quarter of 2024, Consumers reported 65,000 wireless retail prepaid net additions compared to 263,000 net losses in the fourth quarter of 2023.
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- The consumer reported 216,000 fixed wireless net additions and 47,000 Fios Internet net additions in the fourth quarter of 2024. Consumer Fios revenue was $2.9 billion in the fourth quarter of 2024.
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- In fourth-quarter 2024, Consumer operating income was $6.9 billion, a decrease of 1.9 per cent year over year, and the segment operating income margin was 25.1 per cent, compared to 26.1 per cent in the fourth quarter of 2023. Segment EBITDA1 in the fourth quarter of 2024 was $10.3 billion, a decrease of 0.4 per cent year over year. Improvements in Consumer wireless service revenue were more than offset by increases in upgrade volumes and the impact of related promotions in the period. Segment EBITDA margin1 in fourth-quarter 2024 was 37.5 per cent compared to 38.5 per cent in fourth-quarter 2023.
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| Verizon Business: Strong wireless service revenue driven by continued wireless customer growth |
- Business wireless service revenue in the n fourth quarter of 2024 was $3.5 billion, an increase of 3.4 per cent year over year. This result was driven by continued strong net additions for both mobility and fixed wireless access, as well as benefits from pricing actions implemented in recent quarters.
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- Total Verizon Business revenue was $7.5 billion in the fourth quarter of 2024, a decrease of 1.5 per cent year over year, as increases in wireless service revenue were more than offset by decreases in wireline revenue.
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- The business reported 283,000 wireless retail postpaid net additions in the fourth quarter of 2024. This result included 142,000 postpaid phone net additions. Our value proposition continued to resonate across all customer groups with particular strength in small and medium businesses.
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- Business wireless retail postpaid churn was 1.45 per cent in the fourth quarter of 2024, and wireless retail postpaid phone churn was 1.09 per cent.
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- The business reported 157,000 fixed wireless net additions in the fourth quarter of 2024.
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- In the fourth quarter of 2024, Verizon’s Business operating income was $594 million, an increase of 34.1 per cent year over year, resulting in g a segment operating income margin of 7.9 per cent, an increase from 5.8 per cent in the fourth quarterof 2023. Segment EBITDA1 in the fourth quarter of 2024 was $1.7 billion, an increase of 3.0 per cent year over year. The result was driven by wireless service revenue growth partially offset by wireline revenue declines. Segment EBITDA margin1 in fourth-quarter 2024 was 22.1 per cent, an increase of fr21.1per per cent in fourth-quarter 2023.
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| Outlook and guidance |
| The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information. |
| For 2025, Verizon expects the following: |
- Total wireless service revenue growth2,3 of 2. per cent to 2.8 per cent.
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- Adjusted EBITDA growth1 of 2.2.0entt to 3.5 per cent.
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- Adjusted EPS1 growth of 0 to 3.0 percent.
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- Cash flow from operations of $35.0 billion to $37.0 billion.
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- Capital expenditures between $17.5 billion and $18.5 billion.
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- Free cash flow1 of $17.5 billion to $18.5 billion.
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| 1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP). |
| 2 Total wireless service revenue represents the sum of Consumer and Business segments. |
| 3 Reflects the reclassification of recurring device protection and insurance-related plan revenues from other revenue into wireless service revenue beginning January 2025. Where applicable, historical results will be recast to conform to the updated presentation. Reclassified 2024 annual revenues were more than $2.9 billion. |
| Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores. |
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| Verizon Communications Inc. |
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