NYSE$VZ
Verizon · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Verizon's Q3 2023 results reflected a decline in operating revenue but growth in wireless service revenue and broadband net additions.
Verizon reported a decrease in total operating revenue by 2.6% year-over-year to $33.3 billion, but experienced a 2.9% increase in total wireless service revenue. The company added 434,000 total broadband net additions. Verizon raised its free cash flow guidance for 2023 to above $18 billion.
- Total operating revenue decreased by 2.6% year-over-year to $33.3 billion.
- EPS was $1.13, compared to $1.17 in Q3 2022; adjusted EPS was $1.22, compared to $1.32 in Q3 2022.
- Total broadband net additions were 434,000, including 384,000 fixed wireless net additions.
- Free cash flow year-to-date was $14.6 billion, an increase from $12.4 billion in 2022.
Headline financials
Revenue & EPS history
Verizon · Revenue · Quarterly
$33.3B
Revenue by segment
Verizon · $32.8B total across 2 segments · Q3 2023
- Consumer$25.3B-2.3%77.0%
- Business$7.53B-4.0%23.0%
Forward guidance
Verizon expects cash flow from operations to be in the range of $36.25 billion to $37.25 billion, capital spending at the higher end of the previously guided range of $18.25 billion to $19.25 billion, and free cash flow above $18 billion for 2023.
Tailwinds
- Total wireless service revenue growth of 2.5% to 4.5%.
- Adjusted EBITDA of $47.0 billion to $48.5 billion.
- Adjusted EPS of $4.55 to $4.85.
- Adjusted effective income tax rate in the range of 22.5% to 24.0%.
- Free cash flow above $18 billion.
Headwinds
- The company does not provide a reconciliation for certain adjusted (non-GAAP) forecasts.
- Inability to predict the special items that could arise.
- Unable to address the probable significance of the unavailable information.
- Decline in wireline revenue.
- Decline in wireless equipment revenue.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.0%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+0.4%
Avg return
30 days after
55%
40 / 73 earnings
Positive
+12.1%
Q4 2025
Best reaction
-8.6%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.5% | +3.7% | +4.0% | |
| Q4 2025 | +12.1% | +18.1% | +25.9% | |
| Q3 2025 | +2.0% | +0.4% | +4.6% | |
| Q2 2025 | -0.5% | +2.8% | +0.6% | |
| Q1 2025 | +0.6% | -2.4% | +0.5% | |
| Q4 2024 | +0.9% | +2.8% | +9.1% | |
| Q3 2024 | -1.9% | -5.3% | -2.7% | |
| Q2 2024 | -6.6% | -3.7% | -1.4% | |
| Q1 2024 | -2.0% | -2.0% | -1.7% | |
| Q4 2023 | +4.3% | +7.1% | +2.9% | |
| Q3 2023 | +7.3% | +6.5% | +19.0% | |
| Q2 2023 | +1.1% | +0.1% | -1.8% | |
| Q1 2023 | -0.5% | +4.7% | -6.1% | |
| Q4 2022 | +1.8% | +2.5% | -2.8% | |
| Q3 2022 | -2.8% | -1.5% | +4.2% | |
| Q2 2022 | -6.1% | -5.8% | -6.8% | |
| Q1 2022 | -8.6% | -11.9% | -10.0% | |
| Q4 2021 | -3.7% | -0.1% | -0.7% | |
| Q3 2021 | +2.0% | +0.4% | -2.8% | |
| Q2 2021 | +0.7% | +0.4% | -0.1% | |
| Q1 2021 | -1.9% | -2.5% | -2.5% | |
| Q4 2020 | -5.6% | -6.3% | -3.3% | |
| Q3 2020 | +0.1% | +1.0% | +4.9% | |
| Q2 2020 | +1.8% | +2.9% | +5.6% | |
| Q1 2020 | +0.4% | +0.9% | -6.1% | |
| Q4 2019 | -0.2% | -2.1% | -9.0% | |
| Q3 2019 | -0.7% | +0.4% | -1.4% | |
| Q2 2019 | +0.6% | -0.4% | +5.2% | |
| Q1 2019 | -2.2% | -3.1% | +0.9% | |
| Q4 2018 | -1.9% | -0.9% | +3.4% | |
| Q3 2018 | +4.4% | +1.0% | +7.6% | |
| Q2 2018 | +0.3% | +2.5% | +7.0% | |
| Q1 2018 | +3.0% | +6.0% | -0.0% | |
| Q4 2017 | +1.4% | +2.4% | -10.5% | |
| Q3 2017 | +1.8% | +0.6% | -6.6% | |
| Q2 2017 | +8.0% | +10.1% | +9.6% | |
| Q1 2017 | -3.5% | -4.6% | -7.2% | |
| Q4 2016 | -5.0% | -5.4% | -4.0% | |
| Q3 2016 | -4.3% | -5.0% | -4.6% | |
| Q2 2016 | -1.0% | -0.8% | -5.6% | |
| Q1 2016 | -2.3% | — | — | |
| Q4 2015 | +5.9% | — | — | |
| Q3 2015 | +0.4% | — | — | |
| Q2 2015 | -3.4% | — | — | |
| Q1 2015 | +0.4% | — | — | |
| Q4 2014 | -2.3% | — | — | |
| Q3 2014 | -0.4% | — | — | |
| Q2 2014 | +0.4% | — | — | |
| Q1 2014 | -3.1% | — | — | |
| Q4 2013 | -2.1% | — | — | |
| Q3 2013 | +5.8% | — | — | |
| Q2 2013 | -1.6% | — | — | |
| Q1 2013 | +5.5% | — | — | |
| Q4 2012 | +0.6% | — | — | |
| Q3 2012 | +1.0% | — | — | |
| Q2 2012 | -3.1% | — | — | |
| Q1 2012 | +2.8% | — | — | |
| Q4 2011 | +0.0% | — | — | |
| Q3 2011 | -0.3% | — | — | |
| Q2 2011 | -2.5% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q4 2010 | +0.1% | — | — | |
| Q1 2009 | +0.1% | — | — | |
| Q3 2010 | -0.1% | — | — | |
| Q2 2010 | +0.5% | — | — | |
| Q1 2010 | +0.2% | — | — | |
| Q4 2009 | +0.4% | — | — | |
| Q3 2008 | -1.2% | — | — | |
| Q3 2009 | -1.2% | — | — | |
| Q4 2007 | +0.3% | — | — | |
| Q4 2008 | +0.3% | — | — | |
| Q2 2009 | +0.3% | — | — | |
| Q2 2008 | +0.3% | — | — |
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