Verizon’s Q3 2024 results demonstrate significant progress, particularly in the wireless and broadband segments, reinforcing its commitment to accelerated growth in connectivity.
Notably, Verizon hit its fixed wireless subscriber target 15 months ahead of schedule, reflecting the soaring demand for high-quality, easily deployable broadband. The company also reported a double-digit increase in broadband connections, bringing total broadband connections to over 11.9 million, a 16% growth year-over-year.
Wireless Growth and Financial Stability
Verizon achieved a 2.7% increase in wireless service revenue, totaling USD 19.8 billion, and saw retail postpaid phone net additions of 239,000. Retail postpaid phone churn remained low at 0.89%, a testament to customer satisfaction.
Chairman and CEO Hans Vestberg highlighted this period as transformative for Verizon: “This has been a pivotal quarter for Verizon, with transformative strategic moves and continued operational excellence. We continue to deliver strong results in mobility and broadband, and we are on track to meet our full-year 2024 financial guidance, with wireless service revenue and adjusted EBITDA trending at or above the midpoint of the guided range."
"Our new products — myPlan, myHome and Verizon Business Complete — and our brand refresh are resonating with customers. Through our pending acquisition of Frontier Communications, and our agreement for Vertical Bridge to lease, operate and manage thousands of wireless communications towers, we have set Verizon up for disciplined growth, now and into the future," continued Vestberg.
Verizon's consolidated operating revenue in Q3 reached USD 33.3 billion, staying steady year-over-year despite a decrease in wireless equipment revenue. The company's total cash flow from operations year-to-date was USD 26.5 billion, with capital expenditures totaling USD12 billion.
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Verizon Consumer and Business Segments
The Consumer division achieved its seventh consecutive quarter of year-over-year growth in postpaid phone gross additions, marking 81,000 retail postpaid phone net additions this quarter. Consumer revenue in Q3 2024 rose to USD 25.4 billion, while wireless service revenue increased by 2.6% due to heightened adoption of fixed wireless solutions. Operating income in the Consumer segment also saw a slight increase to USD 7.6 billion.
In the Business segment, wireless service revenue grew by 2.9% year-over-year, reaching USD 3.5 billion, supported by significant net additions across SMEs. Business operating income increased to USD 565 million, underscoring growth in wireless services despite declines in wireline revenue.
Broadband Strategy and Future Goals
With broadband demand driving rapid adoption, Verizon plans to double its fixed wireless subscribers to 8–9 million by 2028, supported by a C-band and mmWave rollout. Verizon’s acquisition of Frontier Communications will expand its fiber network, targeting 35–40 million passings by 2028. The recent Fios expansion within Verizon’s nine-state footprint aims to further grow its presence, potentially adding one million passings annually post-acquisition.
“This is about delivering the network of the future and setting a new bar for the entire industry,” Vestberg stated, emphasizing Verizon’s mission to expand premium connectivity and integrate new technology efficiently across the U.S.
Previous 2024 Results:
Verizon's Q2 2024: Strong Wireless Gains and Future-Ready Growth
Q1 Performance Positions Verizon for Growth and Profitability in 2024
