Verizon (VZ) reported a solid second quarter for 2025, showcasing consistent growth across key financial and operational metrics. Total operating revenue rose 5.2% year-over-year to $34.5 billion, while net income climbed to $5.1 billion, compared to $4.7 billion a year earlier. Diluted EPS increased to $1.18, and adjusted EPS came in at $1.22, reflecting a steady performance boost. Profitability remained strong, with consolidated adjusted EBITDA reaching $12.8 billion and operating income growing to $8.2 billion, resulting in a solid 23.7% operating margin. Cash generation also improved, with free cash flow for the first half of 2025 rising to $8.8 billion, and cash flow from operations totaling $16.8 billion.

Wireless remained a growth engine, with wireless service revenue increasing 2.2% to $20.9 billion, and wireless equipment revenue jumping 25.2% to $6.3 billion, driven by a 39% surge in device upgrades and a shift to premium handsets. Notably, total unsecured debt decreased to $119.4 billion, reflecting a more disciplined balance sheet and a net unsecured debt-to-adjusted EBITDA ratio of 2.3x.

In the Consumer segment, revenue climbed 6.9% YoY to $26.6 billion, with wireless service revenue up 2.3% and broadband net additions totaling 293,000, including 278,000 fixed wireless additions, pushing the FWA subscriber base past 5.1 million. However, margins slightly compressed, with segment EBITDA margin slipping to 42.1% from 44.1%. Still, improvements in churn and postpaid losses were evident, with postpaid phone net losses narrowing to 51,000 from 109,000 a year ago, and core prepaid net additions swinging positive to 50,000.

The Business segment delivered mixed results, with revenue essentially flat at $7.3 billion, but profitability improved meaningfully. Operating income jumped 27.6% to $638 million, with margin expanding to 8.8%, and segment EBITDA increased 5.8% to $1.7 billion. Business wireless continued to grow, posting 65,000 postpaid net additions, including 42,000 phones.

Operationally, Verizon achieved over 300,000 net additions across wireless and broadband, while its network earned further accolades from J.D. Power and RootMetrics for quality and reliability. The company also continued rolling out AI-driven service enhancements and tailored plans like myPlan, myHome, and My Biz Plan, reinforcing its segmented strategy.

Looking ahead, Verizon raised its full-year 2025 guidance, now expecting adjusted EBITDA growth of 2.5%–3.5%, adjusted EPS growth of 1.0%–3.0%, and free cash flow between $19.5 billion and $20.5 billion. This guidance excludes any impact from the pending Frontier acquisition.

CEO Hans Vestberg highlighted the momentum across the business, citing network strength, financial discipline, and the success of customer segmentation strategies. With robust earnings, expanding broadband reach, and ongoing debt reduction, Verizon is positioning itself for continued growth while maintaining a strong financial footing in the second half of the year.