Verizon closed 2024 on a high note, reporting its strongest quarterly performance in over a decade. The company added nearly 1 million postpaid mobile and broadband subscribers in Q4, driven by demand for innovative services such as myPlan and myHome. Wireless service revenue reached a record $20 billion in Q4, reflecting 18 consecutive quarters of sequential growth. CEO Hans Vestberg attributed the success to Verizon’s best-in-class network and its strategic initiatives, including the pending Frontier acquisition and enhanced AI capabilities.
In broadband, Verizon solidified its market leadership by adding 408,000 broadband subscribers in Q4, fueled by the rising popularity of its fixed wireless access (FWA) and Fios offerings. FWA subscriptions alone grew by 373,000 during the quarter, reaching a total of 4.6 million customers—a 15% year-over-year increase. With its focus on personalized and scalable solutions, Verizon is poised to sustain this momentum into 2025.
Looking ahead, Verizon outlined a promising 2025 financial outlook, aiming for 2.0% to 2.8% wireless revenue growth and up to $18.5 billion in free cash flow. Investments in AI enablement, satellite partnerships, and strategic capital allocation are expected to further enhance the company’s competitive edge.
Key Metrics and Highlights
Wireless Growth
• Q4 wireless service revenue: $20.0 billion (+3.1% YoY), marking 18 consecutive quarters of sequential growth.
• Postpaid phone net additions: 568,000 in Q4 (+26.5% YoY).
• Postpaid phone churn: 0.89%, highlighting industry-leading customer retention.
• Wireless equipment revenue: $7.5 billion in Q4 (+0.6% YoY), driven by increased upgrade volumes.
• Consumer wireless retail postpaid phone net additions: 426,000 in Q4 (+34% YoY), the strongest quarterly phone additions in five years.
• Business wireless retail postpaid net additions: 283,000, including 142,000 postpaid phone net adds.
Broadband Momentum
• Broadband net additions: 408,000 in Q4 2024, sustaining strong growth.
• Fixed Wireless Access (FWA) growth: 373,000 net additions in Q4, bringing the total subscriber base to 4.6 million.
• FWA milestone: On track to reach 8-9 million FWA subscribers by 2028.
• Fios internet net additions: 51,000 in Q4, slightly below Q4 2023’s 55,000 but still robust.
• Total broadband connections: Surpassed 12.3 million by year-end, a 15% YoY increase.
• Consumer fixed wireless net additions: 216,000 in Q4.
• Business fixed wireless net additions: 157,000 in Q4.
Consumer Revenue
• Consumer segment revenue: $27.6 billion in Q4 (+2.2% YoY), reflecting strong wireless and broadband performance.
• Consumer ARPA (average revenue per account): $139.77 in Q4 (+4.2% YoY).
• Consumer wireless service revenue: $16.5 billion in Q4 (+3.0% YoY).
• Fios revenue: $2.9 billion in Q4, supported by steady demand for premium internet services.
• Consumer wireless retail prepaid net additions: 65,000 in Q4, rebounding from 263,000 net losses in Q4 2023.
Financial Highlights
• Q4 operating revenue: $35.7 billion (+1.6% YoY).
• Full-year 2024 revenue: $134.8 billion (+0.6% YoY).
• Q4 EPS: $1.18, a strong recovery from $(0.64) in Q4 2023.
• Full-year EPS: $4.14, up from $2.75 in 2023.
• Free cash flow: $19.8 billion in 2024, compared to $18.7 billion in 2023.
• Capital expenditures: $17.1 billion for the year.
• Net unsecured debt: $113.7 billion as of Q4 2024, $10.6 billion lower YoY.
Business Revenue
• Business wireless service revenue: $3.5 billion in Q4 (+3.4% YoY), driven by net additions and pricing actions.
• Total Verizon Business revenue: $7.5 billion in Q4, reflecting a 1.5% YoY decline due to wireline revenue pressure.
• Business wireless postpaid churn: 1.45%, with phone churn at 1.09%.
