Citing accelerated 5G adoption and continued expansion of its FWA, mmWave and FiOS footprints, Verizon reported revenue of $32.9 billion, up 4.3 percent from third-quarter 2020. This includes two months of Verizon Media revenue of approximately $1.4 billion on a segment basis. Excluding Verizon Media, operating revenues increased 5.5 percent. Net income amounted to $6.6 billion, an increase of 45.5 percent from third-quarter 2020, and adjusted EBITDA of $12.3 billion, an increase of 3.3 percent from third-quarter 2020.
Capital expenditures year-to-date were $13.9 billion.
“We had a strong third quarter, delivering on our strategy and growing in multiple areas,” said Verizon Chairman and CEO Hans Vestberg. “Our disciplined strategy execution demonstrated growth in 5G adoption, broadband subscribers and business applications. We are increasing our 2021 guidance, and we continue to expand our 4G LTE and 5G network leadership. We fully expect to have a strong finish to the year as we accelerate deployment of 5G to our customers across the country.”
Some highlights:
- Total Verizon Consumer revenues were $23.3 billion, an increase of 7.3 percent year over year.
- Consumer wireless service revenues were $14.0 billion in third-quarter 2021, a 4.0 percent increase year over year. Consumer grew phone net additions and continued to execute on its unlimited and premium unlimited migration strategy.
- Consumer wireless retail postpaid churn was 0.84 percent in third-quarter 2021, and wireless retail postpaid phone churn was 0.67 percent.
- In third-quarter 2021, Consumer reported 423,000 wireless retail postpaid net additions. This consisted of 267,000 phone net additions and 223,000 other connected device net additions, offset by 67,000 tablet net losses. Consumer’s phone net additions in third-quarter 2021 were more than Consumer’s phone net additions in both third-quarter 2020 and third-quarter 2019.
- There were 98,000 Fios Internet net additions in third-quarter 2021. Consumer Fios revenues were $2.9 billion in third-quarter 2021, an increase of 4.3 percent year over year. Consumer reported 68,000 Fios Video net losses in third-quarter 2021.
- In third-quarter 2021, Business continued to see strong demand for wireless services across multiple verticals. Strong Small and Medium Business momentum, the best performing quarter year-to-date for wireless subscriber growth in Global Enterprise and an increase in activity with enterprises in the private wireless and MEC space led the quarter.
- Total Verizon Business revenues were $7.7 billion, down 0.8 percent year over year. Wireless revenue growth continues to offset ongoing legacy wireline declines.
- Business wireless service revenues were $3.1 billion in third-quarter 2021, a 3.6 percent increase year over year.
- Business wireless retail postpaid churn was 1.29 percent in third-quarter 2021, and wireless retail postpaid phone churn was 1.04 percent.
- Business reported 276,000 wireless retail postpaid net additions in third-quarter 2021, including 162,000 phone net additions.