Verizon Q3 results: Performance Under New CEO Dan Schulman

Marking Dan Schulman’s first quarter at the helm, Verizon released its third-quarter 2025 results on 29 October, pairing steady cash discipline with a sharpened change agenda.

Wireless service - the core engine covering voice, text, data and high-speed 5G access - generated US$21bn in revenue, up 2.1% year over year.

Cross-sell momentum continued, with more than 18% of consumer postpaid phone customers subscribing to at least one additional Verizon service as part of its converged offers.

Verizon also raised its dividend for the 19th consecutive year, underscoring confidence in cash generation and future earnings capacity.

In Consumer, revenue reached US$26.1bn, a 2.9% increase year on year. Business revenue declined 2.8%, spotlighting a mixed picture that Schulman and his finance team will need to address through cost, product and go-to-market actions.

A mandate for transformation

Dan framed the quarter as a launchpad for a broad reset in culture, cost structure and financial profile. The CEO said: “We are going to take bold and fiscally responsible action to redefine Verizon’s trajectory at this critical inflection point for our company.

"We will rapidly shift to a customer-first culture, one that thrives on delighting our customers. These will not be incremental changes.

"We will aggressively transform our culture, our cost structure and the financial profile of Verizon in order to put out customers first, compete effectively and deliver sustainable returns for our shareholders.”

The emphasis is clear: accelerate a customer-first pivot without compromising cash returns and align operating spend, pricing and product bundling to sustain growth through a highly competitive cycle.

Competitive pressures reshape subscriber numbers

Competition among the big three remains intense. In the three months ending 30 September, Verizon reported a net decline of 7,000 consumer postpaid phone customers, reversing a gain of 81,000 in the third quarter of 2024.

Bloomberg reports AT&T added 405,000 subscribers in its third quarter, while T-Mobile signed up one million.

Reflecting that momentum, AT&T’s CEO John Stankey said: “We continue to add highly profitable customers that are choosing AT&T for all their connectivity needs.”

With all three carriers deploying promotions to stimulate switching, Wall Street has raised concerns about a sustained price war.

Bloomberg also notes Verizon’s price increases in recent years, supportive for revenue but potentially constraining net additions if churn rises.

The task for Verizon’s leadership is to calibrate pricing and value, particularly through converged offers, while tightening acquisition economics and maintaining lifetime value.

2025 guidance

Verizon’s capital allocation stance remains resolute. Management reiterated full-year guidance and reaffirmed its investment plan for 2025, aiming to balance network competitiveness with consistent shareholder returns:

• Total wireless service revenue growth of 2.0% to 2.8%
• Adjusted EPS growth of 1% to 3%
• Adjusted EBITDA growth of 2.5% to 3.5%
• Cash flow of operation of US37bntoUS37bn to US37bntoUS39bn
• Free cash flow of US$19.5bn to US$20.5bn

The company expects 2025 capital expenditures to be within or below US$17.5bn to US$18.5bn and says it remains on track to meet its investment goals.

This combination, firm free cash flow guidance, a long-standing dividend cadence and disciplined capex, signals confidence in near-term cash conversion even as market share battles intensify.

Board backing for execution

Dan joined Verizon in October after nearly a decade leading PayPal, bringing cross-sector experience in telecommunications, technology and financial services.

Verizon’s Chair of the Board Mark Bertolini said: “The Board is thrilled to have Dan as Verizon’s next CEO, and to embark on a new chapter of growth and sector leadership.

"Dan is a seasoned and decisive leader with a unique set of experiences, and a proven record of transformative leadership and operational excellence.”

As Schulman’s first quarter closes, the company’s message centres on a customer-first transformation, sustained dividend discipline and measured investment- an approach aimed at reinforcing financial stability while competing for growth in a demanding market.