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Mar 31, 2024
Verizon Q1 2024 Earnings Report
Verizon's Q1 2024 performance was marked by strong wireless service revenue growth, solid cash flow, and continued momentum in broadband, positioning the company for growth and profitability throughout the year.
Key Takeaways
Verizon reported a slight increase in total operating revenue, driven by wireless service revenue growth and fixed wireless subscriber base expansion. The company is on track to meet its financial guidance, with positive consumer postpaid phone net adds expected for the year.
Total operating revenue increased by 0.2 percent year over year to $33.0 billion.
Total wireless service revenue grew by 3.3 percent year over year to $19.5 billion.
Consolidated net income was $4.7 billion, compared to $5.0 billion in the first quarter of 2023.
The company reported free cash flow of $2.7 billion, up from $2.3 billion in the prior year period.
Revenue by Segment
Forward Guidance
Verizon is on track to meet its financial guidance for 2024.
Positive Outlook
- Total wireless service revenue growth of 2.0 percent to 3.5 percent.
- Adjusted EBITDA growth of 1.0 percent to 3.0 percent.
- Adjusted EPS of $4.50 to $4.70.
- Capital expenditures between $17.0 billion and $17.5 billion.
- Adjusted effective income tax rate in the range of 22.5 percent to 24.0 percent.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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