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Sep 30, 2023
Verizon Q3 2023 Earnings Report
Verizon's Q3 2023 results reflected a decline in operating revenue but growth in wireless service revenue and broadband net additions.
Key Takeaways
Verizon reported a decrease in total operating revenue by 2.6% year-over-year to $33.3 billion, but experienced a 2.9% increase in total wireless service revenue. The company added 434,000 total broadband net additions. Verizon raised its free cash flow guidance for 2023 to above $18 billion.
Total operating revenue decreased by 2.6% year-over-year to $33.3 billion.
EPS was $1.13, compared to $1.17 in Q3 2022; adjusted EPS was $1.22, compared to $1.32 in Q3 2022.
Total broadband net additions were 434,000, including 384,000 fixed wireless net additions.
Free cash flow year-to-date was $14.6 billion, an increase from $12.4 billion in 2022.
Revenue by Segment
Forward Guidance
Verizon expects cash flow from operations to be in the range of $36.25 billion to $37.25 billion, capital spending at the higher end of the previously guided range of $18.25 billion to $19.25 billion, and free cash flow above $18 billion for 2023.
Positive Outlook
- Total wireless service revenue growth of 2.5% to 4.5%.
- Adjusted EBITDA of $47.0 billion to $48.5 billion.
- Adjusted EPS of $4.55 to $4.85.
- Adjusted effective income tax rate in the range of 22.5% to 24.0%.
- Free cash flow above $18 billion.
Challenges Ahead
- The company does not provide a reconciliation for certain adjusted (non-GAAP) forecasts.
- Inability to predict the special items that could arise.
- Unable to address the probable significance of the unavailable information.
- Decline in wireline revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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