Verizon Communications 2Q26 Preview: Lower 2Q Total Phone Adds to 120k and Consolidated EBITDA ~0.3% to $13.68b

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Verizon Communications 2Q26 Preview: Lower 2Q Total Phone Adds to 120k and Consolidated EBITDA ~0.3% to $13.68b

ile we expect Verizon's

customer experience efforts to drive further y/y improvement in retention, with Quarterly Forecasts (FYE Dec)

our unchanged 2Q Consumer postpaid phone churn of 0.88% implying a 2bp Adj. EPS ($)

improvement y/y, we are lowering our 2Q Consumer phone adds to 40k (from 2025A 2026E 2027E

+100k). Our updated 2Q Consumer postpaid phone estimate reflects gross Q1 1.19 1.28A 1.44

Q2 1.22 1.25 1.24

adds of +3% y/y against a difficult comp in the prior-year period, tariff buying Q3 1.21 1.31 1.42

and the launch of Best Value Guarantee, as well as some moderation in Q4 1.09 1.14 1.25

acquisition efforts in favor of a greater emphasis on churn reduction. Our 2Q FY 4.71 4.98 5.35

Business phone adds of 80k are unchanged, reflecting easing public-sector

Style Exposure

pressure. All in, we now model total phone adds of 120k in 2Q on churn of

0.96% (-1bp y/y) and gross add growth of 4% y/y.

• Lowering 2Q FWA net adds to 215k; total fiber adds unchanged at 150k.

We are reducing total FWA net adds to 215k (from +225k prior), driven by

lower Consumer adds of 120k (from 125k) and Business adds of 95k (from

100k). Our updated FWA forecasts reflect fewer newly open-for-sale passings

as the C-Band buildout concludes, along with the cessation of marketing in

Frontier addresses. Our 2Q total fiber net adds (Consumer + Business) remain

at 150k, driven by a full quarter's contribution from Frontier (+102k), a

growing fiber footprint, and cross-selling.

• 2Q Mobility + Broadband service revenue of $23.28b unchanged, with

higher Broadband offset by lower Mobility. We are lowering our 2Q

consolidated wireless service revenue by 0.4% to $20.84b (-0.5% y/y, vs. -1%