Overview

• Second-quarter revenue rose about 5.2% to $34.5 billion and adjusted EPS increased 6.1% to $1.22, both ahead of consensus estimates.
• The company generated $8.8 billion in free cash flow, which covered $5.7 billion in dividends and left roughly $3.1 billion in excess cash.
• Verizon raised its 2025 adjusted earnings outlook to growth of 1%–3% and boosted its free cash flow target to $19.5 billion–$20.5 billion.
• Leverage fell to 2.3 times from 2.5 times a year earlier, reinforcing the balance sheet as the $20 billion all-cash Frontier acquisition moves toward close.
• Analysts at RBC Capital and Raymond James maintained or upgraded their ratings and nudged up price targets after the strong results and guidance upgrade.