# Verizon Communications Inc. (VZ)

> Source: Nexqual · https://nexqual.com/VZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Verizon Communications Inc. (VZ), nexqual.com/VZ" · informational, not investment advice.

**Price:** USD 45.2 (+3.76% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 43.56 · day 43.78–45.29 · 52w 38.39–51.68 · market cap $188B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $139B, net income $16.2B (11.6% margin) (SEC filings).
- Valuation: P/E 11.6x (avg 11.1x at the last 3 fiscal year-ends), EV/EBITDA 7.4x, net debt $163B.
- 7 of 80 tracked superinvestors hold VZ (13F, Q2 2026): 0 new, 0 added, 3 reduced, 4 unchanged.
- Analysts: Buy (mean 2.44 on a 1–5 scale) (25 analysts), mean target USD 51.24 (range 45–62).
- Total return with dividends: 1Y +25.5% vs S&P 500 +14.9%; 5Y +17.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 1.27, revenue estimate $34.9B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $134B | $137B | $134B | $135B | $138B | $139B |
| Operating income | $32.4B | $30.5B | $22.9B | $28.7B | $29.3B | $28.5B |
| Net income | $22.1B | $21.3B | $11.6B | $17.5B | $17.2B | $16.2B |
| EPS (diluted) | $5.32 | $5.06 | $2.75 | $4.14 | $4.06 | — |
| Operating margin | 24.3% | 22.3% | 17.1% | 21.3% | 21.2% | 20.5% |
| Net margin | 16.5% | 15.5% | 8.7% | 13.0% | 12.4% | 11.6% |
| Revenue growth | +4.1% | +2.4% | -2.1% | +0.6% | +2.5% | — |
| Cash + short-term investments | $2.92B | $2.60B | $2.06B | $4.19B | $19.0B | — |
| Total debt | $151B | $151B | $151B | $144B | $158B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.6x · P/S 1.4x · EV/EBITDA 7.4x · EV/Sales 2.5x · P/B 1.8x · Earnings yield 8.61% · Dividend yield (paid, TTM) 6.19% · Net debt $163B · EV $351B
P/E at fiscal year-ends: Dec 2025 10.0x, Dec 2024 9.6x, Dec 2023 13.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold VZ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 1.75% | $2.4M | Reduced -11.9% |
| Bill Miller | Miller Value Partners | 1.68% | $7.1M | Unchanged |
| Mairs & Power | Mairs & Power Funds | 1.28% | $139M | Reduced -0.7% |
| Tweedy Browne |  | 0.08% | $1.0M | Reduced -0.4% |
| Kahn Brothers | Kahn Brothers Group | 0.05% | $285K | Unchanged |
| Yacktman Asset Management |  | 0.01% | $847K | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $233K | Unchanged |

## Analysts
Consensus Buy (mean 2.44 on a 1–5 scale), 25 analysts; mean target USD 51.24 (low 45, high 62).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Scotiabank | Target lowered | Sector Outperform | $51.5 → $50 |
| 2026-10-02 | Scotiabank | Target lowered | Sector Outperform | $52.5 → $51.5 |
| 2026-07-27 | TD Cowen | Target raised | Buy | $54 → $56 |
| 2026-07-27 | Morgan Stanley | Target raised | Equal-Weight | $50 → $52 |
| 2026-07-27 | RBC Capital | Target raised | Sector Perform | $46 → $47 |
| 2026-07-27 | Scotiabank | Target raised | Sector Outperform | $51.5 → $52.5 |
| 2026-07-27 | Wells Fargo | Target raised | Equal-Weight | $43 → $47 |
| 2026-07-27 | Barclays | Target raised | Equal-Weight | $45 → $46 |
| 2026-07-20 | RBC Capital | Target lowered | Sector Perform | $48 → $46 |
| 2026-07-15 | Scotiabank | Target lowered | Sector Outperform | $54.5 → $51.5 |
| 2026-07-14 | BNP Paribas | Target lowered | Neutral | $46 → $44 |
| 2026-07-08 | Barclays | Target lowered | Equal-Weight | $47 → $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +25.5% | +17.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +25.6% | +3.3% |
| Volatility (annualized) | 26.7% | 23.6% |
| Max drawdown | -17.8% (Sep 2026→Oct 2026) | -37.7% (Feb 2022→Oct 2023) |

## Peers (Telecom Services)
TMUS (T-Mobile US, Inc.) USD 158.79 +3.28% · T (AT&T Inc.) USD 22.74 +3.79% · CMCSA (Comcast Corporation) USD 22.84 +3.44% · AMX (America Movil, S.A.B. de C.V.) USD 24.98 +2.84% · CHT (Chunghwa Telecom Co., Ltd.) USD 48.72 +2.57% · VOD (Vodafone Group Plc) USD 16.12 +1.70%

## More
Full page: https://nexqual.com/VZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VZ's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/732712/000073271226000007/vz-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Frontier Communications Parent | "We expect broadband revenue to benefit from our expanded fiber footprint and customer base following the closing of the Frontier acquisition, continued growth in our fiber and FWA connections, and an ongoing demand for h…" |
| Competitor | AT&T (T) | "With respect to our wireless connectivity products and services, we compete against other national wireless service providers, including AT&T Inc. and T-Mobile US, Inc., as well as various regional wireless service provi…" |

Other companies that name VZ in their own reports (relationship from VZ's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL) | 10-K 2026-10-14 | "•Leading telecommunications companies, including AT&T Inc., Bell Mobility, Inc., Comcast Corp., Nokia Corp., Rogers Communications Canada Inc., TELUS Communications Inc., Verizon Communications Inc. a…" |
| supplier | IDT CORP (IDT) | 10-K 2026-09-29 | "Many of these companies, including AT&T, Verizon, and T-Mobile, are substantially larger and have greater financial, technical, engineering, personnel, and marketing resources, longer operating histor…" |
| customer | SCANSOURCE, INC. (SCSC) | 10-K 2026-08-20 | "We provide products and services from approximately 500 suppliers, including key suppliers AT&T, Avaya, Axis, Cisco, Comcast Business, Dell, Elo, Extreme, Five9, Fortinet, Hanwha, Honeywell, HP Poly, …" |
| partner | EXTREME NETWORKS INC (EXTR) | 10-K 2026-08-17 | "We have active alliance, OEM and strategic relationships with Barco NV, Ericsson Enterprise AB, Lenovo, Motorola Solutions, Schneider Electric, and Verizon as well as other global industry technology …" |
| supplier | LiveOne, Inc. (LVO) | 10-K 2026-06-29 | "Our music streaming customers include individual users and OEMs such as Tesla, Verizon, T-Mobile, and, to a lesser extent, advertisers and third-party licensees." |
| competitor | Anterix Inc. (ATEX) | 10-K 2026-06-25 | "Our competitors include spectrum holders, retail wireless network providers, such as Verizon, AT&T, and T-Mobile, private radio operators and other public and private companies, including potential ne…" |
| competitor | Powerfleet, Inc. (AIOT) | 10-K 2026-06-15 | "Our competitors include global and regional providers of connected operations, fleet management, video safety and asset tracking, including, among others, Geotab, Samsara, Karooooo, Motive, Verizon Co…" |
| competitor | Karooooo Ltd. (KARO) | 20-F 2026-06-09 | "have entered the market in recent years through acquisitions of competing solutions, such as telecommunications provider Verizon acquiring" |
| supplier | EPLUS INC (PLUS) | 10-K 2026-05-28 | "Sales to Verizon Communications Inc. represented 24%, 17%, and 19% of our net sales and 17%, 12%, and 13% of gross billings for the years ended March 31, 2026, 2025, and 2024, respectively." |
| competitor | QVC Group, Inc. (QVCG) | 10-K 2026-04-15 | "We believe our long-term relationships with major U.S. television distributors, including cable operators (e.g., Comcast, Charter Communications and Cox), satellite television providers (e.g., DIRECTV…" |
| competitor | OOMA INC (OOMA) | 10-K 2026-04-03 | "Some of the providers of broadband internet access and high-speed mobile access, such as AT&T and Verizon, market and sell products and services to our current and potential customers that directly co…" |
| competitor | BOSTON OMAHA Corp (BOC) | 10-K 2026-03-30 | "In the future, leading cable operators, such as Comcast, Charter Communications and Optimum, and other competitors, as well as other corporations providing competitive services, such as AT&T, T-Mobile…" |
| customer | SOUNDTHINKING, INC. (SSTI) | 10-K 2026-03-30 | "We rely on wireless carriers, mainly AT&T and Verizon, to provide access to wireless networks for machine-to-machine data transmissions, which are an integral part of our services." |
| competitor | TaoWeave, Inc. (TWAV) | 10-K 2026-03-20 | "With respect to our managed services for video collaboration, we primarily compete with managed services companies, videoconferencing equipment resellers, and telecommunication providers, including BT…" |
| partner | Xerox Holdings Corp (XRX) | 10-K 2026-03-17 | "During 2024, Xerox entered into a five-year agreement with Verizon Business Services (Verizon) to provide their Network as a Service (NaaS) solutions framework as part of Xerox's Reinvention." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Consumer | $26.24B | 76.6% | -1.5% | $8.03B | 30.6% |
| Business | $7.16B | 20.9% | +2.6% | $991.0M | 13.9% |
| Total revenue | $34.25B | 100% | — | $7.18B | 21.0% |
The lines above cover 97.5% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service revenues and other | $29.23B | 85.3% | +3.5% |
| Wireless service | $20.80B | 60.7% | -0.5% |
| Wireless equipment | $5.02B | 14.7% | -19.7% |
| Total revenue | $34.25B | 100% | — |
The lines above cover 160.7% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.27 | $1.29 | -1.4% | $34.85B | 18 |
| Next quarter (ends 2026-12-31) | $1.16 | $1.13 | +2.7% | $37.26B | 16 |
| Current fiscal year (ends 2026-12-31) | $5.02 | $4.94 | +1.5% | $140.80B | 22 |
| Next fiscal year (ends 2027-12-31) | $5.27 | $5.27 | +0.1% | $143.58B | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-26): ±5.5%; last 8 reports averaged ±4.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 38.3% | ±5.5% |
| 2026-11-06 | 14 | 31.2% | ±6.2% |
| 2026-11-13 | 21 | 29.5% | ±6.4% |
| 2026-11-20 | 28 | 29.1% | ±7.5% |
| 2026-11-27 | 35 | 26.4% | ±7.2% |
| 2026-12-04 | 42 | 25.8% | ±7.7% |
| 2026-12-18 | 56 | 26.0% | ±8.8% |
| 2027-01-15 | 84 | 25.9% | ±11.0% |