Q2 24 EPS
$1.15
BEAT +0.00%
Est. $1.15
Q2 24 Revenue
$32.80B
MISS 0.81%
Est. $33.06B
vs S&P Since Q2 24
+6.2%
BEATING MARKET
VZ +36.2% vs S&P +29.9%
Market Reaction
Did VZ Beat Earnings? Q2 2024 Results
Verizon posted an in-line second quarter for 2024, matching the $1.15 consensus EPS estimate exactly while revenue of $32.80 billion fell just short of the $33.06 billion Wall Street had anticipated, a -0.81% miss, though the telecom giant still mana… Read more Verizon posted an in-line second quarter for 2024, matching the $1.15 consensus EPS estimate exactly while revenue of $32.80 billion fell just short of the $33.06 billion Wall Street had anticipated, a -0.81% miss, though the telecom giant still managed 0.6% year-over-year top-line growth. The real story behind the numbers was broadband momentum: Verizon added 391,000 total broadband subscribers in the period, its eighth consecutive quarter above 375,000, while fixed wireless access revenue more than doubled year over year to $514.00 million as the FWA subscriber base surpassed 3.8 million. Wireless service revenue, the metric Wall Street watches most closely, grew 3.5% year over year to $19.77 billion, providing a durable offset to a 5.3% decline in wireless equipment revenue. Higher interest expense, rising to $1.70 billion from $1.28 billion a year ago, weighed on adjusted EPS, which slipped from $1.21 in Q2 2023. With growth questions lingering, Verizon reiterated full-year guidance for adjusted EPS of $4.50–$4.70 and wireless service revenue growth of 2.0%–3.5%.
Key Takeaways
- • Wireless service revenue growth of 3.5% YoY driven by pricing actions and premium plan adoption
- • Fixed wireless access subscriber base grew nearly 69% YoY to over 3.8 million
- • Consumer wireless postpaid ARPA increased 5.0% YoY to $138.44
- • Postpaid phone net additions of 148,000 vs. 8,000 in prior year period
- • Consumer postpaid phone gross additions up 12.0% YoY
- • Lower upgrade volumes contributed to margin expansion
- • Consolidated adjusted EBITDA grew to $12.3 billion from $12.0 billion YoY
- • Consumer segment EBITDA margin expanded to 44.1% from 43.1%
VZ YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
VZ Revenue by Segment
With YoY comparisons, source: SEC Filings
“The sequential and year over year improvements in the second quarter were a reflection of operational excellence and the moves we made to bring choice, value and control to our customers' lives.”
— Hans Vestberg, Q2 2024 Earnings Press Release
VZ Earnings Trends
VZ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
VZ EPS Trend
Earnings per share: estimate vs actual
VZ Revenue Trend
Quarterly revenue: estimate vs actual
VZ Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 24 BEAT FY | $1.10 | $1.10 | +0.00% | $35.68B | — |
| FY Full Year | $4.60 | $4.59 | -0.17% | $134.79B | +0.25% |
| Q2 24 BEAT | $1.15 | $1.15 | +0.00% | $32.80B | -0.81% |
| Q1 24 BEAT | $1.12 | $1.15 | +2.68% | $32.98B | -0.78% |
| Q4 23 BEAT FY | $1.08 | $1.08 | +0.00% | $35.13B | — |
| FY Full Year | $4.71 | $4.71 | +0.00% | $133.97B | +0.34% |