Verizon

Verizon reports 2Q and first-half 2022 results

2Q 2022 highlights
Consolidated:

• $1.24 in earnings per share (EPS), compared with $1.40 in second-quarter 2021; adjusted EPS1, excluding special items, of $1.31 compared with $1.39 in second-quarter 20212.
  
• Total revenue of $33.8 billion, relatively flat from second-quarter 2021. 
  
• Net income of $5.3 billion, a decrease of 10.7 percent from second-quarter 2021, and adjusted EBITDA1 of $11.9 billion, down 2.6 percent year over year.
  

Total Broadband:

• Total broadband net additions of 268,000, including 256,000 fixed wireless net additions. Total broadband net additions increased 39,000 from first-quarter 2022, and fixed wireless net additions increased 62,000 from first-quarter 2022.
  
• 36,000 Fios Internet net additions. 
  

Total Wireless: 

• Total wireless service revenue of $18.4 billion, a 9.1 percent increase year over year.
  
• Total retail postpaid churn of 1.03 percent, and retail postpaid phone churn of 0.81 percent.
  
• Postpaid phone net additions of 12,000. 
  

Outlook and guidance

Verizon is updating financial guidance for full-year 2022. The company now expects the following:

• Reported wireless service revenue growth of 8.5 to 9.5 percent, an update from prior guidance for reported wireless service revenue growth of 9 to 10 percent. 
  
• Reported service and other revenue growth of minus 1 percent to flat, an update from prior guidance for reported service and other revenue growth to be approximately flat.
  
• Adjusted EBITDA1 growth of minus 1.5 percent to flat, an update from prior guidance for adjusted EBITDA1 growth of 2 to 3 percent.
  
• Adjusted EPS1 of $5.10 to $5.25, an update from prior guidance for adjusted EPS1 of $5.40 to $5.55
  

Additionally, Verizon continues to expect the following results for full-year 2022: 

• Adjusted effective income tax rate1 in the range of 23 percent to 25 percent.
  
• Capital spending, excluding C-Band, in the range of $16.5 billion to $17.5 billion. Additional expenditures related to the deployment of the company's C-Band 5G network are expected to be in the range of $5 billion to $6 billion.
  

Verizon



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