Verizon Communications Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Quarters: Verizon Communications Inc.'s SEC filings, named by the month they end. Fiscal years: Verizon Communications Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $12.4 ends up as net income. Net margin fell from 15.5% to 12.4% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Verizon Communications Inc.'s annual reports to the SEC.

How much does it spend on building?

Verizon Communications spent $16.7B on property and equipment in the four quarters to Sep 2026, 12.0% of its revenue, against 12.6% a year earlier. That is 43% of the cash its operations brought in.

From Verizon Communications Inc.'s SEC filings: payments for property and equipment by quarter (networks, data centers, buildings; software built for its own use where the company counts it in), the fourth quarter being the year minus nine months; the share is the four quarters' spending over their revenue.

Customers and suppliers

Its 2 largest tenants named in the 10-K.

Their suppliers

AT&T Tto AST SpaceMobile

Crown Castle CCIto AST SpaceMobile

Ligadoto AST SpaceMobile

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Suppliers

American Tower AMT

AST SpaceMobile ASTS

UScellular AD

Tillman Global Holdings

Vertical Bridge

 

VZVerizon Communications

Customers

AST SpaceMobile ASTS

Charter Communications CHTR

Comcast CMCSA

Their customers

AT&T Tfrom AST SpaceMobile

Vodafone VODfrom AST SpaceMobile

STCfrom AST SpaceMobile

AMC Entertainment Holdings AMCfrom Comcast

T-Mobile US TMUSfrom Comcast

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Changes since the previous annual report (10-K filed Feb 12, 2025)

Tillman Global HoldingsNamed for the first time, as a supplier

Named in other companies’ filings

AST SpaceMobile ASTSco-develops with it · Tests satellite voice and video connectivity

Only the companies Verizon Communications names in its 10-K filed Feb 17, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Verizon Communications. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 11.9x, in line with the peer median of 12x, with earnings still growing.

In line with the peer median of 12x.

At 11.9× trailing earnings VZ is inside the middle of its five-year range; the five-year median is 10.0×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $50.65, 9% above the current price; 50% of 24 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 12 analysts (50%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $47.57 to $49.44 (+4%), while VZ went from $41.11 to $46.55 (+13%). In the past three months targets were raised once and cut 6 times. 3 upgrades and no downgrades over the year; the latest: Freedom Broker moved it to Buy from Hold on Oct 28, 2026.

The day after each of these reports the stock moved +12.1% (Dec 2025, beat); +1.9% (Mar 2026, beat); +8.0% (Jun 2026, beat); −1.6% (Sep 2026, beat).

For the quarter ending Dec 2026 (Verizon Communications reports on Jan 28, 2027), analysts expect adjusted earnings of $1.15 a share, 6% more than the $1.09 of a year earlier, and revenue of $37.1B, up 2% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $5.31 a share, 5% more than the year before's estimate of $5.06, and revenue of $142.9B, up 2% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $22.4B in free cash flow over the year, of which $15.7B went back to shareholders (dividends plus buybacks), leaving $6.7B in the company.

Verizon Communications had 4.16B diluted shares in the quarter ended Sep 2026, 1.7% fewer than a year earlier, and 0.1% more each year on average since Jun 2020. It spent $4.0B on buybacks over the last four quarters. Over the last four quarters its earnings per share fell 16.2% and its net income fell 17.2%: fewer shares added about 1 point.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 0.9, short-term debt coverage is tight; debt-to-equity 1.5, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 4 members of Congress and 7 funds whose copy leaves VZ out (not traded on the exchange): Tom Kean Jr., Nan Shan Life Insurance, Mirae Asset Global Investments, Katherine Clark, Swiss National Bank, Norges Bank and 5 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 16 held VZ at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 4 cut, 1 bought new, 1 sold all and 5 held the same. The largest of them is Norges Bank, 54.31M shares worth $2.3B at Jun 30, 2026, 6.2% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of VZ at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Insights that mention VZ