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• Wireless Service Revenue Growth: 3.1% for the year.

• Adjusted EBITDA Growth: 2.1% for the year.

• Free Cash Flow: $5.4 billion in Q4 and $19.8 billion for the full year.

• Postpaid Mobility and Broadband Subscribers: Nearly 2.5 million added in 2024.

• Postpaid Phone Net Adds: 900,000 for the year.

• Broadband Subscribers: Nearly 1.6 million added in 2024, totaling over 12.3 million.

• Fixed Wireless Access Revenue: Over $2.1 billion.

• Employee Reduction: Down close to 20,000 over the last three years, ending with less than 100,000 employees.

• Dividend Increase: Raised for the 18th consecutive year.

• Net Unsecured Debt to Adjusted EBITDA Ratio: 2.3 times.

• Q4 Postpaid Phone Net Adds: 568,000, including 426,000 consumer net adds.

• Q4 Broadband Net Adds: 408,000, with 373,000 from fixed wireless access.

• Adjusted EBITDA Margin Expansion: 50 basis points for the full year.

• Q4 Free Cash Flow Proceeds: Approximately $2 billion from the Vertical Bridge Tower transaction.

• 2025 Wireless Service Revenue Growth Guidance: 2% to 2.8%.

• 2025 Adjusted EBITDA Growth Guidance: 2% to 3.5%.

• 2025 Capital Spending Guidance: $17.5 billion to $18.5 billion.

• 2025 Free Cash Flow Guidance: $17.5 billion to $18.5 billion.

• Warning! GuruFocus has detected 2 Warning Sign with VZ.

Release Date: January 24, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Verizon Communications Inc (NYSE:VZ) achieved a 3.1% growth in wireless service revenue and a 2.1% growth in adjusted EBITDA, both exceeding the midpoint of their guided ranges.

• The company added nearly 2.5 million postpaid mobility and broadband subscribers in 2024, ending the year with an industry-leading total wireless service revenue of $20 billion.

• Verizon Communications Inc (NYSE:VZ) successfully scaled private networks, securing contracts with major clients like Xerox, Cummins, Inc, FIFA, and the US Air Force.

• The company raised its dividend for the 18th consecutive year and continued to pay down debt, ending the year with a net unsecured debt to adjusted EBITDA ratio of 2.3 times.

• Verizon Communications Inc (NYSE:VZ) launched Verizon AI Connect, a strategic initiative to leverage existing assets for AI applications, indicating a strong position in the growing AI market.

Negative Points

• Verizon Communications Inc (NYSE:VZ) faced challenges with promo amortization, which is expected to peak in 2025, impacting the underlying wireless service revenue growth.

• The company experienced secular pressure in business wireline revenues, which continues to be a challenge despite ongoing cost transformation initiatives.

• Verizon Communications Inc (NYSE:VZ) had to manage higher cash taxes, which put pressure on their financials, although they were able to maintain strong cash flow.

• The company is facing a competitive market environment, particularly in the consumer segment, which requires continuous innovation and strategic pricing to maintain growth.

• Verizon Communications Inc (NYSE:VZ) is dealing with the impact of lower immigration rates, which affects the overall volume growth in the industry.