Verizon Communications Inc

Strong Q2 operational inflection → guidance raised (core story) - Postpaid phone net adds: 184,000 in Q2; +193,000 vs. last year and a meaningful step-up from Q1. - Churn improving meaningfully: Consumer postpaid churn 84 bps (down from 90 bps in Q1 and 95 bps in Q4 ’25); down 6 bps YoY. Verizon overall postpaid churn also improved +5 bps YoY. - Broadband gains: 348,000 broadband net additions in Q2 (with 17.1M+ total broadband subs mentioned). - Mobility + broadband net adds: 550k+ in Q2; net new accounts positive for 2 straight months (surprising/important as it implies both lines and accounts are growing again).

Financial results momentum + major capital return - Mobility & broadband service revenue growth: +2.8% YoY in Q2 (up from +1.6% in Q1), with explicit expectation of continued acceleration. - Adjusted EPS: $1.30, +6.6% YoY. - Free cash flow (FCF): $6.4B in Q2, +24% YoY (called one of the strongest cash flow quarters “in our history”). - Share repurchases: $1B in the quarter; $3.5B YTD vs at least $3B full-year commitment. Buyback target raised to up to $4.5B.

Updated 2026 outlook (key investor forecast numbers) - Mobility & broadband service revenue (full year): raised to +2.5% to +3% (top half of prior 2%–3% range). - Q3 expectation: approach ~3% YoY mobility & broadband service revenue growth. - Q4 expectation: ~4% YoY growth. - Adjusted EPS growth (full year): raised to +6% to +7% (from previous lower range). - FCF growth (full year): raised to +9% to +10% (from “approximately 7% or more”).