Verizon Communications now expects 9-10% year-over-year free cash flow growth in 2026, up from its earlier outlook of approximately 7%, after generating $6.4 billion of free cash flow in the second quarter of 2026, a 24.4% year-over-year increase. Adjusted EBITDA rose 7.2% year over year to $13.7 billion in the quarter, with the adjusted EBITDA margin expanding to 40.1% from 37.1% a year earlier. Management said the company remains on track to achieve at least $9 billion of operating and capital expenditure savings under its transformation program, and it expects increased AI infrastructure-related revenues in 2027. Among competitors, AT&T generated $4.7 billion of free cash flow in the second quarter of 2026, up from $4.4 billion a year earlier, while T-Mobile reported $4.8 billion of Adjusted Free Cash Flow, a 4% year-over-year increase. Verizon shares have gained 11.5% over the past year, and 2026 earnings estimates have risen 1% to $5.03 per share over the past 60 days.
Verizon Communications IncVerizon raised its 2026 free cash flow growth outlook to 9-10% and posted 24.4% y/y FCF growth with expanding EBITDA margins.
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AT&T Inc.
T-Mobile US Inc