Verizon(VZ)2025-01-24 11:55Subscriber Growth and Performance - Verizon added nearly 1 million postpaid mobile and broadband subscribers in Q4 2024, the best quarterly result in over a decade[1] - Total postpaid phone net additions in Q4 2024 were 568,000, up from 449,000 in Q4 2023[13] - Fixed wireless access net additions in Q4 2024 were 373,000, growing the base to nearly 4.6 million subscribers[13] - Wireless retail postpaid connections grew by 1.4% to 95,118,000 in 2024 compared to 93,850,000 in 2023[29] - Fixed wireless access (FWA) broadband connections surged by 45.4% to 2,714,000 in 2024 from 1,866,000 in 2023[29] - Wireless retail postpaid phone net additions increased by 34.0% to 426,000 in Q4 2024 compared to 318,000 in Q4 2023[29] - Wireless retail postpaid connections increased by 3.5% to 30,819,000 from 29,779,000[35] - FWA broadband connections surged by 54.4% to 1,854,000 from 1,201,000[35] - Total broadband connections grew by 39.3% to 2,313,000 from 1,661,000[35] - Retail postpaid phone net additions increased by 26.5% to 568,000 from 449,000[38] Revenue Performance - Total wireless service revenue in Q4 2024 was $20.0 billion, up 3.1% year over year[13] - Full-year 2024 total operating revenue was $134.8 billion, up 0.6% compared to 2023[8] - Business wireless service revenue in Q4 2024 was $3.5 billion, an increase of 3.4% year over year[15] - Total Operating Revenues for Q4 2024 increased by 1.6% to $35,681 million compared to $35,130 million in Q4 2023[21] - Wireless equipment revenues for Q4 2024 were $7,515 million, a slight increase of 0.6% from $7,472 million in Q4 2023[21] - Total operating revenues for Consumer segment increased by 2.2% to $27,560 million in Q4 2024 compared to $26,954 million in Q4 2023[27] - Wireless service revenue increased by 3.0% to $16,521 million in Q4 2024 compared to $16,034 million in Q4 2023[29] - Wireless service revenue rose by 3.4% to $3,477 million from $3,364 million[35] - FWA revenue increased by 51.6% to $611 million from $403 million[38] - Wireless service revenue for the year grew by 3.1% to $79,127 million from $76,730 million[38] - Total operating revenues for the Consumer Segment in 2023 were $102.904 billion, up from $101.626 billion in 2022[51] - Total operating revenues for the Business Segment in 2023 were $29.531 billion, down from $30.122 billion in 2022[52] Financial Metrics and Cash Flow - Full-year 2024 free cash flow was $19.8 billion, compared to $18.7 billion in 2023[8] - Verizon anticipates free cash flow of $17.5 billion to $18.5 billion for 2025[19] - Net Income for Q4 2024 was $5,114 million, a significant improvement from a Net Loss of $2,573 million in Q4 2023[21] - Cash and cash equivalents increased by $2,129 million to $4,194 million at the end of 2024 compared to $2,065 million at the end of 2023[23] - Total debt decreased by $6,660 million to $144,014 million at the end of 2024 from $150,674 million at the end of 2023[24] - Capital expenditures for 2024 were $17,090 million, a decrease of $1,677 million from $18,767 million in 2023[26] - Net cash provided by operating activities for 2024 was $36,912 million, a slight decrease of $563 million from $37,475 million in 2023[26] - Free Cash Flow for 2023 was $19.822 billion, up from $18.708 billion in 2022[49] - Free Cash Flow Forecast for 2024 is projected to be between $17.5 billion and $18.5 billion[50] ARPA and ARPU Trends - Consumer ARPA in Q4 2024 was $139.77, an increase of 4.2% compared to Q4 2023[13] - Wireless retail postpaid ARPA (average revenue per account) rose by 4.2% to $139.77 in Q4 2024 from $134.10 in Q4 2023[30] - Retail postpaid ARPA increased by 3.9% to $162.62 from $156.48[38] - Retail prepaid ARPU decreased by 3.1% to $30.89 from $31.87[38] Business Segment Performance - Total operating revenues for Business segment decreased by 1.5% to $7,504 million in Q4 2024 compared to $7,618 million in Q4 2023[33] - Enterprise and Public Sector revenues declined by 4.6% to $3,548 million in Q4 2024 from $3,718 million in Q4 2023[33] - Operating income for Business segment increased by 34.1% to $594 million in Q4 2024 compared to $443 million in Q4 2023[33] - Segment EBITDA for Business segment grew by 3.0% to $1,655 million in Q4 2024 from $1,607 million in Q4 2023[33] - Business Segment EBITDA for 2023 was $6.365 billion, with a Segment EBITDA Margin of 21.6%, slightly down from 21.8% in 2022[52] EBITDA and Profitability - Consolidated Adjusted EBITDA for the quarter was $11,927 million, up from $11,678 million in the previous year[41] - Consolidated EBITDA increased to $47.52 billion in 2023, up from $40.135 billion in 2022, reflecting a growth of 18.4%[43] - Consolidated Adjusted EBITDA for 2023 was $48.791 billion, slightly higher than $47.789 billion in 2022[43] - Consumer Segment EBITDA for 2023 was $43.036 billion, with a Segment EBITDA Margin of 41.8%, up from 41.4% in 2022[51] Debt and Financial Health - Net Unsecured Debt decreased to $113.682 billion in 2023 from $126.426 billion in 2022, with a Net Unsecured Debt to Consolidated Adjusted EBITDA ratio improving to 2.3x from 2.6x[45] Earnings Per Share (EPS) - Adjusted EPS for 2023 was $4.59, compared to $4.71 in 2022, showing a slight decline[47] Operating Expenses and Efficiency - Total Operating Expenses for Q4 2024 decreased by 18.2% to $28,260 million from $34,530 million in Q4 2023, primarily due to a goodwill impairment charge in the previous year[21] - Total employees decreased by 5.8% to 99,600 at the end of 2024 from 105,400 at the end of 2023[24] Dividends - Quarterly cash dividends declared per common share increased to $0.6775 in 2024 from $0.6650 in 2023[24]