# Verizon Stock Q3 2026: Phone Growth Returns as Free Cash Flow Rises 12%
> Verizon stock Q3 2026: revenue rose 1.5% to $34.3bn, postpaid phone net adds reached 406,000 and free cash flow rose 12.1% to $7.8bn. VZ earnings.

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## Facts
- Ticker: VZ
- QSILabs fair value: $104.96 USD
- Price: $45.05 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-26) and Form 10-Q dated 2026-10-29; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/verizon-stock-q3-2026-earnings-postpaid-phones-fiber/

## Short answer
Verizon stock Q3 2026 comes down to a quarter in which the phone business started growing again. Verizon added 406,000 postpaid phone customers in the three months to 30 September 2026, against 44,000 a year earlier, while churn fell and promotional spending dropped. Revenue rose 1.5% to $34.31bn, held back by a 9.0% fall in equipment sales, but service revenue grew faster, adjusted EBITDA rose 8.0% to $13.80bn and free cash flow rose 12.1% to $7.80bn. Verizon called it "another record-breaking quarter" and raised its 2026 guidance for the third time. Our discounted cash flow model values the shares at $104.96, against a $45.05 close on 2 November 2026; that gap rests mostly on a low cost of capital and a long-lived telecom network, so we show below how far it moves when you change those inputs.

## Key takeaways
- Phone customers are growing again. Postpaid phone net additions were 406,000, against 44,000 a year earlier, and 645,000 in the first nine months, against a loss of 254,000 in 2025. Verizon added 137,000 postpaid accounts, which it said was its best result in over a decade.
- Fewer customers left, at lower cost. Postpaid phone churn fell to 0.94% from 0.98%. Promotional cost of acquisition fell 41% and retention spending fell 30%, and chief executive Dan Schulman said "there were no free lines".
- Revenue grew 1.5%, service revenue 2.9%. Total revenue was $34,313m. Mobility and broadband service revenue grew 2.9% to about $23.5bn, while wireless equipment revenue fell 9.0% as fewer customers upgraded their phones.
- Margins reached a high. Adjusted EBITDA rose 8.0% to $13,802m, a 40.2% margin, up from 37.8%; Verizon said this was the highest margin it has reported. GAAP operating income rose 6.7% to $8,650m.
- Free cash flow rose 12.1%. Free cash flow was $7,801m in the quarter and $18,010m in nine months, up 14.3%. Verizon now expects $22.44bn to $22.54bn for 2026.
- Guidance raised again. Verizon now expects 1.1m to 1.2m postpaid phone net additions in 2026 and adjusted earnings per share of $5.04 to $5.06, up 7.0% to 7.5%.
- Our value: $104.96 a share, against a $45.05 close on 2 November 2026. A two-stage cross-check gives $94.79 and a low-growth scenario $99.94; analysts' average target is $50.65.
- What to watch. Whether wireless service revenue grows in the fourth quarter as management expects, the pace of fiber and fixed wireless additions after the Frontier deal, debt reduction toward Verizon's target leverage range in 2027, and the 2027 outlook due with the next results.

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