Verizon's Wireless Revenue Rises Amid Customer Loss

In his first quarter as Chief Executive Officer of Verizon, Dan Schulman has overseen a period of mixed results for the telecoms company. Verizon's Q3 2025 results, announced on 29 October 2025, highlight a rise in wireless service revenue and an increased dividend.

However, these gains are set against a drop in the number of consumer mobile phone customers, presenting a complex picture of Verizon's current standing in a competitive market.

Verizon's wireless service, which includes its mobile network providing voice, text and data services, saw revenue reach US$21 billion in the third quarter. This figure represents a 2.1% increase year-over-year.

According to Verizon, its converged offerings are gaining traction, with more than 18% of its consumer post-paid phone customers also subscribing to at least one other service from Verizon.

In a move that could signal confidence in its financial stability, Verizon also raised its dividend for the 19th consecutive year.

Schulman's customer-first strategy

Upon releasing the results, Dan outlined his strategic direction for Verizon, highlighting a major cultural and operational change.

“We are going to take bold and fiscally responsible action to redefine Verizon’s trajectory at this critical inflexion point for our company,” Dan says.

He explains his intention to “rapidly shift to a customer-first culture, one that thrives on delighting our customers.”

Dan further clarified that these changes would be substantial rather than incremental.

“We will aggressively transform our culture, our cost structure and the financial profile of Verizon in order to put our customers first, compete effectively and deliver sustainable returns for our shareholders,” he adds.

This approach marks a clear agenda for his leadership, aiming to reshape Verizon from the inside out.

Competitive market pressures

The US telecoms landscape remains intensely competitive, with Verizon, AT&T and T-Mobile all vying for subscribers. Verizon’s latest report reveals a net loss of 7,000 consumer mobile phone customers in the three months ending 30 September.

The contrasts with a gain of 81,000 post-paid phone net additions in the same quarter of 2024. Competitors, meanwhile, appear to be gaining ground. According to Bloomberg, AT&T gained 405,000 new subscribers in its third quarter, while T-Mobile added 1,000,000.

John Stankey, Chief Executive Officer at AT&T, says: “We continue to add highly profitable customers that are choosing AT&T for all their connectivity needs.”

The use of promotions and incentives by all three major operators has led to concerns on Wall Street about a potential price war. While Verizon has previously increased revenue through higher rates, the pool of customers willing to pay a premium could be shrinking.

Verizon's total Verizon Consumer revenue was reported at US$26.1bn, an increase of 2.9% year-over-year, but total Verizon Business revenue saw a decrease of 2.8% over the same period.

Future financial guidance

Despite the challenges, Verizon remains confident in its full-year guidance.

Verizon's projections include:

• Total wireless service revenue growth of 2.0% to 2.8%
• Adjusted EPS growth of 1% to 3%
• Adjusted EBITDA growth of 2.5% to 3.5%
• Cash flow from operations of US37bntoUS37bntoUS39bn
• Free cash flow of US$19.5bn to US$20.5bn

Verizon expects its capital expenditures to be within or below the previously guided range of US$17.5bn to US$18.5bn, suggesting it is on track to meet its investment targets for 2025.

Dan joined Verizon in October 2025, following nearly a decade leading PayPal. His appointment was met with optimism from the board.

At the time, Verizon’s Chair of the Board, Mark Bertolini, said: “The Board is thrilled to have Dan as Verizon’s next CEO and to embark on a new chapter of growth and sector leadership. Dan is a seasoned and decisive leader with a unique set of experiences and a proven record of transformative leadership and operational excellence.”

His task is to navigate the competitive pressures of the wireless market and steer Verizon toward sustained growth.