Verizon's 2024 Q4 Earnings: A Year of Resilience and Transformation

Verizon has reported its fourth quarter 2024 earnings, showcasing a year of resilience in the face of challenges and significant transformation across various business segments. Chairman and Chief Executive Officer Hans Vestberg led the call, praising the company's efforts in addressing the recent Los Angeles wildfires.

"Our hearts go out to everyone who has been impacted by the devastating wildfires," Vestberg said. "At Verizon, we're always there through a crisis, and this time is no different. Our teams are working hard to protect and restore service to affected areas, support first responders, and help neighbors safeguard themselves."

Verizon's network demonstrated remarkable resilience, maintaining critical connectivity for the community, businesses, and first responders despite the challenges posed by the wildfires. The company's engineers worked around the clock to restore near all of the macro cell sites that were impacted.

The earnings call highlighted several key highlights from the quarter. Verizon delivered on its financial guidance with 3.1% wireless service revenue growth and 2.1% adjusted EBITDA growth, exceeding the midpoint of their guided ranges. The company generated strong free cash flow while absorbing higher taxes.

In terms of subscriber additions, Verizon added nearly 2.5 million postpaid mobility and broadband subscribers in the year, while expanding its margins. The company ended the year with an industry-leading total wireless service revenue of $20 billion.

On the mobile front, postpaid phone net adds were nearly 900,000 for the year, with consumer postpaid phone net adds being positive both with and without the impact of their second number offering. Business postpaid phone net adds exceeded 0.5 million, marking a significant achievement.

In the broadband segment, Verizon added nearly 1.6 million subscribers and grew market share in 2024, led by continued success of fixed wireless access. The company ended the year with over 12.3 million broadband subscribers, including nearly 4.6 million fixed wireless access subscribers and over $2.1 billion on fixed wireless access revenue.

Verizon also made significant strides in its private network business, winning work with major clients like Xerox, Cummins, Inc, FIFA, and the U.S. Air Force. The company was recognized as a leader in the first-ever Gartner Magic Quadrant for private wireless services, praising its vision, market-building efforts, and industry-leading execution.

The company's continued business transformation allowed it to reduce its employee count by nearly 20,000 over the last three years, reaching less than 100,000 employees. This transformation has given Verizon more flexibility to execute on its strategy and capital allocation priorities.

Looking forward, Verizon remains committed to investing in its business and making strategic moves for long-term growth. The company launched customer-first offerings such as myHome and Verizon Access, refreshed its brand, and signed strategic transactions like the Frontier deal, tower sale, U.S. cellular spectrum acquisition, and satellite partnerships.