Verizon Q3 Preview: Can Heavy 5G Spending Finally Pay Off?

Verizon Communications VZ reports its third-quarter 2025 results before the market opens on October 29. Analysts expect EPS of about $1.19 and revenue near $34.3 billion, reflecting moderate service-revenue growth in the low-single-digit range. The stock is down roughly 3% so far this year, trailing peers as investors weigh steady cash flow against limited growth momentum.

In the previous quarter, Verizon reported revenue of $34.5 billion, up about 5% YoY, and raised its full-year FCF guidance to roughly $19.5$20.5 billion. That cash generation remains important to the investment story, supporting one of the sector's highest dividend yields and regular share buybacks. Still, growth remains the missing piece. This quarter, management faces pressure to show that wireless service revenue can accelerate beyond the low-single-digits and that fixed wireless and broadband can offset the ongoing softness in legacy segments.

After stronger subscriber gains from rivals AT&T T and T-Mobile TMUS, investors want to see whether Verizon's recent network spending is actually helping it hold share. The company has invested billions into 5G and fiber upgrades, and now the question is what it's getting back for that investment. If management can point to steady service revenue or improving customer trends, that might be enough to shift sentiment, even modestly. Otherwise, it risks reinforcing the view that the spending is protecting its base but not expanding it.