Verizon Just Broke a 13-Year Q1 Subscriber Slump. Here’s What Changed

28 April 2026

New York—April 28, 2026, 08:01 EDT

Verizon Communications bumped its 2026 adjusted earnings-per-share outlook higher, citing an addition of 55,000 postpaid phone customers in the first quarter—a March-quarter uptick not seen since 2013. For new CEO Dan Schulman, that’s an early check mark. Adjusted EPS strips out specific items to show underlying profit per share.

This is notable since postpaid phone customers, who get billed monthly after using their service, form the backbone of the U.S. wireless sector. These subscribers typically shell out more and aren’t quick to jump ship, so even a small net increase counts in a quarter when phone signups usually lag.

Shares traded at $47.10 ahead of Tuesday’s U.S. open, up 69 cents, or roughly 1.5% from the prior close. Traders shrugged off the revenue shortfall, zeroing in on subscriber gains, shrinking churn, and a raised profit outlook.

Verizon reported a 2.9% increase in first-quarter revenue, totaling $34.4 billion. Net income edged up to $5.1 billion, a 3.3% gain. Adjusted earnings per share came in at $1.28, up 7.6%. Adjusted EBITDA landed at $13.4 billion, with $3.8 billion generated in free cash flow.

Schulman called the “turnaround” a story that’s “gaining momentum.” Verizon bumped up its full-year adjusted EPS forecast, now expecting $4.95 to $4.99 instead of the previous $4.90 to $4.95. The company also said it sees retail postpaid phone net adds coming in toward the higher end of its 750,000 to 1 million projection. Verizon

It comes down to basics: cut defections, lower the cost to snag new customers, push margins higher. Schulman, speaking to investors, called churn—customer turnover—“the clearest measure” of Verizon’s progress. Consumer postpaid phone churn landed at 0.90% for the quarter, dipping under 0.85% in March, according to Fortune. Fortune

Verizon CFO Tony Skiadas told MarketWatch the company can “attract customers with better economics” and doesn’t have to lean on “expensive promotions and free phones.” Over at Morningstar, Equity Director Michael Hodel sounded a more cautious note, pointing out that wireless churn is still high, though he conceded Verizon is “doing a much better job attracting new customers than a year ago.” MarketWatch

Competition remains fierce. AT&T brought in 294,000 postpaid phone subscribers in the first quarter, topping what analysts had penciled in. T-Mobile US was set to report after Tuesday’s close; the Street had pegged net postpaid phone adds at 393,100. Both AT&T and T-Mobile continue to lean on handset subsidies and service bundles to attract new customers.

Verizon leaned on its broadband business again, pulling in 341,000 new broadband subscribers for the quarter. Of those, 214,000 signed up for fixed wireless access, while 127,000 went with fiber. The Frontier Communications deal, which just wrapped up, bolstered the company’s fiber offering—now bundled with wireless plans.

The quarter had its blemishes. Revenue came in at $34.4 billion, falling short of the $34.84 billion LSEG consensus, according to Reuters. Wireless service revenue took a hit from credits linked to the January outage. Fixed wireless broadband subscriber gains lagged certain forecasts, and Verizon’s debt climbed after folding Frontier into the numbers.

Now comes the question: can Verizon resist jumping back into expensive promotions? Schulman, for one quarter, has handed investors firmer numbers to follow—positive phone additions, a dip in churn, acquisition costs down, and a bump to the EPS outlook.

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Khadija Saeed is a financial markets reporter at TS2.tech. Her coverage ranges from stocks and technology to emerging industries and developments across global markets. She studied economics and finance at the London School of Economics and worked in market research before becoming a financial journalist. Follow Khadija Saeed on Google News.

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