Verizon (VZ)’s 2022 Earnings: A year of Growth in Wireless and Broadband

Verizon Communications Inc has closed its 2022 financial year with fourth-quarter results marked by strong wireless service revenue growth and the highest total wireless retail postpaid net additions in seven years. The company reported EPS of $1.56 for the fourth quarter of 2022, compared to $1.11 in the same period the previous year, and an adjusted EPS, excluding special items, of $1.19. Full-year 2022 earnings per share were $5.06, compared to $5.32 in 2021, with an adjusted EPS, excluding special items, of $5.18, compared to $5.50 in 2021. The company’s CEO, Hans Vestberg, stated that they delivered on the operational expectations and financial targets they set in the second half of 2022, and are well positioned to improve and accelerate their performance.

Key Takeaways from Q4 Results?

  • Verizon Communications Inc. announced its 4Q and full-year 2022 results, showing strong wireless service revenue growth and the highest total wireless retail postpaid net additions in seven years.

  • Full-year 2022 earnings per share (EPS) was $5.06, compared to $5.32 in 2021; adjusted EPS, excluding special items, was $5.18, compared to $5.50 in 2021.

  • Total operating revenue for full-year 2022 was $136.8 billion, up 2.4% year over year.

  • In 4Q 2022, EPS was $1.56, compared to $1.11 in 4Q 2021; adjusted EPS, excluding special items, was $1.19, compared to $1.33 in 4Q 2021.

  • Total operating revenue for 4Q 2022 was $35.3 billion, an increase of 3.5% from 4Q 2021.

  • Net income for 4Q 2022 was $6.7 billion, an increase of 41.4% from 4Q 2021, and adjusted EBITDA was $11.7 billion, down 0.2% year over year.

  • Total wireless service revenue for 4Q 2022 was $18.8 billion, a 5.9% increase year over year.

  • Postpaid phone net additions for 4Q 2022 were 217,000 and retail postpaid net additions were 1,434,000, the best single quarter performance in seven years.

  • Total retail postpaid churn for 4Q 2022 was 1.14% and retail postpaid phone churn was 0.89%.

  • Total broadband net additions for 4Q 2022 were 416,000, the best total broadband performance in over a decade, reflecting strong demand for Fios and fixed wireless products.

  • Full-year 2022 total broadband net additions were 1,290,000, an increase from 409,000 total broadband net additions in full-year 2021.

  • 59,000 Fios Internet net additions for 4Q 2022.

  • Verizon Chairman and CEO Hans Vestberg said the company is well-positioned to improve and accelerate its performance and that wireless mobility and nationwide broadband will be significant contributors to growth for the next several years.

In conclusion, Verizon’s 4Q and 2022 results showcase strong wireless service revenue growth, with the highest total wireless retail postpaid net additions in seven years. The company’s focus on C-band spectrum deployment, wireless mobility, and nationwide broadband is expected to drive growth for the next several years. Additionally, Verizon’s strong financials, including EPS and net income, reflect the company’s solid performance in the market. Overall, Verizon’s 4Q and 2022 results demonstrate the company’s strong position in the industry and potential for future success.

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