Verizon reported total revenue of $34.2 billion for Q3 2022, an increase of 4.0 percent from third-quarter 2021. Net income was $5.0 billion, a decrease of 23.3 percent from third-quarter 2021, and adjusted EBITDA1 of $12.2 billion, down 0.4 percent year over year.
"We took a number of actions in the third quarter that helped drive improved operational and financial performance, but we know there's still more work to be done," said Verizon Chairman and CEO Hans Vestberg. "The pricing actions we took earlier this year, as well as our new cost savings program, show that we are being deliberate and strategic in our decisions to strengthen our business. At the same time, we are focused on executing our 5G strategy, as we are covering every major market and accelerating our C-Band network build. We are on track to reach 200 million POPs within first-quarter 2023."
Highlights
Capital expenditures year-to-date were $15.8 billion, including C-Band spending of $4.5 billion.
Wireless:
- Total wireless service revenue of $18.8 billion, a 10.0 percent increase year over year.
- Total retail postpaid churn of 1.17 percent, and retail postpaid phone churn of 0.92 percent.
- Postpaid phone net additions of 8,000.
Broadband:
- Total broadband net additions of 377,000, including 342,000 fixed wireless net additions, reflecting a strong demand for reliable and high-value broadband offerings. Total broadband net additions increased 109,000 from second-quarter 2022, and fixed wireless net additions increased 86,000 from second-quarter 2022.
- More than 40 million households covered by fixed wireless in third-quarter 2022, including over 30 million households covered by 5G Ultra Wideband.
- 61,000 Fios Internet net additions, an increase from 36,000 Fios Internet net additions in second-quarter 2022.
