Verizon Communications Inc (VZ.N) Verizon 3Q26 Preview – Improving Mobile & Broadband Growth in 2H26

Verizon should report generally favorable 3Q26 results that continue to show progress in postpaid phone and account net adds, alongside improving Mobility and Broadband service revenue growth. We expect wireless postpaid phone net adds to improve year over year, supported by structurally lower churn and lower upgrade rates. We forecast 3Q postpaid phone net adds of 220k, with some room for modest upside relative to consensus of 189k. Verizon continues to telegraph a tougher 4Q comparison on gross adds, implying phone net adds are likely to be down year over year, albeit with an opportunity to deliver stronger account growth. Despite this wrinkle, we like the stock's setup, with potential for solid KPI performance and better FCF in 3Q, while FY26 remains on track. We maintain our Buy rating on VZ shares. We expect solid results, as Verizon's structural changes are strengthening its competitive position. Together with a more stable competitive environment and lower upgrade and churn rate