Verizon Communications Inc.
NYSE: VZ
$-0,97 (-2,01%)
Precio Histórico
+$4,62 (+10,85%) en 1 Año
Estimaciones de Analistas
Precio Objetivo
$51,85
$46,00 - $71,00
$50,50
Consenso de Analistas
Estimaciones a Futuro
$4,96
$5,27
$144,91B
Indicadores en vivo
Indicadores que cambian con el precio actual (P/E, P/FCF, dividend yield, beta) y cifras del último período. Se actualizan en tiempo real. Los valores en verde indican métricas favorables.
EPS
3,84
P/E Ratio
12,30
P/FCF
1,89
Dividend Yield
5,87%
Profit Margin
11,64%
Beta
0,24
Ingresos
$138,89B
EBITDA
$49,96B
FCF
$18,88B
Análisis con IA
Reporte ejecutivo generado a partir de los datos de la empresaDesbloqueá el análisis con IA de VZ
Tesis ejecutiva de la situación de la empresa
Fortalezas, debilidades y riesgos materiales
Valuación frente a sus pares y calidad de balance
Lectura del momentum de resultados, todo enmarcado en datos
Análisis fundamental detallado
Ratios estructurales de valuación, rentabilidad, solvencia y crecimiento, tomados del último balance reportado. Los valores en verde indican métricas favorables.
Valuación
P/B
1,91
EV/EBITDA
7,64
PEG
0,89
P/S
1,42
Rentabilidad
ROE
17,20%
ROIC
7,92%
ROA
5,08%
Margen Bruto
58,91%
Margen Operativo
25,19%
Solvencia
Deuda / Patrimonio
1,92
Current Ratio
0,64
Quick Ratio
0,51
Caja Total
$8,40B
Deuda Total
$200,92B
Crecimiento
Crec. Ingresos
2,90%
Crec. Ganancias
4,30%
Análisis del 10-K
Warren AI leyó el último 10-K de Verizon Communications Inc., el informe anual auditado que toda empresa que cotiza en Estados Unidos presenta ante la SEC (Securities and Exchange Commission, el regulador del mercado). Acá va lo que importa de ese documento: cómo gana plata la empresa, qué riesgos declara ella misma y cómo explicó el management el año.
Filing presentado el 17/02/2026, año fiscal cerrado el 31/12/2025. Ver el documento original en SEC EDGAREl negocio: cómo gana plata
Verizon es un holding de telecomunicaciones de EE.UU. que opera como uno de los principales proveedores mundiales de servicios de comunicaciones, tecnología, información y streaming, ofreciendo conectividad móvil y wireline a consumidores, empresas y entes gubernamentales. Su modelo se apoya en dos segmentos reportables, Verizon Consumer Group y Verizon Business Group, monetizando una red wireless nacional, una red 100% fiber-optic y acceso fijo inalámbrico (FWA) vía 5G y 4G LTE. La generación de ingresos viene mayormente de planes postpaid y prepaid, equipamiento, banda ancha residencial y empresarial, soluciones IoT, networking corporativo y servicios de seguridad gestionada.
Los segmentos del negocio
Así se reparte la operación según el propio filing:
Verizon Consumer Group: Provee servicios y productos wireless y wireline a consumidores. En 2025 los ingresos fueron $106.8 billion, aproximadamente 77% de los ingresos consolidados. Al 31 de diciembre de 2025 contaba con aproximadamente 116 million wireless retail connections (incluyendo FWA), de las cuales 83% eran postpaid, además de aproximadamente 11 million total broadband connections (Fios internet, FWA y DSL) y aproximadamente 2 million Fios video connections. Incluye servicios fijos residenciales sobre red fiber-optic y cobre, FWA 5G y 4G LTE, y venta de acceso de red a MVNOs en modalidad wholesale.
Verizon Business Group: Provee servicios wireless y wireline a empresas, sector público y carriers mayoristas en EE.UU. y, en parte, a clientes globales. En 2025 los ingresos fueron $29.1 billion, aproximadamente 21% de los ingresos consolidados. Al 31 de diciembre de 2025 contaba con aproximadamente 31 million wireless retail postpaid connections (incluyendo FWA) y aproximadamente 3 million total broadband connections. Se organiza en tres categorías: Enterprise and Public Sector ($13.5 billion, 46% del segmento), Business Markets and Other ($13.6 billion, 47% del segmento) y Wholesale ($2.0 billion, 7% del segmento).
Ventajas competitivas con evidencia
No es una lista de deseos: son las ventajas que el propio documento respalda con datos.
Red wireless nacional que cubre aproximadamente 147 million wireless retail connections y red de banda ancha que cubre aproximadamente 14 million broadband connections al 31 de diciembre de 2025, además de una de las redes de fibra óptica globales más grandes del mundo con conectividad a clientes Business en más de 180 países.
Portfolio de spectrum licenses otorgadas por la FCC en bandas low y mid (700 MHz Upper C, Cellular 850 MHz, PCS 1900 MHz, AWS 1 y AWS 3, C-Band 3.7 GHz) y millimeter wave (28, Upper 37 y 39 GHz), más PALs y GAA en 3.5 GHz, que cubren casi toda la población de EE.UU. y constituyen un activo escaso bajo licencia.
Infraestructura vRAN líder en la industria y despliegues Open RAN (ORAN) que permiten componentes interoperables multi-vendor, junto a densificación con macro y small cells, in-building solutions y distributed antenna systems, posicionando a la red para demandas crecientes de AI.
Servicios wireless ofrecidos bajo la 'Verizon family of brands' sobre una de las redes wireless más extensas de EE.UU., descrita como 'award winning national wireless network'.
En el cuarto trimestre de 2025 Verizon anunció un plan para reducir su fuerza laboral en más de 13,000 puestos, con más del 80% de los afectados saliendo en diciembre de 2025, quedando aproximadamente 89,900 empleados full-time equivalent (89% basados en EE.UU.). El 20 de enero de 2026 completó la adquisición de Frontier Communications Parent, Inc., expandiendo el footprint de fiber broadband a 31 estados y Washington D.C., y el 30 de enero de 2026 cerró la compra de Starry Group Holdings, Inc., proveedor de fixed wireless broadband para multi-dwelling units en cinco mercados. Adicionalmente, en octubre de 2025 firmó un arreglo comercial de fiber con un afiliado de Tillman Global Holdings y tiene pendiente la adquisición de licencias de spectrum de United States Cellular Corporation (hoy Array Digital Infrastructure, Inc.).
El año según el management
El MD&A (Management's Discussion and Analysis) es la parte del 10-K donde la dirección explica los resultados con sus propias palabras. La lectura del año fiscal:
Verizon delivered modest revenue growth of 2.5% to $138.2B in 2025, driven by Consumer wireless service revenue and a 25%+ surge in FWA broadband, while Consolidated Adjusted EBITDA rose to $50.0B and the company closed the year preparing for the $22.3B Frontier acquisition completed January 20, 2026.
Qué empujó los resultados
- Higher Consumer wireless postpaid revenue from premium MyPlan adoption, pricing actions and FWA subscriber growth (+$775M in postpaid revenue with a 26% increase in FWA subscriber base). Segmento: Consumer
- Growth in non-retail Consumer service revenue (+$673M). Segmento: Consumer
- Higher Consumer wireless equipment revenue from higher volume of devices sold (16% upgrade increase) (+$1.3B from volume and +$916M from mix shift to higher priced equipment). Segmento: Consumer
- Business Markets and Other wireless service revenue growth from pricing actions and FWA subscriber expansion (+$392M in Wireless service revenue; Business Markets and Other revenue up $482M / +3.7%). Segmento: Business
- FWA broadband subscriber expansion across both segments (Consumer FWA connections 3.407M (+25.5%); Business FWA 2.320M (+25.1%); total broadband connections 13.6M+). Segmento: Consumer + Business
- Fios internet connection growth driving stable wireline broadband (Consumer Fios internet +193K to 7.328M (+2.7%); Wireline broadband +151K (+2.1%)). Segmento: Consumer
- Wireless retail postpaid ARPA expansion (Consumer ARPA $147.31 vs $144.00, +$3.31 or +2.3%). Segmento: Consumer
- Business cost discipline lowering total operating expenses (Business operating expenses fell $936M / -3.4%, including -$539M in Cost of services and -$407M in SG&A). Segmento: Business
- Fair market value adjustments on certain investments lifting Other, net (Other, net swung to +$237M from -$26M (+$263M)). Segmento: Corporate and other
- Lower cash tax payments from One Big Beautiful Bill legislation boosting operating cash flow (Operating cash flow +$225M to $37,137M; free cash flow up to $20,126M vs $19,822M). Segmento: Consolidated
Qué jugó en contra
- Enterprise and Public Sector wireline declines from secular pressure and lower CPE volumes, plus public-sector wireless pressure from government efficiency efforts (Enterprise and Public Sector revenue -$684M / -4.8%, including -$532M in wireline and -$193M in wireless service revenue). Segmento: Business
- Wholesale revenue erosion from technology substitution in legacy data and voice connectivity (Wholesale revenue -$260M / -11.7% to $1,954M). Segmento: Business
- Consumer cost of wireless equipment inflation from higher volumes and mix shift (+$2,671M / +12.6% (volume +$1.7B, mix +$988M)). Segmento: Consumer
- Pension and postretirement benefits mark-to-market swing ($453M remeasurement loss in 2025 vs $657M gain in 2024; Other income (expense), net fell $888M / -89.2% to $107M; other components of net periodic benefit (cost) -$1,127M YoY). Segmento: Corporate and other
- Higher depreciation and amortization from C-Band asset deployment and mix shift (D&A +$457M / +2.6% to $18,349M (Consumer +$621M)). Segmento: Consolidated
- Higher rent and lease expense from Vertical Bridge tower transaction and C-Band lease modifications (+$145M in consolidated Cost of services (Consumer Cost of services +$172M)). Segmento: Consumer + Consolidated
- Higher regulatory fees on FUSF assessable base (+$198M in consolidated Cost of services; Consumer Cost of services +$172M from same factor). Segmento: Consolidated
- Postpaid net additions declined sharply (Consumer wireless retail postpaid net adds 581K vs 1,345K (-56.8%); Business postpaid net adds 280K vs 1,010K (-72.3%)). Segmento: Consumer + Business
- Fios video subscriber attrition continued amid linear TV pressure (Consumer Fios video -243K / -9.1% to 2.441M; Business Fios video -7K). Segmento: Consumer + Business
- Higher special items in 2025 (Total special items $3,609M vs $2,498M, including severance $1,715M, asset and business rationalization $583M (vs $374M), $110M Frontier acquisition and integration charges, and a $441M pension mark-to-market charge). Segmento: Consolidated
- Lower capitalized interest as additional C-Band licenses were placed in service (Capitalized interest fell to $740M from $963M (-23.2%); total interest expense rose $45M / +0.7% to $6,694M). Segmento: Consolidated
Qué hizo con la plata
La asignación de capital del año: a dónde fue el efectivo que generó el negocio.
Recompras de acciones: No repurchases of common stock during 2025 or 2024 under the prior February 2020 100 million share buyback program, which was terminated on January 30, 2026 when the Board authorized a new share repurchase program of up to $25 billion. The company issued 7.5 million shares from treasury in 2025 (aggregate value $328M) vs 5.4 million shares ($238M) in 2024 to fund employee and shareholder plans.
Dividendos: Paid $11.5 billion in dividends in 2025 (vs $11.2 billion in 2024). In Q3 2025 the Board raised the quarterly dividend by 1.8% to $0.6900 per share from $0.6775 (the prior raise in Q3 2024 was +1.9% to $0.6775). 2025 marked the nineteenth consecutive year of an annual dividend increase.
Capex (inversión en activos): Capital expenditures (including capitalized software) of $17,011M in 2025 vs $17,090M in 2024, a decrease of $79M from fiber and wireless network infrastructure efficiencies. 2026 capital program guided to $16.0B to $16.5B, to fund C-Band completion, network density, fiber footprint expansion and operating efficiencies.
M&A (compras y ventas de negocios): Two transformative deals closed just after year-end: Frontier acquisition closed January 20, 2026 at $38.50 per share, with Verizon paying approximately $9.4 billion in cash (net of cash acquired) and assuming approximately $12.9 billion of Frontier debt for total aggregate consideration of approximately $22.3 billion; expanded fiber footprint to 31 states plus Washington D.C. Starry acquisition closed January 30, 2026 (insignificant aggregate cash consideration) to add FWA capability for multi-dwelling units in five markets. The October 17, 2024 agreement to acquire select UScellular spectrum licenses for $1.0 billion remained pending at year-end (T-Mobile portion of the broader UScellular deal concluded August 2025). In January 2026 Verizon repaid approximately $5.7 billion of Frontier-assumed debt.
Deuda: Total debt rose to $158.2 billion at December 31, 2025 from $144.0 billion at December 31, 2024, with average debt outstanding of $147,406M and effective interest rate of 5.0% (vs 5.1% in 2024). Long-term debt commitments including current maturities total $155.8 billion, with $17.3 billion (including $1.4 billion of unsecured debt) due within the next twelve months; related interest payments total $79.1 billion ($6.3 billion due within twelve months). $27.6 billion in proceeds from long-term borrowings in 2025 (including $9.3 billion of asset-backed debt) and $19.8 billion of repayments and repurchases. Foreign denominated debt was $38.2 billion / 23.6% of total (primarily Euro and GBP), hedged via cross currency swaps. Credit ratings unchanged in 2025 or 2024 (ratings considered investment grade per covenant disclosure).
Caja al cierre: Cash and cash equivalents of $19.0 billion at December 31, 2025 (a $14.9 billion increase from 2024) including net cash proceeds from notes issued in 2025 to fund the Frontier acquisition; restricted cash $451M (vs $441M). Operating cash flow (OCF) of $37,137M (+$225M YoY), Investing cash flow (ICF) of -$16,660M (vs -$18,674M), Financing cash flow (FCF financing) of -$5,613M (vs -$17,100M). Free cash flow (non-GAAP, OCF less capex) of $20,126M in 2025 vs $19,822M in 2024.
Resumen generado por Warren AI a partir del texto del 10-K presentado ante la SEC. Un resumen nunca reemplaza al documento: si una cifra pesa en tu decisión, verificala en el filing original. Esto es material educativo y no constituye una recomendación de inversión.
Dividendos
Pagos por acción registrados. 80 pagos desde 06/07/2006.
Dividendo anual por acción
Pagos recientes
| Ex-date | Pago | Monto |
|---|---|---|
| 10/04/2026 | N/A | $0,708 |
| 12/01/2026 | N/A | $0,69 |
| 10/10/2025 | N/A | $0,69 |
| 10/07/2025 | N/A | $0,678 |
| 10/04/2025 | N/A | $0,678 |
| 10/01/2025 | N/A | $0,678 |
| 10/10/2024 | N/A | $0,678 |
| 10/07/2024 | N/A | $0,665 |