Verizon Communications Inc. (Verizon) filed a Form 8-K report with the SEC on January 23, 2024, detailing its financial and operating results for the fourth quarter and full year of 2023. The report highlighted a strong finish to the year with significant wireless customer growth and robust cash flow. Full-year wireless service revenue increased by 3.2% to $76.7 billion, and fixed wireless net additions grew over 31% year over year. The company also reported a spike in total wireless postpaid net additions of 26% compared to the previous year. Despite a decrease in total operating revenue by 2.1% year over year to $134.0 billion, Verizon saw an increase in full-year cash flow from operations to $37.5 billion and free cash flow to $18.7 billion. The fourth quarter saw a...Show More

Verizon Communications Inc. (Verizon) filed a Form 8-K report with the SEC on January 23, 2024, detailing its financial and operating results for the fourth quarter and full year of 2023. The report highlighted a strong finish to the year with significant wireless customer growth and robust cash flow. Full-year wireless service revenue increased by 3.2% to $76.7 billion, and fixed wireless net additions grew over 31% year over year. The company also reported a spike in total wireless postpaid net additions of 26% compared to the previous year. Despite a decrease in total operating revenue by 2.1% year over year to $134.0 billion, Verizon saw an increase in full-year cash flow from operations to $37.5 billion and free cash flow to $18.7 billion. The fourth quarter saw a net loss of $2.6 billion compared to a net income of $6.7 billion in the same quarter of the previous year, primarily due to special items including a goodwill impairment charge. Adjusted EBITDA for the fourth quarter remained in line with the previous year at $11.7 billion. Verizon's unsecured debt stood at $128.5 billion at the end of the year, with a net unsecured debt to adjusted EBITDA ratio of approximately 2.6 times. Looking ahead to 2024, Verizon expects total wireless service revenue growth of 2.0% to 3.5% and adjusted EBITDA growth of 1.0% to 3.0%, with capital expenditures between $17.0 billion and $17.5 billion.