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AI核心结论
Verizon delivered steady Q1 FY2026 growth with revenue up 2.9% YoY to $34.4B and net income rising 3.4% to $5.0B, while a significant jump in cash and a large investing outflow signal a major acquisition or spectrum investment during the quarter.
营业收入
$34.44B
同比 ++2.85%
每股收益（基本）
$1.20
同比 ++3.45%
营业利润
$8.24B
同比 ++3.31%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Verizon Communications (VZ) Q1 FY2026 营收 $34.44B，同比增长 2.9%。 净利润 $5.04B，同比增长 3.4%，稀释每股收益 $1.20。
Total revenue increased 2.9% YoY to $34.4B in Q1 FY2026 (vs. $33.5B in Q1 FY2025), reflecting continued demand for wireless and broadband services. This modest but consistent growth demonstrates the resilience of Verizon's subscription-based revenue model.
来源: Source: 10-Q Income Statement
SG&A expenses declined 3.1% YoY to $7.6B from $7.9B, contributing to a slight improvement in operating margin from 23.8% to 23.9%. This cost discipline helped operating income grow 3.3% to $8.2B despite inflationary pressures.
来源: Source: 10-Q Income Statement
Investing cash outflows surged to -$13.6B from -$3.8B in the prior year period, a 261.8% increase, suggesting a major acquisition, spectrum purchase, or infrastructure investment was completed in Q1 FY2026. This is the most notable balance sheet development of the quarter.
来源: Source: 10-Q Cash Flow Statement
Cash and equivalents jumped 270.7% YoY to $8.4B from $2.3B, indicating Verizon may have raised debt or completed asset-related transactions to fund its large investing outflows while maintaining liquidity. Total assets also grew 9.9% to $417.9B.
来源: Source: 10-Q Balance Sheet
Verizon paid $2.9B in dividends (up 1.9% YoY) and initiated $2.5B in share buybacks in Q1 FY2026 (vs. $0 in Q1 FY2025), demonstrating commitment to returning capital to shareholders even amid heavy investment spending.
来源: Source: 10-Q Cash Flow Statement
Verizon's current ratio stands at approximately 0.64, meaning current liabilities of $69.9B significantly exceed current assets of $44.7B. This liquidity gap has widened YoY as current liabilities grew 14.4% versus current assets growing 19.7%. While common for large telecom operators with predictable cash flows, it represents a structural short-term liquidity risk.
来源: Source: 10-Q Balance Sheet
The $13.6B investing cash outflow in Q1 FY2026 — nearly 4x the prior year's $3.8B — likely reflects a major acquisition or spectrum purchase that could significantly increase Verizon's already substantial debt load. Increased leverage raises interest expense and reduces financial flexibility, particularly in a higher-for-longer interest rate environment.
来源: Source: 10-Q Cash Flow Statement
Verizon's total assets of $417.9B are largely financed by debt, making the company highly sensitive to interest rate movements. With the Federal Reserve maintaining elevated rates, refinancing costs on maturing debt could pressure net margins beyond the current 14.6% level.
来源: Source: 10-Q Balance Sheet & Income Statement
Revenue growth of 2.9% YoY, while positive, reflects the intensely competitive U.S. wireless market where T-Mobile and AT&T continue to compete aggressively on price and network quality. Sustained low-single-digit growth may limit Verizon's ability to service its debt and fund capital expenditures simultaneously.
来源: Source: 10-Q Income Statement
Operating cash flow of $8.0B was more than offset by investing outflows of $13.6B in Q1 FY2026, resulting in negative free cash flow for the quarter. If this level of capital deployment continues, Verizon may need to reduce dividends, increase debt, or slow buybacks to maintain financial stability.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $1.28，分析师一致预期 $1.23，超预期 +3.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $34.44B | $33.48B | +2.85% |
营业利润 | $8.24B | $7.98B | +3.31% |
净利润 | $5.04B | $4.88B | +3.40% |
每股收益（基本） | $1.20 | $1.16 | +3.45% |
每股收益（稀释） | $1.20 | $1.15 | +4.35% |
销售及管理费用 | $7.63B | $7.87B | -3.06% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $417.88B | $380.36B | +9.86% |
流动资产 | $44.72B | $37.35B | +19.73% |
流动负债 | $69.88B | $61.07B | +14.43% |
现金及等价物 | $8.37B | $2.26B | +270.67% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $7.98B | $7.78B | +2.60% |
投资活动现金流 | $-13.57B | $-3.75B | -261.75% |
筹资活动现金流 | $-5.28B | $-5.89B | +10.44% |
股息支出 | $2.91B | $2.86B | +1.89% |
股票回购 | $2.5B | $0 | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 23.9% | 23.8% | +0.11% |
净利率 | 14.6% | — | — |
总资产收益率 | 1.2% | — | — |
流动比率 | $0.64 | — | — |
预计发布日期、分析师预期与关注要点
Integrated Telecommunication Services 行业其他公司
Verizon reported Q1 FY2026 revenue of $34.4B (up 2.9% YoY) and net income of $5.0B (up 3.4% YoY), with diluted EPS of $1.20 versus $1.15 in the prior year. Operating margin improved slightly to 23.9%, supported by a 3.1% reduction in SG&A expenses.
Verizon's cash and equivalents surged 270.7% YoY to $8.4B from $2.3B, likely reflecting debt issuance or asset-related proceeds used to fund a major investing activity. The company simultaneously recorded $13.6B in investing cash outflows, nearly 4x the prior year's $3.8B, suggesting a significant acquisition or spectrum purchase.
Yes, Verizon paid $2.9B in dividends in Q1 FY2026, up 1.9% from $2.9B in Q1 FY2025, reaffirming its commitment to returning cash to shareholders. Additionally, the company initiated $2.5B in share buybacks during the quarter, a new development compared to zero buybacks in Q1 FY2025.
The most significant risks include a massive $13.6B investing outflow that could substantially increase Verizon's already high debt load, and a current ratio of only 0.64 indicating short-term liabilities far exceed short-term assets. Additionally, revenue growth of just 2.9% in a competitive wireless market may limit Verizon's ability to simultaneously service debt, pay dividends, and fund capital expenditures.
Verizon's financial health is stable but leveraged: it generates strong operating cash flow of $8.0B per quarter and maintains a net margin of ~14.6%, but its current ratio of 0.64 and a large investing outflow of $13.6B in Q1 FY2026 highlight the capital-intensive and debt-reliant nature of its business model. Total assets grew 9.9% YoY to $417.9B, reflecting significant balance sheet expansion.