Verizon ends 2020 with strong earnings and cash flow, and increased wireless service revenue growth

Company's execution of strategy and resilient 4Q and 2020 performance lead to momentum and optimism for 2021

4Q 2020 highlights 

Consolidated:

• $1.11 in earnings per share (EPS), compared with $1.23 in 4Q 2019; adjusted EPS (non-GAAP), excluding special items, of $1.21, compared with $1.13 in 4Q 2019.
• Operating revenue decline of 0.2 percent from fourth-quarter 2019.
• Net income of $4.7 billion, a decline of 9.6 percent from fourth-quarter 2019, and adjusted EBITDA (non-GAAP) of $11.7 billion, an increase of 5.3 percent from fourth-quarter 2019.
  

Consumer:

• Total revenue of $23.9 billion, a decrease of 1.2 percent year over year.
• 357,000 retail postpaid net additions, including 163,000 phone net additions and 284,000 postpaid smartphone net additions.
• Total retail postpaid churn of 0.96 percent, and retail postpaid phone churn of 0.76 percent.
• 92,000 Fios Internet net additions, an increase from 35,000 Fios Internet net additions in fourth-quarter 2019, and 95,000 total Fios Internet net additions across Consumer and Business, the most fourth-quarter total Fios Internet net additions since 2014.

Business:

• Total revenue of $8.1 billion, a decrease of 0.3 percent year over year.
• 346,000 retail postpaid net additions, including 116,000 phone net additions.
• Total retail postpaid churn of 1.19 percent, and retail postpaid phone churn of 0.98 percent.
  

Total Wireless:

• Total wireless service revenue of $16.7 billion, a 2.2 percent increase year over year.
• 703,000 retail postpaid net additions, including 279,000 phone net additions and 442,000 postpaid smartphone net additions.
• Total retail postpaid churn of 1.01 percent, and retail postpaid phone churn of 0.80 percent.
  

2020 highlights

Consolidated:

• Full year EPS of $4.30, compared with $4.65 in 2019; adjusted EPS (non-GAAP), excluding special items, of $4.90, compared with 2019 adjusted EPS of $4.81.
• Full-year 2020 operating cash flow of $41.8 billion, a 16.8 percent increase year over year.
• Free cash flow (non-GAAP) of $23.6 billion in full-year 2020, a 32.4 percent increase year over year.
  

NEW YORK, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) closed 2020 with fourth-quarter results highlighted by increased cash flow, wireless service revenue growth, and the launch of 5G nationwide.

“Verizon finished the fourth quarter with strong financial performance," said Verizon Chairman and CEO Hans Vestberg. "2020 was marked by transformational change, including the launch of our 5G nationwide network. We witnessed a mass shift toward virtual collaboration, touchless retail and delivery, remote work, distance learning, and telemedicine. We continued to execute our multi-use network strategy; we were recognized by RootMetrics as the best overall wireless provider, undefeated in all categories; and we continue to be the partner of choice for the world’s most innovative brands. Today, we are excited to lead technological advances beyond mobile devices, and create new opportunities for growth across multiple industries."