Verizon reports strong start to 2021 as company accelerates 5G growth

Strong financial and operational performance highlighted by growth in wireless service revenue, wireless equipment revenue and total Fios Internet net additions

1Q 2021 highlights

Consolidated:

• $1.27 in earnings per share (EPS), compared with $1.00 in 1Q 2020; adjusted EPS (non-GAAP), excluding a special item, of $1.31, compared with $1.26 in 1Q 2020.
• Operating revenue increase of 4.0 percent from first-quarter 2020.
• Net income of $5.4 billion, an increase of 25.4 percent from first-quarter 2020, and adjusted EBITDA (non-GAAP) of $12.2 billion, an increase from $11.9 billion in first-quarter 2020.
  

Consumer:

• Total revenue of $22.8 billion, an increase of 4.7 percent year over year.
• 326,000 retail postpaid net losses, including 225,000 phone net losses.
• Total retail postpaid churn of 0.97 percent, and retail postpaid phone churn of 0.77 percent.
• 98,000 Consumer Fios Internet net additions, an increase from 59,000 Consumer Fios Internet net additions in first-quarter 2020, and 102,000 total Fios Internet net additions, the most first quarter total Fios Internet net additions since 2015.

Business:

• Total revenue of $7.8 billion, an increase of 1.3 percent year over year.
• 156,000 retail postpaid net additions, including 47,000 phone net additions.
• Total retail postpaid churn of 1.24 percent, and retail postpaid phone churn of 1.01 percent.
  

Total Wireless:

• Total wireless service revenue of $16.7 billion, a 2.4 percent increase year over year.
• 170,000 retail postpaid net losses, including 178,000 phone net losses.
• Total retail postpaid churn of 1.03 percent, and retail postpaid phone churn of 0.81 percent.
  

NEW YORK, April 21, 2021 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong first-quarter 2021 results highlighted by wireless service revenue growth, increased cash flow and the most first quarter total Fios Internet net additions since 2015.

“Verizon is off to an excellent start in 2021 as we met the challenge of intense competition in the first quarter by achieving revenue growth across our three business segments," said Verizon Chairman and CEO Hans Vestberg. “This year began with a transformative milestone for our company with our success in the recent C-Band spectrum auction. We continue to strengthen our networks, execute on our Network-as-a-Service strategy and focus on the five vectors that underpin our growth framework and position us to deliver success in 2021 and beyond.”