VZ · 10-Q · 2026Q2 · Full report
Capital Return Program
VERIZON COMMUNICATIONS INC · 2026-07-31 · Importance 40 · Surprise 42 · Contradicted
Verizon’s Board authorized a $25 billion share repurchase program on January 30, 2026, with repurchases permitted through open-market, privately negotiated and Rule 10b5-1 or Rule 10b-18 transactions. During the six months ended June 30, 2026, Verizon repurchased 72,047,466 shares for an aggregate $3.5 billion through accelerated share repurchase agreements. The company had $21.5 billion of remaining authorization at June 30, 2026 and increased its full-year 2026 repurchase target from $3.0 billion to up to $4.5 billion. Verizon also paid $5.9 billion in cash dividends during the six months ended June 30, 2026.
Key facts
- On January 30, 2026, the Board authorized a share repurchase program for up to $25 billion of common stock. source
- For full year 2026, Verizon's share repurchase target was increased from $3.0 billion to up to $4.5 billion. source
- At June 30, 2026, the maximum remaining aggregate consideration that could be paid under the share repurchase program was $21.5 billion. source
- In February 2026 Verizon entered ASR agreements for an upfront payment of $2.5 billion and received an initial delivery of 45,116,772 shares using a reference price of $47.10, and in March 2026 received an additional 5,641,251 shares resulting in total 50,758,023 shares repurchased under the ASR agreements at an average repurchase price of $49.25. source
- In April 2026 Verizon entered an ASR agreement for an upfront payment of $1.0 billion and received an initial delivery of 17,993,226 shares using a reference price of $47.24; in June 2026 it received an additional 3,296,217 shares resulting in total 21,289,443 shares repurchased under that ASR at an average repurchase price of $46.97. source
- For the six months ended June 30, 2026, Verizon repurchased a total of 72,047,466 shares for aggregate payment of $3.5 billion. source
- Verizon paid $5.9 billion and $5.7 billion in cash dividends during the six months ended June 30, 2026 and 2025, respectively. source
- Net cash used in financing activities was $17,114 million for the six months ended June 30, 2026, a change of $(6,843) million versus 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -4.5% | At June 30, 2026, the maximum remaining aggregate consideration that could be paid under the share repurchase program was $21.5 billion. |
| cash | negative | realized | -4.2% | Net cash used in financing activities was $17,114 million for the six months ended June 30, 2026, a change of $(6,843) million versus 2025. |
| cash | negative | realized | -3.5% | Net cash used in financing activities of $17.1 billion in the six months ended June 30, 2026 was primarily driven by repayments,… |
| liability | positive | realized | +3.5% | Net cash used in financing activities of $17.1 billion in the six months ended June 30, 2026 was primarily driven by repayments,… |
| cash | negative | realized | -3.4% | Net cash used in financing activities of $17.1 billion in the six months ended June 30, 2026 was primarily driven by repayments,… |
| liability | positive | realized | +3.4% | Net cash used in financing activities of $17.1 billion in the six months ended June 30, 2026 was primarily driven by repayments,… |
| cash | negative | realized | -1.4% | Net cash used in financing activities of $17.1 billion in the six months ended June 30, 2026 was primarily driven by repayments,… |
| cash | negative | realized | -0.8% | For the six months ended June 30, 2026, Verizon repurchased a total of 72,047,466 shares for aggregate payment of $3.5 billion. |
| cash | negative | realized | -0.6% | In February 2026 Verizon entered ASR agreements for an upfront payment of $2.5 billion and received an initial delivery of 45,116,772… |
| cash | negative | committed | -0.3% | For full year 2026, Verizon's share repurchase target was increased from $3.0 billion to up to $4.5 billion. |
| cash | negative | realized | -0.2% | In April 2026 Verizon entered an ASR agreement for an upfront payment of $1.0 billion and received an initial delivery of 17,993,226… |
| cash | negative | realized | -0.1% | Verizon paid $5.9 billion and $5.7 billion in cash dividends during the six months ended June 30, 2026 and 2025, respectively. |