VZ · 10-Q · 2026Q3 · Full report
Capital Return Program
VERIZON COMMUNICATIONS INC · 2026-10-29 · Importance 58 · Surprise 42 · In source text
Verizon’s board authorized a common-stock repurchase program of up to $25 billion on January 30, 2026; $21.0 billion of capacity remained at September 30. Verizon repurchased 82,430,902 shares for $4.0 billion during the first nine months of 2026 through three accelerated share repurchase agreements, with upfront payments of $2.5 billion, $1.0 billion and $500 million. Verizon paid $8.8 billion in cash dividends in the nine-month period, compared with $8.6 billion in the 2025 period. The program does not require Verizon to buy a specified amount of shares and may be suspended or discontinued at its discretion.
Key facts
- On January 30, 2026, Verizon's Board authorized a share repurchase program for up to $25 billion of common stock; the program ends when that amount is reached or a superseding plan is authorized, whichever occurs first. source
- During the nine months ended September 30, 2026, Verizon used $17.3 billion for repayments, redemptions and repurchases of long-term borrowings and finance lease obligations, $14.3 billion to repay asset-backed long-term borrowings, $8.8 billion for cash dividends, and $4.0 billion to purchase common shares. source
- For the nine months ended September 30, 2026, Verizon repurchased 82,430,902 shares for $4.0 billion; $21.0 billion of aggregate consideration remained available under the program at September 30, 2026. source
- In February 2026, Verizon entered into accelerated share repurchase agreements for an upfront $2.5 billion and initially received 45,116,772 shares using a $47.10 reference price. source
- Verizon completed its February 2026 accelerated share repurchases in March 2026, receiving an additional 5,641,251 shares and repurchasing 50,758,023 shares in total at an average $49.25 per share, excluding excise tax. source
- In April 2026, Verizon entered into an accelerated share repurchase agreement for an upfront $1.0 billion and initially received 17,993,226 shares using a $47.24 reference price. source
- Verizon completed its April 2026 accelerated share repurchase in June 2026, receiving an additional 3,296,217 shares and repurchasing 21,289,443 shares in total at an average $46.97 per share, excluding excise tax. source
- In July 2026, Verizon entered into an accelerated share repurchase agreement for an upfront $500 million and initially received 8,981,403 shares using a $47.32 reference price. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -4.2% | During the nine months ended September 30, 2026, Verizon used $17.3 billion for repayments, redemptions and repurchases of long-term… |
| liability | positive | realized | +4.2% | During the nine months ended September 30, 2026, Verizon used $17.3 billion for repayments, redemptions and repurchases of long-term… |
| cash | negative | realized | -3.4% | During the nine months ended September 30, 2026, Verizon used $17.3 billion for repayments, redemptions and repurchases of long-term… |
| liability | positive | realized | +3.4% | During the nine months ended September 30, 2026, Verizon used $17.3 billion for repayments, redemptions and repurchases of long-term… |
| cash | negative | committed | -2.1% | On January 30, 2026, Verizon's Board authorized a share repurchase program for up to $25 billion of common stock; the program ends when… |
| cash | negative | realized | -2.1% | During the nine months ended September 30, 2026, Verizon used $17.3 billion for repayments, redemptions and repurchases of long-term… |
| cash | negative | realized | -1.0% | During the nine months ended September 30, 2026, Verizon used $17.3 billion for repayments, redemptions and repurchases of long-term… |
| cash | negative | realized | -0.6% | Verizon completed its February 2026 accelerated share repurchases in March 2026, receiving an additional 5,641,251 shares and repurchasing… |