VZ · 10-Q · 2026Q3 · Full report

Capital Expenditures and Cash Flow

VERIZON COMMUNICATIONS INC · 2026-10-29 · Importance 49 · Surprise 32 · Matches filing data

Net cash provided by operating activities increased $1.913 billion to $29.936 billion in the first nine months of 2026, primarily because of the timing of cash tax payments following the One Big Beautiful Bill legislation and working-capital benefits from lower upgrade volumes and cost efficiencies, partly offset by lower earnings. Capital expenditures, including capitalized software, were $11.926 billion, down $337 million from the comparable 2025 period, primarily because of efficiencies in broadband, wireless and core network infrastructure investments. Free cash flow increased $2.250 billion, or approximately 14.3%, to $18.010 billion from $15.760 billion, reflecting higher operating cash flow and lower capital expenditures. Investing cash outflows increased by $13.791 billion to $25.471 billion, including $9.5 billion for acquisitions net of cash acquired.

Key facts

• Verizon's free cash flow was $18.010 billion for the nine months ended September 30, 2026, compared with $15.760 billion in 2025, an increase of $2.250 billion. source
• Operating cash flow increased by $1.9 billion in the nine months ended September 30, 2026 compared with the same period in 2025, primarily due to timing of cash tax payments following the One Big Beautiful Bill legislation and working-capital benefits from lower upgrade volumes and strategic cost efficiencies, partly offset by lower earnings. source
• Verizon's free cash flow increased during the nine months ended September 30, 2026 compared with 2025, reflecting higher operating cash flows and lower capital expenditures. source

Impact estimates