Verizon reaches FWA target early, sets 8-9M subs by 2028, fiber 35-40M passings, revises leverage target

VERIZON COMMUNICATIONS INC

Reached prior FWA subscriber goal of 4–5M 15 months early; now targets 8–9M by 2028.
Fiber expansion: expects 35–40M passings over time; Frontier deal adds 9–10M passings; combined builds up to 1M+ annually.
2025 capex guidance $17.5–$18.5B, consistent with historical capital intensity.
Net unsecured debt to adjusted EBITDA ratio target lowered to 2.0–2.25x.
Capital allocation priority unchanged: industry-leading dividend, debt reduction, buybacks when ratio at 2.25x.

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