VERIZON Q3 2026 EARNINGS - ADJ EPS: $1.31 (EST $1.28) - OPER REV: $34.3B (EST $34.76B) - ADJ EBITDA: $13.80B (EST $13.73B) - CAPEX: $3.72B (EST $4.03B) - SEES FY ADJ EPS: $5.04 TO $5.06 (PREV $4.99 TO $5.04) - SEES FY ADJ EPS GROWTH: +7% TO +7.5% (PREV +6% TO +7%) - STILL SEES FY CAPEX: $16B TO $16.5B (EST $16.34B) - AI EXPANDED PARTNERSHIP WITH AMAZON VALUED OVER $2B - INKS AI INFRASTRUCTURE…

Verizon reported third-quarter 2026 adjusted earnings per share of $1.31, beating consensus of $1.28, with adjusted EBITDA of $13.80 billion ahead of the $13.73 billion estimate. Operating revenue of $34.3 billion came in below the $34.76 billion consensus, while capital expenditures of $3.72 billion ran well under the $4.03 billion expected, and the company raised the lower end of its full-year adjusted EPS guidance to $5.04–$5.06 from $4.99–$5.04. The earnings beat and lower capex point to margin discipline and free cash flow generation, which tends to support telecom equities as defensive yield-oriented holdings in a rate-sensitive environment, since investors weigh their dividend yield against Treasury yields. The revenue shortfall, however, raises questions about top-line growth in a competitive wireless market, and that tension is what will drive how the stock reprices relative to peers. Traders should watch Verizon's subscriber and churn commentary in upcoming industry reports and the next Federal Reserve rate decision, as changes in the rate outlook will shape how investors value the sector

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