Strong Growth in Broadband and Wireless Revenue
Third quarter consolidated revenue was $33.8 billion, up 1.5% from the prior year period. Wireless equipment revenue increased by 5.2% year-over-year, and wireless service revenue was up 2.1%. Broadband base grew by 1.3 million subscribers from a year ago, reaching over 13.2 million.
Positive Free Cash Flow and Debt Reduction
Free cash flow for the third quarter improved by nearly 17% year-over-year, reaching $7 billion. Net unsecured debt decreased by $9.4 billion year-over-year, with a debt to EBITDA ratio of 2.2x, inside the target leverage ahead of schedule.
Continued Dividend Growth
In September, Verizon raised its dividend for the 19th consecutive year, reflecting a commitment to shareholder returns.
Acquisitions and Strategic Partnerships
Verizon announced the acquisition of Frontier to expand fiber offerings and an agreement with Tillman for further Fios broadband expansion. Additionally, the acquisition of Starry is expected to enhance MDU capabilities.
Consumer Mobility Achievements
Consumer upgrades increased 16% year-over-year in the third quarter, and core prepaid added 47,000 net adds, marking the fifth consecutive quarter of positive subscriber growth.