Verizon closed 2022 with fourth-quarter results marked by wireless service revenue growth and the highest total wireless retail postpaid net additions in seven years.
"We delivered on the operational expectations and financial targets that we set in the second half of 2022," said Verizon Chairman and CEO Hans Vestberg. “We are rapidly building out our C-Band spectrum with the most aggressive network deployment in our company's history and are well positioned to improve and accelerate our performance. Wireless mobility and nationwide broadband will be two of the most significant contributors to our growth for the next several years."
Verizon’s total consolidated operating revenue for full-year 2022 amounted to $136.8 billion, up 2.4% year-over-year (YoY). During the fourth quarter alone, the leading telecom operator recorded a net income of $6.7 billion, an increase of 41.4% compared to Q4 2021.
Verizon’s total wireless service revenue hit $18.8 billion, a 5.9% YoY increase. Full-year 2022 retail postpaid net additions were 2,605,000, an increase of 23.2% from full-year 2021. This success was driven by strong fixed wireless momentum, tablet and wearables adoption and sequential improvement in phone net additions.
Total broadband net additions of 416,000 was the best total broadband performance in over a decade, reflecting a strong demand for Fios and fixed wireless products.
Total Verizon Business revenue was $7.9 billion in fourth-quarter 2022, a YoY increase of 1.2%, primarily driven by Small and Medium Business mobility. For full-year 2022, total Verizon Business revenue was $31.1 billion.
Furthermore, Verizon Business reported 455,000 wireless retail postpaid net additions in fourth-quarter 2022, including 176,000 postpaid phone net additions. This was the sixth consecutive quarter that Business reported more than 150,000 postpaid phone net additions.
For 2023, Verizon expects a total wireless service revenue growth of 2.5% to 4.5%.