Verizon reported its first-quarter results, which highlighted increased cash flow and the largest number of total broadband net additions in more than a decade.
"Our operational and financial results reflect the steps that we have taken to improve our performance. Compared to this time last year, we have added more postpaid phone gross additions to our network and have increased our cash flow from operations and free cash flow," said Verizon Chairman and CEO Hans Vestberg. “Last month, we announced that our 5G Ultra Wideband now reaches more than 200 million people as we continue to undergo the most aggressive network deployment in our company's history. With our mobile and broadband capabilities, and our focus on network strength, we are giving more customers in more places a superior network experience."
Consolidated results show that the company’s total operating revenue hits $32.9 billion, a decrease of 1.9% from first-quarter 2022 while the net income is $5 billion, an increase of 6.5% from the previous year’s same quarter.
Moreover, Verizon’s total broadband net additions of 437,000 was the largest result in more than a decade, reflecting a strong demand for fixed wireless and Fios products. This result included 393,000 fixed wireless net additions and 67,000 Fios Internet net additions.
Verizon’s total wireless service revenue of $18.9 billion also showed a 3% percent YoY increase year over year, while also recording an increased total wireless postpaid phone gross additions by 5.3% year over year.
Additionally, Verizon’s Q1 2023 CAPEX were $6 billion, and included most of the remaining $1.75 billion under the company's C-Band related spending program. In terms of cash flow, the company ended first-quarter 2023 with $2.3 billion, an increase from $1 billion in Q1 2022.