Verizon Vs. AT&T: How The Carrier Giants Fared In Q2 2025

Verizon posted strong overall revenue growth and AT&T revealed impressive wireless subscriber gains, but both disclosed disappointing business services revenues in the second quarter of 2025.

The two largest telecom giants in the country this week revealed their second-quarter 2025 earnings, with both companies beating Wall Street analyst predictions and growing revenues and subscriber numbers in Q2.

Up first was Verizon, which exceeded expectations with a 5.2 percent increase in total operating revenue and a 2.2 percent rise in wireless service revenue to $20.9 billion. AT&T two days later reported a 3.5 percent increase in total revenues year-over-year and a matching 3.5 percent increase in its mobility services revenue.

While both companies posted largely impressive financials in the second quarter, it wasn’t all bright spots on the balance sheet. Verizon and AT&T continued to fail to regain footing in their business segments, with Verizon Business’s overall operating revenue dipping slightly by .3 percent and AT&T’s Business wireline services experiencing a steeper fall of 9.3 percent.

Then there were the acquisitions. Verizon two months ago gained approval for its $20 billion Frontier Communications deal, while in the same month, AT&T and Lumen Technologies confirmed rumors that AT&T would become the new owner of Lumen’s 11-state mass market fiber-to-home business in a deal worth $5.75 billion.

With solid overall growth and wireless subscriber gains, coupled with disappointing business services revenues, planned acquisitions and fiber expansions, here are the financial results from the two leading telecom giants in Q2 2025.

Business Services

Total operating revenue for Verizon Business, which includes the company’s Enterprise, Business Markets, and public sector and wholesale businesses, continued to trend downward, slipping a slight 0.3 percent on revenue of $7.28 billion during the second quarter compared with $7.30 billion in the year-ago quarter. Enterprise and public sector continued to decline, falling 3.1 percent during second-quarter 2025 to $3.44 billion compared with $3.55 billion a year ago.

Business Markets and other revenue rose 4.5 percent during the second quarter to $3.35 billion compared with $3.20 billion in the year-ago period. Wholesale revenue once again experienced double-digit declines, falling 10.5 percent to $494 million during second quarter 2025 from $552 million one year before.

Meanwhile, AT&T’s Business wireline services, which includes advanced Ethernet-based fiber services, fixed wireless services, IP voice and managed professional services for business customers, also continued to decline in Q2 2025. The segment decreased 9.3 percent during the quarter to $4.31 billion and business wireline equipment declined 7.1 percent to $171 million during the second quarter. Legacy and other transitional services declined 17.3 percent to $2.35 billion. Business fiber and advanced connectivity services, the latter of which makes up about one-third of the segment’s revenue, on the other hand, climbed 3.5 percent to $1.79 billion.

Wireless Results

Wireless, typically a bright spot for Verizon, didn’t disappoint. Wireless service revenue in second-quarter 2025 was $20.9 billion, up 2.2 percent year-over-year. Wireless equipment revenue of $6.26 billion in second-quarter 2025, up 25.2 percent year-over-year. At the same time, Verizon also said it added 278,000 fixed wireless broadband customers, growing this base to more than 5.1 million subscribers overall.

Verizon Business wireless service revenue in second-quarter 2025 came in at $3.58 billion, an increase of 1.6 percent year over year. The business segment reported 65,000 wireless retail postpaid net additions, which included 42,000 postpaid phone net additions.

For Dallas-based AT&T, mobility services revenue also continued to climb, rising 3.5 percent to $16.85 billion, up from $16.28 billion a year ago. Mobility equipment revenue also rose 18.8 percent to $4.99 billion during the quarter compared with $4.20 billion a year ago. AT&T said it added an impressive 401,000 postpaid phone net additions during the quarter.

Q2 2025 Financials

For the second quarter that ended June 30, Verizon reported operating revenue of $34.50 billion, a 5.2 percent increase compared with second-quarter 2024’s result. The carrier’s net income was $5.12 billion, an 8.9 percent increase compared with $4.70 billion a year ago. Verizon reported diluted earnings per share of $1.18 compared with $1.09 in second-quarter 2024. The Basking Ridge, N.J.-based carrier beat Wall Street’s expectations of $33.74 billion in revenue during the quarter.

Total operating revenue for AT&T’s second quarter that ended June 30 was $30.85 billion, an increase of 3.5 percent from $29.80 billion in the same quarter one year earlier, which the carrier attributed to higher mobility and consumer wireline revenues, partially offset by declines in business wireline and Mexico. Net income was $4.86 billion, up 23.1 percent year over year. Diluted earnings per share during AT&T’s second quarter was 62 cents, compared with 49 cents a year ago. AT&T’s second-quarter 2025 results beat Wall Street’s expectations of $30.5 billion for the quarter.

Acquisition Progress

In May, the Federal Communications Commission approved Verizon’s $20 billion deal to acquire fiber-optic internet provider Frontier Communications after the company agreed to end its diversity, equity and inclusion programs. The telecom giant in October also agreed to buy up a portion of U.S Cellular Corp.’s spectrum licenses for $1 billion.

AT&T is also making big acquisition moves. Reports first surfaced in March that AT&T was in talks to buy Lumen Technologies’ consumer fiber operations in a deal worth more than $5.5 billion. In May, Lumen Technologies revealed a $5.75 billion cash sale of its 11-state mass market fiber-to-home business to AT&T in a deal set to close in the first half of 2026. AT&T will get about 95 percent of Quantum Fiber, about 4 million fiber locations and about 1 million subscribers. Lumen will keep enterprise fiber customers and mass market copper-based customers, the companies said.