Verizon reports third-quarter results on October 26, days after SpaceX announced a roughly $8 billion deal for nationwide 800 MHz spectrum, which the author says makes the report more important. Last quarter, Verizon beat with adjusted EPS of $1.30 against a $1.27 consensus, while revenue fell 0.7% to $34.25 billion as equipment revenue dropped nearly 20% on a deliberate pullback on subsidies. The core business improved, with 184,000 postpaid phone net adds, churn at 0.92%, and a record 40.1% adjusted EBITDA margin, and full-year adjusted EPS guidance was raised to $4.99 to $5.04. The author will watch whether service revenue growth nears 3% in Q3 and about 4% in Q4, and whether consumer postpaid phone churn of 84 basis points holds as SpaceX's service is expected to start in early 2028 after the deal closes in the first half of 2027.
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