Verizon’s Comeback Shows Early Signs of Success Under CEO Dan Schulman, Analysts Say

VERIZON MASTER AGENT

Dealer takeaway: Verizon’s “turnaround” is starting to show in churn and subscriber trends, but it’s not a victory lap yet. Dealers should expect more customers asking, “Is Verizon finally worth it again?” The winning move is to run bill + plan audits, compare value vs. coverage, and lock in retention with accessory attach, device protection, and home + mobile bundle math.

What New Street Research is seeing

Nearly a year into CEO Dan Schulman’s tenure, New Street Research analyst David Barden says Verizon’s subscriber trends are moving in the right direction—and the pace of improvement has picked up since Schulman took over from Hans Vestberg in October 2025.

Barden notes Verizon’s postpaid phone net losses were already improving by the end of 2023 and had stabilized closer to flat by the time Schulman stepped in. But the year-over-year market share decline has become “more pronounced” in its improvement since Schulman took the reins. New Street isn’t underwriting near-term market share gains, but expects Verizon’s “share donation” to narrow.

Stock performance and the “LEO threat” overhang

Since Schulman took over, Verizon’s stock is up 21%, outperforming peers (AT&T up 1%, T-Mobile down 19%), according to Barden.

At the same time, all major wireless carrier stocks are dealing with investor anxiety tied to SpaceX and its ambitions around Starlink Mobile. Industry engineers may be skeptical that satellites plus femtocells can replicate Big 3 networks, but Wall Street can be easily spooked—especially when Elon Musk enters the conversation.

Subscriber momentum: gross adds up, churn down

Barden credits Schulman with improvements in key operating indicators:

• Wireless gross adds up close to double digits since Schulman became CEO

• Consumer postpaid phone churn down 6 bps in Q2 2026

• Total wireless postpaid phone churn down 5 bps in Q2 2026

The message: Verizon may still be a market share donor, but it’s donating less.

Cost cuts are boosting EBITDA — but there’s a limit

Verizon’s cost cutting has been aggressive. Barden notes Schulman cut more than 13,000 jobs shortly after taking over and outlined a plan to cut $5 billion in operating expenses at the start of 2026.

Wireless operating expenses were down 2% year-over-year in Q1 2026 and down 11% year-over-year in Q2 2026. New Street expects wireless EBITDA to grow more than 5% as a result.

But Barden’s warning is blunt: EBITDA growth driven by cost cuts is not a long-term strategy. “No one can cut their way to greatness,” he said.

The tradeoff: better subscriber trends, weaker ARPU

New Street says Verizon’s improving subscriber trends are coming at the cost of ARPU. For sustainable service revenue growth, Verizon still needs to balance price and volume. Barden says the “beginnings are emerging,” but Verizon isn’t there yet.

Another analyst, Craig Moffett of MoffettNathanson, also pointed to falling ARPU and ARPA as troubling, but said Verizon has made genuine strides in slowing its long-term slide in postpaid subscribers and remains a turnaround story “mid-stream.”

Schulman’s incentives signal Verizon wants continuity

Verizon disclosed in an SEC filing that it extended Schulman’s contract from Dec. 31, 2027 to Dec. 31, 2028, with annual one-year extensions unless either party gives at least 90 days’ notice.

The same filing indicates Schulman could receive an incentive award valued at $25 million (at least) in calendar year 2028.

Dealer playbook: how to sell into a Verizon “comeback” narrative

1) Run a “stay vs. switch” bill audit in 5 minutes

• What are you paying today (all-in)?

• What do you actually use (data, hotspot, roaming, device promos)?

• What would it cost on 2 alternatives?

2) Use churn improvements as reassurance — not a promise

• Position: “Verizon is stabilizing, but let’s make sure your plan is right-sized.”

• Set expectations: network + price + promos still vary by market and account type.

3) Protect margin when ARPU pressure rises

• Accessory bundles (case + screen + charger)

• Protection + support plans (setup, transfers, troubleshooting)

• Home internet + mobile bundle math (where available)

Bottom line

Analysts see early signs that Verizon’s turnaround is working: churn is improving, gross adds are up, and share losses may be narrowing. But cost cuts can’t carry the story forever, and ARPU pressure is real. Dealers should treat this as a prime moment to win customers with clarity: plan fit, total cost, and a reliable support experience.