Verizon的新报告结构“对投资者不友好”- KeyBanc

2026-03-17 01:22

KeyBanc said it views the changes announced by U.S. telecom Verizon (VZ) on Friday in its reporting structure as "investor unfriendly."
The research firm said it sees VZ's updated disclosures as "practically useless" for modeling purposes.
KeyBanc noted that the company provides wireless retail postpaid ARPA but no account metric, provides postpaid phone subscribers but not postpaid phone ARPU, and provides broadband subscribers but no ARPU. Therefore, it does not see any way to back into any sort of historical comparability.
"We find the biggest issue here being 1) lack of transparency in disclosure and 2) lack of comparability to understand how the turnaround is progressing," KeyBanc said on Monday.
KeyBanc thinks VZ has certainly "cherry-picked" a few good metrics while hiding the bad metrics.
Verizon's disclosures highlighted total wireless and broadband revenue of $90.86B in 2025. KeyBanc views this as important, as the company is guiding to $93B (2-3% y/y) for the same in 2026.
"This tells us: 1) Verizon's FiOS, wireless service revenue, or both are declining; or 2) Verizon's guidance is likely conservative," the research firm said.

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