Both carriers reported third-quarter progress, but in different parts of the business. Verizon added more postpaid phones; AT&T added more fiber customers. Their service-revenue categories and free-cash-flow definitions differ, so the figures need their labels.
Customer and service growth
Verizon reported 406,000 postpaid phone net additions, 155,000 fiber broadband net additions, and $23.5 billion of mobility and broadband service revenue, up 2.9% year over year. That revenue figure sums Consumer and Business. AT&T reported 379,000 postpaid phone net additions, 442,000 fiber net additions, and $23.9 billion of Advanced Connectivity service revenue, up 6.1%. The Frontier and Lumen acquisitions expanded Verizon's and AT&T's fiber footprints, respectively, so the reported net-add counts are not directly like-for-like. The service categories are not interchangeable.
Cash and debt
Verizon reported $11.5 billion of quarterly cash from operations and $7.8 billion of its company-defined non-GAAP free cash flow. AT&T reported $10.5 billion of operating cash from continuing operations, $5.1 billion of capital expenditures, $0.5 billion of vendor-financing cash payments, and $5.0 billion of its company-defined free cash flow. Keep the bridges beside the headline figures.
Verizon reported $123.7 billion of net unsecured debt. AT&T reported $149.8 billion of net debt after its EchoStar spectrum transaction. Both subtract cash, but Verizon's measure is unsecured and AT&T's includes a different debt scope, including debt classified as held for sale related to its Mexico wireless business. The totals alone do not rank credit quality; financing cost, coverage, debt composition and investment returns matter.
Using the latest declared quarterly common dividends and October 23 completed closes, indicated annualized yields were about 6.34% for Verizon and 5.30% for AT&T. They are arithmetic snapshots, not guaranteed returns or proof that a new buyer qualifies for a declared payment.
Verizon raised its 2026 adjusted EPS outlook to $5.04–$5.06 and postpaid phone net-add outlook to 1.1–1.2 million. AT&T raised its 2026 adjusted EPS outlook and lowered its longer-term capital-investment outlook. These are forecasts; neither is a completed return.
What the daily charts say
On completed October 23 regular-session history, Verizon closed at $44.66, below its 50-day average of $47.54 and 200-day average of $46.72. Its October 23 low was $43.43 and high $45.08. A daily close above $45.08 would improve the immediate chart; a break below $43.43 would bring the October 9 closing low of $41.65 back into focus.
AT&T closed October 23 at $20.93, below its 50-day average of $24.75 and 200-day average of $25.06. That was its lowest close in 60 sessions. Its October 23 low was $20.92 and high was $22.21. A daily close above $22.21 would show more repair than a small bounce; a break below $20.92 would extend the decline.
The charts use completed U.S. regular-session candles through October 23. The right-side volume-by-price panels are estimates reconstructed from TradingView 60-minute bars, not native TradingView VRVP output. They describe where traded volume clustered in the plotted window; they do not prove who bought or sold there.
The practical distinction is clear. Verizon delivered more phone additions and higher reported absolute quarterly free cash flow; AT&T delivered more fiber additions. Neither fact alone establishes which stock is better value. This is educational market research, not a recommendation to buy or sell.