Verizon is one of the largest wireless carriers in the United States. As of Q3 2022, Verizon reported having approximately 119.02 million total wireless retail connections[1]. This includes both consumer and business customers. Verizon’s wireless business is a key driver of revenue and profits for the company. Understanding how many wireless subscribers Verizon has provides insight into their market position and growth trends.
Key Takeaways
- As of Q3 2022, Verizon reported having 119.02 million total wireless retail connections.
- This includes both consumer and business customers.
- Verizon added 884,000 net new wireless customers in Q3 2022.
- Verizon’s leading market position is driven by their wireless business.
Verizon Wireless Subscriber Trends
Verizon has consistently grown their wireless subscriber base over the past decade. Some key trends include:
- At the end of 2012, Verizon had 94.2 million retail wireless connections[2].
- By the end of 2016, Verizon’s wireless connections had grown to 113.2 million[3].
- In Q3 2022, Verizon reported 119.02 million total retail wireless connections, representing 4.5% year-over-year growth[1].
Verizon added 884,000 net new wireless customers in Q3 2022. This marked their most net additions in five years and was driven by strong growth in new accounts from both the consumer and business segments[1].
Over the past three years, Verizon has averaged between 200,000 to 300,000 net new wireless subscribers per quarter. Their Q3 2022 results significantly exceeded that trendline, demonstrating the strength of their wireless offerings.
Verizon Wireless Customer Mix
Verizon divides their wireless customer base into two main categories:
- Consumer – This includes retail postpaid and prepaid wireless customers.
- Business – Verizon’s business customer base spans both retail and wholesale channels.
As of Q3 2022, Verizon reported the following wireless customer mix[1]:
| Consumer | 93.3 million connections |
| Business | 25.72 million connections |
So the vast majority (78%) of Verizon’s wireless subscriber base are consumer retail customers. But they maintain a strong business customer segment at over 25 million connections. Verizon’s wireless business markets span retail, global enterprises, small/medium businesses, wholesale channels and more.
Verizon Consumer Wireless Customers
Verizon’s consumer wireless customers can be further divided into postpaid and prepaid accounts.
As of Q3 2022, Verizon reported[1]:
- 92.27 million retail postpaid connections
- 1.03 million retail prepaid connections
So the large majority of their consumer base are postpaid wireless subscribers. These customers are on monthly billing plans and have higher average revenue per user (ARPU) compared to prepaid accounts.
Verizon’s consumer postpaid accounts give a view into their premium wireless offerings. As of Q3 2022, Verizon reported[1]:
- Unlimited consumer accounts were over 50% of their postpaid base.
- 5G capable smartphones made up 60% of postpaid accounts.
These metrics demonstrate Verizon’s success marketing premium unlimited data plans and upgrading customers to 5G capable devices.
Verizon Business Wireless Customers
Verizon’s wireless business customer base includes retail, wholesale and global enterprise accounts.
Key details on Verizon’s business wireless segments include[1]:
- Global Enterprise – 8.3 million connections
- Public Sector and Small/Medium Business – 5.8 million connections
- Wholesale – 9.2 million connections
- Other – 2.42 million connections
So Verizon maintains strong positions providing wireless service to large enterprise customers, government agencies and small businesses. Their wholesale arrangements allow them to enable prepaid and MVNO providers.
A growth area for Verizon’s wireless business has been Internet of Things (IoT) connectivity. At the end of Q3 2022, Verizon Business had 43 million IoT connections, up 18% from the prior year[1]. Their strategy is to be an industry leader in scaling IoT solutions.
Verizon Wireless Customer Acquisition
Verizon utilizes several strategies to acquire and retain wireless subscribers:
- Retail stores – Verizon has over 1,800 Verizon branded retail locations across the U.S.
- Partners – Verizon leverages authorized agent and resale distribution channels.
- Digital sales – Online and app-based self-serve acquisition.
- Promotions – Device deals, discounted service plans and more.
- Customer service – Providing support and retention programs.
In Q3 2022, Verizon expanded its retail presence by opening 12 new stores. It also executed several promotions aimed at driving connections growth, including [1]:
- Welcome Unlimited plan with discounts for new customers.
- Free iPhone 13 offer for new accounts.
- Bring Your Own Device incentives.
Initiatives like these, combined with Verizon’s brand strength, help attract and retain wireless subscribers. Developing differentiated service plans and bundled offerings is also a strategy Verizon uses to appeal to customers.
Verizon Wireless Market Position
Verizon is the largest wireless carrier in the United States based on subscribers. Key metrics on their market position include:
- As of Q3 2022, Verizon’s 119 million wireless subscribers put them at #1 among national carriers.
- Verizon has around 35% market share of total U.S. retail wireless subscribers[4].
- Their closest national competitor is AT&T with around 29% market share[4].
Regionally, Verizon competes for subscribers against carriers like T-Mobile and smaller providers. But on a national level, Verizon’s scale and coverage footprint give them an advantage attracting and retaining customers.
Verizon’s wireless revenue and profitability also lead the industry. In Q3 2022 alone, Verizon generated over $23 billion in wireless service revenue[1]. Their wireless segment accounted for nearly 70% of Verizon’s total company revenue.
So Verizon’s leading subscriber base translates to strong financial performance. This gives them resources to invest in network upgrades, new technologies like 5G and competitive service plans to grow their wireless business.
Verizon 5G Network Coverage
A key strategy Verizon uses to attract and retain wireless subscribers is through network investments. Verizon promotes their network quality and 5G coverage footprint as differentiators in the market.
Some details on Verizon’s 5G network deployment[5]:
- Verizon launched 5G mobility service in 2019 using high-band spectrum.
- In 2020, Verizon began expanding 5G coverage using lower mid-band spectrum.
- Verizon’s 5G mobility service was available to over 230 million people as of Q3 2022.
Verizon is focused on leading the industry in 5G mobile performance and coverage. As of October 2022, Verizon operated 5G at nearly 6,700 cell sites nationwide[6].
Verizon promotes their 5G network advantage through marketing campaigns and network quality reports. For example, a recent report found Verizon’s 5G network delivered speeds over 5x faster than their 4G network[7]. Fast speeds and reliable coverage attract subscribers to their service.
Ongoing 5G network expansion will be a priority for Verizon to maintain their market leadership. Building out their mid-band spectrum will be important to deliver 5G to more subscribers nationwide.
Outlook for Verizon Wireless Subscribers
Verizon appears well positioned to continue growing their wireless subscriber base due to several competitive advantages:
- Their network quality and 5G coverage lead the industry.
- Strong brand recognition and reputation.
- Financial resources to invest in network and new technology.
- Competitive service plans and promotions.
- Established distribution channels.
In the near term, Verizon is likely to experience steady wireless subscriber additions. However, competition in the wireless industry remains high. AT&T, T-Mobile and others are investing to improve their own networks and service offerings. This could limit Verizon’s growth potential somewhat.
Key factors that may influence Verizon’s future wireless subscriber trajectory include:
- Their ability to deploy mid-band 5G spectrum nationwide.
- Competition for premium unlimited accounts.
- Adoption of new wireless technology like C-band 5G.
- Their participation in future spectrum auctions.
- Overall consumer demand for wireless service.
If Verizon maintains network leadership while balancing profitability and subscriber growth, they appear poised to hold their position as the number one U.S. wireless carrier. But the competitive environment will remain dynamic. Continued execution on Verizon’s wireless strategy will be required to grow their subscriber base over time.
Conclusion
In summary, Verizon currently has around 119 million total wireless retail connections including both consumer and business customers. This leading subscriber count is driven by investments in their network, attractive service plans and strong distribution capabilities. Verizon’s wireless business is core to their overall value proposition and accounts for the majority of company revenue. While competition in the wireless industry remains high, Verizon is well positioned to continue growing and maintaining their subscriber base through 5G network expansions, new technology adoption and competitive wireless plans tailored to consumers and enterprises.