⚠ Video Keeps LeavingLow threat

Verizon (VZ) — threat to the moat

Fios television lost 9.1% of its customers in 2025, a runoff that internet growth only just covered.

The part of Fios that used to justify the fibre is disappearing. Fios video connections fell 9.1% in 2025 to 2,441 thousand1. The 10-K describes the product as including "video on demand products, cloud-based services and digital video recording capabilities"2, a bundle that streaming services have been unpicking for a decade.

Fios video connections change, 2025 (%)-9.1Fios video+0.3Fios revenueVerizon Q4 2025 results release, Consumer operating statistics
Video fell 9% while total Fios revenue held.

Video still brings in revenue, but the programming costs rise with it, and every lost video customer takes revenue with little cost saving on the network. Fios revenue held at $11,678 million only because internet made up for it3.

Verizon's answer is to stop depending on video: the "Verizon One converged offerings" pair broadband with phones rather than with television4. That is the right move, and it means video is now a runoff.

The 10-K expects the shift to continue: "We expect the market will continue to shift from traditional linear video" to streaming5. Every Fios video customer lost is also a customer whose programming costs Verizon no longer carries, so the effect on profit is smaller than on revenue.

Under 2 million video connections, the runoff would be large enough to pull Fios revenue down even with internet growth.

References
  1. ReportedFios video connections fell 9.1% in 2025 to 2,441 thousand.
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - operating statistics: connections, net additions, churn, ARPA, Fios and fixed wireless. — FY2025 · publ. 30 January 2026 · source ↗
  2. ReportedThe 10-K describes the product as including "video on demand products, cloud-based services and digital video recording capabilities", a bundle that streaming services have been unpicking for a decade.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: services, networks, employees and the Frontier and Starry acquisitions. — FY2025 · publ. 17 February 2026 · source ↗
  3. ReportedFios revenue held at $11,678 million only because internet made up for it.
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - operating statistics: connections, net additions, churn, ARPA, Fios and fixed wireless. — FY2025 · publ. 30 January 2026 · source ↗
  4. ReportedVerizon's answer is to stop depending on video: the "Verizon One converged offerings" pair broadband with phones rather than with television.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - broadband statistics: fiber and fixed wireless connections and net additions. — Q2 2026 · publ. 24 July 2026 · source ↗
  5. ReportedThe 10-K expects the shift to continue: "We expect the market will continue to shift from traditional linear video" to streaming.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: services, networks, employees and the Frontier and Starry acquisitions. — FY2025 · publ. 17 February 2026 · source ↗
Sources
Generated September 29, 2026