# VERIZON COMMUNICATIONS INC (VZ) Informational only - not investment advice. CIK: 0000732712 SIC: 4813 Telephone Communications (No Radiotelephone) SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4813 Telephone Communications (No Radiotelephone)](/industry/4813/) Latest 10-K filed: 2026-02-17 SEC page: https://www.sec.gov/edgar/browse/?CIK=732712 Filing source: https://www.sec.gov/Archives/edgar/data/732712/000073271226000007/vz-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-17 · accession 0000732712-26-000007 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000732712.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 138,191,000,000 USD | 2025 | verified | | Net income | 17,174,000,000 USD | 2025 | verified | | Assets | 404,258,000,000 USD | 2025 | verified | | Free cash flow | 20,126,000,000 USD | 2025 | computed | | Net margin | 12.43% | 2025 | computed | | Operating margin | 21.17% | 2025 | computed | | Revenue YoY | +2.52% | 2025 | computed | | ROE | 16.24% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [U.S. telecom carriers](/compare/telecom/) · SIC 4813 Telephone Communications (No Radiotelephone) No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including VZ - U.S. telecom carriers: [peer review](/compare/telecom/) · [market-risk page](/compare/telecom/risk/) ### Peer percentile fingerprint | Ratio | VZ | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 12.4% | 6.2% | 75 | 9 | | Operating margin | 21.2% | 6.9% | 100 | 9 | | Revenue growth | 2.5% | 2.6% | 44 | 10 | | FCF margin | 14.6% | 13.6% | 62 | 9 | | ROE | 16.2% | 12.1% | 56 | 10 | | ROA | 4.2% | 4.7% | 44 | 10 | | Liabilities / equity | 2.82 | 1.75 | 78 | 10 | | Current ratio | 0.91 | 1.51 | 33 | 10 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4813 Telephone Communications (No Radiotelephone), not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 138191000000 | USD | 2025 | 2026-02-17 | | Net income | 17174000000 | USD | 2025 | 2026-02-17 | | Assets | 404258000000 | USD | 2025 | 2026-02-17 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000732712.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 125,980,000,000 | 126,034,000,000 | 130,863,000,000 | 131,868,000,000 | 128,292,000,000 | 133,613,000,000 | 136,835,000,000 | 133,974,000,000 | 134,788,000,000 | 138,191,000,000 | | Net income | | 13,127,000,000 | 30,101,000,000 | 15,528,000,000 | 19,265,000,000 | 17,801,000,000 | 22,065,000,000 | 21,256,000,000 | 11,614,000,000 | 17,506,000,000 | 17,174,000,000 | | Operating income | | 29,249,000,000 | 27,425,000,000 | 22,278,000,000 | 30,378,000,000 | 28,798,000,000 | 32,448,000,000 | 30,467,000,000 | 22,877,000,000 | 28,686,000,000 | 29,259,000,000 | | Diluted EPS | | 3.21 | 7.36 | 3.76 | 4.65 | 4.30 | 5.32 | 5.06 | 2.75 | 4.14 | 4.06 | | Operating cash flow | | 21,689,000,000 | 24,318,000,000 | 34,339,000,000 | 35,746,000,000 | 41,768,000,000 | 39,539,000,000 | 37,141,000,000 | 37,475,000,000 | 36,912,000,000 | 37,137,000,000 | | Capital expenditures | 182,000,000 | | 17,247,000,000 | 16,658,000,000 | 17,939,000,000 | 18,192,000,000 | 20,286,000,000 | 23,087,000,000 | 18,767,000,000 | 17,090,000,000 | 17,011,000,000 | | Dividends paid | | 9,262,000,000 | 9,472,000,000 | 9,772,000,000 | 10,016,000,000 | 10,232,000,000 | 10,445,000,000 | 10,805,000,000 | 11,025,000,000 | 11,249,000,000 | 11,481,000,000 | | Assets | | 244,180,000,000 | 257,143,000,000 | 264,829,000,000 | 291,727,000,000 | 316,481,000,000 | 366,596,000,000 | 379,680,000,000 | 380,255,000,000 | 384,711,000,000 | 404,258,000,000 | | Stockholders' equity | | 24,032,000,000 | 44,687,000,000 | 54,710,000,000 | 62,835,000,000 | 69,272,000,000 | 83,200,000,000 | 92,463,000,000 | 93,799,000,000 | 100,575,000,000 | 105,741,000,000 | | Cash and cash equivalents | | 2,880,000,000 | 2,079,000,000 | 2,745,000,000 | 2,594,000,000 | 22,171,000,000 | 2,921,000,000 | 2,605,000,000 | 2,065,000,000 | 4,194,000,000 | 19,048,000,000 | | Free cash flow | | | 7,071,000,000 | 17,681,000,000 | 17,807,000,000 | 23,576,000,000 | 19,253,000,000 | 14,054,000,000 | 18,708,000,000 | 19,822,000,000 | 20,126,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 10.42% | 23.88% | 11.87% | 14.61% | 13.88% | 16.51% | 15.53% | 8.67% | 12.99% | 12.43% | | Operating margin | | 23.22% | 21.76% | 17.02% | 23.04% | 22.45% | 24.29% | 22.27% | 17.08% | 21.28% | 21.17% | | Return on equity | | 54.62% | 67.36% | 28.38% | 30.66% | 25.70% | 26.52% | 22.99% | 12.38% | 17.41% | 16.24% | | Return on assets | | 5.38% | 11.71% | 5.86% | 6.60% | 5.62% | 6.02% | 5.60% | 3.05% | 4.55% | 4.25% | | Liabilities / equity | | 9.16 | 4.75 | 3.84 | 3.64 | 3.57 | 3.41 | 3.11 | 3.05 | 2.83 | 2.82 | | Current ratio | | 0.87 | 0.91 | 0.91 | 0.84 | 1.38 | 0.78 | 0.75 | 0.69 | 0.63 | 0.91 | ## As-reported value updates 3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/VZ/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000732712.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 1.17 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 1.17 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 1.10 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 33,336,000,000 | 4,762,000,000 | 1.13 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 35,130,000,000 | -2,705,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 32,981,000,000 | 4,602,000,000 | 1.09 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 32,796,000,000 | 4,593,000,000 | 1.09 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 33,330,000,000 | 3,306,000,000 | 0.78 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 35,681,000,000 | 5,005,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 33,485,000,000 | 4,879,000,000 | 1.15 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 34,504,000,000 | 5,003,000,000 | 1.18 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 33,821,000,000 | 4,950,000,000 | 1.17 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 36,381,000,000 | 2,342,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 34,440,000,000 | 5,045,000,000 | 1.20 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 34,253,000,000 | 3,835,000,000 | 0.92 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from VZ's latest 10-K: [/company/VZ/business/](/company/VZ/business/). ## Risk Factors Verbatim Item 1A Risk Factors from VZ's latest 10-K: [/company/VZ/risk-factors/](/company/VZ/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/732712/000073271226000046/vz-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-31 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview Verizon Communications Inc. (the Company) is a holding company that, acting through its subsidiaries (together with the Company, collectively, Verizon), is one of the world's leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities. With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers’ demand for mobility, reliable network connectivity and security. To compete effectively in today’s dynamic marketplace, we are focused on delivering what customers want and need in the digital world by offering innovative products and services, delivering excellent customer experience, and leveraging the capabilities of our high-performing networks. Highlights of Our Financial Results for the Three Months Ended June 30, 2026 and 2025 (dollars in millions) Highlights of Our Financial Results for the Six Months Ended June 30, 2026 and 2025 (dollars in millions) 37 Table of Contents Business Overview We have two reportable segments that we operate and manage as strategic business units - Verizon Consumer Group (Consumer) and Verizon Business Group (Business). Revenue by Segment for the Three Months Ended June 30, 2026 and 2025 Revenue by Segment for the Six Months Ended June 30, 2026 and 2025 ——— Note: Excludes eliminations. Verizon Consumer Group Our Consumer segment provides consumer-focused wireless and wireline communication services and products. Our wireless services are provided across one of the most extensive wireless networks in the United States (U.S.) under the Verizon family of brands and through wholesale and other arrangements. We also provide fixed wireless access (FWA) broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access. Our wireline services are provided in 31 U.S. states and Washington D.C. over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network. Customers can obtain our wireless services on a postpaid or prepaid basis. Postpaid customers are qualified retail customers that we service and manage on our networks primarily under the Verizon brand. Prepaid customers are exclusively Consumer retail customers who obtain wireless connectivity by paying for services in advance. The Consumer segment also offers several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches. In addition to wireless services and equipment for retail customers, the Consumer segment sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis. The Consumer segment's operating revenues for the three and six months ended June 30, 2026 totaled $26.2 billion and $52.7 billion, respectively, representing a decrease of 1.5% and an increase of 0.8%, respectively, compared to the similar periods in 2025. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance. 38 Table of Contents Verizon Business Group Our Business segment provides wireless and wireline communication services and products, including mobility communication services, FWA and wireline broadband, Internet of Things (IoT) connectivity solutions, advanced communication services, corporate networking solutions, local and long distance voice services, and security and managed network services. We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world. The Business segment's operating revenues for the three and six months ended June 30, 2026 totaled $7.2 billion and $14.3 billion, respectively, representing an increase of 2.6% and 2.2%, respectively, compared to the similar periods in 2025. See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance. Corporate and Other Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the results of divested businesses and businesses held for sale, as well as other adjustments and gains and losses that are not allocated or used in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results and therefore are included in the chief operating decision maker's (CODM) assessment of segment performance. See "Consolidated Results of Operations" for additional information regarding Corporate and other results. Capital Expenditures and Investments Our strategy requires significant capital investments primarily to invest in and deploy fiber, acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities. During the six months ended June 30, 2026, these investments included $8.2 billion for capital expenditures. See "Cash Flows Used in Investing Activities" for additional information. Capital expenditures for 2026 are expected to be within the range of $16.0 billion to $16.5 billion. Global Networks and Technology We design, build and operate networks to provide connectivity and related services meeting the needs of our diverse customers, including consumers, businesses, government organizations, first responders, and educational institutions. We have a portfolio of spectrum holdings, including C-Band and millimeter wave spectrum, and are constantly transforming our networks by leveraging innovation and new technologies to deliver improved network performance and efficiency. Our networks leverage advanced technologies, including 5G wireless, fiber-based transport, cloud infrastructures, artificial intelligence (AI) and automation, private networks and IP routing solutions. We are using the benefits of cloud computing and storage to virtualize aspects of our network infrastructure. We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users. Recent Developments On May 14, 2026, Verizon entered into an agreement in principle with AT&T Inc. and T-Mobile US, Inc., to form a new joint venture which aims to help end wireless dead zones in the U.S., including in rural areas, by pooling limited spectrum resources to increase capacity, improve the customer experience, and help satellite providers reach more customers through a unified platform. This initiative is expected to extend mobile connectivity for wireless customers through joint investment in using satellite-based, direct-to-device technologies to address coverage gaps, especially in unserved and underserved communities. The joint venture remains subject to negotiating definitive agreements between the parties and satisfying customary closing conditions. On June 28, 2026, the Company entered into a transaction agreement (the Transaction Agreement) with BT Group plc (BT) and Jasper NewCo Limited (NewCo), pursuant to which the Company and BT will each acquire a 50% equity interest in NewCo. Closing of the transaction is subject to customary regulatory approvals and other closing conditions. See "Acquisitions and Divestitures" below for additional information. Consolidated Results of Operations In this section, we discuss our overall results of operations and highlight special items, some of which are not included in our segment results. In "Segment Results of Operations" we review the performance of our two reportable segments in more detail. During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments - Consumer and Business. Accordingly, beginning in the first quarter of 2026, Verizon is reporting Consumer and Business revenue disaggregated 39 Table of Contents by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. In the first quarter of 2026, Verizon also made changes to the presentation of certain operating metrics, and going forward will only report operating metrics on a consolidated basis. In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business (the Verizon Contributed Business) were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation. See Note 3 to the condensed consolidated financial statements for additional information. Consolidated Operating Revenues [[GREPCENT_TABLE]] [["","Three Months Ended","","","","","","Six Months Ended"],["","June 30,","","Increase/(Decrease)","","June 30,","","Increase/(Decrease)"],["(dollars in millions)","2026","","2025","","","2026","","2025"],["Consumer","$","26,242","","","$","26,648","","","$","(406)","","","(1.5)","%","","$","52,695","","","$","52,266","","","$","429","","","0.8","%"],["Business","7,155","","","6,973","","","182","","","2.6","","","14,285","","","13,975","","","310","","","2.2"],["Corporate and other","936","","","965","","","(29)","","","(3.0)","","","1,872","","","1,909","","","(37)","","","(1.9)"],["Eliminations","(80)","","","(82)","","","2","","","(2.4)","","","(159)","","","(161)","","","2","","","(1.2)"],["Consolidated Operating Revenues","$","34,253","","","$","34,504","","","$","(251)","","","(0.7)","","","$","68,693","","","$","67,989","","","$","704","","","1.0"]] [[/GREPCENT_TABLE]] Consolidated operating revenues decreased during the three months ended June 30, 2026 compared to the similar period in 2025 primarily due to a revenue decrease in our Consumer segment, partially offset by a revenue increase in our Business segment. Consolidated operating revenues increased during the six months ended June 30, 2026 compared to the similar period in 2025 primarily due to revenue increases in our Consumer and Business segments. Revenues for our segments are discussed separately below under the heading "Segment Results of Operations." Consolidated Operating Expenses [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/732712/000073271226000007/vz-20251231.htm Complete FY 2025 MD&A: /company/VZ/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-17 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview Verizon Communications Inc. is a holding company that, acting through its subsidiaries, is one of the world’s leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities. With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers’ demand for mobility, reliable network connectivity and security. To compete effectively in today’s dynamic marketplace, we are focused on delivering what customers want and need in the digital world by offering innovative products and services, delivering excellent customer experience, and leveraging the capabilities of our high-performing networks. Highlights of Our 2025 Financial Results (dollars in millions) 21 Table of Contents Business Overview We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. Revenue by Segment ——— Note: Excludes eliminations. Verizon Consumer Group Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the U.S. under the Verizon family of brands and through wholesale and other arrangements. As of the date this report is being filed, our wireline services are provided in 31 U.S. states and Washington D.C. over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network. We also provide FWA broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access. Customers can obtain our wireless services on a postpaid or prepaid basis. Our postpaid service is generally billed one month in advance for a monthly access charge in return for access to and usage of network services. Our prepaid service is offered only to Consumer customers and enables individuals to obtain wireless services without credit verification by paying for all services in advance. The Consumer segment also offers several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches. In addition to wireless services and equipment for retail customers, the Consumer segment sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis. The Consumer segment's operating revenues for the year ended December 31, 2025 totaled $106.8 billion, an increase of $3.9 billion, or 3.8%, compared to the year ended December 31, 2024. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics. Verizon Business Group Our Business segment provides wireless and wireline communications services and products, including mobility communication services, FWA and wireline broadband, IoT connectivity solutions, advanced communication services, corporate networking solutions, local and long distance voice services, and security and managed network services. We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world. The Business segment's operating revenues for the year ended December 31, 2025 totaled $29.1 billion, a decrease of $462 million, or 1.6%, compared to the year ended December 31, 2024. See "Segment Results of Operations" for additional information regarding our Business segment's operating performance and selected operating statistics. Corporate and Other Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the historical results of divested businesses and other adjustments and gains and losses that are not allocated or used in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in 22 Table of Contents segment results and therefore are included in the chief operating decision maker's assessment of segment performance. See "Consolidated Results of Operations" for additional information regarding Corporate and other results. Capital Expenditures and Investments Our strategy requires significant capital investments primarily to acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, invest in fiber, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities. During the year ended December 31, 2025, these investments included $17.0 billion for capital expenditures. See "Cash Flows Used in Investing Activities" and "Liquidity and Capital Resources" for additional information. Global Networks and Technology We design, build and operate networks to provide connectivity and related services meeting the needs of our diverse customers: consumers, businesses, government organizations, first responders, and educational institutions. We have a portfolio of spectrum holdings, including C-Band and millimeter wave spectrum, and are constantly transforming our networks by leveraging innovation and new technologies to deliver improved network performance and efficiency. Our networks leverage advanced technologies, including 5G wireless, fiber-based transport, cloud infrastructures, AI and automation, private networks and IP routing solutions. We are using the benefits of cloud computing and storage to virtualize aspects of our network infrastructure. We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users. Recent Developments Frontier On January 20, 2026, we completed the acquisition of Frontier, a U.S. provider of broadband internet and other communication services. This transaction expanded our fiber broadband footprint to 31 U.S. states and Washington D.C., and provides opportunities for future growth. Starry On January 30, 2026, we completed the acquisition of Starry, a fixed wireless broadband provider serving multi-dwelling units in five markets across the U.S. This transaction is expected to provide additional FWA capabilities and enhance our ability to deliver high-speed internet to multi-dwelling units and urban communities. Consolidated Results of Operations In this section, we discuss our overall results of operations and highlight special items that are not included in our segment results. In "Segment Results of Operations," we review the performance of our two reportable segments in more detail. During the first quarter of 2025, Verizon reclassified recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue. In addition, beginning in the first quarter of 2025, Verizon no longer counts the impacts of the second number offering in calculating certain phone metrics, including wireless retail postpaid phone net additions and wireless retail postpaid phone churn. We have reclassified certain prior year amounts to conform to the current year presentation. A discussion of the 2023 results of the Consumer and Business segments affected by these changes and related year-over-year comparisons between 2024 and 2023 have been included in "Segment Results of Operations" below. A discussion of the 2023 items and year-over-year comparisons between 2024 and 2023 for all other items that are not included in this Annual Report can be found in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024. Consolidated Operating Revenues [[GREPCENT_TABLE]] [["","","","","","","","(dollars in millions)"],["Years Ended December 31,","2025","","2024","","","","Increase/(Decrease)"],["Consumer","$","106,807","","","$","102,904","","","","","$","3,903","","","3.8","%"],["Business","29,069","","","29,531","","","","","(462)","","","(1.6)"],["Corporate and other","2,642","","","2,609","","","","","33","","","1.3"],["Eliminations","(327)","","","(256)","","","","","(71)","","","27.7"],["Consolidated Operating Revenues","$","138,191","","","$","134,788","","","","","$","3,403","","","2.5"]] [[/GREPCENT_TABLE]] Consolidated operating revenues increased during 2025 compared to 2024 primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment. 23 Table of Contents Revenues for our segments are discussed separately below under the heading "Segment Results of Operations." Consolidated Operating Expenses [[GREPCENT_TABLE]] [["","","","","","","","(dollars in millions)"],["Years Ended December 31,","2025","","2024","","","","Increase/(Decrease)"],["Cost of services","$","27,789","","","$","27,997","","","","","$","(208)","","","(0.7)","%"],["Cost of wireless equipment","28,976","","","26,100","","","","","2,876","","","11.0"],["Selling, general and administrative expense","33,818","","","34,113","","","","","(295)","","","(0.9)"],["Depreciation and amortization expense","18,349","","","17,892","","","","","457","","","2.6"],["Consolidated Operating Expenses","$","108,932","","","$","106,102","","","","","$","2,830","","","2.7"]] [[/GREPCENT_TABLE]] Operating expenses for our segments are discussed separately below under the heading "Segment Results of Operations." Cost of Services Cost of services includes the following costs directly attributable to a service: salaries and wages, benefits, materials and supplies, content costs, contracted services, network access and transport costs, customer provisioning costs, computer systems support and costs to support our outsourcing contracts and technical facilities. Aggregate customer service costs, which include billing and service provisioning, are allocated between Cost of services and Selling, general and administrative expense. Cost of services decreased during 2025 compared to 2024 primarily as a result of: •a decrease of $222 million in personnel costs due to prior year workforce reductions; •a decrease of $169 million in access costs primarily related to changes in pricing and circuit usage; •a decrease of $105 million related to device protection offerings; •a decrease of $91 million in other direct costs primarily related to legacy wireline products and services; •an increase of $198 million in regulatory fees primarily related to growth in our Federal Universal Service Fund (FUSF) assessable revenue base in addition to a higher net rate; and •an increase of $145 million in rent and lease expense primarily related to the tower transaction with Vertical Bridge REIT, LLC (Vertical Bridge) along with new leases and lease modifications related to the continued deployment of the C-Band spectrum. Cost of Wireless Equipment Cost of wireless equipment increased during 2025 compared to 2024 primarily due to: •an increase of $1.7 billion driven by a higher volume of wireless devices sold primarily related to an increase of 12% [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/VZ/mda/fy2025/ All MD&A years: /company/VZ/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/VZ/mda/fy2024/): filed 2025-02-12; accession 0000732712-25-000006 (https://www.sec.gov/Archives/edgar/data/732712/000073271225000006/vz-20241231.htm) - [FY 2023 MD&A](/company/VZ/mda/fy2023/): filed 2024-02-09; accession 0000732712-24-000010 (https://www.sec.gov/Archives/edgar/data/732712/000073271224000010/vz-20231231.htm) - [FY 2022 MD&A](/company/VZ/mda/fy2022/): filed 2023-02-10; accession 0000732712-23-000012 (https://www.sec.gov/Archives/edgar/data/732712/000073271223000012/vz-20221231.htm) - [FY 2021 MD&A](/company/VZ/mda/fy2021/): filed 2022-02-11; accession 0000732712-22-000008 (https://www.sec.gov/Archives/edgar/data/732712/000073271222000008/vz-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4813 Telephone Communications (No Radiotelephone)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/VZ.md · JSON record: /company/VZ.json · verified financials: /company/VZ/financials.json / /company/VZ/financials.csv · machine TOC for the whole site: /llms.txt