What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-12 compared with 2024-02-09 · 113 added, 135 removed, 223 unchanged (53% of the section changed)

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 entertainment products and services to consumers, businesses and government entities.

(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.

Our principal executive offices are located at 1095 Avenue of the Americas, New York, New York 10036 (telephone number 212-395-1000).

We have two reportable segments that we operate and manage as strategic business units - Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

6 unchanged sentences

As of December 31, 2024, Consumer had approximately 115 million wireless retail connections (including FWA), of which 83% are postpaid connections.

In addition, at December 31, 2023, Consumer had approximately 9 million total broadband connections (which includes Fios internet, Digital Subscriber Line (DSL) and FWA connections), and approximately 3 million Fios video connections.

In addition, at December 31, 2024, Consumer had approximately 10 million total broadband connections (which includes Fios internet, FWA and Digital Subscriber Line (DSL) connections), and approximately 3 million Fios video connections.

Verizon Business Group

Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things (IoT) services and products.

We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S.

Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and advanced communication services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things (IoT) services and products.

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.

In 2024, the Business segment's revenues were $29.5 billion, representing approximately 22% of Verizon’s consolidated revenues.

As of December 31, 2023, Business had approximately 30 million wireless retail postpaid connections (including FWA) and approximately 2 million total broadband connections (which includes Fios internet, DSL and FWA connections).

Additional discussion of our reportable segments is included in Item 7.

under the headings "Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview" and "— Segment Results of Operations" and in Note 13 to the consolidated financial statements included in this Annual Report.

As of December 31, 2024, Business had approximately 31 million wireless retail postpaid connections (including FWA) and approximately 2 million total broadband connections (which includes Fios internet, FWA and DSL connections).

Additional discussion of our reportable segments is included in Item 7 under the headings "Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview" and "— Segment Results of Operations" and in Note 13 to the consolidated financial statements included in this Annual Report.

Service and Product Offerings

Our Consumer segment's wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis.

Our Business segment’s wireless and wireline products and services are organized by the primary customer groups targeted by these offerings:

Enterprise and Public Sector, Business Markets and Other, and Wholesale.

We offer wireless services and equipment to both Consumer customers and Business customers.

Wireless Services

Our Consumer and Business segments provide a wide variety of wireless services accessible on a broad range of devices.

Wireless Services and Equipment

We provide a wide variety of wireless services to Consumer and Business customers on different service plan options.

Our Consumer Group offers customizable, personalized phone plans for retail customers, allowing them to design the plan that fits their needs, including access to their preferred content and services (which we call “perks”).

We also offer plans for customers who want access to Verizon’s network at a lower price point, as well as discounts and special rate plans for qualifying customers.

Customers can obtain our wireless services on a postpaid or prepaid basis.

Retail (non-wholesale) postpaid accounts primarily represent retail customers that are directly served and managed by Verizon and use Verizon branded services.

A single account

may include monthly wireless services for a variety of connected devices.

A single account may include monthly wireless services for a variety of connected devices.

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.

1 unchanged sentence

As of December 31, 2024, we had 95 million postpaid connections and 20 million prepaid connections, representing approximately 83% and 17% of our Consumer wireless retail connections, respectively.

Access to the internet is available on all smartphones and nearly all basic phones.

In addition, our customers can access the internet at broadband speeds on notebook computers, tablets and smartwatches that are either wireless-enabled or that are used in conjunction with separate dedicated devices that provide a mobile Wi-Fi connection.

Historically, customers on our fixed-term service plans paid higher access fees for their wireless service in exchange for the ability to purchase their wireless devices at subsidized prices.

We no longer offer Consumer customers new fixed-term, subsidized service plans for devices;

however, we continue to offer subsidized plans to our Business customers.

Our Business customers can choose from a variety of plans with different features to meet their specific needs.

We also provide FWA broadband through our 5G or 4G LTE wireless networks to our Consumer and Business customers.

FWA enables fixed broadband access using radio frequencies instead of cables and can be used to connect homes and businesses to the internet.

As of December 31, 2023, we had approximately 3.1 million FWA broadband connections.

Wireless Equipment

As of December 31, 2024, we had nearly 4.6 million FWA broadband connections.

Consumer and Business offer 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.

We permit customers to acquire equipment from us using device payment plans, which permit the customer to pay for the device in installments over time.

Oftentimes, we offer promotional trade in offers to incentivize new customers or existing customer upgrades.

Consumer wireless customers can acquire wireless equipment from us using device payment plans, which permit the customer to pay for the device in installments over time.

Customers that activate service on devices purchased under the device payment program generally pay lower service fees as compared to those under our fixed-term service plans, and their device payment plan charge is included on their wireless monthly bill.

While we no longer offer Consumer customers fixed-term subsidized service plans for devices, we continue to offer subsidized plans to our Business customers.

We also continue to service existing plans for customers who have not yet purchased and activated devices under the Verizon device payment program.

Verizon Consumer Group

In addition to the wireless services and equipment discussed above, the Consumer segment sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis.

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.

Consumer also provides non-connectivity services including device protection, content offerings, cloud storage, and other products.

Residential Fixed Services .

We provide residential fixed connectivity solutions to customers over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios.

In addition, we provide FWA broadband through both 5G and our LTE Home Internet offerings, which are available in most states across the U.S.

We offer residential fixed services tailored to the needs of our customers.

Depending on those needs at a particular time, our services may include features related to, among other things:

Residential fixed services – We provide residential fixed connectivity solutions to customers over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios.

We also provide FWA broadband through both 5G and 4G LTE home internet offerings, which are available in most states across the U.S.

We offer residential fixed services tailored to the needs of our customers with a variety of perk options and the flexibility to change them.

Depending on customer needs at a particular time, our services may include features related to, among other things:

internet access at different speed tiers using fiber-optic, copper or wireless technology;

video services that may feature a variety of channel options, video on demand products, cloud-based services and digital video recording capabilities;

video services that may feature a variety of content and streaming options, video on demand products, cloud-based services and digital video recording capabilities;

over-the-top (OTT) video services;

1 unchanged sentence

and other home solutions.

Network Access Services .

We sell network access to mobile virtual network operators (MVNOs) on a wholesale basis, who in turn resell wireless service under their own brand(s) to consumers.

Network access services – We sell network access to mobile virtual network operators (MVNOs) on a wholesale basis, who in turn resell wireless service under their own brand(s) to consumers.

Verizon Business Group

In addition to the wireless services and equipment discussed above, our Business segment provides wireless and wireline communications services and products, including data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products.

In addition to the wireless services and equipment discussed above, our Business segment provides a variety of wireless and wireline services and products, which are organized by the primary customer groups for these offerings:

Enterprise and Public Sector, Business Markets and Other, and Wholesale.

Enterprise and Public Sector

Enterprise and Public Sector offers wireless products and services as well as wireline connectivity and managed solutions to our large business and government customers.

Enterprise and Public Sector offers wireless products and services as well as wireline connectivity such as broadband and managed services to our large business and public sector customers.

Large businesses are identified based on their size and volume of business with Verizon.

Public sector offers these services with features and pricing designed to address the needs of U.S.

Public sector customers include U.S.

federal, state and local governments and educational institutions.

Our offerings to this customer group include plans with features and pricing designed to address their specific needs.

In 2024, Enterprise and Public Sector revenues were $14.2 billion, representing approximately 48% of Business’s total revenues.

1 unchanged sentence

These services include the following:

• Network Services .

We offer a portfolio of network connectivity products to help our customers connect with their employees, partners, vendors and customers.

These products include private networking services, private cloud connectivity services, virtual and software defined networking services and internet access services.

• Advanced Communications Services.

We offer a suite of services to our customers to help them communicate with their employees, partners, vendors, constituents and customers.

• Network services – We offer a portfolio of network connectivity products to help our customers connect with their employees, partners, vendors and customers.

These products include internet access services, private networking services, private cloud connectivity services and virtual and software defined networking services.

• Advanced communications services – We offer a suite of services to our customers to help them communicate with their employees, partners, vendors, constituents and customers.

These products include Internet Protocol (IP)-based voice and video services, unified communications and collaboration tools and customer contact center solutions.

• Security services .

We offer a suite of management and data security services that help our customers protect, detect and respond to security threats to their networks, data, applications and infrastructure.

• Core services .

We provide a portfolio of domestic and global voice and data solutions utilizing traditional telecommunications technology, including voice calling, messaging services, conferencing, contact center solutions and private line and data access networks.

• Core services – We provide a portfolio of domestic and global voice and data solutions utilizing traditional telecommunications technology, including voice calling, messaging services, conferencing, contact center solutions and private line and data access networks.

Core services also include the provision of customer premises equipment, and installation, maintenance and site services.

• IoT services .

We provide the network access required to deliver various IoT products and services.

• Security services – We offer a suite of management and data security services that help our customers protect, detect and respond to security threats to their networks, data, applications and infrastructure.

• IoT services – We provide the network access required to deliver various IoT products and services.

We work with companies that purchase network access from us to connect their devices, bundled together with their own solutions, which they sell to end users.

We are building IoT capabilities by leveraging business models that monetize usage on our networks at the connectivity, platform and solution layers.

Business Markets and Other

Business Markets and Other offers wireless services and equipment, conferencing services, tailored voice and networking products, Fios services, advanced voice solutions and security services to businesses that ordinarily do not meet the requirements to be categorized as Enterprise and Public Sector, as described above.

Business Markets and Other offers wireless services (including FWA broadband), wireless equipment, advanced communication services, tailored voice and networking products, Fios services, advanced voice solutions and security services to businesses that ordinarily do not meet the requirements to be categorized as Enterprise and Public Sector, as described above.

Business Markets and Other also includes solutions that support mobile resource management.

In 2024, Business Markets and Other revenues were $13.1 billion, representing approximately 44% of Business’s total revenues.

In addition to the wireless services and equipment discussed above, Business Markets and Other provides fixed connectivity solutions comparable to the residential fixed services provided by Consumer, as well as business services and connectivity similar to the products and services offered by Global Enterprise, in each case with features and pricing designed to address the needs of small and medium businesses.

Business Markets and Other also provides fixed connectivity solutions comparable to the residential fixed services provided by Consumer, as well as business services and connectivity similar to the products and services offered to Global Enterprise customers, in each case with features and pricing designed to address the needs of small and medium businesses.

Wholesale offers wireline communications services including data, voice, local dial tone and broadband services primarily to local, long distance, and wireless carriers that use our facilities to provide services to their customers.

2 unchanged sentences

Wholesale's services include:

• Data services .

We offer a portfolio of data services to enhance our Wholesale customers’ networks and provide connections to their end users and subscribers.

• Voice services .

We provide switched access services that allow carriers to complete their end-user calls that originate or terminate within our territory.

• Data services – We offer a portfolio of data services to enhance our Wholesale customers’ networks and provide connections to their end users and subscribers.

• Voice services – We provide switched access services that allow carriers to complete their end-user calls that originate or terminate within our territory.

In addition, we provide originating and terminating voice services throughout the U.S.

and globally utilizing our time-division multiplexing and Voice over Internet Protocol (VoIP) networks.

• Local services .

We offer an array of local dial tone and broadband services to competitive local exchange carriers, some of which are offered to comply with telecommunications regulations.

• Local services – We offer an array of local dial tone and broadband services to competitive local exchange carriers, some of which are offered to comply with telecommunications regulations.

In addition, we offer services such as colocation, resale and unbundled network elements in compliance with applicable regulations.

7 unchanged sentences

In addition to our direct channel, our Business segment has additional distribution channels that include business solution fulfillment provided by resellers, non-stocked device fulfillment performed by distributors and integrated mobility services provided by system integrators and resellers.

Global Network and Technology

Our global network architecture is used by Consumer and Business.

Our network technology platforms include both wireless and wireline technologies.

Network Evolution

We are transforming the architecture of our networks into our next-generation multi-use platform, which we call the Intelligent Edge Network.

This technology enhances applications by hosting them at the end of the network, closer to devices and end points, which lowers response time and boosts performance.

We expect that this new architecture will simplify operations by eliminating legacy network elements, speed the deployment of 5G wireless technology and create new opportunities in the business market in a cost-efficient manner.

Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services.

5G technology enables higher throughput and lower latency than 4G LTE technology and allows our networks to handle more traffic as the number of internet-connected devices grows.

We provide high quality 5G wireless service utilizing millimeter wave and C-Band spectrum.

Other licensed spectrum bands are used to support our 5G service.

In January 2022, we began rapidly deploying our C-Band spectrum, which, as of December 31, 2023, covers approximately 242 million people in the U.S.

We obtained full access to our C-Band spectrum in August 2023 and will continue deploying this spectrum across the continental U.S.

Our FWA broadband services also leverage the 5G network and our expanding C-Band footprint, in addition to our 4G FWA offerings.

The wireless network technology platform that carries about half of our wireless traffic is 4G LTE.

As of December 31, 2023, our 4G LTE network covers approximately 330 million people, excluding those in areas served by our LTE in Rural America partners.

Under this program, we have collaborated with wireless carriers in rural areas to build and operate a 4G LTE network using each carrier’s network assets with our core 4G LTE equipment and 700 Megahertz (MHz) C Block and Advanced Wireless Services (AWS) spectrum.

LTE Home Internet, our home broadband internet service leverages the Verizon 4G LTE network.

Wireless Network Reliability and Build-Out

We consider the reliability, speed, capacity and coverage of our wireless network to be key factors for our continued success.

We believe that steady and consistent network and platform investments provide the foundation for innovative products and services.

As we design and deploy our network, we focus on the number of successful data sessions the network enables, delivering on our advertised throughput speeds, and the number of calls that are connected on the first attempt and completed without being dropped.

We utilize three strategies to maintain the quality of our network:

increasing the density of our network elements, deploying new technologies as they are developed and putting additional wireless spectrum into service.

We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems.

Network densification enables us to add capacity to address increasing mobile video consumption and the growing demand for IoT products and services on our 4G LTE and 5G networks.

We are also utilizing existing network capabilities to handle increased traffic without interrupting the quality of the customer experience.

We continue to deploy advanced technologies to increase both network capacity and data rates.

In order to deploy our 5G network and build and upgrade our existing 4G LTE network, we must secure rights to a large number of sites and obtain zoning and other governmental approvals and fiber facilities for our macro and small cells, in-building systems and antennas and related radio equipment that comprise distributed antenna systems.

We have relationships with a wide variety of vendors that supply various products and services that support our wireless network operations.

We utilize tower site management firms as lessors or managers of a portion of our existing leased and owned tower sites.

Our networks in the U.S.

include various elements of redundancy designed to enhance the reliability of the services provided to our customers.

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 and educational institutions.

• Technologies – Our networks leverage advanced technologies, including 5G wireless, fiber-based transport, cloud infrastructures, private networks and IP routing solutions.

• Scale and geography – We operate a national network covering over 146 million wireless retail connections as of December 31, 2024.

In addition to our significant U.S.

infrastructure, we have a presence globally and relationships with many operators and partners allowing us to service multinational network needs.

• Services and capabilities – We provide connectivity, access to the internet, voice calling, text messaging and both linear and streaming video capabilities.

Beyond these basic services, our network solutions include advanced services and capabilities such as E911, first responder solutions and private networking solutions.

• Reliability – We strive to design and deploy reliable networks.

We test our networks for reliability and use various methods and procedures to maintain network availability, capability and capacity.

To mitigate the impact of power disruptions on our operations, we have battery backup at every switch and every macro cell.

1 unchanged sentence

In addition, we have a fleet of portable backup generators that can be deployed if needed.

We further enhance reliability by using a fully redundant Multiprotocol Label Switching backbone network in critical locations.

In addition to our own network coverage, we have roaming agreements with a number of wireless service providers to enable our customers to receive wireless service in nearly all other areas in the U.S.

where wireless service is available.

We also offer a variety of international wireless voice and data services to our customers through roaming arrangements with wireless service providers outside the U.S.

Network Evolution

We consider the reliability, speed, capacity, coverage and security of our wireless network to be key factors in our continued success.

We are evolving and transforming our networks to ensure our customers receive access to the best network possible.

Areas of evolution and transformation include:

• 5G Wireless – Verizon has driven the conversion from 4G to 5G through a sequence of network changes involving the radio access network, the core network infrastructure and change to the devices connecting to the network.

Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services.

5G technology enables higher throughput and lower latency than 4G LTE technology and allows our networks to handle more traffic as the number of internet-connected devices and customer usage needs grow.

Our evolution to 5G with its new architecture allows us to simplify operations by eliminating legacy network elements.

• Coverage and densification – We continue to improve 5G wireless service coverage by leveraging our breadth of wireless spectrum, including millimeter wave and C-Band spectrum, which we are continuing to deploy across the continental U.S.

We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems.

Network densification enables us to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.

It also supports our growing FWA business and growing bandwidth needs for uses such as streaming and video content creation.

• Virtualization – We are leveraging the benefits of cloud computing and storage as we evolve our network infrastructure.

Our private cloud infrastructure allows us to use shared compute, storage and networking resources rather than building unique physical instances for our network infrastructure.

• Fiber transport and IP networking – We own and operate one of the largest global fiber-optic networks in the world, providing connectivity to Business customers in more than 180 countries.

Our global IP network includes long-haul, metro and submarine assets that enable and support international operations.

In response to growing bandwidth demand, we have upgraded and increased our long-haul core fiber-based transport capacity as well as our IP network capacity and efficiency.

We continue to build local fiber networks by adding fiber connectivity to premises, venues, cell tower locations and data centers.

• Energy efficiency – We strive to improve the energy efficiency of our networks, facilities and fleet.

We are balancing increased energy needs from ongoing expansion and densification of our networks with initiatives to effectively manage energy consumption, including using more energy-efficient equipment, discontinuing or migrating legacy services and pursuing opportunities to use renewable energy sources.

Residential broadband service has seen significant growth in bandwidth demand over the past several years, and we believe that demand will continue to grow.

1 unchanged sentence

We believe that the Passive Optical Network (PON) technology underpinning Fios positions us well to meet these demands in a cost-effective and efficient manner.

While deployed initially as a consumer broadband network, our PON infrastructure is also experiencing more widespread application in the Business segment, especially as businesses increasingly migrate to Ethernet-based access services.

Verizon owns and operates one of the largest global fiber-optic networks in the world, providing connectivity to Business customers in more than 190 countries.

Our global IP network includes long-haul, metro and submarine assets that enable and support international operations.

Global business is rapidly evolving to an "everything-as-a-service" model in which Business customers seek cloud-based, converged enterprise solutions delivered securely via managed and professional services.

We are continuing to deploy packet optical transport technology in order to create a global network platform to meet this demand.

We also continue to evolve the in-home broadband router element to bring new capability and improved performance, such as improved Wi-Fi, to our retail customers.

While deployed initially as a consumer broadband network, our Fios infrastructure is also experiencing more widespread application in the Business segment, especially as businesses increasingly migrate to ethernet-based access services.

In September 2024, we entered into an agreement to acquire Frontier Communications Parent, Inc.

(Frontier), a U.S.

provider of broadband internet and other communication services.

Upon closing, this transaction is expected to enhance our fiber broadband footprint and provide opportunities for future Fios growth.

The spectrum licenses we hold can be used for mobile and fixed wireless voice, video and data communications services.

2 unchanged sentences

We also hold spectrum licenses in the 28, Upper 37 and 39 GHz bands, known as millimeter wave spectrum, and utilize both Priority Access Licenses (PALs) and General Authorized Access (GAA) in the 3.5 GHz band (Citizens Broadband Radio Service).

We use our low and mid-band spectrum to provide wireless services.

Millimeter wave spectrum is currently used to provide, or increase capacity for, mobile and fixed wireless services in areas of high demand.

We utilize DSS technology to allow 5G service to run simultaneously with 4G LTE on multiple spectrum bands.

With DSS, whenever customers move outside Verizon’s millimeter wave and C-Band coverage areas, their 5G-enabled devices will remain on 5G technology using the lower spectrum bands where this network is available.

We anticipate that demand for spectrum will continue to increase over time, driven by growth in customer connections and the increased usage of wireless broadband services that use more bandwidth and require faster rates of speed, as well as the wider deployment of 5G mobile and fixed services.

7 unchanged sentences

These swaps, as well as any spectrum purchases, require us to obtain governmental approvals.

Information regarding spectrum license transactions is included in Note 3 to the consolidated financial statements included in this Annual Report.

Information regarding spectrum license transactions, including our pending acquisition of select spectrum licenses of United States Cellular Corporation and certain of its subsidiaries, is presented in Note 3 to the consolidated financial statements included in this Annual Report.

Competition and Related Trends

3 unchanged sentences

Competitive factors within the telecommunications industry include, among others, network reliability, speed, capacity and coverage;

pricing and promotional strategies;

the quality of customer service;

1 unchanged sentence

development of new and enhanced products and services;

ability to anticipate and respond to various factors and trends affecting our industry;

the ability to anticipate and respond to various factors and trends affecting our industry;

the availability of capital resources;

and regulatory changes.

Competition remains intense as a result of various factors, including aggressive pricing, increased levels of promotions and service plan discounts, and offerings that include additional bundled premium content, in some cases specifically targeting Verizon customers.

Competition remains intense as a result of various factors, including aggressive pricing, increased levels of promotions and service plan discounts, and offerings that include additional bundled premium content or other perks, in some cases specifically targeting Verizon customers.

Competition may increase as smaller, stand-alone wireless service providers merge or transfer licenses to larger, better capitalized wireless service providers and as MVNOs resell wireless communication services.

In addition, increasing government incentives related to network deployment may enhance the ability of certain of our competitors to compete with us.

In addition, aggressive network deployment as well as increasing government incentives related to it may enhance the ability of certain of our competitors to compete with us.

With respect to our wireless connectivity products and services, we compete against other national wireless service providers, including AT&T Inc.

2 unchanged sentences

Resellers include cable companies, such as Comcast Corporation and Charter Communications, Inc., and others.

Several major cable operators also offer bundles with wireless services through strategic relationships.

We also face competition from other communications and technology companies seeking to increase their brand recognition and capture market share with respect to the provision of wireless products and services, in addition to non-traditional offerings in mobile data.

1 unchanged sentence

and others are offering alternative means for messaging and making wireless voice calls that, in certain cases, can be used in lieu of the wireless providers' voice service, as well as alternative means of accessing video content.

In addition, we expect to see increasing competition in the provisioning of internet access by low Earth orbit satellite companies as well in the area of fixed wireless offerings that provide an alternative to traditional landline internet service providers.

With respect to Fios and our other wireline connectivity services, we compete against cable companies, wireless service providers, domestic and foreign telecommunications providers, satellite television companies, internet service providers, OTT providers and other companies that offer network services and managed enterprise solutions.

We also face increasing competition from other internet portal providers.

In addition, we are seeing increasing competition in the provisioning of internet access by low Earth orbit satellite companies as well in the area of fixed wireless offerings that provide an alternative to traditional landline internet service providers.

With respect to Fios and our other broadband services, we compete against cable companies, wireless service providers, domestic and foreign telecommunications providers, satellite television companies, low Earth orbit satellite companies, internet service providers, OTT providers and other companies that offer network services and managed enterprise solutions.

face increasing competition from other internet portal providers.

We expect the market will continue to shift from traditional linear video to OTT offerings.

We also expect customer migration from traditional voice services to wireless services to continue as a growing number of customers place greater value on mobility and wireless companies position their services as a landline alternative.

We also expect customer migration from traditional voice services to wireless services to continue.

Companies with a global presence are increasingly competing with us in our Business segment.

1 unchanged sentence

We compete with these providers for large contracts to provide integrated solutions to global enterprises and government customers.

Many of these companies have strong market presence, brand recognition and existing customer relationships, all of which contribute to intensifying competition that may affect our future revenue growth.

Many of these companies have strong market presence, brand recognition and existing customer relationships, all of which contribute to intense competition.

In the Enterprise and Public Sector markets, competition levels remain high, primarily as a result of increased industry focus on technology convergence.

1 unchanged sentence

In addition, some of the largest information technology services companies are making strategic acquisitions, divesting non-strategic assets and forging new alliances to improve their cost structure.

Many new alliances and acquisitions have focused on emerging fields, such as cloud computing, software defined networking, communication applications and other computing tasks via networks, rather than by the use of in-house machines.

Many new alliances and acquisitions have focused on developing fields, such as cloud computing, software defined networking, communication applications and other computing tasks via networks, rather than by the use of in-house machines.

In the Business Markets and Other category, customer purchasing behaviors and preferences continue to evolve.

Solution speed and simplicity are becoming key differentiators for customers who are seeking full life-cycle offers that simplify the process of starting, running and growing their businesses.

Several major cable operators also offer bundles with wireless services through strategic relationships.

Mobile network operators and other carriers are aggressively targeting this customer group with a variety of bundles and discounts as it is among the largest and fastest growing categories in the Business segment.

Our Wholesale business competes with traditional carriers for metro/mid/long-haul fiber, voice and IP services.

7 unchanged sentences

The FCC has jurisdiction over interstate telecommunications services and other matters under the Communications Act of 1934, as amended (Communications Act).

Other Verizon services are subject to state and local regulation.

Other Verizon services are subject to various state and local regulations.

Federal, State and Local Regulation

3 unchanged sentences

All wireless services require use of radio frequency spectrum, the assignment and distribution of which is subject to FCC oversight.

If demand continues to increase or if new

spectrum is required for a future generation of technology, we can meet our needs for licensed spectrum by purchasing licenses or leasing spectrum from others, or by participating in a competitive bidding process to acquire new spectrum from the FCC.

If demand continues to increase or if new spectrum is required for a future generation of technology, we can meet our needs for licensed spectrum by purchasing licenses or leasing spectrum from others, or by participating in a competitive bidding process to acquire new spectrum from the FCC.

Those processes are subject to certain reviews, approvals and potential conditions.

12 unchanged sentences

Verizon offers many different broadband services.

In 2023, the FCC proposed to return to regulation of broadband services under Title II of the Communications Act.

The proposal would revive and expand the FCC's 2015 approach (that was reversed in 2017) to regulating broadband internet access services as telecommunications services subject to utilities-style common carriage regulation.

Several states have also adopted or are considering adopting laws or executive orders that would impose net neutrality and other requirements on some of our broadband services.

In early January 2025, based on litigation filed by the broadband industry, a federal appeals court overturned the FCC's April 2024 final decision to regulate broadband services via utility-style common carriage regulation under Title II of the Communications Act.

Absent further action in the courts, this decision will remain in effect and limit the risk of burdensome FCC broadband regulation.

In addition to federal activity, several states have adopted or are considering adopting laws or executive orders that would impose net neutrality and other requirements on some of our broadband services, including a law in New York that requires discounted broadband pricing for low income customers.

Some states may also impose pricing or other rules related to broadband built with the assistance of federal or state funding.

The FCC also adopted broad rules related to "digital discrimination" that could further increase regulatory oversight of broadband services;

Regardless of regulation, Verizon remains committed to the open internet, which provides consumers with competitive choices and unblocked access to lawful websites and content.

industry groups have appealed those rules in court.

Our broadband commitment can be found on our website at https://www.verizon.com/about/our-company/verizon-broadband-commitment.

13 unchanged sentences

Privacy, Data Protection, and Artificial Intelligence

We are subject to local, state, federal, and international laws and regulations relating to privacy and data protection that impact all parts of our business, including wireline, wireless, broadband and the development and roll out of new products, such as those in the IoT space.

At the federal level, our business is governed by the FCC or the Federal Trade Commission (FTC), depending on the product or service.

2 unchanged sentences

These regulations could have a significant impact on our businesses.

Policymakers at the local, state, federal and international levels are also considering imposing laws and regulations on the use of artificial intelligence.

This is a nascent area of regulatory focus, so it is unclear how such regulation could impact our business.

Policymakers at the local, state, federal and international levels are also considering imposing laws and regulations on the use of artificial intelligence (AI).

This is a nascent area of regulatory focus;

therefore, it is unclear how such regulation could impact our business.

Public Safety and Cybersecurity

2 unchanged sentences

For example, the FCC adopted rules requiring wireless providers to support roaming on each other’s networks during disasters, and the California Public Utilities Commission has imposed regulations relating to back-up power for communications facilities.

In response to prior cyber attacks and increasing risks from cybersecurity threats, the FCC and other regulators are attempting to increase regulation of the cybersecurity practices of providers.

In response to prior cyberattacks and increasing risks from cybersecurity threats, the FCC and other regulators are attempting to increase regulation of the cybersecurity practices of providers.

The FCC is also addressing the use by American companies of equipment produced by certain companies deemed to cause potential national security risks.

5 unchanged sentences

Human Capital Resources

With approximately 105,400 employees on a full-time equivalent basis as of December 31, 2023, 89% of whom are based in the U.S., we know that our people are one of our most valuable assets.

With approximately 99,600 employees on a full-time equivalent basis as of December 31, 2024, 88% of whom are based in the U.S., we know that our people are one of our most valuable investments.

In order to realize our core business strategy, we have developed human capital programs and practices that support, develop and care for our employees throughout their careers with Verizon.

6 unchanged sentences

We provide extensive on-the-job training opportunities, tuition reimbursement programs and career development support to enable our employees to maximize their potential and thrive professionally.

Our long-standing commitment to diversity, equity and inclusion has resulted in a strong representation of women and people of color.

As of December 31, 2024, Verizon's global workforce was approximately 68.6% male, 31.1% female and 0.3% unknown or undeclared, and the race/ethnicity of our U.S.

4 unchanged sentences

senior leadership.

Verizon respects our employees’ rights to freedom of association and collective bargaining in compliance with applicable law, including the right to join or not join labor unions.

Verizon respects our employees' rights to freedom of association and collective bargaining in compliance with applicable laws, including the right to join or not join labor unions.

We have a long history of working with the Communications Workers of America and the International Brotherhood of Electrical Workers — the two unions that in total represent approximately 25% of our employees as of December 31, 2024.

The current collective bargaining agreements covering our union-represented employees who serve customers in our Mid-Atlantic and Northeast service areas extend through August 1, 2026.

Other collective bargaining agreements covering smaller groups of employees extend through various dates between 2025 and 2028.

In addition, where applicable outside of the U.S., we engage with employee representative bodies such as works council.

1 unchanged sentence

national and local union leaders, as well as works council leaders outside the U.S., to talk about key business topics, including safety, customer service, plans to improve operational processes, our business performance and the impacts that changing technology and competition are having on our customers, employees and business strategy.

For a discussion of Verizon's Board oversight of our human capital management practices, see the section entitled "Governance — Our governance framework — Oversight of human capital management" in our definitive Proxy Statement to be filed with the Securities and Exchange Commission and delivered to shareholders in connection with our 2024 Annual Meeting of Shareholders.

For a discussion of Verizon's Board oversight of risks related to our human capital resources, see the section entitled "Governance — Our governance framework — Oversight of business risks" in our definitive Proxy Statement to be filed with the Securities and Exchange Commission and delivered to shareholders in connection with our 2025 Annual Meeting of Shareholders.

Patents, Trademarks and Licenses

1 unchanged sentence

We actively pursue the filing and registration of patents, copyrights, trademarks and domain names to protect our intellectual property rights within the United States and abroad.

We also actively grant licenses, in

exchange for appropriate fees or other consideration and subject to appropriate safeguards and restrictions, to other companies that enable them to utilize certain of our intellectual property rights and proprietary technology as part of their products and services.

We also actively grant licenses, in exchange for appropriate fees or other consideration and subject to appropriate safeguards and restrictions, to other companies that enable them to utilize certain of our intellectual property rights and proprietary technology as part of their products and services.

Such licenses enable the licensees to take advantage of Verizon's brands and the results of Verizon’s research and development efforts.

23 unchanged sentences

• the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences;

• failure to take advantage of, or respond to competitors' use of, developments in technology and address changes in consumer demand;

• failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand;

• performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks;

2 unchanged sentences

and international economies, including inflation and changing interest rates in the markets in which we operate;

• cyber attacks impacting our networks or systems and any resulting financial or reputational impact;

• cyberattacks impacting our networks or systems and any resulting financial or reputational impact;

• damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact;

2 unchanged sentences

• damage to our reputation or brands;

• the impact of public health crises on our operations, our employees and the ways in which our customers use our networks and other products and services;

• the impact of public health crises on our business, operations, employees and customers;

• changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses;

4 unchanged sentences

• significant increases in benefit plan costs or lower investment returns on plan assets;

• changes in tax laws or regulations, or in their interpretation;

or challenges to our tax positions, resulting in additional tax expense or liabilities;

• changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities;

• changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings;

• risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business