1 unchanged sentence
Verizon Communications Inc.
−Removed: (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.
+Added: (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 the capabilities of our high-performing networks to drive growth based on delivering what customers want and need in the digital world.
−Removed: We are consistently deploying new network architecture and technologies to secure our leadership in both fourth-generation (4G) and fifth-generation (5G) wireless networks.
+Added: We are consistently deploying new network architecture and technologies to secure our leadership in both fifth-generation (5G) and fourth-generation (4G) wireless networks.
Our network quality is the hallmark of our brand and the foundation for the connectivity, platforms and solutions upon which we build our competitive advantage.
−Removed: In 2024, we are focused on enhancing and driving the monetization of our networks, platforms and solutions, retaining and growing our high-quality customer base and further improving our financial and operating performance.
+Added: In 2025 , we are focused on enhancing our networks, offering innovative services and products, growing and maintaining a high-quality customer base and delivering strong financial and operating results.
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 the fiber that supports our businesses, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities.
We believe that our C-Band spectrum, together with our industry leading millimeter wave spectrum holdings and our 4G Long-Term Evolution (LTE) network and fiber infrastructure, will drive innovative products and services and fuel our growth.
−Removed: Highlights of Our Financial Results for the Three Months Ended September 30, 2024 and 2023
−Removed: (dollars in millions)
−Removed: Highlights of Our Financial Results for the Nine Months Ended September 30, 2024 and 2023
+Added: Highlights of Our Financial Results for the Three Months Ended March 31, 2025 and 2024
(dollars in millions)
1 unchanged sentence
We have two reportable segments that we operate and manage as strategic business units - Verizon Consumer Group (Consumer) and Verizon Business Group (Business).
−Removed: Revenue by Segment for the Three Months Ended September 30, 2024 and 2023
−Removed: Excludes eliminations.
−Removed: Revenue by Segment for the Nine Months Ended September 30, 2024 and 2023
+Added: Revenue by Segment for the Three Months Ended March 31, 2025 and 2024
Excludes eliminations.
4 unchanged sentences
Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., 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.
−Removed: 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.
Customers can obtain our wireless services on a postpaid or prepaid basis.
2 unchanged sentences
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.
−Removed: 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.
−Removed: The Consumer segment's operating revenues for the three and nine months ended September 30, 2024 totaled $25.4 billion and $75.3 billion, respectively, representing an increase of 0.4% and 0.9%, respectively, compared to the similar periods in 2023.
+Added: 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.
+Added: The Consumer segment's operating revenues for the three months ended March 31, 2025 totaled $25.6 billion, representing an increase of 2.2% compared to the similar period in 2024.
See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics.
Verizon Business Group
−Removed: 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, including solutions that support mobile resource management.
−Removed: We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S.
+Added: 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.
+Added: 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.
−Removed: The Business segment's operating revenues for the three and nine months ended September 30, 2024 totaled $7.4 billion and $22.0 billion, respectively, representing a decrease of 2.3% and 2.1%, respectively, compared to the similar periods in 2023.
+Added: The Business segment's operating revenues for the three months ended March 31, 2025 totaled $7.3 billion, representing a decrease of 1.2% compared to the similar period in 2024.
See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance and selected operating statistics.
3 unchanged sentences
Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings.
−Removed: Gains and losses from these transactions that are not individually significant are included in
−Removed: segment results and therefore are included in the chief operating decision maker’s assessment of segment performance.
+Added: 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.
1 unchanged sentence
We continue to invest in our wireless networks, high-speed fiber and other advanced technologies to position ourselves at the center of growth trends for the future.
−Removed: During the nine months ended September 30, 2024, these investments included $12.0 billion for capital expenditures.
+Added: During the three months ended March 31, 2025, these investments included $4.1 billion for capital expenditures.
See "Cash Flows Used in Investing Activities" for additional information.
Capital expenditures for 2025 are expected to be in the range of $17.5 billion to $18.5 billion.
−Removed: Global Network and Technology
+Added: Global Networks and Technology
+Added: We consider the reliability, speed, capacity, coverage and security of our wireless network to be key factors in our continued success.
+Added: We are evolving and transforming our networks to ensure our customers receive access to the best network possible.
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.
−Removed: 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.
−Removed: We are focusing our capital investment on building our next generation 5G network, while also adding capacity and density to our 4G LTE network.
−Removed: We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems.
−Removed: Network densification enables us to add capacity to address increasing mobile video consumption and the growing demand for IoT products and services on our 5G and 4G LTE networks.
−Removed: We obtained full access to our C-Band spectrum in August 2023, and will continue deploying this spectrum across the continental U.S.
−Removed: We continue to build fiber-based networks supporting data, video and advanced business services - areas where demand for reliable high-speed connections is growing.
−Removed: In addition, we leverage our 5G and 4G LTE networks for our FWA broadband service.
−Removed: Recent Developments
−Removed: In June 2024, we announced a voluntary separation program for select U.S.-based management employees.
−Removed: Approximately 4,800 eligible employees will separate from Verizon under this program by the end of March 2025, with more than half of these employees having exited in September of 2024.
−Removed: Principally as a result of this program, but also as a result of other headcount reduction initiatives, we recorded a severance charge of $1.7 billion ($1.3 billion after-tax) during the three and nine months ended September 30, 2024, which was recorded in Selling, general and administrative expense in our condensed consolidated statement of income.
−Removed: On September 27, 2024, Verizon entered into an agreement with Vertical Bridge REIT, LLC (Vertical Bridge) pursuant to which Vertical Bridge will obtain the exclusive rights to lease, operate and manage over 6,000 wireless towers from subsidiaries of Verizon.
−Removed: The transaction is structured as a prepaid lease with an upfront payment of approximately $2.8 billion.
−Removed: Under the terms of the leases, Vertical Bridge will have exclusive rights to lease, operate and manage the towers over an average term of approximately 30 years, and will have an option to acquire the towers at the end of the lease terms.
−Removed: Verizon will lease back capacity on the towers from Vertical Bridge for an initial term of 10 years, with eight optional renewal terms of five years each, subject to certain early termination rights.
−Removed: This transaction is expected to close by the end of 2024, subject to customary closing conditions.
−Removed: Verizon plans to account for the upfront payment as a financing obligation and prepaid rent.
−Removed: On October 17, 2024, Verizon entered into a license purchase agreement to acquire select spectrum licenses of United States Cellular Corporation and certain of its subsidiaries (UScellular) for total consideration of $1.0 billion, subject to certain potential adjustments.
−Removed: The closing of this transaction is subject to the receipt of regulatory approvals and other closing conditions, including the consummation of UScellular's proposed sale of its wireless operations and select spectrum assets to T-Mobile US, Inc., and the termination of certain post-closing arrangements with respect to that sale.
−Removed: Our agreement to acquire Frontier Communications Parent, Inc.
−Removed: (Frontier) is discussed below under the heading " Acquisitions and Divestitures ."
+Added: Our evolution to 5G with its new architecture allows us to simplify operations by eliminating legacy network elements.
+Added: While we continue to improve our 5G wireless service coverage, we are also adding capacity and density to our networks.
+Added: Network densification enables us to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
+Added: In addition to enhancing our wireless service, our wireless mobility investments provide the foundation for our growing FWA broadband business.
+Added: We are also continuing to expand our fiber-based networks, as customers increasingly value the ability to obtain wireless and wireline broadband services from the same provider.
+Added: In September 2024, we entered into an agreement to acquire Frontier Communications Parent, Inc.
+Added: (Frontier), a U.S.
+Added: provider of broadband internet and other communication services, as part of our fiber expansion strategy, and we expect to increase the capital expenditures we devote to our fiber networks in 2025.
+Added: Tariffs and Other Government Initiatives
+Added: government recently announced tariffs on goods imported from various countries to the U.S.
+Added: Countries subject to such tariffs have imposed or may in the future impose reciprocal or retaliatory tariffs and other trade measures.
+Added: We are actively monitoring the tariff developments and analyzing the potential impacts on our business, cost structure, supply chain and broader economic environment.
+Added: We are also working closely with our strategic suppliers to manage the potential impacts.
+Added: In addition, the U.S.
+Added: presidential administration is seeking to implement significant changes to the size and scope of the federal government, which may include reduction of the federal government workforce, changes in budgetary priorities and other cost efficiency measures.
+Added: We began seeing some impact from these efforts in our federal government business in the first quarter of 2025.
+Added: While these developments have not had a material impact on our financial condition or results of operations to date, due to their evolving nature, we cannot predict with certainty the ultimate impacts they may have on our business and results in the future but those impacts could be material.
Consolidated Results of Operations
2 unchanged sentences
Consolidated Operating Revenues
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions) 2024 2023 (Decrease) 2024 2023 (Decrease)
+Added: Three Months Ended
+Added: March 31, Increase/
+Added: (dollars in millions) 2025 2024 (Decrease)
Consumer $ 25,618 $ 25,057 $ 561 2.2 %
3 unchanged sentences
Consolidated Operating Revenues $ 33,485 $ 32,981 $ 504 1.5
−Removed: Consolidated operating revenues remained relatively flat during the three months ended September 30, 2024 and increased during the nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The increase during the nine months ended September 30, 2024 was primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment.
+Added: Consolidated operating revenues increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment.
Revenues for our segments are discussed separately below under the heading "Segment Results of Operations."
Consolidated Operating Expenses
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions) 2024 2023 (Decrease) 2024 2023 (Decrease)
+Added: Three Months Ended
+Added: March 31, Increase/
+Added: (dollars in millions) 2025 2024 (Decrease)
Cost of services $ 6,950 $ 6,967 $ (17) (0.2) %
8 unchanged sentences
Aggregate customer service costs, which include billing and service provisioning, are allocated between Cost of services and Selling, general and administrative expense.
−Removed: Cost of services increased during the three months ended September 30, 2024 compared to the similar period in 2023.
−Removed: The increase was primarily the result of:
−Removed: • an increase of $189 million related to an asset and business rationalization charge taken in 2024;
−Removed: • an increase of $73 million in regulatory costs primarily related to a higher net Federal Universal Service Fund (FUSF) rate;
−Removed: • a decrease of $76 million in access costs primarily as a result of decreases in prepaid subscribers, changes in usage and changes in net circuit access prices;
−Removed: • a decrease of $45 million in connection with the non-strategic business shutdown of our BlueJeans business offering in 2023.
−Removed: Cost of services decreased during the nine months ended September 30, 2024 compared to the similar period in 2023.
−Removed: The decrease was primarily the result of:
−Removed: • a decrease of $247 million in access costs primarily as a result of decreases in prepaid subscribers, changes in usage and changes in net circuit access prices;
−Removed: • a decrease of $176 million in personnel costs primarily related to the impact of workforce changes;
−Removed: • an increase of $175 million related to an asset and business rationalization charge taken in 2024 compared to an asset rationalization charge taken in 2023;
−Removed: • an increase of $113 million in regulatory costs related to a higher net FUSF rate.
+Added: Cost of services remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.
Cost of Wireless Equipment
−Removed: Cost of wireless equipment decreased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 primarily as a result of:
−Removed: • a decrease of $594 million and $2.1 billion for the three and nine months, respectively, driven by a lower volume of wireless devices sold;
−Removed: • an increase of $288 million and $1.1 billion for the three and nine months, respectively, due to a shift to higher priced equipment in the mix of wireless devices sold.
+Added: Cost of wireless equipment increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to an increase of $201 million driven by a shift to higher priced equipment in the mix of wireless devices sold.
Selling, General and Administrative Expense
1 unchanged sentence
Also included is a portion of the aggregate customer care costs as discussed above in "Cost of Services."
−Removed: Selling, general and administrative expense increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The increase during the three months ended September 30, 2024 was primarily the result of:
−Removed: • an increase of $1.7 billion due to severance charges in 2024 related to separations under our voluntary separation program;
−Removed: • an increase of $185 million r elated to an asset and business rationalization charge taken in 2024;
−Removed: • a decrease of $161 million related to business transformation costs in 2023 that did not reoccur.
−Removed: The increase during the nine months ended September 30, 2024 was primarily the result of:
−Removed: • an increase of $1.5 billion due to severance charges in 2024 compared to 2023;
−Removed: • an increase of $405 million in personnel costs related to an increase in costs associated with the transition to third-party contracted resources along with the impacts of a prior year compensation plan assumption change that did not reoccur and increased sales commission expense;
−Removed: • an increase of $184 million related to higher costs for device insurance programs due to an increase in claims;
−Removed: • a decrease of $161 million related to business transformation costs in 2023 that did not reoccur.
−Removed: See "Special Items" for additional information on the severance charges, the asset and business rationalization charges, the business transformation costs and the non-strategic business shutdown.
+Added: Selling, general and administrative expense decreased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to:
+Added: • a decrease of $162 million in personnel costs related to workforce changes primarily due to the voluntary separation program that was announced in June of 2024 and completed in March of 2025 ;
+Added: • a decrease of $106 million related to a legacy legal matter from 2024 that did not reoccur.
+Added: See "Special Items" for additional information on the legacy legal matter.
Depreciation and Amortization Expense
−Removed: Depreciation and amortization expense remained relatively flat during the three months ended September 30, 2024 and increased during the nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The increase during the nine months ended September 30, 2024 was primarily due to the change in the mix of net depreciable and amortizable assets, including the amortization period of certain acquisition-related intangible assets, and the continued deployment of C-Band network assets.
+Added: Depreciation and amortization expense increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to the change in the mix of net depreciable and amortizable assets, including the amortization period of certain acquisition-related intangible assets, and the continued deployment of C-Band network assets.
Other Consolidated Results
Other Income, Net
−Removed: Additional information relating to Other income, net is as follows:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions) 2024 2023 (Decrease) 2024 2023 (Decrease)
+Added: Three Months Ended
+Added: March 31, Increase/
+Added: (dollars in millions) 2025 2024 (Decrease)
Interest income $ 63 $ 78 $ (15) (19.2) %
−Removed: Other components of net periodic benefit income (cost) (56) 15 (71) nm (289) 41 (330) nm
+Added: Other components of net periodic benefit cost (94) — (94) nm
Net debt extinguishment gains
+Added: 90 110 (20) (18.2)
Other, net 62 10 52 nm
2 unchanged sentences
nm - not meaningful
−Removed: Other income, net, reflects certain items not directly related to our core operations, including interest income, debt extinguishment costs, components of net periodic pension and postretirement benefit cost and income and certain foreign exchange gains and losses.
−Removed: Other income, net decreased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The decrease during the three months ended September 30, 2024 was primarily due to a decr ease of $122 million due to lower plan assets on which to earn expected returns in our pension and postretirement plans compared to 2023, partially offset by a pension remeasurement gain of $46 million in 2024 that did not occur in 2023.
−Removed: The decrease during the nine months ended September 30, 2024 was primarily a result of:
−Removed: • a decrease of $281 million due to lower plan assets on which to earn expected returns in our pension and postretirement plans compared to 2023 and a decrease of $218 million in our postretirement plans due to prior service credits in 2023 that did not reoccur in 2024 .
−Removed: These decreases were partially offset by a decrease of $186 million in our pension plan interest costs in 2024 due to a decrease in discount rates;
−Removed: • net debt extinguishment gains of $289 million related to open market repurchases of various Company notes and tender offers in 2024, compared with gains of $224 million related to open market repurchases of various Company notes and tender offers in 2023.
−Removed: See Note 8 to the condensed consolidated financial statements for more information on the other components of net periodic benefit income (cost).
+Added: Other income, net, reflects certain items not directly related to our core operations, including interest income, debt extinguishment gains, components of net periodic pension and postretirement benefit cost and income and certain foreign exchange gains and losses.
+Added: Other income, net decreased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to a decrease of $94 million in other components of net periodic benefit cost primarily driven by lower plan assets on which to earn expected returns in our pension and postretirement plans compared to the prior year along with a net pension remeasurement gain in 2024 that did not reoccur, partially offset by a decrease in interest costs.
+Added: See Note 8 to the condensed consolidated financial statements for more information on the other components of net periodic benefit cost.
Interest Expense
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions) 2024 2023 (Decrease) 2024 2023 (Decrease)
+Added: Three Months Ended
+Added: (dollars in millions) 2025 2024 (Decrease)
Total interest costs on debt balances $ 1,829 $ 1,909 $ (80) (4.2) %
5 unchanged sentences
Effective interest rate (2)(3)
−Removed: 5.1 % 4.9 % 5.1 % 4.8 %
(1) The average debt outstanding is a financial measure and is calculated by applying a simple average of prior months end balances of total short-term and long-term debt, net of discounts, premiums and unamortized debt issuance costs.
2 unchanged sentences
(3) We believe that this measure is useful to management, investors and other users of our financial information in evaluating our debt financing cost and trends in our debt leverage management.
−Removed: Total interest expense increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 primarily as a result of a decrease in capitalized interest costs due to additional C-Band spectrum licenses being placed into service and an increase in interest costs due to a higher average interest rate partially offset by lower average debt balances.
+Added: Total interest expense remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.
Provision for Income Taxes
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: (dollars in millions) 2024 2023 Decrease 2024 2023 Decrease
+Added: Three Months Ended
+Added: (dollars in millions) 2025 2024 Increase
Provision for income taxes $ 1,490 $ 1,353 $ 137 10.1 %
1 unchanged sentence
The effective income tax rate is calculated by dividing the provision for income taxes by income before the provision for income taxes.
−Removed: The decrease in the provision for income taxes during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 was primarily due to the decrease in income before income taxes in each of the current periods.
−Removed: The decrease in the effective income tax rate during the three months ended September 30, 2024 compared to the similar period in 2023 was primarily due to a reduction in deferred income taxes due to changes in state apportionment during the current period.
−Removed: The effective income tax rate for the nine months ended September 30, 2024 is comparable to the similar period in 2023.
+Added: The increase in the provision for income taxes during the three months ended March 31, 2025 compared to the similar period in 2024 was primarily due to the increase in income before income taxes in the current period.
+Added: The increase in the effective income tax rate during the three months ended March 31, 2025 compared to the similar period in 2024 was primarily due to higher tax benefits from the favorable resolution of various income tax matters in the prior period.
Unrecognized Tax Benefits
−Removed: Unrecognized tax benefits were $2.8 billion and $2.7 billion at September 30, 2024 and December 31, 2023, respectively.
−Removed: Interest and penalties related to unrecognized tax benefits were $682 million (after-tax) and $630 million (after-tax) at September 30, 2024 and December 31, 2023, respectively.
+Added: Unrecognized tax benefits were $2.6 billion at both March 31, 2025 and December 31, 2024.
+Added: Interest and penalties related to unrecognized tax benefits were $649 million (after-tax) and $684 million (after-tax) at March 31, 2025 and December 31, 2024, respectively.
Verizon and/or its subsidiaries file income tax returns in the U.S.
1 unchanged sentence
As a large taxpayer, we are under audit by the Internal Revenue Service and multiple state and foreign jurisdictions for various open tax years.
−Removed: It is reasonably possible that the amount of the liability for unrecognized tax benefits could change by
−Removed: a significant amount in the next twelve months.
−Removed: An estimate of the range of the possible change cannot be made until these tax matters are further developed or resolved.
Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA
2 unchanged sentences
Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items:
−Removed: equity in earnings and losses of unconsolidated businesses and other income and expense, net, as well as the effect of certain special items.
+Added: equity in earnings and losses of unconsolidated businesses and other income and expense, net, as well as the effect of
+Added: certain special items.
We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends.
6 unchanged sentences
The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(dollars in millions) 2025 2024
2 unchanged sentences
Interest expense
−Removed: 1,672 1,433 5,005 3,925
Depreciation and amortization expense (1)
−Removed: 4,458 4,431 13,386 13,108
Consolidated EBITDA $ 12,682 $ 12,155
1 unchanged sentence
$ (121) $ (198)
−Removed: Equity in losses of unconsolidated businesses 24 18 47 42
−Removed: Severance charges 1,733 — 1,733 237
−Removed: Asset and business rationalization
−Removed: 374 — 374 155
+Added: Equity in (earnings) losses of unconsolidated businesses (6) 9
Legacy legal matter
−Removed: Business transformation costs — 176 — 176
−Removed: Non-strategic business shutdown — 158 — 158
Consolidated Adjusted EBITDA $ 12,555 $ 12,072
−Removed: (1) Includes Amortization of acquisition-related intangible assets, which were $186 million and $626 million during the three and nine months ended September 30, 2024, respectively, and $224 million and $638 million during the three and nine months ended September 30, 2023, respectively.
−Removed: The three and nine months ended September 30, 2023 also includes a portion of the charges associated with the Non-strategic business shutdown.
−Removed: See "Special Items" for additional information.
−Removed: (2) Includes Pension and benefits mark-to-market charges of $136 million during the nine months ended September 30, 2024.
+Added: (1) Includes Amortization of acquisition-related intangible assets, which were $190 million and $221 million during the three months ended March 31, 2025 and 2024, respectively.
See "Special Items" for additional information.
−Removed: The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three and nine months ended September 30, 2024 compared to the similar periods in 2023 were primarily a result of the factors described in connection with consolidated operating revenues and consolidated operating expenses.
+Added: The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three months ended March 31, 2025 compared to the similar period in 2024 were primarily a result of the factors described above in connection with consolidated operating revenues and consolidated operating expenses.
Segment Results of Operations
1 unchanged sentence
We measure and evaluate our segments based on segment operating income.
−Removed: The use of segment operating income is consistent with the chief operating decision maker's assessment of segment performance.
+Added: The use of segment operating income is consistent with the CODM's assessment of segment performance.
To aid in the understanding of segment performance as it relates to segment operating income, management uses the following operating statistics to evaluate the overall effectiveness of our segments.
10 unchanged sentences
Wireless retail prepaid connections are calculated by adding retail prepaid new connections in the period to prior period retail prepaid connections, and subtracting retail prepaid disconnects in the period.
+Added: Wireless retail core prepaid connections are wireless retail prepaid customer device connections, excluding our SafeLink brand, as of the end of the period.
+Added: Retail core prepaid connections may include those from phones, prepaid FWA, as well as tablets and other internet devices, and wearables.
+Added: Wireless retail core prepaid connections are calculated by adding retail core prepaid new connections in the period to prior period retail core prepaid connections, and subtracting retail core prepaid disconnects in the period.
Fios internet connections are the total number of connections to the internet using Fios internet services as of the end of the period.
3 unchanged sentences
Fios video net additions are calculated by subtracting the Fios video disconnects from the Fios video new connections.
−Removed: Total broadband connections are the total number of connections to the internet using Fios internet services, Digital Subscriber Line, and postpaid, prepaid and IoT FWA as of the end of the period.
+Added: Total broadband connections are the total number of connections to the internet using Fios internet services, Digital Subscriber Line (DSL), and postpaid, prepaid and IoT FWA as of the end of the period.
Total broadband connections are calculated by adding total broadband connections, net additions in the period to prior period total broadband connections.
+Added: FWA broadband connections are the total number of postpaid and prepaid connections to the internet through our 5G or 4G LTE wireless networks as of the end of the period.
+Added: FWA broadband connections are calculated by adding FWA broadband connections, net additions in the period to prior period FWA broadband connections.
+Added: Wireline broadband connections are the total number of connections to the internet using DSL and Fios internet services as of the end of the period.
+Added: Wireline broadband connections are calculated by adding wireline broadband connections, net additions in the period to prior period wireline broadband connections.
Wireless retail connections, net addition s are the total number of additional retail customer device postpaid and prepaid connections, less the number of device disconnects in the period.
4 unchanged sentences
Wireless retail prepaid connections, net additions in each period presented are calculated by subtracting the retail prepaid disconnects, net of certain adjustments, from the retail prepaid new connections in the period.
+Added: Wireless retail core prepaid connections, net additions are the total number of additional retail customer device core prepaid connections, less the number of device disconnects in the period.
+Added: Wireless retail core prepaid connections, net additions in each period presented are calculated by subtracting the retail core prepaid disconnects, net of certain adjustments, from the retail core prepaid new connections in the period.
Wireless retail postpaid phone connections, net additions are the total number of additional retail customer postpaid phone connections, less the number of phone disconnects in the period.
2 unchanged sentences
Total broadband connections, net additions in each period presented are calculated by subtracting the total broadband disconnects, net of certain adjustments, from the total broadband new connections in the period.
+Added: FWA broadband connections , net additions are the total number of additional FWA broadband connections, less the number of FWA broadband disconnects in the period.
+Added: FWA broadband connections, net additions in each period presented are calculated by subtracting the FWA broadband disconnects, net of certain adjustments, from the FWA broadband new connections in the period.
+Added: Wireline broadband connections, net additions are the total number of additional wireline broadband connections, less the number of wireline broadband disconnects in the period.
+Added: Wireline broadband connections, net additions in each period presented
+Added: are calculated by subtracting the wireline broadband disconnects, net of certain adjustments, from the wireline broadband new connections in the period.
Wireless churn is the rate at which service to retail, retail postpaid, or retail postpaid phone connections is terminated on average in the period.
1 unchanged sentence
Wireless retail postpaid ARPA is the calculated average retail postpaid service revenue per account (ARPA) from retail postpaid accounts in the period.
−Removed: Wireless retail postpaid service revenue does not include recurring device payment plan billings related to the Verizon device payment program, plan billings related to device warranty and insurance or regulatory fees.
+Added: Wireless retail postpaid service revenue does not include recurring device payment plan billings related to the Verizon device payment program, insurance or regulatory fees.
Wireless retail postpaid ARPA in each period presented is calculated by dividing retail postpaid service revenue by the average retail postpaid accounts in the period.
19 unchanged sentences
Operating Revenues and Selected Operating Statistics
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions, except ARPA) 2024 2023 (Decrease) 2024 2023 (Decrease)
−Removed: Service $ 19,260 $ 18,850 $ 410 2.2% $ 57,466 $ 55,947 $ 1,519 2.7%
+Added: Three Months Ended
+Added: March 31, Increase/
+Added: (dollars in millions, except ARPA) 2025 2024 (Decrease)
+Added: $ 20,066 $ 19,624 $ 442 2.3%
Wireless equipment 4,532 4,490 42 0.9
−Removed: Other 1,622 1,505 117 7.8 4,767 4,515 252 5.6
+Added: 1,020 943 77 8.2
Total Operating Revenues $ 25,618 $ 25,057 $ 561 2.2
1 unchanged sentence
Wireless service revenue (1)
+Added: $ 17,199 $ 16,760 $ 439 2.6
Fios revenue $ 2,896 $ 2,896 $ — —
Connections (‘000):
+Added: Wireless retail
+Added: 115,084 114,809 275 0.2
Wireless retail postpaid
94,854 93,905 949 1.0
−Removed: Wireless retail prepaid 20,206 21,420 (1,214) (5.7)
−Removed: Total wireless retail 114,211 114,124 87 0.1
+Added: Wireless retail core prepaid (3)
+Added: 18,977 18,717 260 1.4
Fios internet 7,176 7,025 151 2.1
Fios video 2,626 2,883 (257) (8.9)
+Added: FWA broadband 2,914 2,070 844 40.8
+Added: Wireline broadband 7,330 7,227 103 1.4
Total broadband 10,244 9,297 947 10.2
Net Additions in Period (‘000):
−Removed: Wireless retail postpaid 68 251 (183) (72.9) 215 876 (661) (75.5)
−Removed: Wireless retail prepaid (69) (207) 138 66.7 (909) (862) (47) (5.5)
−Removed: Total wireless retail (1) 44 (45) nm (694) 14 (708) nm
+Added: Total wireless retail (159) (141) (18) (12.8)
+Added: Wireless retail postpaid (253) 75 (328) nm
Wireless retail postpaid phone (356) (194) (162) (83.5)
+Added: Wireless retail core prepaid (3)
137 (131) 268 nm
+Added: FWA broadband 199 203 (4) (2.0)
+Added: Wireline broadband 31 36 (5) (13.9)
Total broadband 230 239 (9) (3.8)
4 unchanged sentences
Wireless retail postpaid ARPA (1)
+Added: $ 146.46 $ 141.31 $ 5.15 3.6
Wireless retail postpaid accounts (‘000) (2)
2 unchanged sentences
2.91 2.86 0.05 1.7
+Added: (1) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025.
(2) As of end of period.
−Removed: Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
+Added: (3) Represents total prepaid results excluding our SafeLink brand.
+Added: Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
+Added: Where applicable, historical results have been recast to conform to the current period presentation.
nm - not meaningful
−Removed: Consumer's total operating revenues increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 as a result of increases in Service and Other revenues, partially offset by a decrease in Wireless equipment revenue.
+Added: Consumer's total operating revenues increased during the three months ended March 31, 2025 compared to the similar period in 2024 as a result of increases in Service, Wireless equipment and Other revenues.
Service Revenue
−Removed: Service revenue increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 primarily driven by an increase in Wireless service revenue.
−Removed: Wireless service revenue increased during the three months ended September 30, 2024 compared to the similar period in 2023 primarily as a result of:
−Removed: • an increase of $347 million in access revenues related to our postpaid plans primarily due to pricing actions, an increase in subscriptions through MyPlan offerings, and an increase in our FWA subscriber base.
−Removed: These increases were partially offset by the amortization of wireless equipment sales promotions;
−Removed: • an increase of $145 million related to growth in non-retail service revenue;
−Removed: • an increase of $86 million in TravelPass revenue due to increased customer international travel;
−Removed: • a decrease of $191 million in prepaid revenue primarily due to a decrease in the prepaid subscriber base partially driven by the termination of the Affordable Connectivity Program in the second quarter of 2024.
−Removed: Wireless service revenue increased during the nine months ended September 30, 2024 compared to the similar period in 2023 primarily as a result of:
−Removed: • an increase of $1.3 billion in access revenues related to our postpaid plans primarily due to pricing actions, an increase in our FWA subscriber base, and an increase in subscriptions through MyPlan offerings.
+Added: Service revenue increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily driven by an increase in Wireless service revenue.
+Added: Wireless service revenue increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily as a result of:
+Added: • an increase of $407 million in postpaid revenue primarily related to pricing actions, higher adoption of perks and premium MyPlan offerings, and a 41% increase in our FWA subscriber base.
These increases were partially offset by the amortization of wireless equipment sales promotions;
• an increase of $143 million related to growth in non-retail service revenue;
−Removed: • an increase of $194 million in TravelPass revenue due to increased customer international travel;
−Removed: • a decrease of $460 million in prepaid revenue primarily due to a decrease in the prepaid subscriber base partially driven by the termination of the Affordable Connectivity Program in the second quarter of 2024.
+Added: • a decrease of $112 million primarily driven by the termination of the Affordable Connectivity Program in the second quarter of 2024, partially offset by an increase in the core prepaid subscriber base.
Wireless Equipment Revenue
−Removed: Wireless equipment revenue decreased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The decrease during the three months ended September 30, 2024 was primarily due to a decrease of $362 million driven by a lower volume of wireless devices sold.
−Removed: The decrease during the nine months ended September 30, 2024 was primarily the result of:
−Removed: • a decrease of $1.7 billion driven by a lower volume of wireless devices sold;
−Removed: • an increase of $738 million related to a shift to higher priced equipment in the mix of wireless devices sold.
+Added: Wireless equipment revenue remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.
Other Revenue
−Removed: Other revenue includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, revenues associated with certain products included in our device protection offerings, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
−Removed: Other revenue increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 primarily due to:
−Removed: • an increase of $73 million and $152 million for the three and nine months, respectively, driven by regulatory surcharges, primarily related to a higher net FUSF rate, along with an increase in other regulatory surcharges;
−Removed: • an increase of $32 million and $93 million for the three and nine months, respectively, related to device protection offerings primarily due to changes in the products offered and pricing actions.
+Added: Other revenue includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
+Added: Other revenue increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to an increase of $53 million driven by regulatory surcharges primarily related to a higher net Federal Universal Service Fund rate.
Operating Expenses
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions) 2024 2023 (Decrease) 2024 2023 (Decrease)
+Added: Three Months Ended
+Added: (dollars in millions) 2025 2024 Increase
Cost of services $ 4,574 $ 4,537 $ 37 0.8 %
4 unchanged sentences
Cost of Services
−Removed: Cost of services increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The increase during the three months ended September 30, 2024 was primarily due to:
−Removed: • an increase of $83 million in rent and lease expense primarily driven by new leases and lease modifications related to the continued deployment of the C-Band spectrum and Consumer's proportionate usage of shared leased assets;
−Removed: • an increase of $51 million in regulatory costs primarily related to a higher net FUSF rate.
−Removed: The increase during the nine months ended September 30, 2024 was primarily the result of:
−Removed: • an increase of $199 million in rent and lease expense primarily driven by new leases and lease modifications related to the continued deployment of the C-Band spectrum and Consumer's proportionate usage of shared leased assets;
−Removed: • an increase of $120 million in personnel costs mainly driven by certain other post-employment benefit credits in 2023 that did not reoccur in 2024;
−Removed: • an increase of $101 million in digital content costs primarily associated with an increase in subscriptions through MyPlan offerings, partially offset by a decrease in traditional linear content costs due to a decline in Fios video subscribers;
−Removed: • an increase of $84 million in regulatory costs primarily related to a higher net FUSF rate;
−Removed: • a decrease of $178 million in access costs primarily as a result of decreases in prepaid subscribers, circuit disconnections and pricing changes.
+Added: Cost of services remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.
Cost of Wireless Equipment
−Removed: Cost of wireless equipment decreased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 primarily as a result of:
−Removed: • a decrease of $434 million and $1.8 billion for the three and nine months, respectively, driven by a lower volume of wireless devices sold;
−Removed: • an increase of $151 million and $927 million for the three and nine months, respectively, due to a shift to higher priced equipment in the mix of wireless devices sold.
+Added: Cost of wireless equipment increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to:
+Added: • an increase of $148 million due to a shift to higher priced equipment in the mix of wireless devices sold;
+Added: • an increase of $14 million driven by a higher volume of wireless devices sold.
Selling, General and Administrative Expense
−Removed: Selling, general and administrative expense remained relatively flat for the three months ended September 30, 2024 and increased during the nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The increase during the nine months ended September 30, 2024 was primarily due to:
−Removed: • an increase of $84 million in personnel costs mainly driven by a prior year compensation plan assumption change that did not reoccur and increased sales commission expense, partially offset by the impacts of workforce changes;
−Removed: • an increase of $71 million in the provision for credit losses resulting from additional bad debt reserves;
−Removed: • an increase of $66 million in building and facility costs primarily due to higher utility rates;
−Removed: • an increase of $65 million in regulatory fees mainly driven by an increase in rates.
+Added: Selling, general and administrative expense increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to an increase of $66 million in advertising costs related to various marketing campaigns in the first quarter of 2025.
Depreciation and Amortization Expense
−Removed: Depreciation and amortization expense increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 driven by the change in the mix of total Verizon depreciable and amortizable assets and Consumer's usage of those assets.
+Added: Depreciation and amortization expense increased during the three months ended March 31, 2025 compared to the similar period in 2024 driven by the change in the mix of total Verizon depreciable and amortizable assets and Consumer's usage of those assets.
Segment Operating Income and EBITDA
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(dollars in millions) 2025 2024 Increase
−Removed: 2024 2023 Increase
Segment Operating Income $ 7,424 $ 7,372 $ 52 0.7 %
3 unchanged sentences
Segment EBITDA margin 42.8 % 42.6 %
−Removed: The changes in the table above during the three and nine months ended September 30, 2024 compared to the similar periods in 2023 were primarily a result of the factors described in connection with Consumer operating revenues and operating expenses.
+Added: The changes in the table above during the three months ended March 31, 2025 compared to the similar period in 2024 were primarily a result of the factors described in connection with Consumer operating revenues and operating expenses.
Verizon Business Group
−Removed: 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 IoT services and products.
−Removed: We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S.
+Added: 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 IoT services and products.
+Added: 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.
2 unchanged sentences
Operating Revenues and Selected Operating Statistics
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions) 2024 2023 (Decrease) 2024 2023 (Decrease)
+Added: Three Months Ended
+Added: March 31, Increase/
+Added: (dollars in millions) 2025 2024 (Decrease)
Enterprise and Public Sector $ 3,457 $ 3,587 $ (130) (3.6) %
6 unchanged sentences
Wireless service revenue (2)
+Added: $ 3,565 $ 3,467 $ 98 2.8
Fios revenue $ 310 $ 311 $ (1) (0.3)
3 unchanged sentences
Fios video 52 59 (7) (11.9)
+Added: FWA broadband 1,931 1,358 573 42.2
+Added: Wireline broadband 459 458 1 0.2
Total broadband 2,390 1,816 574 31.6
3 unchanged sentences
67 80 (13) (16.3)
+Added: FWA broadband 109 151 (42) (27.8)
+Added: Wireline broadband — (1) 1 nm
Total broadband 109 150 (41) (27.3)
2 unchanged sentences
1.15 % 1.13 %
−Removed: (1) Service and other revenues included in our Business segment were approximately $6.5 billion and $6.6 billion for the three months ended September 30, 2024 and 2023, respectively, and $19.4 billion and $19.9 billion for the nine months ended September 30, 2024 and 2023, respectively.
−Removed: Wireless equipment revenues included in our Business segment were $865 million and $911 million for the three months ended September 30, 2024 and 2023, respectively, and $2.6 billion for both the nine months ended September 30, 2024 and 2023.
+Added: (1) Service and other revenues included in our Business segment were approximately $6.4 billion and $6.5 billion for the three months ended March 31, 2025 and 2024, respectively.
+Added: Wireless equipment revenues included in our Business segment were $866 million and $871 million for the three months ended March 31, 2025 and 2024, respectively.
+Added: (2) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025.
(3) As of end of period.
−Removed: Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
−Removed: Business's total operating revenues decreased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 as a result of decreases in Enterprise and Public Sector and Wholesale revenues, partially offset by an increase in Business Markets and Other revenue.
+Added: Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
+Added: Where applicable, historical results have been recast to conform to the current period presentation.
+Added: nm - not meaningful
+Added: Business's total operating revenues decreased during the three months ended March 31, 2025 compared to the similar period in 2024 as a result of decreases in Enterprise and Public Sector and Wholesale revenues, partially offset by an increase in Business Markets and Other revenue.
Enterprise and Public Sector
−Removed: Enterprise and Public Sector offers wireless products and services as well as wireline connectivity and managed solutions to our large business and government customers.
+Added: Enterprise and Public Sector offers wireless products and services as well as wireline connectivity such as broadband and managed solutions to our large business and private sector customers.
Large businesses are identified based on their size and volume of business with Verizon.
−Removed: Public sector offers these services with features and pricing designed to address the needs of U.S.
+Added: Public sector customers include U.S.
federal, state and local governments and educational institutions.
−Removed: Enterprise and Public Sector revenues decreased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 primarily due to a decrease of $207 million and $556 million, respectively, in wireline revenue primarily driven by declines in networking, traditional data and voice communication services along with related professional services, due to secular market pressure and technology shifts, coupled with lower customer premise equipment sales volumes.
+Added: Our offerings to this customer group include plans with features and pricing designed to address their specific needs.
+Added: Enterprise and Public Sector revenues decreased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to a decrease of $119 million in wireline revenue primarily driven by declines in networking, traditional data
+Added: and voice communication services along with related professional services, due to secular market pressure and technology shifts, coupled with lower customer premise equipment sales volumes.
Business Markets and Other
−Removed: 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 our business customers that ordinarily do not meet the requirements to be categorized as Enterprise and Public Sector, as described above.
+Added: 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.
−Removed: Business Markets and Other revenues increased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The increase during the three months ended September 30, 2024 was primarily due to an increase of $130 million in Wireless service revenue driven by pricing actions and an increase in our FWA subscriber base.
−Removed: The increase during the nine months ended September 30, 2024 was primarily the result of:
−Removed: • an increase of $353 million in Wireless service revenue driven by pricing actions and an increase in our FWA subscriber base;
−Removed: • a decrease of $69 million in connection with the shutdown of our BlueJeans business offering in 2023 and a decline in core voice communication revenues.
+Added: Business Markets and Other revenues increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to an increase of $129 million in Wireless service revenue driven by pricing actions and an increase in our FWA subscriber base partially offset by the amortization of wireless equipment sales promotions.
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.
−Removed: Wholesale revenues remained relatively flat during the three months ended September 30, 2024 and decreased during the nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The decrease during the nine months ended September 30, 2024 was primarily due to a decline of $53 million in traditional voice communication and network connectivity as a result of technology substitution, as well as a decrease in core data.
+Added: Wholesale revenues decreased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to a decrease of $79 million related to declines in traditional data and voice communication services and network connectivity as a result of technology substitution.
Operating Expenses
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions) 2024 2023 Decrease 2024 2023 (Decrease)
+Added: Three Months Ended
+Added: March 31, Increase/
+Added: (dollars in millions) 2025 2024 Decrease
Cost of services $ 2,376 $ 2,432 $ (56) (2.3) %
4 unchanged sentences
Cost of Services
−Removed: Cost of services decreased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The decrease during the three months ended September 30, 2024 was primarily due to:
−Removed: • a decrease of $37 million in access costs primarily related to changes in usage and net circuit access prices;
−Removed: • a decrease of $27 million in rent and lease expense primarily driven by a change in Business's proportionate usage of shared leased assets.
−Removed: The decrease during the nine months ended September 30, 2024 was primarily due to:
−Removed: • a decrease of $83 million in personnel costs related to the impact of workforce changes, partially offset by certain other post-employment benefit credits in 2023 that did not reoccur in 2024;
+Added: Cost of services decreased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily as a result of:
• a decrease of $25 million in customer premise equipment costs due to lower volumes sold;
−Removed: • a decrease of $66 million in rent and lease expense primarily driven by a change in Business's proportionate usage of shared leased assets;
−Removed: • a decrease of $66 million in access costs primarily related to changes in usage and net circuit access prices.
+Added: • a decrease of $15 million in rent and lease expense primarily driven by a change in Business's proportionate usage of shared leased assets and new lease activity.
Cost of Wireless Equipment
−Removed: Cost of wireless equipment decreased during both the three and nine months ended September 30, 2024 compared to the similar periods in 2023 primarily as a result of:
−Removed: • a decrease of $114 million and $321 million for the three and nine months, respectively, driven by a lower volume of wireless devices sold;
−Removed: • an increase of $91 million and $202 million for the three and nine months, respectively, due to a shift to higher priced equipment in the mix of wireless devices sold.
+Added: Cost of wireless equipment remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.
Selling, General and Administrative Expense
−Removed: Selling, general and administrative expense remained relatively flat during the three months ended September 30, 2024 and increased during the nine months ended September 30, 2024 compared to the similar periods in 2023.
−Removed: The increase during the nine months ended September 30, 2024 was primarily the result of:
−Removed: • an increase of $260 million in personnel costs primarily related to an increase in costs associated with the transition to third-party contracted resources along with the impacts of a prior year compensation plan assumption change that did not reoccur;
−Removed: • a decrease of $53 million in the provision for credit losses resulting from a reduction in bad debt reserves.
+Added: Selling, general and administrative expense decreased during the three months compared to the similar period in 2024 primarily due to a decrease of $144 million in personnel costs related to the impact of workforce changes primarily due to the voluntary separation program that was announced in June of 2024 and completed in March of 2025.
Depreciation and Amortization Expense
−Removed: Depreciation and amortization expense decreased during the three and nine months ended September 30, 2024 compared to the similar periods in 2023 driven by the change in the mix of total Verizon depreciable and amortizable assets and Business's usage of those assets.
+Added: Depreciation and amortization expense decreased during the three months ended March 31, 2025 compared to the similar period in 2024 driven by the change in the mix of total Verizon depreciable and amortizable assets and Business's usage of those assets.
Segment Operating Income and EBITDA
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30,
+Added: Three Months Ended
+Added: March 31, Increase/
(dollars in millions) 2025 2024 Decrease
−Removed: 2024 2023 Decrease
Segment Operating Income $ 664 $ 399 $ 265 66.4 %
3 unchanged sentences
Segment EBITDA margin 23.1 % 20.7 %
−Removed: The changes in the table above during the three and nine months ended September 30, 2024 compared to the similar periods in 2023 were primarily a result of the factors described in connection with Business operating revenues and operating expenses.
+Added: The changes in the table above during the three months ended March 31, 2025 compared to the similar period in 2024 were primarily a result of the factors described in connection with Business operating revenues and operating expenses.
Special Items
Special items included in Income Before Provision For Income Taxes were as follows:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(dollars in millions) 2025 2024
1 unchanged sentence
Depreciation and amortization expense $ 190 $ 221
−Removed: Severance, pension and benefits charges
−Removed: Selling, general and administrative expense 1,733 — 1,733 237
−Removed: Other (income) expense, net — — 136 —
−Removed: Asset and business rationalization
−Removed: Cost of Services
−Removed: Selling, general and administrative expense
−Removed: 185 — 185 141
Legacy legal matter
Selling, general and administrative expense
−Removed: Business transformation costs
−Removed: Cost of services — 15 — 15
−Removed: Selling, general and administrative expense — 161 — 161
−Removed: Non-strategic business shutdown
−Removed: Depreciation and amortization expense — 21 — 21
−Removed: Cost of services — 45 — 45
−Removed: Selling, general and administrative expense — 113 — 113
Total $ 190 $ 327
2 unchanged sentences
The income and expenses related to special items included in our condensed consolidated results of operations were as follows:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(dollars in millions) 2025 2024
Within Total Operating Expenses $ 190 $ 327
−Removed: Within Other (income) expense, net — — 136 —
Total $ 190 $ 327
Amortization of Acquisition-Related Intangible Assets
−Removed: During the three and nine months ended September 30, 2024, we recorded pre-tax amortization expense of $186 million and $626 million, respectively, related to acquired intangible assets.
−Removed: During the three and nine months ended September 30, 2023, we recorded pre-tax amortization expense of $224 million and $638 million, respectively, related to the acquired intangible assets.
−Removed: Severance, Pension and Benefits Charges
−Removed: During both the three and nine months ended September 30, 2024, we recorded pre-tax severance charges of $1.7 billion related to separations under our voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives.
−Removed: During the nine months ended September 30, 2024, we recorded a net pre-tax remeasurement loss of $136 million in our pension plans triggered by settlements.
−Removed: The remeasurement loss was primarily driven by a $245 million charge resulting from the difference between our estimated and actual return on assets, partially offset by a credit of $109 million due to changes in our discount rate assumption used to determine the current year liabilities of our pension plans.
−Removed: During the nine months ended September 30, 2023, we recorded pre-tax severance charges of $237 million related to involuntary separations under our existing plans.
−Removed: See Note 8 to the condensed consolidated financial statements for additional information.
−Removed: Asset and Business Rationalization
−Removed: During both the three and nine months ended September 30, 2024, we recorded a pre-tax asset and business rationalization charge of $374 million predominately related to the decision to cease use of certain real estate assets and exit non-strategic portions of certain businesses as part of our continued transformation initiatives.
−Removed: During the nine months ended September 30, 2023, we recorded a pre-tax asset rationalization charge of $155 million driven by certain real estate and non-strategic assets that we made a decision to cease use of as part of our transformation initiatives.
+Added: During the three months ended March 31, 2025 and 2024, we recorded pre-tax amortization expense of $190 million and $221 million, respectively, related to acquired intangible assets.
Legacy Legal Matter
−Removed: During the nine months ended September 30, 2024, we recorded a pre-tax charge of $106 million associated with a litigation matter related to a legacy contract for the production of telephone directories in Costa Rica by a subsidiary of the Company.
−Removed: Business Transformation Costs
−Removed: During both the three and nine months ended September 30, 2023, we recorded pre-tax charges of $176 million primarily related to costs incurred in connection with strategic partnership initiatives in our managed network support services for certain Business customers.
−Removed: Non-Strategic Business Shutdown
−Removed: During both the three and nine months ended September 30, 2023, we recorded pre-tax charges of $179 million related to the shutdown of our BlueJeans business offering.
+Added: During the three months ended March 31, 2024, we recorded a pre-tax charge of $106 million associated with a litigation matter related to a legacy contract for the production of telephone directories in Costa Rica by a subsidiary of the Company.
Consolidated Financial Condition
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended
(dollars in millions) 2025 2024 Change
6 unchanged sentences
(5,893) (1,428) (4,465)
−Removed: Increase in cash, cash equivalents and restricted cash $ 1,890 $ 1,549 $ 341
+Added: Increase (decrease) in cash, cash equivalents and restricted cash $ (1,863) $ 411 $ (2,274)
We use the net cash generated from our operations to invest in new businesses and spectrum, fund expansion and modernization of our networks, pay dividends, service and repay external financing and, when appropriate, buy back shares of our outstanding common stock.
9 unchanged sentences
Our primary source of funds continues to be cash generated from operations.
−Removed: Net cash provided by operating activities decreased $2.3 billion during the nine months ended September 30, 2024 compared to the similar period in 2023 primarily due to higher cash income taxes paid, higher interest expense due to decreases in capitalized interest costs and higher average interest rates, and changes in working capital primarily related to timing.
−Removed: As a result of the prior year discretionary contribution to one of our qualified pension plans and the additional $365 million contribution made in 2024, we expect that there will be no required pension funding through the end of 2024, subject to changes in market conditions.
+Added: Net cash provided by operating activities increased $698 million during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to an increase in earnings and discretionary pension plan contributions of $365 million made during the three months ended March 31, 2024 that did not reoccur.
+Added: As a result of the prior year discretionary contributions to our qualified pension plans and the additional non-cash contribution made in April 2025 in the principal amount of $563 million, we expect that there will be no required pension funding through the end of 2025, subject to changes in market conditions.
Cash Flows Used In Investing Activities
1 unchanged sentence
Capital expenditures continue to relate primarily to the use of capital resources to enhance the operating efficiency and productivity of our networks, maintain our existing infrastructure, facilitate the introduction of new products and services and enhance responsiveness to competitive challenges.
−Removed: Capital expenditures, including capitalized software, for the nine months ended September 30, 2024 and 2023 were $12.0 billion and $14.2 billion, respectively.
−Removed: Capital expenditures decreased approximately $2.1 billion during the nine months ended September 30, 2024 compared to the similar period in 2023 primarily due to the completion of our accelerated $10 billion capital program related to our C-Band deployment in the first half of 2023.
+Added: Capital expenditures, including capitalized software, for the three months ended March 31, 2025 and 2024 were $4.1 billion and $4.4 billion, respectively.
+Added: Capital expenditures decreased approximately $231 million during the three months ended March 31, 2025 compared to the similar period in 2024.
Acquisitions of Wireless Licenses
−Removed: During the nine months ended September 30, 2024 and 2023, we made payments of $269 million and $578 million, respectively, for obligations related to clearing costs and accelerated clearing incentives associated with Auction 107.
−Removed: During the nine months ended September 30, 2024 and 2023, we recorded capitalized interest related to wireless licenses of $485 million and $1.2 billion, respectively.
−Removed: Collateral Receipts (Payments) Related to Derivative Contracts, Net
−Removed: During the nine months ended September 30, 2024, we made collateral payments of $332 million related to derivative contracts, net of receipts.
−Removed: During the nine months ended September 30, 2023, we received a return of collateral posted of $162 million related to derivative contracts, net of payments.
−Removed: See Note 7 to the condensed consolidated financial statements for additional information.
+Added: During the three months ended March 31, 2025 and 2024, we recorded capitalized interest related to wireless licenses of $122 million and $180 million, respectively.
+Added: During the three months ended March 31, 2024, we made payments of $269 million for obligations related to clearing costs and accelerated clearing incentives associated with Auction 107.
Cash Flows Used In Financing Activities
We seek to maintain a mix of fixed and variable rate debt to lower borrowing costs within reasonable risk parameters and to protect against earnings and cash flow volatility resulting from changes in market conditions.
−Removed: During the nine months ended September 30, 2024, net cash used in financing activities was $11.5 billion.
−Removed: During the nine months ended September 30, 2023, net cash used in financing activities was $11.6 billion.
−Removed: During the nine months ended September 30, 2024, our net cash used in financing activities was primarily driven by cash dividends paid of $8.4 billion, repayments and repurchases of long-term borrowings and finance lease obligations of $6.6 billion and repayments of asset-backed long-term borrowings of $6.2 billion.
−Removed: These payments were partially offset by proceeds from asset-backed long-term borrowings of $8.2 billion and proceeds from long-term borrowings of $3.1 billion.
−Removed: At September 30, 2024, our total debt of $150.6 billion included unsecured debt of $126.4 billion and secured debt of $24.3 billion.
+Added: During the three months ended March 31, 2025, net cash used in financing activities was $5.9 billion.
+Added: During the three months ended March 31, 2024, net cash used in financing activities was $1.4 billion.
+Added: During the three months ended March 31, 2025, our net cash used in financing activities was primarily driven by cash dividends paid of $2.9 billion, repayments of asset-backed long-term borrowings of $2.6 billion and repayments and repurchases of long-term borrowings and finance lease obligations of $2.4 billion.
+Added: These payments were partially offset by proceeds from asset-backed long-term borrowings of $2.8 billion.
+Added: At March 31, 2025, our total debt of $143.6 billion included unsecured debt of $117.3 billion and secured debt of $26.3 billion.
At December 31, 2024, our total debt of $144.0 billion included unsecured debt of $117.9 billion and secured debt of $26.1 billion.
−Removed: During the nine months ended September 30, 2024 and 2023, our effective interest rate was 5.1% and 4.8%, respectively.
+Added: During the three months ended March 31, 2025 and 2024, our effective interest rate was 5.1% and 5.0%, respectively.
See Note 5 to the condensed consolidated financial statements for additional information regarding our debt activity, which excludes the impact from mark-to-market adjustments on foreign currency denominated debt.
7 unchanged sentences
Long-Term Credit Facilities
−Removed: At September 30, 2024
+Added: At March 31, 2025
(dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding
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The revolving credit facility provides for the issuance of letters of credit.
−Removed: As of September 30, 2024 , there have been no drawings against the revolving credit facility since its inception.
−Removed: (2) During the nine months ended September 30, 2024, there were no drawings from these facilities.
−Removed: During the nine months ended September 30, 2023, we drew down $1.0 billion from these facilities.
+Added: As of March 31, 2025 , there have been no drawings against the revolving credit facility since its inception.
+Added: (2) During the three months ended March 31, 2025 and 2024, there were no drawings from these facilities.
Borrowings under certain of these facilities are repaid semi-annually in equal installments up to the applicable maturity dates.
1 unchanged sentence
Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.
−Removed: In March 2024, we amended our $9.5 billion revolving credit facility to increase the capacity to $12.0 billion and extended its maturity to 2028.
−Removed: Other, net financing activities during the nine months ended September 30, 2024 includes $413 million in payments related to vendor financing arrangements, $309 million in equity distribution payments made for controlled entities, $266 million in cash consideration payments to acquire additional interest in certain controlled entities, $243 million in payments for settlement of cross currency swaps and $234 million in payments made under the sublease arrangement for our cell towers.
+Added: Other, net cash flow from financing activities during the three months ended March 31, 2025 includes $288 million in payments related to vendor financing arrangements, $159 million in payments related to withheld employee shares tax and $128 million in equity distribution payments made for controlled entities.
As in prior periods, dividend payments were a significant use of capital resources.
−Removed: We paid $8.4 billion and $8.2 billion in cash dividends during the nine months ended September 30, 2024 and 2023, respectively.
+Added: We paid $2.9 billion and $2.8 billion in cash dividends during the three months ended March 31, 2025 and 2024, respectively.
Our credit agreements contain covenants that are typical for large, investment grade companies.
2 unchanged sentences
Change In Cash, Cash Equivalents and Restricted Cash
−Removed: Our Cash and cash equivalents at September 30, 2024 totaled $5.0 billion, a $2.9 billion increase compared to December 31, 2023, primarily as a result of the factors discussed above.
−Removed: Restricted cash totaled $400 million and $1.4 billion as of September 30, 2024 and December 31, 2023, respectively, primarily related to cash collections on certain receivables and on the underlying receivables related to the participation interest that are required at certain specified times to be placed into segregated accounts.
−Removed: The decrease of $1.0 billion in restricted cash was primarily due to a change in the timing on when cash collections on certain receivables collateralizing our asset-backed debt securities are required to be placed into segregated accounts.
+Added: Our Cash and cash equivalents at March 31, 2025 totaled $2.3 billion, a $1.9 billion decrease compared to December 31, 2024, primarily as a result of the factors discussed above.
+Added: Restricted cash totaled $465 million and $441 million as of March 31, 2025 and December 31, 2024, respectively, primarily related to cash collections on certain receivables and on the underlying receivables related to the participation interest that are required at certain specified times to be placed into segregated accounts.
Free Cash Flow
1 unchanged sentence
Free cash flow is calculated by subtracting capital expenditures (including capitalized software) from net cash provided by operating activities.
−Removed: We believe it is a more conservative measure of cash flow since capital expenditures are necessary for ongoing operations.
+Added: We believe it is a more conservative
+Added: measure of cash flow since capital expenditures are necessary for ongoing operations.
Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures.
2 unchanged sentences
The following table reconciles net cash provided by operating activities to free cash flow:
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended
(dollars in millions) 2025 2024 Change
2 unchanged sentences
Free cash flow $ 3,637 $ 2,708 $ 929
−Removed: The decrease in free cash flow during the nine months ended September 30, 2024 compared to the similar period in 2023 is a reflection of the decrease in operating cash flows, partially offset by the decrease in capital expenditures, both of which are discussed above.
+Added: The increase in free cash flow during the three months ended March 31, 2025 compared to the similar period in 2024 is a reflection of the increase in operating cash flows, as well as the decrease in capital expenditures, both of which are discussed above.
Other Future Obligations
−Removed: As of September 30, 2024, Verizon had 28 renewable energy purchase agreements with third parties for a total of approximately 3.6 gigawatts of anticipated renewable energy capacity across multiple states.
+Added: As of March 31, 2025, Verizon had 28 renewable energy purchase agreements with third parties for a total of approximately 3.7 gigawatts of anticipated renewable energy capacity across multiple states.
See Note 12 to the condensed consolidated financial statements for additional information.
3 unchanged sentences
It is our general policy to enter into interest rate, foreign currency and other derivative transactions only to the extent necessary to achieve our desired objectives in optimizing exposure to various market risks.
−Removed: Our objectives include maintaining a mix of fixed and variable rate debt to lower borrowing costs within reasonable risk parameters and to protect against earnings and cash flow
−Removed: volatility resulting from changes in market conditions.
+Added: Our objectives include maintaining a mix of fixed and variable rate debt to lower borrowing costs within reasonable risk parameters and to protect against earnings and cash flow volatility resulting from changes in market conditions.
We do not hedge our market risk exposure in a manner that would completely eliminate the effect of changes in interest rates and foreign exchange rates on our earnings.
2 unchanged sentences
We do not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value.
−Removed: At September 30, 2024, we did not hold any collateral.
−Removed: At September 30, 2024, we posted $1.7 billion of collateral related to derivative contracts under collateral exchange agreements, which was recorded as Prepaid expenses and other in our condensed consolidated balance sheet.
+Added: At March 31, 2025, we did not hold any collateral.
+Added: At March 31, 2025, we posted $1.6 billion of collateral related to derivative contracts under collateral exchange agreements, which was recorded as Prepaid expenses and other in our condensed consolidated balance sheet.
At December 31, 2024, we did not hold any collateral.
−Removed: At December 31, 2023, we posted $1.4 billion of collateral related to derivative contracts under collateral exchange arrangements, which was recorded as Prepaid expenses and other in our condensed consolidated balance sheet.
+Added: At December 31, 2024, we posted $2.1 billion of collateral related to derivative contracts under collateral exchange agreements, which was recorded as Prepaid expenses and other in our condensed consolidated balance sheet.
While we may be exposed to credit losses due to the nonperformance of our counterparties, we consider the risk remote and do not expect that any such nonperformance would result in a significant effect on our results of operations or financial condition due to our diversified pool of counterparties.
2 unchanged sentences
We are exposed to changes in interest rates, primarily on our short-term debt and the portion of long-term debt that carries floating interest rates.
−Removed: As of September 30, 2024, approximately 77% of the aggregate principal amount of our total debt portfolio consisted of fixed-rate indebtedness, including the effect of interest rate swap agreements designated as hedges.
+Added: As of March 31, 2025, approximately 77% of the aggregate principal amount of our total debt portfolio consisted of fixed-rate indebtedness, including the effect of interest rate swap agreements designated as hedges.
The impact of a 100-basis-point change in interest rates affecting our floating rate debt would result in a change in annual interest expense, including our interest rate swap agreements that are designated as hedges, of approximately $342 million.
3 unchanged sentences
We principally receive fixed rates and pay variable rates, resulting in a net increase or decrease to Interest expense.
−Removed: These swaps are designated as fair value hedges and hedge against interest rate risk exposure of designated debt issuances.
−Removed: At September 30, 2024, the fair value of the liability of these contracts was $4.1 billion.
−Removed: At December 31, 2023, the fair value of the liability of these contracts was $4.5 billion.
−Removed: At September 30, 2024 and December 31, 2023, the total notional amount of the interest rate swaps was $24.8 billion and $26.1 billion, respectively.
+Added: These swaps are designated as fair value hedges
+Added: and hedge against interest rate risk exposure of designated debt issuances.
+Added: At March 31, 2025 and December 31, 2024, the fair value of the liability of these contracts was $4.8 billion and $5.3 billion, respectively.
+Added: At both March 31, 2025 and December 31, 2024, the total notional amount of the interest rate swaps was $24.0 billion.
Foreign Currency Risk
3 unchanged sentences
Gains and losses on foreign currency transactions are recorded in the condensed consolidated statements of income.
−Removed: At September 30, 2024, our primary translation exposure was to the British Pound Sterling, Euro, Australian Dollar and Swedish Krona.
+Added: At March 31, 2025, our primary translation exposure was to the British Pound Sterling, Euro, Australian Dollar and Swedish Krona.
Cross Currency Swaps
2 unchanged sentences
dollars, as well as to mitigate the impact of foreign currency transaction gains or losses.
−Removed: The fair value of the asset of these contracts was $776 million and $762 million at September 30, 2024 and December 31, 2023, respectively.
−Removed: At September 30, 2024 and December 31, 2023, the fair value of the liability of these contracts was $1.8 billion and $2.1 billion, respectively.
−Removed: At September 30, 2024 and December 31, 2023, the total notional amount of the cross currency swaps was $32.1 billion and $33.5 billion, respectively.
+Added: At March 31, 2025 and December 31, 2024, the fair value of the asset of these contracts was $528 million and $500 million, respectively.
+Added: At March 31, 2025 and December 31, 2024, the fair value of the liability of these contracts was $2.4 billion and $2.7 billion, respectively.
+Added: At March 31, 2025 and December 31, 2024, the total notional amount of the cross currency swaps was $31.7 billion and $32.1 billion, respectively.
Foreign Exchange Forwards
We also have foreign exchange forwards which we use as an economic hedge but for which we have elected not to apply hedge accounting.
−Removed: We enter into British Pound Sterling and Euro foreign exchange forwards to mitigate our foreign exchange rate risk related to non-functional currency denominated monetary assets and liabilities of international subsidiaries.
−Removed: At both September 30, 2024 and December 31, 2023, the fair value of the asset and liability of these contracts was insignificant.
−Removed: At September 30, 2024 and December 31, 2023, the total notional amount of the foreign exchange forwards was $620 million and $1.1 billion, respectively.
+Added: We entered into Euro foreign exchange forwards to mitigate our foreign exchange rate risk related to non-functional currency denominated monetary assets and liabilities of international subsidiaries.
+Added: At both March 31, 2025 and December 31, 2024, the fair value of the asset and liability of these contracts was insignificant.
+Added: At March 31, 2025 and December 31, 2024, the total notional amount of the foreign exchange forwards was $730 million and $620 million, respectively.
Acquisitions and Divestitures
4 unchanged sentences
In accordance with the rules applicable to the auction, Verizon is required to make payments for our allocable share of clearing costs incurred by, and incentive payments due to, the incumbent license holders associated with the auction, which are estimated to be $7.5 billion.
−Removed: During the nine months ended September 30, 2024 and September 30, 2023, we made payments of $269 million and $578 million, respectively, for obligations related to clearing costs and accelerated clearing incentives.
+Added: During the three months ended March 31, 2024, we made payments of $269 million for obligations related to clearing costs and accelerated clearing incentives.
The carrying value of the wireless spectrum won in Auction 107 consists of all payments required to participate and purchase licenses in the auction, including Verizon's allocable share of clearing costs incurred by, and incentive payments due to, the incumbent license holders associated with the auction that we are obligated to pay in order to acquire the licenses, as well as capitalized interest to the extent qualifying activities have occurred.
−Removed: See Note 3 to the condensed consolidated financial statements for additional information regarding our spectrum license transactions.
−Removed: TracFone Wireless, Inc.
−Removed: In November 2021, we completed the acquisition of TracFone Wireless, Inc.
−Removed: Verizon acquired all of TracFone's outstanding stock in exchange for approximately $3.5 billion in cash, net of cash acquired and working capital and other adjustments, 57,596,544 shares of common stock of the Company valued at approximately $3.0 billion, and up to an additional $650 million in future cash contingent consideration related to the achievement of certain performance measures and other commercial arrangements.
−Removed: The fair value of the common stock was determined on the basis of its closing market price on the Acquisition Date.
−Removed: The estimated fair value of the contingent consideration as of the Acquisition Date was approximately $560 million and represented a Level 3 measurement.
−Removed: The contingent consideration payable was based on the achievement of certain revenue and operational targets, measured over a two-year earn out period.
−Removed: Contingent consideration payments were completed in January of 2024.
−Removed: During the nine months ended September 30, 2024 and September 30, 2023, Verizon made payments of $52 million and $182 million, respectively, related to the contingent consideration, which are reflected in Cash flows from financing activities in our condensed consolidated statements of cash flows.
−Removed: See Note 3 and Note 7 to the condensed consolidated financial statements for additional information.
+Added: On October 17, 2024, Verizon entered into a license purchase agreement to acquire select spectrum licenses of United States Cellular Corporation and certain of its subsidiaries (UScellular) for total consideration of $1.0 billion, subject to certain potential adjustments.
+Added: The closing of this transaction is subject to the receipt of regulatory approvals and other closing conditions, including the consummation of UScellular's proposed sale of its wireless operations and select spectrum assets to T-Mobile US, Inc., and the termination of certain post-closing arrangements with respect to that sale.
Frontier Communications Parent, Inc.
2 unchanged sentences
The transaction is structured as a merger of the Company's subsidiary with and into Frontier, as a result of which Frontier will become a wholly owned subsidiary of the Company and shares of Frontier common stock outstanding immediately prior to the effective time of merger (subject to certain limited exceptions) will be cancelled and converted into the right to receive a per share merger consideration of $38.50, in cash.
−Removed: Consummation of the transaction is subject to approval by Frontier shareholders, receipt of certain regulatory approvals and other customary closing conditions.
+Added: In November 2024, Frontier shareholders approved the transaction.
+Added: Consummation of the transaction is subject to receipt of certain regulatory approvals and other customary closing conditions.
Under certain circumstances, if the Merger Agreement is terminated, Frontier may be required to pay Verizon a termination fee of $320 million.
Under certain other specified circumstances, Verizon may be required to pay Frontier a termination fee of $590 million.
−Removed: Other Factors That May Affect Future Results
−Removed: Regulatory Trends
−Removed: In April 2024, the FCC issued a final decision to regulate broadband services as common carrier services under Title II of the Communications Act of 1934, as amended, consistent with the proposal described in our Annual Report on Form 10-K for the year ended December 31, 2023.
−Removed: Industry groups have appealed this decision in federal court and the court has stayed the rules from going into effect pending its final decision.
−Removed: Except as disclosed herein, there have been no material changes to regulatory trends as previously disclosed in Part I, Item 1.
−Removed: "Business" in our Annual Report on Form 10-K for the year ended December 31, 2023.
Cautionary Statement Concerning Forward-Looking Statements
1 unchanged sentence
These statements are based on our estimates and assumptions and are subject to risks and uncertainties.
−Removed: Forward-looking statements include the information concerning our possible or assumed future results of operations.
+Added: Forward-looking statements include the information concerning our possible or assumed future
+Added: results of operations.
Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets" or similar expressions.
−Removed: For those statements,
−Removed: we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
+Added: For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law.
2 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;
−Removed: • failure to take advantage of, or respond to competitors' use of, developments in technology and address changes in consumer demand;
+Added: • 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;
−Removed: • cyber attacks impacting our networks or systems and any resulting financial or reputational impact;
+Added: • changes to international trade and tariff policies and related economic and other impacts;
+Added: • 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;
−Removed: • 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;
+Added: • 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;
−Removed: • changes in tax laws or regulations, or in their interpretation;
−Removed: or challenges to our tax positions, resulting in additional tax expense or liabilities;
+Added: • 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;
−Removed: • risks associated with mergers, acquisitions 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.
+Added: • 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.
Quantitative and Qualitative Disclosures About Market Risk
1 unchanged sentence
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.