What changed in this filing

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Item 1. Financial Statements

2025-07-25 compared with 2025-04-25 · 313 added, 138 removed, 805 unchanged (36% of the section changed)

3 unchanged sentences

and Subsidiaries

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(dollars in millions, except per share amounts) (unaudited) 2025 2024 2025 2024

3 unchanged sentences

Wireless equipment revenues

6,255 4,998 11,653 10,359

Total Operating Revenues 34,504 32,796 67,989 65,777

1 unchanged sentence

Cost of services (exclusive of items shown below)

6,878 6,904 13,828 13,871

Cost of wireless equipment

7,007 5,567 13,113 11,472

Selling, general and administrative expense

7,812 8,024 15,686 16,167

Depreciation and amortization expense

4,635 4,483 9,212 8,928

Total Operating Expenses 26,332 24,978 51,839 50,438

1 unchanged sentence

Equity in earnings (losses) of unconsolidated businesses ( 3 ) ( 14 ) 3 ( 23 )

Other income, net 121 198

Other income (expense), net 79 ( 72 ) 200 126

Interest expense ( 1,639 ) ( 1,698 ) ( 3,271 ) ( 3,333 )

15 unchanged sentences

and Subsidiaries

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(dollars in millions) (unaudited) 2025 2024 2025 2024

2 unchanged sentences

Foreign currency translation adjustments, net of tax of $ 18 , $( 1 ), $ 27 and $( 6 )

Unrealized gain on cash flow hedges, net of tax of $( 7 ) and $( 11 )

76 — 143 ( 50 )

Unrealized gain (loss) on cash flow hedges, net of tax of $ 7 , $( 7 ), $ 0 and $( 18 )

( 21 ) 19 — 54

Unrealized gain (loss) on fair value hedges, net of tax of $ 13 , $ 36 , $ 232 and $( 32 )

( 39 ) ( 104 ) ( 692 ) 96

Unrealized gain (loss) on marketable securities, net of tax of $ 0 , $ 0 , $ 0 and $ 1

— ( 1 ) 1 ( 3 )

Defined benefit pension and postretirement plans, net of tax of $ 1 , $ 1 , $ 2 and $ 2

( 2 ) ( 2 ) ( 4 ) ( 4 )

Other comprehensive income (loss) attributable to Verizon 14 ( 88 ) ( 552 ) 93

7 unchanged sentences

and Subsidiaries

At March 31, At December 31,

At June 30, At December 31,

(dollars in millions, except per share amounts) (unaudited) 2025 2024

51 unchanged sentences

and Subsidiaries

Three Months Ended

Six Months Ended

(dollars in millions) (unaudited) 2025 2024

42 unchanged sentences

Earnings Per Common Share

There were a total of approximately 4.4 million and 3.7 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for the three months ended March 31, 2025 and 2024 , respectively.

There were a total of approximately 4.6 million and 4.5 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for the three and six months ended June 30, 2025, respectively.

There were a total of approximately 5.3 million and 4.5 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for the three and six months ended June 30, 2024, respectively.

Cash, Cash Equivalents and Restricted Cash

4 unchanged sentences

Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets:

At March 31, At December 31, Increase / (Decrease)

At June 30, At December 31, Increase / (Decrease)

(dollars in millions)

2 unchanged sentences

Prepaid expenses and other

318 319 ( 1 )

Assets held for sale:

5 unchanged sentences

We have two reportable segments that we operate and manage as strategic business units, Consumer and Business.

Revenue is disaggregated by products and services within Consumer, and customer groups (Enterprise and Public Sector, Business Markets and Other, and Wholesale) within Business.

Revenue is disaggregated by products and services within Consumer, and customer groups (Enterprise and Public Sector, Business

Markets and Other, and Wholesale) within Business.

See Note 10 for additional information on revenue by segment, including Corporate and other.

6 unchanged sentences

This situation primarily arises with respect to certain month-to-month service contracts.

At March 31, 2025, month-to-month service contracts represented approximately 95 % of both our wireless postpaid contracts and our wireline Consumer and our Business Markets and Other contracts, compared to March 31, 2024, for which month-to-month service contracts represented approximately 95 % of our wireless postpaid contracts and 94 % of our wireline Consumer and our Business Markets and Other contracts .

At June 30, 2025, month-to-month service contracts represented approximately 95 % of our wireless postpaid contracts and 94 % of our wireline Consumer and our Business Markets and Other contracts, compared to June 30, 2024, for which month-to-month service contracts represented approximately 95 % of both our wireless postpaid contracts and our wireline Consumer and our Business Markets and Other contracts.

Additionally, certain contracts provide customers the option to purchase additional services.

13 unchanged sentences

These contracts have varying terms spanning over approximately twenty-eight years ending in September 2053 and have aggregate contract minimum payments totaling $ 1.5 billion.

At March 31, 2025, the aggregate amount of the transaction price related to unsatisfied performance obligations was $ 53.3 billion, of which we expect to recognize substantially all of the revenue from origination over the next thirty-six months , with the remainder recognized thereafter.

At June 30, 2025, the aggregate amount of the transaction price related to unsatisfied performance obligations was $ 53.5 billion, of which we expect to recognize substantially all of the revenue from origination over the next thirty-six months , with the remainder recognized thereafter.

Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations and changes in the timing and scope of contracts, arising from contract modifications.

4 unchanged sentences

The following table presents information about receivables from contracts with customers:

At March 31, At December 31,

At June 30, At December 31,

(dollars in millions) 2025 2024

18 unchanged sentences

The contract liability balances are presented in our condensed consolidated balance sheets as Other current liabilities and Other liabilities.

Revenue recognized related to contract liabilities existing at January 1, 2025 and January 1, 2024 were $ 4.6 billion and $ 4.4 billion for the three months ended March 31, 2025 and March 31, 2024, respectively.

Revenues recognized related to contract liabilities existing at January 1, 2025 were $ 275 million and $ 4.9 billion for the three and six months ended June 30, 2025, respectively.

Revenues recognized related to contract liabilities existing at January 1, 2024 were $ 262 million and $ 4.7 billion for the three and six months ended June 30, 2024, respectively.

The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows:

At March 31, At December 31,

At June 30, At December 31,

(dollars in millions) 2025 2024

10 unchanged sentences

Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate.

Costs to obtain wireless contracts are amortized over both of our Consumer and Business customers' estimated upgrade cycles, as such costs are typically incurred each time a customer upgrades.

Costs to obtain wireline contracts are amortized as expense over the estimated customer relationship period for our Consumer customers.

Costs to obtain postpaid wireless contracts are amortized over both of our Consumer and Business customers' estimated upgrade cycles, as such costs are typically incurred each time a customer upgrades.

Costs to obtain prepaid wireless contracts and wireline contracts are amortized as expense over the estimated customer relationship period for our Consumer customers.

Incremental costs to obtain wireline contracts for our Business customers are insignificant.

Costs to obtain contracts are recorded in Selling, general and administrative expense.

Costs to obtain contracts are recorded in Selling, general and administrative expense in our condensed consolidated statements of income.

We also defer costs incurred to fulfill contracts that:

6 unchanged sentences

Other costs, such as general costs or costs related to past performance obligations, are expensed as incurred.

Collectively, costs to obtain a contract and costs to fulfill a contract are referred to as deferred contract costs, and amortized over a two -to- seven year period.

Collectively, costs to obtain a contract and costs to fulfill a contract are referred to as deferred contract costs, and amortized between a one -to- seven year period.

Deferred contract costs are classified as current or non-current within Prepaid expenses and other and Other assets, respectively.

The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows:

At March 31, At December 31,

At June 30, At December 31,

(dollars in millions) 2025 2024

2 unchanged sentences

Total $ 5,868 $ 5,740

For the three months ended March 31, 2025 and March 31, 2024, we recognized expense of $ 877 million and $ 829 million, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income.

For the three and six months ended June 30, 2025, we recognized expense of $ 892 million and $ 1.8 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income.

For the three and six months ended June 30, 2024, we recognized expense of $ 829 million and $ 1.7 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income.

We assess our deferred contract costs for impairment on a quarterly basis.

We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses.

There were no impairment charges recognized for the three months ended March 31, 2025 or March 31, 2024.

There were no impairment charges recognized for the three and six months ended June 30, 2025 or June 30, 2024.

Acquisitions and Divestitures

1 unchanged sentence

In February 2021, the Federal Communications Commission (FCC) concluded Auction 107 for C-Band wireless spectrum.

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.

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.

In accordance with the rules applicable to the auction, Verizon was 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 were approximately $ 7.5 billion.

During the six months ended June 30, 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 were obligated to pay in order to acquire the licenses, as well as capitalized interest to the extent qualifying activities have occurred.

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.

6 unchanged sentences

In November 2024, Frontier shareholders approved the transaction.

Consummation of the transaction is subject to receipt of certain regulatory approvals and other customary closing conditions.

It has also been approved by the FCC, the Department of Justice and certain state regulators.

Consummation of the transaction is subject to receipt of certain remaining 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.

3 unchanged sentences

The carrying amounts of our Wireless licenses are as follows:

At March 31, At December 31,

At June 30, At December 31,

(dollars in millions) 2025 2024

Wireless licenses $ 156,820 $ 156,613

At March 31, 2025 and 2024, approximately $ 9.4 billion and $ 13.9 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs.

We recorded $ 122 million and $ 180 million of capitalized interest on wireless licenses for the three months ended March 31, 2025 and 2024, respectively.

During the three months ended March 31, 2025, we renewed various wireless licenses in accordance with FCC regulations.

At June 30, 2025 and 2024, approximately $ 8.6 billion and $ 11.8 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs.

We recorded $ 234 million and $ 338 million of capitalized interest on wireless licenses for the six months ended June 30, 2025 and 2024, respectively.

During the six months ended June 30, 2025, we renewed various wireless licenses in accordance with FCC regulations.

The average renewal period for these licenses was 10 years.

3 unchanged sentences

$ 21,177 $ 1,664 $ 22,841

Reclassifications, adjustments and other

Balance at March 31, 2025

Balance at June 30, 2025

$ 21,177 $ 1,664 $ 22,841

2 unchanged sentences

The following table displays the composition of Other intangible assets, net as well as the respective amortization periods:

At March 31, 2025 At December 31, 2024

At June 30, 2025 At December 31, 2024

(dollars in millions) Gross

11 unchanged sentences

The amortization expense for Other intangible assets was as follows:

Three Months Ended

(dollars in millions) March 31,

Three Months Ended Six Months Ended

(dollars in millions) June 30, June 30,

2025 $ 754 $ 1,488

2024 706 1,404

The estimated future amortization expense for Other intangible assets for the remainder of the current year and next 5 years is as follows:

3 unchanged sentences

Debt or equity financing may be needed to fund additional investments or development activities or to maintain an appropriate capital structure to ensure our financial flexibility.

The following table shows the significant transactions involving the senior unsecured debt securities of the Company and its subsidiaries that occurred during the three months ended March 31, 2025.

The following tables show the significant transactions involving the senior unsecured debt securities of the Company and its subsidiaries that occurred during the three and six months ended June 30, 2025.

Exchange Offers

(dollars in millions) Principal Amount Exchanged

Principal Amount Issued

Three Months Ended June 30, 2025 total

Verizon 1.450 % - 7.750 % notes and floating rate notes, due 2026 - 2030

Verizon 5.401 % notes due 2037 (1)

Three and Six Months Ended June 30, 2025 total

$ 2,207 $ 2,162

(1) The principal amount issued in exchange does not include either an insignificant amount of cash paid in lieu of the issuance of fractional new notes or accrued and unpaid interest paid on the old notes accepted for exchange to the date of exchange.

(2) The debt exchange offers above meet the criteria to be accounted for as a modification of debt.

As a result, the excess of the principal amount of notes exchanged over the principal amount of new notes issued of $ 45 million was recorded as a premium to Long-term debt in the consolidated balance sheets.

Tender Offers

(dollars in millions) Principal Amount Purchased

Cash Consideration (1)

Three Months Ended June 30, 2025 total

Verizon 1.450 % - 7.750 % notes and floating rate notes, due 2026 - 2030 (2)

Three and Six Months Ended June 30, 2025 total $ 503 $ 501

(1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase.

(2) The tender offer was launched concurrently with the exchange offer discussed above and made available to different holders of the same series of notes.

Repayments, Redemptions and Repurchases

1 unchanged sentence

Amount Paid (1)

Three Months Ended March 31, 2025

Verizon 4.050 % notes due 2025

2 unchanged sentences

Open market repurchases of various Verizon notes 410 317

Three Months Ended March 31, 2025 total

Three Months Ended June 30, 2025

Verizon 0.875 % notes due 2025

Verizon 2.625 % notes due 2026

Open market repurchases of various Verizon notes 438 328

Three Months Ended June 30, 2025 total

Six Months Ended June 30, 2025 total

(1) Represents amount paid to repay, redeem or repurchase, including any accrued interest.

3 unchanged sentences

See Note 7 for additional information on cross currency swap transactions related to the transaction.

In April 2025, we repaid at maturity € 747 million of outstanding aggregate principal amount of 0.875 % notes.

We also redeemed all of the $ 985 million outstanding aggregate principal amount of 2.625 % notes due 2026.

(dollars in millions) Principal Amount Issued Net Proceeds (1)

Three Months Ended June 30, 2025

Verizon 5.250 % notes due 2035 (2)

$ 2,250 $ 1,676

Three and Six Months Ended June 30, 2025 total (1)

(1) Net proceeds were net of underwriting discounts and other issuance costs.

See Note 7 for additional information on derivative activity related to the transactions.

In April 2025, we issued $ 2.3 billion aggregate principal amount of notes due 2035, with an interest rate of 5.250 % per year.

We contributed $ 563 million principal amount of the notes to our pension trust.

See Note 8 for additional information.

(2) We contributed $ 563 million principal amount of the notes to our pension plans, as discussed below.

Commercial Paper Program

During the three months ended March 31, 2025, we issued $ 4.8 billion in net proceeds and made $ 4.8 billion in principal repayments of commercial paper.

During the six months ended June 30, 2025, we issued $ 10.4 billion in net proceeds and made $ 10.4 billion in principal repayments of commercial paper.

These transactions were recorded within Other, net cash flow from financing activities in our condensed consolidated statements of cash flows on a net basis.

As of March 31, 2025, we had no commercial paper outstanding.

As of June 30, 2025, we had no commercial paper outstanding.

Asset-Backed Debt

As of March 31, 2025 , the carrying value of our asset-backed debt was $ 26.3 billion.

As of June 30, 2025 , the carrying value of our asset-backed debt was $ 26.6 billion.

Our asset-backed debt includes Asset-Backed Notes (ABS Notes) issued to third-party investors (Investors) and loans (ABS Financing Facilities) received from banks and their conduit facilities (collectively, the Banks).

10 unchanged sentences

The asset-backed debt issued is included in Debt maturing within one year and Long-term debt in our condensed consolidated balance sheets.

During the three months ended March 31, 2025 , we completed the following ABS Notes transactions:

During the six months ended June 30, 2025 , we completed the following ABS Notes transactions:

(dollars in millions) Interest Rates % Expected Weighted-average Life to Maturity (in years) Principal Amount Issued

24 unchanged sentences

March 2025 total

Series 2025-5

A-1a Senior class notes

4.400 2.99 401

A-1b Senior class notes

Compounded SOFR + 0.550 (1)

B Junior class notes 4.640 2.99 —

C Junior class notes 4.840 2.99 25

Series 2025-6

A Senior class notes

4.620 4.99 267

B Junior class notes

C Junior class notes

5.060 4.99 12

June 2025 total

Total $ 3,440

(1) Compounded Secured Overnight Financing Rate (SOFR) is calculated using SOFR as published by the Federal Reserve Bank of New York in accordance with the terms of such notes.

Under the terms of each series of ABS Notes outstanding as of March 31, 2025, there is a revolving period of up to two years , three years , or five years , as applicable, during which we may transfer additional receivables to the ABS Entity.

During the three months ended March 31, 2025 , we made aggregate principal repayments of $ 800 million in connection with an anticipated redemption of ABS Notes and notes that have entered the amortization period.

In April 2025, in connection with an anticipated redemption of ABS Notes, we made a principal repayment, in whole, for $ 932 million.

Compounded SOFR for the interest payment made in June 2025 was 4.30 %.

Under the terms of each series of ABS Notes outstanding as of June 30, 2025, there is a revolving period of up to two years , three years , or five years , as applicable, during which we may transfer additional receivables to the ABS Entity.

During the six months ended June 30, 2025 , we made aggregate principal repayments of $ 2.3 billion in connection with an anticipated redemption of ABS Notes.

During the three and six months ended June 30, 2025, we sold certain of our initially offered but retained ABS Notes (collectively the "Retained Notes") for cash of $ 129 million.

In July 2025, in connection with an anticipated redemption of ABS Notes, we made a principal repayment, in whole, for $ 479 million.

ABS Financing Facilities

Under the two loan agreements outstanding in connection with the ABS Financing Facility originally entered into in 2021 and most recently renewed in 2023 (2021 ABS Financing Facility), we prepaid an aggregate of $ 250 million in February 2025 and we prepaid an aggregate of $ 1.4 billion in March 2025 .

The aggregate outstanding balance under the 2021 ABS Financing Facility was $ 6.4 billion as of March 31, 2025.

Under the loan agreement outstanding in connection with the ABS Financing Facility originally entered into in 2022 and most recently renewed in 2024 (2022 ABS Financing Facility), we prepaid an aggregate of $ 163 million in February 2025 and we borrowed an additional $ 189 million in March 2025.

T he aggregate outstanding balance under the 2022 ABS Financing Facility was $ 5.0 billion as of March 31, 2025 .

In April 2025, we prepaid an aggregate of $ 241 million under the loan agreement outstanding in connection with the 2022 ABS Financing Facility.

Under the two loan agreements outstanding in connection with the ABS Financing Facility originally entered into in 2021 and most recently renewed in 2025 (2021 ABS Financing Facility), we prepaid an aggregate of $ 250 million in February 2025, prepaid an aggregate of $ 1.4 billion in March 2025, borrowed an additional $ 1.1 billion in April 2025 and prepaid an aggregate of $ 100 million in June 2025.

The aggregate outstanding balance under the 2021 ABS Financing Facility was $ 7.4 billion as of June 30, 2025.

Under the loan agreement outstanding in connection with the ABS Financing Facility originally entered into in 2022 and most recently renewed in 2024 (2022 ABS Financing Facility), we prepaid an aggregate of $ 163 million in February 2025, borrowed an additional $ 189 million in March 2025 and prepaid an aggregate of $ 241 million in April 2025.

T he aggregate outstanding balance under the 2022 ABS Financing Facility was $ 4.8 billion as of June 30, 2025 .

Variable Interest Entities

13 unchanged sentences

Long-Term Credit Facilities

At March 31, 2025

At June 30, 2025

(dollars in millions) Maturities Facility Capacity Unused Capacity Principal Amount Outstanding

6 unchanged sentences

The revolving credit facility provides for the issuance of letters of credit.

As of March 31, 2025 , there have been no drawings against the revolving credit facility since its inception.

(2) During the three months ended March 31, 2025 and 2024 , there were no drawings from these facilities.

As of June 30, 2025 , there have been no drawings against the revolving credit facility since its inception.

(2) During the six months ended June 30, 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.

2 unchanged sentences

Non-Cash Transactions

During the three months ended March 31, 2025 and 2024, we financed, primarily through alternative financing arrangements, the purchase of approximately $ 627 million and $ 463 million, respectively, consisting primarily of network equipment.

As of March 31, 2025 and December 31, 2024 , $ 2.6 billion and $ 2.5 billion, respectively, relating to these financing arrangements, including those entered into in prior years and liabilities assumed through acquisitions, remained outstanding.

These purchases are non-cash financing activities and therefore are not reflected within Capital expenditures in our condensed consolidated statements of cash flows.

During the six months ended June 30, 2025 and 2024, we financed, primarily through alternative financing arrangements, the purchase of approximately $ 1.2 billion and $ 941 million, respectively, consisting primarily of network equipment.

As of June 30, 2025 and December 31, 2024 , $ 2.9 billion and $ 2.5 billion, respectively, relating to these financing arrangements, including those entered into in prior years and liabilities assumed through acquisitions, remained outstanding.

These purchases are non-cash

financing activities and therefore are not reflected within Capital expenditures in our condensed consolidated statements of cash flows.

During the three and six months ended June 30, 2025 , we made a discretionary non-cash contribution to our qualified pension plans in the amount of $ 563 million.

The contribution was made from the principal amount of aggregate notes issued of approximately $ 2.3 billion due 2035, with an interest rate of 5.250 % per year.

This contribution is a non-cash operating activity and therefore is not reflected within Other, net cash flow from operating activities in our condensed consolidated statements of cash flows.

Net Debt Extinguishment Gains

During the three months ended March 31, 2025 and 2024 , we recorded net debt extinguishment gains of $ 90 million and $ 110 million, respectively.

T he net gains are recorded in Other income, net in our condensed consolidated statements of income.

During the three months ended June 30, 2025 and 2024 , we recorded net debt extinguishment gains of $ 88 million and $ 89 million, respectively.

During the six months ended June 30, 2025 and 2024 , we recorded net debt extinguishment gains of $ 178 million and $ 199 million, respectively.

T he net gains are recorded in Other income (expense), net in our condensed consolidated statements of income.

The total non-cash debt extinguishment gains are reflected within Other, net cash flow from operating activities, and the total cash payments to extinguish the debt are reflected within Other, net cash flow from financing activities in our condensed consolidated statements of cash flows.

We guarantee the debentures of our operating telephone company subsidiaries.

As of March 31, 2025 , $ 614 million aggregate principal amount of these obligations remained outstanding.

Each guarantee will remain in place for the life of the obligation

unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of the Company.

As of June 30, 2025 , $ 614 million aggregate principal amount of these obligations remained outstanding.

Each guarantee will remain in place for the life of the obligation unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of the Company.

Debt Covenants

2 unchanged sentences

The following table presents information about accounts receivable, net of allowances, recorded in our condensed consolidated balance sheet:

At March 31, 2025

At June 30, 2025

(dollars in millions) Device payment plan agreement Wireless service

4 unchanged sentences

(1) Other receivables primarily include wireline and other receivables, of which the allowances are individually insignificant.

Included in Other assets and Accounts receivable, net at March 31, 2025 and December 31, 2024, are net device payment plan agreement receivables, net wireless service receivables and net other receivables of $ 28.8 billion and $ 29.9 billion, respectively, which have been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets.

Included in Accounts receivable, net at March 31, 2025 and December 31, 2024, are net other receivables of $ 815 million and $ 1.2 billion, respectively, on which a participation interest has been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets.

Included in Other assets and Accounts receivable, net at June 30, 2025 and December 31, 2024, are net device payment plan agreement receivables, net wireless service receivables and net other receivables of $ 31.0 billion and $ 29.9 billion, respectively, which have been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets.

Included in Accounts receivable, net at June 30, 2025 and December 31, 2024, are net other receivables of $ 953 million and $ 1.2 billion, respectively, on which a participation interest has been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets.

See Note 5 for additional information.

6 unchanged sentences

The following table displays both the current and non-current portions of device payment plan agreement receivables, net, recognized in our condensed consolidated balance sheets:

At March 31, At December 31,

At June 30, At December 31,

(dollars in millions) 2025 2024

17 unchanged sentences

Under these types of promotions, the customer receives a credit for the value of the trade-in device.

At March 31, 2025 and December 31, 2024, the amount of trade-in liability was $ 325 million and $ 396 million, respectively.

At June 30, 2025 and December 31, 2024, the amount of trade-in liability was $ 342 million and $ 396 million, respectively.

In addition, we may provide the customer with additional future billing credits that will be applied against the customer’s monthly bill as long as service is maintained.

18 unchanged sentences

The model for new customers pools all Consumer and Business wireless customers based on less than 210 days as "new customers." The model for existing customers pools all Consumer and Business wireless customers based on 210 days or more as "existing customers."

The following table presents device payment plan agreement receivables, at amortized cost, and gross write-offs recorded, as of and for the three months ended March 31, 2025, by credit quality indicator and year of origination:

The following table presents device payment plan agreement receivables, at amortized cost, and gross write-offs recorded, as of and for the six months ended June 30, 2025, by credit quality indicator and year of origination:

Year of Origination (1)

9 unchanged sentences

(1) Includes accounts that have been suspended at a point in time.

The data presented in the table above was last updated on March 31, 2025.

The data presented in the table above was last updated on June 30, 2025.

We assess indicators for the quality of our wireless service receivables portfolio as one overall pool.

The following table presents wireless service receivables, at amortized cost, and gross write-offs recorded, as of and for the three months ended March 31, 2025, by year of origination:

The following table presents wireless service receivables, at amortized cost, and gross write-offs recorded, as of and for the six months ended June 30, 2025, by year of origination:

Year of Origination

2 unchanged sentences

Gross write-offs 98 179 277

The data presented in the table above was last updated on March 31, 2025.

The data presented in the table above was last updated on June 30, 2025.

Allowance for Credit Losses

16 unchanged sentences

Recoveries collected 23 27

Balance at March 31, 2025 $ 1,348 $ 245

Balance at June 30, 2025 $ 1,431 $ 240

(1) Includes allowance for both short-term and long-term device payment plan agreement receivables.

12 unchanged sentences

Recurring Fair Value Measurements

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2025:

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of June 30, 2025:

(dollars in millions) Level 1 (1)

1 unchanged sentence

Fixed income securities $ — $ 27 $ — $ 27

Cross currency swaps — 3 — 3

Foreign exchange forwards — 18 — 18

1 unchanged sentence

Other assets:

Marketable equity securities

Fixed income securities — 330 — 330

4 unchanged sentences

Cross currency swaps — 229 — 229

Foreign exchange forwards — 1 — 1

Interest rate caps — 5 — 5

Treasury rate locks — 55 — 55

Other liabilities:

30 unchanged sentences

Certain of our equity investments do not have readily determinable fair values and are excluded from the tables above.

Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in

orderly transactions for an identical or similar investment of the same issuer and are included in Investments in unconsolidated businesses in our condensed consolidated balance sheets.

As of March 31, 2025 and December 31, 2024, the carrying amount of our investments without readily determinable fair values was $ 717 million and $ 724 million, respectively.

During the three months ended March 31, 2025, there were insignificant adjustments due to observable price changes and there were no impairment charges.

As of March 31, 2025, cumulative adjustments due to observable price changes and impairment charges were $ 180 million and $ 120 million, respectively.

Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer and are included in Investments in unconsolidated businesses in our condensed consolidated balance sheets.

As of June 30, 2025 and December 31, 2024, the carrying amount of our investments without readily determinable fair values was $ 711 million and $ 724 million, respectively.

During the three and six months ended June 30, 2025, there were insignificant adjustments due to observable price changes and there were insignificant impairment charges.

As of June 30, 2025, cumulative adjustments due to observable price changes and impairment charges were $ 177 million and $ 124 million, respectively.

Fixed income securities consist primarily of investments in municipal bonds.

9 unchanged sentences

(dollars in millions) Carrying Amount Level 1 Level 2 Level 3 Total

At March 31, 2025 $ 141,217 $ 82,646 $ 54,369 $ — $ 137,015

At June 30, 2025 $ 143,508 $ 83,078 $ 57,120 $ — $ 140,198

At December 31, 2024 141,665 81,552 55,464 — 137,016

4 unchanged sentences

The following table sets forth the notional amounts of our outstanding derivative instruments:

At March 31, At December 31,

At June 30, At December 31,

(dollars in millions) 2025 2024

1 unchanged sentence

Cross currency swaps 30,877 32,053

Treasury rate locks 4,900 —

Foreign exchange forwards 730 620

The following tables summarize the activities of our designated derivatives:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(dollars in millions) 2025 2024 2025 2024

11 unchanged sentences

Excluded components recognized in Other comprehensive income (loss)

( 28 ) ( 116 ) ( 877 ) 166

Initial value of the excluded component amortized into Interest expense 23 24 46 50

Three Months Ended

Treasury Rate Locks:

Notional value entered into 4,900 — 4,900 —

Notional value settled — — — —

Pre-tax loss recognized in Other comprehensive income (loss)

( 55 ) — ( 55 ) —

Six Months Ended

(dollars in millions) 2025 2024

Other, net Cash Flows from Operating Activities:

Cash received (paid) for settlement of interest rate swaps

Other, net Cash Flows from Financing Activities:

2 unchanged sentences

The cumulative amounts exclude cumulative basis adjustments related to foreign exchange risk.

At March 31, At December 31,

At June 30, At December 31,

(dollars in millions) 2025 2024

8 unchanged sentences

Changes in the fair value of the interest rate swaps are recorded to Interest expense, which are primarily offset by changes in the fair value of the hedged debt due to changes in interest rates.

In April 2025, we settled interest rate swaps with a total notional amount of $ 985 million.

Cross Currency Swaps

6 unchanged sentences

We present exchange gains and losses from the conversion of foreign currency denominated debt as a part of Interest expense.

During the three months ended March 31, 2025 and March 31, 2024 , these amounts completely offset each other and no net gain or loss was recorded.

During the three and six months ended June 30, 2025 and June 30, 2024 , these amounts completely offset each other and no net gain or loss was recorded.

Changes in the fair value of cross currency swaps attributable to time value and cross currency basis spread are initially recorded to Other comprehensive income (loss).

Unrealized gains or losses on excluded components are recorded in Other comprehensive income (loss) and are recognized into Interest expense on a systematic and rational basis through the swap accrual over the life of the hedging instrument.

Unrealized gains or losses on excluded components are recorded in Other

comprehensive income (loss) and are recognized into Interest expense on a systematic and rational basis through the swap accrual over the life of the hedging instrument.

On March 31, 2022, we elected to de-designate our cross currency swaps previously designated as cash flow hedges and re-designated these swaps as fair value hedges.

2 unchanged sentences

The initial value of the excluded components of $ 1.0 billion as of March 31, 2022 will continue to be amortized into Interest expense over the remaining life of the hedging instruments.

During the three months ended March 31, 2025 and March 31, 2024 , the amortization of the initial value of the excluded component completely offset the amortization related to the amount remaining in Other comprehensive income (loss) related to cash flow hedges.

During the three and six months ended June 30, 2025 and June 30, 2024 , the amortization of the initial value of the excluded component completely offset the amortization related to the amount remaining in Other comprehensive income (loss) related to cash flow hedges.

See Note 9 for additional information.

We estimate that $ 92 million will be amortized into Interest expense within the next 12 months.

In April 2025, we settled cross currency swaps with a total notional amount of $ 817 million.

Net Investment Hedges

1 unchanged sentence

dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates.

The notional amount of Euro-denominated debt designated as a net investment hedge was € 750 million as of both March 31, 2025 and December 31, 2024.

The notional amount of Euro-denominated debt designated as a net investment hedge was € 750 million as of both June 30, 2025 and December 31, 2024.

Treasury Rate Locks

We enter into treasury rate locks designated as cash flow hedges to mitigate our interest rate risk on future transactions.

We recognize gains and losses resulting from interest rate movements in Other comprehensive income (loss) .

We also enter into undesignated treasury rate locks to mitigate our interest rate risk on future transactions.

We recognize gains and losses resulting from interest rate movements in Interest expense.

In July 2025, we entered into $ 400 million of treasury rate locks designated as cash flow hedges.

Undesignated Derivatives

1 unchanged sentence

The following table summarizes the activity of our derivatives not designated in hedging relationships:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(dollars in millions) 2025 2024 2025 2024

2 unchanged sentences

Notional value settled 1,990 2,670 3,870 5,730

Pre-tax gain (loss) recognized in Other income, net

Pre-tax gain (loss) recognized in Other income (expense), net

60 ( 1 ) 88 ( 23 )

Treasury Rate Locks:

1 unchanged sentence

Notional value settled 1,000 — 1,250 —

Pre-tax gain recognized in Interest expense

Pre-tax loss recognized in Interest expense

( 8 ) — ( 5 ) —

Foreign Exchange Forwards

We entered into Euro foreign exchange forwards, and in prior periods, British Pound Sterling foreign exchange forwards to mitigate our foreign exchange rate risk related to non-functional currency denominated monetary assets and liabilities of international subsidiaries.

Treasury Rate Locks

We enter into treasury rate locks to mitigate our interest rate risk on future transactions.

Concentrations of Credit Risk

2 unchanged sentences

The CSA agreements contain fixed cap amounts or rating based thresholds such that we or our counterparties may be required to hold or post collateral based upon changes in outstanding positions as compared to established thresholds or caps and changes in credit ratings.

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.

At March 31, 2025, we did no t hold any collateral.

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.

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.

At June 30, 2025, we did no t hold any collateral.

At June 30, 2025, we posted $ 1.1 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.

At December 31, 2024, we did no t hold any collateral.

4 unchanged sentences

In addition, we maintain postretirement health care and life insurance plans for certain retirees and their dependents, which are both contributory and non-contributory, and include a limit on our share of the cost for certain current and future retirees.

In accordance with our accounting policy for pension and other postretirement benefits, operating expenses include service costs associated with pension and other postretirement benefits while other credits and/or charges based on actuarial assumptions, including projected discount rates, an estimated return on plan assets, and impact from health care trend rates are reported in Other income, net.

These estimates are updated in the fourth quarter or upon a remeasurement event, to reflect actual return on plan assets and updated actuarial assumptions.

The adjustment is recognized in the income statement during the fourth quarter and upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains and losses.

Net Periodic Benefit Cost (Income)

The following table summarizes the components of net periodic benefit cost (income) related to our pension and postretirement health care and life insurance plans:

Net Periodic Benefit Cost

The following tables summarize the components of net periodic benefit cost related to our pension and postretirement health care and life insurance plans:

(dollars in millions)

Pension Health Care and Life

Three Months Ended March 31, 2025 2024 2025 2024

Three Months Ended June 30, 2025 2024 2025 2024

Service cost - Cost of services $ 35 $ 39 $ 7 $ 11

4 unchanged sentences

Interest cost 101 112 137 136

Remeasurement gain, net — ( 73 ) — —

Remeasurement loss, net 45 136 — —

Other components $ 40 $ 136 $ 98 $ 97

Total $ 81 $ 181 $ 106 $ 110

The service cost component of net periodic benefit cost (income) is recorded in Cost of services and Selling, general and administrative expense in the condensed consolidated statements of income while the other components, including mark-to-market adjustments, if any, are recorded in Other income, net.

(dollars in millions)

Pension Health Care and Life

Six Months Ended June 30,

2025 2024 2025 2024

Service cost - Cost of services $ 69 $ 80 $ 14 $ 22

Service cost - Selling, general and administrative expense

Service cost $ 80 $ 93 $ 17 $ 26

Amortization of prior service cost (credit) $ 56 $ 56 $ ( 64 ) $ ( 64 )

Expected return on plan assets ( 268 ) ( 348 ) ( 14 ) ( 14 )

Interest cost 204 269 273 271

Remeasurement loss, net 45 63 — —

Other components $ 37 $ 40 $ 195 $ 193

Total $ 117 $ 133 $ 212 $ 219

The service cost component of net periodic benefit cost is recorded in Cost of services and Selling, general and administrative expense in the condensed consolidated statements of income while the other components, including mark-to-market adjustments, if any, are recorded in Other income (expense), net.

Pension Annuitization

On February 29, 2024, we entered into two separate commitment agreements, one by and between the Company, State Street Global Advisors Trust Company (State Street), as independent fiduciary of the Verizon Management Pension Plan and Verizon Pension Plan for Associates (the Pension Plans), and The Prudential Insurance Company of America (Prudential), and one by and between the Company, State Street and RGA Reinsurance Company (RGA), under which the Pension Plans purchased nonparticipating single premium group annuity contracts from Prudential and RGA, respectively, to settle approximately $ 5.8 billion of benefit liabilities of the Pension Plans, net of certain adjustments, resulting in a net pre-tax settlement gain of $ 200 million.

Pension Plan for Associates (the Pension Plans), and The Prudential Insurance Company of America (Prudential), and one by and between the Company, State Street and RGA Reinsurance Company (RGA), under which the Pension Plans purchased nonparticipating single premium group annuity contracts from Prudential and RGA, respectively, to settle approximately $ 5.8 billion of benefit liabilities of the Pension Plans, net of certain adjustments, resulting in a net pre-tax settlement gain of $ 200 million.

The purchase of the group annuity contracts closed on March 6, 2024.

10 unchanged sentences

Severance Payments

During the three months ended March 31, 2025, we paid severance benefits of $ 406 million primarily related to the voluntary separation program and an additional $ 95 million related to other severance related contractual obligations associated with the voluntary separation program.

At March 31, 2025, we had a remaining severance liability of $ 617 million, a portion of which relates to future contractual payments to separated employees under the voluntary separation program.

During the three and six months ended June 30, 2025, we paid severance benefits of $ 201 million and $ 607 million, respectively, primarily related to the voluntary separation program.

During the six months ended June 30, 2025, we paid an additional $ 96 million, related to other severance related contractual obligations associated with the voluntary separation program.

At June 30, 2025, we had a remaining severance liability of $ 389 million, a portion of which relates to future contractual payments to separated employees under the voluntary separation program.

Employer Contributions

During the three months ended March 31, 2025, we made no contributions to our qualified pension plans.

During the three months ended March 31, 2024, we made discretionary contributions to the Pension Plans in the aggregate amount of

$ 365 million.

During the three months ended March 31, 2025 and March 31, 2024, we made insignificant contributions to our nonqualified pension plans.

In April 2025, we made a discretionary non-cash contribution to our qualified pensions plans in the principal amount of $ 563 million.

During both the three and six months ended June 30, 2025, we made a discretionary non-cash contribution to our qualified pension plans in the principal amount of $ 563 million.

See Note 5 for additional information.

During the six months ended June 30, 2024, we made discretionary contributions to the Pension Plans in the aggregate amount of $ 365 million.

During both the three and six months ended June 30, 2025 and June 30, 2024, we made insignificant contributions to our nonqualified pension plans.

No required qualified pension plans contributions are expected through December 31, 2025.

No significant changes are expected with respect to the nonqualified pension and other postretirement benefit plans contributions in 2025.

Remeasurement gain, net

Remeasurement loss, net

During the three and six months ended June 30, 2025, we recorded an insignificant net pre-tax remeasurement loss in our pension plans triggered by settlements.

During the three and six months ended June 30, 2024, we recorded a net pre-tax remeasurement loss of $ 136 million and $ 63 million, respectively, in our pension plans triggered by settlements.

During the three months ended June 30, 2024, we recorded a net pre-tax remeasurement loss of $ 136 million in our pension plans triggered by settlements.

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.

During the three months ended March 31, 2024, we recorded a net pre-tax remeasurement gain of $ 73 million in our pension plans due to a net pre-tax settlement gain of $ 200 million resulting from the pension annuitization transaction discussed above, partially offset by a net pre-tax remeasurement loss of $ 127 million triggered by settlements.

2 unchanged sentences

Changes in the components of Total equity were as follows:

Three Months Ended March 31,

Three Months Ended June 30,

(dollars in millions, except per share amounts, and shares in thousands) Shares Amount Shares Amount

3 unchanged sentences

Balance at beginning of period 13,415 13,571

Balance at end of period 13,412 13,539

Retained Earnings

Balance at beginning of period 91,128 84,714

Net income attributable to Verizon 5,003 4,593

Dividends declared ($ 0.6775 , $ 0.6650 per share)

( 2,856 ) ( 2,803 )

Balance at end of period 93,275 86,504

Accumulated Other Comprehensive Loss

Balance at beginning of period attributable to Verizon ( 1,489 ) ( 1,199 )

Foreign currency translation adjustments 76 —

Unrealized gain (loss) on cash flow hedges ( 21 ) 19

Unrealized loss on fair value hedges ( 39 ) ( 104 )

Unrealized loss on marketable securities — ( 1 )

Defined benefit pension and postretirement plans ( 2 ) ( 2 )

Other comprehensive income (loss) 14 ( 88 )

Balance at end of period attributable to Verizon ( 1,475 ) ( 1,287 )

Treasury Stock

Balance at beginning of period ( 75,178 ) ( 3,295 ) ( 82,179 ) ( 3,602 )

Employee plans 70 3 265 12

Balance at end of period ( 75,108 ) ( 3,292 ) ( 81,914 ) ( 3,590 )

Deferred Compensation-ESOPs and Other

Balance at beginning of period 534 421

Restricted stock equity grant 183 173

Amortization ( 3 ) ( 17 )

Balance at end of period 714 577

Noncontrolling Interests

Balance at beginning of period 1,315 1,392

Total comprehensive income 118 109

Distributions and other

( 135 ) ( 134 )

Balance at end of period 1,298 1,367

Total Equity $ 104,361 $ 97,539

Six Months Ended June 30,

(dollars in millions, except per share amounts, and shares in thousands) Shares Amount Shares Amount

Balance at beginning of period 4,291,434 $ 429 4,291,434 $ 429

Balance at end of period 4,291,434 429 4,291,434 429

Additional Paid In Capital

Balance at beginning of period 13,466 13,631

( 54 ) ( 92 )

Balance at end of period 13,412 13,539

Retained Earnings

31 unchanged sentences

Total Equity $ 104,361 $ 97,539

Verizon did not repurchase any shares of the Company's common stock through its previously authorized share buyback program during the three months ended March 31, 2025.

At March 31, 2025, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100 million.

Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareholder plans, including 6.6 million shares of common stock issued from treasury stock during the three months ended March 31, 2025.

Accumulated Other Comprehensive Income (Loss)

Verizon did not repurchase any shares of the Company's common stock through its previously authorized share buyback program during the six months ended June 30, 2025.

At June 30, 2025, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100 million.

Accumulated Other Comprehensive Loss

The changes in the balances of Accumulated other comprehensive loss by component were as follows:

3 unchanged sentences

Excluded components recognized in other comprehensive income — — ( 657 ) — — ( 657 )

Other comprehensive income 67 — — 1 — 68

Other comprehensive income (loss) 143 ( 41 ) — 1 — 103

Amounts reclassified to net income — 41 ( 35 ) — ( 4 ) 2

Net other comprehensive income (loss) 143 — ( 692 ) 1 ( 4 ) ( 552 )

Balance at March 31, 2025 $ ( 666 ) $ ( 960 ) $ ( 64 ) $ ( 4 ) $ 205 $ ( 1,489 )

Balance at June 30, 2025 $ ( 590 ) $ ( 981 ) $ ( 103 ) $ ( 4 ) $ 203 $ ( 1,475 )

The amounts presented above in Net other comprehensive income (loss) are net of taxes.

The amounts reclassified to net income related to unrealized gain (loss) on cash flow hedges and unrealized gain (loss) on fair value hedges in the table above are included in Other income, net and Interest expense in our condensed consolidated statements of income.

The amounts reclassified to net income related to unrealized gain (loss) on cash flow hedges and unrealized gain (loss) on fair value hedges in the table above are included in Other income (expense), net and Interest expense in our condensed consolidated statements of income.

See Note 7 for additional information.

The amounts reclassified to net income related to unrealized gain (loss) on marketable securities and defined benefit pension and postretirement plans in the table above are included in Other income, net in our condensed consolidated statements of income.

The amounts reclassified to net income related to unrealized gain (loss) on marketable securities and defined benefit pension and postretirement plans in the table above are included in Other income (expense), net in our condensed consolidated statements of income.

See Note 8 for additional information.

18 unchanged sentences

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

Our Business segment's wireless and wireline products

and services are organized by the primary customer groups for these offerings:

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

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

3 unchanged sentences

Gains and losses from these transactions that are not individually significant are included in segment results and therefore included in the CODM's assessment of segment performance.

The following table provides operating financial information for our two reportable segments:

Three Months Ended March 31,

The following tables provide operating financial information for our two reportable segments:

Three Months Ended June 30,

(dollars in millions) Consumer Business Total

22 unchanged sentences

(2) 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.

(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $ 6.4 billion and $ 866 million, respectively, for the three months ended March 31, 2025 and were approximately $ 6.5 billion and $ 871 million, respectively, for the three months ended March 31, 2024.

(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $ 6.4 billion and $ 886 million, respectively, for the three months ended June 30, 2025 and were approximately $ 6.4 billion and $ 855 million, respectively, for the three months ended June 30, 2024.

(4) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

2 unchanged sentences

(6) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.

Six Months Ended June 30,

(dollars in millions) Consumer Business Total

Segments Consumer Business Total

External Operating Revenues

$ 40,179 $ — $ 40,179 39,369 $ — $ 39,369

Wireless equipment 9,901 — 9,901 8,633 — 8,633

2,039 — 2,039 1,875 — 1,875

Enterprise and Public Sector — 6,892 6,892 — 7,132 7,132

Business Markets and Other — 6,646 6,646 — 6,389 6,389

Wholesale — 1,009 1,009 — 1,137 1,137

Intersegment revenues 147 14 161 107 18 125

Total Operating Revenues (3)

52,266 14,561 66,827 49,984 14,676 64,660

Operating Expenses (4)

Cost of wireless equipment 10,718 2,395 13,113 9,182 2,290 11,472

Centrally managed network and shared service costs (5)

8,992 4,923 13,915 8,880 5,193 14,073

Depreciation and amortization expense 7,125 2,051 9,176 6,703 2,206 8,909

Other segment expenses (6)

10,364 3,890 14,254 10,243 4,088 14,331

Total Operating Expenses

37,199 13,259 50,458 35,008 13,777 48,785

Operating Income $ 15,067 $ 1,302 $ 16,369 $ 14,976 $ 899 $ 15,875

(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.

(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $ 12.8 billion and $ 1.8 billion, respectively, for the six months ended June 30, 2025 and were approximately $ 13.0 billion and $ 1.7 billion, respectively, for the six months ended June 30, 2024.

(4) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

Intersegment expenses are included within the amounts shown.

(5) Centrally managed network and shared service costs include costs for network and leased assets, supply chain and other centralized services that are allocated to our Consumer and Business segments based on proportionate usage of services.

(6) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.

The following table provides Fios revenue for our two reportable segments and includes intersegment activity:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(dollars in millions) 2025 2024 2025 2024

3 unchanged sentences

The following table provides Wireless service revenue for our two reportable segments and includes intersegment activity:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(dollars in millions) 2025 2024 2025 2024

6 unchanged sentences

A reconciliation of the reportable segments' operating revenues to consolidated operating revenues is as follows:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(dollars in millions) 2025 2024 2025 2024

3 unchanged sentences

663 633 1,323 1,244

( 82 ) ( 64 ) ( 161 ) ( 127 )

Total consolidated operating revenues $ 34,504 $ 32,796 $ 67,989 $ 65,777

A reconciliation of the total reportable segments' operating income to consolidated income before provision for income taxes is as follows:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(dollars in millions) 2025 2024 2025 2024

3 unchanged sentences

Legacy legal matter

— — — ( 106 )

Total consolidated operating income 8,172 7,818 16,150 15,339

Equity in earnings (losses) of unconsolidated businesses ( 3 ) ( 14 ) 3 ( 23 )

Other income, net 121 198

Other income (expense), net 79 ( 72 ) 200 126

Interest expense ( 1,639 ) ( 1,698 ) ( 3,271 ) ( 3,333 )

Income Before Provision For Income Taxes $ 6,609 $ 6,034 $ 13,082 $ 12,109

No single customer accounted for more than 10% of our total operating revenues during the three months ended March 31, 2025 or 2024.

No single customer accounted for more than 10% of our total operating revenues during the three and six months ended June 30, 2025 or 2024.

The CODM does not review disaggregated assets on a segment basis;

3 unchanged sentences

We maintain a voluntary supplier finance program with a financial institution which provides certain suppliers the option, at their sole discretion, to participate in the program and sell their receivables due from Verizon to the financial institution on a non-recourse basis.

As of March 31, 2025 and December 31, 2024, $ 619 million and $ 772 million, respectively, remained as confirmed obligations outstanding related to suppliers participating in the supplier finance program.

As of June 30, 2025 and December 31, 2024, $ 646 million and $ 772 million, respectively, remained as confirmed obligations outstanding related to suppliers participating in the supplier finance program.

Commitments and Contingencies

4 unchanged sentences

(1) uncertain damage theories and demands;

less than complete factual record;

(2) a less than complete factual record;

(3) uncertainty concerning legal theories and their resolution by courts or regulators;

8 unchanged sentences

From time to time, counterparties may make claims under these provisions, and Verizon will seek to defend against those claims and resolve them in the ordinary course of business.

As of March 31, 2025, Verizon had 28 renewable energy purchase agreements (REPAs) with third parties.

As of June 30, 2025, Verizon had 28 renewable energy purchase agreements (REPAs) with third parties.

Each of the REPAs is based on the expected operation of a renewable energy-generating facility and has a fixed price term of 12 to 20 years from the commencement of the facility's entry into commercial operation.

Nineteen of the facilities have entered into commercial operation, and the remainder are under development.

Twenty-one of the facilities have entered into commercial operation, and the remainder are under development.

The REPAs generally are expected to be financially settled based on the prevailing market price as energy is generated by the facilities.

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

What changed 10-Q

Item 1. Financial Statements