What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-10-29 compared with 2025-07-25 · 218 added, 171 removed, 947 unchanged (29% of the section changed)

3 unchanged sentences

and Subsidiaries

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

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

16 unchanged sentences

Operating Income 8,105 5,926 24,255 21,265

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

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

Equity in losses of unconsolidated businesses ( 6 ) ( 24 ) ( 3 ) ( 47 )

Other income, net 92 72 292 198

Interest expense ( 1,664 ) ( 1,672 ) ( 4,935 ) ( 5,005 )

15 unchanged sentences

and Subsidiaries

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

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

5 unchanged sentences

( 13 ) 6 ( 13 ) 60

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

Unrealized loss on fair value hedges, net of tax of $ 53 , $ 149 , $ 285 and $ 117

( 161 ) ( 446 ) ( 853 ) ( 350 )

Unrealized gain on marketable securities, net of tax of $( 1 ), $( 2 ), $( 1 ) and $( 1 )

Defined benefit pension and postretirement plans, net of tax of $ 1 , $ 1 , $ 3 and $ 3

( 2 ) ( 2 ) ( 6 ) ( 6 )

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

Other comprehensive loss attributable to Verizon ( 176 ) ( 378 ) ( 728 ) ( 285 )

Total Comprehensive Income $ 4,880 $ 3,033 $ 14,432 $ 12,550

6 unchanged sentences

and Subsidiaries

At June 30, At December 31,

At September 30, At December 31,

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

51 unchanged sentences

and Subsidiaries

Six Months Ended

Nine Months Ended

September 30,

(dollars in millions) (unaudited) 2025 2024

23 unchanged sentences

Net cash used in financing activities ( 12,822 ) ( 11,477 )

Increase (decrease) in cash, cash equivalents and restricted cash ( 704 ) 397

Increase in cash, cash equivalents and restricted cash 3,521 1,890

Cash, cash equivalents and restricted cash, beginning of period 4,635 3,497

16 unchanged sentences

Earnings Per Common Share

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.

There were a total of approximately 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 both the three and nine months ended September 30, 2025.

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

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

(dollars in millions)

3 unchanged sentences

303 319 ( 16 )

Assets held for sale:

Prepaid expenses and other

Cash, cash equivalents and restricted cash $ 8,156 $ 4,635 $ 3,521

3 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 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.

At September 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 September 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 $ 1.4 billion.

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.

At September 30, 2025, the aggregate amount of the transaction price related to unsatisfied performance obligations was $ 53.8 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 June 30, At December 31,

At September 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.

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.

Revenues recognized related to contract liabilities existing at January 1, 2025 were $ 145 million and $ 5.0 billion for the three and nine months ended September 30, 2025, respectively.

Revenues recognized related to contract liabilities existing at January 1, 2024 were $ 206 million and $ 4.9 billion for the three and nine months ended September 30, 2024, respectively.

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

At June 30, At December 31,

At September 30, At December 31,

(dollars in millions) 2025 2024

25 unchanged sentences

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

At June 30, At December 31,

At September 30, At December 31,

(dollars in millions) 2025 2024

2 unchanged sentences

Total $ 5,977 $ 5,740

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.

For the three and nine months ended September 30, 2025, we recognized expense of $ 901 million and $ 2.7 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income.

For the three and nine months ended September 30, 2024, we recognized expense of $ 865 million and $ 2.5 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 and six months ended June 30, 2025 or June 30, 2024.

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

Acquisitions and Divestitures

2 unchanged sentences

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.

During the nine months ended September 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.

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.

On October 17, 2024, Verizon entered into a license purchase agreement to acquire select spectrum licenses of United States Cellular Corporation (currently known as Array Digital Infrastructure, Inc.) and certain of its subsidiaries (collectively, UScellular) for total consideration of $ 1.0 billion, subject to certain potential adjustments.

The closing of this transaction is subject to the receipt of regulatory approvals and other closing conditions, including the sale of UScellular's wireless operations and select spectrum assets to T-Mobile US, Inc., which concluded in August 2025, and the termination of certain post-closing arrangements with respect to that sale.

Frontier Communications Parent, Inc.

8 unchanged sentences

Under certain other specified circumstances, Verizon may be required to pay Frontier a termination fee of $ 590 million.

In October 2025, Verizon entered into an Agreement and Plan of Merger to acquire Starry Group Holdings, Inc., a fixed wireless broadband provider serving multi-dwelling units in five markets across the U.S.

The closing of this transaction is subject to FCC approval and other customary closing conditions.

Wireless Licenses, Goodwill, and Other Intangible Assets

1 unchanged sentence

The carrying amounts of our Wireless licenses are as follows:

At June 30, At December 31,

At September 30, At December 31,

(dollars in millions) 2025 2024

Wireless licenses $ 156,926 $ 156,613

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.

At September 30, 2025 and 2024, approximately $ 7.9 billion and $ 11.3 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs.

We recorded $ 338 million and $ 485 million of capitalized interest on wireless licenses for the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 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

Balance at June 30, 2025

Balance at September 30, 2025 (1)

$ 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 June 30, 2025 At December 31, 2024

At September 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 Six Months Ended

(dollars in millions) June 30, June 30,

Three Months Ended Nine Months Ended

(dollars in millions) September 30, September 30,

2025 $ 749 $ 2,237

5 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 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.

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 nine months ended September 30, 2025.

Exchange Offers

1 unchanged sentence

Principal Amount Issued

Three Months Ended June 30, 2025 total

Three Months Ended June 30, 2025

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

Three Months Ended June 30, 2025 total 2,207 2,162

Nine Months Ended September 30, 2025 total (2)

(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.

4 unchanged sentences

Cash Consideration (1)

Three Months Ended June 30, 2025 total

Three Months Ended June 30, 2025

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

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

Nine Months Ended September 30, 2025 total

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

14 unchanged sentences

Three Months Ended June 30, 2025 total

Six Months Ended June 30, 2025 total

Three Months Ended September 30, 2025

Verizon 3.250 % notes due 2026

€ 843 $ 1,032

Open market repurchases of various Verizon notes $ 458 $ 366

Three Months Ended September 30, 2025 total

Nine Months Ended September 30, 2025 total

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

1 unchanged sentence

dollar, amount paid is shown on a U.S.

dollar equivalent basis and includes the amount payable per the derivatives entered into in connection with the transaction.

dollar equivalent basis and includes the

amount payable per the derivatives entered into in connection with the transaction.

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

3 unchanged sentences

$ 2,250 $ 1,676

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

Three Months Ended June 30, 2025 total

Three Months Ended September 30, 2025

Verizon 3.250 % notes due 2032

€ 1,000 $ 1,142

Verizon 3.750 % notes due 2037

€ 1,000 $ 1,134

Three Months Ended September 30, 2025 total

Nine Months Ended September 30, 2025 total

(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.

I n addition, for securities denominated in a currency other than the U.S.

dollar, net proceeds are shown on a U.S.

dollar equivalent basis.

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

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

Commercial Paper Program

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.

During the nine months ended September 30, 2025, we issued $ 11.6 billion in net proceeds and made $ 11.6 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 June 30, 2025, we had no commercial paper outstanding.

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

Asset-Backed Debt

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).

As of September 30, 2025 , the carrying value of our asset-backed debt was $ 27.1 billion.

Our asset-backed debt includes Asset-Backed Notes (ABS Notes) issued to third-party investors (Investors), loans (ABS Financing Facilities) received from banks and their conduit facilities (collectively, the Banks), and sales of residual interests under our ABS Notes and certain ABS Financing Facilities (Class R Interest) under a master repurchase agreement (master repurchase agreement) with a bank (the Counterparty).

Our consolidated asset-backed debt bankruptcy remote legal entities (each, an ABS Entity, or collectively, the ABS Entities) issue the debt or are otherwise party to the transaction documentation in connection with our asset-backed debt transactions.

Under the terms of our asset-backed debt, Cellco Partnership (Cellco), a wholly-owned subsidiary of the Company, and certain other Company affiliates (collectively, the Originators) transfer device payment plan agreement receivables and certain other receivables (collectively referred to as certain receivables) or a participation interest in certain other receivables to one of the ABS Entities, which in turn transfers such receivables and participation interest to another ABS Entity that issues the debt.

Verizon entities retain the equity interests and residual interests, as applicable, in the ABS Entities, which represent the rights to all funds not needed to make required payments on the asset-backed debt and other related payments and expenses.

Our asset-backed debt is secured by the transferred receivables and participation interest, and future collections on such receivables and underlying receivables related to such participation interest.

These receivables and participation interest transferred to the ABS Entities and related assets, consisting primarily of restricted cash, will only be available for payment of asset-backed debt and expenses related thereto, payments to the Originators in respect of additional transfers of certain receivables and participation interest, and other obligations arising from our asset-backed debt transactions, and will not be available to pay other obligations or claims of Verizon’s creditors until the associated asset-backed debt and other obligations are satisfied.

The Investors or Banks, as applicable, which hold our asset-backed debt have legal recourse to the assets securing the debt, but do not have any recourse to Verizon with respect to the payment of principal and interest on the debt.

Under a parent support agreement, the Company has agreed to guarantee certain of the payment obligations of Cellco and the Originators to the ABS Entities.

Cash collections on the receivables and on the underlying receivables related to the participation interest collateralizing our asset-backed debt securities are required at certain specified times to be placed into segregated accounts.

Under the terms of our asset-backed debt for ABS Notes and ABS Financing Facilities, Cellco Partnership (Cellco), a wholly-owned subsidiary of the Company, and certain other Company affiliates (collectively, the Originators) transfer device payment plan agreement receivables and certain other receivables (collectively referred to as certain receivables) or a participation interest in certain other receivables to one of the ABS Entities, which in turn transfers such receivables and participation interest to another ABS Entity that issues the debt.

Verizon entities retain the equity interests and residual interests, as applicable, in the ABS Entities and the ABS Notes and ABS Financing Facilities, as applicable, which represent the rights to all funds not needed to make required payments on such asset-backed debt and other related payments and expenses.

Our asset-backed debt is secured by the transferred receivables, participation interest and Class R Interest, future collections on such receivables, underlying receivables related to such participation interest and such Class R Interest, as applicable.

These receivables and participation interest transferred to the ABS Entities, such Class R Interest and related assets, consisting primarily of restricted cash, will only be available for payment of asset-backed debt and expenses related thereto, payments to the Originators in respect of additional transfers of certain receivables and participation interest, and other obligations arising from our asset-backed debt transactions, as applicable, and will not be available to pay other obligations or claims of Verizon’s creditors until the associated asset-backed debt and other obligations are satisfied.

The Investors, Banks or Counterparty, as applicable, which hold our asset-backed debt have legal recourse to the assets securing the debt, but in the case of our ABS Notes and ABS Financing Facilities, do not have any recourse to Verizon with respect to the payment of principal and interest on the debt.

Under a parent support agreement, the Company has agreed to guarantee certain of the payment obligations of Cellco and the Originators to the ABS Entities in connection with our ABS Notes and ABS Financing Facilities.

In connection with the master repurchase agreement, the Company has agreed to unconditionally and irrevocably guarantee payment obligations of the related ABS Entity, including to repurchase Class R Interest from the Counterparty.

Cash collections on the receivables and on the underlying receivables related to the participation interest collateralizing our ABS Notes and ABS Financing Facilities are required at certain specified times to be placed into segregated accounts.

Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets.

1 unchanged sentence

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

During the nine months ended September 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

38 unchanged sentences

June 2025 total

September 2025

Series 2025-7

A-1a Senior class notes

3.960 2.93 601

A-1b Senior class notes

Compounded SOFR + 0.520 (1)

B Junior class notes 4.210 2.93 —

C Junior class notes 4.400 2.93 37

Series 2025-8

A Senior class notes

4.160 4.93 356

B Junior class notes

4.410 4.93 27

C Junior class notes

4.600 4.93 16

September 2025 total

Total $ 4,677

(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.

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.

Compounded SOFR for the interest payment made in September 2025 was 4.38 %.

Under the terms of each series of ABS Notes outstanding as of September 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 nine months ended September 30, 2025 , we made aggregate principal repayments of $ 3.2 billion in connection with an anticipated redemption of ABS Notes.

During the three and nine months ended September 30, 2025, we sold certain of our initially offered but retained ABS Notes (collectively, the Retained Notes) for cash of $ 394 million and $ 523 million, respectively.

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 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 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, prepaid an aggregate of $ 200 million and borrowed an additional $ 100 million in June 2025 and prepaid an aggregate of $ 1.1 billion in September 2025.

The aggregate outstanding balance under the 2021 ABS Financing Facility was $ 6.4 billion as of September 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 .

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

Master Repurchase Agreement

In September 2025, we entered into a master repurchase agreement with the Counterparty to sell residual interests under our ABS Notes and certain ABS Financing Facilities for a maximum of $ 750 million with a simultaneous agreement to repurchase the Class R Interest at a later date for a specific price.

Under the terms of the master repurchase agreement, which is accounted for as a secured borrowing, the Counterparty is sold certain Class R Interest for a specific period of time without the right to further sell or repledge such Class R Interest.

However, we have the right and obligation to repurchase the Class R Interest, or substantially similar assets sold to the Counterparty, upon the maturity of the master repurchase agreement.

During the three and nine months ended September 30, 2025 , we received $ 750 million under the master repurchase agreement which remained outstanding as of September 30, 2025 and is collateralized by certain Class R interest.

The master repurchase agreement has a remaining maturity of less than one year and is classified as Debt maturing within one year in our condensed consolidated balance sheets.

The estimated fair value of such Class R Interest was $ 1.1 billion as of September 30, 2025 .

Variable Interest Entities

2 unchanged sentences

The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows:

At September 30,

At December 31,

9 unchanged sentences

Long-Term Credit Facilities

At June 30, 2025

At September 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 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.

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

(2) During the nine months ended September 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 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.

During the nine months ended September 30, 2025 and 2024, we financed, primarily through alternative financing arrangements, the purchase of approximately $ 1.7 billion and $ 1.2 billion, respectively, consisting primarily of network equipment.

As of September 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 nine months ended September 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.

1 unchanged sentence

Net Debt Extinguishment Gains

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.

During the three months ended September 30, 2025 and 2024 , we recorded net debt extinguishment gains of $ 94 million and $ 90 million, respectively.

During the nine months ended September 30, 2025 and 2024 , we recorded net debt extinguishment gains of $ 272 million and $ 289 million, respectively.

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

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 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.

As of September 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 June 30, 2025

At September 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 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.

Included in Other assets and Accounts receivable, net at September 30, 2025 and December 31, 2024, are net device payment plan agreement receivables, net wireless service receivables and net other receivables of $ 30.2 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 September 30, 2025 and December 31, 2024, are net other receivables of $ 838 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 June 30, At December 31,

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

At September 30, 2025 and December 31, 2024, the amount of trade-in liability was $ 300 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 six months ended June 30, 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 nine months ended September 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 June 30, 2025.

The data presented in the table above was last updated on September 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 six months ended June 30, 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 nine months ended September 30, 2025, by year of origination:

Year of Origination

2 unchanged sentences

Gross write-offs 201 189 390

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

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

Allowance for Credit Losses

16 unchanged sentences

Recoveries collected 35 37

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

Balance at September 30, 2025 $ 1,427 $ 242

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

7 unchanged sentences

The balance and aging of the device payment plan agreement receivables, at amortized cost, were as follows:

At September 30,

(dollars in millions) 2025

3 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 June 30, 2025:

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

(dollars in millions) Level 1 (1)

3 unchanged sentences

Foreign exchange forwards — 1 — 1

Interest rate caps — 5 — 5

Other assets:

6 unchanged sentences

Cross currency swaps — 166 — 166

Interest rate caps — 5 — 5

Foreign exchange forwards — 3 — 3

Treasury rate locks — 97 — 97

32 unchanged sentences

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.

As of September 30, 2025 and December 31, 2024, the carrying amount of our investments without readily determinable fair values was $ 714 million and $ 724 million, respectively.

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

As of September 30, 2025, cumulative adjustments due to observable price changes and impairment charges were $ 191 million and $ 141 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 June 30, 2025 $ 143,508 $ 83,078 $ 57,120 $ — $ 140,198

At September 30, 2025 $ 144,276 $ 84,492 $ 57,990 $ — $ 142,482

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 June 30, At December 31,

At September 30, At December 31,

(dollars in millions) 2025 2024

4 unchanged sentences

The following tables summarize the activities of our designated derivatives:

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

(dollars in millions) 2025 2024 2025 2024

2 unchanged sentences

Notional value settled — 1,254 985 1,254

Pre-tax gain recognized in Interest expense

Pre-tax gain (loss) recognized in Interest expense

Cross Currency Swaps:

5 unchanged sentences

206 ( 1,272 ) ( 3,293 ) ( 438 )

Excluded components recognized in Other comprehensive income (loss)

Excluded components recognized in Other comprehensive loss

( 191 ) ( 573 ) ( 1,068 ) ( 407 )

3 unchanged sentences

Notional value settled — 1,000 — 1,000

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

Pre-tax loss recognized in Other comprehensive loss

( 42 ) ( 21 ) ( 97 ) ( 21 )

Six Months Ended

Nine Months Ended

September 30,

(dollars in millions) 2025 2024

Other, net Cash Flows from Operating Activities:

Cash received (paid) for settlement of interest rate swaps

Cash paid for settlement of interest rate swaps, net

$ ( 45 ) $ ( 6 )

Cash received (paid) for settlement of treasury rate locks

Other, net Cash Flows from Financing Activities:

2 unchanged sentences

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

At June 30, At December 31,

At September 30, At December 31,

(dollars in millions) 2025 2024

16 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 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.

During the three and nine months ended September 30, 2025 and September 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 loss.

Unrealized gains or losses on excluded components are recorded in Other comprehensive 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 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.

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

See Note 9 for additional information.

3 unchanged sentences

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 June 30, 2025 and December 31, 2024.

The notional amount of Euro-denominated debt designated as a net investment hedge was € 750 million as of both September 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 recognize gains and losses resulting from interest rate movements in Other comprehensive 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 Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

(dollars in millions) 2025 2024 2025 2024

2 unchanged sentences

Notional value settled 2,030 1,640 5,900 7,370

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

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

( 8 ) 21 80 ( 2 )

3 unchanged sentences

Pre-tax loss recognized in Interest expense

( 8 ) — ( 5 ) —

Foreign Exchange Forwards

6 unchanged sentences

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 September 30, 2025, we did no t hold any collateral.

At September 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 (expense), 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.

4 unchanged sentences

Pension Health Care and Life

Three Months Ended June 30, 2025 2024 2025 2024

Three Months Ended September 30, 2025 2024 2025 2024

Service cost - Cost of services $ 34 $ 39 $ 7 $ 11

4 unchanged sentences

Interest cost 102 111 137 136

Remeasurement loss, net 45 136 — —

Remeasurement gain, net ( 31 ) ( 46 ) — —

Other components $ ( 34 ) $ ( 41 ) $ 97 $ 97

2 unchanged sentences

Pension Health Care and Life

Six Months Ended June 30,

Nine Months Ended September 30,

2025 2024 2025 2024

8 unchanged sentences

Total $ 123 $ 137 $ 317 $ 329

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

12 unchanged sentences

Under this program approximately 4,800 eligible employees separated from Verizon through the end of March 2025.

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.

Severance Payments

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.

During the three and nine months ended September 30, 2025, we paid severance benefits of $ 56 million and $ 663 million, respectively, primarily related to the voluntary separation program.

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

At September 30, 2025, we had a remaining severance liability of $ 331 million, a portion of which relates to future contractual payments to separated employees under the voluntary separation program.

Employer Contributions

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.

During the nine months ended September 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.

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

During both the three and nine months ended September 30, 2025 and September 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 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.

Remeasurement loss (gain), net

During both the three and nine months ended September 30, 2025 and September 30, 2024, we recorded an insignificant net pre-tax remeasurement gain and loss, 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.

4 unchanged sentences

Changes in the components of Total equity were as follows:

Three Months Ended June 30,

Three Months Ended September 30,

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

15 unchanged sentences

Unrealized loss on fair value hedges ( 161 ) ( 446 )

Unrealized loss on marketable securities — ( 1 )

Unrealized gain on marketable securities 3 5

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

Other comprehensive income (loss) 14 ( 88 )

Other comprehensive loss ( 176 ) ( 378 )

Balance at end of period attributable to Verizon ( 1,651 ) ( 1,665 )

15 unchanged sentences

Total Equity $ 106,345 $ 97,668

Six Months Ended June 30,

Nine Months Ended September 30,

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

15 unchanged sentences

Foreign currency translation adjustments 140 9

Unrealized gain on cash flow hedges — 54

Unrealized gain (loss) on fair value hedges ( 692 ) 96

Unrealized gain (loss) on marketable securities 1 ( 3 )

Unrealized gain (loss) on cash flow hedges ( 13 ) 60

Unrealized loss on fair value hedges ( 853 ) ( 350 )

Unrealized gain on marketable securities 4 2

Defined benefit pension and postretirement plans ( 6 ) ( 6 )

Other comprehensive income (loss) ( 552 ) 93

Other comprehensive loss ( 728 ) ( 285 )

Balance at end of period attributable to Verizon ( 1,651 ) ( 1,665 )

16 unchanged sentences

Total Equity $ 106,345 $ 97,668

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.

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 six months ended June 30, 2025.

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

At September 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.

Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareholder plans, including 6.7 million shares of common stock issued from treasury stock during the nine months ended September 30, 2025.

Accumulated Other Comprehensive Loss

7 unchanged sentences

Net other comprehensive income (loss) 140 ( 13 ) ( 853 ) 4 ( 6 ) ( 728 )

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

Balance at September 30, 2025 $ ( 593 ) $ ( 994 ) $ ( 264 ) $ ( 1 ) $ 201 $ ( 1,651 )

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 (expense), 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, 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 (expense), 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, net in our condensed consolidated statements of income.

See Note 8 for additional information.

25 unchanged sentences

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

Three Months Ended June 30,

Three Months Ended September 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 $ 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.

(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $ 6.3 billion and $ 853 million, respectively, for the three months ended September 30, 2025 and were approximately $ 6.5 billion and $ 865 million, respectively, for the three months ended September 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,

Nine Months Ended September 30,

(dollars in millions) Consumer Business Total

22 unchanged sentences

(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.

(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $ 19.1 billion and $ 2.6 billion, respectively, for the nine months ended September 30, 2025 and were approximately $ 19.4 billion and $ 2.6 billion, respectively, for the nine months ended September 30, 2024.

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

3 unchanged sentences

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 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 Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 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 Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

(dollars in millions) 2025 2024 2025 2024

6 unchanged sentences

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

(dollars in millions) 2025 2024 2025 2024

1 unchanged sentence

Corporate and other ( 136 ) ( 128 ) ( 339 ) ( 541 )

Acquisition and integration related charges

( 52 ) — ( 52 ) —

Severance charges — ( 1,733 ) — ( 1,733 )

Other components of net periodic benefit charges (Note 8) ( 8 ) ( 8 ) ( 24 ) ( 25 )

Asset and business rationalization

— ( 374 ) — ( 374 )

Legacy legal matter

1 unchanged sentence

Total consolidated operating income 8,105 5,926 24,255 21,265

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

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

Equity in losses of unconsolidated businesses ( 6 ) ( 24 ) ( 3 ) ( 47 )

Other income, net 92 72 292 198

Interest expense ( 1,664 ) ( 1,672 ) ( 4,935 ) ( 5,005 )

Income Before Provision For Income Taxes $ 6,527 $ 4,302 $ 19,609 $ 16,411

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.

No single customer accounted for more than 10% of our total operating revenues during the three and nine months ended September 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 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.

As of September 30, 2025 and December 31, 2024, $ 738 million and $ 772 million, respectively, remained as confirmed obligations outstanding related to suppliers participating in the supplier finance program.

Commitments and Contingencies

11 unchanged sentences

Most of these cases are brought by non-practicing entities and effectively seek only monetary damages;

a small number are brought by companies that have sold products and could seek injunctive relief as well.

a small number are

brought by companies that have sold products and could seek injunctive relief as well.

These cases have progressed to various stages and a small number may have gone to trial or may go to trial in the coming 12 months if they are not otherwise resolved.

1 unchanged sentence

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

As of September 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.

2 unchanged sentences

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