6 unchanged sentences
Our wireless services are provided across one of the most extensive wireless networks in the United States (U.S.) under the Verizon family of brands and through wholesale and other arrangements.
+Added: As of the date this report is being filed, our wireline services are provided in 31 U.S.
+Added: states and Washington D.C.
+Added: over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network.
We also provide fixed wireless access (FWA) broadband through our fifth-generation (5G) or fourth-generation (4G) Long-Term Evolution (LTE) networks as an alternative to traditional landline internet access.
−Removed: Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios.
In 2025, the Consumer segment’s revenues were $106.8 billion, representing approximately 77% of Verizon’s consolidated revenues.
−Removed: As of December 31, 2024, Consumer had approximately 115 million wireless retail connections (including FWA), of which 83% are postpaid connections.
+Added: As of December 31, 2025, Consumer had approximately 116 million wireless retail connections (including FWA), of which 83% were postpaid connections.
In addition, at December 31, 2025, Consumer had approximately 11 million total broadband connections (which includes Fios internet, FWA and Digital Subscriber Line (DSL) connections), and approximately 2 million Fios video connections.
Verizon Business Group
−Removed: Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and advanced communication services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things (IoT) services and products.
+Added: Our Business segment provides wireless and wireline communications services and products, including mobility communication services, FWA and wireline broadband, Internet of Things (IoT) connectivity solutions, advanced communication services, corporate networking solutions, local and long distance voice services, and security and managed network services.
We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S.
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We provide a wide variety of wireless services to Consumer and Business customers on different service plan options.
−Removed: Our Consumer Group offers customizable, personalized phone plans for retail customers, allowing them to design the plan that fits their needs, including access to their preferred content and services (which we call “perks”).
+Added: Our Consumer Group offers various phone plans for retail customers with features, designed to fit their needs, including access to their preferred content and services (which we call “perks”).
We also offer plans for customers who want access to Verizon’s network at a lower price point, as well as discounts and special rate plans for qualifying customers.
+Added: Our Business customers can choose from a variety of plans with different features to meet their specific needs.
Customers can obtain our wireless services on a postpaid or prepaid basis.
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As of December 31, 2025, we had 96 million postpaid connections and 20 million prepaid connections, representing approximately 83% and 17% of our Consumer wireless retail connections, respectively.
−Removed: Our Business customers can choose from a variety of plans with different features to meet their specific needs.
We also provide FWA broadband through our 5G or 4G LTE wireless networks to our Consumer and Business customers.
FWA enables fixed broadband access using radio frequencies instead of cables and can be used to connect homes and businesses to the internet.
−Removed: As of December 31, 2024, we had nearly 4.6 million FWA broadband connections.
+Added: As of December 31, 2025, we had 5.7 million FWA broadband connections.
Consumer and Business offer several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
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Consumer wireless customers can acquire wireless equipment from us using device payment plans, which permit the customer to pay for the device in installments over time.
−Removed: Customers that activate service on devices purchased under the device payment program generally pay lower service fees as compared to those under our fixed-term service plans, and their device payment plan charge is included on their wireless monthly bill.
−Removed: While we no longer offer Consumer customers fixed-term subsidized service plans for devices, we continue to offer subsidized plans to our Business customers.
−Removed: We also continue to service existing plans for customers who have not yet purchased and activated devices under the Verizon device payment program.
Verizon Consumer Group
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Consumer also provides non-connectivity services including device protection, content offerings, cloud storage, and other products.
−Removed: Residential fixed services – We provide residential fixed connectivity solutions to customers over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios.
+Added: Residential fixed services – We provide residential fixed connectivity solutions to customers over our 100% fiber-optic network through our fiber product portfolio and over a traditional copper-based network.
We also provide FWA broadband through both 5G and 4G LTE home internet offerings, which are available in most states across the U.S.
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Enterprise and Public Sector
−Removed: Enterprise and Public Sector offers wireless products and services as well as wireline connectivity such as broadband and managed services to our large business and public sector customers.
−Removed: Large businesses are identified based on their size and volume of business with Verizon.
+Added: Enterprise and Public Sector offers wireless products and services as well as wireline connectivity such as broadband and managed solutions to our large business and public sector customers.
Public sector customers include U.S.
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In 2025, Enterprise and Public Sector revenues were $13.5 billion, representing approximately 46% of Business’s total revenues.
−Removed: Enterprise and Public Sector offers a broad portfolio of connectivity, security and professional services designed to enable our customers to optimize their business operations, mitigate business risks and capitalize on data.
−Removed: These services include the following:
−Removed: • Network services – We offer a portfolio of network connectivity products to help our customers connect with their employees, partners, vendors and customers.
−Removed: These products include internet access services, private networking services, private cloud connectivity services and virtual and software defined networking services.
−Removed: • Advanced communications services – We offer a suite of services to our customers to help them communicate with their employees, partners, vendors, constituents and customers.
−Removed: These products include Internet Protocol (IP)-based voice and video services, unified communications and collaboration tools and customer contact center solutions.
−Removed: • Core services – We provide a portfolio of domestic and global voice and data solutions utilizing traditional telecommunications technology, including voice calling, messaging services, conferencing, contact center solutions and private line and data access networks.
−Removed: Core services also include the provision of customer premises equipment, and installation, maintenance and site services.
−Removed: • Security services – We offer a suite of management and data security services that help our customers protect, detect and respond to security threats to their networks, data, applications and infrastructure.
−Removed: • IoT services – We provide the network access required to deliver various IoT products and services.
−Removed: We work with companies that purchase network access from us to connect their devices, bundled together with their own solutions, which they sell to end users.
+Added: Enterprise and Public Sector offers a broad portfolio of connectivity, security and professional services, including network, advanced communications and IoT services, and voice data solutions, designed to enable our customers to optimize their business operations, mitigate business risks and capitalize on data.
Business Markets and Other
−Removed: Business Markets and Other offers wireless services (including FWA broadband), wireless equipment, advanced communication services, tailored voice and networking products, Fios services, advanced voice solutions and security services to businesses that ordinarily do not meet the requirements to be categorized as Enterprise and Public Sector, as described above.
+Added: Business Markets and Other offers wireless services (including FWA broadband), wireless equipment, advanced communication services, tailored voice and networking products, fiber broadband services, video services, advanced voice solutions and security services to businesses that ordinarily do not meet the requirements to be categorized as Enterprise and Public Sector, as described above.
Business Markets and Other also includes solutions that support mobile resource management.
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A portion of Wholesale revenues are generated by a few large telecommunications companies, most of which compete directly with us.
−Removed: Wholesale's services include:
−Removed: • Data services – We offer a portfolio of data services to enhance our Wholesale customers’ networks and provide connections to their end users and subscribers.
−Removed: • Voice services – We provide switched access services that allow carriers to complete their end-user calls that originate or terminate within our territory.
−Removed: In addition, we provide originating and terminating voice services throughout the U.S.
−Removed: and globally utilizing our time-division multiplexing and Voice over Internet Protocol (VoIP) networks.
−Removed: • Local services – We offer an array of local dial tone and broadband services to competitive local exchange carriers, some of which are offered to comply with telecommunications regulations.
−Removed: In addition, we offer services such as colocation, resale and unbundled network elements in compliance with applicable regulations.
We use a combination of direct, indirect and alternative distribution channels to market and distribute our products and services to Consumer and Business customers.
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Our sales and service centers and business direct sales teams also represent significant distribution channels for our services.
−Removed: In addition, we have a robust digital channel and omni-channel as a part of the customer experience in order to offer choice and convenience.
+Added: In addition, we have a robust digital and omni-channel, and are leveraging artificial intelligence (AI) technologies and digital capabilities as a part of the customer experience in order to offer choice and convenience.
Our indirect channel includes agents that sell our wireless and wireline products and services at retail locations throughout the U.S., as well as through the internet.
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We design, build and operate networks to provide connectivity and related services meeting the needs of our diverse customers:
−Removed: consumers, businesses, government organizations and educational institutions.
−Removed: • Technologies – Our networks leverage advanced technologies, including 5G wireless, fiber-based transport, cloud infrastructures, private networks and IP routing solutions.
−Removed: • Scale and geography – We operate a national network covering over 146 million wireless retail connections as of December 31, 2024.
+Added: consumers, businesses, government organizations, first responders and educational institutions.
+Added: Verizon operates an award winning national wireless network covering approximately 147 million wireless retail connections, and an extensive broadband network covering approximately 14 million broadband connections as of December 31, 2025.
In addition to our significant U.S.
infrastructure, we have a presence globally and relationships with many operators and partners allowing us to service multinational network needs.
−Removed: • Services and capabilities – We provide connectivity, access to the internet, voice calling, text messaging and both linear and streaming video capabilities.
−Removed: Beyond these basic services, our network solutions include advanced services and capabilities such as E911, first responder solutions and private networking solutions.
−Removed: • Reliability – We strive to design and deploy reliable networks.
−Removed: We test our networks for reliability and use various methods and procedures to maintain network availability, capability and capacity.
−Removed: To mitigate the impact of power disruptions on our operations, we have battery backup at every switch and every macro cell.
−Removed: We also utilize backup generators at a majority of our macro cells and at every switch location.
−Removed: In addition, we have a fleet of portable backup generators that can be deployed if needed.
+Added: We also own and operate one of the largest global fiber-optic networks in the world, providing connectivity to Business customers in more than 180 countries.
+Added: We have a portfolio of spectrum holdings, including C-Band and millimeter wave spectrum, and are constantly transforming our networks by leveraging innovation and new technologies to deliver improved network performance and efficiency.
Network Evolution
−Removed: We consider the reliability, speed, capacity, coverage and security of our wireless network to be key factors in our continued success.
−Removed: We are evolving and transforming our networks to ensure our customers receive access to the best network possible.
−Removed: Areas of evolution and transformation include:
−Removed: • 5G Wireless – Verizon has driven the conversion from 4G to 5G through a sequence of network changes involving the radio access network, the core network infrastructure and change to the devices connecting to the network.
−Removed: Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services.
−Removed: 5G technology enables higher throughput and lower latency than 4G LTE technology and allows our networks to handle more traffic as the number of internet-connected devices and customer usage needs grow.
−Removed: Our evolution to 5G with its new architecture allows us to simplify operations by eliminating legacy network elements.
−Removed: • Coverage and densification – We continue to improve 5G wireless service coverage by leveraging our breadth of wireless spectrum, including millimeter wave and C-Band spectrum, which we are continuing to deploy across the continental U.S.
−Removed: We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems.
−Removed: Network densification enables us to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
−Removed: It also supports our growing FWA business and growing bandwidth needs for uses such as streaming and video content creation.
−Removed: • Virtualization – We are leveraging the benefits of cloud computing and storage as we evolve our network infrastructure.
−Removed: Our private cloud infrastructure allows us to use shared compute, storage and networking resources rather than building unique physical instances for our network infrastructure.
−Removed: • Fiber transport and IP networking – We own and operate one of the largest global fiber-optic networks in the world, providing connectivity to Business customers in more than 180 countries.
−Removed: Our global IP network includes long-haul, metro and submarine assets that enable and support international operations.
−Removed: In response to growing bandwidth demand, we have upgraded and increased our long-haul core fiber-based transport capacity as well as our IP network capacity and efficiency.
−Removed: We continue to build local fiber networks by adding fiber connectivity to premises, venues, cell tower locations and data centers.
−Removed: • Energy efficiency – We strive to improve the energy efficiency of our networks, facilities and fleet.
−Removed: We are balancing increased energy needs from ongoing expansion and densification of our networks with initiatives to effectively manage energy consumption, including using more energy-efficient equipment, discontinuing or migrating legacy services and pursuing opportunities to use renewable energy sources.
−Removed: Residential broadband service has seen significant growth in bandwidth demand over the past several years, and we believe that demand will continue to grow.
−Removed: We expect that the continued emergence of new video services, new data applications and the proliferation of IP devices in the home will continue to drive new network requirements for increased data speeds and throughput.
−Removed: We believe that the Passive Optical Network (PON) technology underpinning Fios positions us well to meet these demands in a cost-effective and efficient manner.
−Removed: We also continue to evolve the in-home broadband router element to bring new capability and improved performance, such as improved Wi-Fi, to our retail customers.
+Added: Our networks leverage advanced technologies, including 5G wireless, fiber-based transport, cloud infrastructures, AI and automation, private networks and IP routing solutions.
+Added: We are using the benefits of cloud computing and storage to virtualize aspects of our network infrastructure.
+Added: Virtualization supports cost efficiency and supplier diversification, and reduces time to deploy networks.
+Added: Verizon has an industry leading virtualized radio access network (vRAN) infrastructure and has deployed Open RAN (ORAN) based solutions that allow to shift from traditional, single-vendor systems to using interoperable network components from multiple vendors.
+Added: Our evolving network infrastructure positions us well to handle increased capacity demands of AI.
+Added: We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
+Added: We also continue to expand our network coverage by partnering with satellite providers to enhance off-grid emergency and text messaging services.
+Added: We provide residential and enterprise wireline broadband services over our 100% fiber-optic network through our Verizon fiber product portfolio and over a traditional copper-based network.
While deployed initially as a consumer broadband network, our Fios infrastructure is also experiencing more widespread application in the Business segment, especially as businesses increasingly migrate to ethernet-based access services.
−Removed: In September 2024, we entered into an agreement to acquire Frontier Communications Parent, Inc.
+Added: We also provide fixed wireless access (FWA) broadband as an alternative to traditional landline internet access.
+Added: We had 5.7 million FWA broadband connections as of December 31, 2025.
+Added: On January 20, 2026, we completed the acquisition of Frontier Communications Parent, Inc.
(Frontier), a U.S.
provider of broadband internet and other communication services.
−Removed: Upon closing, this transaction is expected to enhance our fiber broadband footprint and provide opportunities for future Fios growth.
+Added: This transaction expanded our fiber broadband footprint to 31 U.S.
+Added: states and Washington D.C., and is expected to provide opportunities for future fiber growth.
+Added: In addition, in October 2025, we entered into a commercial fiber arrangement with an affiliate of Tillman Global Holdings to further increase our fiber access reach.
+Added: On January 30, 2026, we completed the acquisition of Starry Group Holdings, Inc.
+Added: (Starry), a fixed wireless broadband provider serving multi-dwelling units in five markets across the U.S.
+Added: This transaction is expected to provide additional FWA capabilities and enhance our ability to deliver high-speed internet to multi-dwelling units and urban communities.
The spectrum licenses we hold can be used for mobile and fixed wireless voice, video and data communications services.
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We also hold spectrum licenses in the 28, Upper 37 and 39 GHz bands, known as millimeter wave spectrum, and utilize both Priority Access Licenses (PALs) and General Authorized Access (GAA) in the 3.5 GHz band (Citizens Broadband Radio Service).
−Removed: We anticipate that demand for spectrum will continue to increase over time, driven by growth in customer connections and the increased usage of wireless broadband services that use more bandwidth and require faster rates of speed, as well as the wider deployment of 5G mobile and fixed services.
−Removed: We expect to meet the demand for 5G and 4G spectrum needs with our existing spectrum assets.
−Removed: If demand continues to increase or if new spectrum is required for a future generation of technology, we can meet that demand by acquiring licenses or leasing spectrum from other licensees, or by acquiring new spectrum licenses from the FCC, if and when future FCC spectrum auctions occur.
−Removed: From time to time we have exchanged spectrum licenses with other wireless service providers through secondary market swap transactions.
−Removed: We expect to continue to pursue similar opportunities to trade spectrum licenses in order to meet capacity and expansion needs in the future.
−Removed: We also gain access to spectrum through cross-lease transactions.
−Removed: In certain cases, we have entered into intra-market spectrum swaps designed to increase the amount of contiguous spectrum within frequency bands in a specific market.
−Removed: Contiguous spectrum improves network performance and efficiency.
−Removed: These swaps, as well as any spectrum purchases, require us to obtain governmental approvals.
−Removed: Information regarding spectrum license transactions, including our pending acquisition of select spectrum licenses of United States Cellular Corporation and certain of its subsidiaries, is presented in Note 3 to the consolidated financial statements included in this Annual Report.
+Added: We anticipate that demand for spectrum will continue to increase over time, driven by growth in customer connections and the increased usage of wireless broadband services that use more bandwidth and require faster rates of speed, as well as AI driven data demands and future transition to 6G.
+Added: Information regarding spectrum license transactions, including our pending acquisition of select spectrum licenses of United States Cellular Corporation (currently known as Array Digital Infrastructure, Inc.) and certain of its subsidiaries, is presented in Note 3 to the consolidated financial statements included in this Annual Report.
Competition and Related Trends
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We expect competition to remain intense as traditional and non-traditional participants seek increased market share.
−Removed: Competitive factors within the telecommunications industry include, among others, network reliability, speed, capacity and coverage;
−Removed: pricing and promotional strategies;
+Added: Competitive factors within the telecommunications industry include, among others, pricing, value proposition and promotional strategies;
the quality of customer service;
+Added: network reliability, speed, capacity and coverage;
marketing, sales and distribution capabilities;
development of new and enhanced products and services;
−Removed: the ability to anticipate and respond to various factors and trends affecting our industry;
the availability of capital resources;
+Added: the ability to anticipate and respond to various factors and trends affecting our industry;
and regulatory changes.
−Removed: Competition remains intense as a result of various factors, including aggressive pricing, increased levels of promotions and service plan discounts, and offerings that include additional bundled premium content or other perks, in some cases specifically targeting Verizon customers.
−Removed: Competition may increase as smaller, stand-alone wireless service providers merge or transfer licenses to larger, better capitalized wireless service providers and as MVNOs resell wireless communication services.
+Added: Competition remains intense as a result of various factors, including aggressive pricing, increased levels of promotions and service plan discounts, price locks and guarantees, and offerings that include additional bundled premium content or other perks, in some cases specifically targeting Verizon customers.
+Added: Competition may increase as MVNOs resell wireless communication services.
In addition, aggressive network deployment as well as increasing government incentives related to it may enhance the ability of certain of our competitors to compete with us.
+Added: The rapid evolution and increasing use of AI technologies also contribute to increasing competition and may affect the competitive landscape in ways we cannot fully predict.
With respect to our wireless connectivity products and services, we compete against other national wireless service providers, including AT&T Inc.
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Several major cable operators also offer bundles with wireless services through strategic relationships.
−Removed: We also face competition from other communications and technology companies seeking to increase their brand recognition and capture market share with respect to the provision of wireless products and services, in addition to non-traditional offerings in mobile data.
−Removed: For example, Microsoft Corporation, Alphabet Inc., Apple Inc., Meta Platforms, Inc.
−Removed: and others are offering alternative means for messaging and making wireless voice calls that, in certain cases, can be used in lieu of the wireless providers' voice service, as well as alternative means of accessing video content.
−Removed: In addition, we are seeing increasing competition in the provisioning of internet access by low Earth orbit satellite companies as well in the area of fixed wireless offerings that provide an alternative to traditional landline internet service providers.
−Removed: With respect to Fios and our other broadband services, we compete against cable companies, wireless service providers, domestic and foreign telecommunications providers, satellite television companies, low Earth orbit satellite companies, internet service providers, OTT providers and other companies that offer network services and managed enterprise solutions.
−Removed: face increasing competition from other internet portal providers.
+Added: With respect to fiber, FWA and our other broadband services, we compete against cable companies, wireless service providers, domestic and foreign telecommunications providers, satellite television companies, low Earth orbit satellite companies, internet service providers, OTT providers, other internet portal providers and other companies that offer network services and managed enterprise solutions.
We expect the market will continue to shift from traditional linear video to OTT offerings.
−Removed: We also expect customer migration from traditional voice services to wireless services to continue.
Companies with a global presence are increasingly competing with us in our Business segment.
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In addition, some of the largest information technology services companies are making strategic acquisitions, divesting non-strategic assets and forging new alliances to improve their cost structure.
−Removed: Many new alliances and acquisitions have focused on developing fields, such as cloud computing, software defined networking, communication applications and other computing tasks via networks, rather than by the use of in-house machines.
−Removed: In the Business Markets and Other category, customer purchasing behaviors and preferences continue to evolve.
−Removed: Solution speed and simplicity are becoming key differentiators for customers who are seeking full life-cycle offers that simplify the process of starting, running and growing their businesses.
−Removed: Mobile network operators and other carriers are aggressively targeting this customer group with a variety of bundles and discounts as it is among the largest and fastest growing categories in the Business segment.
+Added: Many new alliances and acquisitions have focused on developing fields, such as cloud computing, software defined networking, communication applications and other computing tasks via networks, rather than by the use of on premise equipment.
+Added: In the Business Markets and Other category, customer purchasing behaviors continue to evolve.
+Added: Competitive pricing and solution simplicity are key differentiators as customers are moving away from fragmented vendor relationships in favor of integrated solution suites.
+Added: Operators are targeting this group with discounted bundles, converged offerings, and flexible solutions stacks to cater to this large and growing customer category.
Our Wholesale business competes with traditional carriers for metro/mid/long-haul fiber, voice and IP services.
3 unchanged sentences
Regulatory Landscape
−Removed: Verizon operates in a regulated and highly competitive market, as described above.
+Added: Verizon operates in a highly regulated market.
Some of our competitors are subject to fewer regulatory constraints than Verizon.
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If a wireless license was revoked or not renewed, Verizon would not be permitted to provide services on the spectrum covered by that license.
−Removed: Some of our licenses require us to comply with so-called "open access" FCC regulations, which generally require licensees of particular spectrum to allow customers to use devices and applications of their choice, subject to certain technical limitations.
+Added: Some of our licenses require us to comply with so-called "open access" FCC regulations, which require licensees of particular spectrum to allow customers to use devices and applications of their choice, subject to certain technical limitations.
+Added: The FCC recently waived one aspect of these rules related to device locking.
The FCC has also imposed certain specific mandates on wireless carriers, including construction and geographic coverage requirements, technical operating standards, provision of enhanced 911 services, roaming obligations and requirements for wireless tower and antenna facilities.
6 unchanged sentences
Verizon offers many different broadband services.
−Removed: In early January 2025, based on litigation filed by the broadband industry, a federal appeals court overturned the FCC's April 2024 final decision to regulate broadband services via utility-style common carriage regulation under Title II of the Communications Act.
−Removed: Absent further action in the courts, this decision will remain in effect and limit the risk of burdensome FCC broadband regulation.
−Removed: In addition to federal activity, several states have adopted or are considering adopting laws or executive orders that would impose net neutrality and other requirements on some of our broadband services, including a law in New York that requires discounted broadband pricing for low income customers.
−Removed: Some states may also impose pricing or other rules related to broadband built with the assistance of federal or state funding.
+Added: At the federal level, these broadband services are subject to light-touch regulation by the FCC.
+Added: At the state level, several states have adopted or are considering adopting laws or executive orders that would impose net neutrality and other requirements on some of our broadband services, including rules requiring discounted broadband pricing for low income customers.
The FCC also adopted broad rules related to "digital discrimination" that could further increase regulatory oversight of broadband services;
industry groups have appealed those rules in court.
−Removed: Our broadband commitment can be found on our website at https://www.verizon.com/about/our-company/verizon-broadband-commitment.
Wireline Voice
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State public utility commissions regulate Verizon’s telephone operations with respect to certain telecommunications intrastate matters.
−Removed: Verizon operates as an "incumbent local exchange carrier" in nine states and the District of Columbia.
−Removed: These incumbent operations are subject to various levels of pricing flexibility and other state oversight and requirements.
+Added: As of the date this report is being filed, Verizon operates as an "incumbent local exchange carrier" in 31 states and the District of Columbia.
+Added: These incumbent operations are subject to various levels of state oversight, pricing rules, and requirements to offer service.
Verizon also has other wireline operations that are more lightly regulated.
−Removed: Some states, including California, impose reporting requirements and are considering new network reliability or service quality requirements for wireline voice services, including for VoIP.
+Added: Some states, including California, impose reporting requirements and have adopted new network reliability or service quality requirements for wireline voice services, including for VoIP.
Verizon offers a multichannel video service that is regulated like traditional cable service.
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The California Consumer Privacy Act, Europe's General Data Protection Regulation and a number of other privacy laws more recently adopted by other states and countries include significant penalties for non-compliance.
−Removed: Generally, attention to privacy and data security requirements is increasing at all levels of government globally, and privacy-related legislation has been introduced or is under consideration in many locations.
−Removed: These regulations could have a significant impact on our businesses.
−Removed: Policymakers at the local, state, federal and international levels are also considering imposing laws and regulations on the use of artificial intelligence (AI).
+Added: Generally, governments globally are increasing their focus on privacy and data security requirements and privacy-related legislation, which could have a significant impact on our businesses.
+Added: Policymakers at the local, state, federal and international levels have begun imposing and continue to consider new laws and regulations on the use of AI, and one state (Colorado) passed comprehensive legislation regulating AI.
This is a nascent area of regulatory focus;
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For example, the FCC adopted rules requiring wireless providers to support roaming on each other’s networks during disasters, and the California Public Utilities Commission has imposed regulations relating to back-up power for communications facilities.
−Removed: In response to prior cyberattacks and increasing risks from cybersecurity threats, the FCC and other regulators are attempting to increase regulation of the cybersecurity practices of providers.
+Added: In response to prior cyberattacks and increasing risks from cybersecurity threats, Congress and some states are considering increasing regulation of the cybersecurity practices of providers.
The FCC is also addressing the use by American companies of equipment produced by certain companies deemed to cause potential national security risks.
−Removed: Verizon does not currently use equipment in its networks from vendors under such restrictions.
+Added: Verizon does not use equipment in its networks from vendors currently under such restrictions.
Intercarrier Compensation and Network Access
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Human Capital Resources
−Removed: With approximately 99,600 employees on a full-time equivalent basis as of December 31, 2024, 88% of whom are based in the U.S., we know that our people are one of our most valuable investments.
−Removed: In order to realize our core business strategy, we have developed human capital programs and practices that support, develop and care for our employees throughout their careers with Verizon.
−Removed: Our strategy to build a workforce with talent, skills and motivation to give the company a competitive edge now and into the future rests on three pillars:
−Removed: • Attract and maintain a diverse workforce with the necessary skills and talent to execute on our business priorities.
−Removed: • Develop our employees' potential by offering educational opportunities that keep pace with changes occurring across our industry.
−Removed: • Inspire individuals to build a career at Verizon by providing meaningful work and opportunities for career advancement in a collaborative and inclusive environment.
−Removed: Verizon strives to be an employer of choice by offering our employees competitive compensation and benefits packages.
−Removed: We seek to recruit and retain employees with diverse backgrounds, experiences and perspectives to best meet the needs of the diverse customers and communities we serve.
−Removed: We provide extensive on-the-job training opportunities, tuition reimbursement programs and career development support to enable our employees to maximize their potential and thrive professionally.
−Removed: As of December 31, 2024, Verizon's global workforce was approximately 68.6% male, 31.1% female and 0.3% unknown or undeclared, and the race/ethnicity of our U.S.
−Removed: workforce was 52.5% White, 18.4% Black, 14.0% Hispanic, 8.8% Asian, 0.4% American Indian / Alaskan Native, 0.3% Native Hawaiian / Pacific Islander, 2.6% two or more races, and 3.0% unknown or undeclared.
−Removed: Women represented 36.2% of U.S.
−Removed: senior leadership (vice president level and above).
−Removed: People of color represented 34.0% of U.S.
−Removed: senior leadership.
+Added: Verizon has approximately 89,900 employees on a full-time equivalent basis as of December 31, 2025, 89% of whom are based in the U.S.
+Added: In order to realize our core business strategy, we seek to recruit and retain employees with the skills, experiences and perspectives necessary to meet the needs of the customers and communities we serve.
+Added: Verizon strives to be an employer of choice by offering our employees competitive compensation and benefits packages, and provides extensive on-the-job training opportunities, tuition reimbursement programs and career development support to enable our employees to maximize their potential and thrive professionally.
+Added: As part of an initiative to reduce costs, pursue greater efficiency and align our investments with our business and strategic priorities, in the fourth quarter of 2025, we announced our plans to reduce our workforce by more than 13,000 positions.
+Added: Over 80% of the affected employees exited in December 2025.
+Added: Despite this difficult decision, we continue to focus on attracting and retaining talent, specifically in areas that are critical to realizing our strategy.
Verizon respects our employees' rights to freedom of association and collective bargaining in compliance with applicable laws, including the right to join or not join labor unions.
−Removed: We have a long history of working with the Communications Workers of America and the International Brotherhood of Electrical Workers — the two unions that in total represent approximately 25% of our employees as of December 31, 2024.
−Removed: The current collective bargaining agreements covering our union-represented employees who serve customers in our Mid-Atlantic and Northeast service areas extend through August 1, 2026.
−Removed: Other collective bargaining agreements covering smaller groups of employees extend through various dates between 2025 and 2028.
+Added: We have a long history of working with the Communications Workers of America and the International Brotherhood of Electrical Workers — the two unions that in total represented approximately 27% of our employees as of December 31, 2025.
+Added: The collective bargaining agreements covering our union-represented employees who serve customers in our mid-Atlantic and northeast service areas extend through August 1, 2026.
+Added: Other collective bargaining agreements covering smaller groups of employees, and the collective bargaining agreements covering the union-represented employees who joined us as a result of the Frontier acquisition, extend through various dates in 2026 through 2030.
In addition, where applicable outside of the U.S., we engage with employee representative bodies such as works council.
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national and local union leaders, as well as works council leaders outside the U.S., to talk about key business topics, including safety, customer service, plans to improve operational processes, our business performance and the impacts that changing technology and competition are having on our customers, employees and business strategy.
−Removed: For a discussion of Verizon's Board oversight of risks related to our human capital resources, see the section entitled "Governance — Our governance framework — Oversight of business risks" in our definitive Proxy Statement to be filed with the Securities and Exchange Commission and delivered to shareholders in connection with our 2025 Annual Meeting of Shareholders.
Patents, Trademarks and Licenses
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We actively pursue the filing and registration of patents, copyrights, trademarks and domain names to protect our intellectual property rights within the United States and abroad.
−Removed: We also actively grant licenses, in exchange for appropriate fees or other consideration and subject to appropriate safeguards and restrictions, to other companies that enable them to utilize certain of our intellectual property rights and proprietary technology as part of their products and services.
−Removed: Such licenses enable the licensees to take advantage of Verizon's brands and the results of Verizon’s research and development efforts.
−Removed: While these licenses result in valuable consideration for Verizon, we do not believe that the loss of such consideration, or the expiration of any of our intellectual property rights, would have a material effect on our results of operations.
We periodically receive offers from third parties to purchase or obtain licenses for patents and other intellectual property rights in exchange for royalties or other payments.
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These reports and other information are also available on the SEC's website at https://www.sec.gov.
−Removed: We periodically provide other information for investors on our website, including news and announcements regarding our financial performance, information on environmental, social and corporate governance matters, and details related to our annual meeting of shareholders.
−Removed: We encourage investors, the media, our customers, business partners and other stakeholders to review the information we post on this channel.
−Removed: Website references in this report are provided as a convenience and do not constitute, and should not be viewed as, incorporation by reference of the information contained on, or available through, the websites.
+Added: We periodically provide other information for investors on our website, including news and announcements regarding our financial performance, corporate governance information, and details related to our annual meeting of shareholders.
+Added: We and our executive officers may also use social media platforms to communicate with investors and the public about our business and other matters, and those communications could be deemed to be material.
+Added: We encourage investors, the media, our customers, business partners and other stakeholders to review the information we post on our website and these channels, in addition to following our press releases, SEC filings, public conference calls and webcasts.
+Added: Website and social media references in this report are provided as a convenience and do not constitute, and should not be viewed as, incorporation by reference of the information contained on, or available through, the websites or social media platforms.
Therefore, such information should not be considered part of this report.
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Forward-looking statements include the information concerning our possible or assumed future results of operations.
−Removed: Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets" or similar expressions.
+Added: Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets," "will" or similar expressions.
For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
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The following important factors, along with those discussed elsewhere in this report and in other filings with the SEC, could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements:
−Removed: • the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences;
+Added: • the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives, network performance and quality, and evolving consumer preferences;
• failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand;
−Removed: • performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks;
• the inability to implement our business strategy;
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and international economies, including inflation and changing interest rates in the markets in which we operate;
+Added: • changes to international trade and tariff policies and related economic and other impacts;
• cyberattacks impacting our networks or systems and any resulting financial or reputational impact;
−Removed: • damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact;
−Removed: • disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change;
+Added: • our ability to implement business transformation initiatives and achieve their anticipated benefits;
+Added: • system failures and disruptions to our networks and operations and any resulting business, financial or reputational impact;
+Added: • disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises, natural disasters or extreme weather conditions;
• material adverse changes in labor matters and any resulting financial or operational impact;
• damage to our reputation or brands;
−Removed: • the impact of public health crises on our business, operations, employees and customers;
• changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses;
• allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors', network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage;
−Removed: • our high level of indebtedness;
+Added: • significant amount of outstanding debt;
• significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements;
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• changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings;
−Removed: • risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.
+Added: • our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends;
+Added: • risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to obtain cost savings and other synergies and anticipated benefits of completed transactions within the expected time period or at all.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.