What changed in this filing

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Item 1. Financial Statements

2026-05-01 compared with 2025-10-29 · 280 added, 467 removed, 698 unchanged (52% of the section changed)

3 unchanged sentences

and Subsidiaries

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(dollars in millions, except per share amounts) (unaudited) 2026 2025

3 unchanged sentences

Wireless equipment revenues

5,619 5,343 17,272 15,702

Total Operating Revenues 34,440 33,485

1 unchanged sentence

Cost of services (exclusive of items shown below)

6,863 7,193 20,691 21,064

Cost of wireless equipment

6,483 6,047 19,596 17,519

Selling, general and administrative expense

7,752 9,706 23,438 25,873

Depreciation and amortization expense

4,618 4,458 13,830 13,386

Total Operating Expenses 26,198 25,507

Operating Income 8,242 7,978

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

Equity in earnings of unconsolidated businesses 5 6

Other income, net 477 121

16 unchanged sentences

and Subsidiaries

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(dollars in millions) (unaudited) 2026 2025

2 unchanged sentences

Foreign currency translation adjustments, net of tax of $( 4 ) and $ 9

( 3 ) 59 140 9

Unrealized gain (loss) on cash flow hedges, net of tax of $ 4 , $( 2 ), $ 4 and $( 20 )

( 13 ) 6 ( 13 ) 60

Unrealized gain on cash flow hedges, net of tax of $( 8 ) and $( 7 )

Unrealized loss on fair value hedges, net of tax of $ 63 and $ 219

( 188 ) ( 653 )

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

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

Defined benefit pension and postretirement plans, net of tax of $ 150 and $ 1

9 unchanged sentences

and Subsidiaries

At September 30, At December 31,

At March 31, At December 31,

(dollars in millions, except per share amounts) (unaudited) 2026 2025

51 unchanged sentences

and Subsidiaries

Nine Months Ended

September 30,

Three Months Ended

(dollars in millions) (unaudited) 2026 2025

12 unchanged sentences

Capital expenditures (including capitalized software) ( 4,201 ) ( 4,145 )

Cash paid related to acquisitions of businesses, net of cash acquired ( 9,480 ) —

Acquisitions of wireless licenses ( 83 ) ( 122 )

7 unchanged sentences

Dividends paid ( 2,910 ) ( 2,856 )

Purchase of common stock for treasury ( 2,500 ) —

Other, net ( 911 ) ( 783 )

Net cash used in financing activities ( 5,278 ) ( 5,893 )

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

Decrease in cash, cash equivalents and restricted cash ( 10,867 ) ( 1,863 )

Cash, cash equivalents and restricted cash, beginning of period 19,499 4,635

14 unchanged sentences

All significant intercompany accounts and transactions have been eliminated.

During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments - Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

Accordingly, beginning in the first quarter of 2026, Verizon is reporting Consumer and Business revenue disaggregated by products and services as follows:

Mobility and broadband service revenue, Wireless equipment revenue and Other revenue .

Certain amounts have been reclassified to conform to the current period's presentation.

Earnings Per Common Share

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.

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 nine months ended September 30, 2024, respectively.

There were a total of approximately 4.5 million and 4.4 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for the three months ended March 31, 2026 and 2025, respectively .

In February 2026, we entered into accelerated share repurchase (ASR) agreements with certain financial institution counterparties to repurchase shares of our common stock.

See Note 9 for additional information on share repurchases.

The shares received under the ASR agreements were excluded from the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share from the date the respective shares were received by the Company and classified as treasury shares.

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

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

(dollars in millions)

4 unchanged sentences

Cash, cash equivalents and restricted cash $ 8,632 $ 19,499 $ ( 10,867 )

Revenues and Contract Costs

Revenue and Contract Costs

We earn revenue from contracts with customers, primarily through the provision of telecommunications and other services and through the sale of wireless equipment.

1 unchanged sentence

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 our segments.

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

During the three months ended March 31, 2026 and March 31, 2025, we recorded wireless service revenue of $ 20.6 billion and $ 20.8 billion, respectively.

We also earn revenues that are not accounted for under Topic 606 from leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.

1 unchanged sentence

Remaining Performance Obligations

When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price may relate to service performance obligations which were not satisfied or were partially satisfied as of the end of the reporting period.

Below we disclose information relating to these unsatisfied performance obligations.

We apply the practical expedient available under Topic 606 that provides the option to exclude the expected revenues arising from unsatisfied performance obligations related to contracts that have an original expected duration of one year or less.

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

The fees related to these additional services are recognized when the customer exercises the option (typically on a month-to-month basis).

Contracts for wireless services, with or without promotional credits that require maintenance of service, are generally either month-to-month and cancellable at any time, or considered to contain terms ranging from greater than one month to up to thirty-six months (typically under a device payment plan associated with a promotion or a fixed-term plan).

Additionally, customers may incur charges based on usage or additional optional services purchased in conjunction with entering into a contract that can be cancelled at any time and therefore are not included in the transaction price.

The transaction price allocated to service performance obligations, which are not satisfied or are partially satisfied as of the end of the reporting period, are generally related to contracts that are not accounted for as month-to-month contracts.

Our Consumer group customers also include traditional wholesale resellers that purchase and resell wireless service under their own brands to their respective customers.

Reseller arrangements generally include a stated contract term, which typically extends longer than two years and, in some cases, include a periodic minimum revenue commitment over the contract term for which revenues will be recognized in future periods.

Consumer customer contracts for wireline services are generally month-to-month;

however, they may have a service term of two years or shorter than twelve months .

Certain contracts with Business customers for wireline services extend into future periods, contain fixed monthly fees and usage-based fees, and can include annual commitments in each year of the contract or commitments over the entire specified contract term;

however, a significant number of contracts for wireline services with our Business customers have a contract term that is twelve months or less.

Additionally, there are certain contracts with Business customers for wireline services that have a contractual minimum fee over the total contract term.

We cannot predict the time period when revenue will be recognized related to those contracts;

thus, they are excluded from the expected recognition timeframe below.

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 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.

Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied service performance obligations as of the reporting date.

We disclose information related to these amounts below.

We have applied the practical expedient under Topic 606 to exclude revenue expected from contracts that have an original expected duration of one year or less.

This exclusion primarily relates to our month-to-month service contracts.

As of March 31, 2026, month-to-month service contracts represented approximately 95 % of our wireless postpaid contracts and approximately 96 % of our wireline Consumer and small and medium Business contracts, compared to March 31, 2025, for which month-to-month service contracts represented approximately 95 % of both our wireless postpaid contracts and our wireline Consumer and small and medium Business contracts.

Remaining performance obligations primarily include performance obligations from contracts that are not accounted for as month-to-month.

These contracts generally fall into the following categories:

• Mobility Services:

Contracts with terms ranging from greater than one month up to thirty-six months , typically associated with a device payment plan or fixed-term plan.

This also includes agreements with wholesale resellers, which generally have stated contract terms of longer than two years and may include periodic minimum revenue commitments.

• Fiber Broadband Services:

Contracts with Consumer customers may have a service term of two years or shorter than twelve months .

Contracts with Business customers, many of which have terms of twelve months or less, but some extend into future periods with fixed monthly fees, usage-based fees, and annual or total contract term commitments.

Certain wireline service contracts with Business customers have a contractual minimum fee over the total contract term, but we cannot predict the time period when that revenue will be recognized.

Therefore, these specific revenues are excluded from the expected recognition timeframe disclosed below.

These excluded contracts have varying terms spanning approximately twenty-seven years ending in September 2053 and have aggregate minimum contract payments totaling $ 1.4 billion.

At March 31, 2026, the aggregate amount of the transaction price related to unsatisfied performance obligations was $ 57.6 billion.

We expect to recognize substantially all of this revenue from origination over the next thirty-six months , with the remainder recognized thereafter.

Remaining performance obligations estimates are subject to change due to various factors, including customer terminations and modifications to contract timing or scope.

Accounts Receivable and Contract Balances

1 unchanged sentence

Receivables presented in our condensed consolidated balance sheets represent an unconditional right to consideration.

Contract balances represent amounts from an arrangement when either Verizon has performed, by transferring goods or services to the customer in advance of receiving all or partial consideration for such goods and services from the customer, or the customer has made payment to Verizon in advance of obtaining control of the goods and/or services promised to the customer in the contract.

Contract balances represent amounts from an arrangement when either Verizon has performed, by transferring goods or services to the customer in advance of receiving all or partial consideration for such goods and services from the customer, or the customer has made the required payment to Verizon in advance of obtaining control of the goods and/or services promised to the customer in the contract.

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

At September 30, At December 31,

At March 31, At December 31,

(dollars in millions) 2026 2025

7 unchanged sentences

Receivables derived from the sale of equipment on a device payment plan through an authorized agent are excluded.

Contract assets primarily relate to our rights to consideration for goods or services provided to customers but for which we do not have an unconditional right at the reporting date.

Under a fixed-term plan, total contract revenue is allocated between wireless service and equipment revenues.

In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer when the performance obligation related to the transfer of control of the equipment is satisfied.

The contract asset is reclassified to accounts receivable as wireless services are provided and billed.

We have the right to bill the customer as service is provided over time, which results in our right to the payment being unconditional.

The contract asset balances are presented in our condensed consolidated balance sheets as Prepaid expenses and other and Other assets.

We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability.

Contract assets relate to our conditional right to receive consideration for goods or services provided to customers.

Under fixed-term plans, an asset is created because the equipment revenue recognized upon sale exceeds the consideration received;

this asset is subsequently reclassified to accounts receivable as wireless services are provided and billed.

These balances are reported in our condensed consolidated balance sheets as Prepaid expenses and other and Other assets.

The allowance for credit losses is recognized at inception and reassessed quarterly.

Contract liabilities arise when we bill our customers and receive consideration in advance of providing the goods or services promised in the contract.

2 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 $ 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.

Revenues recognized related to contract liabilities existing at January 1, 2026 and January 1, 2025 were $ 4.6 billion for both the three months ended March 31, 2026 and March 31, 2025.

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

At September 30, At December 31,

At March 31, At December 31,

(dollars in millions) 2026 2025

6 unchanged sentences

Contract Costs

Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which are then amortized to expense over the respective periods of expected benefit.

We recognize an asset for incremental commission expenses paid to internal and external sales personnel and agents in conjunction with obtaining customer contracts.

We only defer these costs when we have determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recoverable.

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

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

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

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

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

Topic 606 requires an asset to be recognized for incremental costs to obtain a customer contract, which are then amortized to expense over the period of expected benefit.

We recognize an asset for incremental commission expenses paid to internal and external sales personnel and agents, deferring these costs only when they are incremental and expected to be recoverable.

The costs are amortized ratably as commission expense over the period of service transfer.

Specifically, costs for postpaid wireless contracts (Consumer and Business) are amortized over the estimated upgrade cycles.

Prepaid wireless and Consumer wireline contracts are amortized over the estimated customer relationship period.

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

We also defer costs incurred to fulfill contracts that:

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

At September 30, At December 31,

At March 31, At December 31,

(dollars in millions) 2026 2025

2 unchanged sentences

Total $ 6,242 $ 6,163

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.

For the three months ended March 31, 2026 and March 31, 2025, we recognized expense of $ 1.0 billion and $ 877 million, 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 nine months ended September 30, 2025 or September 30, 2024.

There were no impairment charges recognized for the three months ended March 31, 2026 or March 31, 2025.

Acquisitions and Divestitures

Spectrum License Transactions

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

In accordance with the rules applicable to the auction, Verizon 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 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 (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.

Business Acquisitions

During 2026, we completed the acquisitions of Frontier Communications Parent, Inc.

(Frontier) and Starry Group Holdings, Inc.

The financial results of Frontier and Starry are included in the Company's consolidated results from January 20, 2026 and January 30, 2026, respectively.

The aggregate operating revenues arising from these acquisitions and included in our condensed consolidated statements of income amounted to less than 5 % of total operating revenues for the three months ended March 31, 2026.

Pro forma financial information has not been disclosed for these acquisitions as the impacts to both revenue and earnings, individually and in the aggregate, would not have been material to our consolidated statements of income.

Frontier Communications Parent, Inc.

On September 4, 2024, Verizon entered into an Agreement and Plan of Merger (the Merger Agreement) to acquire Frontier Communications Parent, Inc.

(Frontier), a U.S.

On September 4, 2024, Verizon entered into an Agreement and Plan of Merger (the Merger Agreement) to acquire Frontier, a U.S.

provider of broadband internet and other communication services.

The transaction is structured as a merger of the Company's subsidiary with and into Frontier, as a result of which Frontier will become a wholly owned subsidiary of the Company and shares of Frontier common stock outstanding immediately prior to the effective time of merger (subject to certain limited exceptions) will be cancelled and converted into the right to receive a per share merger consideration of $ 38.50 , in cash.

In November 2024, Frontier shareholders approved the transaction.

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

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

Under certain circumstances, if the Merger Agreement is terminated, Frontier may be required to pay Verizon a termination fee of $ 320 million.

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.

The transaction closed on January 20, 2026 (the Acquisition Date), expanding our fiber broadband footprint to 31 U.S.

states and Washington D.C.

Pursuant to the Merger Agreement, the Company's subsidiary merged with and into Frontier, with Frontier surviving such merger as a wholly owned subsidiary of the Company.

At the effective time of the merger, each share of Frontier common stock issued and outstanding immediately prior to such time (subject to certain limited exceptions) was cancelled and converted into the right to receive an amount in cash equal to $ 38.50 per share, without interest.

At the Acquisition Date, Verizon paid approximately $ 9.8 billion in cash, inclusive of cash acquired of $ 335 million, and assumed approximately $ 12.9 billion of Frontier's debt measured at fair value.

The Frontier acquisition has been accounted for as a business combination.

The identification and measurement of the assets acquired and liabilities assumed are based on their fair values, which are determined by using a combination of the income, market, or cost approaches, including market based assumptions.

The purchase price allocation is preliminary and subject to revision as additional information about the fair value of the assets acquired and liabilities assumed, including related deferred income taxes, contingencies and contract liabilities becomes available.

Any necessary adjustments will be finalized within one year from the Acquisition Date.

The following table summarizes the preliminary allocation of the consideration paid to the identifiable assets acquired and liabilities assumed as of the Acquisition Date.

(dollars in millions) As of January 20, 2026

Purchase consideration (1) :

Assets acquired:

Current assets $ 791

Property, plant and equipment, net 16,698

Goodwill 7,759

Other intangible assets 2,897

Other noncurrent assets

Total assets acquired 28,500

Liabilities assumed:

Current liabilities, excluding current debt

Debt maturing within one year

Long-term debt, including finance lease obligations

Other noncurrent liabilities

Total liabilities assumed

Net assets acquired $ 9,917

(1) Purchase consideration reflects the purchase price allocated to assets and liabilities, including a non-cash component of $ 158 million.

Goodwill is calculated as the difference between the Acquisition Date fair value of the consideration paid and the fair value of the net assets acquired, and represents the future economic benefits that we expect to achieve as a result of the acquisition.

The goodwill related to this acquisition has been allocated to our two reportable segments, approximately $ 6.0 billion in Consumer and $ 1.8 billion in Business.

None of the goodwill resulting from the acquisition is deductible for tax purposes.

Other intangible assets include $ 2.6 billion related to customer relationships, with a weighted-average amortization period of 9 years, $ 162 million related to acquired technology with an amortization period of 3 years, and $ 100 million related to trade name with an amortization period of 3 years.

The customer relationship and trade name intangible assets were assigned preliminary estimated fair values using an income approach.

The acquired technology intangibles were assigned preliminary estimated fair values using a cost approach, which includes consideration of the cost to reproduce an asset with an equivalent economic utility.

The valuations are considered Level 3 fair value measurements due to the use of significant inputs not observable in the market, which include the discount rate, royalty rate and amount and timing of future cash flows.

Other noncurrent liabilities include employee benefit obligations consisting of $ 2.5 billion of assets acquired and $ 3.0 billion of liabilities assumed associated with the Frontier Communications defined benefit pension and postretirement benefit plans.

During the three months ended March 31, 2026, we recorded acquisition and integration related charges associated with the Frontier acquisition of $ 261 million within Selling, general and administrative expense in our condensed consolidated statements of income.

During the three months ended March 31, 2026, we repaid approximately $ 6.4 billion of the principal amount of debt assumed as part of the Frontier acquisition.

See Note 5 for additional information on debt assumed as part of the acquisition.

On January 30, 2026, Verizon completed the acquisition of Starry, a fixed wireless broadband provider serving multi-dwelling units in five markets across the U.S.

The aggregate cash consideration paid by Verizon at the closing of the transaction and the related assets acquired and liabilities assumed were immaterial.

Wireless Licenses, Goodwill, and Other Intangible Assets

Wireless Licenses

The carrying amounts of our Wireless licenses are as follows:

At September 30, At December 31,

The carrying amounts of Wireless licenses are as follows:

At March 31, At December 31,

(dollars in millions) 2026 2025

Wireless licenses $ 157,082 $ 157,039

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.

At March 31, 2026 and 2025, approximately $ 6.3 billion and $ 9.4 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs.

We recorded $ 82 million and $ 122 million of capitalized interest on wireless licenses for the three months ended March 31, 2026 and 2025, respectively.

During the three months ended March 31, 2026, we renewed various wireless licenses in accordance with Federal Communications Commission (FCC) regulations.

The average renewal period for these licenses was 10 years.

3 unchanged sentences

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

Balance at September 30, 2025 (1)

Acquisitions (2)

6,003 1,784 7,787

Balance at March 31, 2026 (1)

$ 27,180 $ 3,448 $ 30,628

(1) Goodwill is net of accumulated impairment charges of $ 5.8 billion related to our Business reporting unit.

(2) Changes in goodwill due to acquisitions are related to Frontier and another immaterial transaction.

See Note 3 for additional information.

Other Intangible Assets

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

At September 30, 2025 At December 31, 2024

At March 31, 2026 At December 31, 2025

(dollars in millions) Gross

Amount Accumulated

Amortization Net

8 unchanged sentences

Total $ 38,171 $ ( 25,372 ) $ 12,799 $ 35,668 $ ( 25,210 ) $ 10,458

(1) Other intangible assets include assets acquired as a result of the Frontier acquisition.

See Note 3 for additional information.

The amortization expense for Other intangible assets was as follows:

Three Months Ended Nine Months Ended

(dollars in millions) September 30, September 30,

2025 $ 749 $ 2,237

2024 676 2,080

Three Months Ended

(dollars in millions) March 31,

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

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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 nine months ended September 30, 2025.

Exchange Offers

(dollars in millions) Principal Amount Exchanged

Principal Amount Issued

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 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.

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

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

Tender Offers

(dollars in millions) Principal Amount Purchased

Cash Consideration (1)

Three Months Ended June 30, 2025

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

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.

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

Repayments, Redemptions and Repurchases

(dollars in millions) Principal Repaid/ Redeemed/ Repurchased

Amount Paid (1)

Three Months Ended March 31, 2025

Verizon 4.050 % notes due 2025

Verizon 3.376 % notes due 2025

The following tables show the significant transactions involving the unsecured debt securities of the Company and its subsidiaries that occurred during the three months ended March 31, 2026, excluding acquisition-related activity which is detailed under the Debt Assumed section below.

Repayments and Repurchases

(dollars in millions) Principal Repaid/ Repurchased Amount Paid (1)

Verizon floating rate notes due 2026 $ 206 $ 208

Open market repurchases of various Verizon notes 620 504

Three Months Ended March 31, 2025 total

Three Months Ended June 30, 2025

Verizon 0.875 % notes due 2025

Verizon 2.625 % notes due 2026

Open market repurchases of various Verizon notes 438 328

Three Months Ended June 30, 2025 total

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

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

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.

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

Three Months Ended June 30, 2025

Verizon 5.250 % notes due 2035 (2)

$ 2,250 $ 1,676

Three 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

Verizon 4.246 % junior subordinated notes due 2056 (2)

€ 2,250 $ 2,646

Three Months Ended September 30, 2025 total

Nine Months Ended September 30, 2025 total

Verizon 5.743 % junior subordinated notes due 2056 (2)

Verizon floating rate junior subordinated notes due 2056 (2)

Verizon 6.745 % junior subordinated notes due 2056 (2)

Verizon 7.166 % junior subordinated notes due 2056 (2)

Total $ 4,380

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

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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.

(2) Notes are subordinate to our senior unsecured notes and have an interest rate reset and deferral features.

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

On January 20, 2026, we completed the acquisition of Frontier.

In connection with this acquisition, we assumed approximately $ 12.9 billion of debt measured at fair value as of the Acquisition Date.

The principal amount of the debt assumed was $ 12.7 billion as of the Acquisition Date.

During the three months ended March 31, 2026, we repaid approximately $ 6.4 billion of the principal amount of debt assumed as part of the acquisition.

At March 31, 2026, the carrying value of the remaining principal amount of debt assumed was $ 6.3 billion, primarily consisting of unsecured notes, and reported in our condensed consolidated balance sheet.

Commercial Paper Program

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

During the three months ended March 31, 2026, we issued $ 983 million in net proceeds and made $ 983 million in principal repayments of commercial paper.

These transactions are reflected within Cash flow from financing activities in our condensed consolidated statements of cash flows on a net basis.

As of March 31, 2026, we had no commercial paper outstanding.

Asset-Backed Debt

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

As of March 31, 2026 , the carrying value of our asset-backed debt was $ 30.0 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).

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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.

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.

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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 nine months ended September 30, 2025 , we completed the following ABS Notes transactions:

During the three months ended March 31, 2026 , we completed the following ABS Notes transactions:

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

Series 2026-1

A Senior class notes

4.710 2.99 $ 535

B Junior class notes 4.940 2.99 41

C Junior class notes 5.090 2.99 25

Series 2025-2

A Senior class notes 4.940 5.00 446

B Junior class notes 5.160 5.00 34

C Junior class notes 5.340 5.00 20

January 2025 total

Series 2025-3

A-1a Senior class notes 3.940 1.94 $ 1,103

4.510 1.97 706

A-1b Senior class notes

Compounded SOFR + 0.550 (1)

B Junior class notes 4.770 1.97 68

C Junior class notes 4.900 1.97 41

Series 2025-4

A Senior class notes

4.760 4.97 446

B Junior class notes

5.020 4.97 34

C Junior class notes

5.200 4.97 20

March 2025 total

Series 2025-5

A-1a Senior class notes

4.400 2.99 401

A-1b Senior class notes

Compounded SOFR + 0.550 (1)

B Junior class notes 4.640 2.99 —

C Junior class notes 4.840 2.99 25

Series 2025-6

A Senior class notes

4.620 4.99 267

B Junior class notes

C Junior class notes

5.060 4.99 12

June 2025 total

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

A-1b Senior class notes Compounded SOFR + 0.400 (1)

B Junior class notes 4.190 1.94 —

4.410 4.93 27

C Junior class notes 4.430 1.94 67

4.600 4.93 16

September 2025 total

Total $ 1,538

(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 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.

Under the terms of each series of ABS Notes outstanding as of March 31, 2026, there is a revolving period of up to two years , three years , or five years , as applicable, during which we may transfer additional receivables to the ABS Entity.

During the three months ended March 31, 2026 , we made aggregate principal repayments of $ 1.0 billion in connection with an anticipated redemption of ABS Notes.

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, 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 September 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 borrowed an additional $ 2.3 billion in January 2026, borrowed an additional $ 1.0 billion in February 2026, prepaid an aggregate of $ 2.3 billion in March 2026 and borrowed an additional $ 100 million in March 2026.

The aggregate outstanding balance under the 2021 ABS Financing Facility was $ 6.7 billion as of March 31, 2026.

In April 2026, we prepaid an aggregate of $ 500 million under the loan agreement outstanding in connection with the 2021 ABS Financing Facility.

T he aggregate outstanding balance under the loan agreement outstanding in connection with the ABS Financing Facility originally entered into in 2022 and most recently renewed in 2025 was $ 5.0 billion as of March 31, 2026 .

In April 2026, we prepaid an aggregate of $ 224 million under the loan agreement outstanding in connection with the 2022 ABS Financing Facility.

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.

In January 2026, we amended the master repurchase agreement originally entered into in 2025 to increase the maximum capacity thereunder to approximately $ 2.5 billion.

During the three months ended March 31, 2026 , we received $ 1.3 billion under the master repurchase agreement.

The aggregate amount outstanding was $ 2.5 billion as of March 31, 2026 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 .

The estimated fair value of such Class R Interest was $ 3.4 billion as of March 31, 2026 .

Variable Interest Entities

The ABS Entities meet the definition of a VIE for which we have determined that we are the primary beneficiary as we have both the power to direct the activities of the entity that most significantly impact the entity's performance and the obligation to absorb losses or the right to receive benefits of the entity.

losses or the right to receive benefits of the entity.

Therefore, the assets, liabilities and activities of the ABS Entities are consolidated in our financial results and are included in amounts presented on the face of our condensed consolidated balance sheets.

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,

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See Note 6 for additional information on certain receivables and participation interest used to secure asset-backed debt.

In connection with the Frontier acquisition, we acquired certain securitization entities that meet the definition of a VIE and we are the primary beneficiary for these entities similar to the ABS Entities described above.

Therefore, the assets, liabilities and activities of these entities are included in the amounts presented on the face of our condensed consolidated balance sheets.

As of March 31, 2026, all asset-backed debt issued through these entities has been extinguished and we are in the process of dissolving or merging these entities and transferring the remaining assets to operating business entities.

Long-Term Credit Facilities

At September 30, 2025

At March 31, 2026

(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 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.

As of March 31, 2026 , there have been no drawings against the revolving credit facility since its inception.

(2) During the three months ended March 31, 2026, we drew down approximately $ 1.6 billion.

During the three months ended March 31, 2025, 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 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.

During the three months ended March 31, 2026 and 2025, we financed, primarily through alternative financing arrangements, the purchase of approximately $ 1.1 billion and $ 627 million, respectively, of long-lived assets consisting primarily of network equipment.

During the three months ended March 31, 2026, we also assumed $ 428 million of financing arrangements in connection with the acquisition of Frontier.

As of March 31, 2026 and December 31, 2025 , $ 3.8 billion and $ 3.0 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.

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

Net Debt Extinguishment Gains

During the three months ended 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.

During the three months ended March 31, 2026 and 2025 , we recorded net debt extinguishment gains of $ 95 million and $ 90 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.

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

We guarantee the debentures of our operating telephone company subsidiaries.

As of 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.

As of March 31, 2026 , $ 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 September 30, 2025

At March 31, 2026

(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 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.

Included in Other assets and Accounts receivable, net at March 31, 2026 and December 31, 2025, are net device payment plan agreement receivables, net wireless service receivables and net other receivables of $ 30.6 billion and $ 30.0 billion, respectively, which have been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets.

Included in Accounts receivable, net at March 31, 2026 and December 31, 2025, are net other receivables of $ 880 million and $ 1.4 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.

3 unchanged sentences

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

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

Wireless Device Payment Plan Agreement Receivables

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 September 30, At December 31,

At March 31, At December 31,

(dollars in millions) 2026 2025

13 unchanged sentences

The associated interest income, which is included within Service revenues and other in our condensed consolidated statements of income, is recognized over the financed device payment term.

In connection with certain device payment plan agreements, we may offer a promotion to allow our customers to upgrade to a new device after paying down a certain specified portion of the required device payment plan agreement amount as well as trading in their device in good working order.

trading in their device in good working order.

When a customer enters into a device payment plan agreement with the right to upgrade to a new device, we account for this trade-in right as a guarantee obligation.

1 unchanged sentence

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

At September 30, 2025 and December 31, 2024, the amount of trade-in liability was $ 300 million and $ 396 million, respectively.

At March 31, 2026 and December 31, 2025, the amount of trade-in liability was $ 305 million and $ 332 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 nine months ended September 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 three months ended March 31, 2026, 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 September 30, 2025.

The data presented in the table above was last updated on March 31, 2026.

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 nine months ended September 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 three months ended March 31, 2026, by year of origination:

Year of Origination

2 unchanged sentences

Gross write-offs 17 112 129

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

The data presented in the table above was last updated on March 31, 2026.

Allowance for Credit Losses

16 unchanged sentences

Recoveries collected 14 13

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

Balance at March 31, 2026 $ 1,693 $ 253

(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) 2026

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 September 30, 2025:

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2026:

(dollars in millions) Level 1 (1)

2 unchanged sentences

Cross currency swaps — 12 — 12

Foreign exchange forwards — 1 — 1

Other assets:

7 unchanged sentences

Foreign exchange forwards — 4 — 4

Treasury rate locks — 97 — 97

Other liabilities:

9 unchanged sentences

Fixed income securities $ — $ 40 $ — $ 40

Interest rate caps — 3 — 3

Cross currency swaps — 4 — 4

Foreign exchange forwards — 1 — 1

Other assets:

Marketable equity securities 453 — — 453

Fixed income securities — 344 — 344

6 unchanged sentences

Foreign exchange forwards

Interest rate caps

Other liabilities:

2 unchanged sentences

Cross currency swaps

— 2,344 — 2,344

Total $ — $ 6,255 $ — $ 6,255

3 unchanged sentences

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

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

As of 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.

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

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

As of March 31, 2026 and December 31, 2025, the carrying amount of our investments without readily determinable fair values was $ 657 million and $ 710 million, respectively.

During the three months ended March 31, 2026, there were no adjustments due to observable price changes and there were insignificant impairment charges.

As of March 31, 2026, cumulative adjustments due to observable price changes and impairment charges were $ 191 million and $ 155 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 September 30, 2025 $ 144,276 $ 84,492 $ 57,990 $ — $ 142,482

At March 31, 2026 $ 169,215 $ 96,509 $ 69,767 $ — $ 166,276

At December 31, 2025 155,639 91,664 62,640 — 154,304

4 unchanged sentences

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

At September 30, At December 31,

At March 31, At December 31,

(dollars in millions) 2026 2025

1 unchanged sentence

Cross currency swaps 40,482 36,074

Treasury rate locks 6,000 —

Foreign exchange forwards 590 570

The following tables summarize the activities of our designated derivatives:

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(dollars in millions) 2026 2025

2 unchanged sentences

Notional value settled — —

Pre-tax gain (loss) recognized in Interest expense

Pre-tax gain recognized in Interest expense

Cross Currency Swaps:

8 unchanged sentences

Initial value of the excluded component amortized into Interest expense 22 23

Treasury Rate Locks:

Notional value entered into 1,100 1,000 6,000 1,000

Notional value settled — 1,000 — 1,000

Pre-tax loss recognized in Other comprehensive loss

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

Nine Months Ended

September 30,

Three Months Ended

(dollars in millions) 2026 2025

Other, net Cash Flows from Operating Activities:

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 September 30, At December 31,

At March 31, At December 31,

(dollars in millions) 2026 2025

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 nine months ended September 30, 2025 and September 30, 2024 , these amounts completely offset each other and no net gain or loss was recorded.

During the three months ended March 31, 2026 and March 31, 2025 , 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.

4 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 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.

During the three months ended March 31, 2026 and March 31, 2025 , 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.

We estimate that $ 84 million will be amortized into Interest expense within the next 12 months.

We also enter into undesignated cross currency swaps to mitigate our foreign currency and interest rate risk on our foreign currency denominated debt.

We recognize gains and losses resulting from changes in the fair value of these swaps in Interest expense.

Net Investment Hedges

1 unchanged sentence

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

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

In January 2026, we de-designated the existing net investment hedge and re-designated the same Euro-denominated note in a new net investment hedge including additional foreign subsidiaries.

The notional amount of Euro-denominated debt designated as a net investment hedge was € 750 million as of both March 31, 2026 and December 31, 2025.

Treasury Rate Locks

6 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(dollars in millions) 2026 2025

3 unchanged sentences

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

( 8 ) 21 80 ( 2 )

Treasury Rate Locks:

Cross Currency Swaps:

Notional value entered into 572 —

1 unchanged sentence

Pre-tax loss recognized in Interest expense

Treasury Rate Locks:

Notional value entered into — 250

Notional value settled — 250

Pre-tax gain recognized in Interest expense

Foreign Exchange Forwards

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

We entered into Euro foreign exchange forwards to mitigate our foreign exchange rate risk related to non-functional currency denominated monetary assets and liabilities of international subsidiaries.

Concentrations of Credit Risk

Financial instruments that subject us to concentrations of credit risk consist primarily of temporary cash investments, short-term and long-term investments, trade receivables, including device payment plan agreement receivables, certain notes receivable, including lease receivables, and derivative contracts.

Counterparties to our derivative contracts are major financial institutions with whom we have negotiated derivatives agreements (ISDA master agreements) and credit support annex (CSA) agreements which provide rules for collateral exchange.

Counterparties to our derivative contracts are major financial institutions with whom we have negotiated derivatives agreements (International Swaps and Derivatives Association master agreements) and credit support annex (CSA) agreements which provide rules for collateral exchange.

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

We do not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for

the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value.

At 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.

At December 31, 2024, we posted $ 2.1 billion of collateral related to derivative contracts under collateral exchange agreements, which was recorded as Prepaid expenses and other in our condensed consolidated balance sheet.

We do not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value.

At both March 31, 2026 and December 31, 2025, we did not hold any collateral.

At both March 31, 2026 and December 31, 2025, we posted $ 1.1 billion of collateral related to derivative contracts under collateral exchange agreements, which were recorded as Prepaid expenses and other in our condensed consolidated balance sheets.

While we may be exposed to credit losses due to the nonperformance of our counterparties, we consider the risk remote and do not expect that any such nonperformance would result in a significant effect on our results of operations or financial condition due to our diversified pool of counterparties.

5 unchanged sentences

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

Net Periodic Benefit Cost

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

Net Periodic Benefit Cost (Income)

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

(dollars in millions)

Pension Health Care and Life

Three Months Ended September 30, 2025 2024 2025 2024

Three Months Ended March 31, 2026 2025 2026 2025

Service cost - Cost of services $ 48 $ 34 $ 6 $ 7

7 unchanged sentences

Total $ 5 $ 36 $ ( 122 ) $ 106

(dollars in millions)

Pension Health Care and Life

Nine Months Ended September 30,

2025 2024 2025 2024

Service cost - Cost of services $ 103 $ 119 $ 21 $ 33

Service cost - Selling, general and administrative expense

Service cost $ 120 $ 138 $ 25 $ 39

Amortization of prior service cost (credit) $ 84 $ 84 $ ( 97 ) $ ( 96 )

Expected return on plan assets ( 401 ) ( 482 ) ( 21 ) ( 21 )

Interest cost 306 380 410 407

Remeasurement loss, net 14 17 — —

Other components $ 3 $ ( 1 ) $ 292 $ 290

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, net.

Pension Annuitization

On February 29, 2024, we entered into two separate commitment agreements, one by and between the Company, State Street Global Advisors Trust Company (State Street), as independent fiduciary of the Verizon Management Pension Plan and Verizon

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

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

The group annuity contracts primarily cover a population that includes 56,000 retirees who commenced benefit payments from the Pension Plans prior to January 1, 2023 (Transferred Participants).

Prudential and RGA each irrevocably guarantee and assume the sole obligation to make future payments to the Transferred Participants as provided under their respective group annuity contracts, with direct payments beginning July 1, 2024.

The aggregate amount of each Transferred Participant's payment under the group annuity contracts will be equal to the amount of each individual’s payment under the Pension Plans.

The purchase of the group annuity contracts was funded directly by transferring $ 5.6 billion of assets of the Pension Plans, net of certain adjustments.

The Company made additional contributions to the Pension Plans prior to the closing date of the transaction, as discussed below.

With these contributions, the funded ratio of each of the Pension Plans did not change as a result of this transaction.

Pension plan assets and liabilities are primarily presented within Employee benefit obligations in our condensed consolidated balance sheets.

2024 Voluntary Separation Program

In June 2024, we announced a voluntary separation program for select U.S.-based management employees .

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.

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

Severance Payments

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.

During the three months ended March 31, 2026, we paid severance benefits of $ 973 million primarily related to separations in connection with the workforce reduction initiatives announced in the prior year.

At March 31, 2026, we had a remaining severance liability of $ 699 million, a portion of which includes future contractual payments to employees separated as part of the workforce reduction initiatives.

Employer Contributions

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 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.

During the three months ended March 31, 2026 and March 31, 2025, we made no contributions to our qualified pension plans and made insignificant contributions to our nonqualified pension plans.

In April 2026, we made an insignificant required contribution to our recently acquired Frontier Communications pension plan.

See Note 3 for additional information on recent acquisitions.

An additional insignificant required qualified pension plan contribution is expected through December 31, 2026.

No significant changes are expected with respect to the nonqualified pension and other postretirement benefit plans contributions in 2026.

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.

The remeasurement loss was primarily driven by a $ 245 million charge resulting from the difference between our estimated and actual return on assets, partially offset by a credit of $ 109 million due to changes in our discount rate assumption used to determine the current year liabilities of our pension plans.

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

The net pre-tax remeasurement loss recorded for the three months ended March 31, 2024, was primarily driven by a $ 613 million charge resulting from the difference between our estimated and actual return on assets, partially offset by a credit of $ 486 million due to changes in our discount rate assumption used to determine the current year liabilities of our pension plans.

2026 Collective Bargaining Negotiations

In March 2026, union members ratified the extension of our East collective bargaining agreements with the Communications Workers of America and the International Brotherhood of Electrical Workers for four years until August 3, 2030.

During the three months ended March 31, 2026, amendments were made to certain pension and other postretirement benefit plans for certain union represented employees as a result of the collective bargaining negotiations.

The plan amendments resulted in an increase in our defined benefit pension plan obligations of $ 546 million and an increase in our other postretirement benefit plan obligations of $ 56 million, which have been recorded as a decrease to Accumulated other comprehensive income of $ 451 million (net of taxes of $ 151 million).

Remeasurement Gain, net

During the three months ended March 31, 2026, we recorded a net pre-tax pension and benefits credit of $ 237 million in certain pension and postretirement benefit plans resulting from amendments to our collective bargaining agreements.

This was primarily driven by a credit of $ 412 million due to an increase in our discount rate assumption used to determine the current year liabilities of certain plans from a weighted-average of 5.7 % for the pension plans and 5.4 % for the postretirement plans at December 31, 2025 to a weighted-average of 5.9 % for the pension plans and 5.7 % for the postretirement plans at March 31, 2026, partially offset by a charge of $ 175 million primarily resulting from the difference between our estimated and our actual return on certain pension plan assets.

The net credit was recorded in Other income, net, in our condensed consolidated statement of income.

Equity and Accumulated Other Comprehensive Loss

Changes in the components of Total equity were as follows:

Three Months Ended September 30,

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

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

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

Additional Paid In Capital

Balance at beginning of period 13,412 13,539

Balance at end of period 13,408 13,479

Retained Earnings

Balance at beginning of period 93,275 86,504

Net income attributable to Verizon 4,950 3,306

Dividends declared ($ 0.6900 , $ 0.6775 per share)

( 2,909 ) ( 2,852 )

Balance at end of period 95,316 86,958

Accumulated Other Comprehensive Loss

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

Foreign currency translation adjustments ( 3 ) 59

Unrealized gain (loss) on cash flow hedges ( 13 ) 6

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

Unrealized gain on marketable securities 3 5

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

Other comprehensive loss ( 176 ) ( 378 )

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

Treasury Stock

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

Employee plans 100 5 107 5

Balance at end of period ( 75,008 ) ( 3,287 ) ( 81,807 ) ( 3,585 )

Deferred Compensation-ESOPs and Other

Balance at beginning of period 714 577

Restricted stock equity grant 116 140

Amortization ( 3 ) ( 7 )

Balance at end of period 827 710

Noncontrolling Interests

Balance at beginning of period 1,298 1,367

Total comprehensive income 106 105

Distributions and other

( 101 ) ( 130 )

Balance at end of period 1,303 1,342

Total Equity $ 106,345 $ 97,668

Nine Months Ended September 30,

Three Months Ended March 31,

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

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( 2,965 ) ( 2,861 )

Other — ( 4 )

Balance at end of period 96,824 91,128

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Foreign currency translation adjustments ( 28 ) 67

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

Unrealized gain on cash flow hedges 23 21

Unrealized loss on fair value hedges ( 188 ) ( 653 )

Unrealized gain on marketable securities 4 2

Unrealized loss on marketable securities ( 3 ) 1

Defined benefit pension and postretirement plans ( 449 ) ( 2 )

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Balance at beginning of period ( 74,258 ) ( 3,255 ) ( 81,753 ) ( 3,583 )

Shares purchased ( 50,758 ) ( 2,500 ) — —

Employee plans 9,142 420 6,575 288

Shareholder plans — — 2 —

Balance at end of period ( 115,874 ) ( 5,335 ) ( 75,178 ) ( 3,295 )

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Total Equity $ 104,622 $ 102,037

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.

On January 30, 2026, the Board of Directors of the Company authorized a share repurchase program for up to $ 25 billion of our common stock.

The program will terminate when the aggregate consideration paid to purchase shares of our common stock reaches $ 25 billion, exclusive of any fees, commissions or other expenses, or a new share repurchase plan superseding the current plan is authorized, whichever is sooner.

Under the program, shares may be repurchased in privately negotiated transactions, on the open market, or otherwise, including through plans complying with Rule 10b5-1 or Rule 10b-18 under the Exchange Act.

The timing and number of shares purchased under the program, if any, will depend on prevailing stock prices,

general economic and market conditions, and other considerations.

The share repurchase program does not obligate us to acquire any particular amount of common stock, and the program may be suspended or discontinued at any time at our discretion.

In February 2026, we entered into ASR agreements with certain financial institution counterparties to repurchase shares of our common stock in exchange for an upfront payment of $ 2.5 billion and received an initial delivery of 45,116,772 shares of common stock using a reference price of $ 47.10 .

In March 2026, the ASR transactions were completed, and we received an additional 5,641,251 shares.

This resulted in a total of 50,758,023 shares repurchased under the ASR agreements at an average repurchase price of $ 49.25 , not including related excise tax.

The initial and additional shares received under the ASR agreements were excluded from the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share from the date the respective shares were received by the Company and classified as treasury shares.

At March 31, 2026, the maximum remaining aggregate consideration that could be paid by or on behalf of Verizon under our share repurchase program was $ 22.5 billion.

Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareholder plans, including 9.1 million shares of common stock issued from treasury stock during the three months ended March 31, 2026.

Accumulated Other Comprehensive Loss

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(dollars in millions) Foreign

currency translation adjustments Unrealized gain (loss) on cash flow hedges Unrealized gain (loss) on fair value hedges Unrealized gain (loss) on marketable securities Defined benefit pension and postretirement plans Total

currency translation adjustments Unrealized gain (loss) on cash flow hedges Unrealized loss on fair value hedges Unrealized loss on marketable securities Defined benefit pension and postretirement plans Total

Balance at January 1, 2026 $ ( 607 ) $ ( 989 ) $ ( 328 ) $ — $ 197 $ ( 1,727 )

Excluded components recognized in other comprehensive income — — ( 172 ) — — ( 172 )

Other comprehensive income (loss) 140 ( 73 ) — 4 — 71

Other comprehensive loss ( 28 ) — — ( 3 ) ( 451 ) ( 482 )

Amounts reclassified to net income — 23 ( 16 ) — 2 9

Net other comprehensive income (loss) ( 28 ) 23 ( 188 ) ( 3 ) ( 449 ) ( 645 )

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

Balance at March 31, 2026 $ ( 635 ) $ ( 966 ) $ ( 516 ) $ ( 3 ) $ ( 252 ) $ ( 2,372 )

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

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

The amounts reclassified to net income related to unrealized gain (loss) on cash flow hedges and unrealized 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, net in our condensed consolidated statements of income.

The amounts reclassified to net income related to unrealized 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.

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Segment Description

Consumer Group Our Consumer segment provides consumer-focused wireless and wireline communications services and products.

Consumer Group Our Consumer segment provides consumer-focused wireless and wireline communication services and products.

Our wireless services are provided across one of the most extensive wireless networks in the U.S.

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We also provide fixed wireless access (FWA) broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access.

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.

Business Group 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 services and products.

Our wireline services are provided in 31 U.S.

states and Washington D.C.

over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network.

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

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

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

Our Business segment's wireless and wireline products and services are available to our enterprise and public sector, small and medium business, and wholesale customers.

Beginning in the first quarter of 2026, Verizon is reporting Consumer and Business revenue disaggregated by products and services as follows:

Mobility and broadband service revenue, Wireless equipment revenue and Other revenue.

Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses.

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

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

Three Months Ended September 30,

(dollars in millions) Consumer Business Total

Segments Consumer Business Total

External Operating Revenues

$ 20,260 $ — $ 20,260 $ 19,864 $ — $ 19,864

Wireless equipment 4,766 — 4,766 4,478 — 4,478

1,001 — 1,001 963 — 963

Enterprise and Public Sector — 3,310 3,310 — 3,538 3,538

Business Markets and Other — 3,345 3,345 — 3,258 3,258

Wholesale — 479 479 — 547 547

Intersegment revenues 78 8 86 55 8 63

Total Operating Revenues (3)

26,105 7,142 33,247 25,360 7,351 32,711

Operating Expenses (4)

Cost of wireless equipment 5,270 1,213 6,483 4,850 1,197 6,047

Centrally managed network and shared service costs (5)

4,456 2,383 6,839 4,397 2,517 6,914

Depreciation and amortization expense 3,568 1,035 4,603 3,411 1,040 4,451

Other segment expenses (6)

5,147 1,874 7,021 5,098 2,032 7,130

Total Operating Expenses

18,441 6,505 24,946 17,756 6,786 24,542

Operating Income $ 7,664 $ 637 $ 8,301 $ 7,604 $ 565 $ 8,169

(1) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025.

(2) 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 $ 6.3 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.

Intersegment expenses are included within the amounts shown.

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

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

Nine Months Ended September 30,

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

Three Months Ended March 31,

(dollars in millions) Consumer Business Total

1 unchanged sentence

External Operating Revenues

Mobility and broadband service (1)

$ 19,108 $ 3,681 $ 22,789 $ 18,728 $ 3,710 $ 22,438

1 unchanged sentence

2,449 2,874 5,323 2,285 2,703 4,988

Enterprise and Public Sector — 10,202 10,202 — 10,670 10,670

Business Markets and Other — 9,991 9,991 — 9,647 9,647

Wholesale — 1,488 1,488 — 1,684 1,684

Intersegment revenues 72 7 79 73 7 80

Total Operating Revenues 26,453 7,419 33,872 25,618 7,286 32,904

78,371 21,703 100,074 75,344 22,027 97,371

Operating Expenses (3)

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Operating Income $ 7,714 $ 884 $ 8,598 $ 7,424 $ 664 $ 8,088

(1) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025.

(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $ 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.

(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.

(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network.

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

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

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

Three Months Ended Nine Months Ended

September 30, September 30,

(dollars in millions) 2025 2024 2025 2024

Consumer $ 2,937 $ 2,916 $ 8,757 $ 8,708

Business 310 314 930 938

Total Fios revenue $ 3,247 $ 3,230 $ 9,687 $ 9,646

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

Three Months Ended Nine Months Ended

September 30, September 30,

(dollars in millions) 2025 2024 2025 2024

Consumer $ 17,441 $ 17,036 $ 52,009 $ 50,781

Business 3,588 3,562 10,732 10,550

Total Wireless service revenue $ 21,029 $ 20,598 $ 62,741 $ 61,331

Wireless service revenue reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025.

Reconciliation to Consolidated Financial Information

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

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(dollars in millions) 2026 2025

3 unchanged sentences

( 79 ) ( 79 )

( 85 ) ( 66 ) ( 246 ) ( 193 )

Total consolidated operating revenues $ 34,440 $ 33,485

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

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

(dollars in millions) 2026 2025

1 unchanged sentence

Corporate and other ( 82 ) ( 102 )

Acquisition and integration related charges

( 52 ) — ( 52 ) —

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

Other components of net periodic benefit charges (Note 8) ( 13 ) ( 8 )

Asset and business rationalization

— ( 374 ) — ( 374 )

Legacy legal matter

— — — ( 106 )

Acquisition and integration related charges

Total consolidated operating income 8,242 7,978

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

Equity in earnings of unconsolidated businesses 5 6

Other income, net 477 121

1 unchanged sentence

Income Before Provision For Income Taxes $ 6,784 $ 6,473

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.

No single customer accounted for more than 10% of our total operating revenues during the three months ended March 31, 2026 or 2025.

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

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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 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.

As of March 31, 2026 and December 31, 2025, $ 533 million and $ 723 million, respectively, remained as confirmed obligations outstanding related to suppliers participating in the supplier finance program.

Commitments and Contingencies

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We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period.

Verizon is currently involved in approximately 30 federal district court actions alleging that Verizon is infringing various patents.

Verizon is currently involved in numerous federal district court actions alleging that Verizon is infringing various patents.

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

As of March 31, 2026, Verizon had 29 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.

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

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

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

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

What changed 10-Q

Item 1. Financial Statements