3 unchanged sentences
With a presence around the world, we offer data, video and voice services and solutions on our networks and platforms that are designed to meet customers’ demand for mobility, reliable network connectivity and security.
−Removed: To compete effectively in today's dynamic marketplace, we are focused on the capabilities of our high-performing networks to drive growth based on delivering what customers want and need in the digital world.
−Removed: We are consistently deploying new network architecture and technologies to secure our leadership in both fifth-generation (5G) and fourth-generation (4G) wireless networks.
−Removed: Our network quality is the hallmark of our brand and the foundation for the connectivity, platforms and solutions upon which we build our competitive advantage.
−Removed: In 2025 , we are focused on enhancing our networks, offering innovative services and products, growing and maintaining a high-quality customer base and delivering strong financial and operating results.
−Removed: Our strategy requires significant capital investments primarily to acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, invest in the fiber that supports our businesses, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities.
−Removed: We believe that our C-Band, millimeter wave and other key spectrum holdings, our 5G network, and our local and long-haul fiber infrastructure, will drive innovative products and services and fuel our growth.
−Removed: Highlights of Our Financial Results for the Three Months Ended September 30, 2025 and 2024
−Removed: (dollars in millions)
−Removed: Highlights of Our Financial Results for the Nine Months Ended September 30, 2025 and 2024
+Added: To compete effectively in today’s dynamic marketplace, we are focused on delivering what customers want and need in the digital world by offering innovative products and services, delivering excellent customer experience, and leveraging the capabilities of our high-performing networks.
+Added: Highlights of Our Financial Results for the Three Months Ended March 31, 2026 and 2025
(dollars in millions)
1 unchanged sentence
We have two reportable segments that we operate and manage as strategic business units - Verizon Consumer Group (Consumer) and Verizon Business Group (Business).
−Removed: Revenue by Segment for the Three Months Ended September 30, 2025 and 2024
−Removed: Revenue by Segment for the Nine Months Ended September 30, 2025 and 2024
+Added: Revenue by Segment for the Three Months Ended March 31, 2026 and 2025
Excludes eliminations.
Verizon Consumer Group
−Removed: Our Consumer segment provides consumer-focused wireless and wireline communications services and products.
+Added: 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 United States (U.S.) under the Verizon family of brands and through wholesale and other arrangements.
We also provide fixed wireless access (FWA) broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access.
−Removed: Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios.
+Added: Our wireline services are provided in 31 U.S.
+Added: states and Washington D.C.
+Added: over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network.
Customers can obtain our wireless services on a postpaid or prepaid basis.
3 unchanged sentences
In addition to wireless services and equipment for retail customers, the Consumer segment sells residential fixed connectivity solutions, including internet, video and voice services, and wireless network access to resellers on a wholesale basis.
−Removed: The Consumer segment's operating revenues for the three and nine months ended September 30, 2025 totaled $26.1 billion and $78.4 billion, respectively, representing an increase of 2.9% and 4.0%, respectively, compared to the similar periods in 2024.
−Removed: See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics.
+Added: The Consumer segment's operating revenues for the three months ended March 31, 2026 totaled $26.5 billion, representing an increase of 3.3% compared to the similar period in 2025.
+Added: See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance.
Verizon Business Group
−Removed: Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and advanced communication services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things (IoT) services and products.
+Added: Our Business segment provides wireless and wireline 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.
and a subset of these products and services to customers around the world.
−Removed: The Business segment's operating revenues for the three and nine months ended September 30, 2025 totaled $7.1 billion and $21.7 billion, respectively, representing a decrease of 2.8% and 1.5%, respectively, compared to the similar periods in 2024.
−Removed: See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance and selected operating statistics.
+Added: The Business segment's operating revenues for the three months ended March 31, 2026 totaled $7.4 billion, representing an increase of 1.8% compared to the similar period in 2025.
+Added: See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance.
Corporate and Other
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.
−Removed: Corporate and other also includes the historical results of divested businesses and other adjustments and gains and losses that are not allocated or used in assessing segment performance due to their nature.
+Added: Corporate and other also includes the historical results of divested businesses and other adjustments and gains and losses that are not allocated or used in assessing segment
+Added: performance due to their nature.
Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings.
−Removed: Gains and losses from these transactions that are not individually significant are included in
−Removed: segment results and therefore are included in the chief operating decision maker’s (CODM) assessment of segment performance.
+Added: Gains and losses from these transactions that are not individually significant are included in segment results and therefore are included in the chief operating decision maker's (CODM) assessment of segment performance.
See "Consolidated Results of Operations" for additional information regarding Corporate and other results.
Capital Expenditures and Investments
−Removed: We continue to invest in our wireless networks, high-speed fiber and other advanced technologies to position ourselves at the center of growth trends for the future.
−Removed: During the nine months ended September 30, 2025, these investments included $12.3 billion for capital expenditures.
+Added: Our strategy requires significant capital investments primarily to invest in and deploy fiber, acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities.
+Added: During the three months ended March 31, 2026, these investments included $4.2 billion for capital expenditures.
See "Cash Flows Used in Investing Activities" for additional information.
−Removed: Capital expenditures for 2025 are expected to be within or below the range of $17.5 billion to $18.5 billion.
+Added: Capital expenditures for 2026 are expected to be within the range of $16.0 billion to $16.5 billion.
Global Networks and Technology
−Removed: We consider the reliability, speed, capacity, coverage and security of our wireless network to be key factors in our continued success.
−Removed: Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services.
−Removed: Our evolution to 5G with its new architecture allows us to simplify operations by eliminating legacy network elements.
−Removed: While we continue to improve our 5G wireless service coverage, we are also adding capacity and density to our networks.
−Removed: Network densification enables us to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
−Removed: In addition to enhancing our wireless service, our wireless mobility investments provide the foundation for our growing FWA broadband business.
−Removed: We are also continuing to expand our fiber-based networks, as customers increasingly value the ability to obtain wireless and wireline broadband services from the same provider.
−Removed: In September 2024, we entered into an agreement to acquire Frontier Communications Parent, Inc.
−Removed: (Frontier), a U.S.
−Removed: provider of broadband internet and other communication services, as part of our fiber expansion strategy, and we expect to increase the capital expenditures we devote to our fiber networks in 2025.
−Removed: One Big Beautiful Bill Act
−Removed: On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted.
−Removed: The OBBBA revises the U.S.
−Removed: federal corporate income tax by, among other things, making permanent 100% bonus depreciation on qualified fixed assets, making permanent the immediate deduction for domestic research and experimentation expenses, and permanently changing the limitation on the deduction of business interest expense to 30% of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA).
−Removed: Verizon does not anticipate the provisions of the OBBBA will have a material impact on its effective income tax rate.
−Removed: We currently estimate that these provisions will both decrease our 2025 cash income tax liability and increase our deferred tax liability by $2.0 billion to $2.3 billion by December 31, 2025.
−Removed: We continue to analyze the effects of the OBBBA on our consolidated financial statements.
−Removed: Tariffs and Other Government Initiatives
−Removed: During the course of 2025, the U.S.
−Removed: government announced tariffs on goods imported from various countries to the U.S.
−Removed: Countries subject to such tariffs have imposed or may in the future impose reciprocal or retaliatory tariffs and other trade measures.
−Removed: We continue to actively monitor the tariff developments and analyze their potential impacts on our business, cost structure, supply chain and broader economic environment.
−Removed: We are also working closely with our strategic suppliers to manage the potential impacts.
−Removed: In addition, the U.S.
−Removed: presidential administration is implementing significant changes to the size and scope of the federal government, including a reduction of the federal government workforce, changes in budgetary priorities and other cost efficiency measures.
−Removed: states have launched similar initiatives.
−Removed: We have seen negative impacts from these efforts in our business with public sector customers during the first three quarters of 2025.
−Removed: It is also possible that we could see impacts from the federal government shutdown and related federal workforce initiatives that commenced in October 2025.
−Removed: While these developments have not had a material impact on our financial condition or results of operations to date, due to their evolving nature, we cannot predict with certainty the ultimate impacts they may have on our business and results in the future but those impacts could be material.
+Added: We design, build and operate networks to provide connectivity and related services meeting the needs of our diverse customers, including consumers, businesses, government organizations, first responders, and educational institutions.
+Added: We have a portfolio of spectrum holdings, including C-Band and millimeter wave spectrum, and are constantly transforming our networks by leveraging innovation and new technologies to deliver improved network performance and efficiency.
+Added: Our networks leverage advanced technologies, including 5G wireless, fiber-based transport, cloud infrastructures, artificial intelligence (AI) and automation, private networks and IP routing solutions.
+Added: We are using the benefits of cloud computing and storage to virtualize aspects of our network infrastructure.
+Added: We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
Consolidated Results of Operations
1 unchanged sentence
In "Segment Results of Operations" we review the performance of our two reportable segments in more detail.
+Added: During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments - Consumer and Business.
+Added: Accordingly, beginning in the first quarter of 2026, Verizon is reporting Consumer and Business revenue disaggregated by products and services as follows:
+Added: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue.
+Added: In the first quarter of 2026, Verizon also made changes to the presentation of certain operating metrics, and going forward will only disclose operating metrics on a consolidated basis.
Consolidated Operating Revenues
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/(Decrease) September 30, Increase/
−Removed: (dollars in millions) 2025 2024 2025 2024 (Decrease)
+Added: Three Months Ended
+Added: March 31, Increase/(Decrease)
+Added: (dollars in millions) 2026 2025
Consumer $ 26,453 $ 25,618 $ 835 3.3 %
3 unchanged sentences
Consolidated Operating Revenues $ 34,440 $ 33,485 $ 955 2.9
−Removed: Consolidated operating revenues increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment.
+Added: Consolidated operating revenues increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to revenue increases in our Consumer and Business segments.
Revenues for our segments are discussed separately below under the heading "Segment Results of Operations."
Consolidated Operating Expenses
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/(Decrease) September 30, Increase/
−Removed: (dollars in millions) 2025 2024 2025 2024 (Decrease)
+Added: Three Months Ended
+Added: March 31, Increase/(Decrease)
+Added: (dollars in millions) 2026 2025
Cost of services $ 7,167 $ 6,950 $ 217 3.1 %
8 unchanged sentences
Aggregate customer service costs, which include billing and service provisioning, are allocated between Cost of services and Selling, general and administrative expense.
−Removed: Cost of services decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The decrease during the three months ended September 30, 2025 was primarily due to:
−Removed: • a decrease of $189 million related to the asset and business rationalization charge taken in 2024;
−Removed: • a decrease of $107 million in access costs primarily as a result of changes in usage and net circuit access prices.
−Removed: The decrease during the nine months ended September 30, 2025 was primarily as a result of:
−Removed: • a decrease of $193 million in access costs primarily as a result of changes in usage and net circuit access prices;
−Removed: • a decrease of $189 million related to the asset and business rationalization charge taken in 2024;
−Removed: • a decrease of $122 million in other direct costs primarily related to legacy wireline products and services;
−Removed: • an increase of $154 million in regulatory fees mainly driven by a higher net Federal Universal Service Fund (FUSF) rate.
+Added: Cost of services increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily as a result of:
+Added: • an increase of $174 million in personnel costs driven by an increase in employee headcount following the acquisition of Frontier Communications Parent, Inc.
+Added: • an increase of $114 million in building and facility costs primarily due to higher utility rates along with maintaining additional buildings and facilities due to the acquisition of Frontier in 2026;
+Added: • a decrease of $83 million in access costs primarily related to cessation of certain third-party provider costs along with a decrease in circuit usage.
Cost of Wireless Equipment
−Removed: Cost of wireless equipment increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The increase during the three months ended September 30, 2025 was primarily due to an increase of $426 million driven by a shift to higher priced equipment in the mix of wireless devices sold.
−Removed: The increase during the nine months ended September 30, 2025 was primarily due to:
−Removed: • an increase of $1.3 billion driven by a higher volume of wireless devices sold primarily related to an increase of 13% in upgrades;
+Added: Cost of wireless equipment increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
• an increase of $315 million driven by a shift to higher priced equipment in the mix of wireless devices sold;
+Added: • an increase of $85 million driven by a higher volume of wireless devices sold primarily related to an increase in upgrades.
Selling, General and Administrative Expense
1 unchanged sentence
Also included is a portion of the aggregate customer care costs as discussed above in "Cost of Services."
−Removed: Selling, general and administrative expense decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The decrease during the three months ended September 30, 2025 was primarily due to:
−Removed: • a decrease of $1.7 billion due to severance charges in 2024 related to separations under our voluntary separation program as well as other headcount reduction initiatives ;
−Removed: • a decrease of $185 million r elated to an asset and business rationalization charge taken in 2024.
−Removed: The decrease during the nine months ended September 30, 2025 was primarily due to:
−Removed: • a decrease of $1.9 billion primarily due to severance charges in 2024 related to separations under our voluntary separation program as well as other headcount reduction initiatives ;
−Removed: • a decrease of $256 million related to lower costs for device insurance programs primarily due to a decrease in claims;
−Removed: • a decrease of $185 million r elated to an asset and business rationalization charge taken in 2024;
−Removed: • a decrease of $106 million related to a legacy legal matter from 2024 that did not reoccur.
−Removed: See "Special Items" for additional information on the severance charges, the asset and business rationalization charges and the legacy legal matter.
+Added: Selling, general and administrative expense decreased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily as a result of:
+Added: • a decrease of $282 million in advertising costs related to various marketing campaigns in the first quarter of 2025 that did not reoccur;
+Added: • a decrease of $121 million in personnel costs related to the impact of workforce reduction initiatives announced in the prior year;
+Added: • an increase of $261 million related to acquisition and integration related charges recorded in 2026 associated with the acquisition of Frontier.
+Added: See "Special Items" for additional information on the acquisition and integration related charges.
Depreciation and Amortization Expense
−Removed: Depreciation and amortization expense increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily due to the change in the mix of net depreciable and amortizable assets, including the amortization period of certain acquisition-related intangible assets, and the continued deployment of C-Band and FWA network assets.
+Added: Depreciation and amortization expense increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to the change in the mix of net depreciable and amortizable assets, including the impact of depreciable assets acquired as part of the Frontier acquisition, and the continued deployment of C-Band network assets.
+Added: Consolidated Operating Statistics
+Added: To aid in the understanding of our performance, management uses the following operating statistics to evaluate the overall effectiveness of our business.
+Added: We believe these operating statistics are useful to investors and other users of our financial information because they provide additional insight into drivers of our operating results, key trends and performance relative to our peers.
+Added: These operating statistics may be determined or calculated differently by other companies and may not be directly comparable to those statistics of other companies.
+Added: Wireless retail connections are retail customer device postpaid and prepaid connections as of the end of the period.
+Added: Wireless retail connections under an account may include those from smartphones and basic phones (collectively, phones), postpaid and prepaid FWA, as well as tablets and other internet devices, wearables and retail IoT devices.
+Added: Wireless retail connections are calculated by adding total retail postpaid and prepaid new connections in the period to prior period retail connections, and subtracting total retail postpaid and prepaid disconnects in the period.
+Added: Wireless retail postpaid connections are retail postpaid customer device connections as of the end of the period.
+Added: Wireless retail postpaid connections under an account may include those from phones, postpaid FWA, as well as tablets and other internet
+Added: devices, wearables and retail IoT devices.
+Added: Wireless retail postpaid connections are calculated by adding retail postpaid new connections in the period to prior period retail postpaid connections, and subtracting retail postpaid disconnects in the period.
+Added: Wireless retail postpaid phone connections are retail postpaid customer phone connections as of the end of the period.
+Added: Wireless retail postpaid phone connections under an account include those from smartphones and basic phones.
+Added: Wireless retail postpaid phone connections are calculated by adding retail postpaid phone new connections in the period to prior period retail postpaid phone connections, and subtracting retail postpaid phone disconnects in the period.
+Added: Wireless retail core prepaid connections are wireless retail prepaid customer device connections, excluding our SafeLink brand, as of the end of the period.
+Added: Wireless retail core prepaid connections may include those from phones, prepaid FWA, as well as tablets and other internet devices, and wearables.
+Added: Wireless retail core prepaid connections are calculated by adding retail core prepaid new connections in the period to prior period retail core prepaid connections, and subtracting retail core prepaid disconnects in the period.
+Added: Fiber broadband connections are the total number of connections to the internet using fiber broadband services (which exclude solutions provided over a traditional copper-based network) as of the end of the period.
+Added: Fiber broadband connections are calculated by adding fiber broadband new connections in the period to prior period fiber broadband connections, and subtracting fiber broadband disconnects in the period.
+Added: FWA broadband connections are the total number of postpaid and prepaid connections to the internet through our 5G or 4G LTE wireless networks as of the end of the period, including postpaid, prepaid and IoT FWA.
+Added: FWA broadband connections are calculated by adding FWA broadband new connections in the period to prior period FWA broadband connections, and subtracting FWA broadband disconnects in the period.
+Added: Total broadband connections are the total number of connections to the internet using fiber broadband and FWA broadband services as of the end of the period.
+Added: Total broadband connections are calculated by adding total broadband new connections in the period to prior period total broadband connections, and subtracting total broadband disconnects in the period.
+Added: Wireless retail connections, net addition s are the total number of additional retail customer device postpaid and prepaid connections, less the number of device disconnects in the period.
+Added: Wireless retail connections, net additions in each period presented are calculated by subtracting the total retail postpaid and prepaid disconnects from the total retail postpaid and prepaid new connections in the period.
+Added: Wireless retail postpaid connections, net additions are the total number of additional retail customer device postpaid connections, less the number of device disconnects in the period.
+Added: Wireless retail postpaid connections, net additions in each period presented are calculated by subtracting the retail postpaid disconnects from the retail postpaid new connections in the period.
+Added: Wireless retail postpaid phone connections, net additions are the total number of additional retail customer postpaid phone connections, less the number of postpaid phone disconnects in the period.
+Added: Wireless retail postpaid phone connections, net additions in each period presented are calculated by subtracting the retail postpaid phone disconnects from the retail postpaid phone new connections in the period.
+Added: Wireless retail core prepaid connections, net additions are the total number of additional retail customer device core prepaid connections, less the number of device disconnects in the period.
+Added: Wireless retail core prepaid connections, net additions in each period presented are calculated by subtracting the retail core prepaid disconnects from the retail core prepaid new connections in the period.
+Added: Fiber broadband connections, net additions are the total number of additional fiber broadband connections, less the number of fiber broadband disconnects in the period.
+Added: Fiber broadband connections, net additions are calculated by subtracting the fiber broadband disconnects from the fiber broadband new connections in the period.
+Added: FWA broadband connections , net additions are the total number of additional FWA broadband connections, less the number of FWA broadband disconnects in the period.
+Added: FWA broadband connections, net additions in each period presented are calculated by subtracting the FWA broadband disconnects from the FWA broadband new connections in the period.
+Added: Total broadband connections, net additions are the total number of additional total broadband connections, less the number of total broadband disconnects in the period.
+Added: Total broadband connections, net additions in each period presented are calculated by subtracting the total broadband disconnects from the total broadband new connections in the period.
+Added: Wireless retail postpaid ARPA is the calculated average wireless retail postpaid service revenue per account (ARPA) from wireless retail postpaid accounts in the period.
+Added: Wireless retail postpaid service revenue does not include recurring device payment plan billings related to the Verizon device payment program, insurance premiums or regulatory fees.
+Added: Wireless retail postpaid ARPA in each period presented is calculated by dividing wireless retail postpaid service revenue by the average wireless retail postpaid accounts in the period.
+Added: Wireless retail core prepaid ARPU is the calculated average wireless retail core prepaid service revenue, excluding our SafeLink brand, per unit (core prepaid connection) (ARPU) in the period.
+Added: Wireless retail core prepaid ARPU in each period presented is
+Added: calculated by dividing wireless retail core prepaid service revenue by the average wireless retail core prepaid connections in the period.
+Added: Wireless retail postpaid phone churn is the rate at which service to retail postpaid phone connections is terminated on average in the period.
+Added: The wireless retail postpaid phone churn rate in each period presented is calculated by dividing wireless retail postpaid phone disconnects by the average wireless retail postpaid phone connections in the period.
+Added: Wireless retail core prepaid churn is the rate at which service to core prepaid connections is terminated on average in the period.
+Added: The wireless retail core prepaid churn rate in each period presented is calculated by dividing wireless core prepaid disconnects by the average wireless core prepaid connections in the period.
+Added: Wireless retail postpaid connections, upgrade rate is the rate at which retail postpaid connections upgrade retail postpaid devices (phones, tablets, and other devices) in the period.
+Added: Wireless retail postpaid connections, upgrade rate is calculated by dividing the number of retail postpaid connections that have upgraded a retail postpaid device in the period by the average retail postpaid connections for the period.
+Added: Where applicable, our operating statistics discussed above and the operating results presented in the following table reflect certain adjustments, including those related to migration activity among different types of devices and plans, customer profile changes, product-related changes and adjustments in connection with mergers, acquisitions and divestitures.
+Added: Three Months Ended
+Added: March 31, Increase/(Decrease)
+Added: Connections (‘000):
+Added: Wireless retail 146,798 145,974 824 0.6 %
+Added: Wireless retail postpaid
+Added: 126,499 125,744 755 0.6
+Added: Wireless retail postpaid phone 93,920 93,214 706 0.8
+Added: Wireless retail core prepaid 19,279 18,977 302 1.6
+Added: Fiber broadband 10,757 7,581 3,176 41.9
+Added: FWA broadband 6,006 4,845 1,161 24.0
+Added: Total broadband (1)
+Added: 16,763 12,426 4,337 34.9
+Added: Net Additions (‘000):
+Added: Wireless retail (116) (65) (51) (78.5)
+Added: Wireless retail postpaid (196) (159) (37) (23.3)
+Added: Wireless retail postpaid phone 55 (289) 344 nm
+Added: Wireless retail core prepaid 115 137 (22) (16.1)
+Added: Fiber broadband 127 45 82 nm
+Added: FWA broadband 214 308 (94) (30.5)
+Added: Total broadband (1)
+Added: 341 353 (12) (3.4)
+Added: Account Statistics:
+Added: Wireless retail postpaid ARPA $ 166.66 $ 169.81 $ (3.15) (1.9)
+Added: Wireless retail core prepaid ARPU $ 33.31 $ 31.92 $ 1.39 4.4
+Added: Wireless retail postpaid phone 0.97 % 0.95 %
+Added: Wireless retail core prepaid 3.45 % 3.47 %
+Added: Wireless Retail Postpaid Connection Statistics:
+Added: Upgrade rate 3.0 % 2.8 %
+Added: (1) Total broadband excludes solutions provided over a traditional copper-based network.
+Added: Where applicable, historical results have been recast to conform to the current period presentation.
+Added: nm - not meaningful
Other Consolidated Results
Other Income, Net
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/(Decrease) September 30, Increase/(Decrease)
+Added: Three Months Ended
+Added: March 31, Increase
(dollars in millions) 2026 2025
−Removed: Interest income $ 68 $ 97 $ (29) (29.9) % $ 186 $ 258 $ (72) (27.9) %
−Removed: Other components of net periodic benefit cost (63) (56) (7) 12.5 (295) (289) (6) 2.1
+Added: Interest income $ 147 $ 63 $ 84 nm
+Added: Other components of net periodic benefit income (cost) 171 (94) 265 nm
Net debt extinguishment gains 95 90 5 5.6 %
−Removed: 94 90 4 4.4 272 289 (17) (5.9)
−Removed: Other, net (7) (59) 52 (88.1) 129 (60) 189 nm
+Added: Other, net 64 62 2 3.2
Other Income, Net
−Removed: $ 92 $ 72 $ 20 27.8 $ 292 $ 198 $ 94 47.5
+Added: $ 477 $ 121 $ 356 nm
nm - not meaningful
−Removed: Other income, net, reflects certain items not directly related to our core operations, including interest income, debt extinguishment gains, components of net periodic pension and postretirement benefit cost and income and certain foreign exchange gains and losses.
−Removed: Other income, net remained relatively flat for the three months ended September 30, 2025 and increased during the nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The increase during the nine months ended September 30, 2025 was primarily due to an increase resulting from fair market value adjustments on certain investments.
+Added: Other income, net, reflects certain items not directly related to our core operations, including interest income, debt extinguishment gains and losses, components of net periodic pension and postretirement benefit income and cost and certain foreign exchange gains and losses.
+Added: Other income, net increased for the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
+Added: • a net pension and postretirement benefits remeasurement gain of $237 million in 2026;
+Added: • an increase of $57 million in paid-in-kind interest earned on certain preferred investments.
+Added: See Note 8 to the condensed consolidated financial statements for more information on the other components of net periodic benefit income (cost).
Interest Expense
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Decrease September 30, Decrease
+Added: Three Months Ended
+Added: March 31, Increase/(Decrease)
(dollars in millions) 2026 2025
6 unchanged sentences
Effective interest rate (2)(3)
−Removed: 5.0 % 5.1 % 5.1 % 5.1 %
(1) The average debt outstanding is a financial measure and is calculated by applying a simple average of prior months' end balances of total short-term and long-term debt, net of discounts, premiums and unamortized debt issuance costs.
2 unchanged sentences
(3) We believe that this measure is useful to management, investors and other users of our financial information in evaluating our debt financing cost and trends in our debt leverage management.
−Removed: Total interest expense decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily as a result of a decrease in interest costs due to lower average debt balances partially offset by a decrease in capitalized interest due to additional C-Band spectrum licenses being placed into service.
+Added: Total interest expense increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily as a result of an increase in interest costs due to higher average debt balances.
Provision for Income Taxes
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase September 30,
−Removed: (dollars in millions) 2025 2024 2025 2024 Increase
+Added: Three Months Ended
+Added: March 31, Increase
+Added: (dollars in millions) 2026 2025
Provision for income taxes $ 1,638 $ 1,490 $ 148 9.9 %
1 unchanged sentence
The effective income tax rate is calculated by dividing the provision for income taxes by income before the provision for income taxes.
−Removed: The increase in the provision for income taxes during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 was primarily due to the increase in income before income taxes in the current period.
−Removed: The increase in the effective income tax rate during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 was primarily due to a reduction in deferred income taxes due to changes in state apportionment in the prior period.
+Added: The increase in the provision for income taxes during the three months ended March 31, 2026 compared to the similar period in 2025 was primarily due to the increase in income before income taxes in the current period.
+Added: The increase in the effective income tax rate during the three months ended March 31, 2026 compared to the similar period in 2025 was primarily related to the one time impact of the Frontier acquisition.
Unrecognized Tax Benefits
−Removed: Unrecognized tax benefits were $2.6 billion at both September 30, 2025 and December 31, 2024.
−Removed: Interest and penalties related to unrecognized tax benefits were $721 million (after-tax) and $684 million (after-tax) at September 30, 2025 and December 31, 2024, respectively.
+Added: Unrecognized tax benefits were $2.7 billion and $2.6 billion at March 31, 2026 and December 31, 2025, respectively.
+Added: Interest and penalties related to unrecognized tax benefits were $787 million (after-tax) and $751 million (after-tax) at March 31, 2026 and December 31, 2025, respectively.
Verizon Communications Inc.
3 unchanged sentences
Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA
−Removed: Consolidated earnings before interest, taxes, depreciation and amortization (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years, as well as in evaluating operating performance in relation to Verizon's competitors.
+Added: Consolidated earnings before interest, taxes, depreciation and amortization (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions, as well as in evaluating operating performance in relation to Verizon's competitors.
Consolidated EBITDA is calculated by adding back interest, taxes, depreciation and amortization expense to net income.
Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items:
−Removed: equity in earnings and losses of unconsolidated businesses and other income and expense, net, as well as the effect of
−Removed: certain special items.
−Removed: We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends.
+Added: equity in earnings and losses of unconsolidated businesses and other income and expense, net, as well as the effect of certain special items.
+Added: Consolidated Adjusted EBITDA is a non-GAAP financial measure that we believe provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends.
We believe that Consolidated Adjusted EBITDA is widely used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes, and depreciation and amortization policies.
5 unchanged sentences
The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(dollars in millions) 2026 2025
2 unchanged sentences
Interest expense
−Removed: 1,664 1,672 4,935 5,005
Depreciation and amortization expense (1)
−Removed: 4,618 4,458 13,830 13,386
Consolidated EBITDA $ 13,616 $ 12,682
−Removed: Other (income) expense, net (2)
+Added: Other income, net (2)
$ (477) $ (121)
−Removed: Equity in losses of unconsolidated businesses 6 24 3 47
+Added: Equity in earnings of unconsolidated businesses (5) (6)
Acquisition and integration related charges 261 —
−Removed: Severance charges — 1,733 — 1,733
−Removed: Asset and business rationalization
−Removed: Legacy legal matter
Consolidated Adjusted EBITDA $ 13,395 $ 12,555
−Removed: (1) Includes Amortization of acquisition-related intangible assets, which were $189 million and $571 million during the three and nine months ended September 30, 2025, respectively, and $186 million and $626 million during the three and nine months ended September 30, 2024, respectively.
+Added: (1) Includes Amortization of acquisition-related intangible assets, which were $240 million and $190 million during the three months ended March 31, 2026 and 2025, respectively.
See "Special Items" for additional information.
−Removed: (2) Includes Pension and benefits mark-to-market charges of $136 million during the nine months ended September 30, 2024.
+Added: (2) Includes Pension and benefits remeasurement gain of $237 million during the three months ended March 31, 2026.
See "Special Items" for additional information.
−Removed: The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three and nine months ended September 30, 2025 compared to the similar periods in 2024 were primarily a result of the factors described above in connection with consolidated operating revenues and consolidated operating expenses.
+Added: The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three months ended March 31, 2026 compared to the similar period in 2025 were primarily a result of the factors described above in connection with consolidated operating revenues and consolidated operating expenses.
Segment Results of Operations
2 unchanged sentences
The use of segment operating income is consistent with the CODM's assessment of segment performance.
−Removed: To aid in the understanding of segment performance as it relates to segment operating income, management uses the following operating statistics to evaluate the overall effectiveness of our segments.
−Removed: We believe these operating statistics are useful to investors and other users of our financial information because they provide additional insight into drivers of our segments' operating results, key trends and performance relative to our peers.
−Removed: These operating statistics may be determined or calculated differently by other companies and may not be directly comparable to those statistics of other companies.
−Removed: Wireless retail connections are retail customer device postpaid and prepaid connections as of the end of the period.
−Removed: Retail connections under an account may include those from smartphones and basic phones (collectively, phones), postpaid and prepaid FWA, as well as tablets and other internet devices, wearables and retail IoT devices.
−Removed: Wireless retail connections are calculated by adding total retail postpaid and prepaid new connections in the period to prior period retail connections, and subtracting total retail postpaid and prepaid disconnects in the period.
−Removed: Wireless retail postpaid connections are retail postpaid customer device connections as of the end of the period.
−Removed: Retail postpaid connections under an account may include those from phones, postpaid FWA, as well as tablets and other internet devices,
−Removed: wearables and retail IoT devices.
−Removed: Wireless retail postpaid connections are calculated by adding retail postpaid new connections in the period to prior period retail postpaid connections, and subtracting retail postpaid disconnects in the period.
−Removed: Wireless retail prepaid connections are retail prepaid customer device connections as of the end of the period.
−Removed: Retail prepaid connections may include those from phones, prepaid FWA, as well as tablets and other internet devices, and wearables.
−Removed: Wireless retail prepaid connections are calculated by adding retail prepaid new connections in the period to prior period retail prepaid connections, and subtracting retail prepaid disconnects in the period.
−Removed: Wireless retail core prepaid connections are wireless retail prepaid customer device connections, excluding our SafeLink brand, as of the end of the period.
−Removed: Retail core prepaid connections may include those from phones, prepaid FWA, as well as tablets and other internet devices, and wearables.
−Removed: Wireless retail core prepaid connections are calculated by adding retail core prepaid new connections in the period to prior period retail core prepaid connections, and subtracting retail core prepaid disconnects in the period.
−Removed: Fios internet connections are the total number of connections to the internet using Fios internet services as of the end of the period.
−Removed: Fios internet connections are calculated by adding Fios internet new connections in the period to prior period Fios internet connections, and subtracting Fios internet disconnects in the period.
−Removed: Fios video connections are the total number of connections to traditional linear video programming using Fios video services as of the end of the period.
−Removed: Fios video connections are calculated by adding Fios video net additions in the period to prior period Fios video connections.
−Removed: Fios video net additions are calculated by subtracting the Fios video disconnects from the Fios video new connections.
−Removed: Total broadband connections are the total number of connections to the internet using Fios internet services, Digital Subscriber Line (DSL), and postpaid, prepaid and IoT FWA as of the end of the period.
−Removed: Total broadband connections are calculated by adding total broadband connections, net additions in the period to prior period total broadband connections.
−Removed: FWA broadband connections are the total number of postpaid and prepaid connections to the internet through our 5G or 4G LTE wireless networks as of the end of the period.
−Removed: FWA broadband connections are calculated by adding FWA broadband connections, net additions in the period to prior period FWA broadband connections.
−Removed: Wireline broadband connections are the total number of connections to the internet using DSL and Fios internet services as of the end of the period.
−Removed: Wireline broadband connections are calculated by adding wireline broadband connections, net additions in the period to prior period wireline broadband connections.
−Removed: Wireless retail connections, net addition s are the total number of additional retail customer device postpaid and prepaid connections, less the number of device disconnects in the period.
−Removed: Wireless retail connections, net additions in each period presented are calculated by subtracting the total retail postpaid and prepaid disconnects, net of certain adjustments, from the total retail postpaid and prepaid new connections in the period.
−Removed: Wireless retail postpaid connections, net additions are the total number of additional retail customer device postpaid connections, less the number of device disconnects in the period.
−Removed: Wireless retail postpaid connections, net additions in each period presented are calculated by subtracting the retail postpaid disconnects, net of certain adjustments, from the retail postpaid new connections in the period.
−Removed: Wireless retail prepaid connections, net additions are the total number of additional retail customer device prepaid connections, less the number of device disconnects in the period.
−Removed: Wireless retail prepaid connections, net additions in each period presented are calculated by subtracting the retail prepaid disconnects, net of certain adjustments, from the retail prepaid new connections in the period.
−Removed: Wireless retail core prepaid connections, net additions are the total number of additional retail customer device core prepaid connections, less the number of device disconnects in the period.
−Removed: Wireless retail core prepaid connections, net additions in each period presented are calculated by subtracting the retail core prepaid disconnects, net of certain adjustments, from the retail core prepaid new connections in the period.
−Removed: Wireless retail postpaid phone connections, net additions are the total number of additional retail customer postpaid phone connections, less the number of phone disconnects in the period.
−Removed: Wireless retail postpaid phone connections, net additions in each period presented are calculated by subtracting the retail postpaid phone disconnects, net of certain adjustments, from the retail postpaid phone new connections in the period.
−Removed: Total broadband connections, net additions are the total number of additional total broadband connections, less the number of total broadband disconnects in the period.
−Removed: Total broadband connections, net additions in each period presented are calculated by subtracting the total broadband disconnects, net of certain adjustments, from the total broadband new connections in the period.
−Removed: FWA broadband connections , net additions are the total number of additional FWA broadband connections, less the number of FWA broadband disconnects in the period.
−Removed: FWA broadband connections, net additions in each period presented are calculated
−Removed: by subtracting the FWA broadband disconnects, net of certain adjustments, from the FWA broadband new connections in the period.
−Removed: Wireline broadband connections, net additions are the total number of additional wireline broadband connections, less the number of wireline broadband disconnects in the period.
−Removed: Wireline broadband connections, net additions in each period presented are calculated by subtracting the wireline broadband disconnects, net of certain adjustments, from the wireline broadband new connections in the period.
−Removed: Wireless churn is the rate at which service to retail, retail postpaid, or retail postpaid phone connections is terminated on average in the period.
−Removed: The churn rate in each period presented is calculated by dividing retail disconnects, retail postpaid disconnects, or retail postpaid phone disconnects by the average retail connections, average retail postpaid connections, or average retail postpaid phone connections, respectively, in the period.
−Removed: Wireless retail postpaid ARPA is the calculated average retail postpaid service revenue per account (ARPA) from retail postpaid accounts in the period.
−Removed: Wireless retail postpaid service revenue does not include recurring device payment plan billings related to the Verizon device payment program, insurance premiums or regulatory fees.
−Removed: Wireless retail postpaid ARPA in each period presented is calculated by dividing retail postpaid service revenue by the average retail postpaid accounts in the period.
−Removed: Wireless retail postpaid accounts are wireless retail customers that are directly served and managed under the Verizon brand and use its services as of the end of the period.
−Removed: Accounts include unlimited plans, shared data plans and corporate accounts, as well as legacy single connection plans and multi-connection family plans.
−Removed: A single account may include monthly wireless services for a variety of connected devices.
−Removed: Wireless retail postpaid accounts are calculated by adding retail postpaid new accounts to the prior period retail postpaid accounts.
−Removed: Wireless retail postpaid connections per account is the calculated average number of retail postpaid connections per retail postpaid account as of the end of the period.
−Removed: Wireless retail postpaid connections per account is calculated by dividing the total number of retail postpaid connections by the number of retail postpaid accounts as of the end of the period.
−Removed: Segment operating income margin reflects the profitability of the segment as a percentage of revenue.
−Removed: Segment operating income margin is calculated by dividing total segment operating income by total segment operating revenues.
−Removed: Segment earnings before interest, taxes, depreciation and amortization (Segment EBITDA) , which is presented below, is a non-GAAP measure and does not purport to be an alternative to operating income (loss) as a measure of operating performance.
−Removed: We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as it excludes the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years, as well as in evaluating operating performance in relation to our competitors.
−Removed: Segment EBITDA is calculated by adding back depreciation and amortization expense to segment operating income (loss).
−Removed: Segment EBITDA margin is calculated by dividing Segment EBITDA by total segment operating revenues.
See Note 10 to the condensed consolidated financial statements for additional information.
Verizon Consumer Group
−Removed: Our Consumer segment provides consumer-focused wireless and wireline communications services and products.
+Added: 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.
1 unchanged sentence
We also provide FWA broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access.
−Removed: Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios.
−Removed: Operating Revenues and Selected Operating Statistics
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions, except ARPA) 2025 2024 (Decrease) 2025 2024 (Decrease)
−Removed: $ 20,338 $ 19,919 $ 419 2.1 % $ 60,664 $ 59,394 $ 1,270 2.1 %
+Added: Our wireline services are provided in 31 U.S.
+Added: states and Washington D.C.
+Added: over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network.
+Added: Operating Revenues
+Added: Three Months Ended
+Added: March 31 Increase
+Added: (dollars in millions)
+Added: Mobility and broadband service $ 19,180 $ 18,801 $ 379 2.0 %
Wireless equipment 4,824 4,532 292 6.4
1 unchanged sentence
Total Operating Revenues $ 26,453 $ 25,618 $ 835 3.3
−Removed: Revenue Statistics:
−Removed: Wireless service revenue (1)
−Removed: $ 17,441 $ 17,036 $ 405 2.4 $ 52,009 $ 50,781 $ 1,228 2.4
−Removed: Fios revenue $ 2,937 $ 2,916 $ 21 0.7 $ 8,757 $ 8,708 $ 49 0.6
−Removed: Connections (‘000):
−Removed: Wireless retail
−Removed: 115,076 114,211 865 0.8
−Removed: Wireless retail postpaid
−Removed: 94,870 94,005 865 0.9
−Removed: Wireless retail core prepaid (3)
−Removed: 19,062 18,780 282 1.5
−Removed: Fios internet 7,263 7,088 175 2.5
−Removed: Fios video 2,494 2,744 (250) (9.1)
−Removed: FWA broadband 3,198 2,498 700 28.0
−Removed: Wireline broadband 7,395 7,264 131 1.8
−Removed: Total broadband 10,593 9,762 831 8.5
−Removed: Net Additions in Period (‘000):
−Removed: Total wireless retail (108) (1) (107) nm (155) (694) 539 77.7
−Removed: Wireless retail postpaid (74) 68 (142) nm (237) 215 (452) nm
−Removed: Wireless retail postpaid phone (7) 18 (25) nm (414) (285) (129) (45.3)
−Removed: Wireless retail core prepaid (3)
−Removed: 47 80 (33) (41.3) 234 (63) 297 nm
−Removed: FWA broadband 121 209 (88) (42.1) 484 630 (146) (23.2)
−Removed: Wireline broadband 47 26 21 80.8 95 75 20 26.7
−Removed: Total broadband 168 235 (67) (28.5) 579 705 (126) (17.9)
−Removed: Wireless retail 1.61 % 1.61 % 1.59 % 1.62 %
−Removed: Wireless retail postpaid 1.12 % 1.07 % 1.12 % 1.04 %
−Removed: Wireless retail postpaid phone 0.91 % 0.83 % 0.90 % 0.82 %
−Removed: Account Statistics:
−Removed: Wireless retail postpaid ARPA (1)
−Removed: $ 147.91 $ 144.94 $ 2.97 2.0 $ 147.29 $ 143.46 $ 3.83 2.7
−Removed: Wireless retail postpaid accounts (‘000) (2)
−Removed: 32,353 32,719 (366) (1.1)
−Removed: Wireless retail postpaid connections per account (2)
−Removed: 2.93 2.87 0.06 2.1
−Removed: (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.
−Removed: (2) As of end of period.
−Removed: (3) Represents total prepaid results excluding our SafeLink brand.
−Removed: Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
−Removed: Where applicable, historical results have been recast to conform to the current period presentation.
−Removed: nm - not meaningful
−Removed: Consumer's total operating revenues increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 as a result of increases in Service, Wireless equipment and Other revenues.
−Removed: Service Revenue
−Removed: Service revenue increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily driven by an increase in Wireless service revenue.
−Removed: Wireless service revenue increased during the three months ended September 30, 2025 compared to the similar period in 2024 primarily due to:
−Removed: • an increase of $202 million related to growth in non-retail service revenue;
−Removed: • an increase of $160 million in postpaid revenue primarily related to higher adoption of perks and premium MyPlan offerings, pricing actions, and a 28% increase in our FWA subscriber base.
−Removed: These increases were partially offset by the amortization of wireless equipment sales promotions.
−Removed: Wireless service revenue increased during the nine months ended September 30, 2025 compared to the similar period in 2024 primarily as a result of:
−Removed: • an increase of $787 million in postpaid revenue primarily related to pricing actions, higher adoption of perks and premium MyPlan offerings, and a 28% increase in our FWA subscriber base.
−Removed: These increases were partially offset by the amortization of wireless equipment sales promotions;
+Added: Consumer's total operating revenues increased during the three months ended March 31, 2026 compared to the similar period in 2025 due to increases in Mobility and broadband service revenue, Wireless equipment revenue and Other revenue.
+Added: Mobility and Broadband Service Revenue
+Added: Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
+Added: Mobility and broadband service revenue increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily as a result of:
+Added: • an increase of $508 million in fiber broadband revenue primarily due to the inclusion of Frontier results;
• an increase of $164 million related to growth in non-retail service revenue;
+Added: • an increase of $122 million in prepaid revenue primarily due to growth in the customer base;
+Added: • a decrease of $414 million in postpaid revenue primarily related to the amortization of wireless equipment sales promotions, credits provided to customers in connection with the network outage in the first quarter of 2026 and acquisition related discounts, partially offset by higher adoption of perks and premium MyPlan offerings.
Wireless Equipment Revenue
−Removed: Wireless equipment revenue increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The increase during the three months ended September 30, 2025 was primarily due to an increase of $370 million related to a shift to higher priced equipment in the mix of wireless devices sold .
−Removed: The increase during the nine months ended September 30, 2025 was primarily due to:
−Removed: • an increase of $1.0 billion driven by a higher volume of wireless devices sold primarily related to an increase of 18% in upgrades, partially offset by the impact of related promotions;
+Added: Wireless equipment revenue includes revenue from a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
+Added: Wireless equipment revenue increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
• an increase of $204 million related to a shift to higher priced equipment in the mix of wireless devices sold;
+Added: • an increase of $88 million driven by a higher volume of wireless devices sold primarily related to an increase in upgrades.
Other Revenue
−Removed: 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.
−Removed: Other revenue increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily due to an increase of $38 million and $201 million, respectively, driven by regulatory surcharges primarily related to a higher net FUSF rate.
+Added: 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.
+Added: 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.
+Added: Other revenue increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to an increase of $133 million in legacy wireline revenue related to the inclusion of Frontier results.
Operating Expenses
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase September 30, Increase
+Added: Three Months Ended
+Added: March 31, Increase/(Decrease)
(dollars in millions) 2026 2025
5 unchanged sentences
Cost of Services
−Removed: Cost of services increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The increase during the three months ended September 30, 2025 was primarily due to an increase of $55 million in rent and lease expense primarily driven by new leases and lease modifications related to the continued deployment of the C-Band spectrum and Consumer's proportionate usage of shared leased assets.
−Removed: The increase during the nine months ended September 30, 2025 was primarily due to:
−Removed: • an increase of $138 million in rent and lease expense primarily driven by new leases and lease modifications related to the continued deployment of the C-Band spectrum and Consumer's proportionate usage of shared leased assets;
−Removed: • an increase of $121 million in regulatory fees driven by a higher net FUSF rate.
+Added: Cost of services increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
+Added: • an increase of $114 million in personnel costs mainly driven by an increase in employee headcount following the acquisition of Frontier;
+Added: • an increase of $71 million in building and facility costs primarily due to higher utility rates along with maintaining additional buildings and facilities due to the acquisition of Frontier in 2026.
Cost of Wireless Equipment
−Removed: Cost of wireless equipment increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The increase during the three months ended September 30, 2025 was primarily due to an increase of $403 million due to a shift to higher priced equipment in the mix of wireless devices sold.
−Removed: The increase during the nine months ended September 30, 2025 was primarily due to:
−Removed: • an increase of $1.3 billion driven by a higher volume of wireless devices sold primarily related to an increase of 18% in upgrades;
+Added: Cost of wireless equipment increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
• an increase of $270 million due to a shift to higher priced equipment in the mix of wireless devices sold;
+Added: • an increase of $121 million driven by a higher volume of wireless devices sold primarily related to an increase in upgrades.
Selling, General and Administrative Expense
−Removed: Selling, general and administrative expense remained relatively flat for the three months ended September 30, 2025 and increased during the nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The increase during the nine months ended September 30, 2025 was primarily due to:
−Removed: • an increase of $48 million in advertising costs related to various marketing campaigns in 2025;
−Removed: • an increase of $41 million in building and facility costs primarily due to higher utility rates.
+Added: Selling, general and administrative expense decreased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to a decrease of $257 million in advertising costs related to various marketing campaigns in the first quarter of 2025 that did not reoccur.
Depreciation and Amortization Expense
−Removed: Depreciation and amortization expense increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 driven by the change in the mix of total Verizon depreciable and amortizable assets and Consumer's usage of those assets.
−Removed: Segment Operating Income and EBITDA
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase September 30, Increase
+Added: Depreciation and amortization expense increased during the three months ended March 31, 2026 compared to the similar period in 2025 driven by the change in the mix of total Verizon depreciable and amortizable assets, including the impact of depreciable assets acquired as part of the Frontier acquisition, and Consumer's usage of those assets.
+Added: Segment Operating Income and Segment EBITDA
+Added: Segment earnings before interest, taxes, depreciation and amortization (Segment EBITDA) and Segment EBITDA margin are non-GAAP financial measures.
+Added: We believe these measures are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions, as well as because they are widely accepted financial measures used in evaluating the profitability of a company and its operating performance in relation to its competitors.
+Added: Segment EBITDA is calculated by adding back segment depreciation and amortization expense to segment operating income.
+Added: Segment EBITDA margin is calculated by dividing Segment EBITDA by total segment operating revenues.
+Added: Three Months Ended
+Added: March 31, Increase
(dollars in millions) 2026 2025
3 unchanged sentences
Segment operating income margin (1)
+Added: 29.2 % 29.0 %
Segment EBITDA margin 43.3 % 42.8 %
−Removed: The changes in the table above during the three and nine months ended September 30, 2025 compared to the similar periods in 2024 were primarily a result of the factors described in connection with Consumer operating revenues and operating expenses.
+Added: (1) Segment operating income margin reflects the profitability of the segment as a percentage of revenue.
+Added: Segment operating income margin is calculated by dividing total segment operating income by total segment operating revenues.
+Added: The changes in the table above during the three months ended March 31, 2026 compared to the similar period in 2025 were primarily a result of the factors described in connection with Consumer operating revenues and operating expenses.
Verizon Business Group
−Removed: Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and advanced communication services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various IoT services and products.
+Added: Our Business segment provides wireless and wireline communication services and products, including mobility communication services, FWA and wireline broadband, 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.
and a subset of these products and services to customers around the world.
−Removed: The Business segment is organized in three customer groups:
−Removed: Enterprise and Public Sector, Business Markets and Other, and Wholesale.
−Removed: Operating Revenues and Selected Operating Statistics
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/ September 30, Increase/
−Removed: (dollars in millions) 2025 2024 (Decrease) 2025 2024 (Decrease)
−Removed: Enterprise and Public Sector $ 3,311 $ 3,538 $ (227) (6.4) % $ 10,203 $ 10,670 $ (467) (4.4) %
−Removed: Business Markets and Other
−Removed: 3,352 3,263 89 2.7 10,012 9,661 351 3.6
−Removed: Wholesale 479 550 (71) (12.9) 1,488 1,696 (208) (12.3)
−Removed: Total Operating Revenues (1)
−Removed: $ 7,142 $ 7,351 $ (209) (2.8) $ 21,703 $ 22,027 $ (324) (1.5)
−Removed: Revenue Statistics:
−Removed: Wireless service revenue (2)
+Added: Operating Revenues
+Added: Three Months Ended
+Added: March 31, Increase/(Decrease)
+Added: (dollars in millions) 2026 2025
+Added: Mobility and broadband service $ 3,688 $ 3,717 $ (29) (0.8) %
+Added: Wireless equipment
857 866 (9) (1.0)
−Removed: Fios revenue $ 310 $ 314 $ (4) (1.3) $ 930 $ 938 $ (8) (0.9)
−Removed: Connections (‘000):
−Removed: Wireless retail postpaid 31,043 30,532 511 1.7
−Removed: Fios internet 411 397 14 3.5
−Removed: Fios video 49 56 (7) (12.5)
−Removed: FWA broadband 2,193 1,698 495 29.2
−Removed: Wireline broadband 456 459 (3) (0.7)
−Removed: Total broadband 2,649 2,157 492 22.8
−Removed: Net Additions in Period (‘000):
−Removed: Wireless retail postpaid 110 281 (171) (60.9) 269 727 (458) (63.0)
−Removed: Wireless retail postpaid phone
2,874 2,703 171 6.3
−Removed: FWA broadband 140 154 (14) (9.1) 363 465 (102) (21.9)
−Removed: Wireline broadband (2) — (2) nm (4) (1) (3) nm
−Removed: Total broadband 138 154 (16) (10.4) 359 464 (105) (22.6)
−Removed: Wireless retail postpaid 1.56 % 1.45 % 1.56 % 1.47 %
−Removed: Wireless retail postpaid phone
+Added: Total Operating Revenues
$ 7,419 $ 7,286 $ 133 1.8
−Removed: (1) Service and other revenues included in our Business segment were approximately $6.3 billion and $6.5 billion for the three months ended September 30, 2025 and 2024, respectively, and $19.1 billion and $19.4 billion for the nine months ended September 30, 2025 and 2024, respectively.
−Removed: Wireless equipment revenues included in our Business segment were $853 million and $865 million for the three months ended September 30, 2025 and 2024, respectively, and $2.6 billion for both the nine months ended September 30, 2025 and 2024.
−Removed: (2) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025.
−Removed: (3) As of end of period.
−Removed: Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
−Removed: Where applicable, historical results have been recast to conform to the current period presentation.
−Removed: nm - not meaningful
−Removed: Business's total operating revenues decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 as a result of decreases in Enterprise and Public Sector and Wholesale revenues, partially offset by an increase in Business Markets and Other revenue.
−Removed: Enterprise and Public Sector
−Removed: Enterprise and Public Sector offers wireless products and services as well as wireline connectivity such as broadband and managed solutions to our large business and private sector customers.
−Removed: Large businesses are identified based on their size and volume of business with Verizon.
−Removed: Public sector customers include U.S.
−Removed: federal, state and local governments and educational institutions.
−Removed: Our offerings to this customer group include plans with features and pricing designed to address their specific needs.
−Removed: Enterprise and Public Sector revenues decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily due to:
−Removed: • a decrease of $165 million and $379 million, respectively, in wireline revenue primarily driven by declines in networking, traditional data and voice communication services along with related professional services, due to secular market pressure and technology shifts, coupled with lower customer premise equipment sales volumes;
−Removed: • a decrease of $61 million and $124 million, respectively, in Wireless service revenue primarily driven by pressure in Public Sector in part from government efficiency efforts.
−Removed: Business Markets and Other
−Removed: Business Markets and Other offers wireless services (including FWA broadband), wireless equipment, advanced communication services, tailored voice and networking products, Fios services, advanced voice solutions and security services to businesses that ordinarily do not meet the requirements to be categorized as Enterprise and Public Sector, as described above.
−Removed: Business Markets and Other also includes solutions that support mobile resource management.
−Removed: Business Markets and Other revenues increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily due to an increase of $87 million and $306 million, respectively, in Wireless service revenue driven by pricing actions and an increase in our FWA subscriber base partially offset by the amortization of wireless equipment sales promotions.
−Removed: Wholesale offers wireline communications services including data, voice, local dial tone and broadband services primarily to local, long distance, and wireless carriers that use our facilities to provide services to their customers.
−Removed: Wholesale revenues decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily due to a decrease of $71 million and $208 million, respectively, related to declines in traditional data and voice communication services and network connectivity as a result of technology substitution.
+Added: Business's total operating revenues increased during the three months ended March 31, 2026 compared to the similar period in 2025 as a result of an increase in Other revenue, partially offset by decreases in Mobility and broadband service revenue and Wireless equipment revenue.
+Added: Mobility and Broadband Service Revenue
+Added: Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
+Added: Mobility and broadband service revenue remained relatively flat during the three months ended March 31, 2026 compared to the similar period in 2025.
+Added: Wireless Equipment Revenue
+Added: Wireless equipment revenue includes revenue from a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
+Added: Wireless equipment revenue remained relatively flat during the three months ended March 31, 2026 compared to the similar period in 2025.
+Added: Other Revenue
+Added: 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.
+Added: 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.
+Added: Other revenue increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to an increase of $221 million in legacy wireline revenue related to the inclusion of Frontier results.
Operating Expenses
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/(Decrease) September 30, Increase/(Decrease)
+Added: Three Months Ended
+Added: March 31, Increase/(Decrease)
(dollars in millions) 2026 2025
5 unchanged sentences
Cost of Services
−Removed: Cost of services decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The decrease during the three months ended September 30, 2025 was primarily due to:
−Removed: • a decrease of $92 million in access costs primarily related to changes in circuit usage and pricing;
−Removed: • a decrease of $47 million in personnel costs related to the impact of workforce changes;
−Removed: • a decrease of $32 million in other direct costs primarily related to legacy wireline products and services;
−Removed: • a decrease of $31 million in customer premise equipment costs due to lower volumes sold.
−Removed: The decrease during the nine months ended September 30, 2025 was primarily due to:
−Removed: • a decrease of $149 million in access costs primarily related to changes in circuit usage and pricing;
−Removed: • a decrease of $113 million in personnel costs related to the impact of workforce changes;
−Removed: • a decrease of $86 million in other direct costs primarily related to legacy wireline products and services;
−Removed: • a decrease of $79 million in customer premise equipment costs due to lower volumes sold.
+Added: Cost of services decreased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily as a result of:
+Added: • a decrease of $91 million in access costs primarily related to cessation of certain third-party provider costs along with a decrease in circuit usage;
+Added: • an increase of $51 million in personnel costs associated with third-party contracted resources.
Cost of Wireless Equipment
−Removed: Cost of wireless equipment remained relatively flat during the three months ended September 30, 2025 and increased during the nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The increase during the nine months ended September 30, 2025 was primarily due to:
−Removed: • an increase of $74 million related to a shift to higher priced equipment in the mix of wireless devices sold;
−Removed: • an increase of $47 million driven by a higher volume of wireless devices sold.
+Added: Cost of wireless equipment remained relatively flat during the three months ended March 31, 2026 compared to the similar period in 2025.
Selling, General and Administrative Expense
−Removed: Selling, general and administrative expense decreased for both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
−Removed: The decrease during the three months ended September 30, 2025 was primarily due to:
−Removed: • a decrease of $48 million due to personnel costs related to the impact of workforce changes primarily due to the voluntary separation program that was announced in June of 2024 and completed in March of 2025;
−Removed: • a decrease of $18 million in advertising costs.
−Removed: The decrease during the nine months ended September 30, 2025 was primarily due to:
−Removed: • a decrease of $231 million in personnel costs related to the impact of workforce changes primarily due to the voluntary separation program that was announced in June of 2024 and completed in March of 2025;
−Removed: • a decrease of $34 million in advertising costs.
+Added: Selling, general and administrative expense decreased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to a decrease of $167 million in personnel costs related to workforce reduction initiatives announced in the prior year.
Depreciation and Amortization Expense
−Removed: Depreciation and amortization expense decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 driven by the change in the mix of total Verizon depreciable and amortizable assets and Business's usage of those assets.
−Removed: Segment Operating Income and EBITDA
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, Increase/(Decrease) September 30, Increase/(Decrease)
+Added: Depreciation and amortization expense increased during the three months ended March 31, 2026 compared to the similar period in 2025 driven by the change in the mix of total Verizon depreciable and amortizable assets, including the impact of depreciable assets acquired as part of the Frontier acquisition, and Business's usage of those assets.
+Added: Segment Operating Income and Segment EBITDA
+Added: Segment EBITDA and Segment EBITDA margin are non-GAAP financial measures.
+Added: See “Segment Results of Operations — Verizon Consumer Group — Segment Operating Income and Segment EBITDA” for additional details.
+Added: Three Months Ended
+Added: March 31, Increase
(dollars in millions) 2026 2025
4 unchanged sentences
Segment EBITDA margin 26.5 % 23.1 %
−Removed: The changes in the table above during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 were primarily a result of the factors described in connection with Business operating revenues and operating expenses.
+Added: (1) Segment operating income margin reflects the profitability of the segment as a percentage of revenue.
+Added: Segment operating income margin is calculated by dividing total segment operating income by total segment operating revenues.
+Added: The changes in the table above during the three months ended March 31, 2026 compared to the similar period in 2025 were primarily a result of the factors described in connection with Business operating revenues and operating expenses.
Special Items
Special items included in Income Before Provision For Income Taxes were as follows:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(dollars in millions) 2026 2025
3 unchanged sentences
Selling, general and administrative expense
−Removed: Severance, pension and benefits charges
−Removed: Selling, general and administrative expense — 1,733 — 1,733
−Removed: Other (income) expense, net — — — 136
−Removed: Asset and business rationalization
−Removed: Cost of Services
−Removed: Selling, general and administrative expense
−Removed: Legacy legal matter
−Removed: Selling, general and administrative expense
+Added: Pension and benefits credits
+Added: Other income, net (237) —
Total $ 264 $ 190
2 unchanged sentences
The income and expenses related to special items included in our condensed consolidated results of operations were as follows:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
+Added: Three Months Ended
(dollars in millions) 2026 2025
Within Total Operating Expenses $ 501 $ 190
−Removed: Within Other (income) expense, net — — — 136
+Added: Within Other income, net (237) —
Total $ 264 $ 190
Amortization of Acquisition-Related Intangible Assets
−Removed: During the three and nine months ended September 30, 2025, we recorded pre-tax amortization expense of $189 million and $571 million, respectively, related to acquired intangible assets.
−Removed: During the three and nine months ended September 30, 2024, we recorded pre-tax amortization expense of $186 million and $626 million, respectively, related to acquired intangible assets.
+Added: During the three months ended March 31, 2026, and 2025 we recorded pre-tax amortization expense of $240 million and $190 million, respectively, related to acquired intangible assets.
Acquisition and Integration Related Charges
−Removed: During both the three and nine months ended September 30, 2025, we recorded charges of $52 million related to transaction and integration expenses associated with the pending acquisition of Frontier.
−Removed: Severance, Pension and Benefits Charges
−Removed: During both the three and nine months ended September 30, 2024, we recorded pre-tax severance charges of $1.7 billion related to separations under our voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives.
−Removed: During the nine months ended September 30, 2024, we recorded a net pre-tax remeasurement loss of $136 million in our pension plans triggered by settlements.
−Removed: The remeasurement loss was primarily driven by a $245 million charge resulting from the difference between our estimated and actual return on assets, partially offset by a credit of $109 million due to changes in our discount rate assumption used to determine the current year liabilities of our pension plans.
−Removed: See Note 8 to the condensed consolidated financial statements for additional information.
−Removed: Asset and Business Rationalization
−Removed: During both the three and nine months ended September 30, 2024, we recorded a pre-tax asset and business rationalization charge of $374 million predominately related to the decision to cease use of certain real estate assets and exit non-strategic portions of certain businesses as part of our continued transformation initiatives.
−Removed: Legacy Legal Matter
−Removed: During the nine months ended September 30, 2024, we recorded a pre-tax charge of $106 million associated with a litigation matter related to a legacy contract for the production of telephone directories in Costa Rica by a subsidiary of the Company.
+Added: During the three months ended March 31, 2026, we recorded charges of $261 million related to transaction and integration expenses associated with the acquisition of Frontier.
+Added: Pension and Benefits Credits
+Added: During the three months ended March 31, 2026, we recorded a net pre-tax pension and benefits remeasurement gain of $237 million in certain pension and postretirement benefit plans resulting from amendments to our collective bargaining agreements.
+Added: This was primarily driven by a gain of $412 million due to an increase in our discount rate assumption used to determine the current year liabilities of certain pension and postretirement benefit plans, partially offset by a loss of $175 million primarily resulting from the difference between our estimated and our actual return on certain pension plan assets.
Consolidated Financial Condition
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended
(dollars in millions) 2026 2025 Change
6 unchanged sentences
(5,278) (5,893) 615
−Removed: Increase in cash, cash equivalents and restricted cash $ 3,521 $ 1,890 $ 1,631
+Added: Decrease in cash, cash equivalents and restricted cash $ (10,867) $ (1,863) $ (9,004)
We use the net cash generated from our operations to invest in new businesses and spectrum, fund expansion and modernization of our networks, pay dividends, service and repay external financing and, when appropriate, buy back shares of our outstanding common stock.
1 unchanged sentence
Our cash and cash equivalents are held both domestically and internationally, and are invested to maintain principal and provide liquidity.
+Added: See "Change In Cash, Cash Equivalents and Restricted Cash" for additional information regarding the changes in our cash balances.
See "Market Risk" for additional information regarding our foreign currency risk management strategies.
We expect that our capital spending requirements will continue to be financed primarily through internally generated funds.
−Removed: Debt or equity financing may be needed to fund additional investments or development activities, including, for example, to complete our acquisition of Frontier, or to maintain an appropriate capital structure to ensure our financial flexibility.
+Added: 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.
Our external financing arrangements include credit facilities and other bank lines of credit, an active commercial paper program, vendor financing arrangements, issuances of registered debt or equity securities, U.S.
3 unchanged sentences
Our primary source of funds continues to be cash generated from operations.
−Removed: Net cash provided by operating activities increased $1.5 billion during the nine months ended September 30, 2025 compared to the similar period in 2024 primarily due to an increase in earnings and discretionary pension plan contributions of $365 million made during the nine months ended September 30, 2024 that did not reoccur.
−Removed: As a result of the prior year discretionary contributions to our qualified pension plans and the additional non-cash contribution made in April 2025 in the principal amount of $563 million, we expect that there will be no required pension funding through the end of 2025, subject to changes in market conditions.
+Added: Net cash provided by operating activities increased $202 million during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to an increase in earnings.
+Added: In April 2026, we made an insignificant required contribution to our recently acquired Frontier Communications pension plan.
+Added: We expect that there will be an additional insignificant required pension contribution through December 31, 2026.
Cash Flows Used In Investing Activities
1 unchanged sentence
Capital expenditures continue to relate primarily to the use of capital resources to enhance the operating efficiency and productivity of our networks, maintain our existing infrastructure, facilitate the introduction of new products and services and enhance responsiveness to competitive challenges.
−Removed: Capital expenditures, including capitalized software, for the nine months ended September 30, 2025 and 2024 were $12.3 billion and $12.0 billion, respectively.
−Removed: Capital expenditures increased $244 million during the nine months ended September 30, 2025 compared to the similar period in 2024 primarily due to Fios footprint expansion and incremental investments to deploy C-Band spectrum.
+Added: Capital expenditures, including capitalized software, for the three months ended March 31, 2026 and 2025 were $4.2 billion and $4.1 billion, respectively.
+Added: Capital expenditures increased $56 million during the three months ended March 31, 2026 compared to the similar period in 2025.
+Added: Acquisitions of Businesses, Net of Cash Acquired
+Added: During the three months ended March 31, 2026, we invested $9.5 billion in acquisitions of businesses, net of cash acquired.
+Added: In January 2026, we completed the acquisition of Frontier, a U.S.
+Added: provider of broadband internet and other communication services.
+Added: The aggregate cash consideration paid by Verizon at the closing of the transaction was approximately $9.4 billion, net of cash acquired.
+Added: See "Acquisitions and Divestitures" for information on our acquisitions.
Acquisitions of Wireless Licenses
−Removed: During the nine months ended September 30, 2025 and 2024, we recorded capitalized interest related to wireless licenses of $338 million and $485 million, respectively.
−Removed: During the nine months ended September 30, 2024, we made payments of $269 million for obligations related to clearing costs and accelerated clearing incentives associated with Auction 107.
+Added: During the three months ended March 31, 2026 and 2025, we recorded capitalized interest related to wireless licenses of $82 million and $122 million, respectively.
Cash Flows Used In Financing Activities
We seek to maintain a mix of fixed and variable rate debt to lower borrowing costs within reasonable risk parameters and to protect against earnings and cash flow volatility resulting from changes in market conditions.
−Removed: During the nine months ended September 30, 2025, net cash used in financing activities was $12.8 billion.
−Removed: During the nine months ended September 30, 2024, net cash used in financing activities was $11.5 billion.
−Removed: During the nine months ended September 30, 2025, our net cash used in financing activities was primarily driven by cash dividends paid of $8.6 billion, repayments of asset-backed long-term borrowings of $6.4 billion and repayments and repurchases of long-term borrowings and finance lease obligations of $7.5 billion.
+Added: During the three months ended March 31, 2026, net cash used in financing activities was $5.3 billion.
+Added: During the three months ended March 31, 2025, net cash used in financing activities was $5.9 billion.
+Added: During the three months ended March 31, 2026, our net cash used in financing activities was primarily driven by repayments of asset-backed long-term borrowings of $6.8 billion, repayments and repurchases of long-term borrowings and finance lease obligations of $4.3 billion, cash dividends paid of $2.9 billion and payments to purchase shares of our common stock of $2.5 billion.
+Added: The repayments during the three months ended March 31, 2026 included approximately $6.4 billion for the principal amount of debt assumed as a part of the acquisition of Frontier.
+Added: We expect to continue to repay the assumed debt from the Frontier acquisition throughout 2026.
These payments were partially offset by proceeds from asset-backed long-term borrowings of $6.2 billion and proceeds from long-term borrowings of $6.0 billion.
−Removed: At September 30, 2025, our total debt of $146.8 billion included unsecured debt of $119.7 billion and secured debt of $27.1 billion.
+Added: At March 31, 2026, our total debt of $172.5 billion included unsecured debt of $142.5 billion and secured debt of $30.0 billion.
At December 31, 2025, our total debt of $158.2 billion included unsecured debt of $131.1 billion and secured debt of $27.1 billion.
−Removed: During the nine months ended September 30, 2025 and 2024, our effective interest rate was 5.1%.
+Added: During the three months ended March 31, 2026 and 2025, our effective interest rate was 5.0% and 5.1%, respectively.
See Note 5 to the condensed consolidated financial statements for additional information regarding our debt activity, which excludes the impact from mark-to-market adjustments on foreign currency denominated debt.
7 unchanged sentences
Long-Term Credit Facilities
−Removed: At September 30, 2025
+Added: 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.
−Removed: As of September 30, 2025 , there have been no drawings against the revolving credit facility since its inception.
−Removed: (2) During the nine months ended September 30, 2025 and 2024, there were no drawings from these facilities.
+Added: As of March 31, 2026 , there have been no drawings against the revolving credit facility since its inception.
+Added: (2) During the three months ended March 31, 2026 , we drew down approximately $1.6 billion.
+Added: 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.
1 unchanged sentence
Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.
−Removed: Other, net cash flow from financing activities during the nine months ended September 30, 2025 includes $563 million in payments related to vendor financing arrangements, $366 million in equity distribution payments made for controlled entities, $359 million in payments made under the sublease arrangement for our cell towers, and $163 million in payments related to tax withholding of employee share based arrangements.
+Added: Other, net cash flow from financing activities during the three months ended March 31, 2026 includes $450 million in payments related to vendor financing arrangements, $264 million in payments related to tax withholding of employee share based arrangements and $126 million in payments made under the sublease arrangement for our cell towers.
As in prior periods, dividend payments were a significant use of capital resources.
−Removed: We paid $8.6 billion and $8.4 billion in cash dividends during the nine months ended September 30, 2025 and 2024, respectively.
+Added: We paid $2.9 billion in cash dividends during both the three months ended March 31, 2026 and 2025.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: In February 2026, we entered into accelerated share repurchase (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.
+Added: In March 2026, the ASR transactions were completed, and we received an additional 5,641,251 shares.
+Added: 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.
+Added: 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.
+Added: 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.
Our credit agreements contain covenants that are typical for large, investment grade companies.
2 unchanged sentences
Change In Cash, Cash Equivalents and Restricted Cash
−Removed: Our Cash and cash equivalents at September 30, 2025 totaled $7.7 billion, a $3.5 billion increase compared to December 31, 2024, primarily as a result of the factors discussed above.
−Removed: Restricted cash totaled $450 million and $441 million as of September 30, 2025 and December 31, 2024, respectively, primarily related to cash collections on certain receivables and on the underlying receivables related to the participation interest that are required at certain specified times to be placed into segregated accounts.
+Added: Our Cash and cash equivalents at March 31, 2026 totaled $8.4 billion, a $10.7 billion decrease compared to December 31, 2025, primarily as a result of the factors discussed above.
+Added: Restricted cash totaled $266 million and $451 million as of March 31, 2026 and December 31, 2025, respectively, primarily related to cash collections on certain receivables and on the underlying receivables related to the participation interest that are required at certain specified times to be placed into segregated accounts.
Free Cash Flow
6 unchanged sentences
The following table reconciles net cash provided by operating activities to free cash flow:
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended
(dollars in millions) 2026 2025 Change
2 unchanged sentences
Free cash flow $ 3,783 $ 3,637 $ 146
−Removed: The increase in free cash flow during the nine months ended September 30, 2025 compared to the similar period in 2024 is a reflection of the increase in operating cash flows, partially offset by the increase in capital expenditures, both of which are discussed above.
−Removed: Other Future Obligations
−Removed: As of September 30, 2025, Verizon had 28 renewable energy purchase agreements with third parties for a total of approximately 3.7 gigawatts of anticipated renewable energy capacity across multiple states.
−Removed: See Note 12 to the condensed consolidated financial statements for additional information.
+Added: The increase in free cash flow during the three months ended March 31, 2026 compared to the similar period in 2025 is a reflection of the increase in operating cash flows, partially offset by the increase in capital expenditures, both of which are discussed above.
We are exposed to various types of market risk in the normal course of business, including the impact of interest rate changes, foreign currency exchange rate fluctuations, changes in investment, equity and commodity prices and changes in corporate tax rates.
4 unchanged sentences
We do not hedge our market risk exposure in a manner that would completely eliminate the effect of changes in interest rates and foreign exchange rates on our earnings.
−Removed: 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.
−Removed: The CSA agreements contain fixed cap amounts or rating based thresholds such that we or our counterparties may be required to hold or
−Removed: post collateral based upon changes in outstanding positions as compared to established thresholds or caps and changes in credit ratings.
+Added: 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.
+Added: 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.
−Removed: At September 30, 2025, we did not hold any collateral.
−Removed: 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.
−Removed: At December 31, 2024, we did not hold any collateral.
−Removed: 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.
+Added: At both March 31, 2026 and December 31, 2025, we did not hold any collateral.
+Added: 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.
2 unchanged sentences
We are exposed to changes in interest rates, primarily on our short-term debt and the portion of long-term debt that carries floating interest rates.
−Removed: As of September 30, 2025, approximately 78% of the aggregate principal amount of our total debt portfolio consisted of fixed-rate indebtedness, including the effect of interest rate swap agreements designated as hedges.
+Added: As of March 31, 2026, approximately 79% of the aggregate principal amount of our total debt portfolio consisted of fixed-rate indebtedness, including the effect of interest rate swap agreements designated as hedges.
The impact of a 100-basis-point change in interest rates affecting our floating rate debt would result in a change in annual interest expense, including our interest rate swap agreements that are designated as hedges, of approximately $380 million.
4 unchanged sentences
These swaps are designated as fair value hedges and hedge against interest rate risk exposure of designated debt issuances.
−Removed: At September 30, 2025 and December 31, 2024, the fair value of the liability of these contracts was $4.7 billion and $5.3 billion, respectively.
−Removed: At September 30, 2025 and December 31, 2024, the total notional amount of the interest rate swaps was $23.0 billion and $24.0 billion, respectively.
+Added: At March 31, 2026 and December 31, 2025, the fair value of the liability of these contracts was $5.0 billion and $5.1 billion, respectively.
+Added: At both March 31, 2026 and December 31, 2025, the total notional amount of the interest rate swaps was $23.7 billion.
Foreign Currency Risk
3 unchanged sentences
Gains and losses on foreign currency transactions are recorded in the condensed consolidated statements of income.
−Removed: At September 30, 2025, our primary translation exposure was to the British Pound Sterling, Euro, Australian Dollar and Swedish Krona.
+Added: At March 31, 2026, our primary translation exposure was to the British Pound Sterling, Euro, Australian Dollar and Swedish Krona.
Cross Currency Swaps
2 unchanged sentences
dollars, as well as to mitigate the impact of foreign currency transaction gains or losses.
−Removed: At September 30, 2025 and December 31, 2024, the fair value of the asset of these contracts was $1.4 billion and $500 million, respectively.
−Removed: At September 30, 2025 and December 31, 2024, the fair value of the liability of these contracts was $1.2 billion and $2.7 billion, respectively.
−Removed: At September 30, 2025 and December 31, 2024, the total notional amount of the cross currency swaps was $32.2 billion and $32.1 billion, respectively.
+Added: At March 31, 2026 and December 31, 2025, the fair value of the asset of these contracts was $1.0 billion and $1.4 billion, respectively.
+Added: At March 31, 2026 and December 31, 2025, the fair value of the liability of these contracts was $1.6 billion and $1.2 billion, respectively.
+Added: At March 31, 2026 and December 31, 2025, the total notional amount of the cross currency swaps was $40.5 billion and $36.1 billion, respectively.
Foreign Exchange Forwards
1 unchanged sentence
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.
−Removed: At both September 30, 2025 and December 31, 2024, the fair value of the asset and liability of these contracts was insignificant.
−Removed: At September 30, 2025 and December 31, 2024, the total notional amount of the foreign exchange forwards was $750 million and $620 million, respectively.
+Added: At both March 31, 2026 and December 31, 2025, the fair value of the asset and liability of these contracts was insignificant.
+Added: At March 31, 2026 and December 31, 2025, the total notional amount of the foreign exchange forwards was $590 million and $570 million, respectively.
Acquisitions and Divestitures
2 unchanged sentences
We believe these spectrum license transactions have allowed us to continue to enhance the reliability of our wireless network while also resulting in a more efficient use of spectrum.
−Removed: In February 2021, the Federal Communications Commission (FCC) concluded Auction 107 for C-Band wireless spectrum.
−Removed: 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.
−Removed: During the nine months ended September 30, 2024, we made payments of $269 million for obligations related to clearing costs and accelerated clearing incentives.
−Removed: 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
−Removed: 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.
1 unchanged sentence
Frontier Communications Parent, Inc.
−Removed: On September 4, 2024, Verizon entered into an Agreement and Plan of Merger (the Merger Agreement) to acquire Frontier, a U.S.
−Removed: provider of broadband internet and other communication services.
−Removed: The transaction is structured as a merger of the Company's subsidiary with and into Frontier, as a result of which Frontier will become a wholly owned subsidiary of the Company and shares of Frontier common stock outstanding immediately prior to the effective time of merger (subject to certain limited exceptions) will be cancelled and converted into the right to receive a per share merger consideration of $38.50, in cash.
−Removed: In November 2024, Frontier shareholders approved the transaction.
−Removed: It has also been approved by the FCC, the Department of Justice and certain state regulators.
−Removed: Consummation of the transaction is subject to receipt of certain remaining regulatory approvals and other customary closing conditions.
−Removed: Under certain circumstances, if the Merger Agreement is terminated, Frontier may be required to pay Verizon a termination fee of $320 million.
−Removed: Under certain other specified circumstances, Verizon may be required to pay Frontier a termination fee of $590 million.
−Removed: 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.
−Removed: The closing of this transaction is subject to FCC approval and other customary closing conditions.
+Added: On January 20, 2026 (the Acquisition Date), we completed the acquisition of Frontier, a U.S.
+Added: provider of broadband internet and other communication services, expanding our fiber broadband footprint to 31 U.S.
+Added: states and Washington D.C.
+Added: Pursuant to the Agreement and Plan of Merger, dated September 4, 2024, the Company's subsidiary merged with and into Frontier, with Frontier surviving such merger as a wholly owned subsidiary of the Company.
+Added: 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.
+Added: 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.
+Added: On January 30, 2026, Verizon completed the acquisition of Starry Group Holdings, Inc.
+Added: (Starry), a fixed wireless broadband provider serving multi-dwelling units in five markets across the U.S.
+Added: The aggregate cash consideration paid by Verizon at the closing of the transaction and the related assets acquired and liabilities assumed were immaterial.
+Added: Business Acquisitions
+Added: The financial results of Frontier and Starry are included in the Company’s consolidated results from January 20, 2026 and January 30, 2026, respectively.
+Added: The aggregate operating revenues arising from these acquisitions and included in our condensed
+Added: consolidated statements of income amounted to less than 5% of total operating revenues for the three months ended March 31, 2026.
+Added: See Note 3 to the condensed consolidated financial statements for additional information.
Cautionary Statement Concerning Forward-Looking Statements
2 unchanged sentences
Forward-looking statements include the information concerning our possible or assumed future results of operations.
−Removed: Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets" or similar expressions.
+Added: Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets," "will" or similar expressions.
For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
2 unchanged sentences
The following important factors, along with those discussed elsewhere in this report and in other filings with the Securities and Exchange Commission (SEC), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements:
−Removed: • the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences;
+Added: • the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives, network performance and quality, and evolving consumer preferences;
• failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand;
−Removed: • performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks;
• the inability to implement our business strategy;
3 unchanged sentences
• cyberattacks impacting our networks or systems and any resulting financial or reputational impact;
−Removed: • damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact;
−Removed: • disruption of our key suppliers' or vendors' provisioning of products or services, including as a result of geopolitical factors, natural disasters or extreme weather conditions;
+Added: • our ability to implement business transformation initiatives and achieve their anticipated benefits;
+Added: • system failures and disruptions to our networks and operations and any resulting financial, reputational or business impact;
+Added: • disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises, natural disasters or extreme weather conditions;
• material adverse changes in labor matters and any resulting financial or operational impact;
• damage to our reputation or brands;
−Removed: • the impact of public health crises on our business, operations, employees and customers;
• changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses;
• allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors', network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage;
−Removed: • our high level of indebtedness;
+Added: • significant amount of outstanding debt;
• significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements;
3 unchanged sentences
• changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings;
−Removed: • risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.
+Added: • our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends;
+Added: • risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to obtain cost savings and other synergies and anticipated benefits of completed transactions within the expected time period or at all.
Quantitative and Qualitative Disclosures About Market Risk
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.