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VZQTR20FIN


verizon-logoa.jpg

News Release
FOR IMMEDIATE RELEASE
Media contacts:
January 30, 2026Katie Magnotta
201-602-9235    
katie.magnotta@verizon.com
Jamie Serino
201-401-5460
jamie.serino@verizon.com
Verizon Delivers on 2025 Financial Guidance with Highest Quarterly Net Adds Since 2019
Strong Fourth-Quarter Results and 2026 Guidance Reflect Impact of Bold Actions and Beginning of Verizon's Turnaround

Key Highlights:

•More than 1 million total net additions across mobility and broadband, highest reported quarterly net additions since 2019, with 616,000 postpaid phone net additions
•Frontier acquisition expands fiber access to over 30 million homes and businesses, accelerating national mobility and broadband convergence strategy

NEW YORK, NY - Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported fourth-quarter and full-year 2025 results, marking a critical inflection point for the company. Driven by a play to win mandate from CEO Dan Schulman, Verizon delivered its highest quarterly total mobility and broadband volumes since 2019, signaling the start of a comprehensive strategic turnaround.
“We are exiting 2025 with strong momentum, delivered by a team that is intensely focused on winning through healthy volumes and fiscally responsible growth,” said Verizon CEO Dan Schulman. “Our performance in the fourth quarter proves that we can grow by delighting our customers and building deep trust and loyalty. Verizon will no longer be a hunting ground for our competitors. The closing of our Frontier acquisition on January 20 is another pivotal step in
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our turnaround, significantly scaling our fiber footprint to over 30 million homes and businesses. In the past 100 days, there has been a true shift in mindset. We are increasing our speed of decision-making and transforming into a leaner, outcomes-oriented organization, one that delights our customers and delivers for our shareholders. This is a new Verizon and we will not settle for anything less than being the best.”
2025 Highlights
Consolidated Financial

•In 2025, earnings per share (EPS) was $4.06 and Adjusted EPS1, excluding special items, was $4.71.
•Total operating revenue was $138.2 billion in 2025 compared to $134.8 billion in 2024.
•Cash flow from operating activities was $37.1 billion in 2025 compared to $36.9 billion in 2024.
•Free cash flow1 was $20.1 billion in 2025 compared to $19.8 billion in 2024.
•In 2025, consolidated net income was $17.6 billion and consolidated adjusted EBITDA1 was $50.0 billion.
•Capital expenditures were $17.0 billion in 2025.

4Q 2025 Highlights
Consolidated Financial
•In fourth-quarter 2025, Verizon reported EPS of $0.55 and adjusted EPS1, excluding special items, of $1.09.
•Total operating revenue was $36.4 billion in fourth-quarter 2025.
•Consolidated net income for fourth-quarter 2025 was $2.4 billion and consolidated adjusted EBITDA1 was $11.9 billion.
•Verizon's total unsecured debt as of the end of fourth-quarter 2025 was $131.1 billion, compared to $117.9 billion at the end of fourth-quarter 2024. The company's net unsecured debt1 at the end of fourth-quarter 2025 was $110.1 billion compared to $113.7 billion at the end of the fourth-quarter 2024. At the end of fourth-quarter 2025, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 7.4 times and its net unsecured debt to consolidated adjusted EBITDA ratio1 was 2.2 times.

Mobility and Broadband

•In fourth-quarter 2025, Verizon reported total postpaid phone net additions of 616,000, up from 504,000 in fourth-quarter 2024, marking the best quarter of postpaid phone net additions since 2019.
•Wireless service revenue2 was $21.0 billion in fourth-quarter 2025, up 1.1 percent year-over-year.
•Wireless equipment revenue was $8.2 billion in fourth-quarter 2025, up 9.1 percent year-over-year.
•Verizon delivered 372,000 broadband net additions in fourth-quarter 2025.
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•Total fixed wireless access net additions were 319,000 in fourth-quarter 2025, bringing the base to over 5.7 million fixed wireless access subscribers.
•Verizon delivered 67,000 Fios internet net additions in fourth-quarter 2025, the highest fourth-quarter net additions since 2020.
•Upon the closing of the Frontier acquisition, Verizon now has over 16.3 million fixed wireless access and fiber broadband connections.

Outlook and Guidance
Schulman continued: “Verizon is at a critical inflection point. Our number one priority is to invest wisely and strategically into our business, so we maintain our network excellence and fully delight our customers. Our 2026 guidance reflects the beginning of our turnaround, and is a step function change from our past five-year historical average.”

All financial guidance includes the results of Frontier from January 20, 2026, the date of the closing of the acquisition.

Verizon does not provide a reconciliation for certain of the following adjusted (non-GAAP)
forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.

For 2026, Verizon expects the following:

•Total retail postpaid phone net additions of 750,000 to 1.0 million, which is approximately 2 to 3 times the 2025 reported result.
•Total mobility and broadband service revenue growth of 2.0 percent to 3.0 percent, equating to approximately $93 billion. Wireless service revenue growth will be approximately flat in 2026 as the company transitions to sustainable volume-based growth.
•Adjusted EPS1 of $4.90 to $4.95, or year-over-year growth of 4.0 percent to 5.0 percent, representing a significant acceleration compared to recent historical performance.
•Cash flow from operations of $37.5 billion to $38.0 billion.
•Capital expenditures of $16.0 billion to $16.5 billion. This includes a fiber build pace of at least 2.0 million passings in 2026.
•Free cash flow1 of $21.5 billion or more, growing approximately 7.0 percent or more from 2025, which will mark the highest free cash flow1 generated since 2020.

Verizon also amended and modernized its long term Mobile Virtual Network Operator (MVNO) agreement with Charter and Comcast, supporting continued profitable growth for all three parties. With these enhancements, Verizon has an even stronger relationship and a comprehensive agreement that will continue to serve Charter and Comcast customers with Verizon’s award-winning, premier wireless network.

1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
2 Total wireless service revenue represents the sum of Consumer and Business segments. 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. Where applicable, historical results have been recast to conform to the current period presentation.
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Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

###
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Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. 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. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: 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; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; our ability to implement business transformation initiatives and achieve their anticipated benefits; system failures and disruptions to our networks and operations and any resulting financial or reputational impact; 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; 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; significant amount of outstanding debt; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; 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; our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends; and 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.

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Verizon Communications Inc.


Condensed Consolidated Statements of Income
(dollars in millions, except per share amounts)
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/24%
Change		12 Mos. Ended 12/31/2512 Mos. Ended 12/31/24%
Change
Operating Revenues
Service revenues and other$28,183 $28,166 0.1$112,721 $111,571 1.0
Wireless equipment revenues8,198 7,515 9.125,470 23,217 9.7
Total Operating Revenues36,381 35,681 2.0138,191 134,788 2.5
Operating Expenses
Cost of services7,098 6,933 2.427,789 27,997 (0.7)
Cost of wireless equipment9,380 8,581 9.328,976 26,100 11.0
Selling, general and administrative expense10,380 8,240 26.033,818 34,113 (0.9)
Depreciation and amortization expense4,519 4,506 0.318,349 17,892 2.6
Total Operating Expenses31,377 28,260 11.0108,932 106,102 2.7
Operating Income5,004 7,421 (32.6)29,259 28,686 2.0
Equity in earnings (losses) of unconsolidated businesses3 (6)*— (53)*
Other income (expense), net(185)797 *107 995 (89.2)
Interest expense(1,759)(1,644)7.0(6,694)(6,649)0.7
Income Before Provision For Income Taxes3,063 6,568 (53.4)22,672 22,979 (1.3)
Provision for income taxes(615)(1,454)(57.7)(5,064)(5,030)0.7
Net Income$2,448 $5,114 (52.1)$17,608 $17,949 (1.9)
Net income attributable to noncontrolling interests$106 $109 (2.8)$434 $443 (2.0)
Net income attributable to Verizon2,342 5,005 (53.2)17,174 17,506 (1.9)
Net Income$2,448 $5,114 (52.1)$17,608 $17,949 (1.9)
Basic Earnings Per Common Share
Net income attributable to Verizon$0.55 $1.19 (53.8)$4.06 $4.15 (2.2)
Weighted-average shares outstanding (in millions)4,230 4,222 4,226 4,218 
Diluted Earnings Per Common Share(1)
Net income attributable to Verizon$0.55 $1.18 (53.4)$4.06 $4.14 (1.9)
Weighted-average shares outstanding (in millions)4,236 4,227 4,231 4,223 
Footnotes:
(1)Where applicable, Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution.
* Not meaningful



Verizon Communications Inc.


Condensed Consolidated Balance Sheets
(dollars in millions)
Unaudited12/31/2512/31/24$ Change
Assets
Current assets
Cash and cash equivalents$19,048 $4,194 $14,854 
Accounts receivable28,347 27,261 1,086 
Less Allowance for credit losses1,250 1,152 98 
Accounts receivable, net27,097 26,109 988 
Inventories2,441 2,247 194 
Prepaid expenses and other8,336 7,973 363 
Total current assets56,922 40,523 16,399 
Property, plant and equipment337,991 331,406 6,585 
Less Accumulated depreciation228,524 222,884 5,640 
Property, plant and equipment, net109,467 108,522 945 
Investments in unconsolidated businesses785 842 (57)
Wireless licenses157,039 156,613 426 
Goodwill22,841 22,841 — 
Other intangible assets, net10,458 11,129 (671)
Operating lease right-of-use assets23,498 24,472 (974)
Other assets23,248 19,769 3,479 
Total assets$404,258 $384,711 $19,547 
Liabilities and Equity
Current liabilities
Debt maturing within one year$18,618 $22,633 $(4,015)
Accounts payable and accrued liabilities24,981 23,374 1,607 
Current operating lease liabilities4,542 4,415 127 
Other current liabilities14,229 14,349 (120)
Total current liabilities62,370 64,771 (2,401)
Long-term debt139,532 121,381 18,151 
Employee benefit obligations11,099 11,997 (898)
Deferred income taxes48,717 46,732 1,985 
Non-current operating lease liabilities18,951 19,928 (977)
Other liabilities17,848 19,327 (1,479)
Total long-term liabilities236,147 219,365 16,782 
Equity
Common stock429 429 — 
Additional paid in capital13,372 13,466 (94)
Retained earnings94,744 89,110 5,634 
Accumulated other comprehensive loss(1,727)(923)(804)
Common stock in treasury, at cost(3,255)(3,583)328 
Deferred compensation – employee stock ownership plans and other897 738 159 
Noncontrolling interests1,281 1,338 (57)
Total equity105,741 100,575 5,166 
Total liabilities and equity$404,258 $384,711 $19,547 







Verizon Communications Inc.


Consolidated - Selected Financial and Operating Statistics
(dollars in millions, except per share amounts)
Unaudited12/31/2512/31/24
Total debt$158,150 $144,014 
Unsecured debt$131,083 $117,876 
Net unsecured debt(1)
$110,053 $113,682 
Unsecured debt / Consolidated Net Income (LTM)7.4x6.6x
Net unsecured debt / Consolidated Adjusted EBITDA(1)(2)
2.2x2.3x
Common shares outstanding end of period (in millions)4,217 4,210 
Total employees (‘000)(3)
89.9 99.6 
Quarterly cash dividends declared per common share$0.6900 $0.6775 
Footnotes: 
(1)Non-GAAP financial measure.
(2)Consolidated Adjusted EBITDA excludes the effects of non-operational items and special items.
(3)Number of employees on a full-time equivalent basis.

Verizon Communications Inc.

Condensed Consolidated Statements of Cash Flows
(dollars in millions)
Unaudited12 Mos. Ended 12/31/2512 Mos. Ended 12/31/24$ Change
Cash Flows from Operating Activities
Net Income$17,608 $17,949 $(341)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense18,349 17,892 457 
Employee retirement benefits1,025 (52)1,077 
Deferred income taxes2,340 815 1,525 
Provision for expected credit losses2,349 2,338 11 
Equity in losses of unconsolidated businesses, inclusive of dividends received42 75 (33)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses
(2,320)(2,278)(42)
Other, net(2,256)173 (2,429)
Net cash provided by operating activities37,137 36,912 225 
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)(17,011)(17,090)79 
Acquisitions of wireless licenses(450)(900)450 
Other, net801 (684)1,485 
Net cash used in investing activities(16,660)(18,674)2,014 
Cash Flows from Financing Activities
Proceeds from long-term borrowings18,268 3,146 15,122 
Proceeds from asset-backed long-term borrowings9,338 12,422 (3,084)
Repayments of long-term borrowings and finance lease obligations(11,352)(11,854)502 
Repayments of asset-backed long-term borrowings(8,437)(8,490)53 
Dividends paid(11,481)(11,249)(232)
Other, net(1,949)(1,075)(874)
Net cash used in financing activities(5,613)(17,100)11,487 
Increase in cash, cash equivalents and restricted cash14,864 1,138 13,726 
Cash, cash equivalents and restricted cash, beginning of period4,635 3,497 1,138 
Cash, cash equivalents and restricted cash, end of period$19,499 $4,635 $14,864 
Footnote:
Certain amounts have been reclassified to conform to the current period presentation.

Verizon Communications Inc.


Consumer - Selected Financial Results
(dollars in millions)
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/24%
Change		12 Mos. Ended 12/31/2512 Mos. Ended 12/31/24%
Change
Operating Revenues
Service(1)
$20,248 $20,064 0.9$80,912 $79,458 1.8
Wireless equipment7,112 6,487 9.621,779 19,598 11.1
Other(1)
1,076 1,009 6.64,116 3,848 7.0
Total Operating Revenues28,436 27,560 3.2106,807 102,904 3.8
Operating Expenses
Cost of services4,643 4,518 2.818,433 18,072 2.0
Cost of wireless equipment7,942 7,227 9.923,930 21,259 12.6
Selling, general and administrative expense5,474 5,473 —20,643 20,537 0.5
Depreciation and amortization expense3,480 3,438 1.214,173 13,552 4.6
Total Operating Expenses21,539 20,656 4.377,179 73,420 5.1
Operating Income$6,897 $6,904 (0.1)$29,628 $29,484 0.5
Operating Income Margin24.3 %25.1 %27.7 %28.7 %
Segment EBITDA(2)
$10,377 $10,342 0.3$43,801 $43,036 1.8
Segment EBITDA Margin(2)
36.5 %37.5 %41.0 %41.8 %
Footnotes:
(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. Where applicable, historical results have been recast to conform to the current period presentation.
(2) Non-GAAP financial measure.
The segment financial results and metrics above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.
 

Verizon Communications Inc.


Consumer - Selected Operating Statistics
Unaudited12/31/2512/31/24% Change
Connections (‘000):
Wireless retail
115,903 115,256 0.6
Wireless retail postpaid95,678 95,118 0.6
Wireless retail postpaid phone74,924 74,772 0.2
Wireless retail core prepaid(1)
19,169 18,843 1.7
Fios video 2,441 2,684 (9.1)
Fios internet7,328 7,135 2.7
Fixed wireless access (FWA) broadband3,407 2,714 25.5
Wireline broadband 7,451 7,300 2.1
Total broadband10,858 10,014 8.4
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/24%
Change		12 Mos. Ended 12/31/2512 Mos. Ended 12/31/24%
Change
Gross Additions (‘000):
Wireless retail postpaid4,279 4,310 (0.7)13,630 13,282 2.6
Wireless retail postpaid phone2,679 2,324 15.38,311 7,505 10.7
Net Additions Detail (‘000):
Wireless retail
840 1,064 (21.1)685 370 85.1
Wireless retail postpaid818 1,130 (27.6)581 1,345 (56.8)
Wireless retail postpaid phone
551 367 50.1137 82 67.1
Wireless retail core prepaid(1)
109 65 67.7343 2 *
Fios video (53)(60)11.7(243)(267)9.0
Fios internet65 47 38.3193 159 21.4
FWA broadband209 216 (3.2)693 846 (18.1)
Wireline broadband 56 35 60.0151 110 37.3
Total broadband 265 251 5.6844 956 (11.7)
Churn Rate:
Wireless retail1.68 %1.64 %1.61 %1.62 %
Wireless retail postpaid1.21 %1.12 %1.15 %1.06 %
Wireless retail postpaid phone0.95 %0.88 %0.92 %0.83 %
Wireless retail core prepaid(1)
3.73 %3.78 %3.63 %3.68 %
Revenue Statistics (in millions):
Wireless service revenue(2)
$17,373 $17,170 1.2$69,382 $67,951 2.1
Fios revenue$2,921 $2,939 (0.6)$11,678 $11,647 0.3

Verizon Communications Inc.


Consumer - Selected Operating Statistics (continued)
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/24%
Change		12 Mos. Ended 12/31/2512 Mos. Ended 12/31/24%
Change
Other Wireless Statistics:
Wireless retail postpaid ARPA(2)(3)
$147.36 $145.61 1.2$147.31 $144.00 2.3
Wireless retail postpaid upgrade rate
5.0 %4.5 %
Wireless retail postpaid accounts (‘000)(4)
32,384 32,794 (1.3)
Wireless retail postpaid connections per account(4)
2.95 2.90 1.7
Wireless retail core prepaid ARPU(5)
$32.90 $32.34 1.7$32.52 $32.37 0.5
Footnotes:
(1) Represents total prepaid results excluding our SafeLink brand.
(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. Where applicable, historical results have been recast to conform to the current period presentation.
(3) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(4) Statistics presented as of end of period.
(5) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand.
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. Where applicable, historical results have been recast to conform to the current period presentation.
Certain intersegment transactions with corporate entities have not been eliminated.
* Not meaningful


Verizon Communications Inc.


Business - Selected Financial Results
(dollars in millions)
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/24%
Change		12 Mos. Ended 12/31/2512 Mos. Ended 12/31/24%
Change
Operating Revenues
Enterprise and Public Sector$3,331 $3,548 (6.1)$13,534 $14,218 (4.8)
Business Markets and Other3,569 3,438 3.813,581 13,099 3.7
Wholesale466 518 (10.0)1,954 2,214 (11.7)
Total Operating Revenues7,366 7,504 (1.8)29,069 29,531 (1.6)
Operating Expenses
Cost of services2,306 2,415 (4.5)9,203 9,742 (5.5)
Cost of wireless equipment1,438 1,354 6.25,046 4,841 4.2
Selling, general and administrative expense2,003 2,080 (3.7)8,176 8,583 (4.7)
Depreciation and amortization expense1,026 1,061 (3.3)4,112 4,307 (4.5)
Total Operating Expenses6,773 6,910 (2.0)26,537 27,473 (3.4)
Operating Income$593 $594 (0.2)$2,532 $2,058 23.0
Operating Income Margin8.1 %7.9 %8.7 %7.0 %
Segment EBITDA(1)
$1,619 $1,655 (2.2)$6,644 $6,365 4.4
Segment EBITDA Margin(1)
22.0 %22.1 %22.9 %21.6 %
Footnotes:
(1) Non-GAAP financial measure.
The segment financial results and metrics above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.


Business - Selected Operating Statistics
Unaudited12/31/2512/31/24%
Change
Connections (‘000):
Wireless retail postpaid31,027 30,819 0.7
Wireless retail postpaid phone18,944 18,745 1.1
Fios video 47 54 (13.0)
Fios internet 413 401 3.0
FWA broadband2,320 1,854 25.1
Wireline broadband 452 459 (1.5)
Total broadband2,772 2,313 19.8
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/24%
Change		12 Mos. Ended 12/31/2512 Mos. Ended 12/31/24%
Change
Gross Additions (‘000):
Wireless retail postpaid1,534 1,617 (5.1)6,154 6,328 (2.7)
Wireless retail postpaid phone783 740 5.83,010 2,941 2.3
Net Additions Detail (‘000):
Wireless retail postpaid11 283 (96.1)280 1,010 (72.3)
Wireless retail postpaid phone65 137 (52.6)225 501 (55.1)
Fios video(2)(2)—(7)(7)—
Fios internet2 4 (50.0)12 16 (25.0)
FWA broadband110 157 (29.9)473 622 (24.0)
Wireline broadband(3)— *(7)(1)*
Total broadband 107 157 (31.8)466 621 (25.0)
Churn Rate:
Wireless retail postpaid1.64 %1.45 %1.58 %1.47 %
Wireless retail postpaid phone1.27 %1.08 %1.23 %1.10 %
Revenue Statistics (in millions):
Wireless service revenue(1)
$3,589 $3,572 0.5$14,321 $14,122 1.4
Fios revenue$314 $314 —$1,244 $1,252 (0.6)
Other Operating Statistics:
Wireless retail postpaid upgrade rate2.6 %2.8 %
Footnotes:
(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. Where applicable, historical results have been recast to conform to the current period presentation.
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. Where applicable, historical results have been recast to conform to the current period presentation.
Certain intersegment transactions with corporate entities have not been eliminated.
* Not meaningful

Verizon Communications Inc.


Supplemental Information - Total Wireless Operating and Financial Statistics

The following supplemental schedule contains certain financial and operating metrics which reflect an aggregation of our Consumer and Business segments’ wireless results.
Unaudited12/31/2512/31/24% Change
Connections (‘000)
Retail
146,930 146,075 0.6
Retail postpaid126,705 125,937 0.6
Retail postpaid phone93,868 93,517 0.4
Retail core prepaid(1)
19,169 18,843 1.7
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/24%
Change		12 Mos. Ended 12/31/2512 Mos. Ended 12/31/24%
Change
Net Additions Detail (‘000)
Retail851 1,347 (36.8)965 1,380 (30.1)
Retail postpaid829 1,413 (41.3)861 2,355 (63.4)
Retail postpaid phone616 504 22.2362 583 (37.9)
Retail core prepaid(1)
109 65 67.7343 2 *
Account Statistics
Retail postpaid accounts (‘000)(2)
34,496 34,849 (1.0)
Retail postpaid connections per account(2)
3.67 3.61 1.7
Retail postpaid ARPA(3)(6)
$170.61 $168.96 1.0$170.62 $167.26 2.0
Retail core prepaid ARPU(4)
$32.90 $32.34 1.7$32.52 $32.37 0.5
Churn Detail
Retail1.67 %1.60 %1.61 %1.59 %
Retail postpaid1.32 %1.20 %1.25 %1.16 %
Retail postpaid phone1.02 %0.92 %0.98 %0.88 %
Retail core prepaid(1)
3.73 %3.78 %3.63 %3.68 %
Retail Postpaid Connection Statistics
Upgrade rate4.4 %4.1 %
Revenue Statistics (in millions)(5)
FWA revenue$786 $611 28.6$2,940 $2,139 37.4
Wireless service(6)
$20,962 $20,742 1.1$83,703 $82,073 2.0
Wireless equipment8,198 7,515 9.125,470 23,217 9.7
Wireless other(6)
1,085 953 13.94,116 3,598 14.4
Total Wireless$30,245 $29,210 3.5$113,289 $108,888 4.0
Footnotes:
(1) Represents total prepaid results excluding our SafeLink brand.
(2) Statistics presented as of end of period.
(3) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(4) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand.
(5) Intersegment transactions between Consumer or Business segment with corporate entities have not been eliminated.
(6) 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. Where applicable, historical results have been recast to conform to the current period presentation.
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. Where applicable, historical results have been recast to conform to the current period presentation.
* Not meaningful

Verizon Communications Inc.
Non-GAAP Reconciliations - Consolidated Verizon
Consolidated EBITDA and Consolidated Adjusted EBITDA
(dollars in millions)
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 9/30/253 Mos. Ended 6/30/253 Mos. Ended 3/31/253 Mos. Ended 12/31/243 Mos. Ended 9/30/243 Mos. Ended 6/30/243 Mos. Ended 3/31/24
Consolidated Net Income$2,448 $5,056 $5,121 $4,983 $5,114 $3,411 $4,702 $4,722 
  Add:
Provision for income taxes615 1,471 1,488 1,490 1,454 891 1,332 1,353 
Interest expense(1)
1,759 1,664 1,639 1,632 1,644 1,672 1,698 1,635 
Depreciation and amortization expense(2)
4,519 4,618 4,635 4,577 4,506 4,458 4,483 4,445 
Consolidated EBITDA$9,341 $12,809 $12,883 $12,682 $12,718 $10,432 $12,215 $12,155 
  Add/(subtract):
Other (income) expense, net(3)
$185 $(92)$(79)$(121)$(797)$(72)$72 $(198)
Equity in (earnings) losses of unconsolidated businesses(3)6 3 (6)6 24 14 9 
Severance charges1,715 — — — — 1,733 — — 
Asset and business rationalization583 — — — — 374 — — 
Acquisition and integration related charges39 52 — — — — — — 
Legacy legal matter— — — — — — — 106 
2,519 (34)(76)(127)(791)2,059 86 (83)
Consolidated Adjusted EBITDA$11,860 $12,775 $12,807 $12,555 $11,927 $12,491 $12,301 $12,072 
Footnotes:
(1) Includes a portion of the Acquisition and integration related charges, where applicable.
(2) Includes Amortization of acquisition-related intangible assets.
(3) Includes Pension and benefits remeasurement adjustments, where applicable.



Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)
(dollars in millions)
Unaudited12 Mos. Ended 12/31/25
12 Mos. Ended 12/31/24
Consolidated Net Income$17,608 $17,949 
  Add:
Provision for income taxes5,064 5,030 
Interest expense(1)
6,694 6,649 
Depreciation and amortization expense(2)
18,349 17,892 
Consolidated EBITDA$47,715 $47,520 
  Add/(subtract):
Other income, net(3)
$(107)$(995)
Equity in losses of unconsolidated businesses
— 53 
Severance charges1,715 1,733 
Asset and business rationalization583 374 
Acquisition and integration related charges91 — 
Legacy legal matter— 106 
2,282 1,271 
Consolidated Adjusted EBITDA$49,997 $48,791 
Footnotes:
(1) Includes a portion of the Acquisition and integration related charges, where applicable.
(2) Includes Amortization of acquisition-related intangible assets.
(3) Includes Pension and benefits remeasurement adjustments, where applicable.

Verizon Communications Inc.
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
(dollars in millions)
Unaudited12/31/2512/31/24
Debt maturing within one year$18,618 $22,633 
Long-term debt139,532 121,381 
Total Debt158,150 144,014 
Less Secured debt27,067 26,138 
Unsecured Debt131,083 117,876 
Less Equity credit for junior subordinated notes(1)
1,982 — 
Less Cash and cash equivalents19,048 4,194 
Net Unsecured Debt
$110,053 $113,682 
Consolidated Net Income (LTM)$17,608 $17,949 
Unsecured Debt to Consolidated Net Income Ratio7.4x6.6x
Consolidated Adjusted EBITDA (LTM)$49,997 $48,791 
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio2.2x2.3x
Footnote:
(1) Represents a fifty percent equity credit related to junior subordinated notes outstanding.

Adjusted Earnings per Common Share (Adjusted EPS)
(dollars in millions, except per share amounts)
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/24
Pre-taxTaxAfter-Tax Pre-taxTaxAfter-Tax 
EPS$0.55 $1.18 
Amortization of acquisition-related intangible assets$189 $(47)$142 0.03 $191 $(51)$140 0.03 
Severance, pension and benefits charges (credits)
2,156 (533)1,623 0.38 (668)165 (503)(0.12)
Asset and business rationalization583 (144)439 0.10 — — — — 
Acquisition and integration related charges58 — 58 0.01 — — — — 
$2,986 $(724)$2,262 $0.53 $(477)$114 $(363)$(0.09)
Adjusted EPS$1.09 $1.10 
Footnote:
Adjusted EPS may not add due to rounding.


(dollars in millions, except per share amounts)
Unaudited12 Mos. Ended 12/31/2512 Mos. Ended 12/31/24
Pre-taxTaxAfter-Tax Pre-taxTaxAfter-Tax 
EPS$4.06 $4.14 
Amortization of acquisition-related intangible assets$760 $(192)$568 0.13 $817 $(208)$609 0.14 
Severance, pension and benefits charges2,156 (533)1,623 0.38 1,201 (298)903 0.21 
Asset and business rationalization583 (144)439 0.10 374 (90)284 0.07 
Acquisition and integration related charges
110 — 110 0.03 — — — — 
Legacy legal matter— — — — 106 (27)79 0.02 
$3,609 $(869)$2,740 $0.65 $2,498 $(623)$1,875 $0.44 
Adjusted EPS$4.71 $4.59 
Footnote:
Adjusted EPS may not add due to rounding.





Verizon Communications Inc.

Free Cash Flow
(dollars in millions)
Unaudited12 Mos. Ended 12/31/2512 Mos. Ended 12/31/2412 Mos. Ended 12/31/2312 Mos. Ended 12/31/2212 Mos. Ended 12/31/2112 Mos. Ended 12/31/20
Net Cash Provided by Operating Activities$37,137 $36,912 $37,475 $37,141 $39,539 $41,768 
Capital expenditures (including capitalized software)(17,011)(17,090)(18,767)(23,087)(20,286)(18,192)
Free Cash Flow$20,126 $19,822 $18,708 $14,054 $19,253 $23,576 

Free Cash Flow Forecast
(dollars in millions)
12 Mos. Ended
Unaudited12/31/26
Net Cash Provided by Operating Activities Forecast$37,500 - 38,000
Capital expenditures forecast (including capitalized software)(16,000 - 16,500)
Free Cash Flow Forecast$21,500
Free Cash Flow Growth Forecast %
6.8 %

Verizon Communications Inc.
Non-GAAP Reconciliations - Segments
Segment EBITDA and Segment EBITDA Margin
Consumer
(dollars in millions)
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/2412 Mos. Ended 12/31/2512 Mos. Ended 12/31/24
Operating Income$6,897 $6,904 $29,628 $29,484 
Add Depreciation and amortization expense3,480 3,438 14,173 13,552 
Segment EBITDA$10,377 $10,342 $43,801 $43,036 
Year over year change %0.3 %1.8 %
Total operating revenues$28,436 $27,560 $106,807 $102,904 
Operating Income Margin24.3 %25.1 %27.7 %28.7 %
Segment EBITDA Margin36.5 %37.5 %41.0 %41.8 %
Business
(dollars in millions)
Unaudited3 Mos. Ended 12/31/253 Mos. Ended 12/31/2412 Mos. Ended 12/31/2512 Mos. Ended 12/31/24
Operating Income$593 $594 $2,532 $2,058 
Add Depreciation and amortization expense1,026 1,061 4,112 4,307 
Segment EBITDA$1,619 $1,655 $6,644 $6,365 
Year over year change %(2.2)%4.4 %
Total operating revenues$7,366 $7,504 $29,069 $29,531 
Operating Income Margin8.1 %7.9 %8.7 %7.0 %
Segment EBITDA Margin22.0 %22.1 %22.9 %21.6 %