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Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Operating Information

Our segments and their principal activities consist of the following:

Segment						Description
Verizon Consumer Group						Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the 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. 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.
Verizon Business Group						Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and conferencing services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things services and products. We provide these products and services to businesses, government customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world.

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

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2024						2023						2024						2023
External Operating Revenues
Consumer
Service			$	19,260					$	18,850					$	57,466					$	55,947
Wireless equipment			4,478						4,902						13,111						14,210
Other(1)			1,567						1,450						4,605						4,359
Total Consumer			25,305						25,202						75,182						74,516
Business
Enterprise and Public Sector			3,538						3,786						10,670						11,357
Business Markets and Other			3,258						3,180						9,647						9,383
Wholesale			547						552						1,684						1,738
Total Business			7,343						7,518						22,001						22,478
Total reportable segments			$	32,648					$	32,720					$	97,183					$	96,994
Intersegment Revenues
Consumer			$	55					$	55					$	162					$	156
Business			8						9						26						26
Total reportable segments			$	63					$	64					$	188					$	182
Total Operating Revenues
Consumer			$	25,360					$	25,257					$	75,344					$	74,672
Business(2)			7,351						7,527						22,027						22,504
Total reportable segments			$	32,711					$	32,784					$	97,371					$	97,176
Operating Income
Consumer			$	7,604					$	7,547					$	22,580					$	21,976
Business			565						539						1,464						1,623
Total reportable segments			$	8,169					$	8,086					$	24,044					$	23,599

(1) Other revenue includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, revenues associated with certain products included in our device protection offerings, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.

(2) Service and other revenues included in our Business segment were approximately $6.5 billion and $6.6 billion for the three months ended September 30, 2024 and 2023, respectively, and $19.4 billion and $19.9 billion for the nine months ended September 30, 2024 and 2023, respectively. Wireless equipment revenues included in our Business segment were $865 million and $911 million for the three months ended September 30, 2024 and 2023, respectively, and $2.6 billion for both the nine months ended September 30, 2024 and 2023.

The following table provides Fios revenue for our two reportable segments:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2024						2023						2024						2023
Consumer			$	2,916					$	2,897					$	8,708					$	8,672
Business			314						308						938						923
Total Fios revenue			$	3,230					$	3,205					$	9,646					$	9,595

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

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2024						2023						2024						2023
Consumer			$	16,377					$	15,963					$	48,853					$	47,324
Business			3,466						3,367						10,276						10,008
Total Wireless service revenue			$	19,843					$	19,330					$	59,129					$	57,332

Summary of Reconciliation of Segment Operating Revenues

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

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2024						2023						2024						2023
Total reportable segments operating revenues			$	32,711					$	32,784					$	97,371					$	97,176
Corporate and other			685						618						1,929						1,856
Eliminations			(66)						(66)						(193)						(188)
Total consolidated operating revenues			$	33,330					$	33,336					$	99,107					$	98,844

Summary of Reconciliation of Segment Operating Income

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

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
(dollars in millions)			2024						2023						2024						2023
Total reportable segments operating income			$	8,169					$	8,086					$	24,044					$	23,599
Corporate and other			(128)						(196)						(541)						(389)
Severance charges			(1,733)						—						(1,733)						(237)
Other components of net periodic benefit charges (Note 8)			(8)						(62)						(25)						(186)
Asset and business rationalization			(374)						—						(374)						(155)
Legacy legal matter			—						—						(106)						—
Non-strategic business shutdown			—						(179)						—						(179)
Business transformation costs			—						(176)						—						(176)
Total consolidated operating income			5,926						7,473						21,265						22,277
Equity in losses of unconsolidated businesses			(24)						(18)						(47)						(42)
Other income, net			72						170						198						494
Interest expense			(1,672)						(1,433)						(5,005)						(3,925)
Income Before Provision For Income Taxes			$	4,302					$	6,192					$	16,411					$	18,804

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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