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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information |
Note 13. Segment Information
Reportable Segments We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. We measure and evaluate our reportable segments based on segment operating income, consistent with the chief operating decision maker's (CODM) assessment of segment performance. The Company's CODM is the Chief Executive Officer. The CODM uses segment operating income to allocate resources (including employees, financial or capital resources) and to assess performance during the monthly and quarterly financial strategic review process. When assessing segment performance and how to allocate resources, the CODM focuses on evaluating whether revenues generated are sufficient to cover variable and fixed costs with an appropriate return on investment. Key decisions considered by the CODM using segment operating income include prioritization and timing of changes to network technologies, allocation of capital expenditures based on the Company's priorities, geographic expansion of wireline and wireless networks, establishment of key financial and operational targets, pricing decisions, branding matters and people management. 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 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 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. 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.
Our Consumer segment's wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis. Our Business segment’s wireless and wireline products and services are organized by the primary customer groups for these offerings: Enterprise and Public Sector, Business Markets and Other, and Wholesale. 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. 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. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results and therefore included in the CODM’s assessment of segment performance. The following tables provide operating financial information for our two reportable segments:
| (dollars in millions)
2024 | Consumer |  | Business |  | Total Reportable Segments
External Operating Revenues |  |  |  |  |
Service | $ | 76,880 |  |  | $ | — |  |  | $ | 76,880 |
Wireless equipment | 19,598 |  |  | — |  |  | 19,598 |
Other(1) | 6,213 |  |  | — |  |  | 6,213 |
Enterprise and Public Sector | — |  |  | 14,218 |  |  | 14,218 |
Business Markets and Other | — |  |  | 13,081 |  |  | 13,081 |
Wholesale | — |  |  | 2,196 |  |  | 2,196 |
Intersegment revenues | 213 |  |  | 36 |  |  | 249 |
Total Operating Revenues(2) | 102,904 |  |  | 29,531 |  |  | 132,435 |
Operating Expenses(3) |  |  |  |  |
Cost of wireless equipment | 21,259 |  |  | 4,841 |  |  | 26,100 |
Centrally managed network and shared service costs(4) | 17,781 |  |  | 10,200 |  |  | 27,981 |
Depreciation and amortization expense | 13,552 |  |  | 4,307 |  |  | 17,859 |
Other segment expenses(5) | 20,828 |  |  | 8,125 |  |  | 28,953 |
Total Operating Expenses | 73,420 |  |  | 27,473 |  |  | 100,893 |
Operating Income | $ | 29,484 |  |  | $ | 2,058 |  |  | $ | 31,542 |
(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 and Wireless equipment revenues included in our Business segment amounted to approximately $25.9 billion and $3.6 billion, respectively, for the year ended December 31, 2024. (3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown. (4) Centrally managed network and shared service costs include costs for network and leased assets, supply chain and other centralized services that are allocated to our Consumer and Business segments based on proportionate usage of services. (5) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.
| (dollars in millions)
2023 | Consumer |  | Business |  | Total Reportable Segments
External Operating Revenues |  |  |  |  |
Service | $ | 74,874 |  |  | $ | — |  |  | $ | 74,874 |
Wireless equipment | 20,645 |  |  | — |  |  | 20,645 |
Other(1) | 5,898 |  |  | — |  |  | 5,898 |
Enterprise and Public Sector | — |  |  | 15,076 |  |  | 15,076 |
Business Markets and Other | — |  |  | 12,697 |  |  | 12,697 |
Wholesale | — |  |  | 2,313 |  |  | 2,313 |
Intersegment revenues | 209 |  |  | 36 |  |  | 245 |
Total Operating Revenues(2) | 101,626 |  |  | 30,122 |  |  | 131,748 |
Operating Expenses(3) |  |  |  |  |
Cost of wireless equipment | 21,827 |  |  | 4,959 |  |  | 26,786 |
Centrally managed network and shared service costs(4) | 17,496 |  |  | 10,590 |  |  | 28,086 |
Depreciation and amortization expense | 13,077 |  |  | 4,488 |  |  | 17,565 |
Other segment expenses(5) | 20,215 |  |  | 8,019 |  |  | 28,234 |
Total Operating Expenses | 72,615 |  |  | 28,056 |  |  | 100,671 |
Operating Income | $ | 29,011 |  |  | $ | 2,066 |  |  | $ | 31,077 |
(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 and Wireless equipment revenues included in our Business segment amounted to approximately $26.4 billion and $3.7 billion, respectively, for the year ended December 31, 2023. (3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown. (4) Centrally managed network and shared service costs include costs for network and leased assets, supply chain and other centralized services that are allocated to our Consumer and Business segments based on proportionate usage of services. (5) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.
| (dollars in millions)
2022 | Consumer |  | Business |  | Total Reportable Segments
External Operating Revenues |  |  |  |  |
Service | $ | 73,139 |  |  | $ | — |  |  | $ | 73,139 |
Wireless equipment | 23,168 |  |  | — |  |  | 23,168 |
Other(1) | 6,996 |  |  | — |  |  | 6,996 |
Enterprise and Public Sector | — |  |  | 15,692 |  |  | 15,692 |
Business Markets and Other | — |  |  | 12,753 |  |  | 12,753 |
Wholesale | — |  |  | 2,584 |  |  | 2,584 |
Intersegment revenues | 203 |  |  | 43 |  |  | 246 |
Total Operating Revenues(2) | 103,506 |  |  | 31,072 |  |  | 134,578 |
Operating Expenses(3) |  |  |  |  |
Cost of wireless equipment | 25,134 |  |  | 5,362 |  |  | 30,496 |
Centrally managed network and shared service costs(4) | 16,997 |  |  | 10,840 |  |  | 27,837 |
Depreciation and amortization expense | 12,716 |  |  | 4,312 |  |  | 17,028 |
Other segment expenses(5) | 19,813 |  |  | 7,927 |  |  | 27,740 |
Total Operating Expenses | 74,660 |  |  | 28,441 |  |  | 103,101 |
Operating Income | $ | 28,846 |  |  | $ | 2,631 |  |  | $ | 31,477 |
(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 and Wireless equipment revenues included in our Business segment amounted to approximately $27.0 billion and $4.0 billion, respectively, for the year ended December 31, 2022. (3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown. (4) Centrally managed network and shared service costs include costs for network and leased assets, supply chain and other centralized services that are allocated to our Consumer and Business segments based on proportionate usage of services. (5) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs. The following table provides Fios revenues for our two reportable segments and includes intersegment activity:
| (dollars in millions)
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Consumer | $ | 11,647 |  |  | $ | 11,614 |  |  | $ | 11,622 |
Business | 1,252 |  |  | 1,235 |  |  | 1,201 |
Total Fios revenue | $ | 12,899 |  |  | $ | 12,849 |  |  | $ | 12,823 |
The following table provides Wireless service revenue for our reportable segments and includes intersegment activity:
| (dollars in millions)
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Consumer | $ | 65,374 |  |  | $ | 63,358 |  |  | $ | 61,509 |
Business | 13,753 |  |  | 13,372 |  |  | 12,845 |
Total Wireless service revenue | $ | 79,127 |  |  | $ | 76,730 |  |  | $ | 74,354 |
Reconciliation to Consolidated Financial Information The reconciliation of segment operating revenues and operating income to consolidated operating revenues and operating income below includes the effects of special items that the CODM does not consider in assessing segment performance, primarily because of their nature. A reconciliation of the total reportable segments’ operating revenues to consolidated operating revenues is as follows:
| (dollars in millions)
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Operating Revenues |  |  |  |  |
Total reportable segments | $ | 132,435 |  |  | $ | 131,748 |  |  | $ | 134,578 |
Corporate and other | 2,609 |  |  | 2,479 |  |  | 2,510 |
Reconciling items: |  |  |  |  |
Eliminations | (256) |  |  | (253) |  |  | (253) |
Consolidated Operating Revenues | $ | 134,788 |  |  | $ | 133,974 |  |  | $ | 136,835 |
A reconciliation of the total reportable segments' operating income to consolidated income before provision for income taxes is as follows:
| (dollars in millions)
Years Ended December 31, | 2024 |  | 2023 |  | 2022
Operating Income |  |  |  |  |
Total reportable segments | $ | 31,542 |  |  | $ | 31,077 |  |  | $ | 31,477 |
Corporate and other | (610) |  |  | (643) |  |  | (319) |
Reconciling items: |  |  |  |  |
Severance charges | (1,733) |  |  | (533) |  |  | (304) |
Other components of net periodic pension and benefit charges (Note 11) | (33) |  |  | (248) |  |  | (387) |
Asset and business rationalization | (374) |  |  | (480) |  |  | — |
Legacy legal matter | (106) |  |  | — |  |  | — |
Verizon Business Group goodwill impairment | — |  |  | (5,841) |  |  | — |
Legal settlement | — |  |  | (100) |  |  | — |
Business transformation costs | — |  |  | (176) |  |  | — |
Non-strategic business shutdown | — |  |  | (179) |  |  | — |
Consolidated operating income | 28,686 |  |  | 22,877 |  |  | 30,467 |
Equity in earnings (losses) of unconsolidated businesses | (53) |  |  | (53) |  |  | 44 |
Other income (expense), net | 995 |  |  | (313) |  |  | 1,373 |
Interest expense | (6,649) |  |  | (5,524) |  |  | (3,613) |
Income Before Provision For Income Taxes | $ | 22,979 |  |  | $ | 16,987 |  |  | $ | 28,271 |
No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2024, 2023 or 2022. International operating revenues were not significant during the years ended December 31, 2024, 2023 and 2022. As of December 31, 2024 and 2023, international long-lived assets were not significant. The CODM does not review disaggregated assets on a segment basis; therefore, such information is not presented. Depreciation and amortization included in the measure of segment profitability is primarily allocated based on proportional usage, and is included within Total reportable segment operating income.

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- Definition The entire disclosure for reporting segments including data and tables. 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