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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summary of Operating Financial Information for Reportable Segments | 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.
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 |
Summary of Reconciliation of Segment Operating Revenues | 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 |
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:
| (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 |

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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