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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark one) |  |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

For the quarterly period ended September 30, 2025
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the transition period from to |

Commission file number: 1-8606
Verizon Communications Inc.
(Exact name of registrant as specified in its charter)

Delaware |  | 23-2259884
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

1095 Avenue of the Americas |  | 10036
New York, | New York |  |
(Address of principal executive offices) |  | (Zip Code)

Registrant’s telephone number, including area code: (212) 395-1000
Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class |  | Trading Symbol(s) |  | Name of Each Exchange on Which Registered
Common Stock, par value $0.10 |  | VZ |  | New York Stock Exchange
Common Stock, par value $0.10 |  | VZ |  | The Nasdaq Global Select Market
1.375% Notes due 2026 |  | VZ 26B |  | New York Stock Exchange
0.875% Notes due 2027 |  | VZ 27E |  | New York Stock Exchange
1.375% Notes due 2028 |  | VZ 28 |  | New York Stock Exchange
1.125% Notes due 2028 |  | VZ 28A |  | New York Stock Exchange
2.350% Fixed Rate Notes due 2028 |  | VZ 28C |  | New York Stock Exchange
1.875% Notes due 2029 |  | VZ 29B |  | New York Stock Exchange
0.375% Notes due 2029 |  | VZ 29D |  | New York Stock Exchange
1.250% Notes due 2030 |  | VZ 30 |  | New York Stock Exchange
1.875% Notes due 2030 |  | VZ 30A |  | New York Stock Exchange
4.250% Notes due 2030 |  | VZ 30D |  | New York Stock Exchange
2.625% Notes due 2031 |  | VZ 31 |  | New York Stock Exchange
2.500% Notes due 2031 |  | VZ 31A |  | New York Stock Exchange
3.000% Fixed Rate Notes due 2031 |  | VZ 31D |  | New York Stock Exchange
0.875% Notes due 2032 |  | VZ 32 |  | New York Stock Exchange
0.750% Notes due 2032 |  | VZ 32A |  | New York Stock Exchange
3.500% Notes due 2032 |  | VZ 32B |  | New York Stock Exchange
3.250% Notes due 2032 |  | VZ 32C |  | New York Stock Exchange
1.300% Notes due 2033 |  | VZ 33B |  | New York Stock Exchange

Table of Contents
Securities registered pursuant to Section 12(b) of the Act (continued):

Title of Each Class |  | Trading Symbol(s) |  | Name of Each Exchange on Which Registered
4.75% Notes due 2034 |  | VZ 34 |  | New York Stock Exchange
4.750% Notes due 2034 |  | VZ 34C |  | New York Stock Exchange
3.125% Notes due 2035 |  | VZ 35 |  | New York Stock Exchange
1.125% Notes due 2035 |  | VZ 35A |  | New York Stock Exchange
3.375% Notes due 2036 |  | VZ 36A |  | New York Stock Exchange
3.750% Notes due 2036 |  | VZ 36B |  | New York Stock Exchange
3.750% Notes due 2037 |  | VZ 37B |  | New York Stock Exchange
2.875% Notes due 2038 |  | VZ 38B |  | New York Stock Exchange
1.875% Notes due 2038 |  | VZ 38C |  | New York Stock Exchange
1.500% Notes due 2039 |  | VZ 39C |  | New York Stock Exchange
3.50% Fixed Rate Notes due 2039 |  | VZ 39D |  | New York Stock Exchange
1.850% Notes due 2040 |  | VZ 40 |  | New York Stock Exchange
3.850% Fixed Rate Notes due 2041 |  | VZ 41C |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ |  | Accelerated filer | ☐
| Non-accelerated filer | ☐ |  | Smaller reporting company | ☐
|  |  |  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
At September 30, 2025, 4,216,425,489 shares of the registrant’s common stock were outstanding, after deducting 75,008,157 shares held in treasury.

Table of Contents

TABLE OF CONTENTS

Item No. |  | Page
PART I - FINANCIAL INFORMATION |
Item 1. | Financial Statements (Unaudited) |
| Condensed Consolidated Statements of Income | 4
| Three and nine months ended September 30, 2025 and 2024 |
| Condensed Consolidated Statements of Comprehensive Income | 5
| Three and nine months ended September 30, 2025 and 2024 |
| Condensed Consolidated Balance Sheets | 6
| At September 30, 2025 and December 31, 2024 |
| Condensed Consolidated Statements of Cash Flows | 7
| Nine months ended September 30, 2025 and 2024 |
| Notes to Condensed Consolidated Financial Statements | 8
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 34
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 56
Item 4. | Controls and Procedures | 56
PART II - OTHER INFORMATION |
Item 1. | Legal Proceedings | 57
Item 1A. | Risk Factors | 57
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 57
Item 5. | Other Information | 57
Item 6. | Exhibits | 58
Signature | 59
Certifications |

Table of Contents

Part I - Financial Information

Item 1. Financial Statements (Unaudited)

Condensed Consolidated Statements of Income
Verizon Communications Inc. and Subsidiaries

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(dollars in millions, except per share amounts) (unaudited) | 2025 |  | 2024 |  | 2025 |  | 2024
Operating Revenues |  |  |  |  |  |  |
Service revenues and other | $ | 28,202 |  |  | $ | 27,987 |  |  | $ | 84,538 |  |  | $ | 83,405 |
Wireless equipment revenues | 5,619 |  |  | 5,343 |  |  | 17,272 |  |  | 15,702 |
Total Operating Revenues | 33,821 |  |  | 33,330 |  |  | 101,810 |  |  | 99,107 |
Operating Expenses |  |  |  |  |  |  |
Cost of services (exclusive of items shown below) | 6,863 |  |  | 7,193 |  |  | 20,691 |  |  | 21,064 |
Cost of wireless equipment | 6,483 |  |  | 6,047 |  |  | 19,596 |  |  | 17,519 |
Selling, general and administrative expense | 7,752 |  |  | 9,706 |  |  | 23,438 |  |  | 25,873 |
Depreciation and amortization expense | 4,618 |  |  | 4,458 |  |  | 13,830 |  |  | 13,386 |
Total Operating Expenses | 25,716 |  |  | 27,404 |  |  | 77,555 |  |  | 77,842 |
Operating Income | 8,105 |  |  | 5,926 |  |  | 24,255 |  |  | 21,265 |
Equity in losses of unconsolidated businesses | (6) |  |  | (24) |  |  | (3) |  |  | (47) |
Other income, net | 92 |  |  | 72 |  |  | 292 |  |  | 198 |
Interest expense | (1,664) |  |  | (1,672) |  |  | (4,935) |  |  | (5,005) |
Income Before Provision For Income Taxes | 6,527 |  |  | 4,302 |  |  | 19,609 |  |  | 16,411 |
Provision for income taxes | (1,471) |  |  | (891) |  |  | (4,449) |  |  | (3,576) |
Net Income | $ | 5,056 |  |  | $ | 3,411 |  |  | $ | 15,160 |  |  | $ | 12,835 |
Net income attributable to noncontrolling interests | $ | 106 |  |  | $ | 105 |  |  | $ | 328 |  |  | $ | 334 |
Net income attributable to Verizon | 4,950 |  |  | 3,306 |  |  | 14,832 |  |  | 12,501 |
Net Income | $ | 5,056 |  |  | $ | 3,411 |  |  | $ | 15,160 |  |  | $ | 12,835 |
Basic Earnings Per Common Share |  |  |  |  |  |  |
Net income attributable to Verizon | $ | 1.17 |  |  | $ | 0.78 |  |  | $ | 3.51 |  |  | $ | 2.96 |
Weighted-average shares outstanding (in millions) | 4,228 |  |  | 4,220 |  |  | 4,225 |  |  | 4,217 |
Diluted Earnings Per Common Share |  |  |  |  |  |  |
Net income attributable to Verizon | $ | 1.17 |  |  | $ | 0.78 |  |  | $ | 3.51 |  |  | $ | 2.96 |
Weighted-average shares outstanding (in millions) | 4,233 |  |  | 4,225 |  |  | 4,229 |  |  | 4,221 |

See Notes to Condensed Consolidated Financial Statements
4

Table of Contents

Condensed Consolidated Statements of Comprehensive Income
Verizon Communications Inc. and Subsidiaries

| Three Months Ended | Nine Months Ended
| September 30, | September 30,
(dollars in millions) (unaudited) | 2025 |  | 2024 | 2025 |  | 2024
Net Income | $ | 5,056 |  |  | $ | 3,411 |  | $ | 15,160 |  |  | $ | 12,835 |
Other Comprehensive Income (Loss), Net of Tax (Expense) Benefit |  |  |  |  |  |
Foreign currency translation adjustments, net of tax of $(1), $8, $26 and $2 | (3) |  |  | 59 |  | 140 |  |  | 9 |
Unrealized gain (loss) on cash flow hedges, net of tax of $4, $(2), $4 and $(20) | (13) |  |  | 6 |  | (13) |  |  | 60 |
Unrealized loss on fair value hedges, net of tax of $53, $149, $285 and $117 | (161) |  |  | (446) |  | (853) |  |  | (350) |
Unrealized gain on marketable securities, net of tax of $(1), $(2), $(1) and $(1) | 3 |  |  | 5 |  | 4 |  |  | 2 |
Defined benefit pension and postretirement plans, net of tax of $1, $1, $3 and $3 | (2) |  |  | (2) |  | (6) |  |  | (6) |
Other comprehensive loss attributable to Verizon | (176) |  |  | (378) |  | (728) |  |  | (285) |
Total Comprehensive Income | $ | 4,880 |  |  | $ | 3,033 |  | $ | 14,432 |  |  | $ | 12,550 |
Comprehensive income attributable to noncontrolling interests | $ | 106 |  |  | $ | 105 |  | $ | 328 |  |  | $ | 334 |
Comprehensive income attributable to Verizon | 4,774 |  |  | 2,928 |  | 14,104 |  |  | 12,216 |
Total Comprehensive Income | $ | 4,880 |  |  | $ | 3,033 |  | $ | 14,432 |  |  | $ | 12,550 |

See Notes to Condensed Consolidated Financial Statements
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Condensed Consolidated Balance Sheets
Verizon Communications Inc. and Subsidiaries

| At September 30, |  | At December 31,
(dollars in millions, except per share amounts) (unaudited) | 2025 |  | 2024
Assets |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 7,706 |  |  | $ | 4,194 |
Accounts receivable | 27,083 |  |  | 27,261 |
Less Allowance for credit losses | 1,163 |  |  | 1,152 |
Accounts receivable, net | 25,920 |  |  | 26,109 |
Inventories | 2,700 |  |  | 2,247 |
Prepaid expenses and other | 7,684 |  |  | 7,973 |
Total current assets | 44,010 |  |  | 40,523 |
Property, plant and equipment | 334,765 |  |  | 331,406 |
Less Accumulated depreciation | 226,298 |  |  | 222,884 |
Property, plant and equipment, net | 108,467 |  |  | 108,522 |
Investments in unconsolidated businesses | 799 |  |  | 842 |
Wireless licenses | 156,926 |  |  | 156,613 |
Goodwill | 22,841 |  |  | 22,841 |
Other intangible assets, net | 10,516 |  |  | 11,129 |
Operating lease right-of-use assets | 23,760 |  |  | 24,472 |
Other assets | 21,012 |  |  | 19,769 |
Total assets | $ | 388,331 |  |  | $ | 384,711 |
Liabilities and Equity |  |  |
Current liabilities |  |  |
Debt maturing within one year | $ | 20,146 |  |  | $ | 22,633 |
Accounts payable and accrued liabilities | 20,700 |  |  | 23,374 |
Current operating lease liabilities | 4,501 |  |  | 4,415 |
Other current liabilities | 14,216 |  |  | 14,349 |
Total current liabilities | 59,563 |  |  | 64,771 |
Long-term debt | 126,629 |  |  | 121,381 |
Employee benefit obligations | 11,072 |  |  | 11,997 |
Deferred income taxes | 48,226 |  |  | 46,732 |
Non-current operating lease liabilities | 19,176 |  |  | 19,928 |
Other liabilities | 17,320 |  |  | 19,327 |
Total long-term liabilities | 222,423 |  |  | 219,365 |
Commitments and Contingencies (Note 12) |  |  |
Equity |  |  |
Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued) | — |  |  | — |
Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period) | 429 |  |  | 429 |
Additional paid in capital | 13,408 |  |  | 13,466 |
Retained earnings | 95,316 |  |  | 89,110 |
Accumulated other comprehensive loss | (1,651) |  |  | (923) |
Common stock in treasury, at cost (75,008,157 and 81,753,488 shares outstanding) | (3,287) |  |  | (3,583) |
Deferred compensation – employee stock ownership plans (ESOPs) and other | 827 |  |  | 738 |
Noncontrolling interests | 1,303 |  |  | 1,338 |
Total equity | 106,345 |  |  | 100,575 |
Total liabilities and equity | $ | 388,331 |  |  | $ | 384,711 |

See Notes to Condensed Consolidated Financial Statements
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Condensed Consolidated Statements of Cash Flows
Verizon Communications Inc. and Subsidiaries

| Nine Months Ended
| September 30,
(dollars in millions) (unaudited) | 2025 |  | 2024
Cash Flows from Operating Activities |  |  |
Net Income | $ | 15,160 |  |  | $ | 12,835 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization expense | 13,830 |  |  | 13,386 |
Employee retirement benefits | 444 |  |  | 469 |
Deferred income taxes | 1,809 |  |  | 247 |
Provision for expected credit losses | 1,613 |  |  | 1,623 |
Equity in losses of unconsolidated businesses, inclusive of dividends received | 41 |  |  | 62 |
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | (4,054) |  |  | (2,609) |
Other, net | (820) |  |  | 467 |
Net cash provided by operating activities | 28,023 |  |  | 26,480 |
Cash Flows from Investing Activities |  |  |
Capital expenditures (including capitalized software) | (12,263) |  |  | (12,019) |
Acquisitions of wireless licenses | (340) |  |  | (768) |
Other, net | 923 |  |  | (326) |
Net cash used in investing activities | (11,680) |  |  | (13,113) |
Cash Flows from Financing Activities |  |  |
Proceeds from long-term borrowings | 3,952 |  |  | 3,142 |
Proceeds from asset-backed long-term borrowings | 7,340 |  |  | 8,229 |
Repayments of long-term borrowings and finance lease obligations | (7,529) |  |  | (6,623) |
Repayments of asset-backed long-term borrowings | (6,437) |  |  | (6,158) |
Dividends paid | (8,569) |  |  | (8,399) |
Other, net | (1,579) |  |  | (1,668) |
Net cash used in financing activities | (12,822) |  |  | (11,477) |
Increase in cash, cash equivalents and restricted cash | 3,521 |  |  | 1,890 |
Cash, cash equivalents and restricted cash, beginning of period | 4,635 |  |  | 3,497 |
Cash, cash equivalents and restricted cash, end of period (Note 1) | $ | 8,156 |  |  | $ | 5,387 |

See Notes to Condensed Consolidated Financial Statements
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Notes to Condensed Consolidated Financial Statements (Unaudited)
Verizon Communications Inc. and Subsidiaries

Note 1. Basis of Presentation

Verizon Communications Inc. (the Company) is a holding company that, acting through its subsidiaries (together with the Company, collectively, Verizon), is one of the world's leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities. 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.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) and based upon Securities and Exchange Commission rules that permit reduced disclosure for interim periods. For a more complete discussion of significant accounting policies and certain other information, you should refer to the financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. These financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of results of operations and financial condition for the interim periods shown. The results for the interim periods are not necessarily indicative of results for the full year.
The condensed consolidated financial statements include our controlled subsidiaries, as well as variable interest entities (VIE) where we are deemed to be the primary beneficiary. All significant intercompany accounts and transactions have been eliminated.
Certain amounts have been reclassified to conform to the current period's presentation.
Earnings Per Common Share
There were a total of approximately 4.5 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for both the three and nine months ended September 30, 2025. There were a total of approximately 4.6 million and 4.5 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for the three and nine months ended September 30, 2024, respectively.
Cash, Cash Equivalents and Restricted Cash
We consider all highly liquid investments with an original maturity of 90 days or less when purchased to be cash equivalents. Cash equivalents are stated at cost, which approximates quoted market value and includes amounts held in money market funds.
Cash collections on the receivables and on the underlying receivables related to the participation interest collateralizing our asset-backed debt securities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash.
Cash, cash equivalents and restricted cash are included in the following line items in the condensed consolidated balance sheets:

| At September 30, |  | At December 31, |  | Increase / (Decrease)
(dollars in millions) | 2025 |  | 2024 |
Cash and cash equivalents | $ | 7,706 |  |  | $ | 4,194 |  |  | $ | 3,512 |
Restricted cash: |  |  |  |  |
Prepaid expenses and other | 303 |  |  | 319 |  |  | (16) |
Other assets | 147 |  |  | 122 |  |  | 25 |
Cash, cash equivalents and restricted cash | $ | 8,156 |  |  | $ | 4,635 |  |  | $ | 3,521 |

Note 2. Revenues and Contract Costs

We earn revenue from contracts with customers, primarily through the provision of telecommunications and other services and through the sale of wireless equipment.
Revenue by Category
We have two reportable segments that we operate and manage as strategic business units, Consumer and Business. Revenue is disaggregated by products and services within Consumer, and customer groups (Enterprise and Public Sector, Business Markets and Other, and Wholesale) within Business. See Note 10 for additional information on revenue by segment, including Corporate and other.
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We also earn revenues that are not accounted for under Topic 606 from leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and the interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement. We have elected the practical expedient within Topic 842, to combine the lease and non-lease components for those customer arrangements under Topic 606 that involve customer premise equipment where we are the lessor.
Remaining Performance Obligations
When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price may relate to service performance obligations which were not satisfied or were partially satisfied as of the end of the reporting period. Below we disclose information relating to these unsatisfied performance obligations. We apply the practical expedient available under Topic 606 that provides the option to exclude the expected revenues arising from unsatisfied performance obligations related to contracts that have an original expected duration of one year or less. This situation primarily arises with respect to certain month-to-month service contracts. At September 30, 2025, month-to-month service contracts represented approximately 95% of our wireless postpaid contracts and 94% of our wireline Consumer and our Business Markets and Other contracts, compared to September 30, 2024, for which month-to-month service contracts represented approximately 95% of both our wireless postpaid contracts and our wireline Consumer and our Business Markets and Other contracts.
Additionally, certain contracts provide customers the option to purchase additional services. The fees related to these additional services are recognized when the customer exercises the option (typically on a month-to-month basis).
Contracts for wireless services, with or without promotional credits that require maintenance of service, are generally either month-to-month and cancellable at any time, or considered to contain terms ranging from greater than one month to up to thirty-six months (typically under a device payment plan associated with a promotion or a fixed-term plan). Additionally, customers may incur charges based on usage or additional optional services purchased in conjunction with entering into a contract that can be cancelled at any time and therefore are not included in the transaction price. The transaction price allocated to service performance obligations, which are not satisfied or are partially satisfied as of the end of the reporting period, are generally related to contracts that are not accounted for as month-to-month contracts.
Our Consumer group customers also include traditional wholesale resellers that purchase and resell wireless service under their own brands to their respective customers. Reseller arrangements generally include a stated contract term, which typically extends longer than two years and, in some cases, include a periodic minimum revenue commitment over the contract term for which revenues will be recognized in future periods.
Consumer customer contracts for wireline services are generally month-to-month; however, they may have a service term of two years or shorter than twelve months. Certain contracts with Business customers for wireline services extend into future periods, contain fixed monthly fees and usage-based fees, and can include annual commitments in each year of the contract or commitments over the entire specified contract term; however, a significant number of contracts for wireline services with our Business customers have a contract term that is twelve months or less.
Additionally, there are certain contracts with Business customers for wireline services that have a contractual minimum fee over the total contract term. We cannot predict the time period when revenue will be recognized related to those contracts; thus, they are excluded from the expected recognition timeframe below. These contracts have varying terms spanning over approximately twenty-eight years ending in September 2053 and have aggregate contract minimum payments totaling $1.4 billion.
At September 30, 2025, the aggregate amount of the transaction price related to unsatisfied performance obligations was $53.8 billion, of which we expect to recognize substantially all of the revenue from origination over the next thirty-six months, with the remainder recognized thereafter. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations and changes in the timing and scope of contracts, arising from contract modifications.
Accounts Receivable and Contract Balances
The timing of revenue recognition may differ from the time of billing to our customers. Receivables presented in our condensed consolidated balance sheets represent an unconditional right to consideration. Contract balances represent amounts from an arrangement when either Verizon has performed, by transferring goods or services to the customer in advance of receiving all or partial consideration for such goods and services from the customer, or the customer has made payment to Verizon in advance of obtaining control of the goods and/or services promised to the customer in the contract.
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The following table presents information about receivables from contracts with customers:

| At September 30, |  | At December 31, |  |  |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Accounts Receivable(1) | $ | 9,109 |  |  | $ | 9,225 |  |  |  |  |
Device payment plan agreement receivables(2) | 19,927 |  |  | 19,766 |  |  |  |  |

(1)Balances do not include receivables related to the following: activity associated with certain vendor agreements, leasing arrangements (such as those for towers and equipment), captive reinsurance arrangements primarily related to wireless device insurance and device payment plan agreement receivables presented separately.
(2)Included in device payment plan agreement receivables presented in Note 6. Receivables derived from the sale of equipment on a device payment plan through an authorized agent are excluded.

Contract assets primarily relate to our rights to consideration for goods or services provided to customers but for which we do not have an unconditional right at the reporting date. Under a fixed-term plan, total contract revenue is allocated between wireless service and equipment revenues. In conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer when the performance obligation related to the transfer of control of the equipment is satisfied. The contract asset is reclassified to accounts receivable as wireless services are provided and billed. We have the right to bill the customer as service is provided over time, which results in our right to the payment being unconditional. The contract asset balances are presented in our condensed consolidated balance sheets as Prepaid expenses and other and Other assets. We recognize the allowance for credit losses at inception and reassess quarterly based on management’s expectation of the asset’s collectability.
Contract liabilities arise when we bill our customers and receive consideration in advance of providing the goods or services promised in the contract. We typically bill service one month in advance, which is the primary component of the contract liability balance. Contract liabilities are recognized as revenue when services are provided to the customer. The contract liability balances are presented in our condensed consolidated balance sheets as Other current liabilities and Other liabilities.
Revenues recognized related to contract liabilities existing at January 1, 2025 were $145 million and $5.0 billion for the three and nine months ended September 30, 2025, respectively. Revenues recognized related to contract liabilities existing at January 1, 2024 were $206 million and $4.9 billion for the three and nine months ended September 30, 2024, respectively.
The balances of contract assets and contract liabilities recorded in our condensed consolidated balance sheets were as follows:

| At September 30, |  | At December 31,
(dollars in millions) | 2025 |  | 2024
Assets |  |  |
Prepaid expenses and other | $ | 549 |  |  | $ | 621 |
Other assets | 292 |  |  | 321 |
Total Contract Assets | $ | 841 |  |  | $ | 942 |
Liabilities |  |  |
Other current liabilities | $ | 7,504 |  |  | $ | 7,492 |
Other liabilities | 2,237 |  |  | 2,186 |
Total Contract Liabilities | $ | 9,741 |  |  | $ | 9,678 |

Contract Costs
Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which are then amortized to expense over the respective periods of expected benefit. We recognize an asset for incremental commission expenses paid to internal and external sales personnel and agents in conjunction with obtaining customer contracts. We only defer these costs when we have determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recoverable. Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate. Costs to obtain postpaid wireless contracts are amortized over both of our Consumer and Business customers' estimated upgrade cycles, as such costs are typically incurred each time a customer upgrades. Costs to obtain prepaid wireless contracts and wireline contracts are amortized as expense over the estimated customer relationship period for our Consumer customers. Incremental costs to obtain wireline contracts for our Business customers are insignificant. Costs to obtain contracts are recorded in Selling, general and administrative expense in our condensed consolidated statements of income.
We also defer costs incurred to fulfill contracts that: (1) relate directly to the contract; (2) are expected to generate resources that will be used to satisfy our performance obligation under the contract; and (3) are expected to be recovered through revenue generated under the contract. Contract fulfillment costs are expensed as we satisfy our performance obligations and recorded in Cost of services. These costs principally relate to direct costs that enhance our wireline business resources, such as costs incurred to install circuits.
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We determine the amortization periods for our costs incurred to obtain or fulfill a customer contract at a portfolio level due to the similarities within these customer contract portfolios.
Other costs, such as general costs or costs related to past performance obligations, are expensed as incurred.
Collectively, costs to obtain a contract and costs to fulfill a contract are referred to as deferred contract costs, and amortized between a one-to-seven year period. Deferred contract costs are classified as current or non-current within Prepaid expenses and other and Other assets, respectively.
The balances of deferred contract costs included in our condensed consolidated balance sheets were as follows:

| At September 30, |  | At December 31,
(dollars in millions) | 2025 |  | 2024
Assets |  |  |
Prepaid expenses and other | $ | 3,146 |  |  | $ | 2,932 |
Other assets | 2,831 |  |  | 2,808 |
Total | $ | 5,977 |  |  | $ | 5,740 |

For the three and nine months ended September 30, 2025, we recognized expense of $901 million and $2.7 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income. For the three and nine months ended September 30, 2024, we recognized expense of $865 million and $2.5 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income.
We assess our deferred contract costs for impairment on a quarterly basis. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There were no impairment charges recognized for the three and nine months ended September 30, 2025 or September 30, 2024.

Note 3. Acquisitions and Divestitures

Spectrum License Transactions
In February 2021, the Federal Communications Commission (FCC) concluded Auction 107 for C-Band wireless spectrum. 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. During the nine months ended September 30, 2024, we made payments of $269 million for obligations related to clearing costs and accelerated clearing incentives. 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 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. The closing of this transaction is subject to the receipt of regulatory approvals and other closing conditions, including the sale of UScellular's wireless operations and select spectrum assets to T-Mobile US, Inc., which concluded in August 2025, and the termination of certain post-closing arrangements with respect to that sale.
Frontier Communications Parent, Inc.
On September 4, 2024, Verizon entered into an Agreement and Plan of Merger (the Merger Agreement) to acquire Frontier Communications Parent, Inc. (Frontier), a U.S. provider of broadband internet and other communication services. 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. In November 2024, Frontier shareholders approved the transaction. It has also been approved by the FCC, the Department of Justice and certain state regulators. Consummation of the transaction is subject to receipt of certain remaining regulatory approvals and other customary closing conditions. Under certain circumstances, if the Merger Agreement is terminated, Frontier may be required to pay Verizon a termination fee of $320 million. Under certain other specified circumstances, Verizon may be required to pay Frontier a termination fee of $590 million.
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Other
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. The closing of this transaction is subject to FCC approval and other customary closing conditions.

Note 4. Wireless Licenses, Goodwill, and Other Intangible Assets

Wireless Licenses
The carrying amounts of our Wireless licenses are as follows:

| At September 30, | At December 31,
(dollars in millions) | 2025 | 2024
Wireless licenses | $ | 156,926 |  | $ | 156,613 |

At September 30, 2025 and 2024, approximately $7.9 billion and $11.3 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. We recorded $338 million and $485 million of capitalized interest on wireless licenses for the nine months ended September 30, 2025 and 2024, respectively.
During the nine months ended September 30, 2025, we renewed various wireless licenses in accordance with FCC regulations. The average renewal period for these licenses was 10 years.
Goodwill
Changes in the carrying amount of Goodwill are as follows:

(dollars in millions) | Consumer |  | Business |  |  |  | Total
Balance at January 1, 2025(1) | $ | 21,177 |  |  | $ | 1,664 |  |  |  |  | $ | 22,841 |
Balance at September 30, 2025(1) | $ | 21,177 |  |  | $ | 1,664 |  |  |  |  | $ | 22,841 |

(1) Goodwill is net of accumulated impairment charges of $5.8 billion related to our Business reporting unit.
Other Intangible Assets
The following table displays the composition of Other intangible assets, net as well as the respective amortization periods:

| At September 30, 2025 |  | At December 31, 2024
(dollars in millions) | Gross Amount |  | Accumulated Amortization |  | Net Amount |  | Gross Amount |  | Accumulated Amortization |  | Net Amount
Customer lists (6 to 13 years) | $ | 4,245 |  |  | $ | (2,997) |  |  | $ | 1,248 |  |  | $ | 4,242 |  |  | $ | (2,629) |  |  | $ | 1,613 |
Non-network internal-use software (3 to 7 years) | 28,460 |  |  | (20,126) |  |  | 8,334 |  |  | 28,136 |  |  | (19,743) |  |  | 8,393 |
Other (4 to 25 years) | 2,673 |  |  | (1,739) |  |  | 934 |  |  | 2,664 |  |  | (1,541) |  |  | 1,123 |
Total | $ | 35,378 |  |  | $ | (24,862) |  |  | $ | 10,516 |  |  | $ | 35,042 |  |  | $ | (23,913) |  |  | $ | 11,129 |

The amortization expense for Other intangible assets was as follows:

| Three Months Ended |  | Nine Months Ended
(dollars in millions) | September 30, |  | September 30,
2025 | $ | 749 |  |  | $ | 2,237 |
2024 | 676 |  |  | 2,080 |

The estimated future amortization expense for Other intangible assets for the remainder of the current year and next 5 years is as follows:

Years | (dollars in millions)
Remainder of 2025 | $ | 764 |
2026 | 2,864 |
2027 | 2,307 |
2028 | 1,779 |
2029 | 1,104 |
2030 | 843 |

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Note 5. Debt

Significant Debt Transactions
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.
The following tables show the significant transactions involving the senior unsecured debt securities of the Company and its subsidiaries that occurred during the three and nine months ended September 30, 2025.
Exchange Offers

(dollars in millions) | Principal Amount Exchanged |  | Principal Amount Issued
Three Months Ended June 30, 2025 |  |  |
Verizon 1.450% - 7.750% notes and floating rate notes, due 2026 - 2030 | $ | 2,207 |  |  | $ | — |
Verizon 5.401% notes due 2037(1) | — |  |  | 2,162 |
Three Months Ended June 30, 2025 total | 2,207 |  |  | 2,162 |
Nine Months Ended September 30, 2025 total(2) | 2,207 |  |  | 2,162 |

(1) The principal amount issued in exchange does not include either an insignificant amount of cash paid in lieu of the issuance of fractional new notes or accrued and unpaid interest paid on the old notes accepted for exchange to the date of exchange.
(2) The debt exchange offers above meet the criteria to be accounted for as a modification of debt. As a result, the excess of the principal amount of notes exchanged over the principal amount of new notes issued of $45 million was recorded as a premium to Long-term debt in the consolidated balance sheets.
Tender Offers

(dollars in millions) | Principal Amount Purchased |  | Cash Consideration(1)
Three Months Ended June 30, 2025 |  |  |
Verizon 1.450% - 7.750% notes and floating rate notes, due 2026 - 2030(2) | $ | 503 |  |  | $ | 501 |
Three Months Ended June 30, 2025 total | $ | 503 |  |  | $ | 501 |
Nine Months Ended September 30, 2025 total | $ | 503 |  |  | $ | 501 |

(1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase.
(2) The tender offer was launched concurrently with the exchange offer discussed above and made available to different holders of the same series of notes.
Repayments, Redemptions and Repurchases

(dollars in millions) | Principal Repaid/ Redeemed/ Repurchased |  | Amount Paid(1)
Three Months Ended March 31, 2025 |  |  |
Verizon 4.050% notes due 2025 | A$ | 450 |  |  | $ | 365 |
Verizon 3.376% notes due 2025 | $ | 793 |  |  | 806 |
Verizon floating rate notes due 2025 | 487 |  |  | 490 |
Open market repurchases of various Verizon notes | 410 |  |  | 317 |
Three Months Ended March 31, 2025 total |  |  | $ | 1,978 |
Three Months Ended June 30, 2025 |  |  |
Verizon 0.875% notes due 2025 | € | 747 |  |  | $ | 840 |
Verizon 2.625% notes due 2026 | $ | 985 |  |  | 990 |
Open market repurchases of various Verizon notes | 438 |  |  | 328 |
Three Months Ended June 30, 2025 total |  |  | 2,158 |
Three Months Ended September 30, 2025 |  |  |
Verizon 3.250% notes due 2026 | € | 843 |  |  | $ | 1,032 |
Open market repurchases of various Verizon notes | $ | 458 |  |  | $ | 366 |
Three Months Ended September 30, 2025 total |  |  | 1,398 |
Nine Months Ended September 30, 2025 total |  |  | $ | 5,534 |

(1) Represents amount paid to repay, redeem or repurchase, including any accrued interest. In addition, for securities denominated in a currency other than the U.S. dollar, amount paid is shown on a U.S. dollar equivalent basis and includes the
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amount payable per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the transaction.
Issuances

(dollars in millions) | Principal Amount Issued |  | Net Proceeds(1)
Three Months Ended June 30, 2025 |  |  |
Verizon 5.250% notes due 2035(2) | $ | 2,250 |  |  | $ | 1,676 |
Three Months Ended June 30, 2025 total |  |  | $ | 1,676 |
Three Months Ended September 30, 2025 |  |  |
Verizon 3.250% notes due 2032 | € | 1,000 |  |  | $ | 1,142 |
Verizon 3.750% notes due 2037 | € | 1,000 |  |  | $ | 1,134 |
Three Months Ended September 30, 2025 total |  |  | $ | 2,276 |
Nine Months Ended September 30, 2025 total |  |  | $ | 3,952 |

(1) Net proceeds were net of underwriting discounts and other issuance costs. I n addition, for securities denominated in a currency other than the U.S. dollar, net proceeds are shown on a U.S. dollar equivalent basis. See Note 7 for additional information on derivative activity related to the issuances.
(2) We contributed $563 million principal amount of the notes to our pension plans, as discussed below.
Commercial Paper Program
During the nine months ended September 30, 2025, we issued $11.6 billion in net proceeds and made $11.6 billion in principal repayments of commercial paper. These transactions were recorded within Other, net cash flow from financing activities in our condensed consolidated statements of cash flows on a net basis. As of September 30, 2025, we had no commercial paper outstanding.
Asset-Backed Debt
As of September 30, 2025, the carrying value of our asset-backed debt was $27.1 billion. Our asset-backed debt includes Asset-Backed Notes (ABS Notes) issued to third-party investors (Investors), loans (ABS Financing Facilities) received from banks and their conduit facilities (collectively, the Banks), and sales of residual interests under our ABS Notes and certain ABS Financing Facilities (Class R Interest) under a master repurchase agreement (master repurchase agreement) with a bank (the Counterparty). Our consolidated asset-backed debt bankruptcy remote legal entities (each, an ABS Entity, or collectively, the ABS Entities) issue the debt or are otherwise party to the transaction documentation in connection with our asset-backed debt transactions. Under the terms of our asset-backed debt for ABS Notes and ABS Financing Facilities, Cellco Partnership (Cellco), a wholly-owned subsidiary of the Company, and certain other Company affiliates (collectively, the Originators) transfer device payment plan agreement receivables and certain other receivables (collectively referred to as certain receivables) or a participation interest in certain other receivables to one of the ABS Entities, which in turn transfers such receivables and participation interest to another ABS Entity that issues the debt. Verizon entities retain the equity interests and residual interests, as applicable, in the ABS Entities and the ABS Notes and ABS Financing Facilities, as applicable, which represent the rights to all funds not needed to make required payments on such asset-backed debt and other related payments and expenses.
Our asset-backed debt is secured by the transferred receivables, participation interest and Class R Interest, future collections on such receivables, underlying receivables related to such participation interest and such Class R Interest, as applicable. These receivables and participation interest transferred to the ABS Entities, such Class R Interest and related assets, consisting primarily of restricted cash, will only be available for payment of asset-backed debt and expenses related thereto, payments to the Originators in respect of additional transfers of certain receivables and participation interest, and other obligations arising from our asset-backed debt transactions, as applicable, and will not be available to pay other obligations or claims of Verizon’s creditors until the associated asset-backed debt and other obligations are satisfied. The Investors, Banks or Counterparty, as applicable, which hold our asset-backed debt have legal recourse to the assets securing the debt, but in the case of our ABS Notes and ABS Financing Facilities, do not have any recourse to Verizon with respect to the payment of principal and interest on the debt. Under a parent support agreement, the Company has agreed to guarantee certain of the payment obligations of Cellco and the Originators to the ABS Entities in connection with our ABS Notes and ABS Financing Facilities. In connection with the master repurchase agreement, the Company has agreed to unconditionally and irrevocably guarantee payment obligations of the related ABS Entity, including to repurchase Class R Interest from the Counterparty.
Cash collections on the receivables and on the underlying receivables related to the participation interest collateralizing our ABS Notes and ABS Financing Facilities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets.
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Proceeds from our asset-backed debt transactions are reflected in Cash flows from financing activities in our condensed consolidated statements of cash flows. The asset-backed debt issued is included in Debt maturing within one year and Long-term debt in our condensed consolidated balance sheets.
ABS Notes
During the nine months ended September 30, 2025, we completed the following ABS Notes transactions:

(dollars in millions) | Interest Rates % |  | Expected Weighted-average Life to Maturity (in years) | Principal Amount Issued
January 2025 |  |  |  |
Series 2025-1 |  |  |  |
A Senior class notes | 4.710 |  | 2.99 | $ | 535 |
B Junior class notes | 4.940 |  | 2.99 | 41 |
C Junior class notes | 5.090 |  | 2.99 | 25 |
Series 2025-2 |  |  |  |
A Senior class notes | 4.940 |  | 5.00 | 446 |
B Junior class notes | 5.160 |  | 5.00 | 34 |
C Junior class notes | 5.340 |  | 5.00 | 20 |
January 2025 total |  |  |  | 1,101 |
March 2025 |  |  |  |
Series 2025-3 |  |  |  |
A-1a Senior class notes | 4.510 |  | 1.97 | 706 |
A-1b Senior class notes | Compounded SOFR + 0.550(1) |  | 1.97 | 185 |
B Junior class notes | 4.770 |  | 1.97 | 68 |
C Junior class notes | 4.900 |  | 1.97 | 41 |
Series 2025-4 |  |  |  |
A Senior class notes | 4.760 |  | 4.97 | 446 |
B Junior class notes | 5.020 |  | 4.97 | 34 |
C Junior class notes | 5.200 |  | 4.97 | 20 |
March 2025 total |  |  |  | 1,500 |
June 2025 |  |  |  |
Series 2025-5 |  |  |  |
A-1a Senior class notes | 4.400 |  | 2.99 | 401 |
A-1b Senior class notes | Compounded SOFR + 0.550(1) |  | 2.99 | 134 |
B Junior class notes | 4.640 |  | 2.99 | — |
C Junior class notes | 4.840 |  | 2.99 | 25 |
Series 2025-6 |  |  |  |
A Senior class notes | 4.620 |  | 4.99 | 267 |
B Junior class notes | 4.860 |  | 4.99 | — |
C Junior class notes | 5.060 |  | 4.99 | 12 |
June 2025 total |  |  |  | 839 |

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September 2025 |  |  |  |
Series 2025-7 |  |  |  |
A-1a Senior class notes | 3.960 |  | 2.93 | 601 |
A-1b Senior class notes | Compounded SOFR + 0.520(1) |  | 2.93 | 200 |
B Junior class notes | 4.210 |  | 2.93 | — |
C Junior class notes | 4.400 |  | 2.93 | 37 |
Series 2025-8 |  |  |  |
A Senior class notes | 4.160 |  | 4.93 | 356 |
B Junior class notes | 4.410 |  | 4.93 | 27 |
C Junior class notes | 4.600 |  | 4.93 | 16 |
September 2025 total |  |  |  | 1,237 |
Total |  |  |  | $ | 4,677 |

(1) Compounded Secured Overnight Financing Rate (SOFR) is calculated using SOFR as published by the Federal Reserve Bank of New York in accordance with the terms of such notes. Compounded SOFR for the interest payment made in September 2025 was 4.38%.
Under the terms of each series of ABS Notes outstanding as of September 30, 2025, there is a revolving period of up to two years, three years, or five years, as applicable, during which we may transfer additional receivables to the ABS Entity. During the nine months ended September 30, 2025, we made aggregate principal repayments of $3.2 billion in connection with an anticipated redemption of ABS Notes.
During the three and nine months ended September 30, 2025, we sold certain of our initially offered but retained ABS Notes (collectively, the Retained Notes) for cash of $394 million and $523 million, respectively.
ABS Financing Facilities
Under the two loan agreements outstanding in connection with the ABS Financing Facility originally entered into in 2021 and most recently renewed in 2025 (2021 ABS Financing Facility), we prepaid an aggregate of $250 million in February 2025, prepaid an aggregate of $1.4 billion in March 2025, borrowed an additional $1.1 billion in April 2025, prepaid an aggregate of $200 million and borrowed an additional $100 million in June 2025 and prepaid an aggregate of $1.1 billion in September 2025. The aggregate outstanding balance under the 2021 ABS Financing Facility was $6.4 billion as of September 30, 2025.
Under the loan agreement outstanding in connection with the ABS Financing Facility originally entered into in 2022 and most recently renewed in 2024 (2022 ABS Financing Facility), we prepaid an aggregate of $163 million in February 2025, borrowed an additional $189 million in March 2025 and prepaid an aggregate of $241 million in April 2025. T he aggregate outstanding balance under the 2022 ABS Financing Facility was $4.8 billion as of September 30, 2025.
Master Repurchase Agreement
In September 2025, we entered into a master repurchase agreement with the Counterparty to sell residual interests under our ABS Notes and certain ABS Financing Facilities for a maximum of $750 million with a simultaneous agreement to repurchase the Class R Interest at a later date for a specific price. Under the terms of the master repurchase agreement, which is accounted for as a secured borrowing, the Counterparty is sold certain Class R Interest for a specific period of time without the right to further sell or repledge such Class R Interest. However, we have the right and obligation to repurchase the Class R Interest, or substantially similar assets sold to the Counterparty, upon the maturity of the master repurchase agreement.
During the three and nine months ended September 30, 2025, we received $750 million under the master repurchase agreement which remained outstanding as of September 30, 2025 and is collateralized by certain Class R interest. The master repurchase agreement has a remaining maturity of less than one year and is classified as Debt maturing within one year in our condensed consolidated balance sheets. The estimated fair value of such Class R Interest was $1.1 billion as of September 30, 2025.
Variable Interest Entities
The ABS Entities meet the definition of a VIE for which we have determined that we are the primary beneficiary as we have both the power to direct the activities of the entity that most significantly impact the entity's performance and the obligation to absorb losses or the right to receive benefits of the entity. Therefore, the assets, liabilities and activities of the ABS Entities are consolidated in our financial results and are included in amounts presented on the face of our condensed consolidated balance sheets.
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The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows:

| At September 30, |  | At December 31,
(dollars in millions) | 2025 |  | 2024
Assets |  |  |
Accounts receivable, net | $ | 18,381 |  |  | $ | 18,339 |
Prepaid expenses and other | 305 |  |  | 322 |
Other assets | 11,949 |  |  | 11,647 |
Liabilities |  |  |
Accounts payable and accrued liabilities | 34 |  |  | 37 |
Debt maturing within one year | 15,523 |  |  | 17,312 |
Long-term debt | 11,539 |  |  | 8,827 |

The Accounts receivable, net amounts above do not include underlying receivables for which a participation interest has been transferred to the ABS Entities. See Note 6 for additional information on certain receivables and participation interest used to secure asset-backed debt.
Long-Term Credit Facilities

|  |  |  |  | At September 30, 2025 |  |  |  |
(dollars in millions) | Maturities |  | Facility Capacity |  | Unused Capacity |  | Principal Amount Outstanding |  |  |  |
Verizon revolving credit facility(1) | 2028 |  | $ | 12,000 |  |  | $ | 11,977 |  |  | $ | — |  |  |  |  |
Various export credit facilities(2) | 2025 - 2031 |  | 10,000 |  |  | — |  |  | 4,588 |  |  |  |  |
Total |  |  | $ | 22,000 |  |  | $ | 11,977 |  |  | $ | 4,588 |  |  |  |  |

(1) The revolving credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. The revolving credit facility provides for the issuance of letters of credit. As of September 30, 2025, there have been no drawings against the revolving credit facility since its inception.
(2) During the nine months ended September 30, 2025 and 2024, 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. Maturities reflect maturity dates of principal amounts outstanding. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.
Non-Cash Transactions
During the nine months ended September 30, 2025 and 2024, we financed, primarily through alternative financing arrangements, the purchase of approximately $1.7 billion and $1.2 billion, respectively, consisting primarily of network equipment. As of September 30, 2025 and December 31, 2024, $2.9 billion and $2.5 billion, respectively, relating to these financing arrangements, including those entered into in prior years and liabilities assumed through acquisitions, remained outstanding. These purchases are non-cash financing activities and therefore are not reflected within Capital expenditures in our condensed consolidated statements of cash flows.
During the nine months ended September 30, 2025, we made a discretionary non-cash contribution to our qualified pension plans in the amount of $563 million. The contribution was made from the principal amount of aggregate notes issued of approximately $2.3 billion due 2035, with an interest rate of 5.250% per year. This contribution is a non-cash operating activity and therefore is not reflected within Other, net cash flow from operating activities in our condensed consolidated statements of cash flows.
Net Debt Extinguishment Gains
During the three months ended September 30, 2025 and 2024, we recorded net debt extinguishment gains of $94 million and $90 million, respectively. During the nine months ended September 30, 2025 and 2024, we recorded net debt extinguishment gains of $272 million and $289 million, respectively. T he net gains are recorded in Other income, net in our condensed consolidated statements of income. The total non-cash debt extinguishment gains are reflected within Other, net cash flow from operating activities in our condensed consolidated statements of cash flows. The total cash payments to extinguish the debt are reflected within Other, net cash flow from financing activities in our condensed consolidated statements of cash flows.
Guarantees
We guarantee the debentures of our operating telephone company subsidiaries. As of September 30, 2025, $614 million aggregate principal amount of these obligations remained outstanding. Each guarantee will remain in place for the life of the
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obligation unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of the Company.
Debt Covenants
We and our consolidated subsidiaries are in compliance with all of our restrictive covenants in our debt agreements.

Note 6. Device Payment Plan Agreement and Wireless Service Receivables

The following table presents information about accounts receivable, net of allowances, recorded in our condensed consolidated balance sheet:

| At September 30, 2025
(dollars in millions) | Device payment plan agreement |  | Wireless service |  | Other receivables(1) |  | Total
Accounts receivable | $ | 15,738 |  |  | $ | 6,123 |  |  | $ | 5,222 |  |  | $ | 27,083 |
Less Allowance for credit losses | 740 |  |  | 242 |  |  | 181 |  |  | 1,163 |
Accounts receivable, net of allowance | $ | 14,998 |  |  | $ | 5,881 |  |  | $ | 5,041 |  |  | $ | 25,920 |

(1) Other receivables primarily include wireline and other receivables, of which the allowances are individually insignificant.
Included in Other assets and Accounts receivable, net at September 30, 2025 and December 31, 2024, are net device payment plan agreement receivables, net wireless service receivables and net other receivables of $30.2 billion and $29.9 billion, respectively, which have been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets. Included in Accounts receivable, net at September 30, 2025 and December 31, 2024, are net other receivables of $838 million and $1.2 billion, respectively, on which a participation interest has been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets. See Note 5 for additional information. We believe the carrying value of these receivables approximate their fair value using a Level 3 expected cash flow model.
Under the Verizon device payment program, our eligible wireless customers purchase wireless devices under a device payment plan agreement. Customers that activate service on devices purchased under the device payment program pay lower service fees as compared to those under our fixed-term service plans, and their device payment plan charge is included on their wireless monthly bill. While we no longer offer Consumer customers fixed-term subsidized service plans for devices, we continue to offer subsidized plans to our Business customers. We also continue to service existing plans for customers who have not yet purchased and activated devices under the Verizon device payment program.
Wireless Device Payment Plan Agreement Receivables
The following table displays both the current and non-current portions of device payment plan agreement receivables, net, recognized in our condensed consolidated balance sheets:

| At September 30, |  | At December 31,
(dollars in millions) | 2025 |  | 2024
Device payment plan agreement receivables, gross | $ | 31,445 |  |  | $ | 31,308 |
Unamortized imputed interest | (1,005) |  |  | (975) |
Device payment plan agreement receivables, at amortized cost | 30,440 |  |  | 30,333 |
Allowance(1) | (1,427) |  |  | (1,315) |
Device payment plan agreement receivables, net | $ | 29,013 |  |  | $ | 29,018 |
Classified in our condensed consolidated balance sheets: |  |  |
Accounts receivable, net | $ | 14,998 |  |  | $ | 15,141 |
Other assets | 14,015 |  |  | 13,877 |
Device payment plan agreement receivables, net | $ | 29,013 |  |  | $ | 29,018 |

(1) Includes allowance for both short-term and long-term device payment plan agreement receivables.
For indirect channel wireless contracts with customers, we impute risk adjusted interest on the device payment plan agreement receivables. We record the imputed interest as a reduction to the related accounts receivable. The associated interest income, which is included within Service revenues and other in our condensed consolidated statements of income, is recognized over the financed device payment term.
Promotions
In connection with certain device payment plan agreements, we may offer a promotion to allow our customers to upgrade to a new device after paying down a certain specified portion of the required device payment plan agreement amount as well as trading in their device in good working order. When a customer enters into a device payment plan agreement with the right to upgrade to a new device, we account for this trade-in right as a guarantee obligation.
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We may offer certain promotions that allow a customer to trade in their owned device in connection with the purchase of a new device. Under these types of promotions, the customer receives a credit for the value of the trade-in device. At September 30, 2025 and December 31, 2024, the amount of trade-in liability was $300 million and $396 million, respectively.
In addition, we may provide the customer with additional future billing credits that will be applied against the customer’s monthly bill as long as service is maintained. These future billing credits are accounted for as consideration payable to a customer and are included in the determination of total transaction price, resulting in a contract liability.
Device payment plan agreement receivables, net, disclosed in the table above, does not reflect the trade-in liability, additional future credits or the guarantee liability.
Origination of Device Payment Plan Agreements
When originating device payment plan agreements, we use internal and external data sources to create a credit risk score to measure the credit quality of a customer and to determine eligibility for the device payment program. Verizon's experience has been that the payment attributes of longer tenured customers are highly predictive for estimating their reliability to make future payments. Customers with longer tenures tend to exhibit similar risk characteristics to other customers with longer tenures, and receivables due from customers with longer tenures tend to perform better than receivables from customers that have not previously been Verizon customers. As a result of this experience, we make initial lending decisions based upon whether the customers are "established customers" or "short-tenured customers." If a Consumer customer has been a customer for 45 days or more, or if a Business customer has been a customer for 12 months or more, the customer is considered an "established customer." For established customers, the credit decision and ongoing credit monitoring processes rely on a combination of internal and external data sources. If a Consumer customer has been a customer less than 45 days, or a Business customer has been a customer for less than 12 months, the customer is considered a "short-tenured customer." For short-tenured customers, the credit decision and credit monitoring processes rely more heavily on external data sources.
Available external credit data from credit reporting agencies along with internal data are used to create custom credit risk scores for Consumer customers. The custom credit risk score is generated automatically from the applicant's credit data using proprietary custom credit models. The credit risk score measures the likelihood that the potential customer will become severely delinquent and be disconnected for non-payment. For a small portion of short-tenured customer applications, a traditional credit report is not available from one of the national credit reporting agencies because the potential customer does not have sufficient credit history. In those instances, alternative credit data is used for the risk assessment. For Business customers, we also verify the existence of the business with external data sources.
Based on the custom credit risk score, we assign each customer a credit class, each of which has specified offers of credit. This includes an account level spending limit and a maximum amount of credit allowed per device for Consumer customers or a required down payment percentage for Business customers.
Credit Quality Information
Subsequent to origination, we assess indicators for the quality of our wireless device payment plan agreement portfolio using two models, one for new customers and one for existing customers. The model for new customers pools all Consumer and Business wireless customers based on less than 210 days as "new customers." The model for existing customers pools all Consumer and Business wireless customers based on 210 days or more as "existing customers."
The following table presents device payment plan agreement receivables, at amortized cost, and gross write-offs recorded, as of and for the nine months ended September 30, 2025, by credit quality indicator and year of origination:

| Year of Origination(1) |  |
(dollars in millions) | 2025 |  | 2024 |  | 2023 and prior |  |  |  | Total
Device payment plan agreement receivables, at amortized cost |  |  |  |  |  |  |  |  |
New customers | $ | 2,603 |  |  | $ | 1,952 |  |  | $ | 733 |  |  |  |  | $ | 5,288 |
Existing customers | 11,424 |  |  | 9,631 |  |  | 4,097 |  |  |  |  | 25,152 |
Total | $ | 14,027 |  |  | $ | 11,583 |  |  | $ | 4,830 |  |  |  |  | $ | 30,440 |
Gross write-offs |  |  |  |  |  |  |  |  |
New customers | $ | 110 |  |  | $ | 421 |  |  | $ | 135 |  |  |  |  | $ | 666 |
Existing customers | 21 |  |  | 161 |  |  | 155 |  |  |  |  | 337 |
Total | $ | 131 |  |  | $ | 582 |  |  | $ | 290 |  |  |  |  | $ | 1,003 |

(1) Includes accounts that have been suspended at a point in time.
The data presented in the table above was last updated on September 30, 2025.
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We assess indicators for the quality of our wireless service receivables portfolio as one overall pool. The following table presents wireless service receivables, at amortized cost, and gross write-offs recorded, as of and for the nine months ended September 30, 2025, by year of origination:

| Year of Origination |  |
(dollars in millions) | 2025 |  | 2024 and prior |  |  |  | Total
Wireless service receivables, at amortized cost | $ | 6,041 |  |  | $ | 82 |  |  |  |  | $ | 6,123 |
Gross write-offs | 201 |  |  | 189 |  |  |  |  | 390 |

The data presented in the table above was last updated on September 30, 2025.
Allowance for Credit Losses
The credit quality indicators are used in determining the estimated amount and the timing of expected credit losses for the device payment plan agreement and wireless service receivables portfolios.
For device payment plan agreement receivables, we record bad debt expense based on a default and loss calculation using our proprietary loss model. The expected loss rate is determined based on customer credit scores and other qualitative factors as noted above. The loss rate is assigned individually on a customer by customer basis and the custom credit scores are then aggregated by vintage and used in our proprietary loss model to calculate the weighted-average loss rate used for determining the allowance balance.
We monitor the collectability of our wireless service receivables as one overall pool. Wireline service receivables are disaggregated and pooled by the following types of customers and related contracts: consumer, small and medium business, enterprise, public sector and wholesale. For wireless service receivables and wireline consumer and small and medium business receivables, the allowance is calculated based on a 12 month rolling average write-off balance multiplied by the average life-cycle of an account from billing to write-off. The risk of loss is assessed over the contractual life of the receivables and is adjusted based on the historical loss amounts for current and future conditions based on management's qualitative considerations. For enterprise, public sector and wholesale wireline receivables, the allowance for credit losses is based on historical write-off experience and individual customer credit risk, if applicable.
Activity in the allowance for credit losses by portfolio segment of receivables was as follows:

(dollars in millions) | Device Payment Plan Agreement Receivables(1) |  | Wireless Service Plan Receivables
Balance at January 1, 2025 | $ | 1,315 |  |  | $ | 240 |
Current period provision for expected credit losses | 1,080 |  |  | 355 |
Write-offs charged against the allowance | (1,003) |  |  | (390) |
Recoveries collected | 35 |  |  | 37 |
Balance at September 30, 2025 | $ | 1,427 |  |  | $ | 242 |

(1) Includes allowance for both short-term and long-term device payment plan agreement receivables.
We monitor delinquency and write-off experience based on the quality of our device payment plan agreement and wireless service receivables portfolios. The extent of our collection efforts with respect to a particular customer are based on the results of our proprietary custom internal scoring models that analyze the customer's past performance to predict the likelihood of the customer falling further delinquent. These custom scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Since our customers’ behaviors may be impacted by general economic conditions, we analyzed whether changes in macroeconomic conditions impact our credit loss experience and have concluded that our credit loss estimates are generally not materially impacted by reasonable and supportable forecasts of future economic conditions. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts. For device payment plan agreement receivables and wireless service receivables, we consider an account to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill’s due date. The risk class determines the speed and severity of the collections effort including initiatives taken to facilitate customer payment.
The balance and aging of the device payment plan agreement receivables, at amortized cost, were as follows:

| At September 30, |  |
(dollars in millions) | 2025 |  |
Unbilled | $ | 28,930 |  |  |
Billed: |  |  |
Current | 1,178 |  |  |
Past due | 332 |  |  |
Device payment plan agreement receivables, at amortized cost | $ | 30,440 |  |  |

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Note 7. Fair Value Measurements and Financial Instruments

Recurring Fair Value Measurements
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of September 30, 2025:

(dollars in millions) | Level 1(1) |  | Level 2(2) |  | Level 3(3) |  | Total
Assets: |  |  |  |  |  |  |
Prepaid expenses and other: |  |  |  |  |  |  |
Fixed income securities | $ | — |  |  | $ | 32 |  |  | $ | — |  |  | $ | 32 |
Cross currency swaps | — |  |  | 1 |  |  | — |  |  | 1 |
Foreign exchange forwards | — |  |  | 1 |  |  | — |  |  | 1 |
Other assets: |  |  |  |  |  |  |
Marketable equity securities | 309 |  |  | — |  |  | — |  |  | 309 |
Fixed income securities | — |  |  | 304 |  |  | — |  |  | 304 |
Cross currency swaps | — |  |  | 1,366 |  |  | — |  |  | 1,366 |
Total | $ | 309 |  |  | $ | 1,704 |  |  | $ | — |  |  | $ | 2,013 |
Liabilities: |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 1,877 |  |  | $ | — |  |  | $ | 1,877 |
Cross currency swaps | — |  |  | 166 |  |  | — |  |  | 166 |
Foreign exchange forwards | — |  |  | 3 |  |  | — |  |  | 3 |
Treasury rate locks | — |  |  | 97 |  |  | — |  |  | 97 |
Other liabilities: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 2,830 |  |  | — |  |  | 2,830 |
Cross currency swaps | — |  |  | 1,074 |  |  | — |  |  | 1,074 |
Total | $ | — |  |  | $ | 6,047 |  |  | $ | — |  |  | $ | 6,047 |

(1)Quoted prices in active markets for identical assets or liabilities.
(2)Observable inputs other than quoted prices in active markets for identical assets and liabilities.
(3)Unobservable pricing inputs in the market.
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:

(dollars in millions) | Level 1(1) |  | Level 2(2) |  | Level 3(3) |  | Total
Assets: |  |  |  |  |  |  |
Prepaid expenses and other: |  |  |  |  |  |  |
Fixed income securities | $ | — |  |  | $ | 16 |  |  | $ | — |  |  | $ | 16 |
Interest rate caps | — |  |  | 3 |  |  | — |  |  | 3 |
Other assets: |  |  |  |  |  |  |
Fixed income securities | — |  |  | 269 |  |  | — |  |  | 269 |
Cross currency swaps | — |  |  | 500 |  |  | — |  |  | 500 |
Total | $ | — |  |  | $ | 788 |  |  | $ | — |  |  | $ | 788 |
Liabilities: |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |
Interest rate swaps | $ | — |  |  | $ | 1,964 |  |  | $ | — |  |  | $ | 1,964 |
Cross currency swaps | — |  |  | 345 |  |  | — |  |  | 345 |
Foreign exchange forwards | — |  |  | 5 |  |  | — |  |  | 5 |
Interest rate caps | — |  |  | 3 |  |  | — |  |  | 3 |
Other liabilities: |  |  |  |  |  |  |
Interest rate swaps | — |  |  | 3,338 |  |  | — |  |  | 3,338 |
Cross currency swaps | — |  |  | 2,344 |  |  | — |  |  | 2,344 |
Total | $ | — |  |  | $ | 7,999 |  |  | $ | — |  |  | $ | 7,999 |

(1)Quoted prices in active markets for identical assets or liabilities.
(2)Observable inputs other than quoted prices in active markets for identical assets and liabilities.
(3)Unobservable pricing inputs in the market.
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Certain of our equity investments do not have readily determinable fair values and are excluded from the tables above. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer and are included in Investments in unconsolidated businesses in our condensed consolidated balance sheets. As of September 30, 2025 and December 31, 2024, the carrying amount of our investments without readily determinable fair values was $714 million and $724 million, respectively. During the three and nine months ended September 30, 2025, there were insignificant adjustments due to observable price changes and there were insignificant impairment charges. As of September 30, 2025, cumulative adjustments due to observable price changes and impairment charges were $191 million and $141 million, respectively.
Fixed income securities consist primarily of investments in municipal bonds. The valuation of the fixed income securities is based on the quoted prices for similar assets in active markets or identical assets in inactive markets or models that apply inputs from observable market data. The valuation determines that these securities are classified as Level 2.
Derivative contracts are valued using models based on readily observable market parameters for all substantial terms of our derivative contracts and thus are classified within Level 2. We use mid-market pricing for fair value measurements of our derivative instruments. Our derivative instruments are recorded on a gross basis.
We recognize transfers between levels of the fair value hierarchy as of the end of the reporting period.
Fair Value of Short-term and Long-term Debt
The fair value of our debt is determined using various methods, including quoted prices for identical debt instruments, which is a Level 1 measurement, as well as quoted prices for similar debt instruments with comparable terms and maturities, which is a Level 2 measurement.
The fair value of our short-term and long-term debt, excluding finance leases, was as follows:

|  |  | Fair Value
(dollars in millions) | Carrying Amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
At September 30, 2025 | $ | 144,276 |  |  | $ | 84,492 |  |  | $ | 57,990 |  |  | $ | — |  |  | $ | 142,482 |
At December 31, 2024 | 141,665 |  |  | 81,552 |  |  | 55,464 |  |  | — |  |  | 137,016 |

Derivative Instruments
We enter into derivative transactions primarily to manage our exposure to fluctuations in foreign currency exchange rates and interest rates. We employ risk management strategies, which may include the use of a variety of derivatives including interest rate swaps, cross currency swaps, forward starting interest rate swaps, treasury rate locks, interest rate caps, swaptions and foreign exchange forwards. We do not hold derivatives for trading purposes.
The following table sets forth the notional amounts of our outstanding derivative instruments:

| At September 30, |  | At December 31,
(dollars in millions) | 2025 |  | 2024
Interest rate swaps | $ | 23,040 |  |  | $ | 24,025 |
Cross currency swaps | 32,177 |  |  | 32,053 |
Treasury rate locks | 6,000 |  |  | — |
Foreign exchange forwards | 750 |  |  | 620 |

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The following tables summarize the activities of our designated derivatives:

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Interest Rate Swaps: |  |  |  |  |  |  |
Notional value entered into | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Notional value settled | — |  |  | 1,254 |  |  | 985 |  |  | 1,254 |
Pre-tax gain (loss) recognized in Interest expense | — |  |  | (2) |  |  | — |  |  | 1 |
Cross Currency Swaps: |  |  |  |  |  |  |
Notional value entered into | 2,294 |  |  | — |  |  | 2,294 |  |  | 2,146 |
Notional value settled | 995 |  |  | — |  |  | 2,170 |  |  | 3,619 |
Pre-tax gain (loss) on cross currency swaps recognized in Interest expense | (206) |  |  | 1,272 |  |  | 3,293 |  |  | 438 |
Pre-tax gain (loss) on hedged debt recognized in Interest expense | 206 |  |  | (1,272) |  |  | (3,293) |  |  | (438) |
Excluded components recognized in Other comprehensive loss | (191) |  |  | (573) |  |  | (1,068) |  |  | (407) |
Initial value of the excluded component amortized into Interest expense | 23 |  |  | 23 |  |  | 70 |  |  | 73 |
Treasury Rate Locks: |  |  |  |  |  |  |
Notional value entered into | 1,100 |  |  | 1,000 |  |  | 6,000 |  |  | 1,000 |
Notional value settled | — |  |  | 1,000 |  |  | — |  |  | 1,000 |
Pre-tax loss recognized in Other comprehensive loss | (42) |  |  | (21) |  |  | (97) |  |  | (21) |

| Nine Months Ended
| September 30,
(dollars in millions) | 2025 |  | 2024
Other, net Cash Flows from Operating Activities: |  |  |
Cash paid for settlement of interest rate swaps, net | $ | (45) |  |  | $ | (6) |
Cash received (paid) for settlement of treasury rate locks | — |  |  | (21) |
Other, net Cash Flows from Financing Activities: |  |  |
Cash paid for settlement of cross currency swaps, net | (91) |  |  | (243) |

The following table displays the amounts recorded in Long-term debt in our condensed consolidated balance sheets related to cumulative basis adjustments for our interest rate swaps designated as fair value hedges. The cumulative amounts exclude cumulative basis adjustments related to foreign exchange risk.

| At September 30, |  | At December 31,
(dollars in millions) | 2025 |  | 2024
Carrying amount of hedged liabilities | $ | 18,434 |  |  | $ | 18,863 |
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities | (4,598) |  |  | (5,192) |
Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued | 223 |  |  | 281 |

Interest Rate Swaps
We enter into interest rate swaps to achieve a targeted mix of fixed and variable rate debt. We principally receive fixed rates and pay variable rates, resulting in a net increase or decrease to Interest expense. These swaps are designated as fair value hedges and hedge against interest rate risk exposure of designated debt issuances. We record the interest rate swaps at fair value in our condensed consolidated balance sheets as assets and liabilities. Changes in the fair value of the interest rate swaps are recorded to Interest expense, which are primarily offset by changes in the fair value of the hedged debt due to changes in interest rates.
Cross Currency Swaps
We have entered into cross currency swaps to exchange our British Pound Sterling, Euro, Swiss Franc, Canadian Dollar and Australian Dollar-denominated cash flows into U.S. dollars and to fix our cash payments in U.S. dollars, as well as to mitigate the impact of foreign currency transaction gains or losses. These swaps are designated as fair value hedges. We record the cross currency swaps at fair value in our condensed consolidated balance sheets as assets and liabilities. Changes in the fair value of the cross currency swaps attributable to changes in the spot rate of the hedged item and changes in the recorded value of the hedged debt due to changes in spot rates are recorded in the same income statement line item. We present exchange gains and losses from the conversion of foreign currency denominated debt as a part of Interest expense. During the three and nine months ended September 30, 2025 and September 30, 2024, these amounts completely offset each other and no net gain or loss was recorded.
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Changes in the fair value of cross currency swaps attributable to time value and cross currency basis spread are initially recorded to Other comprehensive loss. Unrealized gains or losses on excluded components are recorded in Other comprehensive loss and are recognized into Interest expense on a systematic and rational basis through the swap accrual over the life of the hedging instrument.
On March 31, 2022, we elected to de-designate our cross currency swaps previously designated as cash flow hedges and re-designated these swaps as fair value hedges. The amount remaining in Accumulated other comprehensive loss related to cash flow hedges on the date of transition will be reclassified to earnings when the hedged item is recognized in earnings or when it becomes probable that the forecasted transactions will not occur. For the fair value hedges, we elected to exclude the change in fair value of the cross currency swaps related to both time value and cross currency basis spread from the assessment of hedge effectiveness (the excluded components). The initial value of the excluded components of $1.0 billion as of March 31, 2022 will continue to be amortized into Interest expense over the remaining life of the hedging instruments. During the three and nine months ended September 30, 2025 and September 30, 2024, the amortization of the initial value of the excluded component completely offset the amortization related to the amount remaining in Other comprehensive loss related to cash flow hedges. See Note 9 for additional information. We estimate that $87 million will be amortized into Interest expense within the next 12 months.
Net Investment Hedges
We have designated certain foreign currency debt instruments as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. The notional amount of Euro-denominated debt designated as a net investment hedge was €750 million as of both September 30, 2025 and December 31, 2024.
Treasury Rate Locks
We enter into treasury rate locks designated as cash flow hedges to mitigate our interest rate risk on future transactions. We recognize gains and losses resulting from interest rate movements in Other comprehensive loss.
We also enter into undesignated treasury rate locks to mitigate our interest rate risk on future transactions. We recognize gains and losses resulting from interest rate movements in Interest expense.
Undesignated Derivatives
We also have the following derivative contracts which we use as economic hedges but for which we have elected not to apply hedge accounting.
The following table summarizes the activity of our derivatives not designated in hedging relationships:

| Three Months Ended |  | Nine Months Ended
| September 30, | September 30,
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Foreign Exchange Forwards: |  |  |  |  |  |  |
Notional value entered into | $ | 2,050 |  |  | $ | 1,660 |  |  | $ | 6,030 |  |  | $ | 6,940 |
Notional value settled | 2,030 |  |  | 1,640 |  |  | 5,900 |  |  | 7,370 |
Pre-tax gain (loss) recognized in Other income, net | (8) |  |  | 21 |  |  | 80 |  |  | (2) |
Treasury Rate Locks: |  |  |  |  |  |  |
Notional value entered into | — |  |  | — |  |  | 1,250 |  |  | — |
Notional value settled | — |  |  | — |  |  | 1,250 |  |  | — |
Pre-tax loss recognized in Interest expense | — |  |  | — |  |  | (5) |  |  | — |

Foreign Exchange Forwards
We entered into Euro foreign exchange forwards, and in prior periods, British Pound Sterling foreign exchange forwards to mitigate our foreign exchange rate risk related to non-functional currency denominated monetary assets and liabilities of international subsidiaries.
Concentrations of Credit Risk
Financial instruments that subject us to concentrations of credit risk consist primarily of temporary cash investments, short-term and long-term investments, trade receivables, including device payment plan agreement receivables, certain notes receivable, including lease receivables, and derivative contracts.
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. 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
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the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value. At September 30, 2025, we did not hold any collateral. 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. At December 31, 2024, we did not hold any collateral. 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. 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.

Note 8. Employee Benefits

We maintain non-contributory defined benefit pension plans for certain employees. In addition, we maintain postretirement health care and life insurance plans for certain retirees and their dependents, which are both contributory and non-contributory, and include a limit on our share of the cost for certain current and future retirees. In accordance with our accounting policy for pension and other postretirement benefits, operating expenses include service costs associated with pension and other postretirement benefits while other credits and/or charges based on actuarial assumptions, including projected discount rates, an estimated return on plan assets, and impact from health care trend rates are reported in Other income, net. These estimates are updated in the fourth quarter or upon a remeasurement event, to reflect actual return on plan assets and updated actuarial assumptions. The adjustment is recognized in the income statement during the fourth quarter and upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains and losses.
Net Periodic Benefit Cost
The following tables summarize the components of net periodic benefit cost related to our pension and postretirement health care and life insurance plans:

| (dollars in millions)
| Pension |  | Health Care and Life
Three Months Ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost - Cost of services | $ | 34 |  |  | $ | 39 |  |  | $ | 7 |  |  | $ | 11 |
Service cost - Selling, general and administrative expense | 6 |  |  | 6 |  |  | 1 |  |  | 2 |
Service cost | $ | 40 |  |  | $ | 45 |  |  | $ | 8 |  |  | $ | 13 |
Amortization of prior service cost (credit) | $ | 28 |  |  | $ | 28 |  |  | $ | (33) |  |  | $ | (32) |
Expected return on plan assets | (133) |  |  | (134) |  |  | (7) |  |  | (7) |
Interest cost | 102 |  |  | 111 |  |  | 137 |  |  | 136 |
Remeasurement gain, net | (31) |  |  | (46) |  |  | — |  |  | — |
Other components | $ | (34) |  |  | $ | (41) |  |  | $ | 97 |  |  | $ | 97 |
Total | $ | 6 |  |  | $ | 4 |  |  | $ | 105 |  |  | $ | 110 |

| (dollars in millions)
| Pension |  | Health Care and Life
Nine Months Ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost - Cost of services | $ | 103 |  |  | $ | 119 |  |  | $ | 21 |  |  | $ | 33 |
Service cost - Selling, general and administrative expense | 17 |  |  | 19 |  |  | 4 |  |  | 6 |
Service cost | $ | 120 |  |  | $ | 138 |  |  | $ | 25 |  |  | $ | 39 |
Amortization of prior service cost (credit) | $ | 84 |  |  | $ | 84 |  |  | $ | (97) |  |  | $ | (96) |
Expected return on plan assets | (401) |  |  | (482) |  |  | (21) |  |  | (21) |
Interest cost | 306 |  |  | 380 |  |  | 410 |  |  | 407 |
Remeasurement loss, net | 14 |  |  | 17 |  |  | — |  |  | — |
Other components | $ | 3 |  |  | $ | (1) |  |  | $ | 292 |  |  | $ | 290 |
Total | $ | 123 |  |  | $ | 137 |  |  | $ | 317 |  |  | $ | 329 |

The service cost component of net periodic benefit cost is recorded in Cost of services and Selling, general and administrative expense in the condensed consolidated statements of income while the other components, including mark-to-market adjustments, if any, are recorded in Other income, net.
Pension Annuitization
On February 29, 2024, we entered into two separate commitment agreements, one by and between the Company, State Street Global Advisors Trust Company (State Street), as independent fiduciary of the Verizon Management Pension Plan and Verizon
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Pension Plan for Associates (the Pension Plans), and The Prudential Insurance Company of America (Prudential), and one by and between the Company, State Street and RGA Reinsurance Company (RGA), under which the Pension Plans purchased nonparticipating single premium group annuity contracts from Prudential and RGA, respectively, to settle approximately $5.8 billion of benefit liabilities of the Pension Plans, net of certain adjustments, resulting in a net pre-tax settlement gain of $200 million.
The purchase of the group annuity contracts closed on March 6, 2024. The group annuity contracts primarily cover a population that includes 56,000 retirees who commenced benefit payments from the Pension Plans prior to January 1, 2023 (Transferred Participants). Prudential and RGA each irrevocably guarantee and assume the sole obligation to make future payments to the Transferred Participants as provided under their respective group annuity contracts, with direct payments beginning July 1, 2024. The aggregate amount of each Transferred Participant's payment under the group annuity contracts will be equal to the amount of each individual’s payment under the Pension Plans.
The purchase of the group annuity contracts was funded directly by transferring $5.6 billion of assets of the Pension Plans, net of certain adjustments. The Company made additional contributions to the Pension Plans prior to the closing date of the transaction, as discussed below. With these contributions, the funded ratio of each of the Pension Plans did not change as a result of this transaction.
Pension plan assets and liabilities are primarily presented within Employee benefit obligations in our condensed consolidated balance sheets.
2024 Voluntary Separation Program
In June 2024, we announced a voluntary separation program for select U.S.-based management employees. Under this program approximately 4,800 eligible employees separated from Verizon through the end of March 2025. Principally as a result of this program, but also as a result of other headcount reduction initiatives, we recorded a severance charge of $1.7 billion ($1.3 billion after-tax) during the three and nine months ended September 30, 2024, which was recorded in Selling, general and administrative expense in our condensed consolidated statement of income.
Severance Payments
During the three and nine months ended September 30, 2025, we paid severance benefits of $56 million and $663 million, respectively, primarily related to the voluntary separation program. During the nine months ended September 30, 2025, we paid an additional $96 million, related to other severance related contractual obligations associated with the voluntary separation program. At September 30, 2025, we had a remaining severance liability of $331 million, a portion of which relates to future contractual payments to separated employees under the voluntary separation program.
Employer Contributions
During the nine months ended September 30, 2025, we made a discretionary non-cash contribution to our qualified pension plans in the principal amount of $563 million. See Note 5 for additional information. During the nine months ended September 30, 2024, we made discretionary contributions to the Pension Plans in the aggregate amount of $365 million.
During both the three and nine months ended September 30, 2025 and September 30, 2024, we made insignificant contributions to our nonqualified pension plans.
No required qualified pension plans contributions are expected through December 31, 2025. No significant changes are expected with respect to the nonqualified pension and other postretirement benefit plans contributions in 2025.
Remeasurement loss (gain), net
During both the three and nine months ended September 30, 2025 and September 30, 2024, we recorded an insignificant net pre-tax remeasurement gain and loss, respectively, in our pension plans triggered by settlements.
During the three months ended June 30, 2024, we recorded a net pre-tax remeasurement loss of $136 million in our pension plans triggered by settlements. 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.
During the three months ended March 31, 2024, we recorded a net pre-tax remeasurement gain of $73 million in our pension plans due to a net pre-tax settlement gain of $200 million resulting from the pension annuitization transaction discussed above, partially offset by a net pre-tax remeasurement loss of $127 million triggered by settlements. The net pre-tax remeasurement loss recorded for the three months ended March 31, 2024, was primarily driven by a $613 million charge resulting from the difference between our estimated and actual return on assets, partially offset by a credit of $486 million due to changes in our discount rate assumption used to determine the current year liabilities of our pension plans.
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Note 9. Equity and Accumulated Other Comprehensive Loss

Equity
Changes in the components of Total equity were as follows:

| Three Months Ended September 30, |
|  |  | 2025 |  |  |  | 2024 |
(dollars in millions, except per share amounts, and shares in thousands) | Shares |  | Amount |  | Shares |  | Amount |
Common Stock |  |  |  |  |  |  |  |
Balance at beginning of period | 4,291,434 |  |  | $ | 429 |  |  | 4,291,434 |  |  | $ | 429 |  |
Balance at end of period | 4,291,434 |  |  | 429 |  |  | 4,291,434 |  |  | 429 |  |
Additional Paid In Capital |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 13,412 |  |  |  |  | 13,539 |  |
Other |  |  | (4) |  |  |  |  | (60) |  |
Balance at end of period |  |  | 13,408 |  |  |  |  | 13,479 |  |
Retained Earnings |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 93,275 |  |  |  |  | 86,504 |  |
Net income attributable to Verizon |  |  | 4,950 |  |  |  |  | 3,306 |  |
Dividends declared ($0.6900, $0.6775 per share) |  |  | (2,909) |  |  |  |  | (2,852) |  |
Balance at end of period |  |  | 95,316 |  |  |  |  | 86,958 |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |
Balance at beginning of period attributable to Verizon |  |  | (1,475) |  |  |  |  | (1,287) |  |
Foreign currency translation adjustments |  |  | (3) |  |  |  |  | 59 |  |
Unrealized gain (loss) on cash flow hedges |  |  | (13) |  |  |  |  | 6 |  |
Unrealized loss on fair value hedges |  |  | (161) |  |  |  |  | (446) |  |
Unrealized gain on marketable securities |  |  | 3 |  |  |  |  | 5 |  |
Defined benefit pension and postretirement plans |  |  | (2) |  |  |  |  | (2) |  |
Other comprehensive loss |  |  | (176) |  |  |  |  | (378) |  |
Balance at end of period attributable to Verizon |  |  | (1,651) |  |  |  |  | (1,665) |  |
Treasury Stock |  |  |  |  |  |  |  |
Balance at beginning of period | (75,108) |  |  | (3,292) |  |  | (81,914) |  |  | (3,590) |  |
Employee plans | 100 |  |  | 5 |  |  | 107 |  |  | 5 |  |
Balance at end of period | (75,008) |  |  | (3,287) |  |  | (81,807) |  |  | (3,585) |  |
Deferred Compensation-ESOPs and Other |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 714 |  |  |  |  | 577 |  |
Restricted stock equity grant |  |  | 116 |  |  |  |  | 140 |  |
Amortization |  |  | (3) |  |  |  |  | (7) |  |
Balance at end of period |  |  | 827 |  |  |  |  | 710 |  |
Noncontrolling Interests |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 1,298 |  |  |  |  | 1,367 |  |
Total comprehensive income |  |  | 106 |  |  |  |  | 105 |  |
Distributions and other |  |  | (101) |  |  |  |  | (130) |  |
Balance at end of period |  |  | 1,303 |  |  |  |  | 1,342 |  |
Total Equity |  |  | $ | 106,345 |  |  |  |  | $ | 97,668 |  |

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| Nine Months Ended September 30, |
|  |  | 2025 |  |  |  | 2024 |
(dollars in millions, except per share amounts, and shares in thousands) | Shares |  | Amount |  | Shares |  | Amount |
Common Stock |  |  |  |  |  |  |  |
Balance at beginning of period | 4,291,434 |  |  | $ | 429 |  |  | 4,291,434 |  |  | $ | 429 |  |
Balance at end of period | 4,291,434 |  |  | 429 |  |  | 4,291,434 |  |  | 429 |  |
Additional Paid In Capital |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 13,466 |  |  |  |  | 13,631 |  |
Other |  |  | (58) |  |  |  |  | (152) |  |
Balance at end of period |  |  | 13,408 |  |  |  |  | 13,479 |  |
Retained Earnings |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 89,110 |  |  |  |  | 82,915 |  |
Net income attributable to Verizon |  |  | 14,832 |  |  |  |  | 12,501 |  |
Dividends declared ($2.0450, $2.0075 per share) |  |  | (8,626) |  |  |  |  | (8,454) |  |
Other |  |  | — |  |  |  |  | (4) |  |
Balance at end of period |  |  | 95,316 |  |  |  |  | 86,958 |  |
Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |
Balance at beginning of period attributable to Verizon |  |  | (923) |  |  |  |  | (1,380) |  |
Foreign currency translation adjustments |  |  | 140 |  |  |  |  | 9 |  |
Unrealized gain (loss) on cash flow hedges |  |  | (13) |  |  |  |  | 60 |  |
Unrealized loss on fair value hedges |  |  | (853) |  |  |  |  | (350) |  |
Unrealized gain on marketable securities |  |  | 4 |  |  |  |  | 2 |  |
Defined benefit pension and postretirement plans |  |  | (6) |  |  |  |  | (6) |  |
Other comprehensive loss |  |  | (728) |  |  |  |  | (285) |  |
Balance at end of period attributable to Verizon |  |  | (1,651) |  |  |  |  | (1,665) |  |
Treasury Stock |  |  |  |  |  |  |  |
Balance at beginning of period | (81,753) |  |  | (3,583) |  |  | (87,173) |  |  | (3,821) |  |
Employee plans | 6,745 |  |  | 296 |  |  | 5,364 |  |  | 236 |  |
Shareholder plans | — |  |  | — |  |  | 2 |  |  | — |  |
Balance at end of period | (75,008) |  |  | (3,287) |  |  | (81,807) |  |  | (3,585) |  |
Deferred Compensation-ESOPs and Other |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 738 |  |  |  |  | 656 |  |
Restricted stock equity grant |  |  | 490 |  |  |  |  | 415 |  |
Amortization |  |  | (401) |  |  |  |  | (361) |  |
Balance at end of period |  |  | 827 |  |  |  |  | 710 |  |
Noncontrolling Interests |  |  |  |  |  |  |  |
Balance at beginning of period |  |  | 1,338 |  |  |  |  | 1,369 |  |
Total comprehensive income |  |  | 328 |  |  |  |  | 334 |  |
Distributions and other |  |  | (363) |  |  |  |  | (361) |  |
Balance at end of period |  |  | 1,303 |  |  |  |  | 1,342 |  |
Total Equity |  |  | $ | 106,345 |  |  |  |  | $ | 97,668 |  |

Common Stock
Verizon did not repurchase any shares of the Company's common stock through its previously authorized share buyback program during the nine months ended September 30, 2025. At September 30, 2025, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100 million.
Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareholder plans, including 6.7 million shares of common stock issued from treasury stock during the nine months ended September 30, 2025.
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Accumulated Other Comprehensive Loss
The changes in the balances of Accumulated other comprehensive loss by component were as follows:

(dollars in millions) | Foreign currency translation adjustments |  | Unrealized gain (loss) on cash flow hedges |  |  |  | Unrealized gain (loss) on fair value hedges |  | Unrealized gain (loss) on marketable securities |  | Defined benefit pension and postretirement plans |  | Total
Balance at January 1, 2025 | $ | (733) |  |  | $ | (981) |  |  |  |  | $ | 589 |  |  | $ | (5) |  |  | $ | 207 |  |  | $ | (923) |
Excluded components recognized in other comprehensive income | — |  |  | — |  |  |  |  | (801) |  |  | — |  |  | — |  |  | (801) |
Other comprehensive income (loss) | 140 |  |  | (73) |  |  |  |  | — |  |  | 4 |  |  | — |  |  | 71 |
Amounts reclassified to net income | — |  |  | 60 |  |  |  |  | (52) |  |  | — |  |  | (6) |  |  | 2 |
Net other comprehensive income (loss) | 140 |  |  | (13) |  |  |  |  | (853) |  |  | 4 |  |  | (6) |  |  | (728) |
Balance at September 30, 2025 | $ | (593) |  |  | $ | (994) |  |  |  |  | $ | (264) |  |  | $ | (1) |  |  | $ | 201 |  |  | $ | (1,651) |

The amounts presented above in Net other comprehensive income (loss) are net of taxes. The amounts reclassified to net income related to unrealized gain (loss) on cash flow hedges and unrealized gain (loss) on fair value hedges in the table above are included in Other income, net and Interest expense in our condensed consolidated statements of income. See Note 7 for additional information. The amounts reclassified to net income related to unrealized gain (loss) on marketable securities and defined benefit pension and postretirement plans in the table above are included in Other income, net in our condensed consolidated statements of income. See Note 8 for additional information.

Note 10. 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 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 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 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.
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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:

|  |  |  |  |  |  | Three Months Ended September 30,
| 2025 |  | 2024
(dollars in millions) | Consumer |  | Business |  | Total Reportable Segments |  | Consumer |  | Business |  | Total Reportable Segments
External Operating Revenues |  |  |  |  |  |  |  |  |  |  |
Service(1) | $ | 20,260 |  |  | $ | — |  |  | $ | 20,260 |  |  | $ | 19,864 |  |  | $ | — |  |  | $ | 19,864 |
Wireless equipment | 4,766 |  |  | — |  |  | 4,766 |  |  | 4,478 |  |  | — |  |  | 4,478 |
Other(1)(2) | 1,001 |  |  | — |  |  | 1,001 |  |  | 963 |  |  | — |  |  | 963 |
Enterprise and Public Sector | — |  |  | 3,310 |  |  | 3,310 |  |  | — |  |  | 3,538 |  |  | 3,538 |
Business Markets and Other | — |  |  | 3,345 |  |  | 3,345 |  |  | — |  |  | 3,258 |  |  | 3,258 |
Wholesale | — |  |  | 479 |  |  | 479 |  |  | — |  |  | 547 |  |  | 547 |
Intersegment revenues | 78 |  |  | 8 |  |  | 86 |  |  | 55 |  |  | 8 |  |  | 63 |
Total Operating Revenues(3) | 26,105 |  |  | 7,142 |  |  | 33,247 |  |  | 25,360 |  |  | 7,351 |  |  | 32,711 |
Operating Expenses(4) |  |  |  |  |  |  |  |  |  |  |
Cost of wireless equipment | 5,270 |  |  | 1,213 |  |  | 6,483 |  |  | 4,850 |  |  | 1,197 |  |  | 6,047 |
Centrally managed network and shared service costs(5) | 4,456 |  |  | 2,383 |  |  | 6,839 |  |  | 4,397 |  |  | 2,517 |  |  | 6,914 |
Depreciation and amortization expense | 3,568 |  |  | 1,035 |  |  | 4,603 |  |  | 3,411 |  |  | 1,040 |  |  | 4,451 |
Other segment expenses(6) | 5,147 |  |  | 1,874 |  |  | 7,021 |  |  | 5,098 |  |  | 2,032 |  |  | 7,130 |
Total Operating Expenses | 18,441 |  |  | 6,505 |  |  | 24,946 |  |  | 17,756 |  |  | 6,786 |  |  | 24,542 |
Operating Income | $ | 7,664 |  |  | $ | 637 |  |  | $ | 8,301 |  |  | $ | 7,604 |  |  | $ | 565 |  |  | $ | 8,169 |

(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.
(2) 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.
(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $6.3 billion and $853 million, respectively, for the three months ended September 30, 2025 and were approximately $6.5 billion and $865 million, respectively, for the three months ended September 30, 2024.
(4) 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.
(5) 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.
(6) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.
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|  |  |  |  |  |  | Nine Months Ended September 30,
| 2025 |  | 2024
(dollars in millions) | Consumer |  | Business |  | Total Reportable Segments |  | Consumer |  | Business |  | Total Reportable Segments
External Operating Revenues |  |  |  |  |  |  |  |  |  |  |
Service(1) | $ | 60,439 |  |  | $ | — |  |  | $ | 60,439 |  |  | 59,232 |  |  | $ | — |  |  | $ | 59,232 |
Wireless equipment | 14,667 |  |  | — |  |  | 14,667 |  |  | 13,111 |  |  | — |  |  | 13,111 |
Other(1)(2) | 3,040 |  |  | — |  |  | 3,040 |  |  | 2,839 |  |  | — |  |  | 2,839 |
Enterprise and Public Sector | — |  |  | 10,202 |  |  | 10,202 |  |  | — |  |  | 10,670 |  |  | 10,670 |
Business Markets and Other | — |  |  | 9,991 |  |  | 9,991 |  |  | — |  |  | 9,647 |  |  | 9,647 |
Wholesale | — |  |  | 1,488 |  |  | 1,488 |  |  | — |  |  | 1,684 |  |  | 1,684 |
Intersegment revenues | 225 |  |  | 22 |  |  | 247 |  |  | 162 |  |  | 26 |  |  | 188 |
Total Operating Revenues(3) | 78,371 |  |  | 21,703 |  |  | 100,074 |  |  | 75,344 |  |  | 22,027 |  |  | 97,371 |
Operating Expenses(4) |  |  |  |  |  |  |  |  |  |  |
Cost of wireless equipment | 15,988 |  |  | 3,608 |  |  | 19,596 |  |  | 14,032 |  |  | 3,487 |  |  | 17,519 |
Centrally managed network and shared service costs(5) | 13,448 |  |  | 7,308 |  |  | 20,756 |  |  | 13,277 |  |  | 7,710 |  |  | 20,987 |
Depreciation and amortization expense | 10,693 |  |  | 3,086 |  |  | 13,779 |  |  | 10,114 |  |  | 3,246 |  |  | 13,360 |
Other segment expenses(6) | 15,511 |  |  | 5,762 |  |  | 21,273 |  |  | 15,341 |  |  | 6,120 |  |  | 21,461 |
Total Operating Expenses | 55,640 |  |  | 19,764 |  |  | 75,404 |  |  | 52,764 |  |  | 20,563 |  |  | 73,327 |
Operating Income | $ | 22,731 |  |  | $ | 1,939 |  |  | $ | 24,670 |  |  | $ | 22,580 |  |  | $ | 1,464 |  |  | $ | 24,044 |

(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.
(2) 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.
(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $19.1 billion and $2.6 billion, respectively, for the nine months ended September 30, 2025 and were approximately $19.4 billion and $2.6 billion, respectively, for the nine months ended September 30, 2024.
(4) 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.
(5) 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.
(6) 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 revenue for our two reportable segments and includes intersegment activity:

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Consumer | $ | 2,937 |  |  | $ | 2,916 |  |  | $ | 8,757 |  |  | $ | 8,708 |
Business | 310 |  |  | 314 |  |  | 930 |  |  | 938 |
Total Fios revenue | $ | 3,247 |  |  | $ | 3,230 |  |  | $ | 9,687 |  |  | $ | 9,646 |

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

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Consumer | $ | 17,441 |  |  | $ | 17,036 |  |  | $ | 52,009 |  |  | $ | 50,781 |
Business | 3,588 |  |  | 3,562 |  |  | 10,732 |  |  | 10,550 |
Total Wireless service revenue | $ | 21,029 |  |  | $ | 20,598 |  |  | $ | 62,741 |  |  | $ | 61,331 |

Wireless service revenue 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.
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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 reportable segments' operating revenues to consolidated operating revenues is as follows:

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Total reportable segments operating revenues | $ | 33,247 |  |  | $ | 32,711 |  |  | $ | 100,074 |  |  | $ | 97,371 |
Corporate and other | 659 |  |  | 685 |  |  | 1,982 |  |  | 1,929 |
Eliminations | (85) |  |  | (66) |  |  | (246) |  |  | (193) |
Total consolidated operating revenues | $ | 33,821 |  |  | $ | 33,330 |  |  | $ | 101,810 |  |  | $ | 99,107 |

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) | 2025 |  | 2024 |  | 2025 |  | 2024
Total reportable segments operating income | $ | 8,301 |  |  | $ | 8,169 |  |  | $ | 24,670 |  |  | $ | 24,044 |
Corporate and other | (136) |  |  | (128) |  |  | (339) |  |  | (541) |
Acquisition and integration related charges | (52) |  |  | — |  |  | (52) |  |  | — |
Severance charges | — |  |  | (1,733) |  |  | — |  |  | (1,733) |
Other components of net periodic benefit charges (Note 8) | (8) |  |  | (8) |  |  | (24) |  |  | (25) |
Asset and business rationalization | — |  |  | (374) |  |  | — |  |  | (374) |
Legacy legal matter | — |  |  | — |  |  | — |  |  | (106) |
Total consolidated operating income | 8,105 |  |  | 5,926 |  |  | 24,255 |  |  | 21,265 |
Equity in losses of unconsolidated businesses | (6) |  |  | (24) |  |  | (3) |  |  | (47) |
Other income, net | 92 |  |  | 72 |  |  | 292 |  |  | 198 |
Interest expense | (1,664) |  |  | (1,672) |  |  | (4,935) |  |  | (5,005) |
Income Before Provision For Income Taxes | $ | 6,527 |  |  | $ | 4,302 |  |  | $ | 19,609 |  |  | $ | 16,411 |

No single customer accounted for more than 10% of our total operating revenues during the three and nine months ended September 30, 2025 or 2024.
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 segments operating income.

Note 11. Additional Financial Information

We maintain a voluntary supplier finance program with a financial institution which provides certain suppliers the option, at their sole discretion, to participate in the program and sell their receivables due from Verizon to the financial institution on a non-recourse basis. As of September 30, 2025 and December 31, 2024, $738 million and $772 million, respectively, remained as confirmed obligations outstanding related to suppliers participating in the supplier finance program.

Note 12. Commitments and Contingencies

In the ordinary course of business, Verizon is involved in various litigation and regulatory proceedings at the state and federal level. Where it is determined, in consultation with counsel based on litigation and settlement risks, that a loss is probable and estimable in a given matter, Verizon establishes an accrual. In none of the currently pending matters is the amount of accrual material. An estimate of the reasonably possible loss or range of loss in excess of the amounts already accrued cannot be made at this time due to various factors typical in contested proceedings, including: (1) uncertain damage theories and demands; (2) a less than complete factual record; (3) uncertainty concerning legal theories and their resolution by courts or regulators; and (4) the unpredictable nature of the opposing party and its demands. We continuously monitor these proceedings as they develop and adjust any accrual or disclosure as needed. We do not expect that the ultimate resolution of any pending regulatory or legal matter in future periods will have a material effect on our financial condition, but it could have a material effect on our results of operations for a given reporting period.
Verizon is currently involved in approximately 30 federal district court actions alleging that Verizon is infringing various patents. Most of these cases are brought by non-practicing entities and effectively seek only monetary damages; a small number are
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brought by companies that have sold products and could seek injunctive relief as well. These cases have progressed to various stages and a small number may have gone to trial or may go to trial in the coming 12 months if they are not otherwise resolved.
In connection with the execution of agreements for the sales of businesses and investments, Verizon ordinarily provides representations and warranties to the purchasers pertaining to a variety of nonfinancial matters, such as ownership of the securities being sold, as well as indemnity from certain financial losses. From time to time, counterparties may make claims under these provisions, and Verizon will seek to defend against those claims and resolve them in the ordinary course of business.
As of September 30, 2025, Verizon had 28 renewable energy purchase agreements (REPAs) with third parties. Each of the REPAs is based on the expected operation of a renewable energy-generating facility and has a fixed price term of 12 to 20 years from the commencement of the facility's entry into commercial operation. Twenty-one of the facilities have entered into commercial operation, and the remainder are under development. The REPAs generally are expected to be financially settled based on the prevailing market price as energy is generated by the facilities.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Verizon Communications Inc. (the Company) is a holding company that, acting through its subsidiaries (together with the Company, collectively, Verizon), is one of the world's leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities. 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.
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. We are consistently deploying new network architecture and technologies to secure our leadership in both fifth-generation (5G) and fourth-generation (4G) wireless networks. 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. 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.
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. 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.
Highlights of Our Financial Results for the Three Months Ended September 30, 2025 and 2024
(dollars in millions)
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Highlights of Our Financial Results for the Nine Months Ended September 30, 2025 and 2024
(dollars in millions)
Business Overview
We have two reportable segments that we operate and manage as strategic business units - Verizon Consumer Group (Consumer) and Verizon Business Group (Business).
Revenue by Segment for the Three Months Ended September 30, 2025 and 2024
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Revenue by Segment for the Nine Months Ended September 30, 2025 and 2024
———
Note: Excludes eliminations.
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 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. 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.
Customers can obtain our wireless services on a postpaid or prepaid basis. Our postpaid service is generally billed one month in advance for a monthly access charge in return for access to and usage of network services. Our prepaid service is offered only to Consumer customers and enables individuals to obtain wireless services without credit verification by paying for all services in advance. The Consumer segment also offers several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
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.
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. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics.
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 Internet of Things (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 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. See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance and selected operating statistics.
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. 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
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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
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. During the nine months ended September 30, 2025, these investments included $12.3 billion for capital expenditures. See "Cash Flows Used in Investing Activities" for additional information. Capital expenditures for 2025 are expected to be within or below the range of $17.5 billion to $18.5 billion.
Global Networks and Technology
We consider the reliability, speed, capacity, coverage and security of our wireless network to be key factors in our continued success. 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. Our evolution to 5G with its new architecture allows us to simplify operations by eliminating legacy network elements.
While we continue to improve our 5G wireless service coverage, we are also adding capacity and density to our networks. Network densification enables us to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
In addition to enhancing our wireless service, our wireless mobility investments provide the foundation for our growing FWA broadband business. 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. In September 2024, we entered into an agreement to acquire Frontier Communications Parent, Inc. (Frontier), a U.S. 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.
One Big Beautiful Bill Act
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted. The OBBBA revises the U.S. 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). Verizon does not anticipate the provisions of the OBBBA will have a material impact on its effective income tax rate. 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. We continue to analyze the effects of the OBBBA on our consolidated financial statements.
Tariffs and Other Government Initiatives
During the course of 2025, the U.S. government announced tariffs on goods imported from various countries to the U.S. Countries subject to such tariffs have imposed or may in the future impose reciprocal or retaliatory tariffs and other trade measures. We continue to actively monitor the tariff developments and analyze their potential impacts on our business, cost structure, supply chain and broader economic environment. We are also working closely with our strategic suppliers to manage the potential impacts.
In addition, the U.S. 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. Several U.S. states have launched similar initiatives. We have seen negative impacts from these efforts in our business with public sector customers during the first three quarters of 2025. It is also possible that we could see impacts from the federal government shutdown and related federal workforce initiatives that commenced in October 2025.
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.
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Consolidated Results of Operations

In this section, we discuss our overall results of operations and highlight special items, some of which are not included in our segment results. In "Segment Results of Operations" we review the performance of our two reportable segments in more detail.
Consolidated Operating Revenues

| Three Months Ended |  |  |  |  |  | Nine Months Ended |  |  |  |
| September 30, |  | Increase/(Decrease) |  | September 30, |  | Increase/
(dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  | (Decrease)
Consumer | $ | 26,105 |  |  | $ | 25,360 |  |  | $ | 745 |  |  | 2.9 | % |  | $ | 78,371 |  |  | $ | 75,344 |  |  | $ | 3,027 |  |  | 4.0 | %
Business | 7,142 |  |  | 7,351 |  |  | (209) |  |  | (2.8) |  |  | 21,703 |  |  | 22,027 |  |  | (324) |  |  | (1.5) |
Corporate and other | 659 |  |  | 685 |  |  | (26) |  |  | (3.8) |  |  | 1,982 |  |  | 1,929 |  |  | 53 |  |  | 2.7 |
Eliminations | (85) |  |  | (66) |  |  | (19) |  |  | 28.8 |  |  | (246) |  |  | (193) |  |  | (53) |  |  | 27.5 |
Consolidated Operating Revenues | $ | 33,821 |  |  | $ | 33,330 |  |  | $ | 491 |  |  | 1.5 |  |  | $ | 101,810 |  |  | $ | 99,107 |  |  | $ | 2,703 |  |  | 2.7 |

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.
Revenues for our segments are discussed separately below under the heading "Segment Results of Operations."
Consolidated Operating Expenses

| Three Months Ended |  |  |  |  |  | Nine Months Ended |  |  |  |
| September 30, |  | Increase/(Decrease) |  | September 30, |  | Increase/
(dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  | (Decrease)
Cost of services | $ | 6,863 |  |  | $ | 7,193 |  |  | $ | (330) |  |  | (4.6) | % |  | $ | 20,691 |  |  | $ | 21,064 |  |  | $ | (373) |  |  | (1.8) | %
Cost of wireless equipment | 6,483 |  |  | 6,047 |  |  | 436 |  |  | 7.2 |  |  | 19,596 |  |  | 17,519 |  |  | 2,077 |  |  | 11.9 |
Selling, general and administrative expense | 7,752 |  |  | 9,706 |  |  | (1,954) |  |  | (20.1) |  |  | 23,438 |  |  | 25,873 |  |  | (2,435) |  |  | (9.4) |
Depreciation and amortization expense | 4,618 |  |  | 4,458 |  |  | 160 |  |  | 3.6 |  |  | 13,830 |  |  | 13,386 |  |  | 444 |  |  | 3.3 |
Consolidated Operating Expenses | $ | 25,716 |  |  | $ | 27,404 |  |  | $ | (1,688) |  |  | (6.2) |  |  | $ | 77,555 |  |  | $ | 77,842 |  |  | $ | (287) |  |  | (0.4) |

Operating expenses for our segments are discussed separately below under the heading "Segment Results of Operations."
Cost of Services
Cost of services includes the following costs directly attributable to a service: salaries and wages, benefits, materials and supplies, content costs, contracted services, network access and transport costs, customer provisioning costs, computer systems support and costs to support our outsourcing contracts and technical facilities. Aggregate customer service costs, which include billing and service provisioning, are allocated between Cost of services and Selling, general and administrative expense.
Cost of services decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
The decrease during the three months ended September 30, 2025 was primarily due to:
•a decrease of $189 million related to the asset and business rationalization charge taken in 2024; and
•a decrease of $107 million in access costs primarily as a result of changes in usage and net circuit access prices.
The decrease during the nine months ended September 30, 2025 was primarily as a result of:
•a decrease of $193 million in access costs primarily as a result of changes in usage and net circuit access prices;
•a decrease of $189 million related to the asset and business rationalization charge taken in 2024;
•a decrease of $122 million in other direct costs primarily related to legacy wireline products and services; and
•an increase of $154 million in regulatory fees mainly driven by a higher net Federal Universal Service Fund (FUSF) rate.
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Cost of Wireless Equipment
Cost of wireless equipment increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
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.
The increase during the nine months ended September 30, 2025 was primarily due to:
•an increase of $1.3 billion driven by a higher volume of wireless devices sold primarily related to an increase of 13% in upgrades; and
•an increase of $793 million driven by a shift to higher priced equipment in the mix of wireless devices sold.
Selling, General and Administrative Expense
Selling, general and administrative expense includes salaries and wages and benefits not directly attributable to a service or product, the provision for credit losses, taxes other than income taxes, advertising and sales commission costs, call center and information technology costs, regulatory fees, professional service fees, rent and utilities for administrative space and device insurance program costs. Also included is a portion of the aggregate customer care costs as discussed above in "Cost of Services."
Selling, general and administrative expense decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
The decrease during the three months ended September 30, 2025 was primarily due to:
•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; and
•a decrease of $185 million r elated to an asset and business rationalization charge taken in 2024.
The decrease during the nine months ended September 30, 2025 was primarily due to:
•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;
•a decrease of $256 million related to lower costs for device insurance programs primarily due to a decrease in claims;
•a decrease of $185 million r elated to an asset and business rationalization charge taken in 2024; and
•a decrease of $106 million related to a legacy legal matter from 2024 that did not reoccur.
See "Special Items" for additional information on the severance charges, the asset and business rationalization charges and the legacy legal matter.
Depreciation and Amortization Expense
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.
Other Consolidated Results
Other Income, Net

| Three Months Ended |  |  |  |  |  | Nine Months Ended |  |  |  |
| September 30, |  | Increase/(Decrease) |  | September 30, |  | Increase/(Decrease)
(dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Interest income | $ | 68 |  |  | $ | 97 |  |  | $ | (29) |  |  | (29.9) | % |  | $ | 186 |  |  | $ | 258 |  |  | $ | (72) |  |  | (27.9) | %
Other components of net periodic benefit cost | (63) |  |  | (56) |  |  | (7) |  |  | 12.5 |  |  | (295) |  |  | (289) |  |  | (6) |  |  | 2.1 |
Net debt extinguishment gains | 94 |  |  | 90 |  |  | 4 |  |  | 4.4 |  |  | 272 |  |  | 289 |  |  | (17) |  |  | (5.9) |
Other, net | (7) |  |  | (59) |  |  | 52 |  |  | (88.1) |  |  | 129 |  |  | (60) |  |  | 189 |  |  | nm
Other Income, Net | $ | 92 |  |  | $ | 72 |  |  | $ | 20 |  |  | 27.8 |  |  | $ | 292 |  |  | $ | 198 |  |  | $ | 94 |  |  | 47.5 |

nm - not meaningful
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.
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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.
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.
Interest Expense

| Three Months Ended |  |  |  |  |  | Nine Months Ended |  |  |  |
| September 30, |  | Decrease |  | September 30, |  | Decrease
(dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Total interest costs on debt balances | $ | 1,846 |  |  | $ | 1,904 |  |  | $ | (58) |  |  | (3.0) | % |  | $ | 5,505 |  |  | $ | 5,754 |  |  | $ | (249) |  |  | (4.3) | %
Less capitalized interest costs | 182 |  |  | 232 |  |  | (50) |  |  | (21.6) |  |  | 570 |  |  | 749 |  |  | (179) |  |  | (23.9) |
Interest Expense | $ | 1,664 |  |  | $ | 1,672 |  |  | $ | (8) |  |  | (0.5) |  |  | $ | 4,935 |  |  | $ | 5,005 |  |  | $ | (70) |  |  | (1.4) |
Average debt outstanding(1)(3) | $ | 146,578 |  |  | $ | 148,952 |  |  |  |  |  |  | $ | 145,154 |  |  | $ | 151,149 |  |  |  |  |
Effective interest rate(2)(3) | 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)The effective interest rate is the rate of actual interest incurred on debt. It is calculated by dividing the annualized total interest costs on debt balances by the average debt outstanding.
(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.
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.
Provision for Income Taxes

| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30, |  | Increase |  | September 30, |  |
(dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  | Increase
Provision for income taxes | $ | 1,471 |  |  | $ | 891 |  |  | $ | 580 |  |  | 65.1 | % |  | $ | 4,449 |  |  | $ | 3,576 |  |  | $ | 873 |  |  | 24.4 | %
Effective income tax rate | 22.5 | % |  | 20.7 | % |  |  |  |  |  | 22.7 | % |  | 21.8 | % |  |  |  |

The effective income tax rate is calculated by dividing the provision for income taxes by income before the provision for income taxes. 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. 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.
Unrecognized Tax Benefits
Unrecognized tax benefits were $2.6 billion at both September 30, 2025 and December 31, 2024. 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.
Verizon Communications Inc. and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. As a large taxpayer, we are under audit by the Internal Revenue Service and multiple state and foreign jurisdictions for various open tax years.
Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA
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. 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: equity in earnings and losses of unconsolidated businesses and other income and expense, net, as well as the effect of
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certain special items. 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. 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. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis. See "Special Items" for additional information.
It is management's intent to provide non-GAAP financial information to enhance the understanding of Verizon's GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess both consolidated and segment performance. 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.

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Consolidated Net Income | $ | 5,056 |  |  | $ | 3,411 |  |  | $ | 15,160 |  |  | $ | 12,835 |
Add: |  |  |  |  |  |  |
Provision for income taxes | 1,471 |  |  | 891 |  |  | 4,449 |  |  | 3,576 |
Interest expense | 1,664 |  |  | 1,672 |  |  | 4,935 |  |  | 5,005 |
Depreciation and amortization expense(1) | 4,618 |  |  | 4,458 |  |  | 13,830 |  |  | 13,386 |
Consolidated EBITDA | $ | 12,809 |  |  | $ | 10,432 |  |  | $ | 38,374 |  |  | $ | 34,802 |
Add (Less): |  |  |  |  |  |  |
Other (income) expense, net(2) | $ | (92) |  |  | $ | (72) |  |  | $ | (292) |  |  | $ | (198) |
Equity in losses of unconsolidated businesses | 6 |  |  | 24 |  |  | 3 |  |  | 47 |
Acquisition and integration related charges | 52 |  |  | — |  |  | 52 |  |  | — |
Severance charges | — |  |  | 1,733 |  |  | — |  |  | 1,733 |
Asset and business rationalization | — |  |  | 374 |  |  | — |  |  | 374 |
Legacy legal matter | — |  |  | — |  |  | — |  |  | 106 |
Consolidated Adjusted EBITDA | $ | 12,775 |  |  | $ | 12,491 |  |  | $ | 38,137 |  |  | $ | 36,864 |

(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. See "Special Items" for additional information.
(2) Includes Pension and benefits mark-to-market charges of $136 million during the nine months ended September 30, 2024. See "Special Items" for additional information.
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.

Segment Results of Operations

We have two reportable segments that we operate and manage as strategic business units - Consumer and Business. We measure and evaluate our segments based on segment operating income. The use of segment operating income is consistent with the CODM's assessment of segment performance.
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. 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. These operating statistics may be determined or calculated differently by other companies and may not be directly comparable to those statistics of other companies.
Wireless retail connections are retail customer device postpaid and prepaid connections as of the end of the period. 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. 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.
Wireless retail postpaid connections are retail postpaid customer device connections as of the end of the period. Retail postpaid connections under an account may include those from phones, postpaid FWA, as well as tablets and other internet devices,
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wearables and retail IoT devices. 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.
Wireless retail prepaid connections are retail prepaid customer device connections as of the end of the period. Retail prepaid connections may include those from phones, prepaid FWA, as well as tablets and other internet devices, and wearables. 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.
Wireless retail core prepaid connections are wireless retail prepaid customer device connections, excluding our SafeLink brand, as of the end of the period. Retail core prepaid connections may include those from phones, prepaid FWA, as well as tablets and other internet devices, and wearables. 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.
Fios internet connections are the total number of connections to the internet using Fios internet services as of the end of the period. 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.
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. Fios video connections are calculated by adding Fios video net additions in the period to prior period Fios video connections. Fios video net additions are calculated by subtracting the Fios video disconnects from the Fios video new connections.
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. Total broadband connections are calculated by adding total broadband connections, net additions in the period to prior period total broadband connections.
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. FWA broadband connections are calculated by adding FWA broadband connections, net additions in the period to prior period FWA broadband connections.
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. Wireline broadband connections are calculated by adding wireline broadband connections, net additions in the period to prior period wireline broadband connections.
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. 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.
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. 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.
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. 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.
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. 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.
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. 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.
Total broadband connections, net additions are the total number of additional total broadband connections, less the number of total broadband disconnects in the period. 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.
FWA broadband connections, net additions are the total number of additional FWA broadband connections, less the number of FWA broadband disconnects in the period. FWA broadband connections, net additions in each period presented are calculated
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by subtracting the FWA broadband disconnects, net of certain adjustments, from the FWA broadband new connections in the period.
Wireline broadband connections, net additions are the total number of additional wireline broadband connections, less the number of wireline broadband disconnects in the period. 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.
Wireless churn is the rate at which service to retail, retail postpaid, or retail postpaid phone connections is terminated on average in the period. 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.
Wireless retail postpaid ARPA is the calculated average retail postpaid service revenue per account (ARPA) from retail postpaid accounts in the period. 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. 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.
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. Accounts include unlimited plans, shared data plans and corporate accounts, as well as legacy single connection plans and multi-connection family plans. A single account may include monthly wireless services for a variety of connected devices. Wireless retail postpaid accounts are calculated by adding retail postpaid new accounts to the prior period retail postpaid accounts.
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. 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.
Segment operating income margin reflects the profitability of the segment as a percentage of revenue. Segment operating income margin is calculated by dividing total segment operating income by total segment operating revenues.
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. 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. Segment EBITDA is calculated by adding back depreciation and amortization expense to segment operating income (loss). 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.
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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.
Operating Revenues and Selected Operating Statistics

| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30, |  | Increase/ |  | September 30, |  | Increase/
(dollars in millions, except ARPA) | 2025 |  | 2024 |  | (Decrease) |  | 2025 |  | 2024 |  | (Decrease)
Service(1) | $ | 20,338 |  | $ | 19,919 |  | $ | 419 |  |  | 2.1 | % |  | $ | 60,664 |  | $ | 59,394 |  | $ | 1,270 |  |  | 2.1 | %
Wireless equipment | 4,766 |  | 4,478 |  | 288 |  |  | 6.4 |  |  | 14,667 |  | 13,111 |  | 1,556 |  |  | 11.9 |
Other(1) | 1,001 |  | 963 |  | 38 |  |  | 3.9 |  |  | 3,040 |  | 2,839 |  | 201 |  |  | 7.1 |
Total Operating Revenues | $ | 26,105 |  | $ | 25,360 |  | $ | 745 |  |  | 2.9 |  |  | $ | 78,371 |  | $ | 75,344 |  | $ | 3,027 |  |  | 4.0 |
Revenue Statistics: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wireless service revenue(1) | $ | 17,441 |  | $ | 17,036 |  | $ | 405 |  |  | 2.4 |  |  | $ | 52,009 |  | $ | 50,781 |  | $ | 1,228 |  |  | 2.4 |
Fios revenue | $ | 2,937 |  | $ | 2,916 |  | $ | 21 |  |  | 0.7 |  |  | $ | 8,757 |  | $ | 8,708 |  | $ | 49 |  |  | 0.6 |
Connections (‘000):(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail |  |  |  |  |  |  |  |  | 115,076 |  | 114,211 |  | 865 |  |  | 0.8 |
Wireless retail postpaid |  |  |  |  |  |  |  |  | 94,870 |  | 94,005 |  | 865 |  |  | 0.9 |
Wireless retail core prepaid(3) |  |  |  |  |  |  |  |  | 19,062 |  | 18,780 |  | 282 |  |  | 1.5 |
Fios internet |  |  |  |  |  |  |  |  | 7,263 |  | 7,088 |  | 175 |  |  | 2.5 |
Fios video |  |  |  |  |  |  |  |  | 2,494 |  | 2,744 |  | (250) |  |  | (9.1) |
FWA broadband |  |  |  |  |  |  |  |  | 3,198 |  | 2,498 |  | 700 |  |  | 28.0 |
Wireline broadband |  |  |  |  |  |  |  |  | 7,395 |  | 7,264 |  | 131 |  |  | 1.8 |
Total broadband |  |  |  |  |  |  |  |  | 10,593 |  | 9,762 |  | 831 |  |  | 8.5 |
Net Additions in Period (‘000): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total wireless retail | (108) |  |  | (1) |  |  | (107) |  |  | nm |  | (155) |  |  | (694) |  |  | 539 |  |  | 77.7 |
Wireless retail postpaid | (74) |  |  | 68 |  |  | (142) |  |  | nm |  | (237) |  |  | 215 |  |  | (452) |  |  | nm
Wireless retail postpaid phone | (7) |  |  | 18 |  |  | (25) |  |  | nm |  | (414) |  |  | (285) |  |  | (129) |  |  | (45.3) |
Wireless retail core prepaid(3) | 47 |  |  | 80 |  |  | (33) |  |  | (41.3) |  |  | 234 |  |  | (63) |  |  | 297 |  |  | nm
FWA broadband | 121 |  |  | 209 |  |  | (88) |  |  | (42.1) |  |  | 484 |  |  | 630 |  |  | (146) |  |  | (23.2) |
Wireline broadband | 47 |  |  | 26 |  |  | 21 |  |  | 80.8 |  |  | 95 |  |  | 75 |  |  | 20 |  |  | 26.7 |
Total broadband | 168 |  |  | 235 |  |  | (67) |  |  | (28.5) |  |  | 579 |  |  | 705 |  |  | (126) |  |  | (17.9) |
Churn Rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail | 1.61 | % |  | 1.61 | % |  |  |  |  |  | 1.59 | % |  | 1.62 | % |  |  |  |
Wireless retail postpaid | 1.12 | % |  | 1.07 | % |  |  |  |  |  | 1.12 | % |  | 1.04 | % |  |  |  |
Wireless retail postpaid phone | 0.91 | % |  | 0.83 | % |  |  |  |  |  | 0.90 | % |  | 0.82 | % |  |  |  |
Account Statistics: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid ARPA(1) | $ | 147.91 |  | $ | 144.94 |  | $ | 2.97 |  |  | 2.0 |  |  | $ | 147.29 |  | $ | 143.46 |  | $ | 3.83 |  |  | 2.7 |
Wireless retail postpaid accounts (‘000)(2) |  |  |  |  |  |  |  |  | 32,353 |  | 32,719 |  | (366) |  |  | (1.1) |
Wireless retail postpaid connections per account(2) |  |  |  |  |  |  |  |  | 2.93 |  |  | 2.87 |  |  | 0.06 |  |  | 2.1 |

(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.
(2) As of end of period.
(3) Represents total prepaid results excluding our SafeLink brand.
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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.
nm - not meaningful
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.
Service Revenue
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.
Wireless service revenue increased during the three months ended September 30, 2025 compared to the similar period in 2024 primarily due to:
•an increase of $202 million related to growth in non-retail service revenue; and
•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. These increases were partially offset by the amortization of wireless equipment sales promotions.
Wireless service revenue increased during the nine months ended September 30, 2025 compared to the similar period in 2024 primarily as a result of:
•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. These increases were partially offset by the amortization of wireless equipment sales promotions; and
•an increase of $521 million related to growth in non-retail service revenue.
Wireless Equipment Revenue
Wireless equipment revenue increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
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.
The increase during the nine months ended September 30, 2025 was primarily due to:
•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; and
•an increase of $574 million related to a shift to higher priced equipment in the mix of wireless devices sold.
Other Revenue
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.
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.
Operating Expenses

| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30, |  | Increase |  | September 30, |  | Increase
(dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Cost of services | $ | 4,635 |  |  | $ | 4,567 |  |  | $ | 68 |  |  | 1.5 | % |  | $ | 13,790 |  |  | $ | 13,554 |  |  | $ | 236 |  |  | 1.7 | %
Cost of wireless equipment | 5,270 |  |  | 4,850 |  |  | 420 |  |  | 8.7 |  |  | 15,988 |  |  | 14,032 |  |  | 1,956 |  |  | 13.9 |
Selling, general and administrative expense | 4,968 |  |  | 4,928 |  |  | 40 |  |  | 0.8 |  |  | 15,169 |  |  | 15,064 |  |  | 105 |  |  | 0.7 |
Depreciation and amortization expense | 3,568 |  |  | 3,411 |  |  | 157 |  |  | 4.6 |  |  | 10,693 |  |  | 10,114 |  |  | 579 |  |  | 5.7 |
Total Operating Expenses | $ | 18,441 |  |  | $ | 17,756 |  |  | $ | 685 |  |  | 3.9 |  |  | $ | 55,640 |  |  | $ | 52,764 |  |  | $ | 2,876 |  |  | 5.5 |

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Cost of Services
Cost of services increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
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.
The increase during the nine months ended September 30, 2025 was primarily due to:
•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; and
•an increase of $121 million in regulatory fees driven by a higher net FUSF rate.
Cost of Wireless Equipment
Cost of wireless equipment increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
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.
The increase during the nine months ended September 30, 2025 was primarily due to:
•an increase of $1.3 billion driven by a higher volume of wireless devices sold primarily related to an increase of 18% in upgrades; and
•an increase of $687 million due to a shift to higher priced equipment in the mix of wireless devices sold.
Selling, General and Administrative Expense
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.
The increase during the nine months ended September 30, 2025 was primarily due to:
•an increase of $48 million in advertising costs related to various marketing campaigns in 2025; and
•an increase of $41 million in building and facility costs primarily due to higher utility rates.
Depreciation and Amortization Expense
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.
Segment Operating Income and EBITDA

| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30, |  | Increase |  | September 30, |  | Increase
(dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Segment Operating Income | $ | 7,664 |  |  | $ | 7,604 |  |  | $ | 60 |  |  | 0.8 | % |  | $ | 22,731 |  |  | $ | 22,580 |  |  | $ | 151 |  |  | 0.7 | %
Add Depreciation and amortization expense | 3,568 |  |  | 3,411 |  |  | 157 |  |  | 4.6 |  |  | 10,693 |  |  | 10,114 |  |  | 579 |  |  | 5.7 |
Segment EBITDA | $ | 11,232 |  |  | $ | 11,015 |  |  | $ | 217 |  |  | 2.0 |  |  | $ | 33,424 |  |  | $ | 32,694 |  |  | $ | 730 |  |  | 2.2 |
Segment operating income margin | 29.4 | % |  | 30.0 | % |  |  |  |  |  | 29.0 | % |  | 30.0 | % |  |  |  |
Segment EBITDA margin | 43.0 | % |  | 43.4 | % |  |  |  |  |  | 42.6 | % |  | 43.4 | % |  |  |  |

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.
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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 Business segment is organized in three customer groups: Enterprise and Public Sector, Business Markets and Other, and Wholesale.
Operating Revenues and Selected Operating Statistics

| Three Months Ended |  |  |  |  |  | Nine Months Ended |  |  |  |
| September 30, |  | Increase/ |  | September 30, |  | Increase/
(dollars in millions) | 2025 |  | 2024 |  | (Decrease) |  | 2025 |  | 2024 |  | (Decrease)
Enterprise and Public Sector | $ | 3,311 |  |  | $ | 3,538 |  |  | $ | (227) |  |  | (6.4) | % |  | $ | 10,203 |  | $ | 10,670 |  | $ | (467) |  |  | (4.4) | %
Business Markets and Other | 3,352 |  |  | 3,263 |  |  | 89 |  |  | 2.7 |  |  | 10,012 |  | 9,661 |  | 351 |  |  | 3.6 |
Wholesale | 479 |  |  | 550 |  |  | (71) |  |  | (12.9) |  |  | 1,488 |  | 1,696 |  | (208) |  |  | (12.3) |
Total Operating Revenues(1) | $ | 7,142 |  |  | $ | 7,351 |  |  | $ | (209) |  |  | (2.8) |  |  | $ | 21,703 |  | $ | 22,027 |  | $ | (324) |  |  | (1.5) |
Revenue Statistics: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wireless service revenue(2) | $ | 3,588 |  |  | $ | 3,562 |  |  | $ | 26 |  |  | 0.7 |  |  | $ | 10,732 |  |  | $ | 10,550 |  | $ | 182 |  |  | 1.7 |
Fios revenue | $ | 310 |  |  | $ | 314 |  |  | $ | (4) |  |  | (1.3) |  |  | $ | 930 |  |  | $ | 938 |  | $ | (8) |  |  | (0.9) |
Connections (‘000):(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid |  |  |  |  |  |  |  |  | 31,043 |  | 30,532 |  | 511 |  |  | 1.7 |
Fios internet |  |  |  |  |  |  |  |  | 411 |  | 397 |  | 14 |  |  | 3.5 |
Fios video |  |  |  |  |  |  |  |  | 49 |  | 56 |  | (7) |  |  | (12.5) |
FWA broadband |  |  |  |  |  |  |  |  | 2,193 |  | 1,698 |  | 495 |  |  | 29.2 |
Wireline broadband |  |  |  |  |  |  |  |  | 456 |  | 459 |  | (3) |  |  | (0.7) |
Total broadband |  |  |  |  |  |  |  |  | 2,649 |  | 2,157 |  | 492 |  |  | 22.8 |
Net Additions in Period (‘000): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid | 110 |  |  | 281 |  |  | (171) |  |  | (60.9) |  |  | 269 |  | 727 |  | (458) |  |  | (63.0) |
Wireless retail postpaid phone | 51 |  |  | 149 |  |  | (98) |  |  | (65.8) |  |  | 160 |  | 364 |  | (204) |  |  | (56.0) |
FWA broadband | 140 |  |  | 154 |  |  | (14) |  |  | (9.1) |  |  | 363 |  | 465 |  | (102) |  |  | (21.9) |
Wireline broadband | (2) |  |  | — |  |  | (2) |  |  | nm |  | (4) |  | (1) |  | (3) |  |  | nm
Total broadband | 138 |  |  | 154 |  |  | (16) |  |  | (10.4) |  |  | 359 |  | 464 |  | (105) |  |  | (22.6) |
Churn Rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid | 1.56 | % |  | 1.45 | % |  |  |  |  |  | 1.56 | % |  | 1.47 | % |  |  |  |
Wireless retail postpaid phone | 1.25 | % |  | 1.12 | % |  |  |  |  |  | 1.22 | % |  | 1.11 | % |  |  |  |

(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. 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.
(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.
(3) As of end of period.
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.
nm - not meaningful
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.
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Enterprise and Public Sector
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. Large businesses are identified based on their size and volume of business with Verizon. Public sector customers include U.S. federal, state and local governments and educational institutions. Our offerings to this customer group include plans with features and pricing designed to address their specific needs.
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:
•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; and
•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.
Business Markets and Other
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. Business Markets and Other also includes solutions that support mobile resource management.
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.
Wholesale
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.
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.
Operating Expenses

| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30, |  | Increase/(Decrease) |  | September 30, |  | Increase/(Decrease)
(dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Cost of services | $ | 2,224 |  |  | $ | 2,440 |  |  | $ | (216) |  |  | (8.9) | % |  | $ | 6,897 |  |  | $ | 7,327 |  |  | $ | (430) |  |  | (5.9) | %
Cost of wireless equipment | 1,213 |  |  | 1,197 |  |  | 16 |  |  | 1.3 |  |  | 3,608 |  |  | 3,487 |  |  | 121 |  |  | 3.5 |
Selling, general and administrative expense | 2,033 |  |  | 2,109 |  |  | (76) |  |  | (3.6) |  |  | 6,173 |  |  | 6,503 |  |  | (330) |  |  | (5.1) |
Depreciation and amortization expense | 1,035 |  |  | 1,040 |  |  | (5) |  |  | (0.5) |  |  | 3,086 |  |  | 3,246 |  |  | (160) |  |  | (4.9) |
Total Operating Expenses | $ | 6,505 |  |  | $ | 6,786 |  |  | $ | (281) |  |  | (4.1) |  |  | $ | 19,764 |  |  | $ | 20,563 |  |  | $ | (799) |  |  | (3.9) |

Cost of Services
Cost of services decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
The decrease during the three months ended September 30, 2025 was primarily due to:
•a decrease of $92 million in access costs primarily related to changes in circuit usage and pricing;
•a decrease of $47 million in personnel costs related to the impact of workforce changes;
•a decrease of $32 million in other direct costs primarily related to legacy wireline products and services; and
•a decrease of $31 million in customer premise equipment costs due to lower volumes sold.
The decrease during the nine months ended September 30, 2025 was primarily due to:
•a decrease of $149 million in access costs primarily related to changes in circuit usage and pricing;
•a decrease of $113 million in personnel costs related to the impact of workforce changes;
•a decrease of $86 million in other direct costs primarily related to legacy wireline products and services; and
•a decrease of $79 million in customer premise equipment costs due to lower volumes sold.
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Cost of Wireless Equipment
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.
The increase during the nine months ended September 30, 2025 was primarily due to:
•an increase of $74 million related to a shift to higher priced equipment in the mix of wireless devices sold; and
•an increase of $47 million driven by a higher volume of wireless devices sold.
Selling, General and Administrative Expense
Selling, general and administrative expense decreased for both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
The decrease during the three months ended September 30, 2025 was primarily due to:
•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; and
•a decrease of $18 million in advertising costs.
The decrease during the nine months ended September 30, 2025 was primarily due to:
•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; and
•a decrease of $34 million in advertising costs.
Depreciation and Amortization Expense
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.
Segment Operating Income and EBITDA

| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30, |  | Increase/(Decrease) |  | September 30, |  | Increase/(Decrease)
(dollars in millions) | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Segment Operating Income | $ | 637 |  |  | $ | 565 |  |  | $ | 72 |  |  | 12.7 | % |  | $ | 1,939 |  |  | $ | 1,464 |  |  | $ | 475 |  |  | 32.4 | %
Add Depreciation and amortization expense | 1,035 |  |  | 1,040 |  |  | (5) |  |  | (0.5) |  |  | 3,086 |  |  | 3,246 |  |  | (160) |  |  | (4.9) |
Segment EBITDA | $ | 1,672 |  |  | $ | 1,605 |  |  | $ | 67 |  |  | 4.2 |  |  | $ | 5,025 |  |  | $ | 4,710 |  |  | $ | 315 |  |  | 6.7 |
Segment operating income margin | 8.9 | % |  | 7.7 | % |  |  |  |  |  | 8.9 | % |  | 6.6 | % |  |  |  |
Segment EBITDA margin | 23.4 | % |  | 21.8 | % |  |  |  |  |  | 23.2 | % |  | 21.4 | % |  |  |  |

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.
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Special Items

Special items included in Income Before Provision For Income Taxes were as follows:

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Amortization of acquisition-related intangible assets(1) |  |  |  |  |  |  |
Depreciation and amortization expense | $ | 189 |  |  | $ | 186 |  |  | $ | 571 |  |  | $ | 626 |
Acquisition and integration related charges |  |  |  |  |  |  |
Selling, general and administrative expense | 52 |  |  | — |  |  | 52 |  |  | — |
Severance, pension and benefits charges |  |  |  |  |  |  |
Selling, general and administrative expense | — |  |  | 1,733 |  |  | — |  |  | 1,733 |
Other (income) expense, net | — |  |  | — |  |  | — |  |  | 136 |
Asset and business rationalization |  |  |  |  |  |  |
Cost of Services | — |  |  | 189 |  |  | — |  |  | 189 |
Selling, general and administrative expense | — |  |  | 185 |  |  | — |  |  | 185 |
Legacy legal matter |  |  |  |  |  |  |
Selling, general and administrative expense | — |  |  | — |  |  | — |  |  | 106 |
Total | $ | 241 |  |  | $ | 2,293 |  |  | $ | 623 |  |  | $ | 2,975 |

(1) Amounts are included in segment results of operations.
Consolidated Adjusted EBITDA, a non-GAAP measure discussed in the section titled "Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA" as part of Consolidated Results of Operations, excludes all of the amounts included above.
The income and expenses related to special items included in our condensed consolidated results of operations were as follows:

| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Within Total Operating Expenses | $ | 241 |  |  | $ | 2,293 |  |  | $ | 623 |  |  | $ | 2,839 |
Within Other (income) expense, net | — |  |  | — |  |  | — |  |  | 136 |
Total | $ | 241 |  |  | $ | 2,293 |  |  | $ | 623 |  |  | $ | 2,975 |

Amortization of Acquisition-Related Intangible Assets
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.
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.
Acquisition and Integration Related Charges
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.
Severance, Pension and Benefits Charges
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.
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. 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.
See Note 8 to the condensed consolidated financial statements for additional information.
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Asset and Business Rationalization
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.
Legacy Legal Matter
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.

Consolidated Financial Condition

| Nine Months Ended |  |
| September 30, |  |
(dollars in millions) | 2025 |  | 2024 |  | Change
Cash Flows Provided By (Used In) |  |  |  |  |
Operating activities | $ | 28,023 |  |  | $ | 26,480 |  |  | $ | 1,543 |
Investing activities | (11,680) |  |  | (13,113) |  |  | 1,433 |
Financing activities | (12,822) |  |  | (11,477) |  |  | (1,345) |
Increase in cash, cash equivalents and restricted cash | $ | 3,521 |  |  | $ | 1,890 |  |  | $ | 1,631 |

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. Our sources of funds, primarily from operations and, to the extent necessary, from external financing arrangements, are sufficient to meet ongoing operating and investing requirements over the next 12 months and beyond.
Our cash and cash equivalents are held both domestically and internationally, and are invested to maintain principal and provide liquidity. 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. 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. 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. retail medium-term notes and other securities that are privately-placed or offered overseas. In addition, we monetize certain receivables through asset-backed debt transactions.
Cash Flows Provided By Operating Activities
Our primary source of funds continues to be cash generated from operations. 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. 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.
Cash Flows Used In Investing Activities
Capital Expenditures
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.
Capital expenditures, including capitalized software, for the nine months ended September 30, 2025 and 2024 were $12.3 billion and $12.0 billion, respectively. 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.
Acquisitions of Wireless Licenses
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.
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.
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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. During the nine months ended September 30, 2025, net cash used in financing activities was $12.8 billion. During the nine months ended September 30, 2024, net cash used in financing activities was $11.5 billion.
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. These payments were partially offset by proceeds from asset-backed long-term borrowings of $7.3 billion and proceeds from long-term borrowings of $4.0 billion.
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. At December 31, 2024, our total debt of $144.0 billion included unsecured debt of $117.9 billion and secured debt of $26.1 billion. During the nine months ended September 30, 2025 and 2024, our effective interest rate was 5.1%. 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.
Verizon may acquire debt securities issued by Verizon and its affiliates through open market purchases, redemptions, privately negotiated transactions, tender offers, exchange offers, or otherwise, upon such terms and at such prices as Verizon may from time to time determine, for cash or other consideration.
Asset-Backed Debt
Cash collections on the receivables and on the underlying receivables related to the participation interest collateralizing our asset-backed notes issued to third-party investors and loans received from banks and their conduit facilities are required at certain specified times to be placed into segregated accounts. Deposits to the segregated accounts are considered restricted cash and are included in Prepaid expenses and other and Other assets in our condensed consolidated balance sheets.
Proceeds from our asset-backed debt transactions are reflected in Cash flows from financing activities in our condensed consolidated statements of cash flows. The asset-backed debt issued is included in Debt maturing within one year and Long-term debt in our condensed consolidated balance sheets.
See Note 5 to the condensed consolidated financial statements for additional information.
Long-Term Credit Facilities

|  |  |  |  | At September 30, 2025
(dollars in millions) | Maturities |  | Facility Capacity |  | Unused Capacity |  | Principal Amount Outstanding
Verizon revolving credit facility(1) | 2028 |  | $ | 12,000 |  |  | $ | 11,977 |  |  | $ | — |
Various export credit facilities(2) | 2025 - 2031 |  | 10,000 |  |  | — |  |  | 4,588 |
Total |  |  | $ | 22,000 |  |  | $ | 11,977 |  |  | $ | 4,588 |

(1) The revolving credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. The revolving credit facility provides for the issuance of letters of credit. As of September 30, 2025, there have been no drawings against the revolving credit facility since its inception.
(2) During the nine months ended September 30, 2025 and 2024, 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. Maturities reflect maturity dates of principal amounts outstanding. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.
Other, Net
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.
Dividends
As in prior periods, dividend payments were a significant use of capital resources. We paid $8.6 billion and $8.4 billion in cash dividends during the nine months ended September 30, 2025 and 2024, respectively.
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Covenants
Our credit agreements contain covenants that are typical for large, investment grade companies. These covenants include requirements to pay interest and principal in a timely fashion, pay taxes, maintain insurance with responsible and reputable insurance companies, preserve our corporate existence, keep appropriate books and records of financial transactions, maintain our properties, provide financial and other reports to our lenders, limit pledging and disposition of assets and mergers and consolidations, and other similar covenants.
We and our consolidated subsidiaries are in compliance with all of our restrictive covenants in our debt agreements.
Change In Cash, Cash Equivalents and Restricted Cash
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.
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.
Free Cash Flow
Free cash flow is a non-GAAP financial measure that reflects an additional way of viewing our liquidity that, we believe, when viewed with our GAAP results, provides management, investors and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. Free cash flow is calculated by subtracting capital expenditures (including capitalized software) from net cash provided by operating activities. We believe it is a more conservative measure of cash flow since capital expenditures are necessary for ongoing operations. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments made on finance lease obligations or cash payments for business acquisitions or wireless licenses. Therefore, we believe it is important to view free cash flow as a complement to our entire condensed consolidated statements of cash flows.
The following table reconciles net cash provided by operating activities to free cash flow:

| Nine Months Ended |  |
| September 30, |  |
(dollars in millions) | 2025 |  | 2024 |  | Change
Net cash provided by operating activities | $ | 28,023 |  |  | $ | 26,480 |  |  | $ | 1,543 |
Less Capital expenditures (including capitalized software) | 12,263 |  |  | 12,019 |  |  | 244 |
Free cash flow | $ | 15,760 |  |  | $ | 14,461 |  |  | $ | 1,299 |

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.
Other Future Obligations
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. See Note 12 to the condensed consolidated financial statements for additional information.

Market Risk

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. We employ risk management strategies, which may include the use of a variety of derivatives including cross currency swaps, forward starting interest rate swaps, interest rate swaps, interest rate caps, treasury rate locks and foreign exchange forwards. We do not hold derivatives for trading purposes.
It is our general policy to enter into interest rate, foreign currency and other derivative transactions only to the extent necessary to achieve our desired objectives in optimizing exposure to various market risks. Our objectives include maintaining 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. 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.
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. The CSA agreements contain fixed cap amounts or rating based thresholds such that we or our counterparties may be required to hold or
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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. At September 30, 2025, we did not hold any collateral. 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. At December 31, 2024, we did not hold any collateral. 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. 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. See Note 7 to the condensed consolidated financial statements for additional information regarding the derivative portfolio.
Interest Rate Risk
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. 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. 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 $337 million. The interest rates on our existing long-term debt obligations are unaffected by changes to our credit ratings.
Interest Rate Swaps
We enter into interest rate swaps to achieve a targeted mix of fixed and variable rate debt. We principally receive fixed rates and pay variable rates, resulting in a net increase or decrease to Interest expense. These swaps are designated as fair value hedges and hedge against interest rate risk exposure of designated debt issuances. 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. 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.
Foreign Currency Risk
The functional currency for our foreign operations is primarily the local currency. The translation of income statement and balance sheet amounts of our foreign operations into U.S. dollars is recorded as cumulative translation adjustments, which are included in Accumulated other comprehensive loss in our condensed consolidated balance sheets. Gains and losses on foreign currency transactions are recorded in the condensed consolidated statements of income. At September 30, 2025, our primary translation exposure was to the British Pound Sterling, Euro, Australian Dollar and Swedish Krona.
Cross Currency Swaps
We have entered into cross currency swaps to exchange our British Pound Sterling, Euro, Swiss Franc, Canadian Dollar and Australian Dollar-denominated cash flows into U.S. dollars and to fix our cash payments in U.S. dollars, as well as to mitigate the impact of foreign currency transaction gains or losses. 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. 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. 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.
Foreign Exchange Forwards
We also have foreign exchange forwards which we use as an economic hedge but for which we have elected not to apply hedge accounting. 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. At both September 30, 2025 and December 31, 2024, the fair value of the asset and liability of these contracts was insignificant. At September 30, 2025 and December 31, 2024, the total notional amount of the foreign exchange forwards was $750 million and $620 million, respectively.

Acquisitions and Divestitures

Spectrum License Transactions
From time to time, we enter into agreements to buy, sell or exchange spectrum licenses. 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.
In February 2021, the Federal Communications Commission (FCC) concluded Auction 107 for C-Band wireless spectrum. 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. During the nine months ended September 30, 2024, we made payments of $269 million for obligations related to clearing costs and accelerated clearing incentives. 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
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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. The closing of this transaction is subject to the receipt of regulatory approvals and other closing conditions, including the sale of UScellular's wireless operations and select spectrum assets to T-Mobile US, Inc., which concluded in August 2025, and the termination of certain post-closing arrangements with respect to that sale.
Frontier Communications Parent, Inc.
On September 4, 2024, Verizon entered into an Agreement and Plan of Merger (the Merger Agreement) to acquire Frontier, a U.S. provider of broadband internet and other communication services. 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. In November 2024, Frontier shareholders approved the transaction. It has also been approved by the FCC, the Department of Justice and certain state regulators. Consummation of the transaction is subject to receipt of certain remaining regulatory approvals and other customary closing conditions. Under certain circumstances, if the Merger Agreement is terminated, Frontier may be required to pay Verizon a termination fee of $320 million. Under certain other specified circumstances, Verizon may be required to pay Frontier a termination fee of $590 million.
Other
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. The closing of this transaction is subject to FCC approval and other customary closing conditions.

Cautionary Statement Concerning Forward-Looking Statements

In this report 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" 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 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:
•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;
•failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand;
•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;
•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;
•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;
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•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;
•material adverse changes in labor matters and any resulting financial or operational impact;
•damage to our reputation or brands;
•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;
•our high level of indebtedness;
•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; and
•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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Information relating to market risk is included in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations under the caption "Market Risk."

Item 4. Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the registrant's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934), as of the end of the period covered by this quarterly report, that ensure that information relating to the registrant which is required to be disclosed in this report is recorded, processed, summarized and reported within required time periods using the criteria for effective internal control established in Internal Control–Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the registrant’s disclosure controls and procedures were effective as of September 30, 2025.
In the ordinary course of business, we routinely review our system of internal control over financial reporting and make changes to our systems and processes that are intended to ensure an effective internal control environment. In the third quarter of 2020, we began a multi-year implementation of a new global enterprise resource planning (ERP) system, which will replace many of our existing core financial systems. The new ERP system is designed to enhance the flow of financial information, facilitate data analysis and accelerate information reporting. The implementation is ongoing and is expected to continue over the next few years.
As the phased implementation of the new ERP system continues, we could have changes to our processes and procedures which, in turn, could result in changes to our internal controls over financial reporting. As such changes occur, we will evaluate quarterly whether such changes materially affect our internal control over financial reporting.
There were no changes in the Company's internal control over financial reporting during the third quarter 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Part II – Other Information

Item 1. Legal Proceedings

In the ordinary course of business, Verizon is involved in various litigation and regulatory proceedings at the state and federal level. As of the date of this report, we do not believe that any pending legal proceedings to which we or our subsidiaries are subject are required to be disclosed as material legal proceedings pursuant to this item. Verizon is not subject to any administrative or judicial proceeding arising under any federal, state or local provisions that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment that is likely to result in monetary sanctions of $1 million or more.
See Note 12 to the condensed consolidated financial statements for additional information regarding legal proceedings.

Item 1A. Risk Factors

There have been no material changes to our risk factors as previously disclosed in Part I, Item 1A included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In February 2020, the Board of Directors of the Company authorized a share buyback program to repurchase up to 100 million shares of the Company's common stock. The program will terminate when the aggregate number of shares purchased reaches 100 million or a new share repurchase plan superseding the current plan is authorized, whichever is sooner. 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 under the Exchange Act. The timing and number of shares purchased under the program, if any, will depend on market conditions and our capital allocation priorities.
Verizon did not repurchase any shares of the Company's common stock during the three months ended September 30, 2025. At September 30, 2025, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100 million.

Item 5. Other Information

During the three months ended September 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.
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Item 6. Exhibits

Exhibit Number |  | Description |  |
31.1 |  | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |
31.2 |  | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  |
32.1 |  | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |
32.2 |  | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  |
101.INS |  | XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |  |
101.SCH |  | XBRL Taxonomy Extension Schema Document. |  |
101.PRE |  | XBRL Taxonomy Presentation Linkbase Document. |  |
101.CAL |  | XBRL Taxonomy Calculation Linkbase Document. |  |
101.LAB |  | XBRL Taxonomy Label Linkbase Document. |  |
101.DEF |  | XBRL Taxonomy Extension Definition Linkbase Document. |  |
104 |  | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |  |

Pursuant to Regulation S-K, Item 601(b)(4)(iii)(A), certain instruments which define the rights of holders of long-term debt of Verizon Communications Inc. and its consolidated subsidiaries are not filed herewith, and the Company hereby agrees to furnish a copy of any such instrument to the SEC upon request.
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Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | VERIZON COMMUNICATIONS INC.
Date: October 29, 2025 |  | By: | /s/ | Mary-Lee Stillwell
|  |  |  | Mary-Lee Stillwell
|  |  |  | Senior Vice President and Controller
|  |  |  | (Principal Accounting Officer)

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