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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Transactions | 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 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. 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 |
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%.
Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements | 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 |
Schedule of Line of Credit Facilities | 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.

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