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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment 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:

SegmentDescription
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.
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)ConsumerBusinessTotal 
Reportable
Segments		ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service(1)
$20,260 $— $20,260 $19,864 $— $19,864 
Wireless equipment4,766 — 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 revenues78 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 equipment5,270 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 expense3,568 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.
Nine Months Ended September 30,
2025
2024
(dollars in millions)ConsumerBusinessTotal 
Reportable
Segments		ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service(1)
$60,439 $— $60,439 59,232 $— $59,232 
Wireless equipment14,667 — 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 revenues225 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 equipment15,988 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 expense10,693 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 EndedNine Months Ended
September 30,September 30,
(dollars in millions)2025202420252024
Consumer$2,937 $2,916 $8,757 $8,708 
Business310 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 EndedNine Months Ended
September 30,September 30,
(dollars in millions)2025202420252024
Consumer$17,441 $17,036 $52,009 $50,781 
Business3,588 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.
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 EndedNine Months Ended
 September 30,September 30,
(dollars in millions)2025202420252024
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 EndedNine Months Ended
September 30,September 30,
(dollars in millions)2025202420252024
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 income8,105 5,926 24,255 21,265 
Equity in losses of unconsolidated businesses(6)(24)(3)(47)
Other income, net92 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.