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Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Operating Information

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.

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.

																					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

Summary of Reconciliation of Segment Operating Revenues

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

Summary of Reconciliation of Segment Operating Income

A reconciliation of the total reportable segments' operating income to consolidated income before provision for income taxes is as follows:

			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

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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