EX-99.1 2 a2024q4exhibit991.htm EX-99.1
Exhibit 99.1
News Release

FOR IMMEDIATE RELEASE | Media contacts:
January 24, 2025 | Katie Magnotta
| 201-602-9235
| katie.magnotta@verizon.com
| Jamie Serino
| 201-401-5460
| jamie.serino@verizon.com

Verizon delivered strong customer growth and profitability in 2024
Company added nearly 1 million postpaid mobile and broadband
subscribers in fourth quarter, best quarterly result in more than a decade
Industry-leading total wireless service revenue
of $20.0 billion dollars in the fourth quarter
Key 2024 Highlights
•Delivered on financial guidance
•Revenue growth with strong operational results
•More than doubled wireless postpaid phone net additions compared to 2023
•Continued to take broadband market share with Fios and fixed wireless access
•Strong execution against capital allocation priorities, including strategic transactions
•Well-positioned with strong outlook for 2025
NEW YORK - Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong operational and financial results for the fourth-quarter and full-year 2024, further extending its industry leadership with new products and services that continued to resonate with customers. With solid momentum on its strategy to grow connections and strengthen customer relationships, the company delivered on its 2024 financial guidance, demonstrating strong performance and success across its three priorities of growing wireless service revenue, expanding adjusted EBITDA and generating strong free cash flow.
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"With innovations powered by the best network in the country, we are bringing the best experiences to our customers, in life and work. Customizable offerings like myPlan, myHome, Verizon Business Complete and Total Wireless feature the control, simplicity and value our customers expect," said Verizon Chairman and CEO Hans Vestberg. "It’s only going to get better this year and beyond, as we have continued to strengthen Verizon with the pending Frontier acquisition, new satellite partnerships, and ongoing AI enablement, which we expect will enhance and broaden our network for everybody we serve."
2024 Financial Highlights
Consolidated: Verizon delivers on 2024 financial guidance and extends industry leadership through operational excellence and customer focus
•Full-year 2024 earnings per share (EPS) of $4.14 compared to $2.75 for full-year 2023; adjusted EPS 1, excluding special items, of $4.59 compared to full-year 2023 adjusted EPS 1 of $4.71.
•Total operating revenue of $134.8 billion for full-year 2024, up 0.6 percent compared to full-year 2023.
•Full-year 2024 cash flow from operations totaled $36.9 billion compared to $37.5 billion in 2023. This result reflects higher cash taxes, as well as higher interest expense. Full-year cash flow from operations includes a one-time contribution of approximately $2.0 billion from Verizon’s tower transaction with Vertical Bridge and reflects fourth quarter severance payments related to our voluntary separation program of approximately $600 million.
•Full-year 2024 capital expenditures were $17.1 billion.
•Full-year 2024 free cash flow 1 of $19.8 billion compared to $18.7 billion in full-year 2023.
4Q 2024 Highlights
Consolidated: Strong fourth-quarter performance results in revenue increases
•Earnings per share of $1.18 in fourth-quarter 2024 compared to EPS of $(0.64) in fourth-quarter 2023; adjusted EPS 1, excluding special items, of $1.10 compared to $1.08 in fourth-quarter 2023.
•Fourth-quarter 2024 financial results reflected a pre-tax gain from special items of $477 million. This includes a mark-to-market adjustment for our pension and other post-employment benefit (OPEB) liabilities of $668 million, partially offset by amortization of intangible assets related to Tracfone and other acquisitions of $191 million.
•Total operating revenue of $35.7 billion in fourth-quarter 2024, up 1.6 percent compared to fourth-quarter 2023.
•Consolidated net income for fourth-quarter 2024 was $5.1 billion compared to a net loss of $2.6 billion in fourth-quarter 2023. Consolidated adjusted EBITDA 1 was $11.9 billion in fourth-quarter 2024 compared to $11.7 billion in fourth-quarter 2023. This result was driven by wireless service revenue growth, partially offset by the impact of higher upgrade volumes and continued declines in Business wireline revenue.
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•Verizon's total unsecured debt as of the end of fourth-quarter 2024 was $117.9 billion, an $8.5 billion decrease compared to third-quarter 2024 and $10.6 billion lower year over year. The company's net unsecured debt 1 at the end of fourth-quarter 2024 was $113.7 billion. At the end of fourth-quarter 2024, Verizon's ratio of unsecured debt to net income (LTM) was 6.6 times and net unsecured debt to consolidated adjusted EBITDA ratio 1 was 2.3 times.
Mobility: Industry-leading wireless service revenue and double-digit growth in postpaid phone net adds
•Wireless service revenue 2 grew sequentially for the 18th consecutive quarter. Total wireless service revenue 2 in fourth-quarter 2024 was $20.0 billion, up 3.1 percent year over year, driven primarily by pricing actions implemented in recent quarters, sales of perks and add-on services and growth in fixed wireless access.
•Wireless equipment revenue of $7.5 billion in fourth-quarter 2024, up 0.6 percent compared to fourth-quarter 2023, predominantly due to increased upgrade volumes in the quarter.
•Total postpaid phone net additions of 568,000 in fourth-quarter 2024, up from 449,000 in fourth-quarter 2023.
Broadband: Verizon continued to take broadband market share with strong demand for best in class Fios and fixed wireless access offerings
•Broadband net additions of 408,000 in fourth-quarter 2024, continuing the quarterly pace of over 350,000 broadband net additions.
•Total fixed wireless access net additions of 373,000 in fourth-quarter 2024, growing the base to nearly 4.6 million fixed wireless subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.
•Fios internet net additions were 51,000 compared to 55,000 in fourth-quarter 2023.
•Total broadband connections grew to more than 12.3 million as of the end of fourth-quarter 2024, representing a 15.0 percent increase year over year.
Verizon Consumer: Positive net additions with strongest quarterly phone gross additions result in five years
•Total Verizon Consumer revenue in fourth-quarter 2024 was $27.6 billion, an increase of 2.2 percent year over year, predominantly driven by gains in service revenue.
•Wireless service revenue in fourth-quarter 2024 was $16.5 billion, up 3.0 percent year over year, primarily driven by growth in Consumer wireless postpaid average revenue per account (ARPA) from pricing actions and continued fixed wireless access adoption.
•Consumer wireless retail postpaid churn was 1.12 percent in fourth-quarter 2024, and wireless retail postpaid phone churn was 0.89 percent.
•Consumer ARPA of $139.77 in fourth-quarter 2024, an increase of 4.2 percent compared to fourth-quarter 2023.
•In fourth-quarter 2024, Consumer reported 426,000 wireless retail postpaid phone net additions, up 34.0 percent from fourth-quarter 2023. This improvement was driven by a 5.5 percent year over year increase in postpaid phone gross additions, which represented the strongest quarterly result for postpaid phone gross additions in five years.
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•Excluding the contribution from the company's second number offering, Consumer reported 82,000 wireless retail postpaid phone net additions for the year, meeting the goal of positive net additions for 2024, and 367,000 wireless retail postpaid phone net additions for fourth-quarter 2024.
•Excluding SafeLink, Verizon's brand offering access to government-sponsored connectivity benefits and programs, in fourth-quarter 2024 Consumer reported 65,000 wireless retail prepaid net additions compared to 263,000 net losses in fourth-quarter 2023.
•Consumer reported 216,000 fixed wireless net additions and 47,000 Fios Internet net additions in fourth-quarter 2024. Consumer Fios revenue was $2.9 billion in fourth-quarter 2024.
•In fourth-quarter 2024, Consumer operating income was $6.9 billion, a decrease of 1.9 percent year over year, and segment operating income margin was 25.1 percent, compared to 26.1 percent in fourth-quarter 2023. Segment EBITDA 1 in fourth-quarter 2024 was $10.3 billion, a decrease of 0.4 percent year over year. Improvements in Consumer wireless service revenue were more than offset by increases in upgrade volumes and the impact of related promotions in the period. Segment EBITDA margin 1 in fourth-quarter 2024 was 37.5 percent compared to 38.5 percent in fourth-quarter 2023.
Verizon Business: Strong wireless service revenue driven by continued wireless customer growth
•Business wireless service revenue in fourth-quarter 2024 was $3.5 billion, an increase of 3.4 percent year over year. This result was driven by continued strong net additions for both mobility and fixed wireless access, as well as benefits from pricing actions implemented in recent quarters.
•Total Verizon Business revenue was $7.5 billion in fourth-quarter 2024, a decrease of 1.5 percent year over year, as increases in wireless service revenue were more than offset by decreases in wireline revenue.
•Business reported 283,000 wireless retail postpaid net additions in fourth-quarter 2024. This result included 142,000 postpaid phone net additions. Our value proposition continued to resonate across all customer groups with particular strength in small and medium businesses.
•Business wireless retail postpaid churn was 1.45 percent in fourth-quarter 2024, and wireless retail postpaid phone churn was 1.09 percent.
•Business reported 157,000 fixed wireless net additions in fourth-quarter 2024.
•In fourth-quarter 2024, Verizon Business operating income was $594 million, an increase of 34.1 percent year over year, resulting in segment operating income margin of 7.9 percent, an increase from 5.8 percent in fourth-quarter 2023. Segment EBITDA 1 in fourth-quarter 2024 was $1.7 billion, an increase of 3.0 percent year over year. The result was driven by wireless service revenue growth partially offset by wireline revenue declines. Segment EBITDA margin 1 in fourth-quarter 2024 was 22.1 percent, an increase from 21.1 percent in fourth-quarter 2023.
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Outlook and guidance
The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.
For 2025, Verizon expects the following:
•Total wireless service revenue growth 2,3 of 2.0 percent to 2.8 percent.
•Adjusted EBITDA growth 1 of 2.0 percent to 3.5 percent.
•Adjusted EPS 1 growth of 0 to 3.0 percent.
•Cash flow from operations of $35.0 billion to $37.0 billion.
•Capital expenditures between $17.5 billion and $18.5 billion.
•Free cash flow 1 of $17.5 billion to $18.5 billion.
1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
2 Total wireless service revenue represents the sum of Consumer and Business segments.
3 Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue beginning January 2025. Where applicable, historical results will be recast to conform to the updated presentation. Reclassified 2024 annual revenues were more than $2.9 billion.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.
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Forward-looking statements
In this communication 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 in our filings with the Securities and Exchange Commission (the “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; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage
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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; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; 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 Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.
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Verizon Communications Inc.
Condensed Consolidated Statements of Income

(dollars in millions, except per share amounts)
Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23 |  | % Change |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23 |  | % Change
Operating Revenues |  |  |  |  |  |  |  |  |  |  |  |
Service revenues and other |  | $ | 28,166 |  |  | $ | 27,658 |  |  | 1.8 |  | $ | 111,571 |  |  | $ | 109,652 |  |  | 1.8
Wireless equipment revenues |  | 7,515 |  |  | 7,472 |  |  | 0.6 |  | 23,217 |  |  | 24,322 |  |  | (4.5)
Total Operating Revenues |  | 35,681 |  |  | 35,130 |  |  | 1.6 |  | 134,788 |  |  | 133,974 |  |  | 0.6
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  | 6,933 |  |  | 6,952 |  |  | (0.3) |  | 27,997 |  |  | 28,100 |  |  | (0.4)
Cost of wireless equipment |  | 8,581 |  |  | 8,230 |  |  | 4.3 |  | 26,100 |  |  | 26,787 |  |  | (2.6)
Selling, general and administrative expense |  | 8,240 |  |  | 8,991 |  |  | (8.4) |  | 34,113 |  |  | 32,745 |  |  | 4.2
Depreciation and amortization expense |  | 4,506 |  |  | 4,516 |  |  | (0.2) |  | 17,892 |  |  | 17,624 |  |  | 1.5
Verizon Business Group goodwill impairment |  | — |  |  | 5,841 |  |  | * |  | — |  |  | 5,841 |  |  | *
Total Operating Expenses |  | 28,260 |  |  | 34,530 |  |  | (18.2) |  | 106,102 |  |  | 111,097 |  |  | (4.5)
Operating Income |  | 7,421 |  |  | 600 |  |  | * |  | 28,686 |  |  | 22,877 |  |  | 25.4
Equity in losses of unconsolidated businesses |  | (6) |  |  | (11) |  |  | (45.5) |  | (53) |  |  | (53) |  |  | —
Other income (expense), net |  | 797 |  |  | (807) |  |  | * |  | 995 |  |  | (313) |  |  | *
Interest expense |  | (1,644) |  |  | (1,599) |  |  | 2.8 |  | (6,649) |  |  | (5,524) |  |  | 20.4
Income (Loss) Before Provision For Income Taxes |  | 6,568 |  |  | (1,817) |  |  | * |  | 22,979 |  |  | 16,987 |  |  | 35.3
Provision for income taxes |  | (1,454) |  |  | (756) |  |  | 92.3 |  | (5,030) |  |  | (4,892) |  |  | 2.8
Net Income (Loss) |  | $ | 5,114 |  |  | $ | (2,573) |  |  | * |  | $ | 17,949 |  |  | $ | 12,095 |  |  | 48.4
Net income attributable to noncontrolling interests |  | $ | 109 |  |  | $ | 132 |  |  | (17.4) |  | $ | 443 |  |  | $ | 481 |  |  | (7.9)
Net income (loss) attributable to Verizon |  | 5,005 |  |  | (2,705) |  |  | * |  | 17,506 |  |  | 11,614 |  |  | 50.7
Net Income (Loss) |  | $ | 5,114 |  |  | $ | (2,573) |  |  | * |  | $ | 17,949 |  |  | $ | 12,095 |  |  | 48.4
Basic Earnings Per Common Share |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Verizon |  | $ | 1.19 |  |  | $ | (0.64) |  |  | * |  | $ | 4.15 |  |  | $ | 2.76 |  |  | 50.4
Weighted-average shares outstanding (in millions) |  | 4,222 |  |  | 4,214 |  |  |  |  | 4,218 |  |  | 4,211 |  |  |
Diluted Earnings Per Common Share(1) |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Verizon |  | $ | 1.18 |  |  | $ | (0.64) |  |  | * |  | $ | 4.14 |  |  | $ | 2.75 |  |  | 50.5
Weighted-average shares outstanding (in millions) |  | 4,227 |  |  | 4,214 |  |  |  |  | 4,223 |  |  | 4,215 |  |  |

Footnotes:
(1)Where applicable, Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution.
* Not meaningful

Verizon Communications Inc.
Condensed Consolidated Balance Sheets

(dollars in millions)
Unaudited |  | 12/31/24 |  | 12/31/23 |  | $ Change
Assets |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4,194 |  |  | $ | 2,065 |  |  | $ | 2,129 |
Accounts receivable |  | 27,261 |  |  | 26,102 |  |  | 1,159 |
Less Allowance for credit losses |  | 1,152 |  |  | 1,017 |  |  | 135 |
Accounts receivable, net |  | 26,109 |  |  | 25,085 |  |  | 1,024 |
Inventories |  | 2,247 |  |  | 2,057 |  |  | 190 |
Prepaid expenses and other |  | 7,973 |  |  | 7,607 |  |  | 366 |
Total current assets |  | 40,523 |  |  | 36,814 |  |  | 3,709 |
Property, plant and equipment |  | 331,406 |  |  | 320,108 |  |  | 11,298 |
Less Accumulated depreciation |  | 222,884 |  |  | 211,798 |  |  | 11,086 |
Property, plant and equipment, net |  | 108,522 |  |  | 108,310 |  |  | 212 |
Investments in unconsolidated businesses |  | 842 |  |  | 953 |  |  | (111) |
Wireless licenses |  | 156,613 |  |  | 155,667 |  |  | 946 |
Goodwill |  | 22,841 |  |  | 22,843 |  |  | (2) |
Other intangible assets, net |  | 11,129 |  |  | 11,057 |  |  | 72 |
Operating lease right-of-use assets |  | 24,472 |  |  | 24,726 |  |  | (254) |
Other assets |  | 19,769 |  |  | 19,885 |  |  | (116) |
Total assets |  | $ | 384,711 |  |  | $ | 380,255 |  |  | $ | 4,456 |
Liabilities and Equity |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Debt maturing within one year |  | $ | 22,633 |  |  | $ | 12,973 |  |  | $ | 9,660 |
Accounts payable and accrued liabilities |  | 23,374 |  |  | 23,453 |  |  | (79) |
Current operating lease liabilities |  | 4,415 |  |  | 4,266 |  |  | 149 |
Other current liabilities |  | 14,349 |  |  | 12,531 |  |  | 1,818 |
Total current liabilities |  | 64,771 |  |  | 53,223 |  |  | 11,548 |
Long-term debt |  | 121,381 |  |  | 137,701 |  |  | (16,320) |
Employee benefit obligations |  | 11,997 |  |  | 13,189 |  |  | (1,192) |
Deferred income taxes |  | 46,732 |  |  | 45,781 |  |  | 951 |
Non-current operating lease liabilities |  | 19,928 |  |  | 20,002 |  |  | (74) |
Other liabilities |  | 19,327 |  |  | 16,560 |  |  | 2,767 |
Total long-term liabilities |  | 219,365 |  |  | 233,233 |  |  | (13,868) |
Equity |  |  |  |  |  |
Common stock |  | 429 |  |  | 429 |  |  | — |
Additional paid in capital |  | 13,466 |  |  | 13,631 |  |  | (165) |
Retained earnings |  | 89,110 |  |  | 82,915 |  |  | 6,195 |
Accumulated other comprehensive loss |  | (923) |  |  | (1,380) |  |  | 457 |
Common stock in treasury, at cost |  | (3,583) |  |  | (3,821) |  |  | 238 |
Deferred compensation – employee stock ownership plans and other |  | 738 |  |  | 656 |  |  | 82 |
Noncontrolling interests |  | 1,338 |  |  | 1,369 |  |  | (31) |
Total equity |  | 100,575 |  |  | 93,799 |  |  | 6,776 |
Total liabilities and equity |  | $ | 384,711 |  |  | $ | 380,255 |  |  | $ | 4,456 |

Verizon Communications Inc.
Consolidated - Selected Financial and Operating Statistics

(dollars in millions, except per share amounts) |  |  |  |
Unaudited |  | 12/31/24 |  | 12/31/23 |  |  |  |
Total debt |  | $ | 144,014 |  |  | $ | 150,674 |  |  |  |  |
Unsecured debt |  | $ | 117,876 |  |  | $ | 128,491 |  |  |  |  |
Net unsecured debt(1) |  | $ | 113,682 |  |  | $ | 126,426 |  |  |  |  |
Unsecured debt / Consolidated Net Income (LTM) |  | 6.6 | x |  | 10.6 | x |  |  |  |
Net unsecured debt / Consolidated Adjusted EBITDA(1)(2) |  | 2.3 | x |  | 2.6 | x |  |  |  |
Common shares outstanding end of period (in millions) |  | 4,210 |  |  | 4,204 |  |  |  |  |
Total employees (‘000)(3) |  | 99.6 |  |  | 105.4 |  |  |  |  |
Quarterly cash dividends declared per common share |  | $ | 0.6775 |  |  | $ | 0.6650 |  |  |  |  |

Footnotes:
(1)Non-GAAP financial measure.
(2)Consolidated Adjusted EBITDA excludes the effects of non-operational items and special items.
(3)Number of employees on a full-time equivalent basis.

Verizon Communications Inc.
Condensed Consolidated Statements of Cash Flows

(dollars in millions)
Unaudited |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23 |  | $ Change
Cash Flows from Operating Activities |  |  |  |  |  |
Net Income |  | $ | 17,949 |  |  | $ | 12,095 |  |  | $ | 5,854 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Depreciation and amortization expense |  | 17,892 |  |  | 17,624 |  |  | 268 |
Employee retirement benefits |  | (52) |  |  | 1,206 |  |  | (1,258) |
Deferred income taxes |  | 815 |  |  | 2,388 |  |  | (1,573) |
Provision for expected credit losses |  | 2,338 |  |  | 2,214 |  |  | 124 |
Equity in losses of unconsolidated businesses, inclusive of dividends received |  | 75 |  |  | 84 |  |  | (9) |
Verizon Business Group goodwill impairment |  | — |  |  | 5,841 |  |  | (5,841) |
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses |  | (2,278) |  |  | (267) |  |  | (2,011) |
Other, net |  | 173 |  |  | (3,710) |  |  | 3,883 |
Net cash provided by operating activities |  | 36,912 |  |  | 37,475 |  |  | (563) |
Cash Flows from Investing Activities |  |  |  |  |  |
Capital expenditures (including capitalized software) |  | (17,090) |  |  | (18,767) |  |  | 1,677 |
Cash paid related to acquisitions of businesses, net of cash acquired |  | — |  |  | (30) |  |  | 30 |
Acquisitions of wireless licenses |  | (900) |  |  | (5,796) |  |  | 4,896 |
Collateral receipts (payments) related to derivative contracts, net |  | (712) |  |  | 880 |  |  | (1,592) |
Other, net |  | 28 |  |  | 281 |  |  | (253) |
Net cash used in investing activities |  | (18,674) |  |  | (23,432) |  |  | 4,758 |
Cash Flows from Financing Activities |  |  |  |  |  |
Proceeds from long-term borrowings |  | 3,146 |  |  | 2,018 |  |  | 1,128 |
Proceeds from asset-backed long-term borrowings |  | 12,422 |  |  | 6,594 |  |  | 5,828 |
Net proceeds from (repayments of) short-term commercial paper |  | — |  |  | (150) |  |  | 150 |
Repayments of long-term borrowings and finance lease obligations |  | (11,854) |  |  | (6,181) |  |  | (5,673) |
Repayments of asset-backed long-term borrowings |  | (8,490) |  |  | (4,443) |  |  | (4,047) |
Dividends paid |  | (11,249) |  |  | (11,025) |  |  | (224) |
Other, net |  | (1,075) |  |  | (1,470) |  |  | 395 |
Net cash used in financing activities |  | (17,100) |  |  | (14,657) |  |  | (2,443) |
Increase (decrease) in cash, cash equivalents and restricted cash |  | 1,138 |  |  | (614) |  |  | 1,752 |
Cash, cash equivalents and restricted cash, beginning of period |  | 3,497 |  |  | 4,111 |  |  | (614) |
Cash, cash equivalents and restricted cash, end of period |  | $ | 4,635 |  |  | $ | 3,497 |  |  | $ | 1,138 |

Verizon Communications Inc.
Consumer - Selected Financial Results

(dollars in millions)
Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23 |  | % Change |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23 |  | % Change
Operating Revenues |  |  |  |  |  |  |  |  |  |  |  |
Service |  | $ | 19,414 |  |  | $ | 18,927 |  |  | 2.6 |  | $ | 76,880 |  |  | $ | 74,874 |  |  | 2.7
Wireless equipment |  | 6,487 |  |  | 6,435 |  |  | 0.8 |  | 19,598 |  |  | 20,645 |  |  | (5.1)
Other |  | 1,659 |  |  | 1,592 |  |  | 4.2 |  | 6,426 |  |  | 6,107 |  |  | 5.2
Total Operating Revenues |  | 27,560 |  |  | 26,954 |  |  | 2.2 |  | 102,904 |  |  | 101,626 |  |  | 1.3
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  | 4,518 |  |  | 4,362 |  |  | 3.6 |  | 18,072 |  |  | 17,580 |  |  | 2.8
Cost of wireless equipment |  | 7,227 |  |  | 6,877 |  |  | 5.1 |  | 21,259 |  |  | 21,827 |  |  | (2.6)
Selling, general and administrative expense |  | 5,473 |  |  | 5,336 |  |  | 2.6 |  | 20,537 |  |  | 20,131 |  |  | 2.0
Depreciation and amortization expense |  | 3,438 |  |  | 3,344 |  |  | 2.8 |  | 13,552 |  |  | 13,077 |  |  | 3.6
Total Operating Expenses |  | 20,656 |  |  | 19,919 |  |  | 3.7 |  | 73,420 |  |  | 72,615 |  |  | 1.1
Operating Income |  | $ | 6,904 |  |  | $ | 7,035 |  |  | (1.9) |  | $ | 29,484 |  |  | $ | 29,011 |  |  | 1.6
Operating Income Margin |  | 25.1 | % |  | 26.1 | % |  |  |  | 28.7 | % |  | 28.5 | % |  |
Segment EBITDA(1) |  | $ | 10,342 |  |  | $ | 10,379 |  |  | (0.4) |  | $ | 43,036 |  |  | $ | 42,088 |  |  | 2.3
Segment EBITDA Margin(1) |  | 37.5 | % |  | 38.5 | % |  |  |  | 41.8 | % |  | 41.4 | % |  |

Footnotes:
(1) Non-GAAP financial measure.
The segment financial results and metrics above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.
Consumer - Selected Operating Statistics

Unaudited |  |  |  |  |  |  |  | 12/31/24 |  | 12/31/23 |  | % Change
Connections (‘000): |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid |  |  |  |  |  |  |  | 95,118 |  |  | 93,850 |  |  | 1.4
Wireless retail prepaid |  |  |  |  |  |  |  | 20,138 |  |  | 21,122 |  |  | (4.7)
Total wireless retail |  |  |  |  |  |  |  | 115,256 |  |  | 114,972 |  |  | 0.2
Wireless retail prepaid excl. SafeLink |  |  |  |  |  |  |  | 18,843 |  |  | 18,851 |  |  | —
Wireless retail postpaid phone |  |  |  |  |  |  |  | 75,048 |  |  | 74,720 |  |  | 0.4
Fios video |  |  |  |  |  |  |  | 2,684 |  |  | 2,951 |  |  | (9.0)
Fios internet |  |  |  |  |  |  |  | 7,135 |  |  | 6,976 |  |  | 2.3
Fixed wireless access (FWA) broadband |  |  |  |  |  |  |  | 2,714 |  |  | 1,866 |  |  | 45.4
Wireline broadband |  |  |  |  |  |  |  | 7,300 |  |  | 7,190 |  |  | 1.5
Total broadband |  |  |  |  |  |  |  | 10,014 |  |  | 9,056 |  |  | 10.6
Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23 |  | % Change |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23 |  | % Change
Gross Additions (‘000): |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid |  | 4,310 |  |  | 4,185 |  |  | 3.0 |  | 13,282 |  |  | 13,475 |  |  | (1.4)
Wireless retail postpaid phone |  | 2,418 |  |  | 2,293 |  |  | 5.5 |  | 7,838 |  |  | 7,330 |  |  | 6.9
Net Additions Detail (‘000): |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid |  | 1,130 |  |  | 1,168 |  |  | (3.3) |  | 1,345 |  |  | 2,044 |  |  | (34.2)
Wireless retail prepaid |  | (66) |  |  | (289) |  |  | 77.2 |  | (975) |  |  | (1,151) |  |  | 15.3
Total wireless retail |  | 1,064 |  |  | 879 |  |  | 21.0 |  | 370 |  |  | 893 |  |  | (58.6)
Wireless retail prepaid excl. SafeLink |  | 65 |  |  | (263) |  |  | * |  | 2 |  |  | (1,078) |  |  | *
Wireless retail postpaid phone |  | 426 |  |  | 318 |  |  | 34.0 |  | 341 |  |  | (132) |  |  | *
Fios video |  | (60) |  |  | (62) |  |  | 3.2 |  | (267) |  |  | (283) |  |  | 5.7
Fios internet |  | 47 |  |  | 53 |  |  | (11.3) |  | 159 |  |  | 236 |  |  | (32.6)
FWA broadband |  | 216 |  |  | 231 |  |  | (6.5) |  | 846 |  |  | 989 |  |  | (14.5)
Wireline broadband |  | 35 |  |  | 39 |  |  | (10.3) |  | 110 |  |  | 174 |  |  | (36.8)
Total broadband |  | 251 |  |  | 270 |  |  | (7.0) |  | 956 |  |  | 1,163 |  |  | (17.8)
Churn Rate: |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid |  | 1.12 | % |  | 1.08 | % |  |  |  | 1.06 | % |  | 1.03 | % |  |
Wireless retail postpaid phone |  | 0.89 | % |  | 0.88 | % |  |  |  | 0.84 | % |  | 0.83 | % |  |
Wireless retail prepaid |  | 4.04 | % |  | 4.55 | % |  |  |  | 4.22 | % |  | 4.37 | % |  |
Wireless retail prepaid excl. SafeLink |  | 3.78 | % |  | 3.94 | % |  |  |  | 3.68 | % |  | 3.80 | % |  |
Wireless retail |  | 1.64 | % |  | 1.73 | % |  |  |  | 1.62 | % |  | 1.67 | % |  |
Revenue Statistics (in millions): |  |  |  |  |  |  |  |  |  |  |  |
Wireless service revenue |  | $ | 16,521 |  |  | $ | 16,034 |  |  | 3.0 |  | $ | 65,374 |  |  | $ | 63,358 |  |  | 3.2
Fios revenue |  | $ | 2,939 |  |  | $ | 2,942 |  |  | (0.1) |  | $ | 11,647 |  |  | $ | 11,614 |  |  | 0.3

Verizon Communications Inc.
Consumer - Selected Operating Statistics (continued)

Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23 |  | % Change |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23 |  | % Change
Other Wireless Statistics: |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid ARPA(1) |  | $ | 139.77 |  |  | $ | 134.10 |  |  | 4.2 |  | $ | 138.25 |  |  | $ | 132.36 |  |  | 4.4
Wireless retail postpaid upgrade rate |  | 4.5 | % |  | 4.4 | % |  |  |  |  |  |  |  |
Wireless retail postpaid accounts (‘000)(2) |  |  |  |  |  |  |  | 32,794 |  |  | 32,990 |  |  | (0.6)
Wireless retail postpaid connections per account(2) |  |  |  |  |  |  |  | 2.90 |  |  | 2.84 |  |  | 2.1
Wireless retail prepaid ARPU(3) |  | $ | 30.89 |  |  | $ | 31.87 |  |  | (3.1) |  | $ | 30.92 |  |  | $ | 31.46 |  |  | (1.7)
Wireless retail prepaid ARPU(3) excl. SafeLink |  | $ | 32.34 |  |  | $ | 33.11 |  |  | (2.3) |  | $ | 32.37 |  |  | $ | 32.82 |  |  | (1.4)

Footnotes:
(1) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(2) Statistics presented as of end of period.
(3) Wireless retail prepaid ARPU - average service revenue per unit from retail prepaid connections.
Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
Certain intersegment transactions with corporate entities have not been eliminated.
* Not meaningful

Verizon Communications Inc.
Business - Selected Financial Results

(dollars in millions)
Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23 |  | % Change |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23 |  | % Change
Operating Revenues |  |  |  |  |  |  |  |  |  |  |  |
Enterprise and Public Sector |  | $ | 3,548 |  |  | $ | 3,718 |  |  | (4.6) |  | $ | 14,218 |  |  | $ | 15,076 |  |  | (5.7)
Business Markets and Other |  | 3,438 |  |  | 3,318 |  |  | 3.6 |  | 13,099 |  |  | 12,715 |  |  | 3.0
Wholesale |  | 518 |  |  | 582 |  |  | (11.0) |  | 2,214 |  |  | 2,331 |  |  | (5.0)
Total Operating Revenues |  | 7,504 |  |  | 7,618 |  |  | (1.5) |  | 29,531 |  |  | 30,122 |  |  | (2.0)
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Cost of services |  | 2,415 |  |  | 2,519 |  |  | (4.1) |  | 9,742 |  |  | 10,180 |  |  | (4.3)
Cost of wireless equipment |  | 1,354 |  |  | 1,353 |  |  | 0.1 |  | 4,841 |  |  | 4,959 |  |  | (2.4)
Selling, general and administrative expense |  | 2,080 |  |  | 2,139 |  |  | (2.8) |  | 8,583 |  |  | 8,429 |  |  | 1.8
Depreciation and amortization expense |  | 1,061 |  |  | 1,164 |  |  | (8.8) |  | 4,307 |  |  | 4,488 |  |  | (4.0)
Total Operating Expenses |  | 6,910 |  |  | 7,175 |  |  | (3.7) |  | 27,473 |  |  | 28,056 |  |  | (2.1)
Operating Income |  | $ | 594 |  |  | $ | 443 |  |  | 34.1 |  | $ | 2,058 |  |  | $ | 2,066 |  |  | (0.4)
Operating Income Margin |  | 7.9 | % |  | 5.8 | % |  |  |  | 7.0 | % |  | 6.9 | % |  |
Segment EBITDA(1) |  | $ | 1,655 |  |  | $ | 1,607 |  |  | 3.0 |  | $ | 6,365 |  |  | $ | 6,554 |  |  | (2.9)
Segment EBITDA Margin(1) |  | 22.1 | % |  | 21.1 | % |  |  |  | 21.6 | % |  | 21.8 | % |  |

Footnotes:
(1) Non-GAAP financial measure.
The segment financial results and metrics above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.
Business - Selected Operating Statistics

Unaudited |  |  |  |  |  |  |  | 12/31/24 |  | 12/31/23 |  | % Change
Connections (‘000): |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid |  |  |  |  |  |  |  | 30,819 |  |  | 29,779 |  |  | 3.5
Wireless retail postpaid phone |  |  |  |  |  |  |  | 18,798 |  |  | 18,170 |  |  | 3.5
Fios video |  |  |  |  |  |  |  | 54 |  |  | 61 |  |  | (11.5)
Fios internet |  |  |  |  |  |  |  | 401 |  |  | 385 |  |  | 4.2
FWA broadband |  |  |  |  |  |  |  | 1,854 |  |  | 1,201 |  |  | 54.4
Wireline broadband |  |  |  |  |  |  |  | 459 |  |  | 460 |  |  | (0.2)
Total broadband |  |  |  |  |  |  |  | 2,313 |  |  | 1,661 |  |  | 39.3
Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23 |  | % Change |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23 |  | % Change
Gross Additions (‘000): |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid |  | 1,617 |  |  | 1,605 |  |  | 0.7 |  | 6,328 |  |  | 6,420 |  |  | (1.4)
Wireless retail postpaid phone |  | 751 |  |  | 738 |  |  | 1.8 |  | 3,000 |  |  | 2,989 |  |  | 0.4
Net Additions Detail (‘000): |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid |  | 283 |  |  | 292 |  |  | (3.1) |  | 1,010 |  |  | 1,242 |  |  | (18.7)
Wireless retail postpaid phone |  | 142 |  |  | 131 |  |  | 8.4 |  | 546 |  |  | 562 |  |  | (2.8)
Fios video |  | (2) |  |  | (2) |  |  | — |  | (7) |  |  | (6) |  |  | (16.7)
Fios internet |  | 4 |  |  | 2 |  |  | 100.0 |  | 16 |  |  | 12 |  |  | 33.3
FWA broadband |  | 157 |  |  | 144 |  |  | 9.0 |  | 622 |  |  | 547 |  |  | 13.7
Wireline broadband |  | — |  |  | (1) |  |  | * |  | (1) |  |  | (8) |  |  | 87.5
Total broadband |  | 157 |  |  | 143 |  |  | 9.8 |  | 621 |  |  | 539 |  |  | 15.2
Churn Rate: |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid |  | 1.45 | % |  | 1.48 | % |  |  |  | 1.47 | % |  | 1.48 | % |  |
Wireless retail postpaid phone |  | 1.09 | % |  | 1.12 | % |  |  |  | 1.11 | % |  | 1.13 | % |  |
Revenue Statistics (in millions): |  |  |  |  |  |  |  |  |  |  |  |
Wireless service revenue |  | $ | 3,477 |  |  | $ | 3,364 |  |  | 3.4 |  | $ | 13,753 |  |  | $ | 13,372 |  |  | 2.8
Fios revenue |  | $ | 314 |  |  | $ | 312 |  |  | 0.6 |  | $ | 1,252 |  |  | $ | 1,235 |  |  | 1.4
Other Operating Statistics: |  |  |  |  |  |  |  |  |  |  |  |
Wireless retail postpaid upgrade rate |  | 2.8 | % |  | 3.1 | % |  |  |  |  |  |  |  |

Footnotes:
Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
Certain intersegment transactions with corporate entities have not been eliminated.
* Not meaningful

Verizon Communications Inc.
Supplemental Information - Total Wireless Operating and Financial Statistics
The following supplemental schedule contains certain financial and operating metrics which reflect an aggregation of our Consumer and Business segments’ wireless results.

Unaudited |  | 12/31/24 |  | 12/31/23 |  | % Change
Connections (‘000) |  |  |  |  |  |  |  |  |  |  |  |
Retail postpaid |  |  |  |  |  |  |  | 125,937 |  |  | 123,629 |  |  | 1.9
Retail prepaid |  |  |  |  |  |  |  | 20,138 |  |  | 21,122 |  |  | (4.7)
Total retail |  |  |  |  |  |  |  | 146,075 |  |  | 144,751 |  |  | 0.9
Retail prepaid excl. SafeLink |  |  |  |  |  |  |  | 18,843 |  |  | 18,851 |  |  | —
Retail postpaid phone |  |  |  |  |  |  |  | 93,846 |  |  | 92,890 |  |  | 1.0
Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23 |  | % Change |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23 |  | % Change
Net Additions Detail (‘000) |  |  |  |  |  |  |  |  |  |  |  |
Retail postpaid phone |  | 568 |  |  | 449 |  |  | 26.5 |  | 887 |  |  | 430 |  |  | *
Retail postpaid |  | 1,413 |  |  | 1,460 |  |  | (3.2) |  | 2,355 |  |  | 3,286 |  |  | (28.3)
Retail prepaid |  | (66) |  |  | (289) |  |  | 77.2 |  | (975) |  |  | (1,151) |  |  | 15.3
Total retail |  | 1,347 |  |  | 1,171 |  |  | 15.0 |  | 1,380 |  |  | 2,135 |  |  | (35.4)
Retail prepaid excl. SafeLink |  | 65 |  |  | (263) |  |  | * |  | 2 |  |  | (1,078) |  |  | *
Account Statistics |  |  |  |  |  |  |  |  |  |  |  |
Retail postpaid accounts (‘000)(1) |  |  |  |  |  |  |  | 34,849 |  |  | 34,958 |  |  | (0.3)
Retail postpaid connections per account(1) |  |  |  |  |  |  |  | 3.61 |  |  | 3.54 |  |  | 2.0
Retail postpaid ARPA(2) |  | $ | 162.62 |  |  | $ | 156.48 |  |  | 3.9 |  | $ | 161.03 |  |  | $ | 154.84 |  |  | 4.0
Retail prepaid ARPU(3) |  | $ | 30.89 |  |  | $ | 31.87 |  |  | (3.1) |  | $ | 30.92 |  |  | $ | 31.46 |  |  | (1.7)
Retail prepaid ARPU(3) excl. SafeLink |  | $ | 32.34 |  |  | $ | 33.11 |  |  | (2.3) |  | $ | 32.37 |  |  | $ | 32.82 |  |  | (1.4)
Churn Detail |  |  |  |  |  |  |  |  |  |  |  |
Retail postpaid phone |  | 0.93 | % |  | 0.93 | % |  |  |  | 0.89 | % |  | 0.89 | % |  |
Retail postpaid |  | 1.20 | % |  | 1.18 | % |  |  |  | 1.16 | % |  | 1.14 | % |  |
Retail prepaid |  | 4.04 | % |  | 4.55 | % |  |  |  | 4.22 | % |  | 4.37 | % |  |
Retail prepaid excl. SafeLink |  | 3.78 | % |  | 3.94 | % |  |  |  | 3.68 | % |  | 3.80 | % |  |
Retail |  | 1.60 | % |  | 1.67 | % |  |  |  | 1.59 | % |  | 1.63 | % |  |
Retail Postpaid Connection Statistics |  |  |  |  |  |  |  |  |  |  |  |
Upgrade rate |  | 4.1 | % |  | 4.1 | % |  |  |  |  |  |  |  |
Revenue Statistics (in millions)(4) |  |  |  |  |  |  |  |  |  |  |  |
FWA revenue |  | $ | 611 |  |  | $ | 403 |  |  | 51.6 |  | $ | 2,139 |  |  | $ | 1,302 |  |  | 64.3
Wireless service |  | $ | 19,998 |  |  | $ | 19,398 |  |  | 3.1 |  | $ | 79,127 |  |  | $ | 76,730 |  |  | 3.1
Wireless equipment |  | 7,515 |  |  | 7,472 |  |  | 0.6 |  | 23,217 |  |  | 24,322 |  |  | (4.5)
Wireless other |  | 1,697 |  |  | 1,575 |  |  | 7.7 |  | 6,544 |  |  | 6,083 |  |  | 7.6
Total Wireless |  | $ | 29,210 |  |  | $ | 28,445 |  |  | 2.7 |  | $ | 108,888 |  |  | $ | 107,135 |  |  | 1.6

Footnotes:
(1) Statistics presented as of end of period.
(2) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(3) Wireless retail prepaid ARPU - average service revenue per unit from retail prepaid connections.
(4) Intersegment transactions between Consumer or Business segment with corporate entities have not been eliminated.
Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
* Not meaningful

Verizon Communications Inc.
Non-GAAP Reconciliations - Consolidated Verizon

Consolidated EBITDA and Consolidated Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(dollars in millions)
Unaudited |  |  |  |  |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 9/30/24 |  | 3 Mos. Ended 6/30/24 |  | 3 Mos. Ended 3/31/24 |  |  |  |  |  | 3 Mos. Ended 12/31/23 |  | 3 Mos. Ended 9/30/23 |  | 3 Mos. Ended 6/30/23 |  | 3 Mos. Ended 3/31/23
Consolidated Net Income (Loss) |  |  |  |  |  | $ | 5,114 |  |  | $ | 3,411 |  |  | $ | 4,702 |  |  | $ | 4,722 |  |  |  |  |  |  | $ | (2,573) |  |  | $ | 4,884 |  |  | $ | 4,766 |  |  | $ | 5,018 |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for income taxes |  |  |  |  |  | 1,454 |  |  | 891 |  |  | 1,332 |  |  | 1,353 |  |  |  |  |  |  | 756 |  |  | 1,308 |  |  | 1,346 |  |  | 1,482 |
Interest expense |  |  |  |  |  | 1,644 |  |  | 1,672 |  |  | 1,698 |  |  | 1,635 |  |  |  |  |  |  | 1,599 |  |  | 1,433 |  |  | 1,285 |  |  | 1,207 |
Depreciation and amortization expense(1) |  |  |  |  |  | 4,506 |  |  | 4,458 |  |  | 4,483 |  |  | 4,445 |  |  |  |  |  |  | 4,516 |  |  | 4,431 |  |  | 4,359 |  |  | 4,318 |
Consolidated EBITDA |  |  |  |  |  | $ | 12,718 |  |  | $ | 10,432 |  |  | $ | 12,215 |  |  | $ | 12,155 |  |  |  |  |  |  | $ | 4,298 |  |  | $ | 12,056 |  |  | $ | 11,756 |  |  | $ | 12,025 |
Add/(subtract): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other (income) expense, net(2) |  |  |  |  |  | $ | (797) |  |  | $ | (72) |  |  | $ | 72 |  |  | $ | (198) |  |  |  |  |  |  | $ | 807 |  |  | $ | (170) |  |  | $ | (210) |  |  | $ | (114) |
Equity in (earnings) losses of unconsolidated businesses |  |  |  |  |  | 6 |  |  | 24 |  |  | 14 |  |  | 9 |  |  |  |  |  |  | 11 |  |  | 18 |  |  | 33 |  |  | (9) |
Severance charges |  |  |  |  |  | — |  |  | 1,733 |  |  | — |  |  | — |  |  |  |  |  |  | 296 |  |  | — |  |  | 237 |  |  | — |
Asset and business rationalization |  |  |  |  |  | — |  |  | 374 |  |  | — |  |  | — |  |  |  |  |  |  | 325 |  |  | — |  |  | 155 |  |  | — |
Legacy legal matter |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 106 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Verizon Business Group goodwill impairment |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 5,841 |  |  | — |  |  | — |  |  | — |
Legal settlement |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 100 |  |  | — |  |  | — |  |  | — |
Business transformation costs |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 176 |  |  | — |  |  | — |
Non-strategic business shutdown |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | 158 |  |  | — |  |  | — |
|  |  |  |  |  | (791) |  |  | 2,059 |  |  | 86 |  |  | (83) |  |  |  |  |  |  | 7,380 |  |  | 182 |  |  | 215 |  |  | (123) |
Consolidated Adjusted EBITDA |  |  |  |  |  | $ | 11,927 |  |  | $ | 12,491 |  |  | $ | 12,301 |  |  | $ | 12,072 |  |  |  |  |  |  | $ | 11,678 |  |  | $ | 12,238 |  |  | $ | 11,971 |  |  | $ | 11,902 |
Footnotes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable. |  |
(2) Includes Pension and benefits remeasurement adjustments, where applicable. |  |  |  |  |  |

Verizon Communications Inc.

Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |
Unaudited |  | 12 Mos. Ended 12/31/24 |  |  |  |  |  |  |  | 12 Mos. Ended 12/31/23 |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Net Income |  | $ | 17,949 |  |  |  |  |  |  |  |  | $ | 12,095 |  |  |  |  |  |  |  |  |  |  |  |  |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for income taxes |  | 5,030 |  |  |  |  |  |  |  |  | 4,892 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | 6,649 |  |  |  |  |  |  |  |  | 5,524 |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense(1) |  | 17,892 |  |  |  |  |  |  |  |  | 17,624 |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated EBITDA |  | $ | 47,520 |  |  |  |  |  |  |  |  | $ | 40,135 |  |  |  |  |  |  |  |  |  |  |  |  |
Add/(subtract): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other (income) expense, net(2) |  | $ | (995) |  |  |  |  |  |  |  |  | $ | 313 |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in losses of unconsolidated businesses |  | 53 |  |  |  |  |  |  |  |  | 53 |  |  |  |  |  |  |  |  |  |  |  |  |
Severance charges |  | 1,733 |  |  |  |  |  |  |  |  | 533 |  |  |  |  |  |  |  |  |  |  |  |  |
Asset and business rationalization |  | 374 |  |  |  |  |  |  |  |  | 480 |  |  |  |  |  |  |  |  |  |  |  |  |
Legacy legal matter |  | 106 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Verizon Business Group goodwill impairment |  | — |  |  |  |  |  |  |  |  | 5,841 |  |  |  |  |  |  |  |  |  |  |  |  |
Legal settlement |  | — |  |  |  |  |  |  |  |  | 100 |  |  |  |  |  |  |  |  |  |  |  |  |
Business transformation costs |  | — |  |  |  |  |  |  |  |  | 176 |  |  |  |  |  |  |  |  |  |  |  |  |
Non-strategic business shutdown |  | — |  |  |  |  |  |  |  |  | 158 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 1,271 |  |  |  |  |  |  |  |  | 7,654 |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Adjusted EBITDA |  | $ | 48,791 |  |  |  |  |  |  |  |  | $ | 47,789 |  |  |  |  |  |  |  |  |  |  |  |  |
Footnotes: |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable. |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes Pension and benefits remeasurement adjustments, where applicable. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Verizon Communications Inc.

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio |  |  |  |  |  |  |  |  |  |
(dollars in millions) |  |  |  |
Unaudited |  | 12/31/24 |  | 9/30/24 |  |  |  | 12/31/23 |  |  |  |  |  |
Debt maturing within one year |  | $ | 22,633 |  |  | $ | 21,763 |  |  |  |  | $ | 12,973 |  |  |  |  |  |  |
Long-term debt |  | 121,381 |  |  | 128,878 |  |  |  |  | 137,701 |  |  |  |  |  |  |
Total Debt |  | 144,014 |  |  | 150,641 |  |  |  |  | 150,674 |  |  |  |  |  |  |
Less Secured debt |  | 26,138 |  |  | 24,272 |  |  |  |  | 22,183 |  |  |  |  |  |  |
Unsecured Debt |  | 117,876 |  |  | 126,369 |  |  |  |  | 128,491 |  |  |  |  |  |  |
Less Cash and cash equivalents |  | 4,194 |  |  | 4,987 |  |  |  |  | 2,065 |  |  |  |  |  |  |
Net Unsecured Debt |  | $ | 113,682 |  |  | $ | 121,382 |  |  |  |  | $ | 126,426 |  |  |  |  |  |  |
Consolidated Net Income (LTM) |  | $ | 17,949 |  |  |  |  |  |  | $ | 12,095 |  |  |  |  |  |  |
Unsecured Debt to Consolidated Net Income Ratio |  | 6.6 | x |  |  |  |  |  | 10.6 | x |  |  |  |  |  |
Consolidated Adjusted EBITDA (LTM) |  | $ | 48,791 |  |  |  |  |  |  | $ | 47,789 |  |  |  |  |  |  |
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio |  | 2.3 | x |  |  |  |  |  | 2.6 | x |  |  |  |  |  |

Adjusted Earnings per Common Share (Adjusted EPS) |  |  |  |  |  |  |  |
(dollars in millions, except per share amounts)
Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23
|  | Pre-tax | Tax | After-Tax |  |  | Pre-tax | Tax | After-Tax |
EPS |  |  |  |  | $ | 1.18 |  |  |  |  |  | $ | (0.64) |
Amortization of acquisition-related intangible assets |  | $ | 191 |  | $ | (51) |  | $ | 140 |  | 0.03 |  |  | $ | 227 |  | $ | (57) |  | $ | 170 |  | 0.04 |
Severance, pension and benefits charges (credits) |  | (668) |  | 165 |  | (503) |  | (0.12) |  |  | 1,288 |  | (319) |  | 969 |  | 0.23 |
Asset rationalization |  | — |  | — |  | — |  | — |  |  | 325 |  | (80) |  | 245 |  | 0.06 |
Verizon Business Group goodwill impairment |  | — |  | — |  | — |  | — |  |  | 5,841 |  | (52) |  | 5,789 |  | 1.37 |
Legal settlement |  | — |  | — |  | — |  | — |  |  | 100 |  | (25) |  | 75 |  | 0.02 |
|  | $ | (477) |  | $ | 114 |  | $ | (363) |  | $ | (0.09) |  |  | $ | 7,781 |  | $ | (533) |  | $ | 7,248 |  | $ | 1.72 |
Adjusted EPS |  |  |  |  | $ | 1.10 |  |  |  |  |  | $ | 1.08 |
Footnote: |  |  |  |  |  |  |  |  |  |
Adjusted EPS may not add due to rounding. |  |  |  |  |  |  |  |  |  |

(dollars in millions, except per share amounts)
Unaudited |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23
|  | Pre-tax | Tax | After-Tax |  |  | Pre-tax | Tax | After-Tax |
EPS |  |  |  |  | $ | 4.14 |  |  |  |  |  | $ | 2.75 |
Amortization of acquisition-related intangible assets |  | $ | 817 |  | $ | (208) |  | $ | 609 |  | 0.14 |  |  | $ | 865 |  | $ | (219) |  | $ | 646 |  | 0.15 |
Severance, pension and benefits charges |  | 1,201 |  | (298) |  | 903 |  | 0.21 |  |  | 1,525 |  | (378) |  | 1,147 |  | 0.27 |
Asset and business rationalization |  | 374 |  | (90) |  | 284 |  | 0.07 |  |  | 480 |  | (113) |  | 367 |  | 0.09 |
Legacy legal matter |  | 106 |  | (27) |  | 79 |  | 0.02 |  |  | — |  | — |  | — |  | — |
Verizon Business Group goodwill impairment |  | — |  | — |  | — |  | — |  |  | 5,841 |  | (52) |  | 5,789 |  | 1.37 |
Legal settlement |  | — |  | — |  | — |  | — |  |  | 100 |  | (25) |  | 75 |  | 0.02 |
Business transformation costs |  | — |  | — |  | — |  | — |  |  | 176 |  | (45) |  | 131 |  | 0.03 |
Non-strategic business shutdown |  | — |  | — |  | — |  | — |  |  | 179 |  | (83) |  | 96 |  | 0.02 |
|  | $ | 2,498 |  | $ | (623) |  | $ | 1,875 |  | $ | 0.44 |  |  | $ | 9,166 |  | $ | (915) |  | $ | 8,251 |  | $ | 1.96 |
Adjusted EPS |  |  |  |  | $ | 4.59 |  |  |  |  |  | $ | 4.71 |
Footnote: |  |  |  |  |  |  |  |  |  |
Adjusted EPS may not add due to rounding. |  |  |  |  |  |  |  |  |  |

Verizon Communications Inc.

Free Cash Flow |  |  |  |  |  |  |
(dollars in millions) |
Unaudited |  | 12 Mos. Ended 12/31/24 |  |  |  | 12 Mos. Ended 12/31/23 |
Net Cash Provided by Operating Activities |  | $ | 36,912 |  |  |  |  | $ | 37,475 |  |
Capital expenditures (including capitalized software) |  | (17,090) |  |  |  |  | (18,767) |  |
Free Cash Flow |  | $ | 19,822 |  |  |  |  | $ | 18,708 |  |

Free Cash Flow Forecast |  |
(dollars in millions) |  |
Unaudited |  |  |  |  | 12 Mos. Ended 12/31/25 |  |
Net Cash Provided by Operating Activities Forecast |  |  |  | $ | 35,000 - 37,000 |  |
Capital expenditures forecast (including capitalized software) |  |  |  |  | (17,500 - 18,500) |  |
Free Cash Flow Forecast |  |  |  | $ | 17,500 - 18,500 |  |

Verizon Communications Inc.
Non-GAAP Reconciliations - Segments

Segment EBITDA and Segment EBITDA Margin |  |  |  |  |  |  |  |  |
Consumer |  |  |  |  |  |  |  |  |
(dollars in millions)
Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23 |  | 12 Mos. Ended 12/31/24 |  |  | 12 Mos. Ended 12/31/23
Operating Income |  | $ | 6,904 |  |  | $ | 7,035 |  |  | $ | 29,484 |  |  |  | $ | 29,011 |
Add Depreciation and amortization expense |  | 3,438 |  |  | 3,344 |  |  | 13,552 |  |  |  | 13,077 |
Segment EBITDA |  | $ | 10,342 |  |  | $ | 10,379 |  |  | $ | 43,036 |  |  |  | $ | 42,088 |
Year over year change % |  | (0.4) | % |  |  |  | 2.3 | % |  |  |
Total operating revenues |  | $ | 27,560 |  |  | $ | 26,954 |  |  | $ | 102,904 |  |  |  | $ | 101,626 |
Operating Income Margin |  | 25.1 | % |  | 26.1 | % |  | 28.7 | % |  |  | 28.5 | %
Segment EBITDA Margin |  | 37.5 | % |  | 38.5 | % |  | 41.8 | % |  |  | 41.4 | %

Business |  |  |  |  |  |  |  |
(dollars in millions)
Unaudited |  | 3 Mos. Ended 12/31/24 |  | 3 Mos. Ended 12/31/23 |  | 12 Mos. Ended 12/31/24 |  | 12 Mos. Ended 12/31/23
Operating Income |  | $ | 594 |  |  | $ | 443 |  |  | $ | 2,058 |  |  | $ | 2,066 |
Add Depreciation and amortization expense |  | 1,061 |  |  | 1,164 |  |  | 4,307 |  |  | 4,488 |
Segment EBITDA |  | $ | 1,655 |  |  | $ | 1,607 |  |  | $ | 6,365 |  |  | $ | 6,554 |
Year over year change % |  | 3.0 | % |  |  |  | (2.9) | % |  |
Total operating revenues |  | $ | 7,504 |  |  | $ | 7,618 |  |  | $ | 29,531 |  |  | $ | 30,122 |
Operating Income Margin |  | 7.9 | % |  | 5.8 | % |  | 7.0 | % |  | 6.9 | %
Segment EBITDA Margin |  | 22.1 | % |  | 21.1 | % |  | 21.6 | % |  | 21.8 | %