Verizon Communications Inc. provides wireless connectivity, devices, fiber and fixed-wireless broadband, and enterprise networking and related services through its Consumer and Business segments. Its operations are predominantly U.S.-based.
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A snapshot of what VERIZON COMMUNICATIONS INC owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000732712-24-000010 | Feb 9, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000732712-25-000006 | Feb 12, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000732712-26-000007 | Feb 17, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Verizon generates substantial operating cash, but its improving adjusted results should not be confused with uniformly stronger demand or GAAP earnings. In 2025, revenue increased while net income declined: device upgrades supported sales but pressured Consumer margins, and Business improved profitability mainly through cost reductions despite shrinking revenue. Frontier, acquired in January 2026, expanded fiber coverage and changed the comparison base. First-half 2026 cash flow benefited from tax-payment timing and fewer upgrades, while acquisitions, debt repayments and shareholder distributions sharply reduced cash. Second-quarter GAAP earnings included restructuring and a write-down for the proposed BT venture, which remained conditional. The central operating challenge is converting better retention, acquired fiber and spending discipline into sustainable growth while funding a capital-intensive network and substantial debt obligations.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99 · 2026-07-24 · 8-K · 2026-06-28
Consumer is Verizon's principal earnings engine, selling wireless subscriptions, devices, prepaid services, wholesale network access and broadband. Business combines mobility with enterprise networking, security, managed services and legacy wireline products. Wholesale customers can also compete with Verizon at retail. Network scale supports recurring service revenue, but spectrum, infrastructure, maintenance and customer promotions require continuing investment. Device revenue is generally recognized at delivery even when customers pay over roughly 36 months, separating reported sales from cash collection.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, revenue reached $138.191 billion, but GAAP net income declined to $17.608 billion and diluted EPS to $4.06. Consumer revenue benefited from upgrades, higher-priced devices, premium plans and fixed-wireless growth. Expenses grew faster, however, and its operating margin fell to 27.7% from 28.7%. Business revenue declined to $29.069 billion as legacy services contracted; workforce, access-cost and depreciation reductions nevertheless lifted segment operating income to $2.532 billion. These are different economic stories, not broad-based demand acceleration.
Adjusted EBITDA rose to $49.997 billion, excluding financing costs, depreciation and designated special items. Those exclusions matter: 2025 included substantial restructuring and benefit charges, while 2023 earnings had absorbed a $5.841 billion Business goodwill impairment. Accordingly, neither the 2024 GAAP rebound nor subsequent adjusted growth should be read without their different expense bases. A slightly larger diluted share count also weighed on 2025 EPS.
Sources: 10-K · 2025-12-31 · 10-K · 2023-12-31
Operating cash flow was $37.137 billion in 2025. Management attributed its modest improvement principally to lower cash taxes following the One Big Beautiful Bill legislation, rather than stronger earnings. The 2024 comparison included $2.0 billion of tower-related prepaid rent. Verizon's $20.126 billion non-GAAP free cash flow deducts $17.011 billion of cash capital expenditure but excludes acquisitions, spectrum purchases and finance-lease principal. Noncash financed asset purchases also sit outside cash capex. These distinctions prevent treating free cash flow as profit or cash remaining after every investment obligation.
Sources: 10-K · 2025-12-31
The latest supplied quarterly report covers June 30, 2026 and was filed July 31. Second-quarter revenue fell to $34.253 billion as fewer device upgrades outweighed service growth. Postpaid phone additions improved to 184,000 and churn to 0.92%, but revenue per postpaid account declined. Frontier contributed acquired fiber and legacy revenue; no complete organic-growth bridge is disclosed. GAAP net income fell to $3.949 billion, including a $746 million held-for-sale write-down and restructuring costs, while adjusted EBITDA rose to $13.723 billion. Lower equipment sales also reduced the revenue denominator supporting adjusted margin expansion.
Sources: 10-Q · 2026-06-30 · EX-99 · 2026-07-24
Frontier closed January 20, 2026, before the latest annual filing but outside 2025 operations. Its approximately $9.4 billion net cash payment and $12.9 billion assumed debt are distinct transaction components. By June 30, cash and equivalents were $1.752 billion and total debt was $165.231 billion. First-half operating cash flow of $18.419 billion coexisted with acquisition spending, debt repayments, $5.864 billion of dividends and $3.5 billion of buybacks. The undrawn revolver provided $11.976 billion of borrowing availability, not cash; Verizon reported covenant compliance at that date.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99 · 2026-07-24
Verizon must retain customers in a mature, promotion-heavy wireless market while offsetting legacy wireline and video erosion. Frontier integration, refinancing, supplier concentration and regulation remain important dependencies. The January 2026 outage reduced wireless-service growth; its cause and full cost are not established. Lead-cable allegations and litigation could produce material costs that cannot presently be quantified. July guidance called for $4.99–$5.04 adjusted EPS and $21.940–$22.140 billion free cash flow for 2026, but these remain forecasts, not achieved results or guaranteed distributions.
Sources: 10-K · 2025-12-31 · EX-99 · 2026-04-27 · 10-Q · 2026-06-30 · EX-99 · 2026-07-24
USD 138.191 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 138.191 bn | 2.5% |
| 2024 | USD 134.788 bn | 0.6% |
| 2023 | USD 133.974 bn | — |
Consolidated operating revenue after intercompany eliminations.
Sources: 10-K · 2025-12-31
USD 17.608 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 17.608 bn | -1.9% |
| 2024 | USD 17.949 bn | — |
Net income including income attributable to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 12.095 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 12.095 bn | — |
Net income including noncontrolling interests; includes the $5.841 billion Business goodwill impairment.
Sources: 10-K · 2025-12-31
USD 37.137 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 37.137 bn | — |
| 2023 | USD 37.475 bn | — |
GAAP consolidated operating cash flow.
Sources: 10-K · 2025-12-31
USD 36.912 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 36.912 bn | — |
GAAP consolidated operating cash flow; includes $2.0 billion of Vertical Bridge prepaid-rent proceeds.
Sources: 10-K · 2025-12-31
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