# EDGAR Filing Document

**Accession Number:** 0000732712
**File Stem:** 0000732712-26-000019
**Filing Date:** 2026-4
**Character Count:** 63609
**Document Hash:** 4d1fb9e3e50dba76e9f292ed6b121511
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000732712-26-000019.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000732712-26-000019

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260427

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VERIZON COMMUNICATIONS INC
- **CENTRAL INDEX KEY:** 0000732712
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 232259884
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08606
- **FILM NUMBER:** 26896460

**BUSINESS ADDRESS:**
- **STREET 1:** 1095 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-395-1000

**MAIL ADDRESS:**
- **STREET 1:** 1095 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BELL ATLANTIC CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? vz-20260427

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

 **_____________________________________________________________________________**

**FORM 8-K** 

 **______________________________________________________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report: April 27, 2026** 

(Date of earliest event reported)

 **______________________________________________________________________________**

**Verizon Communications Inc.** 

(Exact name of registrant as specified in its charter)

 **_______________________________________________________________________________** 

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **1-8606** | **23-2259884** |
| (State or other jurisdiction<br>of incorporation) | (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **1095 Avenue of the Americas** | **1095 Avenue of the Americas** | | **10036** |
| **New York,** | **New York** | | |
| (Address of principal executive offices) | (Address of principal executive offices) | | (Zip Code) |

---

**Registrant's telephone number, including area code: (212) 395-1000** 

**Not Applicable** 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Common Stock, par value $0.10 | VZ | New York Stock Exchange |
| Common Stock, par value $0.10 | VZ | The Nasdaq Global Select Market |
| 1.375% Notes due 2026 | VZ 26B | New York Stock Exchange |
| 0.875% Notes due 2027 | VZ 27E | New York Stock Exchange |
| 1.375% Notes due 2028 | VZ 28 | New York Stock Exchange |
| 1.125% Notes due 2028 | VZ 28A | New York Stock Exchange |
| 2.350% Fixed Rate Notes due 2028 | VZ 28C | New York Stock Exchange |
| 1.875% Notes due 2029 | VZ 29B | New York Stock Exchange |
| 0.375% Notes due 2029 | VZ 29D | New York Stock Exchange |
| 1.250% Notes due 2030 | VZ 30 | New York Stock Exchange |
| 1.875% Notes due 2030 | VZ 30A | New York Stock Exchange |
| 4.250% Notes due 2030 | VZ 30D | New York Stock Exchange |
| 2.625% Notes due 2031 | VZ 31 | New York Stock Exchange |
| 2.500% Notes due 2031 | VZ 31A | New York Stock Exchange |
| 3.000% Fixed Rate Notes due 2031 | VZ 31D | New York Stock Exchange |
| 0.875% Notes due 2032 | VZ 32 | New York Stock Exchange |
| 0.750% Notes due 2032 | VZ 32A | New York Stock Exchange |
| 3.500% Notes due 2032 | VZ 32B | New York Stock Exchange |
| 3.250% Notes due 2032 | VZ 32C | New York Stock Exchange |
| 1.300% Notes due 2033 | VZ 33B | New York Stock Exchange |
| 4.75% Notes due 2034 | VZ 34 | New York Stock Exchange |
| 4.750% Notes due 2034 | VZ 34C | New York Stock Exchange |
| 3.125% Notes due 2035 | VZ 35 | New York Stock Exchange |
| 1.125% Notes due 2035 | VZ 35A | New York Stock Exchange |
| 3.375% Notes due 2036 | VZ 36A | New York Stock Exchange |
| 3.750% Notes due 2036 | VZ 36B | New York Stock Exchange |
| 3.750% Notes due 2037 | VZ 37B | New York Stock Exchange |
| 2.875% Notes due 2038 | VZ 38B | New York Stock Exchange |
| 1.875% Notes due 2038 | VZ 38C | New York Stock Exchange |
| 1.500% Notes due 2039 | VZ 39C | New York Stock Exchange |
| 3.50% Fixed Rate Notes due 2039 | VZ 39D | New York Stock Exchange |
| 1.850% Notes due 2040 | VZ 40 | New York Stock Exchange |
| 3.850% Fixed Rate Notes due 2041 | VZ 41C | New York Stock Exchange |
| 3.9962% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056 | VZ 56 | New York Stock Exchange |
| 5.7420% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056 | VZ 56A | New York Stock Exchange |
| 4.2462% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056 | VZ 56B | New York Stock Exchange |
| 5.7427% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056 | VZ 56C | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition**

Attached as an exhibit hereto are a press release and financial tables, dated April 27, 2026, issued by Verizon Communications Inc. (Verizon).

**Non-GAAP Measures**

Verizon's press release and financial tables attached to the report include financial information prepared in conformity with generally accepted accounting principles in the United States (GAAP) as well as non-GAAP financial information. It is management's intent to provide non-GAAP financial information to enhance the understanding of Verizon's GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.

**EBITDA and EBITDA Margin Related Non-GAAP Measures** 

Consolidated earnings before interest, taxes, depreciation and amortization (Consolidated EBITDA), Segment EBITDA and Segment EBITDA Margin are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions, as well as in evaluating operating performance in relation to Verizon's competitors.

Consolidated EBITDA is calculated by adding back interest, taxes, depreciation and amortization expense to net income.

Segment EBITDA is calculated by adding back segment depreciation and amortization expense to segment operating income. Segment EBITDA Margin is calculated by dividing Segment EBITDA by total segment operating revenues.

**Consolidated Adjusted EBITDA**

Consolidated Adjusted EBITDA is a non-GAAP financial measure that we believe provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends. We believe that Consolidated Adjusted EBITDA is widely used by investors to compare a company's operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes, and depreciation and amortization policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis.

Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in earnings and losses of unconsolidated businesses and other income and expense, net, and the following special items: severance charges, asset and business rationalization and acquisition and integration related charges. Severance charges recorded during 2025 relate to separations in connection with workforce reduction initiatives. Asset and business rationalization recorded during 2025 predominately relates to the decision to cease use of certain real estate assets and exit non-strategic portions of certain businesses, as part of our transformation initiatives. Acquisition and integration related charges recorded during 2026 and 2025 relate to transaction and integration expenses associated with the acquisition of Frontier Communications Parent, Inc. completed in January 2026.

**Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio**

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating Verizon's ability to service its unsecured debt from continuing operations.

Net Unsecured Debt is calculated by subtracting secured debt, a fifty percent equity credit related to junior subordinated notes, and cash and cash equivalents, from the sum of debt maturing within one year and long-term debt. Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio is calculated by dividing Net Unsecured Debt by Consolidated Adjusted EBITDA. For purposes of Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Consolidated Adjusted EBITDA is calculated for the last twelve months.

------

**Adjusted Earnings per Common Share (Adjusted EPS) and Adjusted EPS Forecast**

Adjusted EPS and Adjusted EPS Forecast are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating our operating results and understanding our operating trends without the effect of special items which could vary from period to period. We believe excluding special items provides more comparable assessment of our financial results from period to period.

Adjusted EPS is calculated by excluding from the calculation of reported EPS the effect of the following special items: amortization of acquisition-related intangible assets, pension and benefits charges (credits), acquisition and integration related charges, legacy legal matter, early debt redemption costs and loss on spectrum licenses.

We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition's purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe that it is important for investors to understand that our non-GAAP financial measure adjusts for the intangible asset amortization but does not adjust the revenue that is generated in part from the use of such intangible assets.

We exclude the acquisition and integration related charges because the amount and timing of such charges are significantly impacted by the timing, size, and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the related costs to integrate an acquired business into our operations are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of acquisition and integration related charges facilitates more consistent comparisons of our operating results with historical periods, and with both acquisitive and non-acquisitive peer companies.

We have not provided a reconciliation for our Adjusted EPS Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2026.

**Free Cash Flow and Free Cash Flow Forecast**

Free cash flow and free cash flow forecast are non-GAAP financial measures that reflect an additional way of viewing our liquidity that, we believe, when viewed with our GAAP results, provide management, investors and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. We believe they are more conservative measures of cash flow since capital expenditures are necessary for ongoing operations. Free cash flow and free cash flow forecast have limitations due to the fact that they do not represent the residual cash flow available for discretionary expenditures. For example, free cash flow and free cash flow forecast do not incorporate payments made or expected to be made on finance lease obligations or cash payments for business acquisitions or wireless licenses. Therefore, we believe it is important to view free cash flow and free cash flow forecast as complements to our entire condensed consolidated statements of cash flows.

Free cash flow is calculated by subtracting capital expenditures (including capitalized software) from net cash provided by operating activities. Free cash flow forecast is calculated by subtracting capital expenditures forecast (including capitalized software) from forecasted net cash provided by operating activities.

See the accompanying schedules for reconciliations of non-GAAP financial measures to GAAP.

**Item 9.01. Financial Statements and Exhibits**

---

| | |
|:---|:---|
| (d) Exhibits. | |
| **Exhibit<br>Number** | **Description** |
| <u>[99](a2026q1exhibit99.htm)</u> | Press release and financial tables, dated April 27, 2026, issued by Verizon Communications Inc. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | Verizon Communications Inc. |
| | | (Registrant) |
| Date: | April 27, 2026 | /s/ Mary-Lee Stillwell |
| | | &nbsp;&nbsp;&nbsp;&nbsp;Mary-Lee Stillwell |
| | | &nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Controller |

---

## Ex-99

VZQTR20FIN

**Exhibit 99**

![verizon-logo.jpg](verizon-logo.jpg)

**News Release**

<br> ---

| | |
|:---|:---|
| **FOR IMMEDIATE RELEASE** | **Media contacts:** |
| **April 27, 2026** | Katie Magnotta |
| | 201-602-9235&nbsp;&nbsp;&nbsp;&nbsp; |
| | katie.magnotta@verizon.com |
| | Jamie Serino |
| | 201-401-5460 |
| | jamie.serino@verizon.com |

---

**Verizon's Transformation Actions Deliver Growth & Profitability in 1Q26; Company Raises Adjusted EPS Guidance**

**Verizon Achieved First Positive 1Q Postpaid Phone Net Additions Since 2013, a Year-Over-Year Improvement of Over 340,000; Guidance Raised to Top Half of 750,000 - 1M Range**

**Key 1Q26 Highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong consolidated net income leading to highest quarterly Adjusted EBITDA<sup>1</sup> in company history

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Solid earnings per share (EPS) growth, which drove highest quarterly Adjusted EPS<sup>1</sup> growth since 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong cash flow from operating activities providing confidence in free cash flow<sup>1</sup> guidance

**NEW YORK, NY** — Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported first-quarter 2026 results that demonstrate accelerating momentum in its strategic transformation. The company delivered a strong quarter across core operating metrics, including its first positive first-quarter postpaid phone net adds since 2013. The achievements and performance this quarter were driven by healthier customer economics, including key improvements in customer acquisition and churn, and operational efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;VlpHU09DSUQyMDE5UTE=

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VZQTR20FIN

"Our first-quarter 2026 results show that our turnaround is not only progressing, it is gaining momentum," said Verizon CEO Dan Schulman. "We are beginning to reclaim our market leadership by putting the customer at the center of everything we do, reducing friction to increase loyalty and create genuine value. This disciplined approach is already delivering healthier economics, lower churn, and the first positive first-quarter postpaid phone net adds we've seen in over a decade. Given our strong performance and momentum, we are raising our 2026 Adjusted EPS<sup>1</sup> guidance to year-over-year growth of 5.0 to 6.0 percent and we now expect our total retail postpaid phone net additions to be in the upper half of our 750,000 to one million range."

**<u>1Q 2026 Highlights</u>**

Frontier results are included in Verizon's financial and operating results beginning on January 20, 2026, the date of the closing of the acquisition.<br>

**Consolidated Financial Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total operating revenue was $34.4 billion, up 2.9 percent year-over-year. This result was driven in part by the company's disciplined approach to promotional spending and the resulting moderated upgrade activity, which impacted wireless equipment revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Consolidated net income was $5.1 billion, a 3.3 percent increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated adjusted EBITDA<sup>1</sup> grew 6.7 percent year-over-year to $13.4 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted EPS increased to $1.20, representing solid growth of 4.3 percent year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS<sup>1</sup>, excluding special items, grew to $1.28 in first-quarter 2026, a 7.6 percent increase year-over-year and the best quarterly growth rate since 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Cash flow from operating activities was $8.0 billion in first-quarter 2026 compared to $7.8 billion in first-quarter 2025, representing a growth rate of 2.6 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures were $4.2 billion, as network build pace across mobility and fiber remains on track.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow<sup>1</sup> was $3.8 billion in first-quarter 2026 compared to $3.6 billion in first-quarter 2025, representing a growth rate of 4.0 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verizon's total unsecured debt as of the end of first-quarter 2026 was $142.5 billion, compared to $131.1 billion at the end of fourth-quarter 2025. The company's net unsecured debt<sup>1</sup> at the end of first-quarter 2026 was $130.1 billion compared to $110.1 billion at the end of the fourth-quarter 2025. At the end of first-quarter 2026, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 8.0 times and its net unsecured debt to consolidated adjusted EBITDA ratio<sup>1</sup> was 2.6 times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verizon paid down approximately half of the Frontier debt since the acquisition closed, and expects to repay substantially all of Frontier's debt by the end of the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verizon successfully completed $2.5 billion of share repurchases in first-quarter 2026, and remains on track for its full-year target of at least $3.0 billion.

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VZQTR20FIN

**Mobility and Broadband** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobility and broadband service revenue reached approximately $22.9 billion, representing a 1.6 percent increase year-over-year. The company's first-quarter revenue result includes an 80 basis point impact to wireless service revenue growth due to the January network outage. In March, mobility and broadband service revenue grew in the middle of the 2.0 percent to 3.0 percent guidance range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Wireless equipment revenue was $5.7 billion, up 5.2 percent year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In first-quarter 2026, Verizon reported total postpaid phone net additions of 55,000, the first time the company generated positive first-quarter total postpaid phone net additions since 2013. The year-over-year improvement of over 340,000 was driven in part by a higher mix of new to Verizon gross additions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Total core prepaid<sup>2</sup> net additions were 115,000, representing seven consecutive quarters of growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Verizon delivered 341,000 broadband net additions in first-quarter 2026. This includes total fixed wireless access net additions of 214,000 and 127,000 fiber broadband net additions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verizon now has approximately 16.8 million fixed wireless access and fiber broadband connections.

**<u>Outlook and Guidance</u>** 

Verizon 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.

**Transformation efforts and strong first-quarter performance give Verizon the confidence to provide the following raised guidance for 2026:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Adjusted EPS<sup>1</sup> of $4.95 to $4.99, or year-over-year growth of 5.0 to 6.0 percent, representing a significant acceleration compared to recent historical performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total retail postpaid phone net additions are now expected to be in the top half of the 750,000 to 1.0 million range, which is approximately 2 to 3 times the 2025 reported result.

**In addition, for 2026, Verizon continues to expect the following:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total mobility and broadband service revenue growth of 2.0 percent to 3.0 percent, equating to approximately $93 billion. Wireless service revenue growth will be approximately flat in 2026 as the company transitions to sustainable volume-based growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash flow from operations of $37.5 billion to $38.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of $16.0 billion to $16.5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow<sup>1</sup> of $21.5 billion or more, growing approximately 7.0 percent or more from 2025, which will mark the highest free cash flow<sup>1</sup> generated since 2020.

&nbsp;&nbsp;&nbsp;&nbsp;VlpHU09DSUQyMDE5UTE=

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VZQTR20FIN

<sup>1</sup> *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).*

<sup>2</sup> *Represents total prepaid results excluding our SafeLink brand.*

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 $138.2 billion in 2025. 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.

###

VERIZON'S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/about/news. For images and logos, visit verizon.com/about/news/media-resources. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

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," "will" 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, network performance and quality, 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; 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; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; our ability to implement business transformation initiatives and achieve their anticipated benefits; system failures and disruptions to our networks and operations and any resulting financial, reputational or business impact; disruption of our key suppliers' or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; 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; significant amount of outstanding debt; 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; our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to obtain cost savings and other synergies and anticipated benefits of completed transactions within the expected time period or at all.

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**Verizon Communications Inc.**

Condensed Consolidated Statements of Income

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| | | | |
|:---|:---|:---|:---|
| (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/25** | **%<br>Change** |
| **Operating Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenues and other | $28759 | $28087 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless equipment revenues | 5681 | 5398 | 5.2 |
| **Total Operating Revenues** | 34440 | 33485 | 2.9 |
| **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 7167 | 6950 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of wireless equipment | 6506 | 6106 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expense | 7633 | 7874 | (3.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 4892 | 4577 | 6.9 |
| **Total Operating Expenses** | 26198 | 25507 | 2.7 |
| **Operating Income** | 8242 | 7978 | 3.3 |
| Equity in earnings of unconsolidated businesses | 5 | 6 | (16.7) |
| Other income, net | 477 | 121 | \* |
| Interest expense | (1940) | (1632) | 18.9 |
| **Income Before Provision For Income Taxes** | 6784 | 6473 | 4.8 |
| Provision for income taxes | (1638) | (1490) | 9.9 |
| **Net Income** | $5146 | $4983 | 3.3 |
| Net income attributable to noncontrolling interests | $101 | $104 | (2.9) |
| Net income attributable to Verizon | 5045 | 4879 | 3.4 |
| **Net Income** | $5146 | $4983 | 3.3 |
| **Basic Earnings Per Common Share** |  |  |  |
| Net income attributable to Verizon | $1.20 | $1.16 | 3.4 |
| *Weighted-average shares outstanding (in millions)* | *4205* | *4222* |  |
| **Diluted Earnings Per Common Share**<sup>(1)</sup> |  |  |  |
| Net income attributable to Verizon | $1.20 | $1.15 | 4.3 |
| *Weighted-average shares outstanding (in millions)* | *4210* | *4226* |  |

---

**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) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3/31/26** | **12/31/25** | **$ Change** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $8366 | $19048 | $(10682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 27966 | 28347 | (381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Allowance for credit losses | 1311 | 1250 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 26655 | 27097 | (442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 2320 | 2441 | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 7382 | 8336 | (954) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 44723 | 56922 | (12199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 357650 | 337991 | 19659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Accumulated depreciation | 231678 | 228524 | 3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 125972 | 109467 | 16505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated businesses | 730 | 785 | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless licenses | 157082 | 157039 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 30628 | 22841 | 7787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 12799 | 10458 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 23401 | 23498 | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 22547 | 23248 | (701) |
| **Total assets** | $417882 | $404258 | $13624 |
| **Liabilities and Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt maturing within one year | $28229 | $18618 | $9611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 21932 | 24981 | (3049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 4720 | 4542 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 14999 | 14229 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 69880 | 62370 | 7510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 144231 | 139532 | 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefit obligations | 12023 | 11099 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 49312 | 48717 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 18692 | 18951 | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 19122 | 17848 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 243380 | 236147 | 7233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 429 | 429 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 13263 | 13372 | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 96824 | 94744 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (2372) | (1727) | (645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock in treasury, at cost | (5335) | (3255) | (2080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation – employee stock ownership plans and other | 500 | 897 | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 1313 | 1281 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 104622 | 105741 | (1119) |
| **Total liabilities and equity** | $417882 | $404258 | $13624 |

---

------

**Verizon Communications Inc.**

Consolidated - Selected Financial and Operating Statistics

---

| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) |
| Unaudited | **3/31/26** | **3/31/26** | **12/31/25** | **12/31/25** |
| Total debt | $172460 |  | $158150 |  |
| Unsecured debt | $142498 |  | $131083 |  |
| Net unsecured debt<sup>(1)</sup> | $130053 |  | $110053 |  |
| Unsecured debt / Consolidated Net Income (LTM) | 8.0 | x | 7.4 | x |
| Net unsecured debt / Consolidated Adjusted EBITDA<sup>(1)(2)</sup> | 2.6 | x | 2.2 | x |
| Common shares outstanding, end of period (in millions) | 4176 |  | 4217 |  |
| Total employees ('000)<sup>(3)</sup> | 99.6 |  | 89.9 |  |
| Quarterly cash dividends declared per common share | $0.7075 |  | $0.6900 |  |

---

**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) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/25** | **$ Change** |
| **Cash Flows from Operating Activities** |  |  |  |
| Net Income | $5146 | $4983 | $163 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 4892 | 4577 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee retirement benefits | (117) | 143 | (260) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 703 | 132 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for expected credit losses | 581 | 587 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in losses of unconsolidated businesses, inclusive of dividends received | 3 | 20 | (17) |
| Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | (3082) | (2618) | (464) |
| Other, net | (142) | (42) | (100) |
| Net cash provided by operating activities | 7984 | 7782 | 202 |
| **Cash Flows from Investing Activities** |  |  |  |
| Capital expenditures (including capitalized software) | (4201) | (4145) | (56) |
| Cash paid related to acquisitions of businesses, net of cash acquired | (9480) |  | (9480) |
| Acquisitions of wireless licenses | (83) | (122) | 39 |
| Other, net | 191 | 515 | (324) |
| Net cash used in investing activities | (13573) | (3752) | (9821) |
| **Cash Flows from Financing Activities** |  |  |  |
| Proceeds from long-term borrowings | 5975 |  | 5975 |
| Proceeds from asset-backed long-term borrowings | 6154 | 2781 | 3373 |
| Repayments of long-term borrowings and finance lease obligations | (4258) | (2446) | (1812) |
| Repayments of asset-backed long-term borrowings | (6828) | (2589) | (4239) |
| Dividends paid | (2910) | (2856) | (54) |
| Purchase of common stock for treasury | (2500) |  | (2500) |
| Other, net | (911) | (783) | (128) |
| Net cash used in financing activities | (5278) | (5893) | 615 |
| **Decrease in cash, cash equivalents and restricted cash** | (10867) | (1863) | (9004) |
| **Cash, cash equivalents and restricted cash, beginning of period** | 19499 | 4635 | 14864 |
| **Cash, cash equivalents and restricted cash, end of period** | $8632 | $2772 | $5860 |

---

------

**Verizon Communications Inc.**

Consumer - Selected Financial Results

---

| | | | |
|:---|:---|:---|:---|
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/25** | **%<br>Change** |
| **Operating Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mobility and broadband service<sup>(1)</sup> | $19180 | $18801 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless equipment | 4824 | 4532 | 6.4 |
| &nbsp;&nbsp;&nbsp;Other<sup>(2)</sup> | 2449 | 2285 | 7.2 |
| **Total Operating Revenues** | 26453 | 25618 | 3.3 |
| **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 4820 | 4574 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of wireless equipment | 5303 | 4912 | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expense | 4886 | 5165 | (5.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 3730 | 3543 | 5.3 |
| **Total Operating Expenses** | 18739 | 18194 | 3.0 |
| **Operating Income** | $7714 | $7424 | 3.9 |
| **Operating Income Margin** | 29.2% | 29.0% |  |
| **Segment EBITDA**<sup>(3)</sup> | $11444 | $10967 | 4.3 |
| **Segment EBITDA Margin**<sup>(3)</sup> | 43.3% | 42.8% |  |

---

**Footnotes:** 

(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.

(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also 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) Non-GAAP financial measure.

During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Consumer revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit.

The segment financial results 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 Financial Results

---

| | | | |
|:---|:---|:---|:---|
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/25** | **%<br>Change** |
| **Operating Revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mobility and broadband service<sup>(1)</sup> | $3688 | $3717 | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless equipment | 857 | 866 | (1.0) |
| &nbsp;&nbsp;&nbsp;Other<sup>(2)</sup> | 2874 | 2703 | 6.3 |
| **Total Operating Revenues** | 7419 | 7286 | 1.8 |
| **Operating Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 2341 | 2376 | (1.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of wireless equipment | 1202 | 1194 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expense | 1911 | 2032 | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 1081 | 1020 | 6.0 |
| **Total Operating Expenses** | 6535 | 6622 | (1.3) |
| **Operating Income** | $884 | $664 | 33.1 |
| **Operating Income Margin** | 11.9% | 9.1% |  |
| **Segment EBITDA**<sup>(3)</sup> | $1965 | $1684 | 16.7 |
| **Segment EBITDA Margin**<sup>(3)</sup> | 26.5% | 23.1% |  |

---

**Footnotes:** 

(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.

(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also 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) Non-GAAP financial measure.

During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Business revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit.

The segment financial results 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.**

Total Operating Statistics

---

| | | | |
|:---|:---|:---|:---|
| Unaudited | **3/31/26** | **3/31/25** | **% Change** |
| **Connections ('000)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail | 146798 | 145974 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid | 126499 | 125744 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone | 93920 | 93214 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail core prepaid<sup>(1)</sup> | 19279 | 18977 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiber broadband | 10757 | 7581 | 41.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FWA broadband | 6006 | 4845 | 24.0 |
| &nbsp;&nbsp;&nbsp;Total broadband<sup>(2)</sup> | 16763 | 12426 | 34.9 |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/25** | **%<br>Change** |
| **Net Additions Detail ('000)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail | (116) | (65) | (78.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid | (196) | (159) | (23.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone | 55 | (289) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail core prepaid<sup>(1)</sup> | 115 | 137 | (16.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiber broadband | 127 | 45 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FWA broadband | 214 | 308 | (30.5) |
| &nbsp;&nbsp;&nbsp;Total broadband<sup>(2)</sup> | 341 | 353 | (3.4) |
| **Account Statistics** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid accounts ('000)<sup>(3)</sup> | 34369 | 34696 | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid ARPA<sup>(4)</sup> | $166.66 | $169.81 | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail core prepaid ARPU<sup>(5)</sup> | $33.31 | $31.92 | 4.4 |
| **Churn Detail** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone | 0.97% | 0.95% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail core prepaid<sup>(1)</sup> | 3.45% | 3.47% |  |
| **Wireless Retail Postpaid Connection Statistics** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upgrade rate | 3.0% | 2.8% |  |

---

**Footnotes:** 

(1) Represents total prepaid results excluding our SafeLink brand.

(2) Total broadband excludes solutions provided over a traditional copper-based network.

(3) Statistic presented as of end of period.

(4) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.

(5) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand.

Where applicable, the operating results reflect certain adjustments, including those related to migration activity among different types of devices and plans, customer profile changes, product-related changes and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation.

\* Not meaningful

------

**Verizon Communications Inc.**

Non-GAAP Reconciliations - Consolidated Verizon

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Consolidated EBITDA and Consolidated Adjusted EBITDA** | | | | | |
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 12/31/25** | **3 Mos. Ended 9/30/25** | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 3/31/25** |
| **Consolidated Net Income** | $5146 | $2448 | $5056 | $5121 | $4983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 1638 | 615 | 1471 | 1488 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense<sup>(1)</sup> | 1940 | 1759 | 1664 | 1639 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense<sup>(2)</sup> | 4892 | 4519 | 4618 | 4635 | 4577 |
| **Consolidated EBITDA** | $13616 | $9341 | $12809 | $12883 | $12682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add/(subtract): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net<sup>(3)</sup> | $(477) | $185 | $(92) | $(79) | $(121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) losses of unconsolidated businesses | (5) | (3) | 6 | 3 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance charges |  | 1715 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration related charges | 261 | 39 | 52 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset and business rationalization |  | 583 |  |  |  |
|  | (221) | 2519 | (34) | (76) | (127) |
| **Consolidated Adjusted EBITDA** | $13395 | $11860 | $12775 | $12807 | $12555 |
| Consolidated Adjusted EBITDA - Year over year change % | 6.7% |  |  |  |  |
| **Footnotes:** |  |  |  |  |  |
| (1) Includes a portion of the Acquisition and integration related charges, where applicable. | (1) Includes a portion of the Acquisition and integration related charges, where applicable. | (1) Includes a portion of the Acquisition and integration related charges, where applicable. | (1) Includes a portion of the Acquisition and integration related charges, where applicable. | (1) Includes a portion of the Acquisition and integration related charges, where applicable. |  |
| (2) Includes Amortization of acquisition-related intangible assets. | (2) Includes Amortization of acquisition-related intangible assets. | (2) Includes Amortization of acquisition-related intangible assets. | (2) Includes Amortization of acquisition-related intangible assets. | (2) Includes Amortization of acquisition-related intangible assets. |  |
| (3) Includes Pension and benefits remeasurement adjustments, where applicable. | (3) Includes Pension and benefits remeasurement adjustments, where applicable. | (3) Includes Pension and benefits remeasurement adjustments, where applicable. |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)** | | |
| (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **12 Mos. Ended 3/31/26** | **12 Mos. Ended 12/31/25** |
| **Consolidated Net Income** | $17771 | $17608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 5212 | 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense<sup>(1)</sup> | 7002 | 6694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense<sup>(2)</sup> | 18664 | 18349 |
| **Consolidated EBITDA** | $48649 | $47715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add/(subtract): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net<sup>(3)</sup> | $(463) | $(107) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in losses of unconsolidated businesses | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance charges | 1715 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition and integration related charges | 352 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset and business rationalization | 583 | 583 |
|  | 2188 | 2282 |
| **Consolidated Adjusted EBITDA** | $50837 | $49997 |
| **Footnotes:** | **Footnotes:** | **Footnotes:** |
| (1) Includes a portion of the Acquisition and integration related charges, where applicable. | (1) Includes a portion of the Acquisition and integration related charges, where applicable. | (1) Includes a portion of the Acquisition and integration related charges, where applicable. |
| (2) Includes Amortization of acquisition-related intangible assets. | (2) Includes Amortization of acquisition-related intangible assets. | (2) Includes Amortization of acquisition-related intangible assets. |
| (3) Includes Pension and benefits remeasurement adjustments, where applicable. |  |  |

---

------

**Verizon Communications Inc.**

---

| | | |
|:---|:---|:---|
| **Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio** | **Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio** | |
| (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3/31/26** | **12/31/25** |
| Debt maturing within one year | $28229 | $18618 |
| Long-term debt | 144231 | 139532 |
| **Total Debt** | 172460 | 158150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Secured debt | 29962 | 27067 |
| **Unsecured Debt** | 142498 | 131083 |
| &nbsp;&nbsp;&nbsp;Less Equity credit for junior subordinated notes<sup>(1)</sup> | 4079 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Cash and cash equivalents | 8366 | 19048 |
| **Net Unsecured Debt** | $130053 | $110053 |
| **Consolidated Net Income (LTM)** | $17771 | $17608 |
| **Unsecured Debt to Consolidated Net Income Ratio** | 8.0 x | 7.4 x |
| **Consolidated Adjusted EBITDA (LTM)** | $50837 | $49997 |
| **Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio** | 2.6 x | 2.2 x |
| **Footnote:** | **Footnote:** | **Footnote:** |
| (1) Represents a fifty percent equity credit related to junior subordinated notes outstanding. | (1) Represents a fifty percent equity credit related to junior subordinated notes outstanding. | (1) Represents a fifty percent equity credit related to junior subordinated notes outstanding. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Earnings per Common Share (Adjusted EPS)** | **Adjusted Earnings per Common Share (Adjusted EPS)** | | | | | | | |
| (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/25** | **3 Mos. Ended 3/31/25** | **3 Mos. Ended 3/31/25** | **3 Mos. Ended 3/31/25** |
|  | **Pre-tax** | **Tax** | **After-Tax** |  | **Pre-tax** | **Tax** | **After-Tax** |  |
| **EPS** |  |  |  | $1.20 |  |  |  | $1.15 |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition-related intangible assets | $240 | $(60) | $180 | 0.04 | $190 | $(48) | $142 | 0.03 |
| &nbsp;&nbsp;&nbsp;Pension and benefits credits | (237) | 59 | (178) | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition and integration related charges | 261 | 68 | 329 | 0.08 |  |  |  |  |
|  | $264 | $67 | $331 | $0.08 | $190 | $(48) | $142 | $0.03 |
| **Adjusted EPS** |  |  |  | $1.28 |  |  |  | $1.19 |
| Year over year change % |  |  |  | 7.6% |  |  |  | 3.5% |
| **Footnote:** |  |  |  |  |  |  |  |  |
| Adjusted EPS may not add due to rounding. |  |  |  |  |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) |
| Unaudited | **3 Mos. Ended 3/31/24** | **3 Mos. Ended 3/31/24** | **3 Mos. Ended 3/31/24** | **3 Mos. Ended 3/31/24** | **3 Mos. Ended 3/31/23** | **3 Mos. Ended 3/31/23** | **3 Mos. Ended 3/31/23** | **3 Mos. Ended 3/31/23** |
|  | **Pre-tax** | **Tax** | **After-Tax** |  | **Pre-tax** | **Tax** | **After-Tax** |  |
| **EPS** |  |  |  | $1.09 |  |  |  | $1.17 |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition-related intangible assets | $221 | $(56) | $165 | 0.04 | $208 | $(53) | $155 | 0.04 |
| &nbsp;&nbsp;&nbsp;Legacy legal matter | 106 | (27) | 79 | 0.02 |  |  |  |  |
|  | $327 | $(83) | $244 | $0.06 | $208 | $(53) | $155 | $0.04 |
| **Adjusted EPS** |  |  |  | $1.15 |  |  |  | $1.20 |
| Year over year change % |  |  |  | (4.2)% |  |  |  | (11.1)% |
| **Footnote:** |  |  |  |  |  |  |  |  |
| Adjusted EPS may not add due to rounding. |  |  |  |  |  |  |  |  |

---

------

**Verizon Communications Inc.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) |
| Unaudited | **3 Mos. Ended 3/31/22** | **3 Mos. Ended 3/31/22** | **3 Mos. Ended 3/31/22** | **3 Mos. Ended 3/31/22** | **3 Mos. Ended 3/31/21** | **3 Mos. Ended 3/31/21** | **3 Mos. Ended 3/31/21** | **3 Mos. Ended 3/31/21** |
|  | **Pre-tax** | **Tax** | **After-Tax** |  | **Pre-tax** | **Tax** | **After-Tax** |  |
| **EPS** |  |  |  | $1.09 |  |  |  | $1.27 |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition-related intangible assets | $238 | $(60) | $178 | 0.04 | $276 | $(67) | $209 | 0.05 |
| &nbsp;&nbsp;&nbsp;Early debt redemption costs | 1241 | (316) | 925 | 0.22 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss on spectrum licenses |  |  |  |  | 223 | (56) | 167 | 0.04 |
|  | $1479 | $(376) | $1103 | $0.26 | $499 | $(123) | $376 | $0.09 |
| **Adjusted EPS** |  |  |  | $1.35 |  |  |  | $1.36 |
| Year over year change % |  |  |  | (0.7)% |  |  |  | 7.9% |
| **Footnote:** |  |  |  |  |  |  |  |  |
| Adjusted EPS may not add due to rounding. |  |  |  |  |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) | (dollars in millions, except per share amounts) |
| Unaudited | **3 Mos. Ended 3/31/20** | **3 Mos. Ended 3/31/20** | **3 Mos. Ended 3/31/20** | **3 Mos. Ended 3/31/20** |
|  | **Pre-tax** | **Tax** | **After-Tax** |  |
| **EPS** |  |  |  | $1.00 |
| &nbsp;&nbsp;&nbsp;Loss on spectrum licenses | $1195 | $(281) | $914 | 0.22 |
| &nbsp;&nbsp;&nbsp;Pension and benefits charges | 182 | (47) | 135 | 0.03 |
|  | $1377 | $(328) | $1049 | $0.25 |
| **Adjusted EPS** |  |  |  | $1.26 |
| **Footnote:** |  |  |  |  |
| Adjusted EPS may not add due to rounding. |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Free Cash Flow** | | |
| (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/25** |
| **Net Cash Provided by Operating Activities** | $7984 | $7782 |
| &nbsp;&nbsp;&nbsp;Capital expenditures (including capitalized software) | (4201) | (4145) |
| **Free Cash Flow** | $3783 | $3637 |
| **Year over year change %** | 4.0% |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **12 Mos. Ended 12/31/25** | **12 Mos. Ended 12/31/24** | **12 Mos. Ended 12/31/23** | **12 Mos. Ended 12/31/22** | **12 Mos. Ended 12/31/21** | **12 Mos. Ended 12/31/20** |
| **Net Cash Provided by Operating Activities** | $37137 | $36912 | $37475 | $37141 | $39539 | $41768 |
| &nbsp;&nbsp;&nbsp;Capital expenditures (including capitalized software) | (17011) | (17090) | (18767) | (23087) | (20286) | (18192) |
| **Free Cash Flow** | $20126 | $19822 | $18708 | $14054 | $19253 | $23576 |

---

---

| | |
|:---|:---|
| **Free Cash Flow Forecast**  | |
| (dollars in millions) | (dollars in millions) |
|  | **12 Mos. Ended** |
| Unaudited | **12/31/26** |
| **Net Cash Provided by Operating Activities Forecast** | $37500 - 38000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures forecast (including capitalized software) | (16000 - 16500) |
| **Free Cash Flow Forecast** | $21500 |
| Free Cash Flow Growth Forecast % | 6.8% |

---

------

**Verizon Communications Inc.**

Non-GAAP Reconciliations - Segments

---

| | | |
|:---|:---|:---|
| **Segment EBITDA and Segment EBITDA Margin** | | |
| **Consumer** | | |
| (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/25** |
| **Operating Income** | $7714 | $7424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add Depreciation and amortization expense | 3730 | 3543 |
| **Segment EBITDA** | $11444 | $10967 |
| Year over year change % | 4.3% |  |
| Total operating revenues | $26453 | $25618 |
| **Operating Income Margin** | 29.2% | 29.0% |
| **Segment EBITDA Margin** | 43.3% | 42.8% |

---

---

| | | |
|:---|:---|:---|
| **Business** | | |
| (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 3/31/26** | **3 Mos. Ended 3/31/25** |
| **Operating Income** | $884 | $664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add Depreciation and amortization expense | 1081 | 1020 |
| **Segment EBITDA** | $1965 | $1684 |
| Year over year change % | 16.7% |  |
| Total operating revenues | $7419 | $7286 |
| **Operating Income Margin** | 11.9% | 9.1% |
| **Segment EBITDA Margin** | 26.5% | 23.1% |

---

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