# EDGAR Filing Document

**Accession Number:** 0000732712
**File Stem:** 0000732712-25-000083
**Filing Date:** 2025-7
**Character Count:** 71154
**Document Hash:** 25b21959f95720804b7ff5347bb9b97e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000732712-25-000083.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0000732712-25-000083

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250721

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**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:** 251135666

**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-20250721

**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: July 21, 2025** 

(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 |
| 3.25% Notes due 2026 | VZ 26 | New York Stock Exchange |
| 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 |
| 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 |
| 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 |

---

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 July 21, 2025, 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 as they are widely accepted financial measures used in evaluating the profitability of a company and its operating performance in relation to its 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 and Consolidated Adjusted EBITDA Growth Forecast**

Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Growth Forecast are non-GAAP financial measures that we believe provide 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 and Consolidated Adjusted EBITDA Growth Forecast are 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 legacy legal matter. Severance charges recorded during 2024 relate to separations under our voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives. Asset and business rationalization recorded during 2024 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 continued transformation initiatives. Legacy legal matter recorded during 2024 relates to a litigation matter associated with a legacy contract for the production of telephone directories in Costa Rica by a subsidiary of Verizon.

We have not provided a reconciliation for our Consolidated Adjusted EBITDA Growth Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2025.

**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 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 and severance, pension and benefits charges.

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 have not provided a reconciliation for our Adjusted EPS Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2025.

**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, when viewed with our GAAP results, provide 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 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](a2025q2exhibit99.htm)</u> | Press release and financial tables, dated July 21, 2025, 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: | July 21, 2025 | /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:** |
| **July 21, 2025** | Katie Magnotta |
| | 201-602-9235&nbsp;&nbsp;&nbsp;&nbsp; |
| | katie.magnotta@verizon.com |
| | Jamie Serino |
| | 201-401-5460 |
| | jamie.serino@verizon.com |

---

**Verizon raises financial guidance for adjusted EBITDA, adjusted EPS and free cash flow after strong Q2 performance**

**Delivers industry-leading wireless service revenue and grows customer base**

**America's #1 network with the most mobility and broadband customers continues to extend its market leadership position**

**Key 2Q 2025 Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Grew industry-leading wireless service revenue<sup>1</sup> to $20.9 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded high-quality customer base, adding more than 300,000 net additions across mobility and broadband

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased Consumer postpaid phone gross additions, both sequentially and year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued to take broadband market share with both fixed wireless access and best in class Fios offerings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deepened customer relationships with segmentation and innovative products and services like Best Value Guarantee, myPlan, myHome, My Biz Plan and the customer service transformation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• J.D. Power, for the 35th time, recognized Verizon for best wireless network quality<sup>2</sup>, and RootMetrics' 1H 2025 Awards named Verizon the nation's best, fastest, and most reliable 5G network<sup>3</sup>

**NEW YORK -** Verizon Communications Inc. (NYSE, Nasdaq: VZ), serving the most mobility and broadband customers in the U.S.<sup>4</sup>, reported strong financial performance and customer growth for second-quarter 2025. The company's diversified wireless and broadband

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VZQTR20FIN

portfolio, tailored to all market segments, and its diverse revenue streams continue to drive financial success. Verizon also made key moves to attract and retain customers in the second quarter with its 3-year price lock and free phone guarantee, and the industry-leading launch of AI-powered innovations for personalized customer service and an enhanced customer experience. Verizon will continue to focus on its three priorities of growing wireless service revenue, expanding adjusted EBITDA<sup>5</sup> and generating strong free cash flow<sup>5</sup> as it heads into the second half of the year with momentum.

"Verizon's strong second-quarter financial performance reflects our high-quality, industry-leading customer base, our multiple growth paths, the success of our disciplined, segmented approach, and the inherent strength of our company," said Verizon Chairman and CEO Hans Vestberg. "Our unmatched and award-winning network combined with our financial strength enables us to continually innovate and enhance our products and services, empowering how people live, work and play. With momentum and a clear path forward, we are raising our full-year guidance for adjusted EBITDA<sup>5</sup>, adjusted EPS<sup>5</sup> and free cash flow<sup>5</sup> as we move into the second half of the year and advance toward closing the Frontier acquisition."

**<br>2Q 2025 Highlights**

**Consolidated: Strong financial performance with significant increases in net income, adjusted EBITDA**<sup>5</sup>**, earnings per share (EPS) and cash flow**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EPS of $1.18 in second-quarter 2025 compared to EPS of $1.09 in second-quarter 2024; adjusted EPS<sup>5</sup>, excluding special items, of $1.22 compared to $1.15 in second-quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total operating revenue of $34.5 billion in second-quarter 2025, up 5.2 percent year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash flow from operations totaled $16.8 billion in first-half of 2025, up from $16.6 billion in first-half of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow<sup>5</sup> was $8.8 billion in first-half of 2025, up from $8.5 billion in first-half of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated net income for second-quarter 2025 was $5.1 billion compared to $4.7 billion in second-quarter 2024. Consolidated adjusted EBITDA<sup>5</sup> was $12.8 billion in second-quarter 2025 compared to $12.3 billion in second-quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wireless service revenue<sup>1</sup> in second-quarter 2025 was an industry-leading $20.9 billion, up 2.2 percent year-over-year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Wireless equipment revenue of $6.3 billion in second-quarter 2025, up 25.2 percent year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verizon's total unsecured debt as of the end of second-quarter 2025 was $119.4 billion, compared to $117.3 billion at the end of first-quarter 2025 and $125.3 billion at the end of second-quarter 2024. The company's net unsecured debt<sup>5</sup> at the end of second-quarter 2025 was $116.0 billion. At the end of second-quarter 2025, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 6.4 times and its net unsecured debt to consolidated adjusted EBITDA ratio<sup>5</sup> was 2.3 times.

**Broadband: Verizon continued to take broadband market share by offering customers unparalleled choice and flexibility**

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered 293,000 broadband net additions in second-quarter 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total fixed wireless access net additions of 278,000 in second-quarter 2025, growing the base to over 5.1 million fixed wireless access subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total broadband connections grew to more than 12.9 million as of the end of second-quarter 2025, representing a 12.2 percent increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Verizon is expanding its Fios footprint and remains on track to achieve 650,000 new passings in 2025.

**Verizon Consumer: Customer engagement with offerings fueled a 6.9 percent year-over-year increase in Consumer revenue, which reached $26.6 billion in second-quarter 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer wireless service revenue in second-quarter 2025 was $17.4 billion, up 2.3 percent year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer wireless retail postpaid churn was 1.12 percent in second-quarter 2025, and wireless retail postpaid phone churn was 0.90 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer wireless postpaid average revenue per account (ARPA) of $147.50 in second-quarter 2025, an increase of 2.3 percent year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In second-quarter 2025, Consumer reported 51,000 wireless retail postpaid phone net losses compared to 109,000 postpaid phone net losses in second-quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In second-quarter 2025, Consumer reported 50,000 wireless retail core prepaid<sup>6</sup> net additions compared to 12,000 net losses in second-quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In second-quarter 2025, Consumer operating income was $7.6 billion, an increase of 0.5 percent year-over-year, and segment operating income margin was 28.7 percent, compared to 30.5 percent in second-quarter 2024. Segment EBITDA<sup>5</sup> in second-quarter 2025 was $11.2 billion, an increase of 2.1 percent year-over-year. These results were driven by improvements in Consumer wireless service revenue. Segment EBITDA margin<sup>5</sup> in second-quarter 2025 was 42.1 percent compared to 44.1 percent in second-quarter 2024.

**<br>Verizon Business: Strong execution increased operating income 27.6 percent year-over-year**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Total Verizon Business revenue was $7.3 billion in second-quarter 2025, a decrease of 0.3 percent year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business wireless service revenue in second-quarter 2025 was $3.6 billion, an increase of 1.6 percent year-over-year.

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VZQTR20FIN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business reported 65,000 wireless retail postpaid net additions in second-quarter 2025. This result included 42,000 postpaid phone net additions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Business wireless retail postpaid churn was 1.61 percent in second-quarter 2025, and wireless retail postpaid phone churn was 1.26 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In second-quarter 2025, Verizon Business operating income was $638 million, an increase of 27.6 percent year-over-year, resulting in segment operating income margin of 8.8 percent, an increase from 6.8 percent in second-quarter 2024. Segment EBITDA<sup>5</sup> in second-quarter 2025 was $1.7 billion, an increase of 5.8 percent year-over-year. Segment EBITDA margin<sup>5</sup> in second-quarter 2025 was 22.9 percent, an increase from 21.6 percent in second-quarter 2024. <br>

**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.

Strong operational execution in the first half of 2025 coupled with favorable tax reform gives Verizon the confidence to provide the following updated guidance for the full year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>5</sup> growth of 2.5 percent to 3.5 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS<sup>5</sup> growth of 1.0 percent to 3.0 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash flow from operations of $37.0 billion to $39.0 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow<sup>5</sup> of $19.5 billion to $20.5 billion.

In addition, for 2025, Verizon continues to expect the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total wireless service revenue<sup>1</sup> growth of 2.0 percent to 2.8 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of $17.5 billion to $18.5 billion.

Our 2025 financial guidance does not reflect any assumptions regarding the pending acquisition of Frontier.

<sup>1</sup> *Total wireless service revenue represents the sum of Consumer and Business segments. Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.*

<sup>2</sup> *Verizon is #1 for Network Quality in 4 regions (tied in the Southwest and North Central regions). Verizon has also received the highest number of awards in network quality for the 35th time as compared to all other brands in the J.D. Power 2003-2025 Volume 1 and 2 U.S. Wireless Network Quality Performance Studies. Network Quality measures customers' satisfaction with their network performance with wireless carriers. For J.D. Power 2025 award information, visit jdpower.com/awards for more details.* 

<sup>3</sup> *Based on RootMetrics® US National RootScore® Report 1H2025. RootMetrics conducts rigorous, independent, and scientific testing to provide a comprehensive view of network performance. For more information on the RootMetrics methodology and results, visit rootmetrics.com.* 

<sup>4</sup> *Measurement is focused on retail connections and excludes reseller activity. Industry leading claims are based on publicly reported customer information or consensus expectations if results are not yet reported.* 

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<sup>5</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>6</sup> *Represents total prepaid results excluding SafeLink brand. Includes both phone and non-phone net additions.* 

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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VERIZON'S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. 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" 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; 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; damage 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, 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; 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.

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

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**Verizon Communications Inc.**

Condensed Consolidated Statements of Income

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (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 6/30/25** | **3 Mos. Ended 6/30/24** | **%<br>Change** | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** | **%<br>Change** |
| **Operating Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenues and other | $28249 | $27798 | 1.6 | $56336 | $55418 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless equipment revenues | 6255 | 4998 | 25.2 | 11653 | 10359 | 12.5 |
| **Total Operating Revenues** | 34504 | 32796 | 5.2 | 67989 | 65777 | 3.4 |
| **Operating Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 6878 | 6904 | (0.4) | 13828 | 13871 | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of wireless equipment | 7007 | 5567 | 25.9 | 13113 | 11472 | 14.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expense | 7812 | 8024 | (2.6) | 15686 | 16167 | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 4635 | 4483 | 3.4 | 9212 | 8928 | 3.2 |
| **Total Operating Expenses** | 26332 | 24978 | 5.4 | 51839 | 50438 | 2.8 |
| **Operating Income** | 8172 | 7818 | 4.5 | 16150 | 15339 | 5.3 |
| Equity in earnings (losses) of unconsolidated businesses | (3) | (14) | (78.6) | 3 | (23) | \* |
| Other income (expense), net | 79 | (72) | \* | 200 | 126 | 58.7 |
| Interest expense | (1639) | (1698) | (3.5) | (3271) | (3333) | (1.9) |
| **Income Before Provision For Income Taxes** | 6609 | 6034 | 9.5 | 13082 | 12109 | 8.0 |
| Provision for income taxes | (1488) | (1332) | 11.7 | (2978) | (2685) | 10.9 |
| **Net Income** | $5121 | $4702 | 8.9 | $10104 | $9424 | 7.2 |
| Net income attributable to noncontrolling interests | $118 | $109 | 8.3 | $222 | $229 | (3.1) |
| Net income attributable to Verizon | 5003 | 4593 | 8.9 | 9882 | 9195 | 7.5 |
| **Net Income** | $5121 | $4702 | 8.9 | $10104 | $9424 | 7.2 |
| **Basic Earnings Per Common Share** |  |  |  |  |  |  |
| Net income attributable to Verizon | $1.18 | $1.09 | 8.3 | $2.34 | $2.18 | 7.3 |
| *Weighted-average shares outstanding (in millions)* | *4224* | *4215* |  | *4223* | *4215* |  |
| **Diluted Earnings Per Common Share**<sup>(1)</sup> |  |  |  |  |  |  |
| Net income attributable to Verizon | $1.18 | $1.09 | 8.3 | $2.34 | $2.18 | 7.3 |
| *Weighted-average shares outstanding (in millions)* | *4228* | *4221* |  | *4227* | *4220* |  |

---

**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

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**Verizon Communications Inc.**

Condensed Consolidated Balance Sheets

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| | | | |
|:---|:---|:---|:---|
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **6/30/25** | **12/31/24** | **$ Change** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3435 | $4194 | $(759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 27440 | 27261 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Allowance for credit losses | 1165 | 1152 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 26275 | 26109 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 2137 | 2247 | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 6999 | 7973 | (974) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 38846 | 40523 | (1677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 332529 | 331406 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Accumulated depreciation | 224460 | 222884 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 108069 | 108522 | (453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated businesses | 807 | 842 | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless licenses | 156820 | 156613 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 22841 | 22841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 10635 | 11129 | (494) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 23949 | 24472 | (523) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 21318 | 19769 | 1549 |
| **Total assets** | $383285 | $384711 | $(1426) |
| **Liabilities and Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt maturing within one year | $22067 | $22633 | $(566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 19880 | 23374 | (3494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 4731 | 4415 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 14274 | 14349 | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 60952 | 64771 | (3819) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 123929 | 121381 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee benefit obligations | 11170 | 11997 | (827) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 46568 | 46732 | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 19164 | 19928 | (764) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 17141 | 19327 | (2186) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 217972 | 219365 | (1393) |
| &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 | 13412 | 13466 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 93275 | 89110 | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1475) | (923) | (552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock in treasury, at cost | (3292) | (3583) | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation – employee stock ownership plans and other | 714 | 738 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 1298 | 1338 | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 104361 | 100575 | 3786 |
| **Total liabilities and equity** | $383285 | $384711 | $(1426) |

---

------

**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 | **6/30/25** | **6/30/25** | **12/31/24** | **12/31/24** |
| Total debt | $145996 |  | $144014 |  |
| Unsecured debt | $119396 |  | $117876 |  |
| Net unsecured debt<sup>(1)</sup> | $115961 |  | $113682 |  |
| Unsecured debt / Consolidated Net Income (LTM) | 6.4 | x | 6.6 | x |
| Net unsecured debt / Consolidated Adjusted EBITDA<sup>(1)(2)</sup> | 2.3 | x | 2.3 | x |
| Common shares outstanding end of period (in millions) | 4216 |  | 4210 |  |
| Total employees ('000)<sup>(3)</sup> | 100.0 |  | 99.6 |  |
| Quarterly cash dividends declared per common share | $0.6775 |  | $0.6775 |  |

---

**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

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| | | | |
|:---|:---|:---|:---|
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** | **$ Change** |
| **Cash Flows from Operating Activities** |  |  |  |
| Net Income | $10104 | $9424 | $680 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 9212 | 8928 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee retirement benefits | 331 | 354 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 95 | 282 | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for expected credit losses | 1135 | 1119 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in losses of unconsolidated businesses, inclusive of dividends received | 29 | 33 | (4) |
| Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | (3318) | (3572) | 254 |
| Other, net | (831) | 1 | (832) |
| Net cash provided by operating activities | 16757 | 16569 | 188 |
| **Cash Flows from Investing Activities** |  |  |  |
| Capital expenditures (including capitalized software) | (7953) | (8071) | 118 |
| Acquisitions of wireless licenses | (234) | (613) | 379 |
| Other, net | 997 | (426) | 1423 |
| Net cash used in investing activities | (7190) | (9110) | 1920 |
| **Cash Flows from Financing Activities** |  |  |  |
| Proceeds from long-term borrowings | 1676 | 3122 | (1446) |
| Proceeds from asset-backed long-term borrowings | 4962 | 5828 | (866) |
| Repayments of long-term borrowings and finance lease obligations | (5530) | (5719) | 189 |
| Repayments of asset-backed long-term borrowings | (4512) | (4008) | (504) |
| Dividends paid | (5712) | (5598) | (114) |
| Other, net | (1155) | (687) | (468) |
| Net cash used in financing activities | (10271) | (7062) | (3209) |
| **Increase (decrease) in cash, cash equivalents and restricted cash** | (704) | 397 | (1101) |
| **Cash, cash equivalents and restricted cash, beginning of period** | 4635 | 3497 | 1138 |
| **Cash, cash equivalents and restricted cash, end of period** | $3931 | $3894 | $37 |

---

**Footnote:**

Certain amounts have been reclassified to conform to the current period presentation.

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**Verizon Communications Inc.**

Consumer - Selected Financial Results

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/24** | **%<br>Change** | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** | **%<br>Change** |
| **Operating Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service<sup>(1)</sup> | $20260 | $19851 | 2.1 | $40326 | $39475 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless equipment | 5369 | 4143 | 29.6 | 9901 | 8633 | 14.7 |
| &nbsp;&nbsp;&nbsp;Other<sup>(1)</sup> | 1019 | 933 | 9.2 | 2039 | 1876 | 8.7 |
| **Total Operating Revenues** | 26648 | 24927 | 6.9 | 52266 | 49984 | 4.6 |
| **Operating Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 4581 | 4450 | 2.9 | 9155 | 8987 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of wireless equipment | 5806 | 4432 | 31.0 | 10718 | 9182 | 16.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expense | 5036 | 5047 | (0.2) | 10201 | 10136 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 3582 | 3394 | 5.5 | 7125 | 6703 | 6.3 |
| **Total Operating Expenses** | 19005 | 17323 | 9.7 | 37199 | 35008 | 6.3 |
| **Operating Income** | $7643 | $7604 | 0.5 | $15067 | $14976 | 0.6 |
| **Operating Income Margin** | 28.7% | 30.5% |  | 28.8% | 30.0% |  |
| **Segment EBITDA**<sup>(2)</sup> | $11225 | $10998 | 2.1 | $22192 | $21679 | 2.4 |
| **Segment EBITDA Margin**<sup>(2)</sup> | 42.1% | 44.1% |  | 42.5% | 43.4% |  |

---

**Footnotes:** 

(1) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.

(2) 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.

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**Verizon Communications Inc.**

Consumer - Selected Operating Statistics

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Unaudited |  |  |  | **6/30/25** | **6/30/24** | **% Change** |
| **Connections ('000):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wireless retail  |  |  |  | 115189 | 114236 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid |  |  |  | 94948 | 93960 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone |  |  |  | 74359 | 74407 | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail core prepaid<sup>(1)</sup> |  |  |  | 19017 | 18702 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fios video |  |  |  | 2564 | 2818 | (9.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fios internet |  |  |  | 7204 | 7049 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed wireless access (FWA) broadband |  |  |  | 3077 | 2292 | 34.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireline broadband |  |  |  | 7348 | 7238 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total broadband |  |  |  | 10425 | 9530 | 9.4 |
| Unaudited | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/24** | **%<br>Change** | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** | **%<br>Change** |
| **Gross Additions ('000):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid | 3277 | 2901 | 13.0 | 6247 | 5884 | 6.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone | 1958 | 1647 | 18.9 | 3616 | 3321 | 8.9 |
| **Net Additions Detail ('000)**: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wireless retail | 112 | (552) | \* | (47) | (693) | 93.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid | 90 | 72 | 25.0 | (163) | 147 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone | (51) | (109) | 53.2 | (407) | (303) | (34.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail core prepaid<sup>(1)</sup> | 50 | (12) | \* | 187 | (143) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fios video | (62) | (65) | 4.6 | (120) | (133) | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fios internet | 28 | 24 | 16.7 | 69 | 73 | (5.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FWA broadband | 164 | 218 | (24.8) | 363 | 421 | (13.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireline broadband | 17 | 13 | 30.8 | 48 | 49 | (2.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total broadband | 181 | 231 | (21.6) | 411 | 470 | (12.6) |
| **Churn Rate:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail | 1.58% | 1.63% |  | 1.58% | 1.63% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid | 1.12% | 1.00% |  | 1.13% | 1.02% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone | 0.90% | 0.79% |  | 0.90% | 0.81% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail core prepaid<sup>(1)</sup> | 3.60% | 3.59% |  | 3.53% | 3.60% |  |
| **Revenue Statistics (in millions):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless service revenue<sup>(2)</sup> | $17369 | $16985 | 2.3 | $34568 | $33745 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fios revenue | $2924 | $2896 | 1.0 | $5820 | $5792 | 0.5 |

---

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**Verizon Communications Inc.**

Consumer - Selected Operating Statistics (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Unaudited | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/24** | **%<br>Change** | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** | **%<br>Change** |
| **Other Wireless Statistics:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid ARPA<sup>(2)(3)</sup> | $147.50 | $144.15 | 2.3 | $146.98 | $142.73 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid upgrade rate | 4.0% | 2.9% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid accounts ('000)<sup>(4)</sup> |  |  |  | 32550 | 32769 | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid connections per account<sup>(4)</sup> |  |  |  | 2.92 | 2.87 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail core prepaid ARPU<sup>(5)</sup> | $32.56 | $32.48 | 0.2 | $32.24 | $32.37 | (0.4) |

---

**Footnotes:** 

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

(2) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.

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

(4) Statistics presented as of end of period.

(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 the reclassification of connections associated with Verizon's second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation.

Certain intersegment transactions with corporate entities have not been eliminated.

\* Not meaningful

------

**Verizon Communications Inc.**

Business - Selected Financial Results

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/24** | **%<br>Change** | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** | **%<br>Change** |
| **Operating Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Enterprise and Public Sector | $3435 | $3545 | (3.1) | $6892 | $7132 | (3.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Markets and Other | 3346 | 3203 | 4.5 | 6660 | 6398 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale | 494 | 552 | (10.5) | 1009 | 1146 | (12.0) |
| **Total Operating Revenues** | 7275 | 7300 | (0.3) | 14561 | 14676 | (0.8) |
| **Operating Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services | 2297 | 2455 | (6.4) | 4673 | 4887 | (4.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of wireless equipment | 1201 | 1135 | 5.8 | 2395 | 2290 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expense | 2108 | 2132 | (1.1) | 4140 | 4394 | (5.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 1031 | 1078 | (4.4) | 2051 | 2206 | (7.0) |
| **Total Operating Expenses** | 6637 | 6800 | (2.4) | 13259 | 13777 | (3.8) |
| **Operating Income** | $638 | $500 | 27.6 | $1302 | $899 | 44.8 |
| **Operating Income Margin** | 8.8% | 6.8% |  | 8.9% | 6.1% |  |
| **Segment EBITDA**<sup>(1)</sup> | $1669 | $1578 | 5.8 | $3353 | $3105 | 8.0 |
| **Segment EBITDA Margin**<sup>(1)</sup> | 22.9% | 21.6% |  | 23.0% | 21.2% |  |

---

**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 |  |  |  | **6/30/25** | **6/30/24** | **%<br>Change** |
| **Connections ('000):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid |  |  |  | 30947 | 30230 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone |  |  |  | 18848 | 18445 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fios video |  |  |  | 51 | 58 | (12.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fios internet |  |  |  | 409 | 393 | 4.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FWA broadband |  |  |  | 2035 | 1523 | 33.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireline broadband |  |  |  | 458 | 458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total broadband |  |  |  | 2493 | 1981 | 25.8 |
| Unaudited | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/24** | **%<br>Change** | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** | **%<br>Change** |
| **Gross Additions ('000):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid | 1557 | 1579 | (1.4) | 3061 | 3110 | (1.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone | 756 | 737 | 2.6 | 1471 | 1431 | 2.8 |
| **Net Additions Detail ('000):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid | 65 | 268 | (75.7) | 159 | 446 | (64.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone | 42 | 135 | (68.9) | 109 | 215 | (49.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fios video | (1) | (1) |  | (3) | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fios internet | 4 | 4 |  | 8 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FWA broadband | 114 | 160 | (28.8) | 223 | 311 | (28.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireline broadband | (2) |  | \* | (2) | (1) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Total broadband | 112 | 160 | (30.0) | 221 | 310 | (28.7) |
| **Churn Rate:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid | 1.61% | 1.45% |  | 1.57% | 1.48% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid phone | 1.26% | 1.09% |  | 1.21% | 1.11% |  |
| **Revenue Statistics (in millions):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wireless service revenue<sup>(1)</sup> | $3579 | $3521 | 1.6 | $7144 | $6988 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fios revenue | $310 | $313 | (1.0) | $620 | $624 | (0.6) |
| **Other Operating Statistics:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless retail postpaid upgrade rate | 2.3% | 2.4% |  |  |  |  |

---

**Footnotes:**

(1) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.

Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon's second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation.

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 | Unaudited | Unaudited | Unaudited | **6/30/25** | **6/30/24** | **% Change** |
| **Connections ('000)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Retail |  |  |  | 146136 | 144466 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail postpaid |  |  |  | 125895 | 124190 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail postpaid phone |  |  |  | 93207 | 92852 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail core prepaid<sup>(1)</sup> |  |  |  | 19017 | 18702 | 1.7 |
| Unaudited | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/24** | **%<br>Change** | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** | **%<br>Change** |
| **Net Additions Detail ('000)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | 177 | (284) | \* | 112 | (247) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail postpaid | 155 | 340 | (54.4) | (4) | 593 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail postpaid phone | (9) | 26 | \* | (298) | (88) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail core prepaid<sup>(1)</sup> | 50 | (12) | \* | 187 | (143) | \* |
| **Account Statistics** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail postpaid accounts ('000)<sup>(2)</sup> |  |  |  | 34646 | 34766 | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail postpaid connections per account<sup>(2)</sup> |  |  |  | 3.63 | 3.57 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail postpaid ARPA<sup>(3)(6)</sup> | $170.79 | $167.38 | 2.0 | $170.30 | $165.83 | 2.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail core prepaid ARPU<sup>(4)</sup> | $32.56 | $32.48 | 0.2 | $32.24 | $32.37 | (0.4) |
| **Churn Detail** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | 1.59% | 1.59% |  | 1.58% | 1.60% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail postpaid | 1.24% | 1.11% |  | 1.23% | 1.13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail postpaid phone | 0.97% | 0.85% |  | 0.96% | 0.87% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail core prepaid<sup>(1)</sup> | 3.60% | 3.59% |  | 3.53% | 3.60% |  |
| **Retail Postpaid Connection Statistics** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upgrade rate | 3.6% | 2.8% |  |  |  |  |
| **Revenue Statistics (in millions)**<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FWA revenue | $728 | $514 | 41.6 | $1396 | $966 | 44.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless service<sup>(6)</sup> | $20948 | $20506 | 2.2 | $41712 | $40733 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless equipment | 6255 | 4998 | 25.2 | 11653 | 10359 | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wireless other<sup>(6)</sup> | 1021 | 867 | 17.8 | 2035 | 1738 | 17.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Wireless | $28224 | $26371 | 7.0 | $55400 | $52830 | 4.9 |

---

**Footnotes:** 

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

(2) Statistics presented as of end of period.

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

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

(5) Intersegment transactions between Consumer or Business segment with corporate entities have not been eliminated.

(6) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation.

Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon's second number offering, migration activity among different types of devices and plans, customer profile 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) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 3/31/25** | **3 Mos. Ended 12/31/24** | **3 Mos. Ended 9/30/24** | **3 Mos. Ended 6/30/24** | **3 Mos. Ended 3/31/24** |
| **Consolidated Net Income** | $5121 | $4983 | $5114 | $3411 | $4702 | $4722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 1488 | 1490 | 1454 | 891 | 1332 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1639 | 1632 | 1644 | 1672 | 1698 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense<sup>(1)</sup> | 4635 | 4577 | 4506 | 4458 | 4483 | 4445 |
| **Consolidated EBITDA** | $12883 | $12682 | $12718 | $10432 | $12215 | $12155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add/(subtract): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net<sup>(2)</sup> | $(79) | $(121) | $(797) | $(72) | $72 | $(198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) losses of unconsolidated businesses | 3 | (6) | 6 | 24 | 14 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance charges |  |  |  | 1733 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset and business rationalization |  |  |  | 374 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy legal matter |  |  |  |  |  | 106 |
|  | (76) | (127) | (791) | 2059 | 86 | (83) |
| **Consolidated Adjusted EBITDA** | $12807 | $12555 | $11927 | $12491 | $12301 | $12072 |
| **Footnotes:** |  |  |  |  |  |  |
| (1) Includes Amortization of acquisition-related intangible assets. | (1) Includes Amortization of acquisition-related intangible assets. | (1) Includes Amortization of acquisition-related intangible assets. | (1) Includes Amortization of acquisition-related intangible assets. | (1) Includes Amortization of acquisition-related intangible assets. | (1) Includes Amortization of acquisition-related intangible assets. |  |
| (2) Includes Pension and benefits remeasurement adjustments, where applicable. | (2) Includes Pension and benefits remeasurement adjustments, where applicable. | (2) Includes Pension and benefits remeasurement adjustments, where applicable. | (2) 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 6/30/25** | **12 Mos. Ended 12/31/24** |
| **Consolidated Net Income** | $18629 | $17949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 5323 | 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 6587 | 6649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense<sup>(1)</sup> | 18176 | 17892 |
| **Consolidated EBITDA** | $48715 | $47520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add/(subtract): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net<sup>(2)</sup> | $(1069) | $(995) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in losses of unconsolidated businesses | 27 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance charges | 1733 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset and business rationalization | 374 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy legal matter |  | 106 |
|  | 1065 | 1271 |
| **Consolidated Adjusted EBITDA** | $49780 | $48791 |
| **Footnotes:** | **Footnotes:** | **Footnotes:** |
| (1) Includes Amortization of acquisition-related intangible assets. | (1) Includes Amortization of acquisition-related intangible assets. | (1) Includes Amortization of acquisition-related intangible assets. |
| (2) Includes Pension and benefits remeasurement adjustments, 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** | **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) | (dollars in millions) | (dollars in millions) |
| Unaudited | **6/30/25** | **3/31/25** | **12/31/24** | **6/30/24** |
| Debt maturing within one year | $22067 | $22629 | $22633 | $23255 |
| Long-term debt | 123929 | 121020 | 121381 | 126022 |
| **Total Debt** | 145996 | 143649 | 144014 | 149277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Secured debt | 26600 | 26336 | 26138 | 24015 |
| **Unsecured Debt** | 119396 | 117313 | 117876 | 125262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less Cash and cash equivalents | 3435 | 2257 | 4194 | 2432 |
| **Net Unsecured Debt** | $115961 | $115056 | $113682 | $122830 |
| **Consolidated Net Income (LTM)** | $18629 |  | $17949 |  |
| **Unsecured Debt to Consolidated Net Income Ratio** | 6.4 x |  | 6.6 x |  |
| **Consolidated Adjusted EBITDA (LTM)** | $49780 |  | $48791 |  |
| **Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio** | 2.3 x |  | 2.3 x |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 6/30/25** | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/24** | **3 Mos. Ended 6/30/24** | **3 Mos. Ended 6/30/24** | **3 Mos. Ended 6/30/24** |
|  | **Pre-tax** | **Tax** | **After-Tax** |  | **Pre-tax** | **Tax** | **After-Tax** |  |
| **EPS** |  |  |  | $1.18 |  |  |  | $1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquisition-related intangible assets | $192 | $(49) | $143 | 0.03 | $219 | $(55) | $164 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance, pension and benefits charges |  |  |  |  | 136 | (34) | 102 | 0.02 |
|  | $192 | $(49) | $143 | $0.03 | $355 | $(89) | $266 | $0.06 |
| **Adjusted EPS** |  |  |  | $1.22 |  |  |  | $1.15 |
| **Footnote:** |  |  |  |  |  |  |  |  |
| Adjusted EPS may not add due to rounding. |  |  |  |  |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Free Cash Flow** | | |
| (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** |
| **Net Cash Provided by Operating Activities** | $16757 | $16569 |
| &nbsp;&nbsp;&nbsp;Capital expenditures (including capitalized software) | (7953) | (8071) |
| **Free Cash Flow** | $8804 | $8498 |

---

---

| | | |
|:---|:---|:---|
| **Free Cash Flow Forecast for Full Year 2025** | **Free Cash Flow Forecast for Full Year 2025** | **Free Cash Flow Forecast for Full Year 2025** |
| (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **Revised <br>Forecast** | **Original <br>Forecast** |
| **Net Cash Provided by Operating Activities Forecast** | $37000 - 39000 | $35000 - 37000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures forecast (including capitalized software) | (17500 - 18500) | (17500 - 18500) |
| **Free Cash Flow Forecast** | $19500 - 20500 | $17500 - 18500 |

---

------

**Verizon Communications Inc.**

Non-GAAP Reconciliations - Segments

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Segment EBITDA and Segment EBITDA Margin** | | | | |
| **Consumer** | | | | |
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/24** | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** |
| **Operating Income** | $7643 | $7604 | $15067 | $14976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add Depreciation and amortization expense | 3582 | 3394 | 7125 | 6703 |
| **Segment EBITDA** | $11225 | $10998 | $22192 | $21679 |
| Year over year change % | 2.1% |  | 2.4% |  |
| Total operating revenues | $26648 | $24927 | $52266 | $49984 |
| **Operating Income Margin** | 28.7% | 30.5% | 28.8% | 30.0% |
| **Segment EBITDA Margin** | 42.1% | 44.1% | 42.5% | 43.4% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Business** | | | | |
| (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) | (dollars in millions) |
| Unaudited | **3 Mos. Ended 6/30/25** | **3 Mos. Ended 6/30/24** | **6 Mos. Ended 6/30/25** | **6 Mos. Ended 6/30/24** |
| **Operating Income** | $638 | $500 | $1302 | $899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Add Depreciation and amortization expense | 1031 | 1078 | 2051 | 2206 |
| **Segment EBITDA** | $1669 | $1578 | $3353 | $3105 |
| Year over year change % | 5.8% |  | 8.0% |  |
| Total operating revenues | $7275 | $7300 | $14561 | $14676 |
| **Operating Income Margin** | 8.8% | 6.8% | 8.9% | 6.1% |
| **Segment EBITDA Margin** | 22.9% | 21.6% | 23.0% | 21.2% |

---

<br>