10-K 0000732712-26-000007 (2026-02-17) vs 10-K 0000732712-25-000006 (2025-02-12)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 5,327 |
29.7% |
| MD&A | Item 7 | 15,507 |
22.2% |
| Legal Proceedings | Item 3, via Note 16 – Commitments and Contingencies | 684 |
0.3% |
| Accounting Policies | Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies | 6,241 |
1.8% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 226 words changed in this paragraph; it is 36% similar to last year's version.
During assessment in 2025 given that the fourth quarter of 2024, we performed a quantitative 2024 impairment assessment for our Business reporting unit given the impairment resulted in a fair value that was marginally in excess of the Business reporting unit's goodwill in carrying value, as well as the prior year. In addition, the Business reporting unit has continued to experience sustained competitive pressures and market pressures conditions that continued throughout 2024, that may persist over the near term. We 2025. In both years, we applied a combination of a market approach and a discounted cash flow method reflecting current assumptions and inputs, including our revised projections, discount rate rates and expected growth rates, which rates. These analyses both indicated that the fair value of our Business reporting unit exceeded its carrying value and, therefore, did not result in an impairment. At the goodwill impairment measurement date of October 31, 2024, our Business reporting unit had a fair value that exceeded its carrying amount by approximately 8% and remains susceptible to future impairment risk. We do not anticipate reasonable changes in significant assumptions to change the outcome of the quantitative impairment assessment. For instance, if either the terminal value growth rate declined by 50 bps, 2024 or if the discount rate increased by 50 bps, or if the EBITDA margin decreased by 100 basis points, the fair value of our Business reporting unit would still exceed its carrying value. However, management believes there is a continued risk that our Business reporting unit may be required to recognize an impairment charge in the future. As of December 31, 2024, $1.7 billion of goodwill was allocated to our Business reporting unit. See Note 4 to the consolidated financial statements for additional information. 2025.
Source: Item 7, 10-K 0000732712-26-000007 vs Item 7, 10-K 0000732712-25-000006
Risk Factors 176 words changed in this paragraph; it is 49% similar to last year's version.
Our competitors commonly offer aggressive pricing, promotions, premium content options and other incentives – in some cases specifically targeting our customers and putting pressure on our pricing and margins. In addition, we expect the wireless industry’s customer growth rate to continue to moderate over time in comparison to historical growth rates, leading to increased competition for customers. Our ability to compete effectively will depend on, among other things, our network reliability, speed, capacity and coverage, the pricing of our products and services, services and our and value proposition, our competitors' promotional strategies, the quality of our customer service, our development of new and enhanced products and services, the reach and quality of our sales and distribution channels, our ability to market our products and services effectively and our capital resources. It will also depend on how successfully we anticipate and respond to various factors affecting our industries, including regulatory changes, new technologies and business models, such as the increasing use of AI and machine learning technologies, changes in consumer preferences and demand for existing services, demographic trends and evolving geopolitical and economic conditions, including inflation. If we are not able to respond successfully to these competitive challenges, our results of operations and financial condition could be adversely impacted. In addition, a sustained decline in a reporting unit's revenues and earnings has resulted in the past, and may again result in the future, in a significant negative impact on its fair value requiring us to record an impairment charge, which could have an adverse impact on our results of operations. network
Source: Item 1A, 10-K 0000732712-26-000007 vs Item 1A, 10-K 0000732712-25-000006
Accounting Policies 39 words changed in this paragraph; it is 69% similar to last year's version.
There were a total of approximately 4.7 million million, 4.7 million, and 4.2 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for the years ended December 31, 2024 2025, 2024, and 2023, respectively. There was a total of approximately 1.9 million outstanding dilutive securities, primarily consisting of restricted stock units, included in the computation of diluted earnings per common share for the year ended December 31, 2022.
Source: Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0000732712-26-000007 vs Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0000732712-25-000006
Legal Proceedings 2 words changed in this paragraph; it is 99% similar to last year's version.
As of December 31, 2024, 2025, Verizon had 28 29 renewable energy purchase agreements (REPAs) with third parties. Each of the REPAs is based on the expected operation of a renewable energy-generating facility and has a fixed price term of 12 to 20 years from the commencement of the facility's entry into commercial operation. Nineteen Twenty-one of the facilities have entered into commercial operation, and the remainder are under development. The REPAs generally are expected to be financially settled based on the prevailing market price as energy is generated by the facilities.
Source: Item 3, via Note 16 – Commitments and Contingencies, 10-K 0000732712-26-000007 vs Item 3, via Note 16 – Commitments and Contingencies, 10-K 0000732712-25-000006
Every change, by type
Sentences and paragraphs of VZ's Risk Factors and MD&A, 10-K 2026-02-17 against 10-K 2025-02-12.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
During the course of 2025, the U.S. government announced tariffs on goods imported from various countries to the U.S. Countries subject to such tariffs have imposed or may in the future impose reciprocal or retaliatory tariffs and other trade measures. New or increased tariffs and other trade restrictions could adversely affect our cost structure and profitability. Our attempts to mitigate or offset these pressures may not be successful or may have adverse consequences on our business. An escalation of trade tensions, additional tariffs or prolonged uncertainty in trade relationships could also lead to supply chain disruptions or adverse economic impacts, which could adversely affect our results of operations and financial condition.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
Cyberattacks, including through the use of ransomware and other forms of malware, distributed denial of services attacks, credential harvesting, social engineering and other means for obtaining unauthorized access to or disrupting the operation of our
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
The rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks by increasing the frequency and severity of cyberattacks against us or other companies and by making cyberattacks more difficult to detect, contain or mitigate.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
Our long-term success depends on our ability to implement business transformation initiatives and achieve their anticipated benefits.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
We have been and will be undertaking various business transformation initiatives intended to reduce costs, drive efficiencies, streamline our operations, enhance customer experience, and improve our competitive position. These initiatives require making substantial investments in our strategic areas of focus, integrating rapidly evolving technologies, including AI, and optimizing our business and organizational structure.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
We may be unable to achieve the anticipated efficiencies, cost savings and other benefits from our business transformation initiatives. These initiatives involve various execution challenges, may take longer than expected and may result in higher than expected expenses. In addition, the execution of our transformation plans may be negatively affected by various external factors, including competitor actions, the regulatory environment and macroeconomic conditions. If we are unable to implement our transformation initiatives or achieve their anticipated benefits, it could have adverse impact on our business, financial condition and results of operations.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
System failures and disruptions to our networks and operations could prevent us from providing reliable service to customers and adversely affect our business.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
We are subject to a substantial amount of litigation and claims in arbitration, including, but not limited to, shareholder lawsuits, patent and copyright infringement lawsuits, wage and hour class actions, contract and commercial claims, personal injury claims,
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
There can be no assurance that our current or future share repurchase programs will be fully consummated or that we will continue to increase our dividend.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
In January 2026, we announced that we believed that our strategic plans would provide us with the capacity to return approximately $55 billion to our shareholders, in the form of dividend payments and share repurchases, through the end of 2028. At that time, the Board of Directors of the Company authorized a share repurchase program of up to $25 billion, as well as a dividend increase, and we stated that we expected to repurchase at least $3 billion of our common stock during 2026. We cannot guarantee that our intended share repurchase program will be fully consummated or that it will enhance long-term stockholder value.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
Our share repurchase program does not obligate us to acquire any particular amount of common stock. The amount, timing, and frequency of repurchases will depend on prevailing stock prices, general economic and market conditions and various other factors, and may vary from our stated expectations. Share repurchases, if any, may be discontinued, suspended, or delayed at any time at our discretion.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedRisk Factors
Although historically we have announced regular cash dividends and annually increased our dividend, future dividend increases and payments are subject to declaration by the Company’s Board of Directors and could vary from our historical practices and stated expectations.
Read it in 10-K 2026-02-17 at sec.gov ↗
RemovedRisk Factors
with the implementation and introduction of these services materially increase, our ability to retain and attract customers could be adversely affected.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
The deployment of our 5G network is subject to a variety of risks, including those related to equipment availability, unexpected costs, and regulatory matters that could cause deployment delays or network performance issues. In addition, certain advanced use cases for 5G technologies and related ecosystems are still in the early phases of adoption and their ultimate adoption or success is uncertain. These issues could result in significant costs, put us at a competitive disadvantage, or reduce the anticipated benefits of the enhancements to our networks.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Over the last several years, as a result of the inflationary environment in the U.S., we experienced increases in our direct costs, including electricity and other energy-related costs for our network operations, and transportation and labor costs, as well as increased interest expense related to changing interest rates. In 2022, these factors, along with impacts of the intense competition in our industries, resulted in lower earnings per share and caused us to lower our growth expectations and related financial guidance for that year. Similarly, unfavorable economic conditions in the future could have a material adverse effect on our results of operations and financial condition.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Natural disasters, extreme weather conditions, acts of war, terrorist or other hostile acts could cause damage to our infrastructure and result in significant disruptions to our operations.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
Public health crises could materially adversely affect our business, financial condition and results of operations.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
We are subject to risks related to public health crises, which have in the past, and may in the future, have an adverse effect on our business, financial condition and operating results. For example, in 2020, the COVID-19 pandemic and resulting policies, initiatives and impacts, along with the related global slowdown in economic activity, resulted in our decreased revenues, increased costs and lower earnings per share. Negative effects of a public health crisis may include, but are not limited to, closure of our retail stores, impacts on customers' use of our networks, products and services and their ability to pay for them, employees' health and safety concerns, limitation of customer-focused field operations, and vendor and supply chain disruptions. In addition, such a crisis could significantly increase the probability or consequences of the risks our business faces in ordinary circumstances, such as risks associated with our supplier and vendor relationships, risks of an economic slowdown, regulatory risks, and the costs and availability of financing.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedRisk Factors
•Climate-related regulation and policy – Due to the nature of our operations, we have been, and expect to continue to be impacted by regulatory developments related to climate change, including, for example, the direct regulation of greenhouse gas emissions or carbon policies that could result in a tax on such emissions. In addition, policy-driven changes in the prices of fuel or energy in geographies in which we operate could make it more expensive for us to purchase energy to power our networks and data centers, and any increase in taxes on fuel could increase our costs associated with operating those vehicles in our fleet that are dependent on traditional fuels.
Read it in 10-K 2025-02-12 at sec.gov ↗
RewordedRisk Factors
New laws laws, regulations, executive orders or regulations court decisions, or changes to the existing regulatory framework or enforcement priorities at the federal, state, state and local, local or international level, such as those described below, those that incentivize business models or technologies different from ours or requirements limiting our ability to continue or discontinue service to customers could restrict the ways in which we manage our wireline and wireless networks and operate our businesses, impose additional costs, diminish revenue opportunities, and potentially impede our ability to provide services in a manner that would be attractive to us and our customers. businesses.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
Our ability to compete effectively will depend on, among other things, our network reliability, speed, capacity and coverage, the pricing of our products and services, services and our and value proposition, our competitors' promotional strategies, the quality of our customer service, our development of new and enhanced products and services, the reach and quality of our sales and distribution channels, our ability to market our products and services effectively and our capital resources. network
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
In addition to federal activity, At the state level, several states have adopted or are considering adopting laws or executive orders that would impose net neutrality and other requirements on some of regulate our broadband services, including a law in New York that requires rules requiring discounted broadband pricing for low income customers. customers and service quality requirements.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
It will also depend on how successfully we anticipate and respond to various factors affecting our industries, including regulatory changes, changes in consumer preferences and demand for existing services, new technologies and business models, such as the increasing use of AI and machine learning technologies, changes in consumer preferences demographic and demand for existing services, demographic trends and immigration trends, evolving geopolitical and economic conditions, including inflation. inflation, and regulatory changes.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
Our domestic operations are subject to regulation by the The FCC and other federal, state, state and local agencies, agencies regulate our domestic operations, and our international operations are regulated by various foreign governments and international bodies. bodies regulate our international operations.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
Finally, we are using and intend to further expand the use of AI in our operations, including in the areas of network deployment and maintenance as well as our maintenance, customer and employee support services. services, sales, marketing and administrative functions.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
If our new services fail to gain acceptance in the marketplace, or if costs associated with the implementation and introduction of these services materially increase, our ability to retain and attract customers could be adversely affected.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
Our suppliers or vendors could fail to provide equipment or service on a timely basis, or fail to meet our performance expectations, for a number of reasons, including, for example, disruption to the global supply chain as a result of geopolitical factors, public health crises, natural disasters disasters, extreme weather conditions, or the potential impacts of global climate change. changes in tariffs and other trade restrictions.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
If we are not able to take advantage of developments in technology and address changing consumer demand on a timely basis, or if the ongoing deployment of our 5G network is delayed or hindered for any reason, we may experience a decline in the demand for our services, be unable to implement our business strategy and experience reduced profits.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
These occurrences could result in lost revenues from business interruption, remediation and other costs, reduced profits, litigation and governmental investigations and damage to our reputation and reduced profits. reputation.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
These regulatory regimes frequently adopt regulations from time to time that restrict or impose conditions on our ability to operate in designated areas and provide specified products or services.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedRisk Factors
Adverse conditions in the U.S. and international economies economies, changes to international trade and tariff policies and related economic and geopolitical factors could impact our results of operations and financial condition.
Read it in 10-K 2026-02-17 at sec.gov ↗
Quiet changesRisk Factors
A decrease in these ratings would likely could increase our cost of borrowing and/or make it more difficult for us to obtain financing.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
segment results and therefore are included in the chief operating decision maker's assessment of segment performance. See "Consolidated Results of Operations" for additional information regarding Corporate and other results.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
We design, build and operate networks to provide connectivity and related services meeting the needs of our diverse customers: consumers, businesses, government organizations, first responders, and educational institutions.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
We have a portfolio of spectrum holdings, including C-Band and millimeter wave spectrum, and are constantly transforming our networks by leveraging innovation and new technologies to deliver improved network performance and efficiency. Our networks leverage advanced technologies, including 5G wireless, fiber-based transport, cloud infrastructures, AI and automation, private networks and IP routing solutions. We are using the benefits of cloud computing and storage to virtualize aspects of our network infrastructure. We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
On January 20, 2026, we completed the acquisition of Frontier, a U.S. provider of broadband internet and other communication services. This transaction expanded our fiber broadband footprint to 31 U.S. states and Washington D.C., and provides opportunities for future growth.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
On January 30, 2026, we completed the acquisition of Starry, a fixed wireless broadband provider serving multi-dwelling units in five markets across the U.S. This transaction is expected to provide additional FWA capabilities and enhance our ability to deliver high-speed internet to multi-dwelling units and urban communities.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
During the first quarter of 2025, Verizon reclassified recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue. In addition, beginning in the first quarter of 2025, Verizon no longer counts the impacts of the second number offering in calculating certain phone metrics, including wireless retail postpaid phone net additions and wireless retail postpaid phone churn. We have reclassified certain prior year amounts to conform to the current year presentation.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
(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.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
(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.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
•a decrease of $193 million in Wireless service revenue primarily driven by pressure in Public Sector in part from government efficiency efforts.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
•Pursuant to the Agreement and Plan of Merger, dated as of September 4, 2024, Verizon agreed to acquire Frontier for a per share merger consideration of $38.50. On January 20, 2026, Verizon completed the acquisition and paid approximately $9.4 billion in cash, net of cash acquired, and assumed approximately $12.9 billion of Frontier's debt, resulting in a total aggregate consideration of approximately $22.3 billion. See Note 3 to the consolidated financial statements for additional information.
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
During the fourth quarters of both 2024 and 2025, we performed quantitative impairment assessments for our Business reporting unit. We performed a quantitative impairment assessment in 2024 as a result of the goodwill impairment recorded in 2023 and the competitive and market pressures experienced throughout 2024. We elected to perform a quantitative impairment
Read it in 10-K 2026-02-17 at sec.gov ↗
AddedMD&A
At closing, Verizon paid approximately $9.4 billion in cash, net of cash acquired, and assumed approximately $12.9 billion of Frontier's debt, resulting in a total aggregate consideration of approximately $22.3 billion.
Read it in 10-K 2026-02-17 at sec.gov ↗
RemovedMD&A
To compete effectively in today’s dynamic marketplace, we are focused on the capabilities of our high-performing networks to drive growth based on delivering what customers want and need in the digital world. We are consistently deploying new network architecture and technologies to secure our leadership in both 5G and 4G wireless networks. Our network quality is the hallmark of our brand and the foundation for the connectivity, platforms and solutions upon which we build our competitive advantage. In 2024, we focused on enhancing and driving the monetization of our networks, platforms and solutions, retaining and growing our high-quality customer base and further improving our financial and operating performance.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
We consider the reliability, speed, capacity, coverage and security of our wireless network to be key factors in our continued success. We are evolving and transforming our networks to ensure our customers receive access to the best network possible. Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services. Our evolution to 5G with its new architecture allows us to simplify operations by eliminating legacy network elements.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
While we continue to improve our 5G wireless service coverage, we are also adding capacity and density to our networks. Network densification enables us to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
In addition to enhancing our wireless service, our wireless mobility investments provide the foundation for our growing FWA broadband business. We are also continuing to expand our fiber-based networks, as customers increasingly value the ability to obtain wireless and wireline broadband services from the same provider. In September 2024, we entered into an agreement to acquire Frontier as part of our fiber expansion strategy, and we expect to increase the capital expenditures we devote to our fiber networks in 2025.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•an increase of $240 million in personnel costs related to an increase in costs associated with the transition to third-party contracted resources along with the impacts of a prior year compensation plan assumption change that did not reoccur and increased sales commission expense;
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•an increase of $124 million in the provision for credit losses resulting from an increase in postpaid phone gross additions and additional bad debt reserves;
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
During 2023, we recorded a pre-tax charge of $5.8 billion as a result of the annual goodwill impairment test performed in the fourth quarter. See "Critical Accounting Estimates" for additional information.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•an increase of $176 million in the provision for credit losses resulting from an increase in postpaid phone gross additions and additional bad debt reserves; and
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•an increase of $221 million in personnel costs primarily related to an increase in costs associated with the transition to third-party contracted resources along with the impacts of a prior year compensation plan assumption change that did not reoccur; and
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•a decrease of $63 million in the provision for credit losses resulting from a reduction in bad debt reserves.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
During 2023, we recorded a pre-tax charge of $5.8 billion as a result of the annual goodwill impairment test performed in the fourth quarter. See "Critical Accounting Estimates" for additional information.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
During 2023, we recorded pre-tax charges of $176 million primarily related to costs incurred in connection with strategic partnership initiatives in our managed network support services for certain Business customers.
Read it in 10-K 2025-02-12 at sec.gov ↗
RewordedMD&A
(dollars in millions) Years Ended December 31, 2025 2024 2023 Amortization of acquisition-related intangible assets(1) Depreciation and amortization expense $ 760 $ 817 $ 865 Severance, pension and benefits charges (credits) Selling, general and administrative expense 1,715 1,733 533 Other (income) expense, net 441 (532) 992 Asset and business rationalization Cost of services 205 189 22 Selling, general and administrative expense 378 185 458 Acquisition and integration related charges Selling, general and administrative expense 91 — Interest expense 19 — Legacy legal matter Selling, general and administrative expense — 106 — Verizon Business Group goodwill impairment Verizon Business Group goodwill impairment — 5,841 Legal settlement Selling, general and administrative expense — 100 Business transformation costs Cost of services — 15 Selling, general and administrative expense — 161 Non-strategic business shutdown Depreciation and amortization expense — 21 Cost of services — 45 Selling, general and administrative expense — 113 Total $ 3,609 $ 2,498 $ 9,166
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Other (income) expense, net(2) income, net(3) $ (107) $ (995) $ 313 Equity in losses of unconsolidated businesses 53 — 53 Severance charges 1,715 1,733 533 Asset and business rationalization 583 374 480 Acquisition and integration related charges 91 — Legacy legal matter — 106 — Verizon Business Group goodwill impairment — 5,841 Legal settlement — 100 Business transformation costs — 176 Non-strategic business shutdown — 158 Consolidated Adjusted EBITDA $ 49,997 $ 48,791 $ 47,789
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
(dollars in millions) Years Ended December 31, 2025 2024 2023 Increase/(Decrease) Cost of services $ 18,072 27,789 $ 17,580 27,997 $ 492 2.8% (208) (0.7)% Cost of wireless equipment 21,259 21,827 (568) (2.6) 28,976 26,100 2,876 11.0 Selling, general and administrative expense 20,537 20,131 406 2.0 33,818 34,113 (295) (0.9) Depreciation and amortization expense 13,552 13,077 475 3.6 Total 18,349 17,892 457 2.6 Consolidated Operating Expenses $ 73,420 108,932 $ 72,615 106,102 $ 805 1.1 2,830 2.7
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Our As of the date this report is being filed, our wireline services are provided in nine 31 U.S. states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., D.C. over our 100% fiber-optic network through our Verizon Fios fiber product portfolio and portfolio, as well as over a traditional copper-based network to customers who are not served by Fios. network.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Other, net cash flow from financing activities during 2023 2025 includes $302 $650 million in payments related to vendor financing arrangements, $485 million in payments made under the sublease arrangement for our cell towers, $257 $496 million in equity distribution payments made for controlled entities and $185 million in payments for contingent consideration related to the acquisition tax withholding of TracFone Wireless, Inc. employee share based arrangements.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
(dollars in millions) Years Ended December 31, 2025 2024 2023 Increase/(Decrease) Increase Cost of services $ 18,433 $ 18,072 $ 17,580 $ 492 2.8% 361 2.0% Cost of wireless equipment 23,930 21,259 21,827 (568) (2.6) 2,671 12.6 Selling, general and administrative expense 20,643 20,537 20,131 406 2.0 106 0.5 Depreciation and amortization expense 14,173 13,552 13,077 475 3.6 621 4.6 Total Operating Expenses $ 77,179 $ 73,420 $ 72,615 $ 805 1.1 3,759 5.1
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
We As a result of the prior year discretionary contributions to our qualified pension plans of $365 million and the additional non-cash contributions made in 2025 in the aggregate principal amount of $1.3 billion, we expect that there will be no required pension funding through the end of 2025, 2030, subject to changes in market conditions.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
(dollars in millions) Years Ended December 31, 2025 2024 2023 Increase Increase/(Decrease) Segment Operating Income $ 29,484 2,532 $ 29,011 2,058 $ 473 1.6% 474 23.0% Add Depreciation and amortization expense 13,552 13,077 475 3.6 4,112 4,307 (195) (4.5) Segment EBITDA $ 43,036 6,644 $ 42,088 6,365 $ 948 2.3 279 4.4 Segment operating income margin 28.7 8.7 % 28.5 7.0 % Segment EBITDA margin 41.8 22.9 % 41.4 21.6 %
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
(dollars in millions) Years Ended December 31, 2025 2024 2023 Increase/(Decrease) Interest income $ 329 $ 336 $ 354 $ (18) (5.1)% (7) (2.1)% Other components of net periodic benefit income (cost) (827) 300 (938) 1,238 (1,127) nm Net debt extinguishment gains 368 385 308 77 25.0 (17) (4.4) Other, net 237 (26) (37) 11 (29.7) 263 nm Other Income (Expense), Net $ 107 $ 995 $ (313) $ 1,308 nm (888) (89.2)
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
These proceeds were partially offset by $431 million in payments related to vendor financing arrangements, $425 million in equity distribution payments made for controlled entities, $313 million in payments made under the sublease arrangement for our cell towers, $280 million in cash consideration payments to acquire additional interest in certain controlled entities and $243 million in payments for settlement of cross currency swaps.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
During 2024, 2025, our net cash used in financing activities of $17.1 $5.6 billion was primarily driven by $20.3 $27.6 billion provided by proceeds from long-term borrowings, which included $9.3 billion of proceeds from our asset-backed debt transactions partially offset by $19.8 billion used for repayments and repurchases of long-term borrowings (secured and unsecured) as well as finance lease obligations, $11.2 $11.5 billion used for dividend payments, and $1.1 $1.9 billion used for other financing activities.
Read it in 10-K 2026-02-17 at sec.gov ↗
RewordedMD&A
Our Business segment provides wireless and wireline communications services and products, including mobility communication services, FWA and wireline broadband, data, video and IoT connectivity solutions, advanced communication services, corporate networking solutions, security and managed network services, local and long distance voice services services, and security and managed network access to deliver various IoT services and products. services.
Read it in 10-K 2026-02-17 at sec.gov ↗
