EX-99 2 a2025q3exhibit99.htm EX-99 Document
VZQTR20FIN
Exhibit 99

verizon-logo.jpg

News Release
FOR IMMEDIATE RELEASE
Media contacts:
October 29, 2025Katie Magnotta
201-602-9235    
katie.magnotta@verizon.com
Jamie Serino
201-401-5460
jamie.serino@verizon.com

Verizon Reports 3Q 2025 Earnings
Reiterates Full-Year Financial Guidance

Verizon CEO Outlines New Vision

3Q 2025 Key Results
•Grew wireless service revenue1 to $21.0 billion
•Over 18 percent of the company's Consumer postpaid phone customers have a converged offering
•Raised the dividend for the 19th consecutive year


NEW YORK - Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported third-quarter 2025 results and is on track to deliver full-year financial guidance.
“We are going to take bold and fiscally responsible action to redefine Verizon’s trajectory at this critical inflection point for our company. We will rapidly shift to a customer-first culture, one that thrives on delighting our customers,” said Dan Schulman, Verizon CEO. “These will not be incremental changes. We will aggressively transform our culture, our cost structure, and the financial profile of Verizon in order to put our customers first, compete effectively, and deliver sustainable returns for our shareholders.”
On this morning's third quarter earnings call, Schulman will provide his vision to return Verizon to growth.
Page 1
    VlpHU09DSUQyMDE5UTE=  

VZQTR20FIN
3Q 2025 Highlights
Consolidated

•Earnings per share (EPS) of $1.17 in third-quarter 2025 compared to EPS of $0.78 in third-quarter 2024; adjusted EPS2, excluding special items, of $1.21 compared to $1.19 in third-quarter 2024.
•Total operating revenue of $33.8 billion in third-quarter 2025, up 1.5 percent year-over-year.
•Cash flow from operating activities for the nine months ended September 30, 2025 was $28.0 billion, an increase from $26.5 billion during the same period in 2024.
•Free cash flow2 for the nine months ended September 30, 2025 was $15.8 billion, an increase from $14.5 billion during the same period in 2024.
•Consolidated net income for third-quarter 2025 was $5.1 billion compared to $3.4 billion in third-quarter 2024. Consolidated adjusted EBITDA2 was $12.8 billion in third-quarter 2025 compared to $12.5 billion in third-quarter 2024.
•Wireless service revenue1 in third-quarter 2025 was an industry-leading $21.0 billion, up 2.1 percent year-over-year.
•Wireless equipment revenue of $5.6 billion in third-quarter 2025, up 5.2 percent year-over-year.
•Verizon's total unsecured debt as of the end of third-quarter 2025 was $119.7 billion, compared to $126.4 billion at the end of third-quarter 2024. The company's net unsecured debt2 at the end of third-quarter 2025 was $112.0 billion. At the end of third-quarter 2025, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 5.9 times and its net unsecured debt to consolidated adjusted EBITDA ratio2 was 2.2 times.
Broadband

•Delivered 306,000 broadband net additions in third-quarter 2025.
•Total fixed wireless access net additions were 261,000 in third-quarter 2025, bringing the base to nearly 5.4 million fixed wireless access subscribers.
•Delivered 61,000 Fios internet net additions in third-quarter 2025, the best quarterly result in two years.
•Total broadband connections grew to more than 13.2 million as of the end of third-quarter 2025, representing a 11.1 percent increase year-over-year.

Verizon Consumer
•Total Verizon Consumer revenue was $26.1 billion in third-quarter 2025, an increase of 2.9 percent year-over-year.
•Consumer wireless service revenue in third-quarter 2025 was $17.4 billion, up 2.4 percent year-over-year.
•Consumer wireless retail postpaid churn was 1.12 percent in third-quarter 2025, and wireless retail postpaid phone churn was 0.91 percent.
•Consumer wireless postpaid average revenue per account (ARPA) of $147.91 in third-quarter 2025, an increase of 2.0 percent year-over-year.
•In third-quarter 2025, Consumer reported 7,000 wireless retail postpaid phone net losses compared to 18,000 postpaid phone net additions in third-quarter 2024.
Page 2
    VlpHU09DSUQyMDE5UTE=  

VZQTR20FIN
•In third-quarter 2025, Consumer reported 47,000 wireless retail core prepaid3 net additions, representing the fifth consecutive quarter of positive subscriber growth.
•In third-quarter 2025, Consumer operating income was $7.7 billion, an increase of 0.8 percent year-over-year, and segment operating income margin was 29.4 percent, compared to 30.0 percent in third-quarter 2024. Segment EBITDA2 in third-quarter 2025 was $11.2 billion, an increase of 2.0 percent year-over-year. These results were driven by improvements in Consumer wireless service revenue. Segment EBITDA margin2 in third-quarter 2025 was 43.0 percent compared to 43.4 percent in third-quarter 2024.

Verizon Business
•Total Verizon Business revenue was $7.1 billion in third-quarter 2025, a decrease of 2.8 percent year-over-year.
•Business wireless service revenue in third-quarter 2025 was $3.6 billion, an increase of 0.7 percent year-over-year.
•Business reported 110,000 wireless retail postpaid net additions in third-quarter 2025. This result included 51,000 postpaid phone net additions.
•Business wireless retail postpaid churn was 1.56 percent in third-quarter 2025, and wireless retail postpaid phone churn was 1.25 percent.
•In third-quarter 2025, Verizon Business operating income was $637 million, an increase of 12.7 percent year-over-year, resulting in segment operating income margin of 8.9 percent, an increase from 7.7 percent in third-quarter 2024. Segment EBITDA2 in third-quarter 2025 was $1.7 billion, an increase of 4.2 percent year-over-year. Segment EBITDA margin2 in third-quarter 2025 was 23.4 percent, an increase from 21.8 percent in third-quarter 2024.
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.
Verizon remains confident in its previously updated guidance for the full year:

•Total wireless service revenue1 growth of 2.0 percent to 2.8 percent.
•Adjusted EBITDA2 growth of 2.5 percent to 3.5 percent.
•Adjusted EPS2 growth of 1.0 percent to 3.0 percent.
•Cash flow from operations of $37.0 billion to $39.0 billion.
•Free cash flow2 of $19.5 billion to $20.5 billion.

In addition, Verizon remains on track to meet its investment goals for 2025 and expects capital expenditures to be within or below the previously guided range of $17.5 billion to $18.5 billion.

Verizon's 2025 financial guidance does not reflect any assumptions regarding the pending acquisition of Frontier.

1 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.
Page 3
    VlpHU09DSUQyMDE5UTE=  

VZQTR20FIN
2 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).
3 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.

###
VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/about/news. For images and logos, visit verizon.com/about/news/media-resources. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” 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.
Page 4
    VlpHU09DSUQyMDE5UTE=  

Verizon Communications Inc.


Condensed Consolidated Statements of Income
(dollars in millions, except per share amounts)
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/24%
Change		9 Mos. Ended 9/30/259 Mos. Ended 9/30/24%
Change
Operating Revenues
Service revenues and other$28,202 $27,987 0.8$84,538 $83,405 1.4
Wireless equipment revenues5,619 5,343 5.217,272 15,702 10.0
Total Operating Revenues33,821 33,330 1.5101,810 99,107 2.7
Operating Expenses
Cost of services6,863 7,193 (4.6)20,691 21,064 (1.8)
Cost of wireless equipment6,483 6,047 7.219,596 17,519 11.9
Selling, general and administrative expense7,752 9,706 (20.1)23,438 25,873 (9.4)
Depreciation and amortization expense4,618 4,458 3.613,830 13,386 3.3
Total Operating Expenses25,716 27,404 (6.2)77,555 77,842 (0.4)
Operating Income8,105 5,926 36.824,255 21,265 14.1
Equity in losses of unconsolidated businesses(6)(24)(75.0)(3)(47)(93.6)
Other income, net92 72 27.8292 198 47.5
Interest expense(1,664)(1,672)(0.5)(4,935)(5,005)(1.4)
Income Before Provision For Income Taxes6,527 4,302 51.719,609 16,411 19.5
Provision for income taxes(1,471)(891)65.1(4,449)(3,576)24.4
Net Income$5,056 $3,411 48.2$15,160 $12,835 18.1
Net income attributable to noncontrolling interests$106 $105 1.0$328 $334 (1.8)
Net income attributable to Verizon4,950 3,306 49.714,832 12,501 18.6
Net Income$5,056 $3,411 48.2$15,160 $12,835 18.1
Basic Earnings Per Common Share
Net income attributable to Verizon$1.17 $0.78 50.0$3.51 $2.96 18.6
Weighted-average shares outstanding (in millions)4,228 4,220 4,225 4,217 
Diluted Earnings Per Common Share(1)
Net income attributable to Verizon$1.17 $0.78 50.0$3.51 $2.96 18.6
Weighted-average shares outstanding (in millions)4,233 4,225 4,229 4,221 
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.




Verizon Communications Inc.


Condensed Consolidated Balance Sheets
(dollars in millions)
Unaudited9/30/2512/31/24$ Change
Assets
Current assets
Cash and cash equivalents$7,706 $4,194 $3,512 
Accounts receivable27,083 27,261 (178)
Less Allowance for credit losses1,163 1,152 11 
Accounts receivable, net25,920 26,109 (189)
Inventories2,700 2,247 453 
Prepaid expenses and other7,684 7,973 (289)
Total current assets44,010 40,523 3,487 
Property, plant and equipment334,765 331,406 3,359 
Less Accumulated depreciation226,298 222,884 3,414 
Property, plant and equipment, net108,467 108,522 (55)
Investments in unconsolidated businesses799 842 (43)
Wireless licenses156,926 156,613 313 
Goodwill22,841 22,841 — 
Other intangible assets, net10,516 11,129 (613)
Operating lease right-of-use assets23,760 24,472 (712)
Other assets21,012 19,769 1,243 
Total assets$388,331 $384,711 $3,620 
Liabilities and Equity
Current liabilities
Debt maturing within one year$20,146 $22,633 $(2,487)
Accounts payable and accrued liabilities20,700 23,374 (2,674)
Current operating lease liabilities4,501 4,415 86 
Other current liabilities14,216 14,349 (133)
Total current liabilities59,563 64,771 (5,208)
Long-term debt126,629 121,381 5,248 
Employee benefit obligations11,072 11,997 (925)
Deferred income taxes48,226 46,732 1,494 
Non-current operating lease liabilities19,176 19,928 (752)
Other liabilities17,320 19,327 (2,007)
Total long-term liabilities222,423 219,365 3,058 
Equity
Common stock429 429 — 
Additional paid in capital13,408 13,466 (58)
Retained earnings95,316 89,110 6,206 
Accumulated other comprehensive loss(1,651)(923)(728)
Common stock in treasury, at cost(3,287)(3,583)296 
Deferred compensation – employee stock ownership plans and other827 738 89 
Noncontrolling interests1,303 1,338 (35)
Total equity106,345 100,575 5,770 
Total liabilities and equity$388,331 $384,711 $3,620 







Verizon Communications Inc.


Consolidated - Selected Financial and Operating Statistics
(dollars in millions, except per share amounts)
Unaudited9/30/2512/31/24
Total debt$146,775 $144,014 
Unsecured debt$119,714 $117,876 
Net unsecured debt(1)
$112,008 $113,682 
Unsecured debt / Consolidated Net Income (LTM)5.9x6.6x
Net unsecured debt / Consolidated Adjusted EBITDA(1)(2)
2.2x2.3x
Common shares outstanding end of period (in millions)4,216 4,210 
Total employees (‘000)(3)
100.2 99.6 
Quarterly cash dividends declared per common share$0.6900 $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
(dollars in millions)
Unaudited9 Mos. Ended 9/30/259 Mos. Ended 9/30/24$ Change
Cash Flows from Operating Activities
Net Income$15,160 $12,835 $2,325 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense13,830 13,386 444 
Employee retirement benefits444 469 (25)
Deferred income taxes1,809 247 1,562 
Provision for expected credit losses1,613 1,623 (10)
Equity in losses of unconsolidated businesses, inclusive of dividends received41 62 (21)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses
(4,054)(2,609)(1,445)
Other, net(820)467 (1,287)
Net cash provided by operating activities28,023 26,480 1,543 
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)(12,263)(12,019)(244)
Acquisitions of wireless licenses(340)(768)428 
Other, net923 (326)1,249 
Net cash used in investing activities(11,680)(13,113)1,433 
Cash Flows from Financing Activities
Proceeds from long-term borrowings3,952 3,142 810 
Proceeds from asset-backed long-term borrowings7,340 8,229 (889)
Repayments of long-term borrowings and finance lease obligations(7,529)(6,623)(906)
Repayments of asset-backed long-term borrowings(6,437)(6,158)(279)
Dividends paid(8,569)(8,399)(170)
Other, net(1,579)(1,668)89 
Net cash used in financing activities(12,822)(11,477)(1,345)
Increase in cash, cash equivalents and restricted cash3,521 1,890 1,631 
Cash, cash equivalents and restricted cash, beginning of period4,635 3,497 1,138 
Cash, cash equivalents and restricted cash, end of period$8,156 $5,387 $2,769 
Footnote:
Certain amounts have been reclassified to conform to the current period presentation.

Verizon Communications Inc.


Consumer - Selected Financial Results
(dollars in millions)
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/24%
Change		9 Mos. Ended 9/30/259 Mos. Ended 9/30/24%
Change
Operating Revenues
Service(1)
$20,338 $19,919 2.1$60,664 $59,394 2.1
Wireless equipment4,766 4,478 6.414,667 13,111 11.9
Other(1)
1,001 963 3.93,040 2,839 7.1
Total Operating Revenues26,105 25,360 2.978,371 75,344 4.0
Operating Expenses
Cost of services4,635 4,567 1.513,790 13,554 1.7
Cost of wireless equipment5,270 4,850 8.715,988 14,032 13.9
Selling, general and administrative expense4,968 4,928 0.815,169 15,064 0.7
Depreciation and amortization expense3,568 3,411 4.610,693 10,114 5.7
Total Operating Expenses18,441 17,756 3.955,640 52,764 5.5
Operating Income$7,664 $7,604 0.8$22,731 $22,580 0.7
Operating Income Margin29.4 %30.0 %29.0 %30.0 %
Segment EBITDA(2)
$11,232 $11,015 2.0$33,424 $32,694 2.2
Segment EBITDA Margin(2)
43.0 %43.4 %42.6 %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.
 

Verizon Communications Inc.


Consumer - Selected Operating Statistics
Unaudited9/30/259/30/24% Change
Connections (‘000):
Wireless retail
115,076 114,211 0.8
Wireless retail postpaid94,870 94,005 0.9
Wireless retail postpaid phone74,364 74,412 (0.1)
Wireless retail core prepaid(1)
19,062 18,780 1.5
Fios video 2,494 2,744 (9.1)
Fios internet7,263 7,088 2.5
Fixed wireless access (FWA) broadband3,198 2,498 28.0
Wireline broadband 7,395 7,264 1.8
Total broadband10,593 9,762 8.5
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/24%
Change		9 Mos. Ended 9/30/259 Mos. Ended 9/30/24%
Change
Gross Additions (‘000):
Wireless retail postpaid3,104 3,088 0.59,351 8,972 4.2
Wireless retail postpaid phone2,016 1,860 8.45,632 5,181 8.7
Net Additions Detail (‘000):
Wireless retail
(108)(1)*(155)(694)77.7
Wireless retail postpaid(74)68 *(237)215 *
Wireless retail postpaid phone
(7)18 *(414)(285)(45.3)
Wireless retail core prepaid(1)
47 80 (41.3)234 (63)*
Fios video (70)(74)5.4(190)(207)8.2
Fios internet59 39 51.3128 112 14.3
FWA broadband121 209 (42.1)484 630 (23.2)
Wireline broadband 47 26 80.895 75 26.7
Total broadband 168 235 (28.5)579 705 (17.9)
Churn Rate:
Wireless retail1.61 %1.61 %1.59 %1.62 %
Wireless retail postpaid1.12 %1.07 %1.12 %1.04 %
Wireless retail postpaid phone0.91 %0.83 %0.90 %0.82 %
Wireless retail core prepaid(1)
3.73 %3.72 %3.60 %3.64 %
Revenue Statistics (in millions):
Wireless service revenue(2)
$17,441 $17,036 2.4$52,009 $50,781 2.4
Fios revenue$2,937 $2,916 0.7$8,757 $8,708 0.6

Verizon Communications Inc.


Consumer - Selected Operating Statistics (continued)
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/24%
Change		9 Mos. Ended 9/30/259 Mos. Ended 9/30/24%
Change
Other Wireless Statistics:
Wireless retail postpaid ARPA(2)(3)
$147.91 $144.94 2.0$147.29 $143.46 2.7
Wireless retail postpaid upgrade rate
3.6 %3.2 %
Wireless retail postpaid accounts (‘000)(4)
32,353 32,719 (1.1)
Wireless retail postpaid connections per account(4)
2.93 2.87 2.1
Wireless retail core prepaid ARPU(5)
$32.70 $32.41 0.9$32.40 $32.38 0.1
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
(dollars in millions)
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/24%
Change		9 Mos. Ended 9/30/259 Mos. Ended 9/30/24%
Change
Operating Revenues
Enterprise and Public Sector$3,311 $3,538 (6.4)$10,203 $10,670 (4.4)
Business Markets and Other3,352 3,263 2.710,012 9,661 3.6
Wholesale479 550 (12.9)1,488 1,696 (12.3)
Total Operating Revenues7,142 7,351 (2.8)21,703 22,027 (1.5)
Operating Expenses
Cost of services2,224 2,440 (8.9)6,897 7,327 (5.9)
Cost of wireless equipment1,213 1,197 1.33,608 3,487 3.5
Selling, general and administrative expense2,033 2,109 (3.6)6,173 6,503 (5.1)
Depreciation and amortization expense1,035 1,040 (0.5)3,086 3,246 (4.9)
Total Operating Expenses6,505 6,786 (4.1)19,764 20,563 (3.9)
Operating Income$637 $565 12.7$1,939 $1,464 32.4
Operating Income Margin8.9 %7.7 %8.9 %6.6 %
Segment EBITDA(1)
$1,672 $1,605 4.2$5,025 $4,710 6.7
Segment EBITDA Margin(1)
23.4 %21.8 %23.2 %21.4 %
Footnotes:
(1) Non-GAAP financial measure.
The segment financial results and metrics above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.


Business - Selected Operating Statistics
Unaudited9/30/259/30/24%
Change
Connections (‘000):
Wireless retail postpaid31,043 30,532 1.7
Wireless retail postpaid phone18,882 18,603 1.5
Fios video 49 56 (12.5)
Fios internet 411 397 3.5
FWA broadband2,193 1,698 29.2
Wireline broadband 456 459 (0.7)
Total broadband2,649 2,157 22.8
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/24%
Change		9 Mos. Ended 9/30/259 Mos. Ended 9/30/24%
Change
Gross Additions (‘000):
Wireless retail postpaid1,559 1,601 (2.6)4,620 4,711 (1.9)
Wireless retail postpaid phone756 770 (1.8)2,227 2,201 1.2
Net Additions Detail (‘000):
Wireless retail postpaid110 281 (60.9)269 727 (63.0)
Wireless retail postpaid phone51 149 (65.8)160 364 (56.0)
Fios video(2)(2)—(5)(5)—
Fios internet2 4 (50.0)10 12 (16.7)
FWA broadband140 154 (9.1)363 465 (21.9)
Wireline broadband(2)— *(4)(1)*
Total broadband 138 154 (10.4)359 464 (22.6)
Churn Rate:
Wireless retail postpaid1.56 %1.45 %1.56 %1.47 %
Wireless retail postpaid phone1.25 %1.12 %1.22 %1.11 %
Revenue Statistics (in millions):
Wireless service revenue(1)
$3,588 $3,562 0.7$10,732 $10,550 1.7
Fios revenue$310 $314 (1.3)$930 $938 (0.9)
Other Operating Statistics:
Wireless retail postpaid upgrade rate2.3 %2.5 %
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.
Unaudited9/30/259/30/24% Change
Connections (‘000)
Retail
146,119 144,743 1.0
Retail postpaid125,913 124,537 1.1
Retail postpaid phone93,246 93,015 0.2
Retail core prepaid(1)
19,062 18,780 1.5
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/24%
Change		9 Mos. Ended 9/30/259 Mos. Ended 9/30/24%
Change
Net Additions Detail (‘000)
Retail2 280 (99.3)114 33 *
Retail postpaid36 349 (89.7)32 942 (96.6)
Retail postpaid phone44 167 (73.7)(254)79 *
Retail core prepaid(1)
47 80 (41.3)234 (63)*
Account Statistics
Retail postpaid accounts (‘000)(2)
34,470 34,746 (0.8)
Retail postpaid connections per account(2)
3.65 3.58 2.0
Retail postpaid ARPA(3)(6)
$171.27 $168.44 1.7$170.62 $166.69 2.4
Retail core prepaid ARPU(4)
$32.70 $32.41 0.9$32.40 $32.38 0.1
Churn Detail
Retail1.60 %1.57 %1.59 %1.59 %
Retail postpaid1.23 %1.16 %1.23 %1.14 %
Retail postpaid phone0.98 %0.88 %0.97 %0.87 %
Retail core prepaid(1)
3.73 %3.72 %3.60 %3.64 %
Retail Postpaid Connection Statistics
Upgrade rate3.3 %3.0 %
Revenue Statistics (in millions)(5)
FWA revenue$758 $562 34.9$2,154 $1,528 41.0
Wireless service(6)
$21,029 $20,598 2.1$62,741 $61,331 2.3
Wireless equipment5,619 5,343 5.217,272 15,702 10.0
Wireless other(6)
996 907 9.83,031 2,645 14.6
Total Wireless$27,644 $26,848 3.0$83,044 $79,678 4.2
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)
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 6/30/253 Mos. Ended 3/31/253 Mos. Ended 12/31/243 Mos. Ended 9/30/243 Mos. Ended 6/30/243 Mos. Ended 3/31/24
Consolidated Net Income$5,056 $5,121 $4,983 $5,114 $3,411 $4,702 $4,722 
  Add:
Provision for income taxes1,471 1,488 1,490 1,454 891 1,332 1,353 
Interest expense1,664 1,639 1,632 1,644 1,672 1,698 1,635 
Depreciation and amortization expense(1)
4,618 4,635 4,577 4,506 4,458 4,483 4,445 
Consolidated EBITDA$12,809 $12,883 $12,682 $12,718 $10,432 $12,215 $12,155 
  Add/(subtract):
Other (income) expense, net(2)
$(92)$(79)$(121)$(797)$(72)$72 $(198)
Equity in (earnings) losses of unconsolidated businesses6 3 (6)6 24 14 9 
Acquisition and integration related charges52 — — — — — — 
Severance charges— — — — 1,733 — — 
Asset and business rationalization— — — — 374 — — 
Legacy legal matter— — — — — — 106 
(34)(76)(127)(791)2,059 86 (83)
Consolidated Adjusted EBITDA$12,775 $12,807 $12,555 $11,927 $12,491 $12,301 $12,072 
Footnotes:
(1) Includes Amortization of acquisition-related intangible assets.
(2) Includes Pension and benefits remeasurement adjustments, where applicable.



Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)
(dollars in millions)
Unaudited12 Mos. Ended 9/30/25
12 Mos. Ended 12/31/24
Consolidated Net Income$20,274 $17,949 
  Add:
Provision for income taxes5,903 5,030 
Interest expense6,579 6,649 
Depreciation and amortization expense(1)
18,336 17,892 
Consolidated EBITDA$51,092 $47,520 
  Add/(subtract):
Other income, net(2)
$(1,089)$(995)
Equity in losses of unconsolidated businesses
9 53 
Acquisition and integration related charges52 — 
Severance charges— 1,733 
Asset and business rationalization— 374 
Legacy legal matter— 106 
(1,028)1,271 
Consolidated Adjusted EBITDA$50,064 $48,791 
Footnotes:
(1) Includes Amortization of acquisition-related intangible assets.
(2) Includes Pension and benefits remeasurement adjustments, where applicable.

Verizon Communications Inc.
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
(dollars in millions)
Unaudited9/30/256/30/2512/31/249/30/24
Debt maturing within one year$20,146 $22,067 $22,633 $21,763 
Long-term debt126,629 123,929 121,381 128,878 
Total Debt146,775 145,996 144,014 150,641 
Less Secured debt27,061 26,600 26,138 24,272 
Unsecured Debt119,714 119,396 117,876 126,369 
Less Cash and cash equivalents7,706 3,435 4,194 4,987 
Net Unsecured Debt
$112,008 $115,961 $113,682 $121,382 
Consolidated Net Income (LTM)$20,274 $17,949 
Unsecured Debt to Consolidated Net Income Ratio5.9x6.6x
Consolidated Adjusted EBITDA (LTM)$50,064 $48,791 
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio2.2x2.3x

Adjusted Earnings per Common Share (Adjusted EPS)
(dollars in millions, except per share amounts)
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/24
Pre-taxTaxAfter-Tax Pre-taxTaxAfter-Tax 
EPS$1.17 $0.78 
Amortization of acquisition-related intangible assets$189 $(48)$141 0.03 $186 $(46)$140 0.03 
Acquisition and integration related charges52 — 52 0.01 — — — — 
Severance charges— — — — 1,733 (429)1,304 0.31 
Asset and business rationalization— — — — 374 (90)284 0.07 
$241 $(48)$193 $0.05 $2,293 $(565)$1,728 $0.41 
Adjusted EPS$1.21 $1.19 
Footnote:
Adjusted EPS may not add due to rounding.
Free Cash Flow
(dollars in millions)
Unaudited9 Mos. Ended 9/30/259 Mos. Ended 9/30/24
Net Cash Provided by Operating Activities$28,023 $26,480 
Capital expenditures (including capitalized software)(12,263)(12,019)
Free Cash Flow$15,760 $14,461 

Free Cash Flow Forecast for Full Year 2025
(dollars in millions)
UnauditedRevised
Forecast		Original
Forecast
Net Cash Provided by Operating Activities Forecast$37,000 - 39,000$35,000 - 37,000
Capital expenditures forecast (including capitalized software)(17,500 - 18,500)(17,500 - 18,500)
Free Cash Flow Forecast$19,500 - 20,500$17,500 - 18,500

Verizon Communications Inc.
Non-GAAP Reconciliations - Segments
Segment EBITDA and Segment EBITDA Margin
Consumer
(dollars in millions)
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/249 Mos. Ended 9/30/259 Mos. Ended 9/30/24
Operating Income$7,664 $7,604 $22,731 $22,580 
Add Depreciation and amortization expense3,568 3,411 10,693 10,114 
Segment EBITDA$11,232 $11,015 $33,424 $32,694 
Year over year change %2.0 %2.2 %
Total operating revenues$26,105 $25,360 $78,371 $75,344 
Operating Income Margin29.4 %30.0 %29.0 %30.0 %
Segment EBITDA Margin43.0 %43.4 %42.6 %43.4 %
Business
(dollars in millions)
Unaudited3 Mos. Ended 9/30/253 Mos. Ended 9/30/249 Mos. Ended 9/30/259 Mos. Ended 9/30/24
Operating Income$637 $565 $1,939 $1,464 
Add Depreciation and amortization expense1,035 1,040 3,086 3,246 
Segment EBITDA$1,672 $1,605 $5,025 $4,710 
Year over year change %4.2 %6.7 %
Total operating revenues$7,142 $7,351 $21,703 $22,027 
Operating Income Margin8.9 %7.7 %8.9 %6.6 %
Segment EBITDA Margin23.4 %21.8 %23.2 %21.4 %