Communication Services · NYSE: VZ
Verizon: how the business works
Verizon sells wireless plans, internet service and phones to US households and businesses, with revenue of $138.2 billion and net income of $17.2 billion in FY2025.
By Hardik Bhandare · Checked against filings:
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Verizon Communications Inc. · New York, New York
Last updated
- Revenue, FY2025
- $138.2B
- Net income, FY2025
- $17.2B
- Wireless retail connections, Sep 30, 2026
- 147.1 million
- Total debt, Sep 30, 2026
- $166.2B
- Employees (full-time equivalent), Sep 30, 2026
- About 93,300
The short version
Verizon in 5 points
1 · What it sells
Verizon sells wireless plans, home and business internet, and phones, mostly in the US, with $138.2 billion of revenue in FY2025.
2 · Who pays it
In FY2025, households, individuals and wireless resellers paid 77% of Verizon's revenue, companies and government 21%, and other lines such as device insurance 2%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Verizon kept $12.42 as net income, after $3,609 million of pre-tax special items such as severance, and operating income was $21.17 per $100 of revenue.
4 · Where the operating profit comes from
In FY2025, Consumer earned $29,628 million of segment operating income, or 92.1%, and Business $2,532 million, or 7.9%, before corporate costs and most special items.
5 · The one thing to watch
Total debt was $166,233 million on Sep 30, 2026, up from $144,014 million on Dec 31, 2024, while cash from operations was $39,050 million over the prior four quarters.
Sources: From Verizon's FY2025 10-K and Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Verizon's money go?
Verizon · FY2025
Receipt for every $100
| Selling, general and admin | $24.4 |
|---|---|
| Cost of wireless equipment | $20.9 |
| Cost of services | $20.1 |
| Depreciation and amortization | $13.3 |
| Interest | $4.8 |
| Income tax, and outside partners' share | $4.0 |
| Kept as net income | $12.4 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Of every $100 that came in during FY2025 (revenue $138,191 million + other income $107 million = $138,298 million). Cityfort calculation from FY2025 10-K. On revenue alone, operating income was $21.17 and net income $12.43 per $100. Special items were $3,609 million before tax, of which $3,149 million sat in operating expenses. Operating income was $21.17 per $100 of revenue.
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02The business in one line
What does Verizon do?
Households and businesses pay Verizon monthly for wireless and internet service; most of the money goes on selling and admin, phones and services, and what is left is profit.
- Consumer (households, individuals and wireless resellers) brought in 77.3% of FY2025 revenue and Business (companies and government) 21.0%.
- Verizon kept $12.42 of every $100 that came in during FY2025. Net income was $17.2 billion, against $17.5 billion in FY2024.
03Who pays it
Who pays Verizon?
Households, individuals and resellers (Consumer)
77%
of revenue
Wireless plans, home internet, video, phones, and wholesale access sold to resellers. Revenue was $106,807 million in FY2025. Verizon says "approximately 77%" of revenue.
Companies and government (Business)
21%
of revenue
Enterprise and Public Sector $13.5 billion, Business Markets and Other $13.6 billion, and Wholesale $2.0 billion. Revenue was $29,069 million in FY2025.
Corporate and other
2%
of revenue
Mainly device insurance programs and businesses outside the two segments. Revenue was $2,642 million in FY2025.
- Households, individuals and resellers (Consumer)77%
- Companies and government (Business)21%
- Corporate and other2%
How spread out the customers are
No single customer accounted for more than 10% of revenue in FY2023 to FY2025, Verizon's 10-K says. Business includes government; Verizon gives no government percentage. Shares add to 100% with eliminations of $327 million, or (0.2)%.
04Why it makes money
Why does Verizon make money?
Verizon earns its profit from monthly service bills on a network that costs a lot to build and keep up.
Service and other brought in $112,721 million in FY2025 and cost $27,789 million directly. Wireless equipment brought in $25,470 million and cost $28,976 million. Capital spending took $17,011 million, and 0.92% of Consumer postpaid phone customers left per month.
Operating income per $100 of revenue
$24.3$21.2
FY2021 to FY2025
- Verizon pays for spectrum and builds its network.
- Customers sign up for wireless and internet plans, often with a phone.
- They pay a bill each month for as long as they stay.
- Those bills cover network costs, phones, selling costs and staff.
- What is left pays for interest, dividends and more network.
↺ Step 5 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Verizon?
Consumer
77%Wireless, home internet, video and phones for households, plus wholesale access for resellers. FY2025 segment operating income was $29,628 million, a 27.7% margin and 92.1% of segment operating income. In Q3 FY2026 its margin was 30.6%, against 29.4% in Q3 FY2025.
Revenue $106.8B · Operating profit $29.6B
Business
21%Wireless, fiber and network services for companies and government. FY2025 segment operating income was $2,532 million, an 8.7% margin and 7.9% of segment operating income. These figures use the FY2025 10-K basis.
Revenue $29.1B · Operating profit $2.5B
Corporate and other
2%Mainly device insurance and businesses outside the two segments. From Q2 FY2026 this line also holds international wireline, which is held for sale. Business history breaks there, so the two bases are never joined. The recast gives Q4 FY2025 Business revenue of $7,077 million and no full-year column; its quarters sum to $27,895 million, against $29,069 million in the 10-K. Q3 FY2025 Business revenue was $7,142 million as first reported and $6,843 million recast; Q3 FY2026 was $7,023 million.
Revenue $2.6B · Operating profit −$480M
How the mix changed
- Consumer
- Business
- Corporate and other
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Verizon done?
Revenue
$138.2BFY2025
Revenue fell only in FY2023, to $134.0 billion, and reached $138.2 billion in FY2025.
US$
See the numbers
Net profit
$17.2BFY2025
Net income fell from $22.1 billion in FY2021 to $11.6 billion in FY2023, after a $5.8 billion goodwill write-down, and was $17.2 billion in FY2025.
US$
See the numbers
Profit kept per $100 of revenue
$12.4FY2025
Verizon kept $12.43 per $100 of revenue in FY2025, against $16.51 in FY2021.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$20.1BFY2025
Free cash flow, which matches Verizon's own definition, was $20.1 billion in FY2025, from cash from operations of $37.1 billion, and leaves out wireless license purchases, which were $47.6 billion in FY2021.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on December 31 (the calendar year)). Net profit is the share belonging to the company's owners.
07Who runs it
Who runs Verizon, and did they deliver?
Dan Schulman
Chief Executive Officer · since 2025
Appointed Oct 4, 2025, and a former PayPal CEO. His term runs to Dec 31, 2028. His 2025 reported pay was $34,311,016 for part of a year. The proxy's pay ratio of 248 to 1 uses annualized pay of $38,264,880, against a median employee's $154,605.
Mark Bertolini
Independent Chair of the Board · since 2025
Elected independent Chair on Oct 4, 2025.
Anthony Skiadas
Executive Vice President and Chief Financial Officer · since 2023
What they said, and what happened
5 delivered · 3 too early to tell
Said on Jan 24, 2025
FY2025 free cash flowCash from operations minus spending on buildings and equipment. Learn more of $17.5 billion to $18.5 billion.
DeliveredWhat happened
Verizon raised the range to $19.5 billion to $20.5 billion on Jul 21, 2025. Free cash flow was $20,126 million, from cash from operations of $37,137 million.
Said on Jan 24, 2025
FY2025 adjusted EPS growth of 0% to 3.0% (Verizon's own measure).
DeliveredWhat happened
Verizon raised the low end to 1.0% on Jul 21, 2025. Adjusted EPS was $4.71, against $4.59, up 2.6%. GAAP diluted EPS was $4.06, against $4.14.
Said on Jan 24, 2025
FY2025 capital spending of $17.5 billion to $18.5 billion.
DeliveredWhat happened
Verizon said "within or below" the range on Oct 29, 2025. Capital spending was $17,011 million, below it.
Said on Nov 20, 2025
A severance charge of $1.6 billion to $1.8 billion after cutting over 13,000 positions.
DeliveredWhat happened
FY2025 severance was $1,715 million.
Said on Jan 30, 2026
At least $3 billion of share purchases in 2026.
DeliveredWhat happened
Purchases were $4.0 billion in the first nine months of 2026.
Said on Jan 30, 2026
2026 postpaid phone net additions of 750,000 to 1.0 million.
Too early to tellWhat happened
Verizon raised the range to 1.1 million to 1.2 million on Oct 26, 2026. Net additions were 645,000 in the first nine months.
Said on Jan 30, 2026
Frontier cost savings above $1 billion a year by 2028, double its first estimate.
Too early to tellWhat happened
Frontier closed on Jan 20, 2026, and the date Verizon gave has not arrived.
Said on Oct 26, 2026
Net unsecured debt to Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. (its own measure) in its 2.00 to 2.25 times range during 2027.
Too early to tellWhat happened
The ratio was 2.3 times on Sep 30, 2026. Unsecured debt to net income was 8.1 times.
08What could go wrong
What could go wrong for Verizon?
- Debt
Debt after the Frontier purchase
Total debt was $166,233 million on Sep 30, 2026, up from $144,014 million on Dec 31, 2024. Interest expense was $1,950 million in Q3 FY2026. Verizon's 10-K says its debt level could limit money for dividends, buybacks and investment.
Watch Total debt, and Verizon's own ratio of 2.3 times against its 2.00 to 2.25 times target; unsecured debt to net income was 8.1 times.
- Competition
Competition for wireless and internet customers
Verizon's 10-K calls competition intense, citing aggressive pricing and promotions from rivals. It names AT&T and T-Mobile, and resellers including Comcast and Charter.
Watch Postpaid phone net additions (406,000 in Q3 FY2026) and churn (0.94% a month).
- Legal
Lead sheathed copper cables
Verizon's 10-K says media reports alleged health or environmental risks from some lead sheathed cables. It says these allegations led to investigations, inquiries and litigation, that insurance may not cover the costs, and that costs cannot be reasonably estimated.
Watch Legal and risk sections of each 10-Q and 10-K.
- Execution
Frontier and cost-cut execution
Verizon paid about $9.8 billion in cash and assumed about $12.9 billion of debt at fair value in January 2026. The purchase accounting is preliminary for up to a year. Employees fell from 99,600 on Mar 31 to 93,300 on Sep 30, 2026.
Watch Fiber net additions (155,000 in Q3 FY2026) and acquisition and integration costs.
- Execution
International wireline joint venture with BT
Verizon agreed on Jun 28, 2026 to a 50/50 venture with BT Group and to pay $625 million. It booked a $740 million net pre-tax loss. The deal has not closed and needs customary regulatory approvals.
Watch The closing, which Verizon said on Jul 24, 2026 it expects in the second half of 2027.
- Technology
Cyberattacks and network failures
Verizon's 10-K lists cyberattacks and network failures among its risk factors, along with technology change.
Watch Security or outage disclosures in 8-Ks and 10-Qs.
- Regulation
Regulation and spectrum licenses
Verizon's wireless business runs on FCC licenses, typically with 10-year terms. Its 10-K lists regulation among its risk factors.
Watch FCC rulings and spectrum auctions, such as the $3.2 billion Verizon paid in Auction 113.
- Other
Dividend, buybacks, pensions and unions
Verizon's 10-K says buybacks and dividends are not assured. It had about 179,400 retirees eligible for its plans and about 27% of its workforce in unions at Dec 31, 2025.
Watch Dividends paid ($8,804 million in the first nine months of 2026) against cash from operations ($29,936 million) and free cash flow ($18,010 million).
09Both sides
What do supporters and critics point to?
What supporters point to
- Cash from operations was $37,137 million and free cash flow $20,126 million in FY2025, and dividends paid were $11,481 million.
- Postpaid phone net additions were 406,000 in Q3 FY2026, against 44,000 in Q3 FY2025.
- Consumer operating margin was 30.6% in Q3 FY2026, against 29.4% in Q3 FY2025.
- Verizon had 11,068 thousand fiber connections on Sep 30, 2026, and 155,000 net additions in Q3 FY2026.
- Verizon says it raised the dividend for a 19th straight year in 2025.
What critics point to
- Total debt was $166,233 million on Sep 30, 2026, up from $144,014 million on Dec 31, 2024.
- Verizon's own debt ratio was 2.3 times on Sep 30, 2026, above its 2.00 to 2.25 times target; unsecured debt to net income was 8.1 times.
- Business revenue fell each year from FY2022 to FY2025, on the 10-K basis.
- Fixed wireless net additions were 159,000 in Q3 FY2026, against 261,000 in Q3 FY2025.
- Verizon's 10-K says allegations about lead sheathed cables led to government investigations, regulatory inquiries and litigation.
10What to watch next
What should you watch next at Verizon?
Next event
Q4 FY2026 results
Date not announced yet.
Postpaid phone net additions
Net additions were 645,000 in the first nine months of 2026. Verizon said on Oct 26, 2026 that it expects 1.1 million to 1.2 million for the year.
Debt
Total debt was $166,233 million on Sep 30, 2026. Verizon said on Oct 26, 2026 that it aims to reach its own 2.00 to 2.25 times range during 2027.
The 2027 outlook
Verizon said on Oct 26, 2026 that it will give its 2027 outlook at its next call. It has not announced that date.
11Key facts
Key facts about Verizon
- What does Verizon do?
- Verizon Communications Inc. sells wireless service, internet service and phones, mostly in the US. Verizon had FY2025 revenue of $138,191 million and 147.1 million wireless retail connections on Sep 30, 2026.
- How does Verizon make money, and what is its business model?
- Verizon's business model is charging customers each month for wireless and internet service over its network. In FY2025, mobility and broadband service brought in $90,863 million across Verizon's two segments, and wireless equipment brought in $25,470 million of total revenue of $138,191 million.
- Is Verizon profitable?
- Yes. Verizon had net income of $17,174 million in FY2025 on revenue of $138,191 million, and operating income of $29,259 million. Verizon had net income of $5,198 million in Q3 FY2026.
- What is Verizon's revenue by segment?
- Verizon's FY2025 revenue by segment was Consumer $106,807 million (77.3%), Business $29,069 million (21.0%) and Corporate and other $2,642 million (1.9%), before $327 million of eliminations. These figures use the basis of Verizon's FY2025 10-K.
- Who owns Verizon?
- Verizon has one class of common stock, with one vote per share and 4,144.6 million shares on Sep 30, 2026. Vanguard Capital Management reported 7.18% on Mar 31, 2026. Verizon officers and directors as a group held less than 1% on Mar 3, 2026.
- Who are Verizon's customers?
- Households, individuals and wireless resellers are Verizon's Consumer segment, 77.3% of FY2025 revenue. Companies and government buyers are its Business segment, 21.0%. Verizon's FY2025 10-K says no single customer accounted for more than 10% of revenue in FY2023 to FY2025.
- How much does Verizon earn from wireless service?
- Verizon's wireless service revenue was $83,703 million in FY2025, up 2.0% from $82,073 million in FY2024. Verizon had 94.5 million postpaid phone connections on Sep 30, 2026.
- How big is Verizon's broadband business?
- Verizon had 17.4 million fiber and fixed wireless broadband connections on Sep 30, 2026: 11.1 million fiber and 6.4 million fixed wireless (home internet over its cellular network). Verizon's total includes connections that came with Frontier, bought on Jan 20, 2026.
- How much does Verizon make from selling phones?
- Verizon's wireless equipment revenue, from phones and other devices, was $25,470 million in FY2025, and its cost of wireless equipment was $28,976 million. So Verizon's equipment cost was $3,506 million above its equipment revenue in FY2025.
- How much debt does Verizon have?
- Verizon had total debt of $166,233 million and cash of $4,495 million on Sep 30, 2026. Verizon's total debt was $158,150 million on Dec 31, 2025, before it bought Frontier. Interest expense was $6,694 million in FY2025.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Verizon sell?
Wireless service
Phone and data plans, billed after use (postpaid) or paid in advance (prepaid). Revenue was $83,703 million in FY2025. Verizon had 147.1 million retail connections on Sep 30, 2026.
Broadband
Fiber internet, sold as Fios, and fixed wireless access (FWA), which is home internet over its cellular network. Fiber was 11,068 thousand connections on Sep 30, 2026, and FWA 6,369 thousand.
Phones and devices
Wireless equipment revenue was $25,470 million in FY2025. The cost of that equipment was $28,976 million.
Business services
Wireless, fiber and network services for companies, government and wholesale buyers. Business revenue was $29,069 million in FY2025. Verizon says it offers connectivity in more than 180 countries.
Older wireline, video and voice
Copper-based lines, Fios video and voice. Fios video had 2,488 thousand connections at the end of FY2025, down from 3,012 thousand in FY2023. "Other" revenue, which includes these older lines, was $19,542 million across both segments.
Think of it like this
Wireless service works a bit like a monthly subscription: customers keep paying each month to stay connected, until they leave.
What it does
- Does: Runs a national wireless network on licensed spectrum (radio frequencies), plus wireline networks in 31 states and DC after buying Frontier.
- Does: Sells through its own stores, agents and national retailers, and sells prepaid at convenience stores.
- Does: Sells network access to resellers, including Comcast and Charter, which use their own brands.
- Does: Pays a quarterly dividend, $0.7075 a share in 2026.
What it does not do
- Does not: Does not rely on one customer: none accounted for more than 10% of revenue in FY2023 to FY2025.
- Does not: Does not earn significant revenue abroad, its FY2025 10-K says.
- Does not: Does not control its former media business: it sold it to an Apollo affiliate on Sep 1, 2021, keeping 10% of the common units and $750 million of preferred units at the sale.
- Does not: Does not report Frontier on its own revenue line.
13How the money flows
13How the money flows · FY2025
How does money flow through Verizon?
Money in
- Service revenues and other$112.7B
- Wireless equipment revenues$25.5B
- Other income, net$107M
The company
Verizon
$138.3B came in
Money out
- Selling, general and admin$33.8B
- Cost of wireless equipment$29.0B
- Cost of services$27.8B
- Depreciation and amortization$18.3B
- Interest$6.7B
- Income tax, and outside partners' share$5.5B
- Net income attributable to Verizon$17.2B
- In FY2025 customers paid Verizon $112.7 billion for service and $25.5 billion for wireless equipment. Other income added $107 million.
- Selling and admin took $33.8 billion, including $1,715 million of severance.
- Wireless equipment cost $29.0 billion. Cost of services, such as network access and content, took $27.8 billion.
- Wear and tear on the network and other assets (depreciation and amortization) took $18.3 billion. Interest took $6.7 billion.
- Income tax took $5.1 billion and outside partners' share $434 million, which left net income of $17.2 billion.
14What it needs to run
14What it needs to run
What does Verizon need to run?
Spectrum
Licensed radio frequencies, carried at $161,417 million on Sep 30, 2026. FCC licenses typically run 10 years. Verizon paid about $45.9 billion for C-Band in 2021.
Network and equipment
Property, plant and equipment of $125,134 million, net, on Sep 30, 2026. Capital spending was $17,011 million in FY2025.
People
About 93,300 full-time-equivalent employees on Sep 30, 2026, after over 13,000 job cuts in late 2025 and the Frontier purchase. About 27% were in unions at Dec 31, 2025.
Stores, agents and retailers
Verizon sells through company-operated stores, mostly exclusive agents, national retailers and convenience stores for prepaid.
Borrowed money
Total debt was $166,233 million on Sep 30, 2026, of which $30,138 million was secured, mainly asset-backed notes on device payment receivables.
15Competitors and what protects it
15Competitors and what protects it
Who does Verizon compete with?
AT&T
A national wireless rival named in Verizon's 10-K. AT&T's FY2025 10-K reports revenue of $125,648 million and operating income of $24,162 million. It also has wireline and Mexico businesses.
T-Mobile US
A national wireless rival named in Verizon's 10-K. T-Mobile's FY2025 10-K reports revenue of $88,309 million and operating income of $18,279 million.
Comcast
A reseller named in Verizon's 10-K: it buys bulk wireless service wholesale and competes for retail customers under its own brand.
Charter
Also a reseller named in Verizon's 10-K, buying wholesale wireless service and competing for retail customers under its own brand.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Spectrum licenses4 of 5
Verizon carried $161,417 million of wireless licenses on Sep 30, 2026. It paid about $45.9 billion for C-Band in 2021 and $3.2 billion for AWS-3 licenses in 2026.
- Customer base4 of 5
Verizon had 147.1 million wireless retail connections on Sep 30, 2026. Consumer postpaid phone churn (customers leaving per month) was 0.92% in FY2025.
- Size4 of 5
Revenue was $138,191 million in FY2025, against AT&T's $125,648 million and T-Mobile's $88,309 million.
- Fiber reach3 of 5
Wireline networks cover 31 states and DC after Frontier. Fiber was 11,068 thousand connections on Sep 30, 2026, against 6,369 thousand fixed wireless.
Weak spot
Business segment
Business revenue fell each year from $31,072 million in FY2022 to $29,069 million in FY2025, on the 10-K basis. Its FY2025 margin was 8.7%, against Consumer's 27.7%.
16Where growth could come from
16Where growth could come from
Where could Verizon's growth come from?
Verizon said in its Q3 FY2026 earnings release (Oct 26, 2026) that it expects 1.1 million to 1.2 million postpaid phone net additions in 2026. It expects mobility and broadband service revenue growth in the upper half of 2.5% to 3.0%. It gave adjusted EPS of $5.04 to $5.06, its own measure, and capital spending of $16.0 billion to $16.5 billion.
Postpaid phone customers
Working406,000 net additions in Q3 FY2026, against 44,000 in Q3 FY2025
Net additions were 645,000 in the first nine months of 2026, as stated in the Q3 FY2026 earnings release. Verizon raised its full-year range on Oct 26, 2026.
Status: Working, on track against what the company said.
Fiber
Working155,000 net additions in Q3 FY2026, against 61,000 in Q3 FY2025
Fiber revenue rose $700 million in Q3 FY2026, primarily due to Frontier. Verizon said on Oct 26, 2026 that it expects over 32 million fiber passings by year-end, and 40 to 50 million in the medium term.
Status: Working, on track against what the company said.
Fixed wireless home internet
Mixed159,000 net additions in Q3 FY2026, against 261,000 in Q3 FY2025
Connections reached 6,369 thousand on Sep 30, 2026. Verizon said on Oct 26, 2026 that it targets 8 million to 9 million by 2028.
Status: Mixed, partly on track.
AI Connect
EarlyAbout $4 billion of signed contracts, Verizon said
These are mainly deals for fiber and edge computing for AI use. Verizon named Google, over $1 billion, and Amazon Web Services, over $2 billion. It said on Oct 26, 2026 that the impact begins in 2027.
Status: Early, too early to judge.
Cost cuts
WorkingQ3 FY2026 operating income of $8,650 million, against $8,105 million in Q3 FY2025
Verizon said on Jul 24, 2026 that it has a $9 billion plan across operating and capital spending. It cut over 13,000 positions in late 2025.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
17The company's own measures (non-GAAP)
17The company's own measures · FY2025
What do Verizon's own measures show?
Official (GAAP): Net income (total)
$17.6B
Company's own measure: Consolidated Adjusted EBITDA
$50.0B
Verizon leaves out interest, tax, depreciation and amortization, equity earnings, other income or expense, and special items.
Official (GAAP): Diluted EPS
$4.06
Company's own measure: Adjusted EPS
$4.71
Leaves out special items, $3,609 million before tax in FY2025.
Official (GAAP): Cash from operations
$37.1B
Company's own measure: Free cash flow
$20.1B
Cash from operations minus capital spending of $17,011 million, the same as Verizon's own definition. It leaves out wireless license purchases, $450 million in FY2025.
Official (GAAP): Diluted EPS, Q3 FY2026
$1.25
Company's own measure: Adjusted EPS, Q3 FY2026
$1.31
Same definition, for the quarter ended Sep 30, 2026.
Official (GAAP): Total debt, Sep 30, 2026
$166.2B
Company's own measure: Net unsecured debt, Sep 30, 2026
$123.7B
Total debt minus $30,138 million of secured debt, a $7,879 million equity credit for junior subordinated notes, and $4,495 million of cash. The equity credit rose from $1,982 million at the start of 2026, which lowers the ratio below.
Official (GAAP): Unsecured debt ÷ net income
$8.1M
Company's own measure: Net unsecured debt ÷ Adjusted EBITDA, Sep 30, 2026
2.3 times
Verizon states both ratios, over the prior four quarters. It stated a long-term target of 2.00 to 2.25 times on Jan 30, 2026.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Postpaid phone net additions, Q3 FY2026
406 thousand
New postpaid phone connections minus losses, as Verizon counts them. Nearest official figure: revenue of $34,313 million for the quarter.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Postpaid phone churn, Q3 FY2026
0.9 % per month
The share of postpaid phone connections lost per month. It was 0.98% in Q3 FY2025.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Postpaid revenue per account, Q3 FY2026
168.1 $ per month
Verizon presents this as postpaid ARPA (average revenue per account). It was $171.27 in Q3 FY2025.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Form 10-K for fiscal year 2025 (ended Dec 31, 2025); Earnings release, Q4 fiscal 2025 (Form 8-K, Exhibit 99); Earnings release, Q3 fiscal 2026 (Form 8-K, Exhibit 99) and 3 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
18Financial strength and debt
18Financial strength · Sep 30, 2026
How much debt does Verizon have?
- Total debt$166.2B
- Cash and investments$4.5B
- Net debt (debt minus cash)$161.7B
- Net worth (shareholders' money)$107.3B
- Debt to equity
- 1.55×
- $ of debt for every $1 of shareholders' money
- Interest cover
- 3.8×
- how many times operating profit covers interest
- Total debt of $166,233 million is $23,889 million due within a year plus $142,344 million long-term. It was $144,014 million on Dec 31, 2024, and peaked at $172,460 million on Mar 31, 2026, after the Frontier purchase.
- Cash from operations over the four quarters to Sep 30, 2026 was $39,050 million (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). Interest cover is operating income of $29,075 million ÷ interest of $7,634 million over the same period.
- Net debt here is total debt minus cash. Verizon's own net unsecured debt is smaller, $123,721 million, because it also removes secured debt and an equity credit; it is in the section on its own measures. The two are never mixed.
- Dec 31, 2025 cash of $19,048 million came before the Frontier close on Jan 20, 2026, so the year-end net debt of $139,102 million was before the deal.
- Operating lease liabilities of $22,735 million ($4,772 million + $17,963 million) are not in total debt.
- Net worth is total equity, including outside partners. Unused borrowing capacity was $12.0 billion at Dec 31, 2025.
19Who owns it
19Who owns it · ownership as of Mar 3, 2026
Who owns Verizon?
- Officers and directors (as a group), shares
- 0.0%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for Q3 fiscal 2026 (ended Sep 30, 2026); Form 10-K for fiscal year 2025 (ended Dec 31, 2025); Proxy statement (DEF 14A) for the 2026 annual meeting and 3 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
20What it does with profit
20What it does with profit
What does Verizon do with its profit?
Dividend per share
$2.74FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Sep 30, 2026
Share purchases in the first nine months of FY2026, under a $25 billion authorization, with $21 billion left
$4.0B
21Governance signals
21Governance signals
What do Verizon's governance filings show?
- Auditor
- Ernst & Young LLP, since 2000
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The proxy says there were no related person transactions required to be disclosed during 2025.
- Credit rating
- No public credit rating found
Flags to know about
disclosure · Jul 24, 2026
Business segment history has a break
In Q2 FY2026 Verizon moved international wireline from Business to Corporate and other. Recast Q4 FY2025 Business revenue was $7,077 million and operating income $684 million, a 9.7% margin. Verizon gives no recast full-year column; its FY2025 quarters sum to $27,895 million and $2,870 million. This page keeps the FY2025 10-K basis and does not splice the two.
disclosure
No stock-based pay figure on the cash flow statement
Verizon's cash flow statement has no stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more line, and its notes give only an after-tax expense, $815 million in FY2025. So this page leaves that number blank.
disclosure · Oct 29, 2026
Frontier is not reported alone
Frontier and Starry together were "less than 5%" of 2026 revenue. Consumer fiber revenue rose $700 million in Q3 FY2026 and $1.9 billion in nine months, primarily due to Frontier.
disclosure
Credit rating grades
Verizon's FY2025 10-K says its credit ratings did not change in 2025 or 2024, but does not state the letter grades.
regulatory
Lead sheathed copper cables
Verizon's 10-K says media reports alleged that some of its lead sheathed cables may present health or environmental risks. It says the allegations resulted in government investigations, regulatory inquiries and litigation. It says the costs cannot be reasonably estimated but could be material.
other · Feb 4, 2026
Consumer CEO departure
Sowmyanarayan Sampath left his role as head of Verizon Consumer on Feb 4, 2026.
other · Oct 29, 2026
Legal proceedings Verizon reports
Verizon reports no material legal proceeding under SEC Item 103 in its FY2025 10-K and Q3 FY2026 10-Q.
other · Apr 6, 2026
Insiders' shares as collateral
A footnote to the proxy's ownership table says none of the listed shares are used as collateral.
22What the market paid
22What the market paid · price as of Oct 30, 2026
What did the market pay for Verizon on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Closing price of $44.73 on Oct 30, 2026, from Nasdaq's historical price table for VZ. Verizon's principal market is the NYSE; it is also listed on Nasdaq. Market value = $44.73 × 4,144.598 million shares on the Q3 FY2026 10-Q cover (Sep 30, 2026) = $185,388 million (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover). P/E is the price ÷ earnings per share: $44.73 ÷ $3.92 of diluted EPS over the four quarters to Sep 30, 2026 (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases) = 11.4. On FY2025 EPS of $4.06 it is 11.0. Dividend yield = $2.83 a year ($0.7075 × 4) ÷ $44.73 = 6.33%. All as of Oct 30, 2026.
- Share price
- $44.73
- Market value (market cap)
- $185.4B
- P/E
- 11.4×
Source: Nasdaq historical quotes for VZ (closing price Oct 30, 2026); Form 10-Q for Q3 fiscal 2026 (ended Sep 30, 2026); Earnings release, Q3 fiscal 2026 (Form 8-K, Exhibit 99) and 4 more
23How it got here
23How it got here
How did Verizon get here?
2021
Business-model change
Paid about $45.9 billion for C-Band spectrum
Verizon bought these airwaves in FCC Auction 107. Wireless license purchases were $47,596 million that year.
2021
Business-model change
Sold Verizon Media and bought Tracfone
It sold Verizon Media to an Apollo affiliate on Sep 1, 2021. It bought Tracfone in November for about $3.6 billion in cash and about 57.6 million shares.
2023
Crisis
$5.8 billion Business goodwill write-down
FY2023 net income fell to $11.6 billion, from $21.3 billion in FY2022.
2024
Business-model change
Agreed to buy Frontier; tower deal
Verizon agreed on Sep 4, 2024 to pay $38.50 per Frontier share. In December, Vertical Bridge obtained rights to over 6,000 towers for $2.8 billion upfront.
2025
Milestone
New CEO and 13,000 job cuts
Dan Schulman became CEO in October 2025. In November, Verizon said it was cutting over 13,000 positions, with $1.7 billion of severance in FY2025.
2026
Business-model change
Frontier closed
The deal closed Jan 20, 2026. Total debt reached $172,460 million on Mar 31, 2026. Verizon authorized a $25 billion buyback on Jan 30.
2026
Business-model change
BT venture and more spectrum
In June 2026 Verizon agreed to put international wireline into a 50/50 venture with BT. It also bought UScellular licenses for $1.0 billion and paid $3.2 billion for AWS-3 licenses.
24Sources and changes
Where every number on this page comes from
Sources (42 documents)
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2026
- S2Form 10-K for fiscal year 2024 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2025
- S3Form 10-K for fiscal year 2023 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 9, 2024
- S4Form 10-K for fiscal year 2022 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2023
- S5Form 10-K for fiscal year 2021 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2022
- S6Form 10-Q for Q3 fiscal 2026 (ended Sep 30, 2026) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
- S7Form 10-Q for Q2 fiscal 2026 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
- S8Form 10-Q for Q1 fiscal 2026 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
- S9Form 10-Q for Q3 fiscal 2025 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2025
- S10Form 10-Q for Q2 fiscal 2025 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 25, 2025
- S11Form 10-Q for Q1 fiscal 2025 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 25, 2025
- S12Form 10-Q for Q3 fiscal 2024 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 25, 2024
- S13Earnings release, Q3 fiscal 2026 (Form 8-K, Exhibit 99) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 26, 2026
- S14Earnings release, Q2 fiscal 2026 (Form 8-K, Exhibit 99) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2026
- S15Earnings release, Q1 fiscal 2026 (Form 8-K, Exhibit 99) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 27, 2026
- S16Earnings release, Q4 fiscal 2025 (Form 8-K, Exhibit 99) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2026
- S17Earnings release, Q3 fiscal 2025 (Form 8-K, Exhibit 99) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2025
- S18Earnings release, Q2 fiscal 2025 (Form 8-K, Exhibit 99) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 21, 2025
- S19Earnings release, Q1 fiscal 2025 (Form 8-K, Exhibit 99) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2025
- S20Earnings release, Q4 fiscal 2024 (Form 8-K, Exhibit 99.1) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 24, 2025
- S21Earnings release, Q3 fiscal 2024 (Form 8-K, Exhibit 99.1) · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2024
- S22Proxy statement (DEF 14A) for the 2026 annual meeting · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 6, 2026
- S23Schedule 13G, Vanguard Capital Management, event date Mar 31, 2026 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S24Schedule 13G/A, The Vanguard Group, event date Mar 13, 2026 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S25Schedule 13G, State Street Corporation, event date Sep 30, 2025 · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 10, 2025
- S26Form 8-K, Item 7.01: workforce reduction and severance charge · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 20, 2025
- S27Form 8-K, Item 8.01: Frontier acquisition completed · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 20, 2026
- S28Form 8-K, Item 7.01: capital return plan, $25 billion repurchase program, dividend · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2026
- S29Form 8-K, Item 5.02: Consumer group CEO departure · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
- S30Form 8-K, Item 7.01: joint venture with BT Group and Q2 2026 charges · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 29, 2026
- S31Form 8-K, Item 5.02: CEO employment agreement amendment · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2026
- S32Form 8-K, Exhibit 99: recast 2025 quarterly financial and operating information · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 13, 2026
- S33Form 8-K, Exhibit 99.1: CEO appointment · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 6, 2025
- S34Form 8-K, Item 1.01: merger agreement with Frontier · Verizon Communications Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 5, 2024
- S36Nasdaq historical quotes for VZ (closing price Oct 30, 2026) · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S37Earnings call transcript, Q3 fiscal 2026 (Oct 26, 2026) · Verizon investor relations (LSEG StreetEvents transcript) · Tier 1: company or exchange filing · Oct 26, 2026
- S38Earnings call transcript, Q2 fiscal 2026 (Jul 24, 2026) · Verizon investor relations (LSEG StreetEvents transcript) · Tier 1: company or exchange filing · Jul 24, 2026
- S40Earnings call transcript, Q4 fiscal 2025 (Jan 30, 2026) · Verizon investor relations (LSEG StreetEvents transcript) · Tier 1: company or exchange filing · Jan 30, 2026
- S41Earnings presentation, Q4 fiscal 2025 (Jan 30, 2026) · Verizon investor relations · Tier 1: company or exchange filing · Jan 30, 2026
- S42AT&T Inc. Form 10-K for fiscal year 2025 · AT&T Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 9, 2026
- S43T-Mobile US, Inc. Form 10-K for fiscal year 2025 · T-Mobile US, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 11, 2026
- S44Financial and operating information, Q3 fiscal 2026 (Oct 26, 2026) · Verizon investor relations · Tier 1: company or exchange filing · Oct 26, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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