VERIZON COMMUNICATIONS INC
For the period ended Jun 30, 2025. Filed Jul 25, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 25, 2025
VZ$45.69-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-25.
0000732712-25-000024
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-25.
0000732712-25-000086
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 245 previous paragraphs and 285 current paragraphs.
170 unchanged; 63 reworded; 43 added; 9 removed; 3 previous and 9 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (43)
Current report
(dollars in millions)
Current report
Recent Developments
Current report
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted. The OBBBA revises the U.S. federal corporate income tax by, among other things, making permanent 100% bonus depreciation on qualified fixed assets, making permanent the immediate deduction for domestic research and experimentation expenses, and permanently changing the limitation on the deduction of business interest expense to 30% of Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA). Verizon does not anticipate the provisions of the OBBBA will have a material impact on its effective income tax rate. We currently estimate that these provisions will both decrease our 2025 cash income tax liability and increase our deferred tax liability by $1.5 billion to $2.0 billion by December 31, 2025. We continue to analyze the effects of the OBBBA on our consolidated financial statements.
Current report
•an increase of $1.1 billion and $1.2 billion, respectively, driven by a higher volume of wireless devices sold primarily related to an increase of 31% and 14%, respectively, in upgrades; and
Current report
•an increase of $284 million and $390 million, respectively, driven by a shift to higher priced equipment in the mix of wireless devices sold.
Current report
The decrease during the three months ended June 30, 2025 was primarily due to:
Current report
•a decrease of $139 million related to lower costs for device insurance programs primarily due to a decrease in claims; and
Current report
The decrease during the six months ended June 30, 2025 was primarily as a result of:
Current report
•a decrease of $215 million related to lower costs for device insurance programs primarily due to a decrease in claims;
Current report
Other Income (Expense), Net
Current report
Other income (expense), net increased during thethree and six months ended June 30, 2025 compared to the similar periods in 2024.
Current report
The increase during the three months ended June 30, 2025 was primarily due to:
Current report
•a net pension remeasurement loss of $45 million in 2025 compared to a net pension remeasurement loss of $136 million in 2024; and
Current report
•an increase resulting from fair market value adjustments on certain investments.
Current report
The increase during the six months ended June 30, 2025 was primarily due toan increase resulting from fair market value adjustments on certain investments.
Current report
Total interest expense decreased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily as a result of a decrease in interest costs due to lower average debt balances partially offset by a decrease in capitalized interest due to additional C-Band spectrum licenses being placed into service.
Current report
(2)Includes Pension and benefits mark-to-market charges of $136 million during both the three and six months ended June 30, 2024. See "Special Items" for additional information.
Current report
Wireless service revenue increased during the six months ended June 30, 2025 compared to the similar period in 2024 primarily as a result of:
Current report
Wireless equipment revenue increased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to:
Current report
•an increase of $1.0 billion for both periods driven by a higher volume of wireless devices sold primarily related to an increase of 39% and 19%, respectively, in upgrades, partially offset by the impact of related promotions; and
Current report
•an increase of $180 million and $256 million, respectively, related to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
Cost of services increased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to:
Current report
•an increase of $62 million and $98 million, respectively, in regulatory fees mainly driven by a higher net FUSF rate; and
Current report
Cost of wireless equipment increased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to:
Current report
•an increase of $1.1 billion and $1.2 billion, respectively, driven by a higher volume of wireless devices sold primarily related to an increase of 39% and 19%, respectively, in upgrades; and
Current report
•an increase of $251 million and $341 million, respectively, due to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
Selling, general and administrative expense remained relatively flat for the three months ended June 30, 2025 and increased during the six months ended June 30, 2025 compared to the similar periods in 2024.
Current report
Enterprise and Public Sector revenues decreased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to:
Current report
•a decrease of $28 million and $47 million, respectively, in Wireless service revenue primarily driven by pressure in Public Sector in part from government efficiency efforts.
Current report
The decrease during the three months ended June 30, 2025 was primarily due to:
Current report
•a decrease of $77 million in personnel costs related to the impact of workforce changes; and
Current report
•a decrease of $53 million in access costs primarily related to changes in circuit usage and pricing.
Current report
The decrease during the six months ended June 30, 2025 was primarily due to:
Current report
•a decrease of $66 million personnel costs related to the impact of workforce changes;
Current report
•a decrease of $58 million in access costs primarily related to changes in circuit usage and pricing;
Current report
•a decrease of $54 million in other direct costs primarily related to various vendors and contracts; and
Current report
Cost of wireless equipment increased during the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to:
Current report
•an increase of $33 million and $49 million, respectively, related to a shift to higher priced equipment in the mix of wireless devices sold; and
Current report
•an increase of $33 million and $56 million, respectively, driven by a higher volume of wireless devices sold.
Current report
Selling, general and administrative expense remained relatively flat for the three months ended June 30, 2025 and decreased during the six months ended June 30, 2025 compared to the similar periods in 2024.
Showing the first 40 of 43 passages. Open the source sections for the rest.
Removed paragraphs (9)
Previous report
Cost of wireless equipment increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due toan increase of $201 million driven by a shift to higher priced equipment in the mix of wireless devices sold.
Previous report
Other Income, Net
Previous report
Other income, net decreased during thethree months ended March 31, 2025 compared to the similar period in 2024 primarily due to a decrease of $94 million in other components of net periodic benefit cost primarily driven by lower plan assets on which to earn expected returns in our pension and postretirement plans compared to the prior year along with a net pension remeasurement gain in 2024 that did not reoccur, partially offset by a decrease in interest costs.
Previous report
Total interest expense remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.
Previous report
Wireless equipment revenue remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.
Previous report
•an increase of $148 million due to a shift to higher priced equipment in the mix of wireless devices sold; and
Previous report
•an increase of $14 million driven by a higher volume of wireless devices sold.
Previous report
Cost of wireless equipment remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.
Previous report
Selling, general and administrative expense decreased during the three months compared to the similar period in 2024 primarily due to a decrease of $144 million in personnel costs related to the impact of workforce changes primarily due to the voluntary separation program that was announced in June of 2024 and completed in March of 2025.
Reworded paragraphs (63)
Previous wording
The Consumer segment's operating revenues for the three months ended March 31, 2025 totaled $25.6 billion, representing an increase of 2.2% compared to the similar period in 2024. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics.
Current wording
The Consumer segment's operating revenues for the three and six months ended June 30, 2025 totaled $26.6 billion and $52.3 billion, respectively, representing an increase of 6.9% and 4.6%, respectively, compared to the similar periods in 2024. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance and selected operating statistics.
Previous wording
The Business segment's operating revenues for the three months ended March 31, 2025 totaled $7.3 billion, representing a decrease of 1.2% compared to the similar period in 2024. See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance and selected operating statistics.
Current wording
The Business segment's operating revenues for the three and six months ended June 30, 2025 totaled $7.3 billion and $14.6 billion, respectively, representing a decrease of 0.3% and 0.8%, respectively, compared to the similar periods in 2024. See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance and selected operating statistics.
Previous wording
We continue to invest in our wireless networks, high-speed fiber and other advanced technologies to position ourselves at the center of growth trends for the future. During the three months ended March 31, 2025, these investments included $4.1 billion for capital expenditures. See "Cash Flows Used in Investing Activities" for additional information. Capital expenditures for 2025 are expected to be in the range of $17.5 billion to $18.5 billion.
Current wording
We continue to invest in our wireless networks, high-speed fiber and other advanced technologies to position ourselves at the center of growth trends for the future. During the six months ended June 30, 2025, these investments included $8.0 billion for capital expenditures. See "Cash Flows Used in Investing Activities" for additional information. Capital expenditures for 2025 are expected to be in the range of $17.5 billion to $18.5 billion.
Previous wording
The U.S. government recently 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. We are actively monitoring the tariff developments and analyzing the potential impacts on our business, cost structure, supply chain and broader economic environment. We are also working closely with our strategic suppliers to manage the potential impacts.
Current wording
Earlier this year, 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. We continue to actively monitor the tariff developments and analyze their potential impacts on our business, cost structure, supply chain and broader economic environment. We are also working closely with our strategic suppliers to manage the potential impacts.
Previous wording
In addition, the U.S. presidential administration is seeking to implement significant changes to the size and scope of the federal government, which may include reduction of the federal government workforce, changes in budgetary priorities and other cost efficiency measures. We began seeing some impact from these efforts in our federal government business in the first quarter of 2025.
Current wording
In addition, the U.S. presidential administration is implementing significant changes to the size and scope of the federal government, including a reduction of the federal government workforce, changes in budgetary priorities and other cost efficiency measures. Several U.S. states have launched similar initiatives. We began seeing some negative impacts from these efforts in our business with public sector customers in the first quarter of 2025, and these impacts increased in the second quarter.
Previous wording
Consolidated operating revenues increased during thethree months ended March 31, 2025 compared to the similar period in 2024 primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment.
Current wording
Consolidated operating revenues increased during both thethree and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to revenue increases in our Consumer segment, partially offset by revenue decreases in our Business segment.
Previous wording
Cost of services remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.
Current wording
Cost of services remained relatively flat during both the three and six months ended June 30, 2025 compared to the similar periods in 2024.
Previous wording
Cost of wireless equipment increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to:
Current wording
Cost of wireless equipment increased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to:
Previous wording
Selling, general and administrative expense includes salaries and wages and benefits not directly attributable to a service or product, the provision for credit losses, taxes other than income taxes, advertising and sales commission costs, call center and information technology costs, regulatory fees, professional service fees and rent and utilities for administrative space. Also included is a portion of the aggregate customer care costs as discussed above in "Cost of Services."
Current wording
Selling, general and administrative expense includes salaries and wages and benefits not directly attributable to a service or product, the provision for credit losses, taxes other than income taxes, advertising and sales commission costs, call center and information technology costs, regulatory fees, professional service fees, rent and utilities for administrative space and device insurance program costs. Also included is a portion of the aggregate customer care costs as discussed above in "Cost of Services."
Previous wording
Selling, general and administrative expense decreased during thethree months ended March 31, 2025 comparedto the similar period in 2024 primarily due to:
Current wording
Selling, general and administrative expense decreased during both the three and six months ended June 30, 2025 comparedto the similar periods in 2024.
Previous wording
•a decrease of $162 million in personnel costs related to workforce changes primarily due to the voluntary separation program that was announced in June of 2024 and completed in March of 2025; and
Current wording
•a decrease of $65 million in personnel costs related to workforce changes primarily due to the voluntary separation program that was announced in June of 2024 and completed in March of 2025.
Previous wording
•a decrease of $106 million related to a legacy legal matter from 2024 that did not reoccur.
Current wording
•a decrease of $106 million related to a legacy legal matter from 2024 that did not reoccur; and
Previous wording
Depreciation and amortization expense increased during thethree months ended March 31, 2025 compared to the similar period in 2024 primarily due to the change in the mix of net depreciable and amortizable assets, including the amortization period of certain acquisition-related intangible assets, and the continued deployment of C-Band network assets.
Current wording
Depreciation and amortization expense increased during both thethree and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to the change in the mix of net depreciable and amortizable assets, including the amortization period of certain acquisition-related intangible assets, and the continued deployment of C-Band and FWA network assets.
Previous wording
Other income, net, reflects certain items not directly related to our core operations, including interest income, debt extinguishment gains, components of net periodic pension and postretirement benefit cost and income and certain foreign exchange gains and losses.
Current wording
Other income (expense), net, reflects certain items not directly related to our core operations, including interest income, debt extinguishment gains, components of net periodic pension and postretirement benefit cost and income and certain foreign exchange gains and losses.
Previous wording
(2)The effective interest rate is the rate of actual interest incurred on debt. It is calculated by dividing the total interest costs on debt balances by the average debt outstanding.
Current wording
(2)The effective interest rate is the rate of actual interest incurred on debt. It is calculated by dividing the annualized total interest costs on debt balances by the average debt outstanding.
Previous wording
The effective income tax rate is calculated by dividing the provision for income taxes by income before the provision for income taxes. The increase in the provision for income taxes during the three months ended March 31, 2025 compared to the similar period in 2024 was primarily due to the increase in income before income taxes in the current period. The increase in the effective income tax rate during the three months ended March 31, 2025 compared to the similar period in 2024 was primarily due to higher tax benefits from the favorable resolution of various income tax matters in the prior period.
Current wording
The effective income tax rate is calculated by dividing the provision for income taxes by income before the provision for income taxes. The increase in the provision for income taxes during the three and six months ended June 30, 2025 compared to the similar periods in 2024 was primarily due to the increase in income before income taxes in the current period. The increase in the effective income tax rate during the three and six months ended June 30, 2025 compared to the similar periods in 2024 was primarily due to higher tax benefits from the favorable resolution of various income tax matters in the prior period.
Previous wording
Unrecognized tax benefits were $2.6 billion at both March 31, 2025 and December 31, 2024. Interest and penalties related to unrecognized tax benefits were $649 million (after-tax) and $684 million (after-tax) at March 31, 2025 and December 31, 2024, respectively.
Current wording
Unrecognized tax benefits were $2.6 billion at both June 30, 2025 and December 31, 2024. Interest and penalties related to unrecognized tax benefits were $681 million (after-tax) and $684 million (after-tax) at June 30, 2025 and December 31, 2024, respectively.
Previous wording
Consolidated earnings before interest, taxes, depreciation and amortization expense (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years, as well as in evaluating operating performance in relation to Verizon's competitors. Consolidated EBITDA is calculated by adding back interest, taxes, depreciation and amortization expense to net income.
Current wording
Consolidated earnings before interest, taxes, depreciation and amortization (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years, as well as in evaluating operating performance in relation to Verizon's competitors. Consolidated EBITDA is calculated by adding back interest, taxes, depreciation and amortization expense to net income.
Previous wording
(1) Includes Amortization of acquisition-related intangible assets, which were $190 million and $221 million during the three months ended March 31, 2025 and 2024, respectively. See "Special Items" for additional information.
Current wording
(1) Includes Amortization of acquisition-related intangible assets, which were $192 million and $382 million during the three and six months ended June 30, 2025, respectively, and $219 million and $440 million during the three and six months ended June 30, 2024, respectively. See "Special Items" for additional information.
Previous wording
The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three months ended March 31, 2025 compared to the similar period in 2024 were primarily a result of the factors described above in connection with consolidated operating revenues and consolidated operating expenses.
Current wording
The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three and six months ended June 30, 2025 compared to the similar periods in 2024 were primarily a result of the factors described above in connection with consolidated operating revenues and consolidated operating expenses.
Previous wording
Wireless retail prepaid connections are retail prepaid customer device connections as of the end of the period. Retail prepaid connections may include those from phones, prepaid FWA, as well as tablets and other internet devices, and wearables.
Current wording
Wireless retail prepaid connections are retail prepaid customer device connections as of the end of the period. Retail prepaid connections may include those from phones, prepaid FWA, as well as tablets and other internet devices, and wearables. Wireless retail prepaid connections are calculated by adding retail prepaid new connections in the period to prior period retail prepaid connections, and subtracting retail prepaid disconnects in the period.
Previous wording
Wireless retail postpaid ARPA is the calculated average retail postpaid service revenue per account (ARPA) from retail postpaid accounts in the period. Wireless retail postpaid service revenue does not include recurring device payment plan billings related to the Verizon device payment program, insurance or regulatory fees. Wireless retail postpaid ARPA in each period presented is calculated by dividing retail postpaid service revenue by the average retail postpaid accounts in the period.
Current wording
Wireless retail postpaid ARPA is the calculated average retail postpaid service revenue per account (ARPA) from retail postpaid accounts in the period. Wireless retail postpaid service revenue does not include recurring device payment plan billings related to the Verizon device payment program, insurance premiums or regulatory fees. Wireless retail postpaid ARPA in each period presented is calculated by dividing retail postpaid service revenue by the average retail postpaid accounts in the period.
Previous wording
Consumer's total operating revenues increased during the three months ended March 31, 2025 compared to the similar period in 2024 as a result of increases in Service, Wireless equipment and Other revenues.
Current wording
Consumer's total operating revenues increased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 as a result of increases in Service, Wireless equipment and Other revenues.
Previous wording
Service revenue increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily driven by an increase in Wireless service revenue.
Current wording
Service revenue increased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily driven by an increase in Wireless service revenue.
Previous wording
•an increase of $407 million in postpaid revenue primarily related to pricing actions, higher adoption of perks and premium MyPlan offerings, and a 41% increase in our FWA subscriber base. These increases were partially offset by the amortization of wireless equipment sales promotions;
Current wording
•an increase of $627 million in postpaid revenue primarily related to pricing actions, higher adoption of perks and premium MyPlan offerings, and a 34% increase in our FWA subscriber base. These increases were partially offset by the amortization of wireless equipment sales promotions;
Previous wording
•an increase of $143 million related to growth in non-retail service revenue; and
Current wording
•an increase of $319 million related to growth in non-retail service revenue; and
Previous wording
•a decrease of $112 million primarily driven by the termination of the Affordable Connectivity Program in the second quarter of 2024, partially offset by an increase in the core prepaid subscriber base.
Current wording
•a decrease of $106 million primarily driven by the termination of the Affordable Connectivity Program in the second quarter of 2024, partially offset by an increase in the core prepaid subscriber base.
Previous wording
Other revenue increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to an increase of $53 million driven by regulatory surcharges primarily related to a higher net Federal Universal Service Fund rate.
Current wording
Other revenue increased during the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to an increase of $65 million and $118 million, respectively, driven by regulatory surcharges primarily related to a higher net Federal Universal Service Fund (FUSF) rate.
Previous wording
•a decrease of $15 million in rent and lease expense primarily driven by a change in Business's proportionate usage of shared leased assets and new lease activity.
Current wording
•an increase of $37 million and $83 million, respectively, in rent and lease expense primarily driven by new leases and lease modifications related to the continued deployment of the C-Band spectrum and Consumer's proportionate usage of shared leased assets.
Previous wording
Selling, general and administrative expense increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to an increase of $66 million in advertising costs related to various marketing campaigns in the first quarter of 2025.
Current wording
The increase during the six months ended June 30, 2025 was primarily due to an increase of $95 million in advertising costs related to various marketing campaigns in the first half of 2025.
Previous wording
Depreciation and amortization expense increased during the three months ended March 31, 2025 compared to the similar period in 2024 driven by the change in the mix of total Verizon depreciable and amortizable assets and Consumer's usage of those assets.
Current wording
Depreciation and amortization expense increased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 driven by the change in the mix of total Verizon depreciable and amortizable assets and Consumer's usage of those assets.
Previous wording
The changes in the table above during the three months ended March 31, 2025 compared to the similar period in 2024 were primarily a result of the factors described in connection with Consumer operating revenues and operating expenses.
Current wording
The changes in the table above during the three and six months ended June 30, 2025 compared to the similar periods in 2024 were primarily a result of the factors described in connection with Consumer operating revenues and operating expenses.
Previous wording
(1)Service and other revenues included in our Business segment were approximately $6.4 billion and $6.5 billion for the three months ended March 31, 2025 and 2024, respectively. Wireless equipment revenues included in our Business segment were $866 million and $871 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
(1) Service and other revenues included in our Business segment were approximately $6.4 billion for both the three months ended June 30, 2025 and 2024 and $12.8 billion and $13.0 billion for the six months ended June 30, 2025 and 2024, respectively. Wireless equipment revenues included in our Business segment were $886 million and $855 million for the three months ended June 30, 2025 and 2024, respectively, and $1.8 billion and $1.7 billion for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Business's total operating revenues decreased during the three months ended March 31, 2025 compared to the similar period in 2024 as a result of decreases in Enterprise and Public Sector and Wholesale revenues, partially offset by an increase in Business Markets and Other revenue.
Current wording
Business's total operating revenues decreased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 as a result of decreases in Enterprise and Public Sector and Wholesale revenues, partially offset by an increase in Business Markets and Other revenue.
Previous wording
Enterprise and Public Sector revenues decreased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to a decrease of $119 million in wireline revenue primarily driven by declines in networking, traditional data and voice communication services along with related professional services, due to secular market pressure and technology shifts, coupled with lower customer premise equipment sales volumes.
Current wording
• a decrease of $95 million and $214 million, respectively, in wireline revenue primarily driven by declines in networking, traditional data and voice communication services along with related professional services, due to secular market pressure and technology shifts, coupled with lower customer premise equipment sales volumes; and
Previous wording
Business Markets and Other revenues increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to an increase of $129 million in Wireless service revenue driven by pricing actions and an increase in our FWA subscriber base partially offset by the amortization of wireless equipment sales promotions.
Current wording
Business Markets and Other revenues increased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to an increase of $90 million and $219 million, respectively, in Wireless service revenue driven by pricing actions and an increase in our FWA subscriber base partially offset by the amortization of wireless equipment sales promotions.
Previous wording
Wholesale revenues decreased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily due to a decrease of $79 million related to declines in traditional data and voice communication services and network connectivity as a result of technology substitution.
Current wording
Wholesale revenues decreased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 primarily due to a decrease of $58 million and $137 million, respectively, related to declines in traditional data and voice communication services and network connectivity as a result of technology substitution.
Previous wording
Cost of services decreased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily as a result of:
Current wording
Cost of services decreased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024.
Previous wording
•a decrease of $25 million in customer premise equipment costs due to lower volumes sold; and
Current wording
•a decrease of $48 million in customer premise equipment costs due to lower volumes sold.
Previous wording
Depreciation and amortization expense decreased during the three months ended March 31, 2025 compared to the similar period in 2024 driven by the change in the mix of total Verizon depreciable and amortizable assets and Business's usage of those assets.
Current wording
Depreciation and amortization expense decreased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024 driven by the change in the mix of total Verizon depreciable and amortizable assets and Business's usage of those assets.
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Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
Highlights of Our Financial Results for the Six Months Ended June 30, 2025 and 2024
Current report — wording carried from elsewhere
Revenue by Segment for the Six Months Ended June 30, 2025 and 2024
Current report — wording carried from elsewhere
•a decrease of $227 million in personnel costs related to workforce changes primarily due to the voluntary separation program that was announced in June of 2024 and completed in March of 2025;
Current report — wording carried from elsewhere
•an increase of $80 million in advertising costs related to various marketing campaigns in the first half of 2025.
Current report — wording carried from elsewhere
Wireless service revenue increased during the three months ended June 30, 2025 compared to the similar period in 2024 primarily due to:
Current report — wording carried from elsewhere
•an increase of $220 million in postpaid revenue primarily related to pricing actions, higher adoption of perks and premium MyPlan offerings, and a 34% increase in our FWA subscriber base. These increases were partially offset by the amortization of wireless equipment sales promotions; and
Current report — wording carried from elsewhere
•an increase of $176 million related to growth in non-retail service revenue.
Current report — wording carried from elsewhere
During the three and six months ended June 30, 2024, we recorded pre-tax amortization expense of $219 million and $440 million, respectively, related to acquired intangible assets.
Current report — wording carried from elsewhere
See Note 5 to the condensed consolidated financial statements for additional information.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Wireless retail prepaid connections are calculated by adding retail prepaid new connections in the period to prior period retail prepaid connections, and subtracting retail prepaid disconnects in the period.
Previous report — wording carried elsewhere
Wireless service revenue increased during the three months ended March 31, 2025 compared to the similar period in 2024 primarily as a result of:
Previous report — wording carried elsewhere
Cost of services remained relatively flat during the three months ended March 31, 2025 compared to the similar period in 2024.