VERIZON COMMUNICATIONS INC
For the period ended Sep 30, 2025. Filed Oct 29, 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.
Sep 30, 2025 · Filed Oct 29, 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 2025-06-30; filed 2025-07-25.
0000732712-25-000086
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0000732712-25-000116
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 285 previous paragraphs and 299 current paragraphs.
173 unchanged; 81 reworded; 40 added; 27 removed; 4 previous and 5 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 (40)
Current report
One Big Beautiful Bill Act
Current report
•a decrease of $189 million related to the asset and business rationalization charge taken in 2024; and
Current report
•a decrease of $107 million in access costs primarily as a result of changes in usage and net circuit access prices.
Current report
•a decrease of $193 million in access costs primarily as a result ofchanges in usage and net circuit access prices;
Current report
•a decrease of $189 million related to the asset and business rationalization charge taken in 2024;
Current report
•a decrease of $122 million in other direct costs primarily related to legacy wireline products and services; and
Current report
Cost of wireless equipment increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
Current report
•an increase of $1.3 billion driven by a higher volume of wireless devices sold primarily related to an increase of 13% in upgrades; and
Current report
•an increase of $793 million driven by a shift to higher priced equipment in the mix of wireless devices sold.
Current report
•a decrease of $1.7 billion due to severance charges in 2024 related to separations under our voluntary separation programas well as other headcount reduction initiatives; and
Current report
•a decrease of $185 million related to an asset and business rationalization charge taken in 2024.
Current report
•a decrease of $1.9 billion primarily due to severance charges in 2024 related to separations under our voluntary separation programas well as other headcount reduction initiatives;
Current report
•a decrease of $185 million related to an asset and business rationalization charge taken in 2024; and
Current report
Other Income, Net
Current report
Wireless service revenue increased during the nine months ended September 30, 2025 compared to the similar period in 2024 primarily as a result of:
Current report
The increase during the three months ended September 30, 2025 was primarily due to an increase of $370 million related to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
•an increase of $574 million related to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
Cost of wireless equipment increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
Current report
The increase during the three months ended September 30, 2025 was primarily due toan increase of $403 million due to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
•an increase of $1.3 billion driven by a higher volume of wireless devices sold primarily related to an increase of 18% in upgrades; and
Current report
•an increase of $687 million due to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
•an increase of $41 million in building and facility costs primarily due to higher utility rates.
Current report
•a decrease of $47 million in personnel costs related to the impact of workforce changes;
Current report
•a decrease of $32 million in other direct costs primarily related to legacy wireline products and services; and
Current report
•a decrease of $113 million in personnel costs related to the impact of workforce changes;
Current report
•a decrease of $86 million in other direct costs primarily related to legacy wireline products and services; and
Current report
Cost of wireless equipment remained relatively flat during the three months ended September 30, 2025 and increased during the nine months ended September 30, 2025 compared to the similar periods in 2024.
Current report
•an increase of $74 million related to a shift to higher priced equipment in the mix of wireless devices sold; and
Current report
•an increase of $47 million driven by a higher volume of wireless devices sold.
Current report
Selling, general and administrative expense decreased for both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
Current report
•a decrease of $18 million in advertising costs.
Current report
•a decrease of $231 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; and
Current report
•a decrease of $34 million in advertising costs.
Current report
Acquisition and Integration Related Charges
Current report
During both the three and nine months ended September 30, 2025, we recorded charges of $52 million related to transaction and integration expenses associated with the pending acquisition of Frontier.
Current report
During both the three and nine months ended September 30, 2024, we recorded pre-tax severance charges of $1.7 billion related to separations under our voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives.
Current report
Asset and Business Rationalization
Current report
During both the three and nine months ended September 30, 2024, we recorded a pre-tax asset and business rationalization charge of $374 million predominately related to the decisionto cease use of certain real estate assets and exit non-strategic portions of certain businesses as part of our continued transformation initiatives.
Current report
Other
Current report
In October 2025, Verizon entered into an Agreement and Plan of Merger to acquire Starry Group Holdings, Inc., a fixed wireless broadband provider serving multi-dwelling units in five markets across the U.S. The closing of this transaction is subject to FCC approval and other customary closing conditions.
Removed paragraphs (27)
Previous report
Recent Developments
Previous report
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 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:
Previous 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
Previous 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.
Previous report
•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 report
The decrease during the six months ended June 30, 2025 was primarily as a result of:
Previous report
•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;
Previous report
Other Income (Expense), Net
Previous report
Other income (expense), net increased during thethree and six months ended June 30, 2025 compared to the similar periods in 2024.
Previous report
•a net pension remeasurement loss of $45 million in 2025 compared to a net pension remeasurement loss of $136 million in 2024; and
Previous report
See Note 8 to the condensed consolidated financial statements for more information on the other components of net periodic benefit cost.
Previous 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:
Previous report
•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 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.
Previous 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:
Previous 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
Previous 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.
Previous report
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 report
•a decrease of $77 million in personnel costs related to the impact of workforce changes; and
Previous report
The decrease during the six months ended June 30, 2025 was primarily due to:
Previous report
•a decrease of $66 million personnel costs related to the impact of workforce changes;
Previous report
•a decrease of $54 million in other direct costs primarily related to various vendors and contracts; and
Previous 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:
Previous 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
Previous report
•an increase of $33 million and $56 million, respectively, driven by a higher volume of wireless devices sold.
Previous report
The decrease during the six months ended June 30, 2025 was primarily due to a decrease of $183 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 (81)
Previous wording
Our strategy requires significant capital investments primarily to acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, invest in the fiber that supports our businesses, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities. We believe that our C-Band spectrum, together with our industry leading millimeter wave spectrum holdings and our 4G Long-Term Evolution (LTE) network and fiber infrastructure, will drive innovative products and services and fuel our growth.
Current wording
Our strategy requires significant capital investments primarily to acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, invest in the fiber that supports our businesses, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities. We believe that our C-Band, millimeter wave and other key spectrum holdings, our 5G network, and our local and long-haul fiber infrastructure, will drive innovative products and services and fuel our growth.
Previous wording
Highlights of Our Financial Results for the Six Months Ended June 30, 2025 and 2024
Current wording
Highlights of Our Financial Results for the Nine Months Ended September 30, 2025 and 2024
Previous wording
Revenue by Segment for the Six Months Ended June 30, 2025 and 2024
Current wording
Revenue by Segment for the Nine Months Ended September 30, 2025 and 2024
Previous 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.
Current wording
The Consumer segment's operating revenues for the three and nine months ended September 30, 2025 totaled $26.1 billion and $78.4 billion, respectively, representing an increase of 2.9% and 4.0%, 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 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.
Current wording
The Business segment's operating revenues for the three and nine months ended September 30, 2025 totaled $7.1 billion and $21.7 billion, respectively, representing a decrease of 2.8% and 1.5%, 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 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.
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 nine months ended September 30, 2025, these investments included $12.3 billion for capital expenditures. See "Cash Flows Used in Investing Activities" for additional information. Capital expenditures for 2025 are expected to be within or below the range of $17.5 billion to $18.5 billion.
Previous wording
We consider the reliability, speed, capacity, coverage and security of our wireless network to be key factors in our continued success. We are evolving and transforming our networks to ensure our customers receive access to the best network possible. Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services. Our evolution to 5G with its new architecture allows us to simplify operations by eliminating legacy network elements.
Current wording
We consider the reliability, speed, capacity, coverage and security of our wireless network to be key factors in our continued success. Over the past several years, we have been leading the development of 5G wireless technology industry standards and the ecosystems for fixed and mobile 5G wireless services. Our evolution to 5G with its new architecture allows us to simplify operations by eliminating legacy network elements.
Previous wording
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 wording
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 $2.0 billion to $2.3 billion by December 31, 2025. We continue to analyze the effects of the OBBBA on our consolidated financial statements.
Previous 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.
Current wording
During the course of 2025, the U.S. government announced tariffs on goods imported from various countries to the U.S. Countries subject to such tariffs have imposed or may in the future impose reciprocal or retaliatory tariffs and other trade measures. 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 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.
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 have seen negative impacts from these efforts in our business with public sector customers during the first three quarters of 2025. It is also possible that we could see impacts from the federal government shutdown and related federal workforce initiatives that commenced in October 2025.
Previous 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.
Current wording
Consolidated operating revenues increased during both thethree and nine months ended September 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 decreased during both the three and six months ended June 30, 2025 compared to the similar periods in 2024.
Current wording
Cost of services decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
Previous wording
The decrease during the three months ended June 30, 2025 was primarily due to:
Current wording
The decrease during the nine months ended September 30, 2025 was primarily as a result of:
Previous wording
The increase during the three months ended June 30, 2025 was primarily due to:
Current wording
The increase during the three months ended September 30, 2025 was primarily due to an increase of$426 million driven by a shift to higher priced equipment in the mix of wireless devices sold.
Previous wording
Selling, general and administrative expense decreased during both the three and six months ended June 30, 2025 comparedto the similar periods in 2024.
Current wording
Selling, general and administrative expense decreased during both the three and nine months ended September 30, 2025 comparedto the similar periods in 2024.
Previous wording
•a decrease of $215 million related to lower costs for device insurance programs primarily due to a decrease in claims;
Current wording
•a decrease of $256 million related to lower costs for device insurance programs primarily due to a decrease in claims;
Previous wording
•a decrease of $106 million related to a legacy legal matter from 2024 that did not reoccur; and
Current wording
•a decrease of $106 million related to a legacy legal matter from 2024 that did not reoccur.
Previous wording
See "Special Items" for additional information on the legacy legal matter.
Current wording
See "Special Items" for additional information on the severance charges, the asset and business rationalization charges and the legacy legal matter.
Previous 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.
Current wording
Depreciation and amortization expense increased during both thethree and nine months ended September 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 (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.
Current 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.
Previous wording
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.
Current wording
Other income, net remained relatively flat for the three months ended September 30, 2025 and increased during the nine months ended September 30, 2025 compared to the similar periods in 2024.
Previous wording
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 wording
The increase during the nine months ended September 30, 2025 was primarily due toan increase resulting from fair market value adjustments on certain investments.
Previous wording
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 wording
Total interest expense decreased during both the three and nine months ended September 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.
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 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.
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 both the three and nine months ended September 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 both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 was primarily due to a reduction in deferred income taxes due to changes in state apportionment in the prior period.
Previous 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.
Current wording
Unrecognized tax benefits were $2.6 billion at both September 30, 2025 and December 31, 2024. Interest and penalties related to unrecognized tax benefits were $721 million (after-tax) and $684 million (after-tax) at September 30, 2025 and December 31, 2024, respectively.
Previous wording
Verizon and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. As a large taxpayer, we are under audit by the Internal Revenue Service and multiple state and foreign jurisdictions for various open tax years.
Current wording
Verizon Communications Inc. and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state, local and foreign jurisdictions. As a large taxpayer, we are under audit by the Internal Revenue Service and multiple state and foreign jurisdictions for various open tax years.
Previous 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.
Current wording
(1) Includes Amortization of acquisition-related intangible assets, which were $189 million and $571 million during the three and nine months ended September 30, 2025, respectively, and $186 million and $626 million during the three and nine months ended September 30, 2024, respectively. See "Special Items" for additional information.
Previous wording
(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 wording
(2)Includes Pension and benefits mark-to-market charges of $136 million during the nine months ended September 30, 2024. 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 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.
Current wording
The changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above during the three and nine months ended September 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
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.
Current wording
Consumer's total operating revenues increased during both the three and nine months ended September 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 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.
Current wording
Service revenue increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily driven by an increase in Wireless service revenue.
Previous wording
•an increase of $319 million related to growth in non-retail service revenue; and
Current wording
•an increase of $202 million related to growth in non-retail service revenue; and
Previous 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;
Current wording
•an increase of $160 million in postpaid revenue primarily related to higher adoption of perks and premium MyPlan offerings, pricing actions, and a 28% increase in our FWA subscriber base. These increases were partially offset by the amortization of wireless equipment sales promotions.
Previous wording
•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 wording
•an increase of $787 million in postpaid revenue primarily related to pricing actions, higher adoption of perks and premium MyPlan offerings, and a 28% increase in our FWA subscriber base. These increases were partially offset by the amortization of wireless equipment sales promotions; and
Previous wording
•an increase of $176 million related to growth in non-retail service revenue.
Current wording
•an increase of $521 million related to growth in non-retail service revenue.
Previous wording
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 wording
Wireless equipment revenue increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
Previous wording
•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 wording
•an increase of $1.0 billion driven by a higher volume of wireless devices sold primarily related to an increase of 18% in upgrades, partially offset by the impact of related promotions; and
Previous 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.
Current wording
Other revenue increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024 primarily due to an increase of $38 million and $201 million, respectively, driven by regulatory surcharges primarily related to a higher net FUSF rate.
Previous wording
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 wording
Cost of services increased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
Previous 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.
Current wording
•an increase of $138 million 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; and
Showing the first 40 of 81 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
•an increase of $154 million in regulatory fees mainly driven by a higher net Federal Universal Service Fund (FUSF) rate.
Current report — wording carried from elsewhere
The increase during the three months ended September 30, 2025 was primarily due to an increase of $55 million 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.
Current report — wording carried from elsewhere
Cost of services decreased during both the three and nine months ended September 30, 2025 compared to the similar periods in 2024.
Current report — wording carried from elsewhere
•a decrease of $79 million in customer premise equipment costs due to lower volumes sold.
Current report — wording carried from elsewhere
•a decrease of $48 million due to 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; and
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
•a decrease of $139 million related to lower costs for device insurance programs primarily due to a decrease in claims; and
Previous report — wording carried elsewhere
•an increase resulting from fair market value adjustments on certain investments.
Previous report — wording carried elsewhere
(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.
Previous report — wording carried elsewhere
The decrease during the three months ended June 30, 2025 was primarily due to: