VERIZON COMMUNICATIONS INC
For the period ended Jun 30, 2026. Filed Jul 31, 2026.
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, 2026 · Filed Jul 31, 2026
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 2026-03-31; filed 2026-05-01.
0000732712-26-000023
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0000732712-26-000046
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 262 previous paragraphs and 325 current paragraphs.
175 unchanged; 65 reworded; 75 added; 22 removed; 0 previous and 10 current paragraphs rearranged.
Tables are not compared: 18 previous and 18 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 (75)
Current report
(dollars in millions)
Current report
Recent Developments
Current report
On May 14, 2026, Verizon entered into an agreement in principle with AT&T Inc. and T-Mobile US, Inc., to form a new joint venture which aims to help end wireless dead zones in the U.S., including in rural areas, by pooling limited spectrum resources to increase capacity, improve the customer experience, and help satellite providers reach more customers through a unified platform. This initiative is expected to extend mobile connectivity for wireless customers through joint investment in using satellite-based, direct-to-device technologies to address coverage gaps, especially in unserved and underserved communities. The joint venture remains subject to negotiating definitive agreements between the parties and satisfying customary closing conditions.
Current report
On June 28, 2026, the Company entered into a transaction agreement (the Transaction Agreement) with BT Group plc (BT) and Jasper NewCo Limited (NewCo), pursuant to which the Company and BT will each acquire a 50% equity interest in NewCo. Closing of the transaction is subject to customary regulatory approvals and other closing conditions. See "Acquisitions and Divestitures" below for additional information.
Current report
In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business (the Verizon Contributed Business) were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation. See Note 3 to the condensed consolidated financial statements for additional information.
Current report
Consolidated operating revenues decreased during thethree months ended June 30, 2026 compared to the similar period in 2025 primarily due to a revenue decrease in our Consumer segment, partially offset by a revenue increase in our Business segment.
Current report
The increase during the three months ended June 30, 2026 wasprimarily as a result of:
Current report
•an increase of $109 million in digital content costs primarily associated with an increase in subscriptions through plan offerings and the inclusion of Frontier results, partially offset by a decrease in traditional linear content costs related to lower Fios video volumes;
Current report
•an increase of $79 million in building and facility costs primarily due to maintaining additional buildings and facilities associated with the acquisition of Frontier in 2026 along with higher utility rates;
Current report
•an increase of $58 million related to asset rationalization charges taken in 2026; and
Current report
•a decrease of $164 million in access costs primarily related to cessation of certain third-party provider costs along with a decrease in circuit usage.
Current report
The increase during the six months ended June 30, 2026 wasprimarily as a result of:
Current report
•an increase of $193 million in building and facility costs primarily due to maintaining additional buildings and facilities associated with the acquisition of Frontier in 2026 along with higher utility rates;
Current report
•an increase of $147 million in digital content costs primarily associated with an increase in subscriptions through plan offerings and the inclusion of Frontier results, partially offset by a decrease in traditional linear content costs related to lower Fios video volumes;
Current report
•an increase of $58 million related to asset rationalization charges taken in 2026; and
Current report
•a decrease of $247 million in access costs primarily related to cessation of certain third-party provider costs along with a decrease in circuit usage.
Current report
Cost of wireless equipment decreased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Current report
The decrease during the three months ended June 30, 2026 was primarily due to a decrease of $1.1 billion driven by a lower volume of wireless devices sold primarily related to a strategic decrease in upgrades.
Current report
•a decrease of $1.0 billion driven by a lower volume of wireless devices sold primarily related to a strategic decrease in upgrades; and
Current report
The increase during the three months ended June 30, 2026 was primarily as a result of:
Current report
•the $746 million net loss in connection with the classification of the assets and liabilities representing Verizon's international wireline connectivity and managed network services business as assets and liabilities held for sale;
Current report
•an increase of $397 million due to severance charges related to our workforce reduction initiatives;
Current report
•an increase of $200 million related to asset rationalization charges taken in 2026;
Current report
•a decrease of $193 million in advertising costs related to various marketing campaigns in the first half of 2025 that did not reoccur.
Current report
•the $746 million net loss in connection with the classification of the assets and liabilities representing Verizon's international wireline connectivity and managed network services business as assets and liabilities held for sale;
Current report
•an increase of $397 million due to severance charges related to our workforce reduction initiatives;
Current report
•an increase of $200 million related to asset rationalization charges taken in 2026; and
Current report
•a decrease of $475 million in advertising costs related to various marketing campaigns in the first half of 2025 that did not reoccur.
Current report
See "Special Items" for additional information on the net loss on disposition of business, severance charges, the acquisition and integration related charges andthe asset rationalization charges.
Current report
Wireless retail core prepaid phone connections are retail prepaid customer phone connections, excluding our SafeLink brand, as of the end of the period. Wireless retail core prepaid phone connections include those from smartphones and basic phones. Wireless retail core prepaid phone connections are calculated by adding retail core prepaid phone new connections in the period to prior period retail core prepaid phone connections, and subtracting retail core prepaid phone disconnects in the period.
Current report
Wireless retail core prepaid phone connections, net additions are the total number of additional retail customer core prepaid phone connections, less the number of phone disconnects in the period. Wireless retail core prepaid phone connections, net additions in each period presented are calculated by subtracting the retail core prepaid phone disconnects from the retail core prepaid phone new connections in the period.
Current report
(1) As of end of period.
Current report
Other income, net decreased for the three months ended June 30, 2026 and increased during the six months ended June 30, 2026 compared to the similar periods in 2025.
Current report
The decrease during the three months ended June 30, 2026 was primarily due to fair market value adjustments on certain investments and derivatives.
Current report
•a decrease resulting from fair market value adjustments on certain investments and derivatives.
Current report
Certain intersegment transactions with corporate entities have not been eliminated.
Current report
Consumer's total operating revenues increased during the six months ended June 30, 2026 compared to the similar period in 2025 as a result of increases in Mobility and broadband service revenue and Other revenue, partially offset by a decrease in Wireless equipment revenue.
Current report
The increase during the three months ended June 30, 2026 was primarily as a result of:
Current report
•an increase of $712 million in fiber broadband revenue primarily due to the inclusion of Frontier results;
Current report
•an increase of $1.2 billion in fiber broadband revenue primarily due to the inclusion of Frontier results;
Showing the first 40 of 75 passages. Open the source sections for the rest.
Removed paragraphs (22)
Previous report
•an increase of $114 million in building and facility costs primarily due to higher utility rates along with maintaining additional buildings and facilities due to the acquisition of Frontier in 2026; and
Previous report
•a decrease of $83 million in access costs primarily related to cessation of certain third-party provider costs along with a decrease in circuit usage.
Previous report
Cost of wireless equipment increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
Previous report
•an increase of $315 million driven by a shift to higher priced equipment in the mix of wireless devices sold; and
Previous report
•an increase of $85 million driven by a higher volume of wireless devices sold primarily related to an increase in upgrades.
Previous report
•a decrease of $282 million in advertising costs related to various marketing campaigns in the first quarter of 2025 that did not reoccur;
Previous report
•a decrease of $121 million in personnel costs related to the impact of workforce reduction initiatives announced in the prior year; and
Previous report
See "Special Items" for additional information on theacquisition and integration related charges.
Previous report
Other income, net increased for the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
Previous report
•an increase of $508 million in fiber broadband revenue primarily due to the inclusion of Frontier results;
Previous report
Wireless equipment revenue increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
Previous report
•an increase of $204 million related to a shift to higher priced equipment in the mix of wireless devices sold; and
Previous report
•an increase of $88 million driven by a higher volume of wireless devices sold primarily related to an increase in upgrades.
Previous report
•an increase of $114 million in personnel costs mainly driven by an increase in employee headcount following the acquisition of Frontier; and
Previous report
•an increase of $71 million in building and facility costs primarily due to higher utility rates along with maintaining additional buildings and facilities due to the acquisition of Frontier in 2026.
Previous report
Cost of wireless equipment increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
Previous report
•an increase of $121 million driven by a higher volume of wireless devices sold primarily related to an increase in upgrades.
Previous report
Selling, general and administrative expense decreased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to a decrease of $257 million in advertising costs related to various marketing campaigns in the first quarter of 2025 that did not reoccur.
Previous report
Mobility and broadband service revenue remained relatively flat during the three months ended March 31, 2026 compared to the similar period in 2025.
Previous report
•a decrease of $91 million in access costs primarily related to cessation of certain third-party provider costs along with a decrease in circuit usage; and
Previous report
Pension and Benefits Credits
Previous report
Our primary source of funds continues to be cash generated from operations. Net cash provided by operating activities increased $202 million during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to an increase in earnings. In April 2026, we made an insignificant required contribution to our recently acquired Frontier Communications pension plan. We expect that there will be an additional insignificant required pension contribution through December 31, 2026.
Reworded paragraphs (65)
Previous wording
Customers can obtain our wireless services on a postpaid or prepaid basis. Our postpaid service is generally billed one month in advance for a monthly access charge in return for access to and usage of network services. Our prepaid service is offered only to Consumer customers and enables individuals to obtain wireless services without credit verification by paying for all services in advance. The Consumer segment also offers several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
Current wording
Customers can obtain our wireless services on a postpaid or prepaid basis. Postpaid customers are qualified retail customers that we service and manage on our networks primarily under the Verizon brand. Prepaid customers are exclusively Consumer retail customers who obtain wireless connectivity by paying for services in advance. The Consumer segment also offers several categories of wireless equipment to customers, including a variety of smartphones and other handsets, wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
Previous wording
The Consumer segment's operating revenues for the three months ended March 31, 2026 totaled $26.5 billion, representing an increase of 3.3% compared to the similar period in 2025. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance.
Current wording
The Consumer segment's operating revenues for the three and six months ended June 30, 2026 totaled $26.2 billion and $52.7 billion, respectively, representing a decrease of 1.5% and an increase of 0.8%, respectively, compared to the similar periods in 2025. See "Segment Results of Operations" for additional information regarding our Consumer segment’s operating performance.
Previous wording
The Business segment's operating revenues for the three months ended March 31, 2026 totaled $7.4 billion, representing an increase of 1.8% compared to the similar period in 2025. See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance.
Current wording
The Business segment's operating revenues for the three and six months ended June 30, 2026 totaled $7.2 billion and $14.3 billion, respectively, representing an increase of 2.6% and 2.2%, respectively, compared to the similar periods in 2025. See "Segment Results of Operations" for additional information regarding our Business segment’s operating performance.
Previous wording
Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the historical results of divested businesses and other adjustments and gains and losses that are not allocated or used in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results and therefore are included in the chief operating decision maker's (CODM) assessment of segment performance. See "Consolidated Results of Operations" for additional information regarding Corporate and other results.
Current wording
Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the results of divested businesses and businesses held for sale, as well as other adjustments and gains and losses that are not allocated or used in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results and therefore are included in the chief operating decision maker's (CODM) assessment of segment performance. See "Consolidated Results of Operations" for additional information regarding Corporate and other results.
Previous wording
Our strategy requires significant capital investments primarily to invest in and deploy fiber, acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities. During the three months ended March 31, 2026, these investments included $4.2 billion for capital expenditures. See "Cash Flows Used in Investing Activities" for additional information. Capital expenditures for 2026 are expected to be within the range of $16.0 billion to $16.5 billion.
Current wording
Our strategy requires significant capital investments primarily to invest in and deploy fiber, acquire wireless spectrum, put the spectrum into service, provide additional capacity for growth in our networks, evolve and maintain our networks and develop and maintain significant advanced information technology systems and data system capabilities. During the six months ended June 30, 2026, these investments included $8.2 billion for capital expenditures. See "Cash Flows Used in Investing Activities" for additional information. Capital expenditures for 2026 are expected to be within the range of $16.0 billion to $16.5 billion.
Previous wording
During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments - Consumer and Business. Accordingly, beginning in the first quarter of 2026, Verizon is reporting Consumer and Business revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. In the first quarter of 2026, Verizon also made changes to the presentation of certain operating metrics, and going forward will only disclose operating metrics on a consolidated basis.
Current wording
During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments - Consumer and Business. Accordingly, beginning in the first quarter of 2026, Verizon is reporting Consumer and Business revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. In the first quarter of 2026, Verizon also made changes to the presentation of certain operating metrics, and going forward will only report operating metrics on a consolidated basis.
Previous wording
Consolidated operating revenues increased during thethree months ended March 31, 2026 compared to the similar period in 2025 primarily due to revenue increases in our Consumer and Business segments.
Current wording
Consolidated operating revenues increased during thesix months ended June 30, 2026 compared to the similar period in 2025 primarily due to revenue increases in our Consumer and Business segments.
Previous wording
Cost of services increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily as a result of:
Current wording
Cost of services increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Previous wording
•an increase of $174 million in personnel costs driven by an increase in employee headcount following the acquisition of Frontier Communications Parent, Inc. (Frontier);
Current wording
•an increase of $199 million in personnel costs mainly driven by an increase in employee headcount following the acquisition of Frontier Communications Parent, Inc. (Frontier);
Previous wording
•an increase of $270 million due to a shift to higher priced equipment in the mix of wireless devices sold; and
Current wording
•an increase of $270 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 the three months ended March 31, 2026 comparedto the similar period in 2025 primarily as a result of:
Current wording
Selling, general and administrative expense increased during both the three and six months ended June 30, 2026 comparedto the similar periods in 2025.
Previous wording
•an increase of $261 million related to acquisition and integration related charges recorded in 2026 associated with the acquisition of Frontier.
Current wording
•an increase of $396 million related to acquisition and integration related charges recorded in 2026 primarily associated with the acquisition of Frontier;
Previous wording
Depreciation and amortization expense increased during thethree months ended March 31, 2026 compared to the similar period in 2025 primarily due to the change in the mix of net depreciable and amortizable assets, including the impact of depreciable assets acquired as part of the Frontier acquisition, 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, 2026 compared to the similar periods in 2025 primarily due to the change in the mix of net depreciable and amortizable assets, including the impact of depreciable assets acquired as part of the Frontier acquisition.
Previous wording
Wireless retail core prepaid ARPU is the calculated average wireless retail core prepaid service revenue, excluding our SafeLink brand, per unit (core prepaid connection) (ARPU) in the period. Wireless retail core prepaid ARPU in each period presented is calculated by dividing wireless retail core prepaid service revenue by the average wireless retail core prepaid connections in the period.
Current wording
Wireless retail core prepaid ARPU is the calculated average wireless retail core prepaid service revenue, excluding our SafeLink brand, per unit (wireless retail core prepaid connection) (ARPU) in the period. Wireless retail core prepaid ARPU in each period presented is calculated by dividing wireless retail core prepaid service revenue by the average wireless retail core prepaid connections in the period.
Previous wording
Wireless retail postpaid connections, upgrade rate is the rate at which retail postpaid connections upgrade retail postpaid devices (phones, tablets, and other devices) in the period. Wireless retail postpaid connections, upgrade rate is calculated by dividing the number of retail postpaid connections that have upgraded a retail postpaid device in the period by the average retail postpaid connections for the period.
Current wording
Wireless retail postpaid connections, upgrade rate is the rate at which retail postpaid connections upgrade retail customer postpaid devices (phones, tablets, and other devices) in the period. Wireless retail postpaid connections, upgrade rate is calculated by dividing the number of retail postpaid connections that have upgraded a retail customer postpaid device in the period by the average retail postpaid connections for the period.
Previous wording
•a net pension and postretirement benefits remeasurement gain of $237 million in 2026; and
Current wording
•a net pension remeasurement gain of $237 million in 2026 compared to a net pension remeasurement loss of $45 million in 2025, along with higher expected returns on pension plan assets;
Previous wording
•an increase of $57 million in paid-in-kind interest earned on certain preferred investments.
Current wording
•an increase of $70 million in paid-in-kind interest earned on certain preferred investments; and
Previous wording
Total interest expense increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily as a result of an increase in interest costs due to higher average debt balances.
Current wording
Total interest expense increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025 primarily due to an increase in interest costs associated with higher average debt balances.
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, 2026 compared to the similar period in 2025 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, 2026 compared to the similar period in 2025 was primarily related to the one time impact of the Frontier acquisition.
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 decrease in the provision for income taxes during the three and six months ended June 30, 2026 compared to the similar periods in 2025 was primarily due to the decrease 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, 2026 compared to the similar periods in 2025 was primarily related to the nondeductible loss on the classification of net assets held for sale associated with the Verizon Contributed Business in the current period.
Previous wording
Unrecognized tax benefits were $2.7 billion and $2.6 billion at March 31, 2026 and December 31, 2025, respectively. Interest and penalties related to unrecognized tax benefits were $787 million (after-tax) and $751 million (after-tax) at March 31, 2026 and December 31, 2025, respectively.
Current wording
Unrecognized tax benefits were $2.5 billion and $2.6 billion at June 30, 2026 and December 31, 2025, respectively. Interest and penalties related to unrecognized tax benefits were $705 million (after-tax) and $751 million (after-tax) at June 30, 2026 and December 31, 2025, respectively.
Previous wording
(1) Includes Amortization of acquisition-related intangible assets, which were $240 million and $190 million during the three months ended March 31, 2026 and 2025, respectively. See "Special Items" for additional information.
Current wording
(1) Includes Amortization of acquisition-related intangible assets, which were $274 million and $514 million during the three and six months ended June 30, 2026, respectively, and $192 million and $382 million during the three and six months ended June 30, 2025, respectively. See "Special Items" for additional information.
Previous wording
(2) Includes Pension and benefits remeasurement gain of $237 million during the three months ended March 31, 2026. See "Special Items" for additional information.
Current wording
(2) Includes Pension and benefits remeasurement gain of $237 million during the six months ended June 30, 2026. 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, 2026 compared to the similar period in 2025 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, 2026 compared to the similar periods in 2025 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 the three months ended March 31, 2026 compared to the similar period in 2025 due to increases in Mobility and broadband service revenue, Wireless equipment revenue and Other revenue.
Current wording
Consumer's total operating revenues decreased during the three months ended June 30, 2026 compared to the similar period in 2025 as a result of a decrease in Wireless equipment revenue, partially offset by increases in Mobility and broadband service revenue and Other revenue.
Previous wording
Mobility and broadband service revenue increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily as a result of:
Current wording
Mobility and broadband service revenue increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Previous wording
•an increase of $164 million related to growth in non-retail service revenue;
Current wording
•an increase of $193 million related to growth in non-retail service revenue;
Previous wording
•an increase of $122 million in prepaid revenue primarily due to growth in the customer base; and
Current wording
•an increase of $94 million in prepaid revenue primarily due to growth in the customer base; and
Previous wording
•a decrease of $414 million in postpaid revenue primarily related to the amortization of wireless equipment sales promotions, credits provided to customers in connection with the network outage in the first quarter of 2026 and acquisition related discounts, partially offset by higher adoption of perks and premium MyPlan offerings.
Current wording
•a decrease of $779 million in postpaid revenue primarily related to the amortization of wireless equipment sales promotions, acquisition related discounts and credits provided to customers in connection with the network outage in the first quarter of 2026, partially offset by higher adoption of perks, premium plan offerings and growth in FWA subscriber base.
Previous wording
Other revenue increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to an increase of $133 million in legacy wireline revenue related to the inclusion of Frontier results.
Current wording
Other revenue increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025 primarily due to an increase of $140 million and $273 million, respectively, in legacy wireline revenue related to the inclusion of Frontier results.
Previous wording
Cost of services increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to:
Current wording
Cost of services increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025 primarily due to:
Previous wording
Depreciation and amortization expense increased during the three months ended March 31, 2026 compared to the similar period in 2025 driven by the change in the mix of total Verizon depreciable and amortizable assets, including the impact of depreciable assets acquired as part of the Frontier acquisition, and Consumer's usage of those assets.
Current wording
Depreciation and amortization expense increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025 driven by the change in the mix of total Verizon depreciable and amortizable assets, including the impact of depreciable assets acquired as part of the Frontier acquisition, and Consumer's usage of those assets.
Previous wording
The changes in the table above during the three months ended March 31, 2026 compared to the similar period in 2025 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, 2026 compared to the similar periods in 2025 were primarily a result of the factors described in connection with Consumer operating revenues and operating expenses.
Previous wording
Business's total operating revenues increased during the three months ended March 31, 2026 compared to the similar period in 2025 as a result of an increase in Other revenue, partially offset by decreases in Mobility and broadband service revenue and Wireless equipment revenue.
Current wording
Business's total operating revenues increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025 as a result of an increase in Other revenue, partially offset by decreases in Wireless equipment revenue and Mobility and broadband service revenue.
Previous wording
Wireless equipment revenue remained relatively flat during the three months ended March 31, 2026 compared to the similar period in 2025.
Current wording
Wireless equipment revenue remained relatively flat during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Previous wording
Other revenue increased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to an increase of $221 million in legacy wireline revenue related to the inclusion of Frontier results.
Current wording
Other revenue increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025 primarily due to an increase of $277 million and $494 million, respectively, in legacy wireline revenue related to the inclusion of Frontier results.
Previous wording
Cost of services decreased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily as a result of:
Current wording
Cost of services decreased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025 primarily as a result of:
Previous wording
•an increase of $51 million in personnel costs associated with third-party contracted resources.
Current wording
•an increase of $54 million and $100 million, respectively, in personnel costs associated with third-party contracted resources.
Previous wording
Cost of wireless equipment remained relatively flat during the three months ended March 31, 2026 compared to the similar period in 2025.
Current wording
Cost of wireless equipment remained relatively flat during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Previous wording
Selling, general and administrative expense decreased during the three months ended March 31, 2026 compared to the similar period in 2025 primarily due to a decrease of $167 million in personnel costs related to workforce reduction initiatives announced in the prior year.
Current wording
Selling, general and administrative expense decreased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025 primarily due to a decrease of $139 million and $294 million, respectively, in personnel costs related to workforce reduction initiatives.
Previous wording
Depreciation and amortization expense increased during the three months ended March 31, 2026 compared to the similar period in 2025 driven by the change in the mix of total Verizon depreciable and amortizable assets, including the impact of depreciable assets acquired as part of the Frontier acquisition, and Business's usage of those assets.
Current wording
Depreciation and amortization expense increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025 driven by the change in the mix of total Verizon depreciable and amortizable assets, including the impact of depreciable assets acquired as part of the Frontier acquisition, and Business's usage of those assets.
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (10)
Current report — wording carried from elsewhere
Highlights of Our Financial Results for the Six Months Ended June 30, 2026 and 2025
Current report — wording carried from elsewhere
Revenue by Segment for the Six Months Ended June 30, 2026 and 2025
Current report — wording carried from elsewhere
•an increase of $373 million in personnel costs driven by an increase in employee headcount following the acquisition of Frontier;
Current report — wording carried from elsewhere
•an increase of $135 million related to acquisition and integration related charges recorded in 2026 primarily associated with the acquisition of Frontier; and
Current report — wording carried from elsewhere
•a decrease of $365 million in postpaid revenue primarily related to the amortization of wireless equipment sales promotions and acquisition related discounts, partially offset by higher adoption of perks, premium plan offerings and growth in FWA subscriber base.
Current report — wording carried from elsewhere
•an increase of $357 million related to growth in non-retail service revenue;
Current report — wording carried from elsewhere
•an increase of $216 million in prepaid revenue primarily due to growth in the customer base; and
Current report — wording carried from elsewhere
During the three and six months ended June 30, 2025, we recorded pre-tax amortization expense of $192 million and $382 million, respectively, related to acquired intangible assets.
Current report — wording carried from elsewhere
In February 2026, we entered into accelerated share repurchase (ASR) agreements with certain financial institution counterparties to repurchase shares of our common stock in exchange for an upfront payment of $2.5 billion and received an initial delivery of 45,116,772 shares of common stock using a reference price of $47.10. In March 2026, these ASR transactions were completed, and we received an additional 5,641,251 shares. This resulted in a total of 50,758,023 shares repurchased under the ASR agreements at an average repurchase price of $49.25, not including related excise tax.
Current report — wording carried from elsewhere
On October 17, 2024, Verizon entered into a license purchase agreement to acquire select spectrum licenses of UScellular. On June 1, 2026, we completed the acquisition of the spectrum licenses for total cash consideration of $1.0 billion.