VERIZON COMMUNICATIONS INC
For the period ended Sep 30, 2026. Filed Oct 29, 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.
Sep 30, 2026 · Filed Oct 29, 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 2026-06-30; filed 2026-07-31.
0000732712-26-000046
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0000732712-26-000052
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 325 previous paragraphs and 327 current paragraphs.
200 unchanged; 76 reworded; 46 added; 43 removed; 6 previous and 5 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 (46)
Current report
Cost of services increased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025.
Current report
•an increase of $77 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 $76 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; and
Current report
•a decrease of $63 million in access costs primarily reflecting the cessation of certain third-party provider costs and our ongoing cost efficiency efforts.
Current report
•an increase of $665 million in personnel costs mainly driven by an increase in employee headcount following the acquisition of Frontier;
Current report
•an increase of $269 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 $224 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; and
Current report
•a decrease of $310 million in access costs primarily reflecting the cessation of certain third-party provider costs and our ongoing cost efficiency efforts.
Current report
Cost of wireless equipment decreased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025.
Current report
The decrease during the three months ended September 30, 2026 was primarily due to a decrease of $679 million driven by a lower volume of wireless devices sold primarily related to a decrease in upgrades of 20%, reflecting both our strategic decisions and customers retaining their devices for longer periods.
Current report
•a decrease of $1.7 billion driven by a lower volume of wireless devices sold primarily related to a decrease in upgrades of 15%, reflecting both our strategic decisions and customers retaining their devices for longer periods; and
Current report
•an increase of $286 million driven by a shift to higher priced equipment in the mix of wireless devices sold.
Current report
Selling, general and administrative expense decreased during the three months ended September 30, 2026 comparedto the similar period in 2025 primarily due to a decrease of $201 million in advertising costs related to various marketing campaigns in 2025 that did not reoccur.
Current report
•the $740 million net loss on disposition of business in connection with the classification of the assets and liabilities representing the Verizon Contributed Business as assets and liabilities held for sale;
Current report
•a decrease of $676 million in advertising costs related to various marketing campaigns in 2025 that did not reoccur.
Current report
See Note 3 to the condensed consolidated financial statements for more information on thenet loss on disposition of business. See "Special Items" for additional information on the severance charges andthe acquisition and integration related charges.
Current report
•an increase of $113 million in net debt extinguishment gains primarily due to higher open market repurchase activity in 2026 compared to 2025;
Current report
Mobility and broadband service revenue increased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025.
Current report
•an increase of $700 million in fiber broadband revenue primarily due to the inclusion of Frontier results;
Current report
•an increase of $1.9 billion in fiber broadband revenue primarily due to the inclusion of Frontier results;
Current report
Cost of services increased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025 primarily due to:
Current report
•an increase of $201 million and $465 million, respectively, in personnel costs mainly driven by an increase in employee headcount following the acquisition of Frontier;
Current report
•an increase of $56 million and $181 million, respectively, 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
Cost of wireless equipment decreased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025.
Current report
•a decrease of $1.6 billion driven by a lower volume of wireless devices sold primarily related to a decrease in upgrades of 18%, reflecting both our strategic decisions and customers retaining their devices for longer periods; and
Current report
•an increase of $220 million due to a shift to higher priced equipment in the mix of wireless devices sold.
Current report
Selling, general, and administrative expense decreased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025.
Current report
•a decrease of $201 million in advertising costs related to various marketing campaigns in 2025 that did not reoccur; and
Current report
•a decrease of $642 million in advertising costs related to various marketing campaigns in 2025 that did not reoccur;
Current report
•an increase of $255 million in personnel costs mainly driven by an increase in commission expense primarily due to the expanded distribution of our prepaid wireless brands and increased subscribers in our postpaid mobility business, partially offset by workforce reduction initiatives.
Current report
Mobility and broadband service revenue decreased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025.
Current report
•an increase of $65 million in fiber broadband revenue primarily due to the inclusion of Frontier results.
Current report
•an increase of $170 million in fiber broadband revenue primarily due to the inclusion of Frontier results.
Current report
Wireless equipment revenue decreased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025 primarily as of result of:
Current report
•a decrease of $55 million and $98 million, respectively, driven by a lower volume of wireless devices sold primarily related to a decrease in upgrades reflecting both our strategic decisions and customers retaining their devices for longer periods; and
Current report
•an increase of $41 million and $35 million, respectively, due 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 nine months ended September 30, 2026 compared to the similar periods in 2025.
Current report
•an increase of $129 million in personnel costs associated with an increase in employee headcount following the acquisition of Frontier and third-party contracted resources; and
Current report
•a decrease of $48 million in access costs primarily reflecting the cessation of certain third-party provider costs and our ongoing cost efficiency efforts.
Current report
•an increase of $88 million in building and facility costs primarily due to maintaining additional buildings and facilities associated with the acquisition of Frontier in 2026; and
Showing the first 40 of 46 passages. Open the source sections for the rest.
Removed paragraphs (43)
Previous report
Recent Developments
Previous 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.
Previous 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.
Previous 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.
Previous report
Cost of services increased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Previous 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;
Previous report
•an increase of $58 million related to asset rationalization charges taken in 2026; and
Previous 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.
Previous report
•an increase of $373 million in personnel costs driven by an increase in employee headcount following the acquisition of Frontier;
Previous 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;
Previous 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;
Previous report
•an increase of $58 million related to asset rationalization charges taken in 2026; and
Previous 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.
Previous report
Cost of wireless equipment decreased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Previous 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
Previous report
•an increase of $270 million driven by a shift to higher priced equipment in the mix of wireless devices sold.
Previous 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;
Previous report
•an increase of $200 million related to asset rationalization charges taken in 2026;
Previous report
•a decrease of $193 million in advertising costs related to various marketing campaigns in the first half of 2025 that did not reoccur.
Previous 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;
Previous report
•an increase of $200 million related to asset rationalization charges taken in 2026; and
Previous report
•a decrease of $475 million in advertising costs related to various marketing campaigns in the first half of 2025 that did not reoccur.
Previous 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.
Previous report
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 report
•an increase of $712 million in fiber broadband revenue primarily due to the inclusion of Frontier results;
Previous report
•an increase of $1.2 billion in fiber broadband revenue primarily due to the inclusion of Frontier results;
Previous report
Wireless equipment revenue decreased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Previous 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
Previous report
•an increase of $110 million due to a shift to higher priced equipment in the mix of wireless devices sold.
Previous report
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 report
•an increase of $150 million and $264 million, respectively, in personnel costs mainly driven by an increase in employee headcount following the acquisition of Frontier;
Previous report
•an increase of $54 million and $125 million, respectively, 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.
Previous report
Cost of wireless equipment decreased during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Previous report
•a decrease of $991 million driven by a lower volume of wireless devices sold primarily related to a strategic decrease in upgrades; and
Previous report
•an increase of $233 million due to a shift to higher priced equipment in the mix of wireless devices sold.
Previous report
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 as a result of:
Previous report
•a decrease of $184 million and $441 million, respectively, in advertising costs related to various marketing campaigns in the first half of 2025 that did not reoccur;
Previous report
Mobility and broadband service revenue 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 report
•an increase of $60 million and $105 million, respectively, in fiber broadband revenue primarily due to the inclusion of Frontier results.
Previous report
Wireless equipment revenue remained relatively flat during both the three and six months ended June 30, 2026 compared to the similar periods in 2025.
Showing the first 40 of 43 passages. Open the source sections for the rest.
Reworded paragraphs (76)
Previous wording
Highlights of Our Financial Results for the Six Months Ended June 30, 2026 and 2025
Current wording
Highlights of Our Financial Results for the Nine Months Ended September 30, 2026 and 2025
Previous wording
Revenue by Segment for the Six Months Ended June 30, 2026 and 2025
Current wording
Revenue by Segment for the Nine Months Ended September 30, 2026 and 2025
Previous wording
Our Consumer segment provides consumer-focused wireless and wireline communication services and products. Our wireless services are provided across one of the most extensive wireless networks in the United States (U.S.) under the Verizon family of brands and through wholesale and other arrangements. We also provide fixed wireless access (FWA) broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access. Our wireline services are provided in 31 U.S. states and Washington D.C. over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network.
Current wording
Our Consumer segment provides consumer-focused wireless and wireline communication services and products. Our wireless services are provided across one of the most extensive wireless networks in the United States (U.S.) under the Verizon family of brands and through wholesale and other arrangements. We also provide fixed wireless access (FWA) broadband through our fifth-generation (5G) or fourth-generation (4G) Long-Term Evolution (LTE) networks as an alternative to traditional landline internet access. Our wireline services are provided in 31 U.S. states and Washington D.C. over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network.
Previous 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.
Current wording
The Consumer segment's operating revenues for the three and nine months ended September 30, 2026 totaled $26.4 billion and $79.1 billion, respectively, representing an increase of 1.3% and 1.0%, 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 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.
Current wording
The Business segment's operating revenues for the three and nine months ended September 30, 2026 totaled $7.0 billion and $21.3 billion, respectively, representing an increase of 2.6% and 2.4%, 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
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.
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 nine months ended September 30, 2026, these investments included $11.9 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
We have a portfolio of spectrum holdings, including C-Band and millimeter wave spectrum, and are constantly transforming our networks by leveraging innovation and new technologies to deliver improved network performance and efficiency. Our networks leverage advanced technologies, including 5G wireless, fiber-based transport, cloud infrastructures, artificial intelligence (AI) and automation, private networks and IP routing solutions. We are using the benefits of cloud computing and storage to virtualize aspects of our network infrastructure. We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
Current wording
We have a portfolio of spectrum holdings, including the 3.7 GHz band (C-Band) and millimeter wave spectrum, and are constantly transforming our networks by leveraging innovation and new technologies to deliver improved network performance and efficiency. Our networks leverage advanced technologies, including 5G wireless, fiber-based transport, cloud infrastructures, artificial intelligence (AI) and automation, private networks and IP routing solutions. We are using the benefits of cloud computing and storage to virtualize aspects of our network infrastructure. We are densifying our networks by utilizing macro and small cell technology, in-building solutions and distributed antenna systems to increase coverage, improve quality of service and add capacity to accommodate an increasing number of users.
Previous 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.
Current wording
Consolidated operating revenues increased during both thethree and nine months ended September 30, 2026 compared to the similar periods in 2025 primarily due to revenue increases in our Consumer and Business segments.
Previous 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);
Current wording
•an increase of $292 million in personnel costs mainly driven by an increase in employee headcount following the acquisition of Frontier Communications Parent, Inc. (Frontier);
Previous wording
The increase during the six months ended June 30, 2026 wasprimarily as a result of:
Current wording
The increase during the nine months ended September 30, 2026 wasprimarily as a result of:
Previous wording
Selling, general and administrative expense increased during both the three and six months ended June 30, 2026 comparedto the similar periods in 2025.
Current wording
Selling, general and administrative expense increased during the nine months ended September 30, 2026 comparedto the similar period in 2025. The increase was primarily as a result of:
Previous wording
•an increase of $396 million related to acquisition and integration related charges recorded in 2026 primarily associated with the acquisition of Frontier;
Current wording
•an increase of $401 million related to acquisition and integration related charges recorded in 2026 compared to 2025 primarily associated with the acquisition of Frontier;
Previous wording
•an increase of $397 million due to severance charges related to our workforce reduction initiatives;
Current wording
•an increase of $397 million due to severance charges related to our workforce reduction initiatives; and
Previous 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.
Current wording
Depreciation and amortization expense increased during both thethree and nine months ended September 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
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 wording
Other income, net remained relatively flat for the three months ended September 30, 2026 and increased during the nine months ended September 30, 2026 compared to the similar periods in 2025.
Previous 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;
Current wording
•a net pension remeasurement gain of $237 million in 2026 compared to an insignificant net pension remeasurement loss in 2025, along with higher expected returns on pension plan assets;
Previous wording
•an increase of $70 million in paid-in-kind interest earned on certain preferred investments; and
Current wording
•an increase of $83 million in paid-in-kind interest earned on certain preferred investments; and
Previous wording
See Note 8 to the condensed consolidated financial statements for more information on the other components of net periodic benefit income (cost).
Current wording
See Note 8 to the condensed consolidated financial statements for more information on the other components of net periodic benefit cost.
Previous 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.
Current wording
Total interest expense increased during both the three and nine months ended September 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 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.
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 provision for income taxes during the three and nine months ended September 30, 2026 is comparable to the similar periods in 2025. The decrease in the effective income tax rate during the three months ended September 30, 2026 compared to the similar period in 2025 was primarily due to favorable impacts of tax legislation and the purchase of tax credits. The increase in the effective income tax rate during the nine months ended September 30, 2026 compared to the similar period 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 2026.
Previous 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.
Current wording
Unrecognized tax benefits were $2.5 billion and $2.6 billion at September 30, 2026 and December 31, 2025, respectively. Interest and penalties related to unrecognized tax benefits were $742 million (after-tax) and $751 million (after-tax) at September 30, 2026 and December 31, 2025, respectively.
Previous 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.
Current wording
(1) Includes Amortization of acquisition-related intangible assets, which were $289 million and $803 million during the three and nine months ended September 30, 2026, respectively, and $189 million and $571 million during the three and nine months ended September 30, 2025, respectively. See "Special Items" for additional information.
Previous 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.
Current wording
(2) Includes Pension and benefits remeasurement gain of $237 million during the nine months ended September 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 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.
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, 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 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.
Current wording
Consumer's total operating revenues increased during both the three and nine months ended September 30, 2026 compared to the similar periods 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.
Previous wording
•an increase of $357 million related to growth in non-retail service revenue;
Current wording
•an increase of $190 million related to growth in non-retail service revenue; and
Previous wording
•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 wording
•a decrease of $299 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.
Previous wording
•an increase of $193 million related to growth in non-retail service revenue;
Current wording
•an increase of $547 million related to growth in non-retail service revenue;
Previous wording
•an increase of $94 million in prepaid revenue primarily due to growth in the customer base; and
Current wording
•an increase of $307 million in prepaid revenue primarily due to growth in the customer base; and
Previous 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.
Current wording
•a decrease of $1.1 billion 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.
Previous wording
The decrease during the three months ended June 30, 2026 was primarily due toa decrease of $1.1 billion driven by a lower volume of wireless devices sold primarily related to a strategic decrease in upgrades.
Current wording
Wireless equipment revenue decreased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025 primarily due toa decrease of $441 million and $1.4 billion, respectively, driven by a lower volume of wireless devices sold primarily related to a decrease in upgrades of 22% and 18%, respectively, reflecting both our strategic decisions and customers retaining their devices for longer periods.
Previous 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.
Current wording
Other revenue increased during both the three and nine months ended September 30, 2026 compared to the similar periods in 2025 primarily due to an increase of $139 million and $412 million, respectively, in legacy wireline revenue related to the inclusion of Frontier results.
Previous wording
•an increase of $111 million and $150 million, respectively, 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; and
Current wording
•an increase of $79 million and $229 million, respectively, 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; and
Previous wording
The decrease during the three months ended June 30, 2026 was primarily due toa decrease of $1.1 billion driven by a lower volume of wireless devices sold primarily related to a strategic decrease in upgrades.
Current wording
The decrease during the three months ended September 30, 2026 was primarily due toa decrease of $592 million driven by a lower volume of wireless devices sold primarily related to a decrease in upgrades of 22%, reflecting both our strategic decisions and customers retaining their devices for longer periods.
Previous wording
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 wording
The decrease during the three months ended September 30, 2026 was primarily as a result of:
Previous wording
•an increase of $120 million and $178 million, respectively, in personnel costs mainly driven by an increase in commission expense due to higher volumes in our prepaid business, partially offset by workforce reduction initiatives.
Current wording
•an increase of $77 million in personnel costs mainly driven by an increase in commission expense due to the expanded distribution of our prepaid wireless brands and increased subscribers in our postpaid mobility business, partially offset by workforce reduction initiatives.
Previous wording
•a decrease of $104 million and $127 million, respectively, in provision for credit losses primarily related to lower upgrade volumes; and
Current wording
•a decrease of $145 million in provision for credit losses primarily related to lower upgrade volumes; and
Previous 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.
Current wording
Depreciation and amortization expense increased during both the three and nine months ended September 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 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.
Current wording
The changes in the table above during the three and nine months ended September 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 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.
Current wording
Business's total operating revenues increased during both the three and nine months ended September 30, 2026 compared to the similar periods 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.
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Current report — wording carried from elsewhere
The decrease during the three months ended September 30, 2026 was primarily as a result of:
Current report — wording carried from elsewhere
•a decrease of $96 million in postpaid service revenue primarily due to a shift toward lower-tier plans among new customers. These decreases were partially offset by FWA subscriber growth; and
Current report — wording carried from elsewhere
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 acquisition of Frontier.
Current report — wording carried from elsewhere
In July 2026, we entered into an ASR agreement with a certain financial institution counterparty to repurchase shares of our common stock in exchange for an upfront payment of $500 million and received an initial delivery of 8,981,403 shares of common stock using a reference price of $47.32. In September 2026, the ASR transaction was completed, and we received an additional 1,402,033 shares. This resulted in a total of 10,383,436 shares repurchased under the ASR agreement at an average repurchase price of $48.15, not including related excise tax.
Current report — wording carried from elsewhere
For the nine months ended September 30, 2026, we repurchased a total of 82,430,902 shares for an aggregate payment of $4.0 billion. All shares received under the ASR agreements were excluded from the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share from the date the respective shares were received by the Company and classified as treasury shares. At September 30, 2026, the maximum remaining aggregate consideration that could be paid by or on behalf of Verizon under our share repurchase program was $21.0 billion.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
•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;
Previous report — wording carried elsewhere
•an increase of $135 million related to acquisition and integration related charges recorded in 2026 primarily associated with the acquisition of Frontier; and
Previous report — wording carried elsewhere
•an increase of $397 million due to severance charges related to our workforce reduction initiatives;
Previous report — wording carried elsewhere
The decrease during the three months ended June 30, 2026 was primarily due to fair market value adjustments on certain investments and derivatives.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
•an increase of $216 million in prepaid revenue primarily due to growth in the customer base; and