VZQTR20FIN

Exhibit 99

verizon-logo.jpg

News Release
FOR IMMEDIATE RELEASE
Media contacts:
April 27, 2026Katie Magnotta
201-602-9235    
katie.magnotta@verizon.com
Jamie Serino
201-401-5460
jamie.serino@verizon.com

Verizon’s Transformation Actions Deliver Growth & Profitability in 1Q26; Company Raises Adjusted EPS Guidance

Verizon Achieved First Positive 1Q Postpaid Phone Net Additions Since 2013, a Year-Over-Year Improvement of Over 340,000; Guidance Raised to Top Half of 750,000 - 1M Range

Key 1Q26 Highlights:

•Strong consolidated net income leading to highest quarterly Adjusted EBITDA1 in company history
•Solid earnings per share (EPS) growth, which drove highest quarterly Adjusted EPS1 growth since 2021
•Strong cash flow from operating activities providing confidence in free cash flow1 guidance


NEW YORK, NY — Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported first-quarter 2026 results that demonstrate accelerating momentum in its strategic transformation. The company delivered a strong quarter across core operating metrics, including its first positive first-quarter postpaid phone net adds since 2013. The achievements and performance this quarter were driven by healthier customer economics, including key improvements in customer acquisition and churn, and operational efficiency.
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VZQTR20FIN
“Our first-quarter 2026 results show that our turnaround is not only progressing, it is gaining momentum," said Verizon CEO Dan Schulman. "We are beginning to reclaim our market leadership by putting the customer at the center of everything we do, reducing friction to increase loyalty and create genuine value. This disciplined approach is already delivering healthier economics, lower churn, and the first positive first-quarter postpaid phone net adds we've seen in over a decade. Given our strong performance and momentum, we are raising our 2026 Adjusted EPS1 guidance to year-over-year growth of 5.0 to 6.0 percent and we now expect our total retail postpaid phone net additions to be in the upper half of our 750,000 to one million range."
1Q 2026 Highlights
Frontier results are included in Verizon's financial and operating results beginning on January 20, 2026, the date of the closing of the acquisition.
Consolidated Financial Results
•Total operating revenue was $34.4 billion, up 2.9 percent year-over-year. This result was driven in part by the company's disciplined approach to promotional spending and the resulting moderated upgrade activity, which impacted wireless equipment revenue.
•Consolidated net income was $5.1 billion, a 3.3 percent increase year-over-year.
•Consolidated adjusted EBITDA1 grew 6.7 percent year-over-year to $13.4 billion.
•Diluted EPS increased to $1.20, representing solid growth of 4.3 percent year-over-year.
•Adjusted EPS1, excluding special items, grew to $1.28 in first-quarter 2026, a 7.6 percent increase year-over-year and the best quarterly growth rate since 2021.
•Cash flow from operating activities was $8.0 billion in first-quarter 2026 compared to $7.8 billion in first-quarter 2025, representing a growth rate of 2.6 percent.
•Capital expenditures were $4.2 billion, as network build pace across mobility and fiber remains on track.
•Free cash flow1 was $3.8 billion in first-quarter 2026 compared to $3.6 billion in first-quarter 2025, representing a growth rate of 4.0 percent.
•Verizon's total unsecured debt as of the end of first-quarter 2026 was $142.5 billion, compared to $131.1 billion at the end of fourth-quarter 2025. The company's net unsecured debt1 at the end of first-quarter 2026 was $130.1 billion compared to $110.1 billion at the end of the fourth-quarter 2025. At the end of first-quarter 2026, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 8.0 times and its net unsecured debt to consolidated adjusted EBITDA ratio1 was 2.6 times.
•Verizon paid down approximately half of the Frontier debt since the acquisition closed, and expects to repay substantially all of Frontier's debt by the end of the year.
•Verizon successfully completed $2.5 billion of share repurchases in first-quarter 2026, and remains on track for its full-year target of at least $3.0 billion.

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VZQTR20FIN
Mobility and Broadband

•Mobility and broadband service revenue reached approximately $22.9 billion, representing a 1.6 percent increase year-over-year. The company's first-quarter revenue result includes an 80 basis point impact to wireless service revenue growth due to the January network outage. In March, mobility and broadband service revenue grew in the middle of the 2.0 percent to 3.0 percent guidance range.
•Wireless equipment revenue was $5.7 billion, up 5.2 percent year-over-year.
•In first-quarter 2026, Verizon reported total postpaid phone net additions of 55,000, the first time the company generated positive first-quarter total postpaid phone net additions since 2013. The year-over-year improvement of over 340,000 was driven in part by a higher mix of new to Verizon gross additions.
•Total core prepaid2 net additions were 115,000, representing seven consecutive quarters of growth.
•Verizon delivered 341,000 broadband net additions in first-quarter 2026. This includes total fixed wireless access net additions of 214,000 and 127,000 fiber broadband net additions.
•Verizon now has approximately 16.8 million fixed wireless access and fiber broadband connections.

Outlook and Guidance
Verizon does not provide a reconciliation for certain of the following adjusted (non-GAAP)
forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.

Transformation efforts and strong first-quarter performance give Verizon the confidence to provide the following raised guidance for 2026:

•Adjusted EPS1 of $4.95 to $4.99, or year-over-year growth of 5.0 to 6.0 percent, representing a significant acceleration compared to recent historical performance.
•Total retail postpaid phone net additions are now expected to be in the top half of the 750,000 to 1.0 million range, which is approximately 2 to 3 times the 2025 reported result.

In addition, for 2026, Verizon continues to expect the following:

•Total mobility and broadband service revenue growth of 2.0 percent to 3.0 percent, equating to approximately $93 billion. Wireless service revenue growth will be approximately flat in 2026 as the company transitions to sustainable volume-based growth.
•Cash flow from operations of $37.5 billion to $38.0 billion.
•Capital expenditures of $16.0 billion to $16.5 billion.
•Free cash flow1 of $21.5 billion or more, growing approximately 7.0 percent or more from 2025, which will mark the highest free cash flow1 generated since 2020.

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1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
2 Represents total prepaid results excluding our SafeLink brand.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

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VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/about/news. For images and logos, visit verizon.com/about/news/media-resources. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Forward-looking statements in this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets,” "will" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives, network performance and quality, and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; our ability to implement business transformation initiatives and achieve their anticipated benefits; system failures and disruptions to our networks and operations and any resulting financial, reputational or business impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; significant amount of outstanding debt; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to obtain cost savings and other synergies and anticipated benefits of completed transactions within the expected time period or at all.

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Verizon Communications Inc.


Condensed Consolidated Statements of Income
(dollars in millions, except per share amounts)
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 3/31/25%
Change
Operating Revenues
Service revenues and other$28,759 $28,087 2.4
Wireless equipment revenues5,681 5,398 5.2
Total Operating Revenues34,440 33,485 2.9
Operating Expenses
Cost of services7,167 6,950 3.1
Cost of wireless equipment6,506 6,106 6.6
Selling, general and administrative expense7,633 7,874 (3.1)
Depreciation and amortization expense4,892 4,577 6.9
Total Operating Expenses26,198 25,507 2.7
Operating Income8,242 7,978 3.3
Equity in earnings of unconsolidated businesses5 6 (16.7)
Other income, net477 121 *
Interest expense(1,940)(1,632)18.9
Income Before Provision For Income Taxes6,784 6,473 4.8
Provision for income taxes(1,638)(1,490)9.9
Net Income$5,146 $4,983 3.3
Net income attributable to noncontrolling interests$101 $104 (2.9)
Net income attributable to Verizon5,045 4,879 3.4
Net Income$5,146 $4,983 3.3
Basic Earnings Per Common Share
Net income attributable to Verizon$1.20 $1.16 3.4
Weighted-average shares outstanding (in millions)4,205 4,222 
Diluted Earnings Per Common Share(1)
Net income attributable to Verizon$1.20 $1.15 4.3
Weighted-average shares outstanding (in millions)4,210 4,226 
Footnotes:
(1)Where applicable, Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution.
* Not meaningful



Verizon Communications Inc.


Condensed Consolidated Balance Sheets
(dollars in millions)
Unaudited3/31/2612/31/25$ Change
Assets
Current assets
Cash and cash equivalents$8,366 $19,048 $(10,682)
Accounts receivable27,966 28,347 (381)
Less Allowance for credit losses1,311 1,250 61 
Accounts receivable, net26,655 27,097 (442)
Inventories2,320 2,441 (121)
Prepaid expenses and other7,382 8,336 (954)
Total current assets44,723 56,922 (12,199)
Property, plant and equipment357,650 337,991 19,659 
Less Accumulated depreciation231,678 228,524 3,154 
Property, plant and equipment, net125,972 109,467 16,505 
Investments in unconsolidated businesses730 785 (55)
Wireless licenses157,082 157,039 43 
Goodwill30,628 22,841 7,787 
Other intangible assets, net12,799 10,458 2,341 
Operating lease right-of-use assets23,401 23,498 (97)
Other assets22,547 23,248 (701)
Total assets$417,882 $404,258 $13,624 
Liabilities and Equity
Current liabilities
Debt maturing within one year$28,229 $18,618 $9,611 
Accounts payable and accrued liabilities21,932 24,981 (3,049)
Current operating lease liabilities4,720 4,542 178 
Other current liabilities14,999 14,229 770 
Total current liabilities69,880 62,370 7,510 
Long-term debt144,231 139,532 4,699 
Employee benefit obligations12,023 11,099 924 
Deferred income taxes49,312 48,717 595 
Non-current operating lease liabilities18,692 18,951 (259)
Other liabilities19,122 17,848 1,274 
Total long-term liabilities243,380 236,147 7,233 
Equity
Common stock429 429 — 
Additional paid in capital13,263 13,372 (109)
Retained earnings96,824 94,744 2,080 
Accumulated other comprehensive loss(2,372)(1,727)(645)
Common stock in treasury, at cost(5,335)(3,255)(2,080)
Deferred compensation – employee stock ownership plans and other500 897 (397)
Noncontrolling interests1,313 1,281 32 
Total equity104,622 105,741 (1,119)
Total liabilities and equity$417,882 $404,258 $13,624 







Verizon Communications Inc.


Consolidated - Selected Financial and Operating Statistics
(dollars in millions, except per share amounts)
Unaudited3/31/2612/31/25
Total debt$172,460 $158,150 
Unsecured debt$142,498 $131,083 
Net unsecured debt(1)
$130,053 $110,053 
Unsecured debt / Consolidated Net Income (LTM)8.0x7.4x
Net unsecured debt / Consolidated Adjusted EBITDA(1)(2)
2.6x2.2x
Common shares outstanding, end of period (in millions)4,176 4,217 
Total employees (‘000)(3)
99.6 89.9 
Quarterly cash dividends declared per common share$0.7075 $0.6900 
Footnotes: 
(1)Non-GAAP financial measure.
(2)Consolidated Adjusted EBITDA excludes the effects of non-operational items and special items.
(3)Number of employees on a full-time equivalent basis.

Verizon Communications Inc.

Condensed Consolidated Statements of Cash Flows
(dollars in millions)
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 3/31/25$ Change
Cash Flows from Operating Activities
Net Income$5,146 $4,983 $163 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense4,892 4,577 315 
Employee retirement benefits(117)143 (260)
Deferred income taxes703 132 571 
Provision for expected credit losses581 587 (6)
Equity in losses of unconsolidated businesses, inclusive of dividends received3 20 (17)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses
(3,082)(2,618)(464)
Other, net(142)(42)(100)
Net cash provided by operating activities7,984 7,782 202 
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)(4,201)(4,145)(56)
Cash paid related to acquisitions of businesses, net of cash acquired(9,480)— (9,480)
Acquisitions of wireless licenses(83)(122)39 
Other, net191 515 (324)
Net cash used in investing activities(13,573)(3,752)(9,821)
Cash Flows from Financing Activities
Proceeds from long-term borrowings5,975 — 5,975 
Proceeds from asset-backed long-term borrowings6,154 2,781 3,373 
Repayments of long-term borrowings and finance lease obligations(4,258)(2,446)(1,812)
Repayments of asset-backed long-term borrowings(6,828)(2,589)(4,239)
Dividends paid(2,910)(2,856)(54)
Purchase of common stock for treasury(2,500)— (2,500)
Other, net(911)(783)(128)
Net cash used in financing activities(5,278)(5,893)615 
Decrease in cash, cash equivalents and restricted cash(10,867)(1,863)(9,004)
Cash, cash equivalents and restricted cash, beginning of period19,499 4,635 14,864 
Cash, cash equivalents and restricted cash, end of period$8,632 $2,772 $5,860 


Verizon Communications Inc.


Consumer - Selected Financial Results
(dollars in millions)
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 3/31/25%
Change
Operating Revenues
Mobility and broadband service(1)
$19,180 $18,801 2.0
Wireless equipment4,824 4,532 6.4
Other(2)
2,449 2,285 7.2
Total Operating Revenues26,453 25,618 3.3
Operating Expenses
Cost of services4,820 4,574 5.4
Cost of wireless equipment5,303 4,912 8.0
Selling, general and administrative expense4,886 5,165 (5.4)
Depreciation and amortization expense3,730 3,543 5.3
Total Operating Expenses18,739 18,194 3.0
Operating Income$7,714 $7,424 3.9
Operating Income Margin29.2 %29.0 %
Segment EBITDA(3)
$11,444 $10,967 4.3
Segment EBITDA Margin(3)
43.3 %42.8 %
Footnotes:
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Non-GAAP financial measure.
During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Consumer revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit.
The segment financial results above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.
 

Verizon Communications Inc.


Business - Selected Financial Results
(dollars in millions)
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 3/31/25%
Change
Operating Revenues
Mobility and broadband service(1)
$3,688 $3,717 (0.8)
Wireless equipment857 866 (1.0)
Other(2)
2,874 2,703 6.3
Total Operating Revenues7,419 7,286 1.8
Operating Expenses
Cost of services2,341 2,376 (1.5)
Cost of wireless equipment1,202 1,194 0.7
Selling, general and administrative expense1,911 2,032 (6.0)
Depreciation and amortization expense1,081 1,020 6.0
Total Operating Expenses6,535 6,622 (1.3)
Operating Income$884 $664 33.1
Operating Income Margin11.9 %9.1 %
Segment EBITDA(3)
$1,965 $1,684 16.7
Segment EBITDA Margin(3)
26.5 %23.1 %
Footnotes:
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Non-GAAP financial measure.
During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Business revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit.
The segment financial results above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.

Verizon Communications Inc.


Total Operating Statistics

Unaudited3/31/263/31/25% Change
Connections (‘000)
Wireless retail146,798 145,974 0.6
Wireless retail postpaid126,499 125,744 0.6
Wireless retail postpaid phone93,920 93,214 0.8
Wireless retail core prepaid(1)
19,279 18,977 1.6
Fiber broadband10,757 7,581 41.9
FWA broadband6,006 4,845 24.0
Total broadband(2)
16,763 12,426 34.9
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 3/31/25%
Change
Net Additions Detail (‘000)
Wireless retail(116)(65)(78.5)
Wireless retail postpaid(196)(159)(23.3)
Wireless retail postpaid phone55 (289)*
Wireless retail core prepaid(1)
115 137 (16.1)
Fiber broadband127 45 *
FWA broadband214 308 (30.5)
Total broadband(2)
341 353 (3.4)
Account Statistics
Wireless retail postpaid accounts (‘000)(3)
34,369 34,696 (0.9)
Wireless retail postpaid ARPA(4)
$166.66 $169.81 (1.9)
Wireless retail core prepaid ARPU(5)
$33.31 $31.92 4.4
Churn Detail
Wireless retail postpaid phone0.97 %0.95 %
Wireless retail core prepaid(1)
3.45 %3.47 %
Wireless Retail Postpaid Connection Statistics
Upgrade rate3.0 %2.8 %
Footnotes:
(1) Represents total prepaid results excluding our SafeLink brand.
(2) Total broadband excludes solutions provided over a traditional copper-based network.
(3) Statistic presented as of end of period.
(4) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(5) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand.
Where applicable, the operating results reflect certain adjustments, including those related to migration activity among different types of devices and plans, customer profile changes, product-related changes and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation.
* Not meaningful

Verizon Communications Inc.
Non-GAAP Reconciliations - Consolidated Verizon
Consolidated EBITDA and Consolidated Adjusted EBITDA
(dollars in millions)
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 12/31/253 Mos. Ended 9/30/253 Mos. Ended 6/30/253 Mos. Ended 3/31/25
Consolidated Net Income$5,146 $2,448 $5,056 $5,121 $4,983 
  Add:
Provision for income taxes1,638 615 1,471 1,488 1,490 
Interest expense(1)
1,940 1,759 1,664 1,639 1,632 
Depreciation and amortization expense(2)
4,892 4,519 4,618 4,635 4,577 
Consolidated EBITDA$13,616 $9,341 $12,809 $12,883 $12,682 
  Add/(subtract):
Other (income) expense, net(3)
$(477)$185 $(92)$(79)$(121)
Equity in (earnings) losses of unconsolidated businesses(5)(3)6 3 (6)
Severance charges— 1,715 — — — 
Acquisition and integration related charges261 39 52 — — 
Asset and business rationalization— 583 — — — 
(221)2,519 (34)(76)(127)
Consolidated Adjusted EBITDA$13,395 $11,860 $12,775 $12,807 $12,555 
Consolidated Adjusted EBITDA - Year over year change %6.7 %
Footnotes:
(1) Includes a portion of the Acquisition and integration related charges, where applicable.
(2) Includes Amortization of acquisition-related intangible assets.
(3) Includes Pension and benefits remeasurement adjustments, where applicable.



Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)
(dollars in millions)
Unaudited12 Mos. Ended 3/31/2612 Mos. Ended 12/31/25
Consolidated Net Income$17,771 $17,608 
  Add:
Provision for income taxes5,212 5,064 
Interest expense(1)
7,002 6,694 
Depreciation and amortization expense(2)
18,664 18,349 
Consolidated EBITDA$48,649 $47,715 
  Add/(subtract):
Other income, net(3)
$(463)$(107)
Equity in losses of unconsolidated businesses
1 — 
Severance charges1,715 1,715 
Acquisition and integration related charges352 91 
Asset and business rationalization583 583 
2,188 2,282 
Consolidated Adjusted EBITDA$50,837 $49,997 
Footnotes:
(1) Includes a portion of the Acquisition and integration related charges, where applicable.
(2) Includes Amortization of acquisition-related intangible assets.
(3) Includes Pension and benefits remeasurement adjustments, where applicable.

Verizon Communications Inc.
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
(dollars in millions)
Unaudited3/31/2612/31/25
Debt maturing within one year$28,229 $18,618 
Long-term debt144,231 139,532 
Total Debt172,460 158,150 
Less Secured debt29,962 27,067 
Unsecured Debt142,498 131,083 
Less Equity credit for junior subordinated notes(1)
4,079 1,982 
Less Cash and cash equivalents8,366 19,048 
Net Unsecured Debt
$130,053 $110,053 
Consolidated Net Income (LTM)$17,771 $17,608 
Unsecured Debt to Consolidated Net Income Ratio8.0x7.4x
Consolidated Adjusted EBITDA (LTM)$50,837 $49,997 
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio2.6x2.2x
Footnote:
(1) Represents a fifty percent equity credit related to junior subordinated notes outstanding.
Adjusted Earnings per Common Share (Adjusted EPS)
(dollars in millions, except per share amounts)
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 3/31/25
Pre-taxTaxAfter-Tax Pre-taxTaxAfter-Tax 
EPS$1.20 $1.15 
Amortization of acquisition-related intangible assets$240 $(60)$180 0.04 $190 $(48)$142 0.03 
Pension and benefits credits(237)59 (178)(0.04)— — — — 
Acquisition and integration related charges
261 68 329 0.08 — — — — 
$264 $67 $331 $0.08 $190 $(48)$142 $0.03 
Adjusted EPS$1.28 $1.19 
Year over year change %
7.6 %3.5 %
Footnote:
Adjusted EPS may not add due to rounding.
(dollars in millions, except per share amounts)
Unaudited3 Mos. Ended 3/31/243 Mos. Ended 3/31/23
Pre-taxTaxAfter-Tax Pre-taxTaxAfter-Tax 
EPS$1.09 $1.17 
Amortization of acquisition-related intangible assets$221 $(56)$165 0.04 $208 $(53)$155 0.04 
Legacy legal matter106 (27)79 0.02 — — — — 
$327 $(83)$244 $0.06 $208 $(53)$155 $0.04 
Adjusted EPS$1.15 $1.20 
Year over year change %
(4.2)%(11.1)%
Footnote:
Adjusted EPS may not add due to rounding.

Verizon Communications Inc.
(dollars in millions, except per share amounts)
Unaudited3 Mos. Ended 3/31/223 Mos. Ended 3/31/21
Pre-taxTaxAfter-Tax Pre-taxTaxAfter-Tax 
EPS$1.09 $1.27 
Amortization of acquisition-related intangible assets$238 $(60)$178 0.04 $276 $(67)$209 0.05 
Early debt redemption costs1,241 (316)925 0.22 — — — — 
Loss on spectrum licenses— — — — 223 (56)167 0.04 
$1,479 $(376)$1,103 $0.26 $499 $(123)$376 $0.09 
Adjusted EPS$1.35 $1.36 
Year over year change %
(0.7)%7.9 %
Footnote:
Adjusted EPS may not add due to rounding.
(dollars in millions, except per share amounts)
Unaudited3 Mos. Ended 3/31/20
Pre-taxTaxAfter-Tax 
EPS$1.00 
Loss on spectrum licenses$1,195 $(281)$914 0.22 
Pension and benefits charges 182 (47)135 0.03 
$1,377 $(328)$1,049 $0.25 
Adjusted EPS$1.26 
Footnote:
Adjusted EPS may not add due to rounding.

Free Cash Flow
(dollars in millions)
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 3/31/25
Net Cash Provided by Operating Activities$7,984 $7,782 
Capital expenditures (including capitalized software)(4,201)(4,145)
Free Cash Flow$3,783 $3,637 
Year over year change %4.0 %
(dollars in millions)
Unaudited12 Mos. Ended 12/31/2512 Mos. Ended 12/31/2412 Mos. Ended 12/31/2312 Mos. Ended 12/31/2212 Mos. Ended 12/31/2112 Mos. Ended 12/31/20
Net Cash Provided by Operating Activities$37,137 $36,912 $37,475 $37,141 $39,539 $41,768 
Capital expenditures (including capitalized software)(17,011)(17,090)(18,767)(23,087)(20,286)(18,192)
Free Cash Flow$20,126 $19,822 $18,708 $14,054 $19,253 $23,576 

Free Cash Flow Forecast
(dollars in millions)
12 Mos. Ended
Unaudited12/31/26
Net Cash Provided by Operating Activities Forecast$37,500 - 38,000
Capital expenditures forecast (including capitalized software)(16,000 - 16,500)
Free Cash Flow Forecast$21,500
Free Cash Flow Growth Forecast %
6.8 %

Verizon Communications Inc.
Non-GAAP Reconciliations - Segments
Segment EBITDA and Segment EBITDA Margin
Consumer
(dollars in millions)
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 3/31/25
Operating Income$7,714 $7,424 
Add Depreciation and amortization expense3,730 3,543 
Segment EBITDA$11,444 $10,967 
Year over year change %4.3 %
Total operating revenues$26,453 $25,618 
Operating Income Margin29.2 %29.0 %
Segment EBITDA Margin43.3 %42.8 %
Business
(dollars in millions)
Unaudited3 Mos. Ended 3/31/263 Mos. Ended 3/31/25
Operating Income$884 $664 
Add Depreciation and amortization expense1,081 1,020 
Segment EBITDA$1,965 $1,684 
Year over year change %16.7 %
Total operating revenues$7,419 $7,286 
Operating Income Margin11.9 %9.1 %
Segment EBITDA Margin26.5 %23.1 %