| EBP, Master Trust |
The following table presents the net assets of the Master Trust and the Plan’s interest in the Master Trust as of December 31, 2025 and 2024 (in thousands), respectively: | | | | | | | | | | | | | | | | December 31, 2025 | December 31, 2024 | | Master Trust Balances | Plan's Interest in Master Trust Balances | Master Trust Balances | Plan's Interest in Master Trust Balances | | Cash and cash equivalents | $ | 1,765,614 | | $ | 1,334,602 | | $ | 1,767,488 | | $ | 1,338,616 | | | U.S. government securities | 3,196,919 | | 2,416,504 | | 2,765,873 | | 2,094,746 | | | Preferred debt securities | 778,496 | | 588,454 | | 765,080 | | 579,437 | | | Other debt securities | 1,036,142 | | 783,205 | | 1,060,410 | | 803,106 | | | Preferred stock | 44,560 | | 33,682 | | 34,505 | | 26,133 | | | Common stock | 6,135,376 | | 4,637,641 | | 9,699,087 | | 7,345,648 | | | Verizon common stock | 3,782,978 | | 2,859,498 | | 3,871,715 | | 2,932,261 | | | Common/collective trusts | 22,073,102 | | 16,684,735 | | 16,479,964 | | 12,481,176 | | | Pooled separate accounts | 925,667 | | 699,698 | | 756,563 | | 572,986 | | | Mutual funds | 971,145 | | 734,074 | | 783,662 | | 593,510 | | | Other | 365,004 | | 275,901 | | 303,357 | | 229,749 | | | Total investments in the Verizon Savings Master Trust at fair value | $ | 41,075,003 | | $ | 31,047,994 | | $ | 38,287,704 | | $ | 28,997,368 | | | Receivables | 3,782,771 | | 3,313,420 | | 1,709,036 | | 1,679,414 | | | Payables | (4,515,902) | | (3,390,684) | | (2,334,686) | | (1,669,628) | | | Total net assets in Verizon Master Savings Trust at fair value | $ | 40,341,872 | | $ | 30,970,730 | | $ | 37,662,054 | | $ | 29,007,154 | | | | | | | | Fully benefit-responsive investment contracts | 630,899 | | — | | 638,484 | | — | | | Total investments in the Verizon Master Savings Trust at contract value | $ | 630,899 | | $ | — | | $ | 638,484 | | $ | — | | | | | | | | Total investments | $ | 40,972,771 | | $ | 30,970,730 | | $ | 38,300,538 | | $ | 29,007,154 | |
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