| 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 | | $ | 156,347 | | $ | 1,767,488 | | $ | 154,512 | | | U.S. government securities | 3,196,919 | | 283,092 | | 2,765,873 | | 241,790 | | | Preferred debt securities | 778,496 | | 68,937 | | 765,080 | | 66,882 | | | Other debt securities | 1,036,142 | | 91,751 | | 1,060,410 | | 92,700 | | | Preferred stock | 44,560 | | 3,946 | | 34,505 | | 3,016 | | | Common stock | 6,135,376 | | 543,297 | | 9,699,087 | | 847,884 | | | Verizon common stock | 3,782,978 | | 334,988 | | 3,871,715 | | 338,461 | | | Common/collective trusts | 22,073,102 | | 1,954,606 | | 16,479,964 | | 1,440,661 | | | Pooled separate accounts | 925,667 | | 81,969 | | 756,563 | | 66,138 | | | Mutual funds | 971,145 | | 85,996 | | 783,662 | | 68,507 | | | Other | 365,004 | | 32,322 | | 303,357 | | 26,519 | | | Total investments in the Verizon Savings Master Trust at fair value | $ | 41,075,003 | | $ | 3,637,251 | | $ | 38,287,704 | | $ | 3,347,070 | | | Receivables | 3,782,771 | | 188,369 | | 1,709,036 | | — | | | Payables | (4,515,902) | | (427,410) | | (2,334,686) | | (230,154) | | | Total net assets in Verizon Master Savings Trust at fair value | $ | 40,341,872 | | $ | 3,398,210 | | $ | 37,662,054 | | $ | 3,116,916 | | | | | | | | Fully benefit-responsive investment contracts | 630,899 | | 229,985 | | 638,484 | | 231,252 | | | Total investments in the Verizon Master Savings Trust at contract value | $ | 630,899 | | $ | 229,985 | | $ | 638,484 | | $ | 231,252 | | | | | | | | Total investments | $ | 40,972,771 | | $ | 3,628,195 | | $ | 38,300,538 | | $ | 3,348,168 | |
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