| 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 | | $ | 260,728 | | $ | 1,767,488 | | $ | 259,906 | | | U.S. government securities | 3,196,919 | | 472,089 | | 2,765,873 | | 406,718 | | | Preferred debt securities | 778,496 | | 114,960 | | 765,080 | | 112,504 | | | Other debt securities | 1,036,142 | | 153,007 | | 1,060,410 | | 155,932 | | | Preferred stock | 44,560 | | 6,580 | | 34,505 | | 5,074 | | | Common stock | 6,135,376 | | 906,010 | | 9,699,087 | | 1,426,238 | | | Verizon common stock | 3,782,978 | | 558,632 | | 3,871,715 | | 569,331 | | | Common/collective trusts | 22,073,102 | | 3,259,532 | | 16,479,964 | | 2,423,357 | | | Pooled separate accounts | 925,667 | | 136,693 | | 756,563 | | 111,252 | | | Mutual funds | 971,145 | | 143,409 | | 783,662 | | 115,236 | | | Other | 365,004 | | 53,900 | | 303,357 | | 44,608 | | | Total investments in the Verizon Savings Master Trust at fair value | $ | 41,075,003 | | $ | 6,065,540 | | $ | 38,287,704 | | $ | 5,630,156 | | | Receivables | 3,782,771 | | 266,565 | | 1,709,036 | | 24,498 | | | Payables | (4,515,902) | | (662,401) | | (2,334,686) | | (408,617) | | | Total net assets in Verizon Master Savings Trust at fair value | $ | 40,341,872 | | $ | 5,669,704 | | $ | 37,662,054 | | $ | 5,246,037 | | | | | | | | Fully benefit-responsive investment contracts | 630,899 | | 380,731 | | 638,484 | | 385,969 | | | Total investments in the Verizon Master Savings Trust at contract value | $ | 630,899 | | $ | 380,731 | | $ | 638,484 | | $ | 385,969 | | | | | | | | Total investments | $ | 40,972,771 | | $ | 6,050,435 | | $ | 38,300,538 | | $ | 5,632,006 | |
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