v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Transactions
The following tables show the significant transactions involving the unsecured debt securities of the Company and its subsidiaries that occurred during the three and six months ended June 30, 2026.

Exchange Offers
(dollars in millions)
Principal Amount Exchanged
Principal Amount Issued
Three Months Ended June 30, 2026
5.125% - 8.625% notes issued by certain subsidiaries of Verizon, due 2028 - 2033
$161 $— 
Verizon 5.125% - 8.625% notes, due 2028 - 2033(1)
— 161 
Three and Six Months Ended June 30, 2026 total$161 $161 
(1) The principal amount issued in exchange does not include either an insignificant amount of cash paid in lieu of the issuance of fractional new notes or accrued and unpaid interest paid on the old notes accepted for exchange to the date of exchange.

Tender Offers
(dollars in millions)
Principal Amount Purchased
Cash Consideration(1)
Three Months Ended June 30, 2026
2.100% - 8.750% notes of Verizon and certain of its subsidiaries, due 2027 - 2033(2)
$1,858 $1,877 
Three and Six Months Ended June 30, 2026 total$1,858 $1,877 
(1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase.
(2) The tender offer was launched concurrently with the exchange offer discussed above.

Repayments, Redemptions and Repurchases
(dollars in millions)Principal Repaid/Redeemed/ Repurchased
Amount Paid(1)
Three Months Ended March 31, 2026
Verizon floating rate notes due 2026$206 $208 
Open market repurchases of various Verizon notes620 504 
Three Months Ended March 31, 2026 total$712 
Three Months Ended June 30, 2026
Verizon 2.100% notes due 2026
A$450 $313 
Verizon 4.329% notes due 2028
$1,295 1,309 
Open market repurchases of various Verizon notes777 635 
Three Months Ended June 30, 2026 total2,257 
Six Months Ended June 30, 2026 total$2,969 
(1) Represents amount paid to repay, redeem or repurchase, including any accrued interest. In addition, for securities denominated in a currency other than the U.S. dollar, amount paid is shown on a U.S. dollar equivalent basis and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 7 for additional information on cross currency swap transactions related to the transaction. The amount paid excludes acquisition-related activity which is detailed in the section titled "Debt Assumed" below.
Issuances
(dollars in millions)Principal Amount Issued
Net Proceeds(1)
Three Months Ended March 31, 2026
Verizon 4.246% junior subordinated notes due 2056(2)
€2,250 $2,646 
Verizon 5.743% junior subordinated notes due 2056(2)
£600 809 
Verizon floating rate junior subordinated notes due 2056(2)
A$800 569 
Verizon 6.745% junior subordinated notes due 2056(2)
250 178 
Verizon 7.166% junior subordinated notes due 2056(2)
250 178 
Three Months Ended March 31, 2026 total$4,380 
Three Months Ended June 30, 2026
Verizon 6.050% junior subordinated notes due 2058(2)
$2,000 $1,983 
Verizon 6.200% junior subordinated notes due 2056(2)
2,000 1,983 
Three Months Ended June 30, 2026 total3,966 
Six Months Ended June 30, 2026 total$8,346 
(1) Net proceeds were net of underwriting discounts and other issuance costs. In addition, for securities denominated in a currency other than the U.S. dollar, net proceeds are shown on a U.S. dollar equivalent basis. See Note 7 for additional information on derivative activity related to the issuances.
(2) Notes are subordinate to our senior unsecured notes and have an interest rate reset and deferral features.
During the six months ended June 30, 2026, we completed the following ABS Notes transactions:
(dollars in millions)Interest Rates %Expected Weighted-average Life to Maturity (in years)Principal Amount Issued
March 2026
Series 2026-1
A-1a Senior class notes3.9401.94$1,103 
A-1b Senior class notes
Compounded SOFR + 0.400(1)
1.94368 
B Junior class notes4.1901.94— 
C Junior class notes4.4301.9467 
March 2026 total1,538 
June 2026
Series 2026-2
A-1a Senior class notes
4.5102.97994 
A-1b Senior class notes
Compounded SOFR + 0.460(1)
2.9775 
B Junior class notes4.7102.9782 
C Junior class notes4.8502.9749 
June 2026 total1,200 
Total$2,738 
(1) Compounded Secured Overnight Financing Rate (SOFR) is calculated using SOFR as published by the Federal Reserve Bank of New York in accordance with the terms of such notes. Compounded SOFR for the interest payment made in June 2026 was 3.59%.
Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements
The assets and liabilities related to our asset-backed debt arrangements included in our condensed consolidated balance sheets were as follows:
At June 30,
At December 31,
(dollars in millions)20262025
Assets
Accounts receivable, net$18,609 $18,421 
Prepaid expenses and other149 298 
Other assets11,884 11,753 
Liabilities
Accounts payable and accrued liabilities33 34 
Debt maturing within one year15,640 14,863 
Long-term debt13,067 12,204 
Schedule of Line of Credit Facilities
Long-Term Credit Facilities
At June 30, 2026
(dollars in millions)MaturitiesFacility CapacityUnused Capacity Principal Amount Outstanding
Verizon revolving credit facility(1)
2028
$12,000 $11,976 $— 
Various export credit facilities(2)
2026 - 203311,950 85 5,718 
Total$23,950 $12,061 $5,718 
(1) The revolving credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. The revolving credit facility provides for the issuance of letters of credit. As of June 30, 2026, there have been no drawings against the revolving credit facility since its inception.
(2) During the six months ended June 30, 2026, we drew down approximately $1.6 billion. During the six months ended June 30, 2025, there were no drawings from these facilities. Borrowings under certain of these facilities are repaid semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.