On October 17, 2024, Verizon entered into a license purchase agreement to acquire select spectrum licenses of United States Cellular Corporation (currently known as Array Digital Infrastructure, Inc.) and certain of its subsidiaries (collectively, UScellular). On June 1, 2026, we completed the acquisition of the spectrum licenses for total cash consideration of $1.0 billion.

In June 2026, the Federal Communications Commission (FCC) concluded Auction 113 for Advanced Wireless Services (AWS-3) licenses. Verizon was the winning bidder on 82 spectrum licenses. During the nine months ended September 30, 2026, Verizon made aggregate payments of $3.2 billion for the licenses won in the auction. The licenses were granted by the FCC in August 2026 and are included in Wireless licenses in our condensed consolidated balance sheets.

On June 28, 2026, the Company entered into a transaction agreement (the Transaction Agreement) with BT Group plc (BT) and Jasper NewCo Limited (NewCo), pursuant to which the Company and BT will each acquire a 50% equity interest in NewCo.

As consideration, the Company will contribute the equity interests of certain subsidiaries comprising its international wireline connectivity and managed network services business (the Verizon Contributed Business) and make a $625 million cash payment to NewCo, which NewCo will distribute to BT. BT will contribute the equity interests of certain subsidiaries comprising its international wireline connectivity and managed network services business (the BT Contributed Business) to NewCo.

The relative values of the Verizon Contributed Business and the BT Contributed Business are subject to customary post-closing adjustments based on the levels of cash, net working capital, and indebtedness of each business at closing.

The Transaction Agreement contemplates the entry into a joint venture agreement between the Company, BT and NewCo in respect of the governance of NewCo, as well as certain ancillary commercial agreements and transition services arrangements. Closing of the transaction is subject to customary regulatory approvals and other closing conditions.

In the second quarter of 2026, the net assets representing the Verizon Contributed Business were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. During the nine months ended September 30, 2026, we recorded a net pre-tax loss on disposition of business of $740 million to write down the disposal group to its fair value less costs to sell in connection with the classification as held for sale. The charge was recorded in Selling, general, and administrative expense in our condensed consolidated statements of income. The fair value of the net assets representing the Verizon Contributed Business was estimated based on the fair value of the Company's share of the joint

venture, net of cash consideration to be contributed. The fair value was estimated by using a combination of the market approach and the income approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgment and unobservable inputs, which include the amount and timing of future cash flows, and a discount rate reflecting risks inherent in the future cash flows.

The following table summarizes the major classes of assets and liabilities of the Verizon Contributed Business which are currently included in our continuing operations and classified as held for sale in our condensed consolidated balance sheets as of September 30, 2026.


(dollars in millions)
Assets held for sale:
Prepaid expenses and other
Cash and cash equivalents	$	250
Accounts receivable, net	204
Other current assets	126
	$	580
Other assets
Property, plant and equipment, net	587
Other assets	198
Less: Valuation allowance	(740)
	$	45
Liabilities held for sale:
Other current liabilities
Accounts payable and accrued liabilities	(284)
Other current liabilities	(111)
	$	(395)

Other liabilities	$	(230)

During 2026, we completed the acquisitions of Frontier Communications Parent, Inc. (Frontier) and Starry Group Holdings, Inc. (Starry). The financial results of Frontier and Starry are included in the Company's consolidated results from January 20, 2026 and January 30, 2026, respectively. The aggregate operating revenues arising from these acquisitions and included in our condensed consolidated statements of income amounted to less than 5% of total operating revenues for both the three and nine months ended September 30, 2026. Pro forma financial information has not been disclosed for these acquisitions as the impacts to both revenue and earnings, individually and in the aggregate, would not have been material to our consolidated statements of income.

On September 4, 2024, Verizon entered into an Agreement and Plan of Merger (the Merger Agreement) to acquire Frontier, a U.S. provider of broadband internet and other communication services. The transaction closed on January 20, 2026 (the Acquisition Date), expanding our fiber broadband footprint to 31 U.S. states and Washington D.C. Pursuant to the Merger Agreement, the Company's subsidiary merged with and into Frontier, with Frontier surviving such merger as a wholly owned subsidiary of the Company. At the effective time of the merger, each share of Frontier common stock issued and outstanding immediately prior to such time (subject to certain limited exceptions) was cancelled and converted into the right to receive an amount in cash equal to $38.50 per share, without interest.

At the Acquisition Date, Verizon paid approximately $9.8 billion in cash, inclusive of cash acquired of $335 million, and assumed approximately $12.9 billion of Frontier's debt measured at fair value. The Frontier acquisition has been accounted for as a business combination. The identification and measurement of the assets acquired and liabilities assumed are based on their fair values, which are determined by using a combination of the income, market, or cost approaches, including market based assumptions. The purchase price allocation is preliminary and subject to revision as additional information about the fair value of the assets acquired and liabilities assumed, including related deferred income taxes, contingencies, contract liabilities and property, plant and equipment becomes available. Any necessary adjustments will be finalized within one year from the Acquisition Date.


(dollars in millions)	As of January 20, 2026		Measurement Period Adjustments(2)		Adjusted Fair Value
Purchase consideration(1):	$	9,917	$	14	$	9,931


Assets acquired:
Current assets	$	791	$	(64)	$	727




Property, plant and equipment, net	16,698		(215)		16,483
Goodwill	7,759		101		7,860
Other intangible assets	2,897		216		3,113
Other noncurrent assets	355		(30)		325
Total assets acquired	28,500		8		28,508

Liabilities assumed:
Current liabilities, excluding current debt	$	3,154	$	(20)	$	3,134



Debt maturing within one year	1,694		(1)		1,693
Long-term debt, including finance lease obligations	11,589		1		11,590
Other noncurrent liabilities	2,146		14		2,160
Total liabilities assumed	18,583		(6)		18,577

Net assets acquired	$	9,917	$	14	$	9,931

(2) Adjustments to the fair value measurements reflect new information obtained about facts and circumstances that existed as of the Acquisition Date, that if known, would have affected the measurement of the amounts recognized as of that date.

Goodwill is calculated as the difference between the Acquisition Date fair value of the consideration paid and the fair value of the net assets acquired, and represents the future economic benefits that we expect to achieve as a result of the acquisition. The goodwill related to this acquisition has been allocated to our two reportable segments, approximately $6.1 billion in Consumer and $1.8 billion in Business. None of the goodwill resulting from the acquisition is deductible for tax purposes.

Other intangible assets include $2.9 billion related to customer relationships, with a weighted-average amortization period of 9 years, $163 million related to acquired technology with an amortization period of 3 years, and $100 million related to trade name with an amortization period of 3 years. The customer relationship and trade name intangible assets were assigned preliminary estimated fair values using an income approach. The acquired technology intangibles were assigned preliminary estimated fair values using a cost approach, which includes consideration of the cost to reproduce an asset with an equivalent economic utility. The valuations are considered Level 3 fair value measurements due to the use of significant inputs not observable in the market, which include the discount rate, royalty rate and amount and timing of future cash flows.

Other noncurrent liabilities include employee benefit obligations consisting of $2.5 billion of assets acquired and $3.0 billion of liabilities assumed associated with the Frontier Communications defined benefit pension and postretirement benefit plans.

During the nine months ended September 30, 2026, we repaid approximately $12.4 billion of the principal amount of debt assumed as part of the Frontier acquisition. See Note 5 for additional information on debt assumed as part of the acquisition.

During the three and nine months ended September 30, 2026, we recorded acquisition and integration related charges associated with the Frontier acquisition of $45 million and $426 million, respectively, within Selling, general and administrative expense in our condensed consolidated statements of income.

On January 30, 2026, Verizon completed the acquisition of Starry, a fixed wireless broadband provider serving multi-dwelling units in five markets across the U.S. The aggregate cash consideration paid by Verizon at the closing of the transaction and the related assets acquired and liabilities assumed were immaterial.

On September 14, 2026, Verizon entered into definitive agreements with AT&T Inc. and T-Mobile US, Inc., or their wholly owned subsidiaries, as applicable, to form a joint venture which aims to end wireless dead zones in the U.S. and expand satellite coverage for customers nationwide. We expect to license certain intellectual property to the joint venture, and to provide access to certain spectrum licenses to satellite providers who contract with the joint venture. The formation of this joint venture did not have a material impact to our condensed consolidated financial statements. We account for the joint venture under the equity method of accounting.