v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information
Note 10. Segment Information
Reportable Segments
We have two reportable segments that we operate and manage as strategic business units, Consumer and Business. We measure and evaluate our reportable segments based on segment operating income, consistent with the chief operating decision maker's (CODM) assessment of segment performance.

The Company's CODM is the Chief Executive Officer. The CODM uses segment operating income to allocate resources (including employees, financial or capital resources) and to assess performance during the monthly and quarterly financial strategic review process. When assessing segment performance and how to allocate resources, the CODM focuses on
evaluating whether revenues generated are sufficient to cover variable and fixed costs with an appropriate return on investment. Key decisions considered by the CODM using segment operating income include prioritization and timing of changes to network technologies, allocation of capital expenditures based on the Company's priorities, geographic expansion of wireline and wireless networks, establishment of key financial and operational targets, pricing decisions, branding matters and people management.

Our segments and their principal activities consist of the following:

SegmentDescription
Verizon
Consumer Group
Our Consumer segment provides consumer-focused wireless and wireline communication services and products. Our wireless services are provided across one of the most extensive wireless networks in the U.S. under the Verizon family of brands and through wholesale and other arrangements. We also provide fixed wireless access (FWA) broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access. Our wireline services are provided in 31 U.S. states and Washington D.C. over our 100% fiber-optic network through our fiber product portfolio, as well as over a traditional copper-based network.
Verizon
Business Group		Our Business segment provides wireless and wireline communication services and products, including mobility communication services, FWA and wireline broadband, Internet of Things (IoT) connectivity solutions, advanced communication services, corporate networking solutions, local and long-distance voice services, and security and managed network services. We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world.
Our Consumer segment's wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis. Our Business segment's wireless and wireline products and services are available to our enterprise and public sector, small and medium business, and wholesale customers. Beginning in the first quarter of 2026, Verizon is reporting Consumer and Business revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue.

Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the results of divested businesses and businesses held for sale, as well as other adjustments and gains and losses that are not allocated or used in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results and therefore included in the CODM's assessment of segment performance.

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. Where applicable, historical segment results have been reclassified to conform to the current period presentation.
The following table provides operating financial information for our two reportable segments:

Three Months Ended September 30,
20262025
(dollars in millions)ConsumerBusinessTotal 
Reportable
Segments		ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Mobility and broadband service(1)
$19,703 $3,705 $23,408 $19,018 $3,736 $22,754 
Wireless equipment4,277 839 5,116 4,766 853 5,619 
Other(2)(6)
2,378 2,471 4,849 2,243 2,246 4,489 
Intersegment revenues74 8 82 78 8 86 
Total Operating Revenues(6)
26,432 7,023 33,455 26,105 6,843 32,948 
Operating Expenses(3)
Cost of wireless equipment4,665 1,157 5,822 5,270 1,213 6,483 
Centrally managed network and shared service costs(4)(6)
4,634 2,267 6,901 4,480 2,192 6,672 
Depreciation and amortization expense(6)
3,872 1,086 4,958 3,568 1,002 4,570 
Other segment expenses(5)(6)
5,168 1,658 6,826 5,123 1,720 6,843 
Total Operating Expenses(6)
18,339 6,168 24,507 18,441 6,127 24,568 
Operating Income(6)
$8,093 $855 $8,948 $7,664 $716 $8,380 
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(4) Centrally managed network and shared service costs include costs for network and leased assets, supply chain and other centralized services that are allocated to our Consumer and Business segments based on proportionate usage of services.
(5) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.
(6) Historical Business segment results have been reclassified to conform to the current period presentation. See Note 3 for additional information.
Nine Months Ended September 30,
20262025
(dollars in millions)ConsumerBusinessTotal 
Reportable
Segments		ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Mobility and broadband service(1)
$58,374 $11,107 $69,481 $56,674 $11,171 $67,845 
Wireless equipment13,279 2,542 15,821 14,667 2,605 17,272 
Other(2)(6)
7,254 7,637 14,891 6,805 7,020 13,825 
Intersegment revenues220 22 242 225 22 247 
Total Operating Revenues(6)
79,127 21,308 100,435 78,371 20,818 99,189 
Operating Expenses(3)
Cost of wireless equipment14,626 3,562 18,188 15,988 3,608 19,596 
Centrally managed network and shared service costs(4)(6)
13,654 6,741 20,395 13,522 6,767 20,289 
Depreciation and amortization expense(6)
11,389 3,226 14,615 10,693 2,989 13,682 
Other segment expenses(5)(6)
15,619 4,977 20,596 15,437 5,268 20,705 
Total Operating Expenses(6)
55,288 18,506 73,794 55,640 18,632 74,272 
Operating Income(6)
$23,839 $2,802 $26,641 $22,731 $2,186 $24,917 
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(4) Centrally managed network and shared service costs include costs for network and leased assets, supply chain and other centralized services that are allocated to our Consumer and Business segments based on proportionate usage of services.
(5) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.
(6) Historical Business segment results have been reclassified to conform to the current period presentation. See Note 3 for additional information.

Reconciliation to Consolidated Financial Information
The reconciliation of segment operating revenues and operating income to consolidated operating revenues and operating income below includes the effects of special items that the CODM does not consider in assessing segment performance, primarily because of their nature.

A reconciliation of the reportable segments' operating revenues to consolidated operating revenues is as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(dollars in millions)2026202520262025
Total reportable segments operating revenues(1)
$33,455 $32,948 $100,435 $99,189 
Corporate and other(1)
940 958 2,812 2,867 
Eliminations
(82)(85)(241)(246)
Total consolidated operating revenues$34,313 $33,821 $103,006 $101,810 
(1) Historical segment results have been reclassified to conform to the current period presentation. See Note 3 for additional information.
A reconciliation of the total reportable segments' operating income to consolidated income before provision for income taxes is as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(dollars in millions)2026202520262025
Total reportable segments operating income(1)
$8,948 $8,380 $26,641 $24,917 
Corporate and other(1)
(213)(215)(646)(586)
Other components of net periodic benefit charges (Note 8)(28)(8)(70)(24)
Severance charges
— — (397)— 
Acquisition and integration related charges
(57)(52)(453)(52)
Asset rationalization— — (258)— 
Loss on disposition of business— — (746)— 
Total consolidated operating income8,650 8,105 24,071 24,255 
Equity in earnings (losses) of unconsolidated businesses(3)(6)46 (3)
Other income, net120 92 633 292 
Interest expense(1,950)(1,664)(5,875)(4,935)
Income Before Provision For Income Taxes$6,817 $6,527 $18,875 $19,609 
(1) Historical segment results have been reclassified to conform to the current period presentation. See Note 3 for additional information.

No single customer accounted for more than 10% of our total operating revenues during the three and nine months ended September 30, 2026 or 2025.

The CODM does not review disaggregated assets on a segment basis; therefore, such information is not presented. Depreciation and amortization included in the measure of segment profitability is primarily allocated based on proportional usage, and is included within Total reportable segments operating income.