Earnings release
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VZQTR20FIN Exhibit 99 News Release FOR IMMEDIATE RELEASE Media contacts: October 29, 2025 Katie Magnotta 201-602-9235 katie.magnotta@verizon.com Jamie Serino 201-401-5460 jamie.serino@verizon.com Verizon Reports 3Q 2025 Earnings Reiterates Full-Year Financial Guidance Verizon CEO Outlines New Vision 3Q 2025 Key Results • Grew wireless service revenue to $21.0 billion • Over 18 percent of the company's Consumer postpaid phone customers have a converged offering • Raised the dividend for the 19th consecutive year NEW YORK - Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported third-quarter 2025 results and is on track to deliver full-year financial guidance. “We are going to take bold and fiscally responsible action to redefine Verizon’s trajectory at this critical inflection point for our company. We will rapidly shift to a customer-first culture, one that thrives on delighting our customers,” said Dan Schulman, Verizon CEO. “These will not be incremental changes. We will aggressively transform our culture, our cost structure, and the financial profile of Verizon in order to put our customers first, compete effectively, and deliver sustainable returns for our shareholders.” On this morning's third quarter earnings call, Schulman will provide his vision to return Verizon to growth. 1 Page 1 VlpHU09DSUQyMDE5UTE=
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VZQTR20FIN 3Q 2025 Highlights Consolidated • Earnings per share (EPS) of $1.17 in third-quarter 2025 compared to EPS of $0.78 in third-quarter 2024; adjusted EPS, excluding special items, of $1.21 compared to $1.19 in third-quarter 2024. • Total operating revenue of $33.8 billion in third-quarter 2025, up 1.5 percent year-over-year. • Cash flow from operating activities for the nine months ended September 30, 2025 was $28.0 billion, an increase from $26.5 billion during the same period in 2024. • Free cash flow for the nine months ended September 30, 2025 was $15.8 billion, an increase from $14.5 billion during the same period in 2024. • Consolidated net income for third-quarter 2025 was $5.1 billion compared to $3.4 billion in third-quarter 2024. Consolidated adjusted EBITDA was $12.8 billion in third-quarter 2025 compared to $12.5 billion in third-quarter 2024. • Wireless service revenue in third-quarter 2025 was an industry-leading $21.0 billion, up 2.1 percent year- over-year. • Wireless equipment revenue of $5.6 billion in third-quarter 2025, up 5.2 percent year-over-year. • Verizon's total unsecured debt as of the end of third-quarter 2025 was $119.7 billion, compared to $126.4 billion at the end of third-quarter 2024. The company's net unsecured debt at the end of third-quarter 2025 was $112.0 billion. At the end of third-quarter 2025, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 5.9 times and its net unsecured debt to consolidated adjusted EBITDA ratio was 2.2 times. Broadband • Delivered 306,000 broadband net additions in third-quarter 2025. • Total fixed wireless access net additions were 261,000 in third-quarter 2025, bringing the base to nearly 5.4 million fixed wireless access subscribers. • Delivered 61,000 Fios internet net additions in third-quarter 2025, the best quarterly result in two years. • Total broadband connections grew to more than 13.2 million as of the end of third-quarter 2025, representing a 11.1 percent increase year-over-year. Verizon Consumer • Total Verizon Consumer revenue was $26.1 billion in third-quarter 2025, an increase of 2.9 percent year- over-year. • Consumer wireless service revenue in third-quarter 2025 was $17.4 billion, up 2.4 percent year-over-year. • Consumer wireless retail postpaid churn was 1.12 percent in third-quarter 2025, and wireless retail postpaid phone churn was 0.91 percent. • Consumer wireless postpaid average revenue per account (ARPA) of $147.91 in third-quarter 2025, an increase of 2.0 percent year-over-year. • In third-quarter 2025, Consumer reported 7,000 wireless retail postpaid phone net losses compared to 18,000 postpaid phone net additions in third-quarter 2024. 2 2 2 1 2 2 Page 2 VlpHU09DSUQyMDE5UTE=
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VZQTR20FIN • In third-quarter 2025, Consumer reported 47,000 wireless retail core prepaid net additions, representing the fifth consecutive quarter of positive subscriber growth. • In third-quarter 2025, Consumer operating income was $7.7 billion, an increase of 0.8 percent year-over- year, and segment operating income margin was 29.4 percent, compared to 30.0 percent in third-quarter 2024. Segment EBITDA in third-quarter 2025 was $11.2 billion, an increase of 2.0 percent year-over-year. These results were driven by improvements in Consumer wireless service revenue. Segment EBITDA margin in third-quarter 2025 was 43.0 percent compared to 43.4 percent in third-quarter 2024. Verizon Business • Total Verizon Business revenue was $7.1 billion in third-quarter 2025, a decrease of 2.8 percent year-over- year. • Business wireless service revenue in third-quarter 2025 was $3.6 billion, an increase of 0.7 percent year- over-year. • Business reported 110,000 wireless retail postpaid net additions in third-quarter 2025. This result included 51,000 postpaid phone net additions. • Business wireless retail postpaid churn was 1.56 percent in third-quarter 2025, and wireless retail postpaid phone churn was 1.25 percent. • In third-quarter 2025, Verizon Business operating income was $637 million, an increase of 12.7 percent year-over-year, resulting in segment operating income margin of 8.9 percent, an increase from 7.7 percent in third-quarter 2024. Segment EBITDA in third-quarter 2025 was $1.7 billion, an increase of 4.2 percent year-over-year. Segment EBITDA margin in third-quarter 2025 was 23.4 percent, an increase from 21.8 percent in third-quarter 2024. Outlook and guidance The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information. Verizon remains confident in its previously updated guidance for the full year: • Total wireless service revenue growthof 2.0 percent to 2.8 percent. • Adjusted EBITDA growth of 2.5 percent to 3.5 percent. • Adjusted EPS growth of 1.0 percent to 3.0 percent. • Cash flow from operations of $37.0 billion to $39.0 billion. • Free cash flow of $19.5 billion to $20.5 billion. In addition, Verizon remains on track to meet its investment goals for 2025 and expects capital expenditures to be within or below the previously guided range of $17.5 billion to $18.5 billion. Verizon's 2025 financial guidance does not reflect any assumptions regarding the pending acquisition of Frontier. Total wireless service revenue represents the sum of Consumer and Business segments. Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation. 3 2 2 2 2 1 2 2 2 1 Page 3 VlpHU09DSUQyMDE5UTE=
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VZQTR20FIN Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP). Represents total prepaid results excluding SafeLink brand. Includes both phone and non-phone net additions. Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores. ### VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/about/news. For images and logos, visit verizon.com/about/news/media-resources. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/. Forward-looking statements In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all. 2 3 Page 4 VlpHU09DSUQyMDE5UTE=
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Verizon Communications Inc. Condensed Consolidated Statements of Income (dollars in millions, except per share amounts) Unaudited 3 Mos. Ended9/30/25 3 Mos. Ended9/30/24 %Change 9 Mos. Ended9/30/25 9 Mos. Ended9/30/24 %Change Operating Revenues Service revenues and other $ 28,202 $ 27,987 0.8 $ 84,538 $ 83,405 1.4 Wireless equipment revenues 5,619 5,343 5.2 17,272 15,702 10.0 Total Operating Revenues 33,821 33,330 1.5 101,810 99,107 2.7 Operating Expenses Cost of services 6,863 7,193 (4.6) 20,691 21,064 (1.8) Cost of wireless equipment 6,483 6,047 7.2 19,596 17,519 11.9 Selling, general and administrative expense 7,752 9,706 (20.1) 23,438 25,873 (9.4) Depreciation and amortization expense 4,618 4,458 3.6 13,830 13,386 3.3 Total Operating Expenses 25,716 27,404 (6.2) 77,555 77,842 (0.4) Operating Income 8,105 5,926 36.8 24,255 21,265 14.1 Equity in losses of unconsolidated businesses (6) (24) (75.0) (3) (47) (93.6) Other income, net 92 72 27.8 292 198 47.5 Interest expense (1,664) (1,672) (0.5) (4,935) (5,005) (1.4) Income Before Provision For Income Taxes 6,527 4,302 51.7 19,609 16,411 19.5 Provision for income taxes (1,471) (891) 65.1 (4,449) (3,576) 24.4 Net Income $ 5,056 $ 3,411 48.2 $ 15,160 $ 12,835 18.1 Net income attributable to noncontrolling interests $ 106 $ 105 1.0 $ 328 $ 334 (1.8) Net income attributable to Verizon 4,950 3,306 49.7 14,832 12,501 18.6 Net Income $ 5,056 $ 3,411 48.2 $ 15,160 $ 12,835 18.1 Basic Earnings Per Common Share Net income attributable to Verizon $ 1.17 $ 0.78 50.0 $ 3.51 $ 2.96 18.6 Weighted-average shares outstanding (in millions) 4,228 4,220 4,225 4,217 Diluted Earnings Per Common Share Net income attributable to Verizon $ 1.17 $ 0.78 50.0 $ 3.51 $ 2.96 18.6 Weighted-average shares outstanding (in millions) 4,233 4,225 4,229 4,221 Footnotes: (1) Where applicable, Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution. (1)
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Verizon Communications Inc. Condensed Consolidated Balance Sheets (dollars in millions) Unaudited 9/30/25 12/31/24 $ Change Assets Current assets Cash and cash equivalents $ 7,706 $ 4,194 $ 3,512 Accounts receivable 27,083 27,261 (178) Less Allowance for credit losses 1,163 1,152 11 Accounts receivable, net 25,920 26,109 (189) Inventories 2,700 2,247 453 Prepaid expenses and other 7,684 7,973 (289) Total current assets 44,010 40,523 3,487 Property, plant and equipment 334,765 331,406 3,359 Less Accumulated depreciation 226,298 222,884 3,414 Property, plant and equipment, net 108,467 108,522 (55) Investments in unconsolidated businesses 799 842 (43) Wireless licenses 156,926 156,613 313 Goodwill 22,841 22,841 — Other intangible assets, net 10,516 11,129 (613) Operating lease right-of-use assets 23,760 24,472 (712) Other assets 21,012 19,769 1,243 Total assets $ 388,331 $ 384,711 $ 3,620 Liabilities and Equity Current liabilities Debt maturing within one year $ 20,146 $ 22,633 $ (2,487) Accounts payable and accrued liabilities 20,700 23,374 (2,674) Current operating lease liabilities 4,501 4,415 86 Other current liabilities 14,216 14,349 (133) Total current liabilities 59,563 64,771 (5,208) Long-term debt 126,629 121,381 5,248 Employee benefit obligations 11,072 11,997 (925) Deferred income taxes 48,226 46,732 1,494 Non-current operating lease liabilities 19,176 19,928 (752) Other liabilities 17,320 19,327 (2,007) Total long-term liabilities 222,423 219,365 3,058 Equity Common stock 429 429 — Additional paid in capital 13,408 13,466 (58) Retained earnings 95,316 89,110 6,206 Accumulated other comprehensive loss (1,651) (923) (728) Common stock in treasury, at cost (3,287) (3,583) 296 Deferred compensation – employee stock ownership plans and other 827 738 89 Noncontrolling interests 1,303 1,338 (35) Total equity 106,345 100,575 5,770 Total liabilities and equity $ 388,331 $ 384,711 $ 3,620
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Verizon Communications Inc. Consolidated - Selected Financial and Operating Statistics (dollars in millions, except per share amounts) Unaudited 9/30/25 12/31/24 Total debt $ 146,775 $ 144,014 Unsecured debt $ 119,714 $ 117,876 Net unsecured debt $ 112,008 $ 113,682 Unsecured debt / Consolidated Net Income (LTM) 5.9x 6.6x Net unsecured debt / Consolidated Adjusted EBITDA 2.2x 2.3x Common shares outstanding end of period (in millions) 4,216 4,210 Total employees (‘000) 100.2 99.6 Quarterly cash dividends declared per common share $ 0.6900 $ 0.6775 Footnotes: (1) Non-GAAP financial measure. (2) Consolidated Adjusted EBITDA excludes the effects of non-operational items and special items. (3) Number of employees on a full-time equivalent basis. (1) (1)(2) (3)
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Verizon Communications Inc. Condensed Consolidated Statements of Cash Flows (dollars in millions) Unaudited 9 Mos. Ended9/30/25 9 Mos. Ended9/30/24 $ Change Cash Flows from Operating Activities Net Income $ 15,160 $ 12,835 $ 2,325 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 13,830 13,386 444 Employee retirement benefits 444 469 (25) Deferred income taxes 1,809 247 1,562 Provision for expected credit losses 1,613 1,623 (10) Equity in losses of unconsolidated businesses, inclusive of dividends received 41 62 (21) Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses (4,054) (2,609) (1,445) Other, net (820) 467 (1,287) Net cash provided by operating activities 28,023 26,480 1,543 Cash Flows from Investing Activities Capital expenditures (including capitalized software) (12,263) (12,019) (244) Acquisitions of wireless licenses (340) (768) 428 Other, net 923 (326) 1,249 Net cash used in investing activities (11,680) (13,113) 1,433 Cash Flows from Financing Activities Proceeds from long-term borrowings 3,952 3,142 810 Proceeds from asset-backed long-term borrowings 7,340 8,229 (889) Repayments of long-term borrowings and finance lease obligations (7,529) (6,623) (906) Repayments of asset-backed long-term borrowings (6,437) (6,158) (279) Dividends paid (8,569) (8,399) (170) Other, net (1,579) (1,668) 89 Net cash used in financing activities (12,822) (11,477) (1,345) Increase in cash, cash equivalents and restricted cash 3,521 1,890 1,631 Cash, cash equivalents and restricted cash, beginning of period 4,635 3,497 1,138 Cash, cash equivalents and restricted cash, end of period $ 8,156 $ 5,387 $ 2,769 Footnote: Certain amounts have been reclassified to conform to the current period presentation.
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Verizon Communications Inc. Consumer - Selected Financial Results (dollars in millions) Unaudited 3 Mos. Ended9/30/25 3 Mos. Ended9/30/24 %Change 9 Mos. Ended9/30/25 9 Mos. Ended9/30/24 %Change Operating Revenues Service $ 20,338 $ 19,919 2.1 $ 60,664 $ 59,394 2.1 Wireless equipment 4,766 4,478 6.4 14,667 13,111 11.9 Other 1,001 963 3.9 3,040 2,839 7.1 Total Operating Revenues 26,105 25,360 2.9 78,371 75,344 4.0 Operating Expenses Cost of services 4,635 4,567 1.5 13,790 13,554 1.7 Cost of wireless equipment 5,270 4,850 8.7 15,988 14,032 13.9 Selling, general and administrative expense 4,968 4,928 0.8 15,169 15,064 0.7 Depreciation and amortization expense 3,568 3,411 4.6 10,693 10,114 5.7 Total Operating Expenses 18,441 17,756 3.9 55,640 52,764 5.5 Operating Income $ 7,664 $ 7,604 0.8 $ 22,731 $ 22,580 0.7 Operating Income Margin 29.4 % 30.0 % 29.0 % 30.0 % Segment EBITDA $ 11,232 $ 11,015 2.0 $ 33,424 $ 32,694 2.2 Segment EBITDA Margin 43.0 % 43.4 % 42.6 % 43.4 % Footnotes: (1) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation. (2) Non-GAAP financial measure. The segment financial results and metrics above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance. Certain intersegment transactions with corporate entities have not been eliminated. (1) (1) (2) (2)
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Verizon Communications Inc. Consumer - Selected Operating Statistics Unaudited 9/30/25 9/30/24 % Change Connections (‘000): Wireless retail 115,076 114,211 0.8 Wireless retail postpaid 94,870 94,005 0.9 Wireless retail postpaid phone 74,364 74,412 (0.1) Wireless retail core prepaid 19,062 18,780 1.5 Fios video 2,494 2,744 (9.1) Fios internet 7,263 7,088 2.5 Fixed wireless access (FWA) broadband 3,198 2,498 28.0 Wireline broadband 7,395 7,264 1.8 Total broadband 10,593 9,762 8.5 Unaudited 3 Mos. Ended9/30/25 3 Mos. Ended9/30/24 %Change 9 Mos. Ended9/30/25 9 Mos. Ended9/30/24 %Change Gross Additions (‘000): Wireless retail postpaid 3,104 3,088 0.5 9,351 8,972 4.2 Wireless retail postpaid phone 2,016 1,860 8.4 5,632 5,181 8.7 Net Additions Detail (‘000): Wireless retail (108) (1) * (155) (694) 77.7 Wireless retail postpaid (74) 68 * (237) 215 * Wireless retail postpaid phone (7) 18 * (414) (285) (45.3) Wireless retail core prepaid 47 80 (41.3) 234 (63) * Fios video (70) (74) 5.4 (190) (207) 8.2 Fios internet 59 39 51.3 128 112 14.3 FWA broadband 121 209 (42.1) 484 630 (23.2) Wireline broadband 47 26 80.8 95 75 26.7 Total broadband 168 235 (28.5) 579 705 (17.9) Churn Rate: Wireless retail 1.61 % 1.61 % 1.59 % 1.62 % Wireless retail postpaid 1.12 % 1.07 % 1.12 % 1.04 % Wireless retail postpaid phone 0.91 % 0.83 % 0.90 % 0.82 % Wireless retail core prepaid 3.73 % 3.72 % 3.60 % 3.64 % Revenue Statistics (in millions): Wireless service revenue $ 17,441 $ 17,036 2.4 $ 52,009 $ 50,781 2.4 Fios revenue $ 2,937 $ 2,916 0.7 $ 8,757 $ 8,708 0.6 (1) (1) (1) (2)
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Verizon Communications Inc. Consumer - Selected Operating Statistics (continued) Unaudited 3 Mos. Ended9/30/25 3 Mos. Ended9/30/24 %Change 9 Mos. Ended9/30/25 9 Mos. Ended9/30/24 %Change Other Wireless Statistics: Wireless retail postpaid ARPA $ 147.91 $ 144.94 2.0 $ 147.29 $ 143.46 2.7 Wireless retail postpaid upgrade rate 3.6 % 3.2 % Wireless retail postpaid accounts (‘000) 32,353 32,719 (1.1) Wireless retail postpaid connections per account 2.93 2.87 2.1 Wireless retail core prepaid ARPU $ 32.70 $ 32.41 0.9 $ 32.40 $ 32.38 0.1 Footnotes: (1) Represents total prepaid results excluding our SafeLink brand. (2) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation. (3) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts. (4) Statistics presented as of end of period. (5) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand. Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation. Certain intersegment transactions with corporate entities have not been eliminated. * Not meaningful (2)(3) (4) (4) (5)
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Verizon Communications Inc. Business - Selected Financial Results (dollars in millions) Unaudited 3 Mos. Ended9/30/25 3 Mos. Ended9/30/24 %Change 9 Mos. Ended9/30/25 9 Mos. Ended9/30/24 %Change Operating Revenues Enterprise and Public Sector $ 3,311 $ 3,538 (6.4) $ 10,203 $ 10,670 (4.4) Business Markets and Other 3,352 3,263 2.7 10,012 9,661 3.6 Wholesale 479 550 (12.9) 1,488 1,696 (12.3) Total Operating Revenues 7,142 7,351 (2.8) 21,703 22,027 (1.5) Operating Expenses Cost of services 2,224 2,440 (8.9) 6,897 7,327 (5.9) Cost of wireless equipment 1,213 1,197 1.3 3,608 3,487 3.5 Selling, general and administrative expense 2,033 2,109 (3.6) 6,173 6,503 (5.1) Depreciation and amortization expense 1,035 1,040 (0.5) 3,086 3,246 (4.9) Total Operating Expenses 6,505 6,786 (4.1) 19,764 20,563 (3.9) Operating Income $ 637 $ 565 12.7 $ 1,939 $ 1,464 32.4 Operating Income Margin 8.9 % 7.7 % 8.9 % 6.6 % Segment EBITDA $ 1,672 $ 1,605 4.2 $ 5,025 $ 4,710 6.7 Segment EBITDA Margin 23.4 % 21.8 % 23.2 % 21.4 % Footnotes: (1) Non-GAAP financial measure. The segment financial results and metrics above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance. Certain intersegment transactions with corporate entities have not been eliminated. (1) (1)
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Verizon Communications Inc. Business - Selected Operating Statistics Unaudited 9/30/25 9/30/24 % Change Connections (‘000): Wireless retail postpaid 31,043 30,532 1.7 Wireless retail postpaid phone 18,882 18,603 1.5 Fios video 49 56 (12.5) Fios internet 411 397 3.5 FWA broadband 2,193 1,698 29.2 Wireline broadband 456 459 (0.7) Total broadband 2,649 2,157 22.8 Unaudited 3 Mos. Ended9/30/25 3 Mos. Ended9/30/24 %Change 9 Mos. Ended9/30/25 9 Mos. Ended9/30/24 %Change Gross Additions (‘000): Wireless retail postpaid 1,559 1,601 (2.6) 4,620 4,711 (1.9) Wireless retail postpaid phone 756 770 (1.8) 2,227 2,201 1.2 Net Additions Detail (‘000): Wireless retail postpaid 110 281 (60.9) 269 727 (63.0) Wireless retail postpaid phone 51 149 (65.8) 160 364 (56.0) Fios video (2) (2) — (5) (5) — Fios internet 2 4 (50.0) 10 12 (16.7) FWA broadband 140 154 (9.1) 363 465 (21.9) Wireline broadband (2) — * (4) (1) * Total broadband 138 154 (10.4) 359 464 (22.6) Churn Rate: Wireless retail postpaid 1.56 % 1.45 % 1.56 % 1.47 % Wireless retail postpaid phone 1.25 % 1.12 % 1.22 % 1.11 % Revenue Statistics (in millions): Wireless service revenue $ 3,588 $ 3,562 0.7 $ 10,732 $ 10,550 1.7 Fios revenue $ 310 $ 314 (1.3) $ 930 $ 938 (0.9) Other Operating Statistics: Wireless retail postpaid upgrade rate 2.3 % 2.5 % Footnotes: (1) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation. Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation. Certain intersegment transactions with corporate entities have not been eliminated. * Not meaningful (1)
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Verizon Communications Inc. Supplemental Information - Total Wireless Operating and Financial Statistics The following supplemental schedule contains certain financial and operating metrics which reflect an aggregation of our Consumer and Business segments’ wireless results. Unaudited 9/30/25 9/30/24 % Change Connections (‘000) Retail 146,119 144,743 1.0 Retail postpaid 125,913 124,537 1.1 Retail postpaid phone 93,246 93,015 0.2 Retail core prepaid 19,062 18,780 1.5 Unaudited 3 Mos. Ended 9/30/25 3 Mos. Ended 9/30/24 % Change 9 Mos. Ended 9/30/25 9 Mos. Ended 9/30/24 % Change Net Additions Detail (‘000) Retail 2 280 (99.3) 114 33 * Retail postpaid 36 349 (89.7) 32 942 (96.6) Retail postpaid phone 44 167 (73.7) (254) 79 * Retail core prepaid 47 80 (41.3) 234 (63) * Account Statistics Retail postpaid accounts (‘000) 34,470 34,746 (0.8) Retail postpaid connections per account 3.65 3.58 2.0 Retail postpaid ARPA $ 171.27 $ 168.44 1.7 $ 170.62 $ 166.69 2.4 Retail core prepaid ARPU $ 32.70 $ 32.41 0.9 $ 32.40 $ 32.38 0.1 Churn Detail Retail 1.60 % 1.57 % 1.59 % 1.59 % Retail postpaid 1.23 % 1.16 % 1.23 % 1.14 % Retail postpaid phone 0.98 % 0.88 % 0.97 % 0.87 % Retail core prepaid 3.73 % 3.72 % 3.60 % 3.64 % Retail Postpaid Connection Statistics Upgrade rate 3.3 % 3.0 % Revenue Statistics (in millions) FWA revenue $ 758 $ 562 34.9 $ 2,154 $ 1,528 41.0 Wireless service $ 21,029 $ 20,598 2.1 $ 62,741 $ 61,331 2.3 Wireless equipment 5,619 5,343 5.2 17,272 15,702 10.0 Wireless other 996 907 9.8 3,031 2,645 14.6 Total Wireless $ 27,644 $ 26,848 3.0 $ 83,044 $ 79,678 4.2 Footnotes: (1) Represents total prepaid results excluding our SafeLink brand. (2) Statistics presented as of end of period. (3) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts. (4) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand. (5) Intersegment transactions between Consumer or Business segment with corporate entities have not been eliminated. (6) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025. Where applicable, historical results have been recast to conform to the current period presentation. Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation. * Not meaningful (1) (1) (2) (2) (3)(6) (4) (1) (5) (6) (6)
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Verizon Communications Inc. Non-GAAP Reconciliations - Consolidated Verizon Consolidated EBITDA and Consolidated Adjusted EBITDA (dollars in millions) Unaudited 3 Mos. Ended9/30/25 3 Mos. Ended6/30/25 3 Mos. Ended3/31/25 3 Mos. Ended12/31/24 3 Mos. Ended9/30/24 3 Mos. Ended6/30/24 3 Mos. Ended3/31/24 Consolidated Net Income $ 5,056 $ 5,121 $ 4,983 $ 5,114 $ 3,411 $ 4,702 $ 4,722 Add: Provision for income taxes 1,471 1,488 1,490 1,454 891 1,332 1,353 Interest expense 1,664 1,639 1,632 1,644 1,672 1,698 1,635 Depreciation and amortization expense 4,618 4,635 4,577 4,506 4,458 4,483 4,445 Consolidated EBITDA $ 12,809 $ 12,883 $ 12,682 $ 12,718 $ 10,432 $ 12,215 $ 12,155 Add/(subtract): Other (income) expense, net $ (92) $ (79) $ (121) $ (797) $ (72) $ 72 $ (198) Equity in (earnings) losses of unconsolidated businesses 6 3 (6) 6 24 14 9 Acquisition and integration related charges 52 — — — — — — Severance charges — — — — 1,733 — — Asset and business rationalization — — — — 374 — — Legacy legal matter — — — — — — 106 (34) (76) (127) (791) 2,059 86 (83) Consolidated Adjusted EBITDA $ 12,775 $ 12,807 $ 12,555 $ 11,927 $ 12,491 $ 12,301 $ 12,072 Footnotes: (1) Includes Amortization of acquisition-related intangible assets. (2) Includes Pension and benefits remeasurement adjustments, where applicable. Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM) (dollars in millions) Unaudited 12 Mos. Ended9/30/25 12 Mos. Ended12/31/24 Consolidated Net Income $ 20,274 $ 17,949 Add: Provision for income taxes 5,903 5,030 Interest expense 6,579 6,649 Depreciation and amortization expense 18,336 17,892 Consolidated EBITDA $ 51,092 $ 47,520 Add/(subtract): Other income, net $ (1,089) $ (995) Equity in losses of unconsolidated businesses 9 53 Acquisition and integration related charges 52 — Severance charges — 1,733 Asset and business rationalization — 374 Legacy legal matter — 106 (1,028) 1,271 Consolidated Adjusted EBITDA $ 50,064 $ 48,791 Footnotes: (1) Includes Amortization of acquisition-related intangible assets. (2) Includes Pension and benefits remeasurement adjustments, where applicable. (1) (2) (1) (2)
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Verizon Communications Inc. Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio (dollars in millions) Unaudited 9/30/25 6/30/25 12/31/24 9/30/24 Debt maturing within one year $ 20,146 $ 22,067 $ 22,633 $ 21,763 Long-term debt 126,629 123,929 121,381 128,878 Total Debt 146,775 145,996 144,014 150,641 Less Secured debt 27,061 26,600 26,138 24,272 Unsecured Debt 119,714 119,396 117,876 126,369 Less Cash and cash equivalents 7,706 3,435 4,194 4,987 Net Unsecured Debt $ 112,008 $ 115,961 $ 113,682 $ 121,382 Consolidated Net Income (LTM) $ 20,274 $ 17,949 Unsecured Debt to Consolidated Net Income Ratio 5.9x 6.6x Consolidated Adjusted EBITDA (LTM) $ 50,064 $ 48,791 Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio 2.2x 2.3x Adjusted Earnings per Common Share (Adjusted EPS) (dollars in millions, except per share amounts) Unaudited 3 Mos. Ended 9/30/25 3 Mos. Ended 9/30/24 Pre-tax Tax After-Tax Pre-tax Tax After-Tax EPS $ 1.17 $ 0.78 Amortization of acquisition-related intangible assets $ 189 $ (48) $ 141 0.03 $ 186 $ (46) $ 140 0.03 Acquisition and integration related charges 52 — 52 0.01 — — — — Severance charges — — — — 1,733 (429) 1,304 0.31 Asset and business rationalization — — — — 374 (90) 284 0.07 $ 241 $ (48) $ 193 $ 0.05 $ 2,293 $ (565) $ 1,728 $ 0.41 Adjusted EPS $ 1.21 $ 1.19 Footnote: Adjusted EPS may not add due to rounding. Free Cash Flow (dollars in millions) Unaudited 9 Mos. Ended 9/30/25 9 Mos. Ended 9/30/24 Net Cash Provided by Operating Activities $ 28,023 $ 26,480 Capital expenditures (including capitalized software) (12,263) (12,019) Free Cash Flow $ 15,760 $ 14,461 Free Cash Flow Forecast for Full Year 2025 (dollars in millions) Unaudited RevisedForecast OriginalForecast Net Cash Provided by Operating Activities Forecast $ 37,000 - 39,000 $ 35,000 - 37,000 Capital expenditures forecast (including capitalized software) (17,500 - 18,500) (17,500 - 18,500) Free Cash Flow Forecast $ 19,500 - 20,500 $ 17,500 - 18,500
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Verizon Communications Inc. Non-GAAP Reconciliations - Segments Segment EBITDA and Segment EBITDA Margin Consumer (dollars in millions) Unaudited 3 Mos. Ended 9/30/25 3 Mos. Ended 9/30/24 9 Mos. Ended9/30/25 9 Mos. Ended9/30/24 Operating Income $ 7,664 $ 7,604 $ 22,731 $ 22,580 Add Depreciation and amortization expense 3,568 3,411 10,693 10,114 Segment EBITDA $ 11,232 $ 11,015 $ 33,424 $ 32,694 Year over year change % 2.0 % 2.2 % Total operating revenues $ 26,105 $ 25,360 $ 78,371 $ 75,344 Operating Income Margin 29.4 % 30.0 % 29.0 % 30.0 % Segment EBITDA Margin 43.0 % 43.4 % 42.6 % 43.4 % Business (dollars in millions) Unaudited 3 Mos. Ended 9/30/25 3 Mos. Ended 9/30/24 9 Mos. Ended9/30/25 9 Mos. Ended9/30/24 Operating Income $ 637 $ 565 $ 1,939 $ 1,464 Add Depreciation and amortization expense 1,035 1,040 3,086 3,246 Segment EBITDA $ 1,672 $ 1,605 $ 5,025 $ 4,710 Year over year change % 4.2 % 6.7 % Total operating revenues $ 7,142 $ 7,351 $ 21,703 $ 22,027 Operating Income Margin 8.9 % 7.7 % 8.9 % 6.6 % Segment EBITDA Margin 23.4 % 21.8 % 23.2 % 21.4 %