v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information
Note 13. 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 communications 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 FWA broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access. As of December 31, 2025, our wireline services are provided in nine 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. We also provide fixed wireless access (FWA) broadband through our fifth-generation (5G) or fourth-generation (4G) Long-Term Evolution (LTE) networks as an alternative to traditional landline internet access.
Verizon
Business Group
Our Business segment provides wireless and wireline communications 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 organized by the primary customer groups for these offerings: Enterprise and Public Sector, Business Markets and Other, and Wholesale.

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 historical results of divested businesses and 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.
The following tables provide operating financial information for our two reportable segments:
(dollars in millions)
2025ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service(1)
$80,617 $— $80,617 
Wireless equipment21,779 — 21,779 
Other(1)(2)
4,116 — 4,116 
Enterprise and Public Sector— 13,532 13,532 
Business Markets and Other— 13,555 13,555 
Wholesale— 1,953 1,953 
Intersegment revenues295 29 324 
Total Operating Revenues(3)
106,807 29,069 135,876 
Operating Expenses(4)
Cost of wireless equipment23,930 5,046 28,976 
Centrally managed network and shared service costs(5)
17,991 9,717 27,708 
Depreciation and amortization expense14,173 4,112 18,285 
Other segment expenses(6)
21,085 7,662 28,747 
Total Operating Expenses
77,179 26,537 103,716 
Operating Income$29,628 $2,532 $32,160 
(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.
(2) Other revenue 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) Service and other revenues and Wireless equipment revenues included in our Business segment amounted to approximately $25.4 billion and $3.7 billion, respectively, for the year ended December 31, 2025.
(4) 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.
(5) 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.
(6) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.
(dollars in millions)
2024ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service(1)
$79,245 $— $79,245 
Wireless equipment19,598 — 19,598 
Other(1)(2)
3,848 — 3,848 
Enterprise and Public Sector— 14,218 14,218 
Business Markets and Other— 13,081 13,081 
Wholesale— 2,196 2,196 
Intersegment revenues213 36 249 
Total Operating Revenues(3)
102,904 29,531 132,435 
Operating Expenses(4)
Cost of wireless equipment21,259 4,841 26,100 
Centrally managed network and shared service costs(5)
17,781 10,200 27,981 
Depreciation and amortization expense13,552 4,307 17,859 
Other segment expenses(6)
20,828 8,125 28,953 
Total Operating Expenses
73,420 27,473 100,893 
Operating Income$29,484 $2,058 $31,542 
(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.
(2) Other revenue 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) Service and other revenues and Wireless equipment revenues included in our Business segment amounted to approximately $25.9 billion and $3.6 billion, respectively, for the year ended December 31, 2024.
(4) 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.
(5) 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.
(6) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.
(dollars in millions)
2023ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service(1)
$77,127 $— $77,127 
Wireless equipment20,645 — 20,645 
Other(1)(2)
3,645 — 3,645 
Enterprise and Public Sector— 15,076 15,076 
Business Markets and Other— 12,697 12,697 
Wholesale— 2,313 2,313 
Intersegment revenues209 36 245 
Total Operating Revenues(3)
101,626 30,122 131,748 
Operating Expenses(4)
Cost of wireless equipment21,827 4,959 26,786 
Centrally managed network and shared service costs(5)
17,496 10,590 28,086 
Depreciation and amortization expense13,077 4,488 17,565 
Other segment expenses(6)
20,215 8,019 28,234 
Total Operating Expenses
72,615 28,056 100,671 
Operating Income$29,011 $2,066 $31,077 
(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.
(2) Other revenue 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) Service and other revenues and Wireless equipment revenues included in our Business segment amounted to approximately $26.4 billion and $3.7 billion, respectively, for the year ended December 31, 2023.
(4) 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.
(5) 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.
(6) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.

The following table provides Fios revenue for our two reportable segments and includes intersegment activity:
(dollars in millions)
Years Ended December 31,202520242023
Consumer$11,678 $11,647 $11,614 
Business1,244 1,252 1,235 
Total Fios revenue$12,922 $12,899 $12,849 

The following table provides Wireless service revenue for our two reportable segments and includes intersegment activity:
(dollars in millions)
Years Ended December 31,202520242023
Consumer$69,382 $67,951 $65,820 
Business14,321 14,122 13,714 
Total Wireless service revenue$83,703 $82,073 $79,534 
Wireless service revenue 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.

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 total reportable segments’ operating revenues to consolidated operating revenues is as follows:
(dollars in millions)
Years Ended December 31,202520242023
Operating Revenues
Total reportable segments$135,876 $132,435 $131,748 
Corporate and other2,642 2,609 2,479 
Reconciling items:
Eliminations(327)(256)(253)
Consolidated Operating Revenues$138,191 $134,788 $133,974 

A reconciliation of the total reportable segments' operating income to consolidated income before provision for income taxes is as follows:
(dollars in millions)
Years Ended December 31,202520242023
Operating Income
Total reportable segments$32,160 $31,542 $31,077 
Corporate and other(480)(610)(643)
Reconciling items:
Severance charges(1,715)(1,733)(533)
Other components of net periodic pension and benefit charges (Note 11)(32)(33)(248)
Asset and business rationalization
(583)(374)(480)
Acquisition and integration related charges
(91)— — 
Legacy legal matter
— (106)— 
Verizon Business Group goodwill impairment— — (5,841)
Legal settlement— — (100)
Business transformation costs— — (176)
Non-strategic business shutdown— — (179)
Consolidated operating income29,259 28,686 22,877 
Equity in earnings (losses) of unconsolidated businesses— (53)(53)
Other income (expense), net107 995 (313)
Interest expense(6,694)(6,649)(5,524)
Income Before Provision For Income Taxes$22,672 $22,979 $16,987 
No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2025, 2024 or 2023. International operating revenues were not significant during the years ended December 31, 2025, 2024 and 2023. As of December 31, 2025 and 2024, international long-lived assets were not significant.
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 segment operating income.