In February 2020, the Board of Directors of the Company authorized a share buyback program to repurchase up to 100 million shares of our common stock. During the years ended December 31, 2025, 2024, and 2023, we did not repurchase any shares of our common stock under our share buyback program. At December 31, 2025, the maximum number of shares that could be purchased by or on behalf of Verizon under our share buyback program was 100 million. The share buyback program authorized by the Board in February 2020 terminated upon the authorization of the new share repurchase program discussed below.

On January 30, 2026, the Board of Directors of the Company authorized a share repurchase program for up to $25 billion of our common stock. The program will terminate when the aggregate consideration paid to purchase shares of our common stock reaches $25 billion, exclusive of any fees, commissions or other expenses, or a new share repurchase plan superseding the current plan is authorized, whichever is sooner. Under the program, shares may be repurchased in privately negotiated transactions, on the open market, or otherwise, including through plans complying with Rule 10b5-1 or Rule 10b-18 under the Exchange Act. The timing and number of shares purchased under the program, if any, will depend on prevailing stock prices, general economic and market conditions, and other considerations. The share repurchase program does not obligate us to acquire any particular amount of common stock, and the program may be suspended or discontinued at any time at our discretion.

Common stock has been used from time to time to satisfy some of the funding requirements of employee and shareholder plans. During the years ended December 31, 2025, 2024, and 2023, we issued 7.5 million, 5.4 million and 4.4 million shares of common stock from treasury stock, which had aggregate values of $328 million, $238 million and $192 million, respectively.

Comprehensive income consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Significant changes in the components of Other comprehensive income (loss), net of provision for income taxes are described below.


(dollars in millions)	Foreign currency translation adjustments		Unrealized gain (loss) on cash flow hedges		Unrealized gain (loss) on fair value hedges		Unrealized gain (loss) on marketable securities		Defined benefit pension and postretirement plans		Total
Balance at January 1, 2023	$	(698)	$	(1,150)	$	(431)	$	(9)	$	423	$	(1,865)


Excluded components recognized in other comprehensive income	—		—		617		—		—		617
Other comprehensive income	62		3		—		5		—		70
Amounts reclassified to net income	—		85		(81)		2		(208)		(202)
Net other comprehensive income (loss)	62		88		536		7		(208)		485
Balance at December 31, 2023	(636)		(1,062)		105		(2)		215		(1,380)
Excluded components recognized in other comprehensive income	—		—		547		—		—		547
Other comprehensive loss	(97)		(16)		—		(3)		—		(116)
Amounts reclassified to net income	—		97		(63)		—		(8)		26
Net other comprehensive income (loss)	(97)		81		484		(3)		(8)		457
Balance at December 31, 2024	(733)		(981)		589		(5)		207		(923)
Excluded components recognized in other comprehensive income	—		—		(848)		—		—		(848)
Other comprehensive income (loss)	126		(91)		—		5		—		40
Amounts reclassified to net income	—		83		(69)		—		(10)		4
Net other comprehensive income (loss)	126		(8)		(917)		5		(10)		(804)
Balance at December 31, 2025	$	(607)	$	(989)	$	(328)	$	—	$	197	$	(1,727)

The amounts presented above in Net other comprehensive income (loss) are net of taxes. The amounts reclassified to net income related to unrealized gain (loss) on cash flow hedges and unrealized gain (loss) on fair value hedges in the table above are included in Other income (expense), net and Interest expense in our consolidated statements of income. See Note 9 for additional information. The amounts reclassified to net income related to unrealized gain (loss) on marketable securities in the table above are included in Other income (expense), net in our consolidated statements of income. The amounts reclassified to net income related to defined benefit pension and postretirement plans in the table above are included in Other income (expense), net in our consolidated statements of income. See Note 11 for additional information.