Debt (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Outstanding Long-term Debt Obligations

Outstanding long-term debt obligations as of December 31, 2025 and 2024 are as follows:


			(dollars in millions)
At December 31,	Maturities	Interest Rates %	2025		2024
Verizon Communications	< 5 Years	0.85 - 7.75	$	29,192	$	29,325
	5-10 Years	1.13 - 7.88	39,769		33,851
	> 10 Years	1.13 - 8.95	60,471		52,719
	< 5 Years	Floating(1)	1,373		1,171
	5-10 Years	Floating(1)	647		1,735

Alltel Corporation	< 5 Years	6.80	38		38
	5-10 Years	7.88	56		56

Operating telephone company subsidiaries – debentures	< 5 Years	6.00 - 8.38	317		286
	5-10 Years	5.13 - 8.75	297		328




Other subsidiaries – asset-backed debt	< 5 Years	1.53 - 6.09	18,247		16,363
	< 5 Years	Floating(1)	8,857		9,805

Finance lease obligations (average rate of 5.0% and 4.8% in 2025 and 2024, respectively)(2)			2,511		2,349
Vendor financing arrangements(2)			16		85
Unamortized discount, net of premium			(3,463)		(3,604)
Unamortized debt issuance costs			(619)		(558)
Total long-term debt, including current maturities			157,709		143,949
Less long-term debt maturing within one year			18,177		22,568
Total long-term debt			$	139,532	$	121,381

Long-term debt maturing within one year			$	18,177	$	22,568
Add short-term vendor financing arrangements(2)			441		65
Debt maturing within one year			$	18,618	$	22,633
Add long-term debt			139,532		121,381
Total debt			$	158,150	$	144,014

N/A - not applicable

(1) For the period ending December 2025, the debt obligations bore interest at floating rates, including floating rates associated with the Secured Overnight Financing Rate (SOFR) for the interest period plus an applicable interest margin per annum. Floating rates associated with SOFR for the interest payments made in December 2025 ranged from 3.943% to 4.869%.

(2) Finance lease and vendor financing obligations are part of alternative financing arrangements.

Maturities of Long-term Debt excluding Unamortized Debt Issuance Costs

Maturities of long-term debt (secured and unsecured) outstanding, including current maturities, excluding finance lease obligations and unamortized debt issuance costs, at December 31, 2025 are as follows:


Years	(dollars in millions)
2026	$	17,267
2027	9,569
2028	13,032
2029	8,115
2030	11,081
Thereafter	96,753

Schedule of Debt Transactions

The following tables show the significant transactions involving the unsecured debt securities of the Company and its subsidiaries that occurred during the year ended December 31, 2025.

Exchange Offers


(dollars in millions)	Principal Amount Exchanged		Principal Amount Issued

Verizon 1.450% - 7.750% notes and floating rate notes, due 2026 - 2030	$	2,207	$	—
Verizon 5.401% notes due 2037(1)	—		2,162

Total(2)	$	2,207	$	2,162

(1) The principal amount issued in exchange does not include either an insignificant amount of cash paid in lieu of the issuance of fractional new notes or accrued and unpaid interest paid on the old notes accepted for exchange to the date of exchange.

(2) The debt exchange offers above meet the criteria to be accounted for as a modification of debt. As a result, the excess of the principal amount of notes exchanged over the principal amount of new notes issued of $45 million was recorded as a premium to Long-term debt in the consolidated balance sheets.

Tender Offers


(dollars in millions)	Principal Amount Purchased		Cash Consideration(1)
Verizon 1.450% - 7.750% notes and floating rate notes, due 2026 - 2030(2)	$	503	$	501
Total	$	503	$	501

(1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase.

(2) The tender offer was launched concurrently with the exchange offer discussed above and made available to different holders of the same series of notes.

Repayments and Repurchases


(dollars in millions)	Principal Repaid/ Repurchased		Amount Paid(1)
Verizon 4.050% notes due 2025	A$	450	$	365
Verizon 0.875% notes due 2025	€	747	840
Verizon 3.250% notes due 2026	843		1,032
Verizon 3.376% notes due 2025	$	793	806
Verizon floating rate notes due 2025	487		490
Verizon 0.850% notes due 2025	686		689
Verizon 2.625% notes due 2026	985		990
Verizon 1.450% notes due 2026	826		829
Verizon 4.125% notes due 2027	607		615
Verizon 3.000% notes due 2027	463		466
Open market repurchases of various Verizon notes(2)	2,319		1,912
Total			$	9,034

(1) Represents amount paid to repay or repurchase, including any accrued interest. In addition, for securities denominated in a currency other than the U.S. dollar, amount paid is shown on a U.S. dollar equivalent basis and includes the amount payable per the derivatives entered into in connection with the transaction. See Note 9 for additional information on cross currency swap transactions related to the transaction.

(2) During 2025, we recorded gains of $397 million in connection with the open market repurchases, which were reflected within Other income (expense), net in our consolidated statement of income.

Issuances


(dollars in millions)	Principal Amount Issued		Net Proceeds(1)
Verizon 3.250% notes due 2032	€	1,000	$	1,142
Verizon 3.750% notes due 2037	1,000		1,134
Verizon 3.996% junior subordinated notes due 2056(2)	2,250		2,573
Verizon 5.742% junior subordinated notes due 2056(2)	£	1,000	1,298
Verizon 5.250% notes due 2035(3)	$	2,250	1,676
Verizon 4.750% notes due 2033	2,000		1,987
Verizon 5.000% notes due 2036	2,250		2,222
Verizon 5.750% notes due 2045	1,500		1,485
Verizon 5.875% notes due 2055(3)	3,250		2,817
Verizon 6.000% notes due 2065(3)	2,000		1,687
Total			$	18,021

(1) Net proceeds were net of underwriting discounts and other issuance costs. In addition, for securities denominated in a currency other than the U.S. dollar, net proceeds are shown on a U.S. dollar equivalent basis. See Note 9 for additional information on cross currency swap transactions related to the issuances.

(2) Notes are subordinate to our senior unsecured notes and have an interest rate reset and deferral features. See Note 9 for additional information on derivative activity related to these transactions.

(3) We contributed $1.3 billion principal amount in aggregate of the notes to our pension plans, as discussed below.

During the year ended December 31, 2025, we completed the following ABS Notes transactions:


(dollars in millions)	Interest Rates %	Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued
January 2025
Series 2025-1
A Senior class notes	4.710	2.99	$	535
B Junior class notes	4.940	2.99	41
C Junior class notes	5.090	2.99	25

Series 2025-2
A Senior class notes	4.940	5.00	446
B Junior class notes	5.160	5.00	34
C Junior class notes	5.340	5.00	20
January 2025 total			1,101

March 2025
Series 2025-3
A-1a Senior class notes	4.510	1.97	706
A-1b Senior class notes	Compounded SOFR + 0.550(1)	1.97	185
B Junior class notes	4.770	1.97	68
C Junior class notes	4.900	1.97	41

Series 2025-4
A Senior class notes	4.760	4.97	446
B Junior class notes	5.020	4.97	34
C Junior class notes	5.200	4.97	20
March 2025 total			1,500

June 2025
Series 2025-5
A-1a Senior class notes	4.400	2.99	401
A-1b Senior class notes	Compounded SOFR + 0.550(1)	2.99	134
B Junior class notes	4.640	2.99	—
C Junior class notes	4.840	2.99	25

Series 2025-6
A Senior class notes	4.620	4.99	267
B Junior class notes	4.860	4.99	—
C Junior class notes	5.060	4.99	12
June 2025 total			839


(dollars in millions)	Interest Rates %	Expected Weighted-average Life to Maturity (in years)	Principal Amount Issued















































September 2025
Series 2025-7
A-1a Senior class notes	3.960	2.93	601
A-1b Senior class notes	Compounded SOFR + 0.520(1)	2.93	200
B Junior class notes	4.210	2.93	—
C Junior class notes	4.400	2.93	37

Series 2025-8
A Senior class notes	4.160	4.93	356
B Junior class notes	4.410	4.93	27
C Junior class notes	4.600	4.93	16
September 2025 total			1,237

November 2025
Series 2025-9
A-1a Senior class notes	3.960	1.90	638
A-1b Senior class notes	Compounded SOFR + 0.4201)	1.90	75
B Junior class notes	4.240	1.90	54
C Junior class notes	4.410	1.90	33

Series 2025-10
A Senior class notes	4.280	4.91	446
B Junior class notes	4.540	4.91	—
C Junior class notes	4.670	4.91	20
November 2025 total			1,266












Total			$	5,943

(1) Compounded Secured Overnight Financing Rate (SOFR) is calculated using SOFR as published by the Federal Reserve Bank of New York in accordance with the terms of such notes. Compounded SOFR for the interest payment made in December 2025 was 3.94%.

Schedule of Assets and Liabilities Related to Asset-backed Debt Arrangements

The assets and liabilities related to our asset-backed debt arrangements included in our consolidated balance sheets were as follows:


	At December 31,		At December 31,
(dollars in millions)	2025		2024
Assets
Accounts receivable, net	$	18,421	$	18,339
Prepaid expenses and other	298		322
Other assets	11,753		11,647

Liabilities
Accounts payable and accrued liabilities	34		37
Debt maturing within one year	14,863		17,312
Long-term debt	12,204		8,827

Schedule of Line of Credit Facilities

Long-Term Credit Facilities


				At December 31, 2025
(dollars in millions)	Maturities	Facility Capacity		Unused Capacity		Principal Amount Outstanding
Verizon revolving credit facility(1)	2028	$	12,000	$	11,977	$	—
Various export credit facilities(2)	2026-2033	11,950		1,680		4,652
Total		$	23,950	$	13,657	$	4,652

(1) The revolving credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. The revolving credit facility provides for the issuance of letters of credit. As of December 31, 2025, there have been no drawings against the revolving credit facility since its inception.

(2) During 2025, we drew down $270 million. During 2024, there were no drawings from these facilities. Borrowings under certain of these facilities are amortized semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details