v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
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 three months ended March 31, 2026, excluding acquisition-related activity which is detailed under the Debt Assumed section below.
Repayments and Repurchases
(dollars in millions)Principal Repaid/ Repurchased
Amount Paid(1)
Verizon floating rate notes due 2026$206 $208 
Open market repurchases of various Verizon notes620 504 
Total$712 
(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 7 for additional information on cross currency swap transactions related to the transaction.

Issuances
(dollars in millions)Principal Amount Issued
Net Proceeds(1)
Verizon 4.246% junior subordinated notes due 2056(2)
€2,250 $2,646 
Verizon 5.743% junior subordinated notes due 2056(2)
£600 809 
Verizon floating rate junior subordinated notes due 2056(2)
A$800 569 
Verizon 6.745% junior subordinated notes due 2056(2)
250 178 
Verizon 7.166% junior subordinated notes due 2056(2)
250 178 
Total$4,380 
(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 7 for additional information on derivative activity related to the issuances.
(2) Notes are subordinate to our senior unsecured notes and have an interest rate reset and deferral features. See Note 7 for additional information on derivative activity related to these transactions.
During the three months ended March 31, 2026, we completed the following ABS Notes transactions:
(dollars in millions)Interest Rates %Expected Weighted-average Life to Maturity (in years)Principal Amount Issued
March 2026
Series 2026-1
A-1a Senior class notes3.9401.94$1,103 
A-1b Senior class notes
Compounded SOFR + 0.400(1)
1.94368 
B Junior class notes4.1901.94— 
C Junior class notes4.4301.9467 
Total$1,538 
(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.
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 condensed consolidated balance sheets were as follows:
At March 31,
At December 31,
(dollars in millions)20262025
Assets
Accounts receivable, net$18,547 $18,421 
Prepaid expenses and other98 298 
Other assets12,246 11,753 
Liabilities
Accounts payable and accrued liabilities38 34 
Debt maturing within one year17,166 14,863 
Long-term debt12,742 12,204 
Schedule of Line of Credit Facilities
Long-Term Credit Facilities
At March 31, 2026
(dollars in millions)MaturitiesFacility CapacityUnused Capacity Principal Amount Outstanding
Verizon revolving credit facility(1)
2028
$12,000 $11,976 $— 
Various export credit facilities(2)
2026 - 2033
11,950 85 5,924 
Total$23,950 $12,061 $5,924 
(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 March 31, 2026, there have been no drawings against the revolving credit facility since its inception.
(2) During the three months ended March 31, 2026, we drew down approximately $1.6 billion. During the three months ended March 31, 2025, there were no drawings from these facilities. Borrowings under certain of these facilities are repaid 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.