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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _____________________________________________________________________________
FORM 8-K
 
 ______________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 24, 2025
(Date of earliest event reported)
 ______________________________________________________________________________
Verizon Communications Inc.
(Exact name of registrant as specified in its charter)
 _______________________________________________________________________________  
Delaware 1-8606 23-2259884
(State or other jurisdiction
of incorporation)		 (Commission File Number) (I.R.S. Employer Identification No.)
1095 Avenue of the Americas 10036
New York, New York
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 395-1000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, par value $0.10 VZ New York Stock Exchange
Common Stock, par value $0.10 VZ The Nasdaq Global Select Market
0.875% Notes due 2025 VZ 25 New York Stock Exchange
3.25% Notes due 2026 VZ 26 New York Stock Exchange
1.375% Notes due 2026 VZ 26B New York Stock Exchange
0.875% Notes due 2027 VZ 27E New York Stock Exchange
1.375% Notes due 2028 VZ 28 New York Stock Exchange
1.125% Notes due 2028 VZ 28A New York Stock Exchange
2.350% Fixed Rate Notes due 2028 VZ 28C New York Stock Exchange
1.875% Notes due 2029 VZ 29B New York Stock Exchange
0.375% Notes due 2029 VZ 29D New York Stock Exchange
1.250% Notes due 2030 VZ 30 New York Stock Exchange
1.875% Notes due 2030 VZ 30A New York Stock Exchange
4.250% Notes due 2030 VZ 30D New York Stock Exchange
2.625% Notes due 2031 VZ 31 New York Stock Exchange
2.500% Notes due 2031 VZ 31A New York Stock Exchange
3.000% Fixed Rate Notes due 2031 VZ 31D New York Stock Exchange
0.875% Notes due 2032 VZ 32 New York Stock Exchange
0.750% Notes due 2032 VZ 32A New York Stock Exchange
3.500% Notes due 2032 VZ 32B New York Stock Exchange
1.300% Notes due 2033 VZ 33B New York Stock Exchange
4.75% Notes due 2034 VZ 34 New York Stock Exchange
4.750% Notes due 2034 VZ 34C New York Stock Exchange
3.125% Notes due 2035 VZ 35 New York Stock Exchange
1.125% Notes due 2035 VZ 35A New York Stock Exchange
3.375% Notes due 2036 VZ 36A New York Stock Exchange
3.750% Notes due 2036 VZ 36B New York Stock Exchange
2.875% Notes due 2038 VZ 38B New York Stock Exchange
1.875% Notes due 2038 VZ 38C New York Stock Exchange
1.500% Notes due 2039 VZ 39C New York Stock Exchange
3.50% Fixed Rate Notes due 2039 VZ 39D New York Stock Exchange
1.850% Notes due 2040 VZ 40 New York Stock Exchange
3.850% Fixed Rate Notes due 2041 VZ 41C New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
Attached as Exhibit 99.1 hereto are a press release and financial tables, dated January 24, 2025, issued by Verizon Communications Inc. (Verizon). Attached as Exhibit 99.2 hereto is commentary, dated January 24, 2025, discussing Verizon's financial and operating results for the fourth quarter and full year of 2024.
Non-GAAP Measures
Verizon’s press release, financial tables and commentary attached to the report include financial information prepared in conformity with generally accepted accounting principles in the United States (GAAP) as well as non-GAAP financial information. It is management's intent to provide non-GAAP financial information to enhance the understanding of Verizon's GAAP financial information and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.
EBITDA and EBITDA Margin Related Non-GAAP Measures
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA), Segment EBITDA and Segment EBITDA Margin are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information as they are widely accepted financial measures used in evaluating the profitability of a company and its operating performance in relation to its competitors.
Consolidated EBITDA is calculated by adding back interest, taxes and depreciation and amortization expense to net income.
Segment EBITDA is calculated by adding back segment depreciation and amortization expense to segment operating income. Segment EBITDA Margin is calculated by dividing Segment EBITDA by total segment operating revenues.
Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Growth Forecast
Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Growth Forecast are non-GAAP financial measures that we believe provide relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends. We believe that Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Growth Forecast are used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes and depreciation and amortization policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis.
Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in earnings and losses of unconsolidated businesses and other income and expense, net, and the following special items: severance charges, asset and business rationalization, legacy legal matter, Verizon Business Group ("Verizon Business") goodwill impairment, legal settlement, business transformation costs and non-strategic business shutdown. Severance charges recorded during 2024 relate to separations under our voluntary separation program for select U.S.-based management employees as well as other headcount reduction initiatives. Severance charges recorded during 2023 primarily relate to involuntary separations under our existing plans. Asset and business rationalization recorded during 2024 predominately relates to the decision to cease use of certain real estate assets and exit non-strategic portions of certain businesses, as part of our continued transformation initiatives. Asset rationalization recorded during the second quarter of 2023 relates to certain real estate and non-strategic assets that we made a decision to cease use of as part of our transformation initiatives. Asset rationalization recorded during the fourth quarter of 2023 primarily relates to Verizon Business network assets that we made a decision to cease use of as part of our transformation initiatives. Legacy legal matter recorded during 2024 relates to a litigation matter associated with a legacy contract for the production of telephone directories in Costa Rica by a subsidiary of Verizon. Verizon Business goodwill impairment relates to an impairment charge recognized in the fourth quarter of 2023 as a result of Verizon's annual goodwill impairment test. Legal settlement recorded during 2023 relates to the settlement of a litigation matter regarding certain administrative fees. Business transformation costs recorded during 2023 primarily relate to costs incurred in connection with strategic partnership initiatives in our managed network support services for certain Verizon Business customers. Non-strategic business shutdown relates to the shutdown of our BlueJeans business offering in 2023.

We have not provided a reconciliation for our Consolidated Adjusted EBITDA Growth Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2025.
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating Verizon’s ability to service its unsecured debt from continuing operations.
Net Unsecured Debt is calculated by subtracting secured debt and cash and cash equivalents from the sum of debt maturing within one year and long-term debt. Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio is calculated by dividing Net Unsecured Debt by Consolidated Adjusted EBITDA. For purposes of Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Consolidated Adjusted EBITDA is calculated for the last twelve months.

Adjusted Earnings per Common Share (Adjusted EPS) and Adjusted EPS Forecast

Adjusted EPS and Adjusted EPS Forecast are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating our operating results and understanding our operating trends without the effect of special items which could vary from period to period. We believe excluding special items provides more comparable assessment of our financial results from period to period.

Adjusted EPS is calculated by excluding from the calculation of reported EPS the effect of the following special items: amortization of acquisition-related intangible assets, severance, pension and benefits charges (credits), asset and business rationalization, legacy legal matter, Verizon Business goodwill impairment, legal settlement, business transformation costs and non-strategic business shutdown.

We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe that it is important for investors to understand that our non-GAAP financial measure adjusts for the intangible asset amortization but does not adjust the revenue that is generated in part from the use of such intangible assets.

We have not provided a reconciliation for our Adjusted EPS Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2025.

Free Cash Flow and Free Cash Flow Forecast

Free cash flow and free cash flow forecast are non-GAAP financial measures that reflect an additional way of viewing our liquidity that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our cash flows. We believe they are more conservative measures of cash flow since capital expenditures are necessary for ongoing operations. Free cash flow and free cash flow forecast have limitations due to the fact that they do not represent the residual cash flow available for discretionary expenditures. For example, free cash flow and free cash flow forecast do not incorporate payments made or expected to be made on finance lease obligations or cash payments for acquisitions of businesses or wireless licenses. Therefore, we believe it is important to view free cash flow and free cash flow forecast as complements to our entire consolidated statements of cash flows.

Free cash flow is calculated by subtracting capital expenditures (including capitalized software) from net cash provided by operating activities. Free cash flow forecast is calculated by subtracting capital expenditures forecast (including capitalized software) from forecasted net cash provided by operating activities.



Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items

Consolidated operating expenses excluding depreciation and amortization and special items is a non-GAAP financial measure that we believe is useful to management, investors and other users of our financial information in evaluating our operating expenses and underlying operating trends. We believe that consolidated operating expenses excluding depreciation and amortization and special items is used by investors to more accurately compare a company’s operating expenses to those of its competitors by eliminating impacts caused by differences in depreciation and amortization policies. In addition, the exclusion of the effects of special items allows for better comparability of our financial results from period to period.
Consolidated operating expenses excluding depreciation and amortization and special items is calculated by excluding from consolidated operating expenses the effects of depreciation and amortization expense and the following special items: severance charges, asset rationalization, Verizon Business goodwill impairment and legal settlement.

See the accompanying schedules for reconciliations of non-GAAP financial measures to GAAP.


Item 9.01. Financial Statements and Exhibits
(d) Exhibits.   
Exhibit
Number		    Description
Press release and financial tables, dated January 24, 2025, issued by Verizon Communications Inc.
Commentary discussing financial and operating results of Verizon Communications Inc. for the fourth quarter and full year of 2024.
104 Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
    Verizon Communications Inc.
    (Registrant)
Date: January 24, 2025   /s/ Mary-Lee Stillwell
        Mary-Lee Stillwell
         Senior Vice President and Controller

EX-99.1 2 a2024q4exhibit991.htm EX-99.1 Document

Exhibit 99.1

verizon-logo.jpg

News Release

FOR IMMEDIATE RELEASE
Media contacts:
January 24, 2025 Katie Magnotta
201-602-9235    
katie.magnotta@verizon.com
Jamie Serino
201-401-5460
jamie.serino@verizon.com


Verizon delivered strong customer growth and profitability in 2024

Company added nearly 1 million postpaid mobile and broadband
subscribers in fourth quarter, best quarterly result in more than a decade

Industry-leading total wireless service revenue
of $20.0 billion dollars in the fourth quarter

Key 2024 Highlights
•Delivered on financial guidance
•Revenue growth with strong operational results
•More than doubled wireless postpaid phone net additions compared to 2023
•Continued to take broadband market share with Fios and fixed wireless access
•Strong execution against capital allocation priorities, including strategic transactions
•Well-positioned with strong outlook for 2025


NEW YORK - Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong operational and financial results for the fourth-quarter and full-year 2024, further extending its industry leadership with new products and services that continued to resonate with customers. With solid momentum on its strategy to grow connections and strengthen customer relationships, the company delivered on its 2024 financial guidance, demonstrating strong performance and success across its three priorities of growing wireless service revenue, expanding adjusted EBITDA and generating strong free cash flow.
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"With innovations powered by the best network in the country, we are bringing the best experiences to our customers, in life and work. Customizable offerings like myPlan, myHome, Verizon Business Complete and Total Wireless feature the control, simplicity and value our customers expect," said Verizon Chairman and CEO Hans Vestberg. "It’s only going to get better this year and beyond, as we have continued to strengthen Verizon with the pending Frontier acquisition, new satellite partnerships, and ongoing AI enablement, which we expect will enhance and broaden our network for everybody we serve."
2024 Financial Highlights
Consolidated: Verizon delivers on 2024 financial guidance and extends industry leadership through operational excellence and customer focus

•Full-year 2024 earnings per share (EPS) of $4.14 compared to $2.75 for full-year 2023; adjusted EPS1, excluding special items, of $4.59 compared to full-year 2023 adjusted EPS1 of $4.71.
•Total operating revenue of $134.8 billion for full-year 2024, up 0.6 percent compared to full-year 2023.
•Full-year 2024 cash flow from operations totaled $36.9 billion compared to $37.5 billion in 2023. This result reflects higher cash taxes, as well as higher interest expense. Full-year cash flow from operations includes a one-time contribution of approximately $2.0 billion from Verizon’s tower transaction with Vertical Bridge and reflects fourth quarter severance payments related to our voluntary separation program of approximately $600 million.
•Full-year 2024 capital expenditures were $17.1 billion.
•Full-year 2024 free cash flow1 of $19.8 billion compared to $18.7 billion in full-year 2023.

4Q 2024 Highlights

Consolidated: Strong fourth-quarter performance results in revenue increases

•Earnings per share of $1.18 in fourth-quarter 2024 compared to EPS of $(0.64) in fourth-quarter 2023; adjusted EPS1, excluding special items, of $1.10 compared to $1.08 in fourth-quarter 2023.
•Fourth-quarter 2024 financial results reflected a pre-tax gain from special items of $477 million. This includes a mark-to-market adjustment for our pension and other post-employment benefit (OPEB) liabilities of $668 million, partially offset by amortization of intangible assets related to Tracfone and other acquisitions of $191 million.
•Total operating revenue of $35.7 billion in fourth-quarter 2024, up 1.6 percent compared to fourth-quarter 2023.
•Consolidated net income for fourth-quarter 2024 was $5.1 billion compared to a net loss of $2.6 billion in fourth-quarter 2023. Consolidated adjusted EBITDA1 was $11.9 billion in fourth-quarter 2024 compared to $11.7 billion in fourth-quarter 2023. This result was driven by wireless service revenue growth, partially offset by the impact of higher upgrade volumes and continued declines in Business wireline revenue.
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•Verizon's total unsecured debt as of the end of fourth-quarter 2024 was $117.9 billion, an $8.5 billion decrease compared to third-quarter 2024 and $10.6 billion lower year over year. The company's net unsecured debt1 at the end of fourth-quarter 2024 was $113.7 billion. At the end of fourth-quarter 2024, Verizon's ratio of unsecured debt to net income (LTM) was 6.6 times and net unsecured debt to consolidated adjusted EBITDA ratio1 was 2.3 times.

Mobility: Industry-leading wireless service revenue and double-digit growth in postpaid phone net adds

•Wireless service revenue2 grew sequentially for the 18th consecutive quarter. Total wireless service revenue2 in fourth-quarter 2024 was $20.0 billion, up 3.1 percent year over year, driven primarily by pricing actions implemented in recent quarters, sales of perks and add-on services and growth in fixed wireless access.
•Wireless equipment revenue of $7.5 billion in fourth-quarter 2024, up 0.6 percent compared to fourth-quarter 2023, predominantly due to increased upgrade volumes in the quarter.
•Total postpaid phone net additions of 568,000 in fourth-quarter 2024, up from 449,000 in fourth-quarter 2023.

Broadband: Verizon continued to take broadband market share with strong demand for best in class Fios and fixed wireless access offerings

•Broadband net additions of 408,000 in fourth-quarter 2024, continuing the quarterly pace of over 350,000 broadband net additions.
•Total fixed wireless access net additions of 373,000 in fourth-quarter 2024, growing the base to nearly 4.6 million fixed wireless subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.
•Fios internet net additions were 51,000 compared to 55,000 in fourth-quarter 2023.
•Total broadband connections grew to more than 12.3 million as of the end of fourth-quarter 2024, representing a 15.0 percent increase year over year.

Verizon Consumer: Positive net additions with strongest quarterly phone gross additions result in five years
•Total Verizon Consumer revenue in fourth-quarter 2024 was $27.6 billion, an increase of 2.2 percent year over year, predominantly driven by gains in service revenue.
•Wireless service revenue in fourth-quarter 2024 was $16.5 billion, up 3.0 percent year over year, primarily driven by growth in Consumer wireless postpaid average revenue per account (ARPA) from pricing actions and continued fixed wireless access adoption.
•Consumer wireless retail postpaid churn was 1.12 percent in fourth-quarter 2024, and wireless retail postpaid phone churn was 0.89 percent.
•Consumer ARPA of $139.77 in fourth-quarter 2024, an increase of 4.2 percent compared to fourth-quarter 2023.
•In fourth-quarter 2024, Consumer reported 426,000 wireless retail postpaid phone net additions, up 34.0 percent from fourth-quarter 2023. This improvement was driven by a 5.5 percent year over year increase in postpaid phone gross additions, which represented the strongest quarterly result for postpaid phone gross additions in five years.
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•Excluding the contribution from the company's second number offering, Consumer reported 82,000 wireless retail postpaid phone net additions for the year, meeting the goal of positive net additions for 2024, and 367,000 wireless retail postpaid phone net additions for fourth-quarter 2024.
•Excluding SafeLink, Verizon's brand offering access to government-sponsored connectivity benefits and programs, in fourth-quarter 2024 Consumer reported 65,000 wireless retail prepaid net additions compared to 263,000 net losses in fourth-quarter 2023.
•Consumer reported 216,000 fixed wireless net additions and 47,000 Fios Internet net additions in fourth-quarter 2024. Consumer Fios revenue was $2.9 billion in fourth-quarter 2024.
•In fourth-quarter 2024, Consumer operating income was $6.9 billion, a decrease of 1.9 percent year over year, and segment operating income margin was 25.1 percent, compared to 26.1 percent in fourth-quarter 2023. Segment EBITDA1 in fourth-quarter 2024 was $10.3 billion, a decrease of 0.4 percent year over year. Improvements in Consumer wireless service revenue were more than offset by increases in upgrade volumes and the impact of related promotions in the period. Segment EBITDA margin1 in fourth-quarter 2024 was 37.5 percent compared to 38.5 percent in fourth-quarter 2023.

Verizon Business: Strong wireless service revenue driven by continued wireless customer growth
•Business wireless service revenue in fourth-quarter 2024 was $3.5 billion, an increase of 3.4 percent year over year. This result was driven by continued strong net additions for both mobility and fixed wireless access, as well as benefits from pricing actions implemented in recent quarters.
•Total Verizon Business revenue was $7.5 billion in fourth-quarter 2024, a decrease of 1.5 percent year over year, as increases in wireless service revenue were more than offset by decreases in wireline revenue.
•Business reported 283,000 wireless retail postpaid net additions in fourth-quarter 2024. This result included 142,000 postpaid phone net additions. Our value proposition continued to resonate across all customer groups with particular strength in small and medium businesses.
•Business wireless retail postpaid churn was 1.45 percent in fourth-quarter 2024, and wireless retail postpaid phone churn was 1.09 percent.
•Business reported 157,000 fixed wireless net additions in fourth-quarter 2024.
•In fourth-quarter 2024, Verizon Business operating income was $594 million, an increase of 34.1 percent year over year, resulting in segment operating income margin of 7.9 percent, an increase from 5.8 percent in fourth-quarter 2023. Segment EBITDA1 in fourth-quarter 2024 was $1.7 billion, an increase of 3.0 percent year over year. The result was driven by wireless service revenue growth partially offset by wireline revenue declines. Segment EBITDA margin1 in fourth-quarter 2024 was 22.1 percent, an increase from 21.1 percent in fourth-quarter 2023.
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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.
For 2025, Verizon expects the following:
•Total wireless service revenue growth2,3 of 2.0 percent to 2.8 percent.
•Adjusted EBITDA growth1 of 2.0 percent to 3.5 percent.
•Adjusted EPS1 growth of 0 to 3.0 percent.
•Cash flow from operations of $35.0 billion to $37.0 billion.
•Capital expenditures between $17.5 billion and $18.5 billion.
•Free cash flow1 of $17.5 billion to $18.5 billion.

1 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).
2 Total wireless service revenue represents the sum of Consumer and Business segments.
3 Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue beginning January 2025. Where applicable, historical results will be recast to conform to the updated presentation. Reclassified 2024 annual revenues were more than $2.9 billion.
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/news. 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.
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and international economies, including inflation and changing interest rates in the markets in which we operate; 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 or the potential impacts of global climate change; 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.
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Verizon Communications Inc.


Condensed Consolidated Statements of Income
(dollars in millions, except per share amounts)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23 %
Change		 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23 %
Change
Operating Revenues
Service revenues and other $ 28,166  $ 27,658  1.8 $ 111,571  $ 109,652  1.8
Wireless equipment revenues 7,515  7,472  0.6 23,217  24,322  (4.5)
Total Operating Revenues 35,681  35,130  1.6 134,788  133,974  0.6
Operating Expenses
Cost of services 6,933  6,952  (0.3) 27,997  28,100  (0.4)
Cost of wireless equipment 8,581  8,230  4.3 26,100  26,787  (2.6)
Selling, general and administrative expense 8,240  8,991  (8.4) 34,113  32,745  4.2
Depreciation and amortization expense 4,506  4,516  (0.2) 17,892  17,624  1.5
Verizon Business Group goodwill impairment —  5,841  * —  5,841  *
Total Operating Expenses 28,260  34,530  (18.2) 106,102  111,097  (4.5)
Operating Income 7,421  600  * 28,686  22,877  25.4
Equity in losses of unconsolidated businesses (6) (11) (45.5) (53) (53) —
Other income (expense), net 797  (807) * 995  (313) *
Interest expense (1,644) (1,599) 2.8 (6,649) (5,524) 20.4
Income (Loss) Before Provision For Income Taxes 6,568  (1,817) * 22,979  16,987  35.3
Provision for income taxes (1,454) (756) 92.3 (5,030) (4,892) 2.8
Net Income (Loss) $ 5,114  $ (2,573) * $ 17,949  $ 12,095  48.4
Net income attributable to noncontrolling interests $ 109  $ 132  (17.4) $ 443  $ 481  (7.9)
Net income (loss) attributable to Verizon 5,005  (2,705) * 17,506  11,614  50.7
Net Income (Loss) $ 5,114  $ (2,573) * $ 17,949  $ 12,095  48.4
Basic Earnings Per Common Share
Net income (loss) attributable to Verizon $ 1.19  $ (0.64) * $ 4.15  $ 2.76  50.4
Weighted-average shares outstanding (in millions) 4,222  4,214  4,218  4,211 
Diluted Earnings Per Common Share(1)
Net income (loss) attributable to Verizon $ 1.18  $ (0.64) * $ 4.14  $ 2.75  50.5
Weighted-average shares outstanding (in millions) 4,227  4,214  4,223  4,215 
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.
* Not meaningful



Verizon Communications Inc.


Condensed Consolidated Balance Sheets
(dollars in millions)
Unaudited 12/31/24 12/31/23 $ Change
Assets
Current assets
Cash and cash equivalents $ 4,194  $ 2,065  $ 2,129 
Accounts receivable 27,261  26,102  1,159 
Less Allowance for credit losses 1,152  1,017  135 
Accounts receivable, net 26,109  25,085  1,024 
Inventories 2,247  2,057  190 
Prepaid expenses and other 7,973  7,607  366 
Total current assets 40,523  36,814  3,709 
Property, plant and equipment 331,406  320,108  11,298 
Less Accumulated depreciation 222,884  211,798  11,086 
Property, plant and equipment, net 108,522  108,310  212 
Investments in unconsolidated businesses 842  953  (111)
Wireless licenses 156,613  155,667  946 
Goodwill 22,841  22,843  (2)
Other intangible assets, net 11,129  11,057  72 
Operating lease right-of-use assets 24,472  24,726  (254)
Other assets 19,769  19,885  (116)
Total assets $ 384,711  $ 380,255  $ 4,456 
Liabilities and Equity
Current liabilities
Debt maturing within one year $ 22,633  $ 12,973  $ 9,660 
Accounts payable and accrued liabilities 23,374  23,453  (79)
Current operating lease liabilities 4,415  4,266  149 
Other current liabilities 14,349  12,531  1,818 
Total current liabilities 64,771  53,223  11,548 
Long-term debt 121,381  137,701  (16,320)
Employee benefit obligations 11,997  13,189  (1,192)
Deferred income taxes 46,732  45,781  951 
Non-current operating lease liabilities 19,928  20,002  (74)
Other liabilities 19,327  16,560  2,767 
Total long-term liabilities 219,365  233,233  (13,868)
Equity
Common stock 429  429  — 
Additional paid in capital 13,466  13,631  (165)
Retained earnings 89,110  82,915  6,195 
Accumulated other comprehensive loss (923) (1,380) 457 
Common stock in treasury, at cost (3,583) (3,821) 238 
Deferred compensation – employee stock ownership plans and other 738  656  82 
Noncontrolling interests 1,338  1,369  (31)
Total equity 100,575  93,799  6,776 
Total liabilities and equity $ 384,711  $ 380,255  $ 4,456 







Verizon Communications Inc.


Consolidated - Selected Financial and Operating Statistics
(dollars in millions, except per share amounts)
Unaudited 12/31/24 12/31/23
Total debt $ 144,014  $ 150,674 
Unsecured debt $ 117,876  $ 128,491 
Net unsecured debt(1)
 $ 113,682  $ 126,426 
Unsecured debt / Consolidated Net Income (LTM) 6.6  x 10.6  x
Net unsecured debt / Consolidated Adjusted EBITDA(1)(2)
 2.3  x 2.6  x
Common shares outstanding end of period (in millions) 4,210  4,204 
Total employees (‘000)(3)
 99.6  105.4 
Quarterly cash dividends declared per common share $ 0.6775  $ 0.6650 
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.

Verizon Communications Inc.


Condensed Consolidated Statements of Cash Flows
(dollars in millions)
Unaudited 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23 $ Change
Cash Flows from Operating Activities
Net Income $ 17,949  $ 12,095  $ 5,854 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 17,892  17,624  268 
Employee retirement benefits (52) 1,206  (1,258)
Deferred income taxes 815  2,388  (1,573)
Provision for expected credit losses 2,338  2,214  124 
Equity in losses of unconsolidated businesses, inclusive of dividends received 75  84  (9)
Verizon Business Group goodwill impairment —  5,841  (5,841)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses
 (2,278) (267) (2,011)
Other, net 173  (3,710) 3,883 
Net cash provided by operating activities 36,912  37,475  (563)
Cash Flows from Investing Activities
Capital expenditures (including capitalized software) (17,090) (18,767) 1,677 
Cash paid related to acquisitions of businesses, net of cash acquired —  (30) 30 
Acquisitions of wireless licenses (900) (5,796) 4,896 
Collateral receipts (payments) related to derivative contracts, net (712) 880  (1,592)
Other, net 28  281  (253)
Net cash used in investing activities (18,674) (23,432) 4,758 
Cash Flows from Financing Activities
Proceeds from long-term borrowings 3,146  2,018  1,128 
Proceeds from asset-backed long-term borrowings 12,422  6,594  5,828 
Net proceeds from (repayments of) short-term commercial paper —  (150) 150 
Repayments of long-term borrowings and finance lease obligations (11,854) (6,181) (5,673)
Repayments of asset-backed long-term borrowings (8,490) (4,443) (4,047)
Dividends paid (11,249) (11,025) (224)
Other, net (1,075) (1,470) 395 
Net cash used in financing activities (17,100) (14,657) (2,443)
Increase (decrease) in cash, cash equivalents and restricted cash 1,138  (614) 1,752 
Cash, cash equivalents and restricted cash, beginning of period 3,497  4,111  (614)
Cash, cash equivalents and restricted cash, end of period $ 4,635  $ 3,497  $ 1,138 


Verizon Communications Inc.


Consumer - Selected Financial Results
(dollars in millions)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23 %
Change		 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23 %
Change
Operating Revenues
Service $ 19,414  $ 18,927  2.6 $ 76,880  $ 74,874  2.7
Wireless equipment 6,487  6,435  0.8 19,598  20,645  (5.1)
Other 1,659  1,592  4.2 6,426  6,107  5.2
Total Operating Revenues 27,560  26,954  2.2 102,904  101,626  1.3
Operating Expenses
Cost of services 4,518  4,362  3.6 18,072  17,580  2.8
Cost of wireless equipment 7,227  6,877  5.1 21,259  21,827  (2.6)
Selling, general and administrative expense 5,473  5,336  2.6 20,537  20,131  2.0
Depreciation and amortization expense 3,438  3,344  2.8 13,552  13,077  3.6
Total Operating Expenses 20,656  19,919  3.7 73,420  72,615  1.1
Operating Income $ 6,904  $ 7,035  (1.9) $ 29,484  $ 29,011  1.6
Operating Income Margin 25.1  % 26.1  % 28.7  % 28.5  %
Segment EBITDA(1)
 $ 10,342  $ 10,379  (0.4) $ 43,036  $ 42,088  2.3
Segment EBITDA Margin(1)
 37.5  % 38.5  % 41.8  % 41.4  %
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.
 

Verizon Communications Inc.


Consumer - Selected Operating Statistics
Unaudited 12/31/24 12/31/23 % Change
Connections (‘000):
Wireless retail postpaid 95,118  93,850  1.4
Wireless retail prepaid 20,138  21,122  (4.7)
Total wireless retail 115,256  114,972  0.2
Wireless retail prepaid excl. SafeLink
 18,843  18,851  —
Wireless retail postpaid phone 75,048  74,720  0.4
Fios video 2,684  2,951  (9.0)
Fios internet 7,135  6,976  2.3
Fixed wireless access (FWA) broadband 2,714  1,866  45.4
Wireline broadband 7,300  7,190  1.5
Total broadband 10,014  9,056  10.6
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23 %
Change		 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23 %
Change
Gross Additions (‘000):
Wireless retail postpaid 4,310  4,185  3.0 13,282  13,475  (1.4)
Wireless retail postpaid phone 2,418  2,293  5.5 7,838  7,330  6.9
Net Additions Detail (‘000):
Wireless retail postpaid 1,130  1,168  (3.3) 1,345  2,044  (34.2)
Wireless retail prepaid (66) (289) 77.2 (975) (1,151) 15.3
Total wireless retail 1,064  879  21.0 370  893  (58.6)
Wireless retail prepaid excl. SafeLink
 65  (263) * 2  (1,078) *
Wireless retail postpaid phone 426  318  34.0 341  (132) *
Fios video (60) (62) 3.2 (267) (283) 5.7
Fios internet 47  53  (11.3) 159  236  (32.6)
FWA broadband 216  231  (6.5) 846  989  (14.5)
Wireline broadband 35  39  (10.3) 110  174  (36.8)
Total broadband 251  270  (7.0) 956  1,163  (17.8)
Churn Rate:
Wireless retail postpaid 1.12  % 1.08  % 1.06  % 1.03  %
Wireless retail postpaid phone 0.89  % 0.88  % 0.84  % 0.83  %
Wireless retail prepaid 4.04  % 4.55  % 4.22  % 4.37  %
Wireless retail prepaid excl. SafeLink
 3.78  % 3.94  % 3.68  % 3.80  %
Wireless retail 1.64  % 1.73  % 1.62  % 1.67  %
Revenue Statistics (in millions):
Wireless service revenue $ 16,521  $ 16,034  3.0 $ 65,374  $ 63,358  3.2
Fios revenue $ 2,939  $ 2,942  (0.1) $ 11,647  $ 11,614  0.3

Verizon Communications Inc.


Consumer - Selected Operating Statistics (continued)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23 %
Change		 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23 %
Change
Other Wireless Statistics:
Wireless retail postpaid ARPA(1)
 $ 139.77  $ 134.10  4.2 $ 138.25  $ 132.36  4.4
Wireless retail postpaid upgrade rate
 4.5  % 4.4  %
Wireless retail postpaid accounts (‘000)(2)
 32,794  32,990  (0.6)
Wireless retail postpaid connections per account(2)
 2.90  2.84  2.1
Wireless retail prepaid ARPU(3)
$ 30.89  $ 31.87  (3.1) $ 30.92  $ 31.46  (1.7)
Wireless retail prepaid ARPU(3) excl. SafeLink
 $ 32.34  $ 33.11  (2.3) $ 32.37  $ 32.82  (1.4)
Footnotes:
(1) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(2) Statistics presented as of end of period.
(3) Wireless retail prepaid ARPU - average service revenue per unit from retail prepaid connections.
Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
Certain intersegment transactions with corporate entities have not been eliminated.
* Not meaningful


Verizon Communications Inc.


Business - Selected Financial Results
(dollars in millions)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23 %
Change		 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23 %
Change
Operating Revenues
Enterprise and Public Sector $ 3,548  $ 3,718  (4.6) $ 14,218  $ 15,076  (5.7)
Business Markets and Other 3,438  3,318  3.6 13,099  12,715  3.0
Wholesale 518  582  (11.0) 2,214  2,331  (5.0)
Total Operating Revenues 7,504  7,618  (1.5) 29,531  30,122  (2.0)
Operating Expenses
Cost of services 2,415  2,519  (4.1) 9,742  10,180  (4.3)
Cost of wireless equipment 1,354  1,353  0.1 4,841  4,959  (2.4)
Selling, general and administrative expense 2,080  2,139  (2.8) 8,583  8,429  1.8
Depreciation and amortization expense 1,061  1,164  (8.8) 4,307  4,488  (4.0)
Total Operating Expenses 6,910  7,175  (3.7) 27,473  28,056  (2.1)
Operating Income $ 594  $ 443  34.1 $ 2,058  $ 2,066  (0.4)
Operating Income Margin 7.9  % 5.8  % 7.0  % 6.9  %
Segment EBITDA(1)
 $ 1,655  $ 1,607  3.0 $ 6,365  $ 6,554  (2.9)
Segment EBITDA Margin(1)
 22.1  % 21.1  % 21.6  % 21.8  %
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.

Verizon Communications Inc.


Business - Selected Operating Statistics
Unaudited 12/31/24 12/31/23 %
Change
Connections (‘000):
Wireless retail postpaid 30,819  29,779  3.5
Wireless retail postpaid phone 18,798  18,170  3.5
Fios video 54  61  (11.5)
Fios internet 401  385  4.2
FWA broadband 1,854  1,201  54.4
Wireline broadband 459  460  (0.2)
Total broadband 2,313  1,661  39.3
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23 %
Change		 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23 %
Change
Gross Additions (‘000):
Wireless retail postpaid 1,617  1,605  0.7 6,328  6,420  (1.4)
Wireless retail postpaid phone 751  738  1.8 3,000  2,989  0.4
Net Additions Detail (‘000):
Wireless retail postpaid 283  292  (3.1) 1,010  1,242  (18.7)
Wireless retail postpaid phone 142  131  8.4 546  562  (2.8)
Fios video (2) (2) — (7) (6) (16.7)
Fios internet 4  2  100.0 16  12  33.3
FWA broadband 157  144  9.0 622  547  13.7
Wireline broadband —  (1) * (1) (8) 87.5
Total broadband 157  143  9.8 621  539  15.2
Churn Rate:
Wireless retail postpaid 1.45  % 1.48  % 1.47  % 1.48  %
Wireless retail postpaid phone 1.09  % 1.12  % 1.11  % 1.13  %
Revenue Statistics (in millions):
Wireless service revenue $ 3,477  $ 3,364  3.4 $ 13,753  $ 13,372  2.8
Fios revenue $ 314  $ 312  0.6 $ 1,252  $ 1,235  1.4
Other Operating Statistics:
Wireless retail postpaid upgrade rate 2.8  % 3.1  %
Footnotes:
Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
Certain intersegment transactions with corporate entities have not been eliminated.
* Not meaningful

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 12/31/24 12/31/23 % Change
Connections (‘000)
Retail postpaid 125,937  123,629  1.9
Retail prepaid
20,138  21,122  (4.7)
Total retail 146,075  144,751  0.9
Retail prepaid excl. SafeLink
 18,843  18,851  —
Retail postpaid phone 93,846  92,890  1.0
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23 %
Change		 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23 %
Change
Net Additions Detail (‘000)
Retail postpaid phone 568  449  26.5 887  430  *
Retail postpaid 1,413  1,460  (3.2) 2,355  3,286  (28.3)
Retail prepaid (66) (289) 77.2 (975) (1,151) 15.3
Total retail 1,347  1,171  15.0 1,380  2,135  (35.4)
Retail prepaid excl. SafeLink 65  (263) * 2  (1,078) *
Account Statistics
Retail postpaid accounts (‘000)(1)
 34,849  34,958  (0.3)
Retail postpaid connections per account(1)
 3.61  3.54  2.0
Retail postpaid ARPA(2)
 $ 162.62  $ 156.48  3.9 $ 161.03  $ 154.84  4.0
Retail prepaid ARPU(3)
$ 30.89  $ 31.87  (3.1) $ 30.92  $ 31.46  (1.7)
Retail prepaid ARPU(3) excl. SafeLink
 $ 32.34  $ 33.11  (2.3) $ 32.37  $ 32.82  (1.4)
Churn Detail
Retail postpaid phone 0.93  % 0.93  % 0.89  % 0.89  %
Retail postpaid 1.20  % 1.18  % 1.16  % 1.14  %
Retail prepaid 4.04  % 4.55  % 4.22  % 4.37  %
Retail prepaid excl. SafeLink
 3.78  % 3.94  % 3.68  % 3.80  %
Retail 1.60  % 1.67  % 1.59  % 1.63  %
Retail Postpaid Connection Statistics
Upgrade rate 4.1  % 4.1  %
Revenue Statistics (in millions)(4)
FWA revenue $ 611  $ 403  51.6 $ 2,139  $ 1,302  64.3
Wireless service $ 19,998  $ 19,398  3.1 $ 79,127  $ 76,730  3.1
Wireless equipment 7,515  7,472  0.6 23,217  24,322  (4.5)
Wireless other 1,697  1,575  7.7 6,544  6,083  7.6
Total Wireless $ 29,210  $ 28,445  2.7 $ 108,888  $ 107,135  1.6
Footnotes:
(1) Statistics presented as of end of period.
(2) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(3) Wireless retail prepaid ARPU - average service revenue per unit from retail prepaid connections.
(4) Intersegment transactions between Consumer or Business segment with corporate entities have not been eliminated.
Where applicable, the operating results reflect certain adjustments, including those related to the 3G network shutdowns, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures.
* Not meaningful

Verizon Communications Inc.
Non-GAAP Reconciliations - Consolidated Verizon
Consolidated EBITDA and Consolidated Adjusted EBITDA
(dollars in millions)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 9/30/24 3 Mos. Ended 6/30/24 3 Mos. Ended 3/31/24 3 Mos. Ended 12/31/23 3 Mos. Ended 9/30/23 3 Mos. Ended 6/30/23 3 Mos. Ended 3/31/23
Consolidated Net Income (Loss) $ 5,114  $ 3,411  $ 4,702  $ 4,722  $ (2,573) $ 4,884  $ 4,766  $ 5,018 
  Add:
Provision for income taxes 1,454  891  1,332  1,353  756  1,308  1,346  1,482 
Interest expense 1,644  1,672  1,698  1,635  1,599  1,433  1,285  1,207 
Depreciation and amortization expense(1)
 4,506  4,458  4,483  4,445  4,516  4,431  4,359  4,318 
Consolidated EBITDA $ 12,718  $ 10,432  $ 12,215  $ 12,155  $ 4,298  $ 12,056  $ 11,756  $ 12,025 
  Add/(subtract):
Other (income) expense, net(2)
 $ (797) $ (72) $ 72  $ (198) $ 807  $ (170) $ (210) $ (114)
Equity in (earnings) losses of unconsolidated businesses 6  24  14  9  11  18  33  (9)
Severance charges —  1,733  —  —  296  —  237  — 
Asset and business rationalization —  374  —  —  325  —  155  — 
Legacy legal matter —  —  —  106  —  —  —  — 
Verizon Business Group goodwill impairment —  —  —  —  5,841  —  —  — 
Legal settlement —  —  —  —  100  —  —  — 
Business transformation costs —  —  —  —  —  176  —  — 
Non-strategic business shutdown —  —  —  —  —  158  —  — 
(791) 2,059  86  (83) 7,380  182  215  (123)
Consolidated Adjusted EBITDA $ 11,927  $ 12,491  $ 12,301  $ 12,072  $ 11,678  $ 12,238  $ 11,971  $ 11,902 
Footnotes:
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable.
(2) Includes Pension and benefits remeasurement adjustments, where applicable.




Verizon Communications Inc.
Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)
(dollars in millions)
Unaudited 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23
Consolidated Net Income $ 17,949  $ 12,095 
  Add:
Provision for income taxes 5,030  4,892 
Interest expense 6,649  5,524 
Depreciation and amortization expense(1)
 17,892  17,624 
Consolidated EBITDA $ 47,520  $ 40,135 
  Add/(subtract):
Other (income) expense, net(2)
 $ (995) $ 313 
Equity in losses of unconsolidated businesses
 53  53 
Severance charges 1,733  533 
Asset and business rationalization 374  480 
Legacy legal matter 106  — 
Verizon Business Group goodwill impairment —  5,841 
Legal settlement —  100 
Business transformation costs —  176 
Non-strategic business shutdown —  158 
1,271  7,654 
Consolidated Adjusted EBITDA $ 48,791  $ 47,789 
Footnotes:
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable.
(2) Includes Pension and benefits remeasurement adjustments, where applicable.

Verizon Communications Inc.
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
(dollars in millions)
Unaudited 12/31/24 9/30/24 12/31/23
Debt maturing within one year $ 22,633  $ 21,763  $ 12,973 
Long-term debt 121,381  128,878  137,701 
Total Debt 144,014  150,641  150,674 
Less Secured debt 26,138  24,272  22,183 
Unsecured Debt 117,876  126,369  128,491 
Less Cash and cash equivalents 4,194  4,987  2,065 
Net Unsecured Debt
 $ 113,682  $ 121,382  $ 126,426 
Consolidated Net Income (LTM) $ 17,949  $ 12,095 
Unsecured Debt to Consolidated Net Income Ratio 6.6  x 10.6  x
Consolidated Adjusted EBITDA (LTM) $ 48,791  $ 47,789 
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio 2.3  x 2.6  x

Adjusted Earnings per Common Share (Adjusted EPS)
(dollars in millions, except per share amounts)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23
Pre-tax Tax After-Tax   Pre-tax Tax After-Tax  
EPS $ 1.18  $ (0.64)
Amortization of acquisition-related intangible assets $ 191  $ (51) $ 140  0.03  $ 227  $ (57) $ 170  0.04 
Severance, pension and benefits charges (credits) (668) 165  (503) (0.12) 1,288  (319) 969  0.23 
Asset rationalization —  —  —  —  325  (80) 245  0.06 
Verizon Business Group goodwill impairment —  —  —  —  5,841  (52) 5,789  1.37 
Legal settlement —  —  —  —  100  (25) 75  0.02 
$ (477) $ 114  $ (363) $ (0.09) $ 7,781  $ (533) $ 7,248  $ 1.72 
Adjusted EPS $ 1.10  $ 1.08 
Footnote:
Adjusted EPS may not add due to rounding.
(dollars in millions, except per share amounts)
Unaudited 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23
Pre-tax Tax After-Tax   Pre-tax Tax After-Tax  
EPS $ 4.14  $ 2.75 
Amortization of acquisition-related intangible assets $ 817  $ (208) $ 609  0.14  $ 865  $ (219) $ 646  0.15 
Severance, pension and benefits charges 1,201  (298) 903  0.21  1,525  (378) 1,147  0.27 
Asset and business rationalization 374  (90) 284  0.07  480  (113) 367  0.09 
Legacy legal matter 106  (27) 79  0.02  —  —  —  — 
Verizon Business Group goodwill impairment —  —  —  —  5,841  (52) 5,789  1.37 
Legal settlement —  —  —  —  100  (25) 75  0.02 
Business transformation costs —  —  —  —  176  (45) 131  0.03 
Non-strategic business shutdown —  —  —  —  179  (83) 96  0.02 
$ 2,498  $ (623) $ 1,875  $ 0.44  $ 9,166  $ (915) $ 8,251  $ 1.96 
Adjusted EPS $ 4.59  $ 4.71 
Footnote:
Adjusted EPS may not add due to rounding.


Verizon Communications Inc.
Free Cash Flow
(dollars in millions)
Unaudited 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23
Net Cash Provided by Operating Activities $ 36,912  $ 37,475 
Capital expenditures (including capitalized software) (17,090) (18,767)
Free Cash Flow $ 19,822  $ 18,708 

Free Cash Flow Forecast
(dollars in millions)
Unaudited 12 Mos. Ended 12/31/25
Net Cash Provided by Operating Activities Forecast $ 35,000 - 37,000
Capital expenditures forecast (including capitalized software) (17,500 - 18,500)
Free Cash Flow Forecast $ 17,500 - 18,500

Verizon Communications Inc.
Non-GAAP Reconciliations - Segments
Segment EBITDA and Segment EBITDA Margin
Consumer
(dollars in millions)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23
Operating Income $ 6,904  $ 7,035  $ 29,484  $ 29,011 
Add Depreciation and amortization expense 3,438  3,344  13,552  13,077 
Segment EBITDA $ 10,342  $ 10,379  $ 43,036  $ 42,088 
Year over year change % (0.4) % 2.3  %
Total operating revenues $ 27,560  $ 26,954  $ 102,904  $ 101,626 
Operating Income Margin 25.1  % 26.1  % 28.7  % 28.5  %
Segment EBITDA Margin 37.5  % 38.5  % 41.8  % 41.4  %
Business
(dollars in millions)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23
Operating Income $ 594  $ 443  $ 2,058  $ 2,066 
Add Depreciation and amortization expense 1,061  1,164  4,307  4,488 
Segment EBITDA $ 1,655  $ 1,607  $ 6,365  $ 6,554 
Year over year change % 3.0  % (2.9) %
Total operating revenues $ 7,504  $ 7,618  $ 29,531  $ 30,122 
Operating Income Margin 7.9  % 5.8  % 7.0  % 6.9  %
Segment EBITDA Margin 22.1  % 21.1  % 21.6  % 21.8  %

EX-99.2 3 a2024q4exhibit992.htm EX-99.2 Document



Exhibit 99.2
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VZQTR20FIN
This supplemental information regarding the financial and operating results of Verizon Communications Inc. (Verizon) for the fourth quarter and full year ended December 31, 2024 contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussion of factors that may affect future results is included at the end of this document and is also contained in Verizon's filings with the US Securities and Exchange Commission.

Consolidated Financial Results

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* Total Wireless service represents the sum of Consumer and Business segments.
** Non-GAAP financial measure.

Consolidated total operating revenue for the fourth quarter was $35.7 billion, up 1.6% year over year.
•Service and other revenue was $28.2 billion, up 1.8% year over year.
◦Total Wireless service revenue1 was $20.0 billion, up 3.1% year over year, driven primarily by pricing actions implemented in recent quarters, sales of perks and add-on services, and growth in fixed wireless access (FWA).
◦Total Fios revenue was $3.3 billion, essentially flat year over year.
•Wireless equipment revenue was $7.5 billion, up 0.6% year over year, predominantly due to increased upgrade volumes in the quarter.


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VZQTR20FIN
Consolidated total operating revenue for the full year was $134.8 billion, up 0.6% year over year.
•Service and other revenue was $111.6 billion, up 1.8% compared to the prior year.
•Total Wireless service revenue1 was $79.1 billion, up 3.1% year over year.

Consolidated net income for the fourth quarter was $5.1 billion compared to a net loss of $2.6 billion in the prior year period. The year over year improvement in net income was primarily driven by a goodwill impairment charge of $5.8 billion in the fourth quarter of 2023 related to our Business reporting unit. Consolidated net income for the full year was $17.9 billion, up from $12.1 billion for the full year 2023.

Consolidated adjusted EBITDA2 for the fourth quarter was $11.9 billion compared to $11.7 billion in the prior year period. This result was driven by Wireless service revenue growth, partially offset by the impact of higher upgrade volumes and continued declines in Business Wireline revenue. Consolidated adjusted EBITDA2 for the full year was $48.8 billion, up from $47.8 billion for the full year 2023.

Consolidated operating expenses for the fourth quarter were $28.3 billion, down 18.2% year over year, primarily driven by a goodwill impairment charge related to our Business reporting unit of $5.8 billion recorded in the fourth quarter of 2023. Consolidated operating expenses, excluding depreciation and amortization and special items,2 for the fourth quarter were $23.8 billion, up 1.3% year over year.

Earnings per share (EPS) for the fourth quarter was $1.18 compared to EPS of $(0.64) in the prior year period. EPS for the full year was $4.14, compared with $2.75 for the full year 2023. Reported fourth quarter 2024 financial results reflected a $477 million pre-tax net gain related to a mark-to-market adjustment for our Pension and Other Post Employment Benefit (OPEB) liabilities of $668 million, which was partially offset by the amortization of intangible assets of $191 million related to Tracfone and other acquisitions.

Adjusted EPS2 for the fourth quarter was $1.10 compared to $1.08 in the prior year period. Adjusted EPS for the full year was $4.59 compared to $4.71 for the full year 2023.



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VZQTR20FIN
Cash Flow Summary
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* Non-GAAP financial measure.

Cash flow from operating activities for the full year 2024 was $36.9 billion compared to $37.5 billion in the prior year driven by year over year pressures from cash taxes, higher interest expense, and the impact of severance payments made as part of our voluntary separation program. This also includes a one-time contribution of approximately $2.0 billion from our tower transaction with Vertical Bridge.
•Capital expenditures for the full year 2024 were $17.1 billion compared to $18.8 billion in the prior year.

Free cash flow2 for the full year 2024 was $19.8 billion compared to $18.7 billion in the prior year.

Total unsecured debt as of the end of the year was $117.9 billion, a $8.5 billion decrease compared to the third quarter of 2024 and $10.6 billion lower year over year. Unsecured debt to net income (LTM) ratio was 6.6x as of the end of the year, a decrease of 5.7x compared to the third quarter of 2024 and a 4.0x decrease year over year.

Net unsecured debt2 as of the end of the year was $113.7 billion, a decrease of $7.7 billion compared to the third quarter of 2024 and more than $12.7 billion lower year over year. Net unsecured debt to adjusted EBITDA ratio2 was 2.3x as of the end of the year, a 0.2x improvement compared to the third quarter of 2024 and a 0.3x improvement year over year.











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VZQTR20FIN
Mobility Highlights

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Note: Where applicable, the operating results reflect certain adjustments.

Consolidated
Total postpaid net additions for the fourth quarter were 1.4 million, down from 1.5 million in the prior year period, as growth in phone and tablet net additions was more than offset by a decline in wearables and other connected devices.

Total postpaid phone net additions for the fourth quarter were 568 thousand, an improvement from 449 thousand in the prior year period.
•Postpaid phone gross additions were 3.2 million, up 4.6% year over year.
•Postpaid phone churn was 0.93%, flat year over year.

Consumer Group
Postpaid net additions for the fourth quarter were 1.1 million, down from 1.2 million in the prior year period.
•Postpaid phone net additions were 426 thousand compared to 318 thousand net additions in the prior year period.
◦Postpaid phone gross additions were 2.4 million, up 5.5% year over year. Excluding the contribution from our second number offering, postpaid phone gross additions grew 1.4% year over year.
◦Postpaid phone churn was 0.89%, up 1 basis point year over year.

Prepaid net additions, excluding SafeLink Wireless (SafeLink), our brand offering access to government-sponsored connectivity benefits and programs, were 65 thousand for the fourth quarter compared to 263 thousand net losses in the prior year period.
•Excluding SafeLink, prepaid churn for the fourth quarter was 3.78%, down 16 basis points year over year.


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VZQTR20FIN
Business Group
Postpaid phone net additions for the fourth quarter were 142 thousand, up from 131 thousand in the prior year period.
•Postpaid phone churn was 1.09%, down 3 basis points year over year.



Broadband Highlights
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Total broadband net additions for the fourth quarter were 408 thousand compared to 413 thousand in the prior year period.
•FWA net additions were 373 thousand, comparable to the 375 thousand in the prior year period.
◦Consumer FWA net additions were 216 thousand, down 15 thousand year over year.
◦Business FWA net additions were 157 thousand, up 13 thousand year over year.
•Fios internet net additions were 51 thousand, down from 55 thousand in the prior year period.

Total broadband net additions for the full year were nearly 1.6 million, down from 1.7 million in the prior year. FWA net additions for the full year were 1.5 million, in-line with the prior year result.


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VZQTR20FIN
Consumer Financial Results
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Total Consumer revenue for the fourth quarter was $27.6 billion, up 2.2% year over year, predominantly driven by gains in Service revenue.
•Consumer Service and other revenue was $21.1 billion, up 2.7% year over year.
•Consumer Wireless service revenue was $16.5 billion, up 3.0% year over year, driven by growth in Consumer wireless postpaid average revenue per account (ARPA) from pricing actions and continued FWA adoption.
•Consumer Fios revenue was $2.9 billion, relatively flat year over year.
•Consumer Wireless equipment revenue was $6.5 billion, up 0.8% year over year, driven primarily by a 3.2% year over year increase in upgrade volumes.

Consumer Wireless postpaid ARPA was $139.77 for the fourth quarter, up 4.2% year over year, driven by pricing actions implemented in recent quarters and increased contributions from FWA, perks, and add-on services.

Consumer operating income for the fourth quarter was $6.9 billion, down 1.9% year over year, resulting in operating income margin of 25.1% compared to 26.1% in the prior year period.

Consumer segment EBITDA2 for the fourth quarter was $10.3 billion, down 0.4% year over year. Improvements in Consumer Wireless service revenue were more than offset by increases in upgrade volumes and the impact of related promotions in the period. Consumer segment EBITDA margin2 for the fourth quarter was 37.5% compared to 38.5% in the prior year period.


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VZQTR20FIN
Business Financial Results

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Note: Revenue by customer group may not add due to rounding.

Total Business revenue for the fourth quarter was $7.5 billion, down 1.5% year over year, as increases in Wireless service revenue were more than offset by decreases in Wireline revenue, which was down 8.0% year over year in the fourth quarter.
•Business Wireless service revenue was $3.5 billion, up 3.4% year over year, driven by continued strong net additions for both mobility and FWA, as well as benefits from pricing actions implemented in recent quarters.
•Business wireline results reflect continued secular declines in the prevailing wireline market, consistent with prior periods.

Business operating income for the fourth quarter was $594 million, up 34.1% year over year, resulting in operating income margin of 7.9%.

Business segment EBITDA2 for the fourth quarter was $1.7 billion, up 3.0% year over year. The result was driven by Wireless service revenue growth, partially offset by continued Wireline revenue declines. Business segment EBITDA margin2 for the fourth quarter was 22.1%.

Notes
1 Total Wireless service revenue represents the sum of Consumer and Business segments.
2 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).

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VZQTR20FIN
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; 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 or the potential impacts of global climate change; 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.


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VZQTR20FIN



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Verizon Communications Inc.
Non-GAAP Reconciliations - Consolidated Verizon

Consolidated EBITDA and Consolidated Adjusted EBITDA
(dollars in millions)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 9/30/24 3 Mos. Ended 6/30/24 3 Mos. Ended 3/31/24 3 Mos. Ended 12/31/23 3 Mos. Ended 9/30/23 3 Mos. Ended 6/30/23 3 Mos. Ended 3/31/23
Consolidated Net Income (Loss) $ 5,114  $ 3,411  $ 4,702  $ 4,722  $ (2,573) $ 4,884  $ 4,766  $ 5,018 
  Add:
Provision for income taxes 1,454  891  1,332  1,353  756  1,308  1,346  1,482 
Interest expense 1,644  1,672  1,698  1,635  1,599  1,433  1,285  1,207 
Depreciation and amortization expense(1)
 4,506  4,458  4,483  4,445  4,516  4,431  4,359  4,318 
Consolidated EBITDA $ 12,718  $ 10,432  $ 12,215  $ 12,155  $ 4,298  $ 12,056  $ 11,756  $ 12,025 
  Add/(subtract):
Other (income) expense, net(2)
 $ (797) $ (72) $ 72  $ (198) $ 807  $ (170) $ (210) $ (114)
Equity in (earnings) losses of unconsolidated businesses 6  24  14  9  11  18  33  (9)
Severance charges —  1,733  —  —  296  —  237  — 
Asset and business rationalization —  374  —  —  325  —  155  — 
Legacy legal matter —  —  —  106  —  —  —  — 
Verizon Business Group goodwill impairment —  —  —  —  5,841  —  —  — 
Legal settlement —  —  —  —  100  —  —  — 
Business transformation costs —  —  —  —  —  176  —  — 
Non-strategic business shutdown —  —  —  —  —  158  —  — 
(791) 2,059  86  (83) 7,380  182  215  (123)
Consolidated Adjusted EBITDA $ 11,927  $ 12,491  $ 12,301  $ 12,072  $ 11,678  $ 12,238  $ 11,971  $ 11,902 
Footnotes:
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable.
(2) Includes Pension and benefits remeasurement adjustments, where applicable.








Verizon Communications Inc.
Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)
(dollars in millions)
12 Mos. Ended 12 Mos. Ended 12 Mos. Ended
Unaudited 12/31/24 9/30/24 12/31/23
Consolidated Net Income $ 17,949  $ 10,262  $ 12,095 
  Add:
Provision for income taxes 5,030  4,332  4,892 
Interest expense 6,649  6,604  5,524 
Depreciation and amortization expense(1)
 17,892  17,902  17,624 
Consolidated EBITDA $ 47,520  $ 39,100  $ 40,135 
  Add/(subtract):
Other (income) expense, net(2)
 $ (995) $ 609  $ 313 
Equity in losses of unconsolidated businesses 53  58  53 
Severance charges 1,733  2,029  533 
Asset and business rationalization 374  699  480 
Legacy legal matter 106  106  — 
Verizon Business Group goodwill impairment —  5,841  5,841 
Legal settlement —  100  100 
Business transformation costs —  —  176 
Non-strategic business shutdown —  —  158 
1,271  9,442  7,654 
Consolidated Adjusted EBITDA $ 48,791  $ 48,542  $ 47,789 
Footnotes:
(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable.
(2) Includes Pension and benefits remeasurement adjustments, where applicable.


Verizon Communications Inc.
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
(dollars in millions)
Unaudited 12/31/24 9/30/24 12/31/23
Debt maturing within one year $ 22,633  $ 21,763  $ 12,973 
Long-term debt 121,381  128,878  137,701 
Total Debt 144,014  150,641  150,674 
Less Secured debt 26,138  24,272  22,183 
Unsecured Debt 117,876  126,369  128,491 
Less Cash and cash equivalents 4,194  4,987  2,065 
Net Unsecured Debt
 $ 113,682  $ 121,382  $ 126,426 
Consolidated Net Income (LTM) $ 17,949  $ 10,262  $ 12,095 
Consolidated Adjusted EBITDA (LTM) $ 48,791  $ 48,542  $ 47,789 
Unsecured Debt to Consolidated Net Income Ratio 6.6  x 12.3  x 10.6  x
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio 2.3  x 2.5  x 2.6  x
Net Unsecured Debt - Quarter over quarter change $ (7,700)
Net Unsecured Debt - Year over year change $ (12,744)
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio - Quarter over quarter change
 (0.2) x
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio - Year over year change (0.3) x


Adjusted Earnings per Common Share (Adjusted EPS)
(dollars in millions, except per share amounts)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23
Pre-tax Tax After-Tax Pre-tax Tax After-Tax
EPS $ 1.18  $ (0.64)
Amortization of acquisition-related intangible assets $ 191  $ (51) $ 140  0.03  $ 227  $ (57) $ 170  0.04 
Severance, pension and benefits charges (credits) (668) 165  (503) (0.12) 1,288  (319) 969  0.23 
Asset rationalization —  —  —  —  325  (80) 245  0.06 
Verizon Business Group goodwill impairment —  —  —  —  5,841  (52) 5,789  1.37 
Legal settlement —  —  —  —  100  (25) 75  0.02 
$ (477) $ 114  $ (363) $ (0.09) $ 7,781  $ (533) $ 7,248  $ 1.72 
Adjusted EPS $ 1.10  $ 1.08 
Footnote:
Adjusted EPS may not add due to rounding.
(dollars in millions, except per share amounts)
Unaudited 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23
Pre-tax Tax After-Tax   Pre-tax Tax After-Tax  
EPS $ 4.14  $ 2.75 
Amortization of acquisition-related intangible assets $ 817  $ (208) $ 609  0.14  $ 865  $ (219) $ 646  0.15 
Severance, pension and benefits charges 1,201  (298) 903  0.21  1,525  (378) 1,147  0.27 
Asset and business rationalization 374  (90) 284  0.07  480  (113) 367  0.09 
Legacy legal matter 106  (27) 79  0.02  —  —  —  — 
Verizon Business Group goodwill impairment —  —  —  —  5,841  (52) 5,789  1.37 
Legal settlement —  —  —  —  100  (25) 75  0.02 
Business transformation costs —  —  —  —  176  (45) 131  0.03 
Non-strategic business shutdown —  —  —  —  179  (83) 96  0.02 
$ 2,498  $ (623) $ 1,875  $ 0.44  $ 9,166  $ (915) $ 8,251  $ 1.96 
Adjusted EPS $ 4.59  $ 4.71 
Footnote:
Adjusted EPS may not add due to rounding.


Verizon Communications Inc.
Free Cash Flow
(dollars in millions)
Unaudited 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23
Net Cash Provided by Operating Activities $ 36,912  $ 37,475 
Capital expenditures (including capitalized software) (17,090) (18,767)
Free Cash Flow $ 19,822  $ 18,708 
Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items
(dollars in millions)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23
Consolidated Operating Expenses $ 28,260  $ 34,530 
Depreciation and amortization expense(1)
 4,506  4,516 
Severance charges —  296 
Asset rationalization —  325 
Verizon Business Group goodwill impairment —  5,841 
Legal settlement —  100 
Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items $ 23,754  $ 23,452 
Year over year change % 1.3  %
Footnote:
(1) Includes Amortization of acquisition-related intangible assets.


Verizon Communications Inc.
Non-GAAP Reconciliations - Segments
Segment EBITDA and Segment EBITDA Margin
Consumer
(dollars in millions)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23
Operating Income $ 6,904  $ 7,035 
Add Depreciation and amortization expense 3,438  3,344 
Segment EBITDA $ 10,342  $ 10,379 
Year over year change % (0.4) %
Total operating revenues $ 27,560  $ 26,954 
Operating Income Margin 25.1  % 26.1  %
Segment EBITDA Margin 37.5  % 38.5  %

Business
(dollars in millions)
Unaudited 3 Mos. Ended 12/31/24 3 Mos. Ended 12/31/23
Operating Income $ 594  $ 443 
Add Depreciation and amortization expense 1,061  1,164 
Segment EBITDA $ 1,655  $ 1,607 
Year over year change % 3.0  %
Total operating revenues $ 7,504  $ 7,618 
Operating Income Margin 7.9  % 5.8  %
Segment EBITDA Margin 22.1  % 21.1  %