01—Abstract
Summary
Summary of the 10-K filed February 17, 2026. Cited figures are marked; the original filing is the authoritative source.
Verizon Communications Inc. reported solid performance for the fiscal year ended December 31, 2025, with consolidated operating revenues increasing by 2.5% to $138.19 billiona.
This growth was primarily driven by a robust 3.8% increase in the Consumer segment's revenue, reaching $106.8 billionb, largely fueled by growth in wireless service and equipment revenue. The Business segment saw a slight 1.6% decrease in revenue to $29.1 billion, impacted by declines in its Enterprise and Public Sector, and Wholesale divisions, though offset by growth in the Business Markets and Other category. The company also highlighted its ongoing network evolution, including the continued deployment of 5G and fiber technologies, and the completion of strategic acquisitions in early 2026, namely Frontier Communications and Starry Group Holdings.
These acquisitions are expected to enhance Verizon's broadband capabilities and expand its fiber footprint. Despite these strategic investments, Verizon maintained strong free cash flow of $20.1 billionc for the year, demonstrating operational efficiency and financial discipline.
Looking ahead, Verizon remains focused on its strategic growth areas of mobility and broadband, with planned capital expenditures between $16.0 billiond and $16.5 billion for 2026. The company also reaffirmed its commitment to returning capital to shareholders, announcing a new $25 billion share repurchase program and a dividend increase, underscoring its confidence in future performance and shareholder value creation.
02—Key points
Key Highlights
- Consolidated operating revenues increased 2.5% to $138.19 billion in 2025, driven by strong Consumer segment performance.
- The Consumer segment's revenue grew 3.8% to $106.8 billion, primarily due to increases in wireless service and equipment revenue.
- The Business segment revenue decreased 1.6% to $29.1 billion, influenced by declines in Enterprise and Public Sector, and Wholesale, but saw growth in Business Markets and Other.
- Free cash flow reached $20.1 billion for the year, indicating strong operational cash generation.
- Verizon completed significant acquisitions of Frontier Communications and Starry Group Holdings in early 2026, aimed at expanding its broadband and fiber capabilities.
- The company announced a new $25 billion share repurchase program and a dividend increase, demonstrating confidence in future financial health and commitment to shareholder returns.
- Capital expenditures for 2026 are projected to be between $16.0 billion and $16.5 billion, focused on network expansion and technology upgrades.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 17, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $138.19B$134.79B | +2.5% |
| SG&A Expenses | $33.82B$34.11B | −0.9% |
| Operating Expenses | $108.93B$106.10B | +2.7% |
| Operating Income | $29.26B$28.69B | +2.0% |
| Net Income | $17.61B$17.95B | −1.9% |
| EPS (Basic) | $4.06$4.15 | −2.2% |
| EPS (Diluted) | $4.06$4.14 | −1.9% |
| Shares Outstanding (Basic) | 4.23B4.22B | +0.2% |
| Shares Outstanding (Diluted) | 4.23B4.22B | +0.2% |
05—Questions
Frequently Asked Questions
How did Verizon's revenue perform in 2025?
Verizon reported a consolidated operating revenue of $138.19 billion for the fiscal year 2025, representing a 2.5% increase compared to 2024. This growth was primarily driven by the Consumer segment, which saw a 3.8% revenue increase to $106.8 billion. The Business segment experienced a 1.6% decrease in revenue to $29.1 billion.
What are the key strategic initiatives Verizon is pursuing?
Verizon is focused on its core strategic growth areas of mobility and broadband. Key initiatives include the continued deployment of 5G and fiber-optic networks, enhancing customer experience through innovative products and services, and optimizing operational efficiency. The company also recently completed the acquisitions of Frontier Communications and Starry Group Holdings in early 2026, which are expected to bolster its broadband offerings and network reach.
What is Verizon's financial outlook regarding capital expenditures and shareholder returns?
For 2026, Verizon anticipates capital expenditures between $16.0 billion and $16.5 billion, primarily directed towards network enhancements and expansion. The company also demonstrated a strong commitment to shareholder returns by announcing a new $25 billion share repurchase program and an increase in its quarterly dividend, reflecting confidence in its financial stability and future growth prospects.
How did the company's profitability fare in 2025?
Consolidated net income was $17.6 billion for 2025. The company generated a free cash flow of $20.1 billion, an increase from the prior year, demonstrating effective cash management and operational efficiency, which supports its investment plans and shareholder return initiatives.
06—Continue