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Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information
Note 10. Segment Information
Reportable Segments
We have two reportable segments that we operate and manage as strategic business units, Consumer and Business. We measure and evaluate our reportable segments based on segment operating income, consistent with the chief operating decision maker's (CODM) assessment of segment performance.

The Company's CODM is the Chief Executive Officer. The CODM uses segment operating income to allocate resources (including employees, financial or capital resources) and to assess performance during the monthly and quarterly financial strategic review process. When assessing segment performance and how to allocate resources, the CODM focuses on evaluating whether revenues generated are sufficient to cover variable and fixed costs with an appropriate return on investment. Key decisions considered by the CODM using segment operating income include prioritization and timing of changes to network technologies, allocation of capital expenditures based on the Company's priorities, geographic expansion of wireline and wireless networks, establishment of key financial and operational targets, pricing decisions, branding matters and people management.

Our segments and their principal activities consist of the following:

SegmentDescription
Verizon
Consumer Group
Our Consumer segment provides consumer-focused wireless and wireline communications services and products. Our wireless services are provided across one of the most extensive wireless networks in the U.S. under the Verizon family of brands and through wholesale and other arrangements. We also provide fixed wireless access (FWA) broadband through our 5G or 4G LTE networks as an alternative to traditional landline internet access. Our wireline services are provided in nine states in the Mid-Atlantic and Northeastern U.S., as well as Washington D.C., over our 100% fiber-optic network through our Verizon Fios product portfolio and over a traditional copper-based network to customers who are not served by Fios.
Verizon
Business Group
Our Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and advanced communication services, corporate networking solutions, security and managed network services, local and long distance voice services and network access to deliver various Internet of Things services and products. We provide these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world.
Our Consumer segment's wireless and wireline products and services are available to our retail customers, as well as resellers that purchase wireless network access from us on a wholesale basis. Our Business segment's wireless and wireline products and services are organized by the primary customer groups for these offerings: Enterprise and Public Sector, Business Markets and Other, and Wholesale.
Corporate and other primarily includes device insurance programs, investments in unconsolidated businesses and development stage businesses that support our strategic initiatives, as well as unallocated corporate expenses, certain pension and other employee benefit related costs and interest and financing expenses. Corporate and other also includes the historical results of divested businesses and other adjustments and gains and losses that are not allocated or used in assessing segment performance due to their nature. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. Gains and losses from these transactions that are not individually significant are included in segment results and therefore included in the CODM's assessment of segment performance.
The following tables provide operating financial information for our two reportable segments:

Three Months Ended June 30,
2025
2024
(dollars in millions)ConsumerBusinessTotal 
Reportable
Segments		ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service(1)
$20,186 $— $20,186 $19,797 $— $19,797 
Wireless equipment5,369 — 5,369 4,143 — 4,143 
Other(1)(2)
1,019 — 1,019 932 — 932 
Enterprise and Public Sector— 3,435 3,435 — 3,545 3,545 
Business Markets and Other— 3,339 3,339 — 3,199 3,199 
Wholesale— 494 494 — 547 547 
Intersegment revenues74 7 81 55 9 64 
Total Operating Revenues(3)
26,648 7,275 33,923 24,927 7,300 32,227 
Operating Expenses(4)
Cost of wireless equipment5,806 1,201 7,007 4,432 1,135 5,567 
Centrally managed network and shared service costs(5)
4,463 2,441 6,904 4,450 2,569 7,019 
Depreciation and amortization expense3,582 1,031 4,613 3,394 1,078 4,472 
Other segment expenses(6)
5,154 1,964 7,118 5,047 2,018 7,065 
Total Operating Expenses
19,005 6,637 25,642 17,323 6,800 24,123 
Operating Income$7,643 $638 $8,281 $7,604 $500 $8,104 
1) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025.
(2) Other revenue includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $6.4 billion and $886 million, respectively, for the three months ended June 30, 2025 and were approximately $6.4 billion and $855 million, respectively, for the three months ended June 30, 2024.
(4) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(5) Centrally managed network and shared service costs include costs for network and leased assets, supply chain and other centralized services that are allocated to our Consumer and Business segments based on proportionate usage of services.
(6) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.
Six Months Ended June 30,
2025
2024
(dollars in millions)ConsumerBusinessTotal 
Reportable
Segments		ConsumerBusinessTotal 
Reportable
Segments
External Operating Revenues
Service(1)
$40,179 $— $40,179 39,369 $— $39,369 
Wireless equipment9,901 — 9,901 8,633 — 8,633 
Other(1)(2)
2,039 — 2,039 1,875 — 1,875 
Enterprise and Public Sector— 6,892 6,892 — 7,132 7,132 
Business Markets and Other— 6,646 6,646 — 6,389 6,389 
Wholesale— 1,009 1,009 — 1,137 1,137 
Intersegment revenues147 14 161 107 18 125 
Total Operating Revenues(3)
52,266 14,561 66,827 49,984 14,676 64,660 
Operating Expenses(4)
Cost of wireless equipment10,718 2,395 13,113 9,182 2,290 11,472 
Centrally managed network and shared service costs(5)
8,992 4,923 13,915 8,880 5,193 14,073 
Depreciation and amortization expense7,125 2,051 9,176 6,703 2,206 8,909 
Other segment expenses(6)
10,364 3,890 14,254 10,243 4,088 14,331 
Total Operating Expenses
37,199 13,259 50,458 35,008 13,777 48,785 
Operating Income$15,067 $1,302 $16,369 $14,976 $899 $15,875 
(1) Reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025.
(2) Other revenue includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Service and other revenues and Wireless equipment revenues included in our Business segment were approximately $12.8 billion and $1.8 billion, respectively, for the six months ended June 30, 2025 and were approximately $13.0 billion and $1.7 billion, respectively, for the six months ended June 30, 2024.
(4) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.
(5) Centrally managed network and shared service costs include costs for network and leased assets, supply chain and other centralized services that are allocated to our Consumer and Business segments based on proportionate usage of services.
(6) Other segment expenses for each reportable segment include certain personnel, digital content, sales-related, overhead, other direct and operating costs.

The following table provides Fios revenue for our two reportable segments and includes intersegment activity:
Three Months EndedSix Months Ended
June 30,June 30,
(dollars in millions)2025202420252024
Consumer$2,924 $2,896 $5,820 $5,792 
Business310 313 620 624 
Total Fios revenue$3,234 $3,209 $6,440 $6,416 

The following table provides Wireless service revenue for our two reportable segments and includes intersegment activity:
Three Months EndedSix Months Ended
June 30,June 30,
(dollars in millions)2025202420252024
Consumer$17,369 $16,985 $34,568 $33,745 
Business3,579 3,521 7,144 6,988 
Total Wireless service revenue$20,948 $20,506 $41,712 $40,733 
Wireless service revenue reflects the reclassification of recurring device protection and insurance related plan revenues from Other revenue into Wireless service revenue in the first quarter of 2025.
Reconciliation to Consolidated Financial Information
The reconciliation of segment operating revenues and operating income to consolidated operating revenues and operating income below includes the effects of special items that the CODM does not consider in assessing segment performance, primarily because of their nature.

A reconciliation of the reportable segments' operating revenues to consolidated operating revenues is as follows:
Three Months EndedSix Months Ended
 June 30,June 30,
(dollars in millions)2025202420252024
Total reportable segments operating revenues
$33,923 $32,227 $66,827 $64,660 
Corporate and other
663 633 1,323 1,244 
Eliminations
(82)(64)(161)(127)
Total consolidated operating revenues$34,504 $32,796 $67,989 $65,777 

A reconciliation of the total reportable segments' operating income to consolidated income before provision for income taxes is as follows:
 Three Months EndedSix Months Ended
June 30,June 30,
(dollars in millions)2025202420252024
Total reportable segments operating income$8,281 $8,104 $16,369 $15,875 
Corporate and other(101)(277)(203)(413)
Other components of net periodic benefit charges (Note 8)(8)(9)(16)(17)
    Legacy legal matter
— — — (106)
Total consolidated operating income8,172 7,818 16,150 15,339 
Equity in earnings (losses) of unconsolidated businesses(3)(14)3 (23)
Other income (expense), net79 (72)200 126 
Interest expense(1,639)(1,698)(3,271)(3,333)
Income Before Provision For Income Taxes$6,609 $6,034 $13,082 $12,109 

No single customer accounted for more than 10% of our total operating revenues during the three and six months ended June 30, 2025 or 2024.

The CODM does not review disaggregated assets on a segment basis; therefore, such information is not presented. Depreciation and amortization included in the measure of segment profitability is primarily allocated based on proportional usage, and is included within Total reportable segments operating income.