Verizon Delivers Another Record-Breaking Quarter with 3Q 2026 Results Driven by Strong Postpaid Phone and Account Additions

VZQTR20FIN Exhibit 99 News Release FOR IMMEDIATE RELEASE Media contacts: October 26, 2026 Katie Magnotta 201-602-9235 katie.magnotta@verizon.com Jamie Serino 201-401-5460 jamie.serino@verizon.com Verizon Delivers Another Record-Breaking Quarter with 3Q 2026 Results Driven by Strong Postpaid Phone and Account Additions Transformation Efforts Continue to Drive Growth and Profitability Company Raises Full-Year Guidance for Third Consecutive Quarter Verizon and Amazon Web Services (AWS) Expand Strategic Partnership with Landmark $2B+ AI Infrastructure Deal 3Q26 Key Highlights: •Delivered 406,000 postpaid phone net additions, a more than 820.0 percent increase year-over-year, representing the strongest third-quarter performance in five years. •Added 137,000 postpaid net accounts, marking the company's best performance in over a decade. •Acquired nearly 1.7 million mobility and broadband subscribers in the first nine months of 2026, compared to 879,000 in the first nine months of 2025. •Mobility and broadband service revenue of $23.5 billion grew 2.9 percent year-over-year, up sequentially and forecast to grow approximately 4.0 percent in fourth-quarter 2026. •Cash flow from operating activities was $11.5 billion for the quarter, representing an increase of 2.2 percent year-over-year. This supported free cash flow¹ of $7.8 billion, up 12.1 percent year-over-year. •Sharp focus on operational efficiency resulted in strong consolidated net income performance of $5.3 billion, up 5.2 percent year-over-year. This drove consolidated Adjusted EBITDA1 of $13.8 billion, up 8.0 percent year-over-year, which represents the highest quarterly result the company has ever reported. •Earnings per share (EPS) was $1.25, up 6.8 percent year-over-year, driving Adjusted EPS¹ of $1.31, up 8.3 percent year-over-year. •Raised full-year 2026 guidance for key metrics for the third consecutive quarter, including for postpaid phone net additions, Adjusted EPS¹, and free cash flow¹. Page 1 VlpHU09DSUQyMDE5UTE= VZQTR20FIN •Signed an agreement valued at $2.0+ billion with AWS that establishes a commercial framework to scale distributed compute and meet the real-time demands of agentic and generative AI workloads. NEW YORK, NY — Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced third-quarter 2026 results that set new company benchmarks. This performance highlights the momentum behind its multi-year transformation. Verizon delivered its strongest third-quarter postpaid phone net adds in five years, and its best quarterly net account growth in over a decade, alongside lower year-over-year churn. With these strong results and the underlying performance of the business, Verizon raised its full-year guidance for the third consecutive quarter. "Verizon delivered another record-breaking quarter. One year into our transformation, Verizon is fundamentally stronger — operationally, financially, and competitively," said Dan Schulman, Verizon CEO. "By prioritizing customer-first offerings like Simplicity and our expanded loyalty program over heavy subsidies, we are winning loyal, high-value customers while expanding margins, reducing churn, and generating strong sustained cash flow. At the same time, technology leaders are choosing our fiber network to power the next generation of AI infrastructure. We are continuing to raise the bar and we are only one year into a multi-year growth story." 3Q 2026 Highlights Mobility and Broadband •Mobility and broadband service revenue reached approximately $23.5 billion, representing a 2.9 percent increase year-over-year, continuing a sequential improvement from 2.8 percent in second-quarter 2026 and 1.6 percent in first-quarter 2026. •Reported total postpaid phone net additions of 406,000 in third-quarter 2026, a more than 820.0 percent increase year-over-year, marking the strongest third-quarter performance in five years. •Delivered 137,000 postpaid net account additions, marking the best performance in over a decade. •Overall postpaid phone churn improved 4 bps year-over-year to 0.94 percent, with Consumer postpaid phone churn also improving 4 bps to 0.87 percent. Promotional cost of acquisition decreased 41 percent year-over-year, and promotional cost of retention improved by 30 percent year-over-year. Page 2 VlpHU09DSUQyMDE5UTE= VZQTR20FIN •Delivered 314,000 broadband net additions in third-quarter 2026. This includes total fixed wireless access net additions of 159,000 and 155,000 fiber broadband net additions. •Verizon now maintains 17.4 million total broadband connections, with more than half of new fiber customers choosing 1-gigabit-plus download speeds. •The company continues to anticipate total fiber passings to exceed 32 million by year-end, remaining on track toward a target of 40 to 50 million fiber passings over the medium term. Consolidated Financial Results •Total operating revenue was $34.3 billion, up 1.5 percent year-over-year. Mobility and broadband service revenue growth of 2.9 percent was offset by a 9.0 percent year-over-year decline in equipment revenue. This decline resulted primarily from significantly lower upgrade volumes, as the average time customers keep their mobile devices continues to increase, and the company’s strategic decision to reduce spending on device subsidies. It is another demonstration of Verizon’s more disciplined approach as the company structurally evolves its business model. •In third-quarter 2026, Verizon had strong consolidated net income of $5.3 billion, a 5.2 percent increase year-over-year, and strong consolidated net income margin of 15.5 percent compared to 14.9 percent in third-quarter 2025. •Consolidated Adjusted EBITDA1 grew 8.0 percent year-over-year to $13.8 billion, the highest the company ever reported. •Consolidated Adjusted EBITDA margin1 grew from 37.8 to 40.2 percent year-over-year, the highest the company ever reported. •EPS was $1.25 in third-quarter 2026, a 6.8 percent increase compared to $1.17 in third-quarter 2025; Adjusted EPS1, excluding special items, was $1.31 in third-quarter 2026, an 8.3 percent increase compared to $1.21 in third-quarter 2025. •In third-quarter 2026, cash flow from operations was $11.5 billion, up 2.2 percent year-over-year. Free cash flow1 was $7.8 billion in third-quarter 2026, up 12.1 percent year-over-year. •Cash flow from operations was $29.9 billion for the first nine months of the year, compared to $28.0 billion for the same period in 2025, representing a growth rate of nearly 7.0 percent. Free cash flow1 for the first nine months of the year was $18.0 billion, up 14.3 percent year-over-year. •Capital expenditures were $11.9 billion for the first nine months of the year, reflecting sustained, disciplined investment to maintain network excellence and capture high-return expansion across mobility and broadband. •Verizon's total unsecured debt as of the end of third-quarter 2026 was $136.1 billion, compared to $136.5 billion at the end of second-quarter 2026. The company's net unsecured debt1 at the end of third-quarter 2026 was $123.7 billion compared to $128.7 billion at the end of second-quarter 2026. At the end of third-quarter 2026, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 8.1 times and its net unsecured debt to consolidated Adjusted EBITDA ratio1 was 2.3 times. •In the first nine months of the year, Verizon returned $12.8 billion of capital to shareholders, up 49.0 percent year-over-year. This includes dividend payments of $8.8 billion and share repurchases of $4.0 billion. The company continues to expect to repurchase up to $4.5 billion for the full year. Page 3 VlpHU09DSUQyMDE5UTE= VZQTR20FIN Outlook and Guidance Verizon 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. Given the strong third-quarter 2026 performance and continued operational momentum, Verizon is raising its full-year 2026 guidance as follows: •Postpaid phone net additions: 1.1 million to 1.2 million, up from upper half of 750,000 to 1.0 million, representing an increase of more than three times compared to 2025. •Adjusted EPS¹: $5.04 to $5.06, or 7.0 to 7.5 percent growth year-over-year, up from 6.0 to 7.0 percent. •Cash flow from operations: 3.5 to 5.0 percent growth year-over-year, up from 2.0 to 4.0 percent. •Free cash flow¹: expected to approach 12.0 percent growth year-over-year, up from 9.0 to 10.0 percent. •Mobility and broadband service revenue: upper half of annual guidance of 2.5 to 3.0 percent growth, with approximately 4.0 percent growth in fourth-quarter 2026. In addition, for 2026, Verizon continues to expect the following: •Capital expenditures: $16.0 billion to $16.5 billion, inclusive of success-based investments for AI Connect. 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). 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 $138.2 billion in 2025. 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/about/news. For images and logos, visit verizon.com/about/news/media-resources. 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,” "will" 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 Page 4 VlpHU09DSUQyMDE5UTE= VZQTR20FIN we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives, network performance and quality, 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; 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; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; our ability to implement business transformation initiatives and achieve their anticipated benefits; system failures and disruptions to our networks and operations and any resulting financial, reputational or business impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; 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; significant amount of outstanding debt; 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; our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to obtain cost savings and other synergies and anticipated benefits of completed transactions within the expected time period or at all. Page 5 VlpHU09DSUQyMDE5UTE= Verizon Communications Inc. Condensed Consolidated Statements of Income (dollars in millions, except per share amounts) Unaudited 3 Mos. Ended 9/30/26 3 Mos. Ended 9/30/25 % Change 9 Mos. Ended 9/30/26 9 Mos. Ended 9/30/25 % Change Operating Revenues Service revenues and other $ 29,197 $ 28,202 3.5 $ 87,185 $ 84,538 3.1 Wireless equipment revenues 5,116 5,619 (9.0) 15,821 17,272 (8.4) Total Operating Revenues 34,313 33,821 1.5 103,006 101,810 1.2 Operating Expenses Cost of services 7,265 6,863 5.9 21,657 20,691 4.7 Cost of wireless equipment 5,823 6,483 (10.2) 18,188 19,596 (7.2) Selling, general and administrative expense 7,480 7,752 (3.5) 24,095 23,438 2.8 Depreciation and amortization expense 5,095 4,618 10.3 14,995 13,830 8.4 Total Operating Expenses 25,663 25,716 (0.2) 78,935 77,555 1.8 Operating Income 8,650 8,105 6.7 24,071 24,255 (0.8) Equity in earnings (losses) of unconsolidated businesses (3) (6) (50.0) 46 (3) * Other income, net 120 92 30.4 633 292 * Interest expense (1,950) (1,664) 17.2 (5,875) (4,935) 19.0 Income Before Provision For Income Taxes 6,817 6,527 4.4 18,875 19,609 (3.7) Provision for income taxes (1,497) (1,471) 1.8 (4,460) (4,449) 0.2 Net Income $ 5,320 $ 5,056 5.2 $ 14,415 $ 15,160 (4.9) Net income attributable to noncontrolling interests $ 122 $ 106 15.1 $ 337 $ 328 2.7 Net income attributable to Verizon 5,198 4,950 5.0 14,078 14,832 (5.1) Net Income $ 5,320 $ 5,056 5.2 $ 14,415 $ 15,160 (4.9) Basic Earnings Per Common Share Net income attributable to Verizon $ 1.25 $ 1.17 6.8 $ 3.37 $ 3.51 (4.0) Weighted-average shares outstanding (in millions) 4,157 4,228 4,176 4,225 Diluted Earnings Per Common Share(1) Net income attributable to Verizon $ 1.25 $ 1.17 6.8 $ 3.37 $ 3.51 (4.0) Weighted-average shares outstanding (in millions) 4,161 4,233 4,180 4,229 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 9/30/26 12/31/25 $ Change Assets Current assets Cash and cash equivalents $ 4,495 $ 19,048 $ (14,553) Accounts receivable 27,564 28,347 (783) Less Allowance for credit losses 1,199 1,250 (51) Accounts receivable, net 26,365 27,097 (732) Inventories 2,775 2,441 334 Prepaid expenses and other 7,876 8,336 (460) Total current assets 41,511 56,922 (15,411) Property, plant and equipment 359,427 337,991 21,436 Less Accumulated depreciation 234,293 228,524 5,769 Property, plant and equipment, net 125,134 109,467 15,667 Investments in unconsolidated businesses 796 785 11 Wireless licenses 161,417 157,039 4,378 Goodwill 30,729 22,841 7,888 Other intangible assets, net 12,002 10,458 1,544 Operating lease right-of-use assets 22,680 23,498 (818) Other assets 21,253 23,248 (1,995) Total assets $ 415,522 $ 404,258 $ 11,264 Liabilities and Equity Current liabilities Debt maturing within one year $ 23,889 $ 18,618 $ 5,271 Accounts payable and accrued liabilities 22,018 24,981 (2,963) Current operating lease liabilities 4,772 4,542 230 Other current liabilities 15,592 14,229 1,363 Total current liabilities 66,271 62,370 3,901 Long-term debt 142,344 139,532 2,812 Employee benefit obligations 11,533 11,099 434 Deferred income taxes 50,976 48,717 2,259 Non-current operating lease liabilities 17,963 18,951 (988) Other liabilities 19,143 17,848 1,295 Total long-term liabilities 241,959 236,147 5,812 Equity Common stock 429 429 — Additional paid in capital 13,250 13,372 (122) Retained earnings 99,995 94,744 5,251 Accumulated other comprehensive loss (1,624) (1,727) 103 Common stock in treasury, at cost (6,802) (3,255) (3,547) Deferred compensation – employee stock ownership plans and other 738 897 (159) Noncontrolling interests 1,306 1,281 25 Total equity 107,292 105,741 1,551 Total liabilities and equity $ 415,522 $ 404,258 $ 11,264 Verizon Communications Inc. Consolidated - Selected Financial and Operating Statistics (dollars in millions, except per share amounts) Unaudited 9/30/26 12/31/25 Total debt $ 166,233 $ 158,150 Unsecured debt $ 136,095 $ 131,083 Net unsecured debt(1) $ 123,721 $ 110,053 Unsecured debt / Consolidated Net Income (LTM) 8.1 x 7.4 x Net unsecured debt / Consolidated Adjusted EBITDA(1)(2) 2.3 x 2.2 x Common shares outstanding, end of period (in millions) 4,145 4,217 Total employees (‘000)(3) 93.3 89.9 Quarterly cash dividends declared per common share $ 0.7075 $ 0.6900 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 9 Mos. Ended 9/30/26 9 Mos. Ended 9/30/25 $ Change Cash Flows from Operating Activities Net Income $ 14,415 $ 15,160 $ (745) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 14,995 13,830 1,165 Employee retirement benefits 187 444 (257) Deferred income taxes 2,113 1,809 304 Provision for expected credit losses 1,503 1,613 (110) Equity in (earnings) losses of unconsolidated businesses, net of dividends received (27) 41 (68) Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses (3,438) (4,054) 616 Other, net 188 (820) 1,008 Net cash provided by operating activities 29,936 28,023 1,913 Cash Flows from Investing Activities Capital expenditures (including capitalized software) (11,926) (12,263) 337 Cash paid related to acquisitions of businesses, net of cash acquired (9,480) — (9,480) Acquisitions of wireless licenses (4,384) (340) (4,044) Other, net 319 923 (604) Net cash used in investing activities (25,471) (11,680) (13,791) Cash Flows from Financing Activities Proceeds from long-term borrowings 13,658 3,952 9,706 Proceeds from asset-backed long-term borrowings 13,773 7,340 6,433 Repayments of long-term borrowings and finance lease obligations (17,349) (7,529) (9,820) Repayments of asset-backed long-term borrowings (14,285) (6,437) (7,848) Dividends paid (8,804) (8,569) (235) Purchase of common stock for treasury (4,000) — (4,000) Other, net (1,893) (1,579) (314) Net cash used in financing activities (18,900) (12,822) (6,078) Increase (decrease) in cash, cash equivalents and restricted cash (14,435) 3,521 (17,956) Cash, cash equivalents and restricted cash, beginning of period 19,499 4,635 14,864 Cash, cash equivalents and restricted cash, end of period $ 5,064 $ 8,156 $ (3,092) Verizon Communications Inc. Consumer - Selected Financial Results (dollars in millions) Unaudited 3 Mos. Ended 9/30/26 3 Mos. Ended 9/30/25 % Change 9 Mos. Ended 9/30/26 9 Mos. Ended 9/30/25 % Change Operating Revenues Mobility and broadband service(1) $ 19,777 $ 19,096 3.6 $ 58,594 $ 56,899 3.0 Wireless equipment 4,277 4,766 (10.3) 13,279 14,667 (9.5) Other(2) 2,378 2,243 6.0 7,254 6,805 6.6 Total Operating Revenues 26,432 26,105 1.3 79,127 78,371 1.0 Operating Expenses Cost of services 4,980 4,635 7.4 14,728 13,790 6.8 Cost of wireless equipment 4,665 5,270 (11.5) 14,626 15,988 (8.5) Selling, general and administrative expense 4,822 4,968 (2.9) 14,545 15,169 (4.1) Depreciation and amortization expense 3,872 3,568 8.5 11,389 10,693 6.5 Total Operating Expenses 18,339 18,441 (0.6) 55,288 55,640 (0.6) Operating Income $ 8,093 $ 7,664 5.6 $ 23,839 $ 22,731 4.9 Operating Income Margin 30.6 % 29.4 % 30.1 % 29.0 % Segment EBITDA(3) $ 11,965 $ 11,232 6.5 $ 35,228 $ 33,424 5.4 Segment EBITDA Margin(3) 45.3 % 43.0 % 44.5 % 42.6 % Footnotes: (1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services. (2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also 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) Non-GAAP financial measure. During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Consumer revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit. The segment financial results 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 Financial Results (dollars in millions) Unaudited 3 Mos. Ended 9/30/26 3 Mos. Ended 9/30/25 % Change 9 Mos. Ended 9/30/26 9 Mos. Ended 9/30/25 % Change Operating Revenues Mobility and broadband service(1) $ 3,713 $ 3,743 (0.8) $ 11,129 $ 11,193 (0.6) Wireless equipment 839 853 (1.6) 2,542 2,605 (2.4) Other(2) 2,471 2,247 10.0 7,637 7,020 8.8 Total Operating Revenues 7,023 6,843 2.6 21,308 20,818 2.4 Operating Expenses Cost of services 2,091 1,985 5.3 6,231 6,199 0.5 Cost of wireless equipment 1,157 1,213 (4.6) 3,562 3,608 (1.3) Selling, general and administrative expense 1,834 1,927 (4.8) 5,487 5,836 (6.0) Depreciation and amortization expense 1,086 1,002 8.4 3,226 2,989 7.9 Total Operating Expenses 6,168 6,127 0.7 18,506 18,632 (0.7) Operating Income $ 855 $ 716 19.4 $ 2,802 $ 2,186 28.2 Operating Income Margin 12.2 % 10.5 % 13.1 % 10.5 % Segment EBITDA(3) $ 1,941 $ 1,718 13.0 $ 6,028 $ 5,175 16.5 Segment EBITDA Margin(3) 27.6 % 25.1 % 28.3 % 24.9 % Footnotes: (1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services. (2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also 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) Non-GAAP financial measure. During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Business revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit. In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation. The segment financial results 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. Total Operating Statistics Unaudited 9/30/26 9/30/25 % Change Connections (‘000) Wireless retail 147,098 146,119 0.7 Wireless retail postpaid 126,831 125,913 0.7 Wireless retail postpaid phone 94,517 93,246 1.4 Wireless retail core prepaid(1) 19,337 19,062 1.4 Wireless retail core prepaid phone(1) 18,603 18,506 0.5 Fiber broadband 11,068 7,674 44.2 FWA broadband 6,369 5,391 18.1 Total broadband(2) 17,437 13,065 33.5 Unaudited 3 Mos. Ended 9/30/26 3 Mos. Ended 9/30/25 % Change 9 Mos. Ended 9/30/26 9 Mos. Ended 9/30/25 % Change Net Additions Detail (‘000) Wireless retail 166 2 * 273 114 * Wireless retail postpaid 231 36 * 223 32 * Wireless retail postpaid phone 406 44 * 645 (254) * Wireless retail core prepaid(1) (12) 47 * 176 234 (24.8) Wireless retail core prepaid phone(1) (52) 14 * 42 148 (71.6) Fiber broadband 155 61 * 437 138 * FWA broadband 159 261 (39.1) 566 847 (33.2) Total broadband(2) 314 322 (2.5) 1,003 985 1.8 Account Statistics Wireless retail postpaid accounts (‘000)(3) 34,471 34,470 * Wireless retail postpaid ARPA(4) $ 168.08 $ 171.27 (1.9) $ 167.49 $ 170.62 (1.8) Wireless retail core prepaid ARPU(5) $ 33.51 $ 32.70 2.5 $ 33.40 $ 32.40 3.1 Churn Detail Wireless retail postpaid phone 0.94 % 0.98 % 0.94 % 0.97 % Wireless retail core prepaid(1) 3.80 % 3.73 % 3.62 % 3.60 % Wireless Retail Postpaid Connection Statistics Upgrade rate 2.6 % 3.3 % Footnotes: (1) Represents total prepaid results excluding our SafeLink brand. (2) Total broadband excludes solutions provided over a traditional copper-based network. (3) Statistic presented as of end of period. (4) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts. (5) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand. Where applicable, the operating results reflect certain adjustments, including those related to migration activity among different types of devices and plans, customer profile changes, product-related changes and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation. * Not meaningful Verizon Communications Inc. Non-GAAP Reconciliations - Consolidated Verizon Consolidated EBITDA and Consolidated Adjusted EBITDA (dollars in millions) Unaudited 3 Mos. Ended 9/30/26 3 Mos. Ended 6/30/26 3 Mos. Ended 3/31/26 3 Mos. Ended 12/31/25 3 Mos. Ended 9/30/25 3 Mos. Ended 6/30/25 3 Mos. Ended 3/31/25 Consolidated Net Income $ 5,320 $ 3,949 $ 5,146 $ 2,448 $ 5,056 $ 5,121 $ 4,983 Add: Provision for income taxes 1,497 1,325 1,638 615 1,471 1,488 1,490 Interest expense(1) 1,950 1,985 1,940 1,759 1,664 1,639 1,632 Depreciation and amortization expense(2) 5,095 5,008 4,892 4,519 4,618 4,635 4,577 Consolidated EBITDA $ 13,862 $ 12,267 $ 13,616 $ 9,341 $ 12,809 $ 12,883 $ 12,682 Add/(subtract): Other (income) expense, net(3) $ (120) $ (36) $ (477) $ 185 $ (92) $ (79) $ (121) Equity in (earnings) losses of unconsolidated businesses 3 (44) (5) (3) 6 3 (6) Severance charges — 397 — 1,715 — — — Acquisition and integration related charges 57 135 261 39 52 — — Asset and business rationalization — 258 — 583 — — — Loss on disposition of business — 746 — — — — — (60) 1,456 (221) 2,519 (34) (76) (127) Consolidated Adjusted EBITDA $ 13,802 $ 13,723 $ 13,395 $ 11,860 $ 12,775 $ 12,807 $ 12,555 Consolidated Operating Revenues $34,313 $33,821 Consolidated Net Income Margin 15.5 % 14.9 % Consolidated Adjusted EBITDA Margin 40.2 % 37.8 % Consolidated Adjusted EBITDA - Year over year change % 8.0 % Footnotes: (1) Includes a portion of the Acquisition and integration related charges, where applicable. (2) Includes Amortization of acquisition-related intangible assets. (3) 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 9/30/26 12 Mos. Ended 12/31/25 Consolidated Net Income $ 16,863 $ 17,608 Add: Provision for income taxes 5,075 5,064 Interest expense(1) 7,634 6,694 Depreciation and amortization expense(2) 19,514 18,349 Consolidated EBITDA $ 49,086 $ 47,715 Add/(subtract): Other income, net(3) $ (448) $ (107) Equity in (earnings) losses of unconsolidated businesses (49) — Severance charges 2,112 1,715 Acquisition and integration related charges 492 91 Asset and business rationalization 841 583 Loss on disposition of business 746 — 3,694 2,282 Consolidated Adjusted EBITDA $ 52,780 $ 49,997 Footnotes: (1) Includes a portion of the Acquisition and integration related charges, where applicable. (2) Includes Amortization of acquisition-related intangible assets. (3) 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 9/30/26 6/30/26 12/31/25 Debt maturing within one year $ 23,889 $ 21,783 $ 18,618 Long-term debt 142,344 143,448 139,532 Total Debt 166,233 165,231 158,150 Less: Secured debt 30,138 28,760 27,067 Unsecured Debt 136,095 136,471 131,083 Less: Equity credit for junior subordinated notes(1) 7,879 6,037 1,982 Less: Cash and cash equivalents 4,495 1,752 19,048 Net Unsecured Debt $ 123,721 $ 128,682 $ 110,053 Consolidated Net Income (LTM) $ 16,863 $ 17,608 Unsecured Debt to Consolidated Net Income Ratio 8.1 x 7.4 x Consolidated Adjusted EBITDA (LTM) $ 52,780 $ 49,997 Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio 2.3 x 2.2 x Footnote: (1) Represents a fifty percent equity credit related to junior subordinated notes outstanding. Adjusted Earnings per Common Share (Adjusted EPS) (dollars in millions, except per share amounts) Unaudited 3 Mos. Ended 9/30/26 3 Mos. Ended 9/30/25 Pre-tax Tax After-Tax Pre-tax Tax After-Tax EPS $ 1.25 $ 1.17 Amortization of acquisition-related intangible assets $ 289 $ (72) $ 217 0.05 $ 189 $ (48) $ 141 0.03 Acquisition and integration related charges 57 (2) 55 0.01 52 — 52 0.01 $ 346 $ (74) $ 272 $ 0.07 $ 241 $ (48) $ 193 $ 0.05 Adjusted EPS $ 1.31 $ 1.21 Year over year change % 8.3 % Footnote: Adjusted EPS may not add due to rounding. Free Cash Flow (dollars in millions) Unaudited 3 Mos. Ended 9/30/26 3 Mos. Ended 9/30/25 9 Mos. Ended 9/30/26 9 Mos. Ended 9/30/25 Net Cash Provided by Operating Activities $ 11,517 $ 11,266 $ 29,936 $ 28,023 Capital expenditures (including capitalized software) (3,716) (4,310) (11,926) (12,263) Free Cash Flow $ 7,801 $ 6,956 $ 18,010 $ 15,760 Year over year change % 12.1 % 14.3 % Verizon Communications Inc. Free Cash Flow (dollars in millions) Unaudited 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 12 Mos. Ended 12/31/23 12 Mos. Ended 12/31/22 12 Mos. Ended 12/31/21 12 Mos. Ended 12/31/20 Net Cash Provided by Operating Activities $ 37,137 $ 36,912 $ 37,475 $ 37,141 $ 39,539 $ 41,768 Capital expenditures (including capitalized software) (17,011) (17,090) (18,767) (23,087) (20,286) (18,192) Free Cash Flow $ 20,126 $ 19,822 $ 18,708 $ 14,054 $ 19,253 $ 23,576 Free Cash Flow Forecast for Full Year 2026 (dollars in millions) Updated Previous Unaudited Forecast Forecast Net Cash Provided by Operating Activities Forecast $ 38,440 - 39,040 $ 37,940 - 38,640 Capital expenditures forecast (including capitalized software) (16,000 - 16,500) (16,000 - 16,500) Free Cash Flow Forecast $ 22,440 - 22,540 $ 21,940 - 22,140 Net Cash Provided by Operating Activities Growth Forecast % 3.5 % - 5.1 % 2.2 % - 4.0 % Free Cash Flow Growth Forecast % 11.5 % - 12.0 % 9.0 % - 10.0 % Verizon Communications Inc. Non-GAAP Reconciliations - Segments Segment EBITDA and Segment EBITDA Margin Consumer (dollars in millions) Unaudited 3 Mos. Ended 9/30/26 3 Mos. Ended 9/30/25 9 Mos. Ended 9/30/26 9 Mos. Ended 9/30/25 Operating Income $ 8,093 $ 7,664 $ 23,839 $ 22,731 Add: Depreciation and amortization expense 3,872 3,568 11,389 10,693 Segment EBITDA $ 11,965 $ 11,232 $ 35,228 $ 33,424 Year over year change % 6.5 % 5.4 % Total operating revenues $ 26,432 $ 26,105 $ 79,127 $ 78,371 Operating Income Margin 30.6 % 29.4 % 30.1 % 29.0 % Segment EBITDA Margin 45.3 % 43.0 % 44.5 % 42.6 % Business (dollars in millions) Unaudited 3 Mos. Ended 9/30/26 3 Mos. Ended 9/30/25 9 Mos. Ended 9/30/26 9 Mos. Ended 9/30/25 Operating Income $ 855 $ 716 $ 2,802 $ 2,186 Add: Depreciation and amortization expense 1,086 1,002 3,226 2,989 Segment EBITDA $ 1,941 $ 1,718 $ 6,028 $ 5,175 Year over year change % 13.0 % 16.5 % Total operating revenues $ 7,023 $ 6,843 $ 21,308 $ 20,818 Operating Income Margin 12.2 % 10.5 % 13.1 % 10.5 % Segment EBITDA Margin 27.6 % 25.1 % 28.3 % 24.9 % Footnote: In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation.