Verizon Delivers on 2025 Financial Guidance with Highest Quarterly Net Adds Since 2019

VZQTR20FIN Exhibit 99 News Release FOR IMMEDIATE RELEASE Media contacts: January 30, 2026 Katie Magnotta 201-602-9235 katie.magnotta@verizon.com Jamie Serino 201-401-5460 jamie.serino@verizon.com Verizon Delivers on 2025 Financial Guidance with Highest Quarterly Net Adds Since 2019 Strong Fourth-Quarter Results and 2026 Guidance Reflect Impact of Bold Actions and Beginning of Verizon's Turnaround Key Highlights: •More than 1 million total net additions across mobility and broadband, highest reported quarterly net additions since 2019, with 616,000 postpaid phone net additions •Frontier acquisition expands fiber access to over 30 million homes and businesses, accelerating national mobility and broadband convergence strategy NEW YORK, NY - Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported fourth-quarter and full-year 2025 results, marking a critical inflection point for the company. Driven by a play to win mandate from CEO Dan Schulman, Verizon delivered its highest quarterly total mobility and broadband volumes since 2019, signaling the start of a comprehensive strategic turnaround. “We are exiting 2025 with strong momentum, delivered by a team that is intensely focused on winning through healthy volumes and fiscally responsible growth,” said Verizon CEO Dan Schulman. “Our performance in the fourth quarter proves that we can grow by delighting our customers and building deep trust and loyalty. Verizon will no longer be a hunting ground for our competitors. The closing of our Frontier acquisition on January 20 is another pivotal step in Page 1 VlpHU09DSUQyMDE5UTE= VZQTR20FIN our turnaround, significantly scaling our fiber footprint to over 30 million homes and businesses. In the past 100 days, there has been a true shift in mindset. We are increasing our speed of decision-making and transforming into a leaner, outcomes-oriented organization, one that delights our customers and delivers for our shareholders. This is a new Verizon and we will not settle for anything less than being the best.” 2025 Highlights Consolidated Financial •In 2025, earnings per share (EPS) was $4.06 and Adjusted EPS1, excluding special items, was $4.71. •Total operating revenue was $138.2 billion in 2025 compared to $134.8 billion in 2024. •Cash flow from operating activities was $37.1 billion in 2025 compared to $36.9 billion in 2024. •Free cash flow1 was $20.1 billion in 2025 compared to $19.8 billion in 2024. •In 2025, consolidated net income was $17.6 billion and consolidated adjusted EBITDA1 was $50.0 billion. •Capital expenditures were $17.0 billion in 2025. 4Q 2025 Highlights Consolidated Financial •In fourth-quarter 2025, Verizon reported EPS of $0.55 and adjusted EPS1, excluding special items, of $1.09. •Total operating revenue was $36.4 billion in fourth-quarter 2025. •Consolidated net income for fourth-quarter 2025 was $2.4 billion and consolidated adjusted EBITDA1 was $11.9 billion. •Verizon's total unsecured debt as of the end of fourth-quarter 2025 was $131.1 billion, compared to $117.9 billion at the end of fourth-quarter 2024. The company's net unsecured debt1 at the end of fourth-quarter 2025 was $110.1 billion compared to $113.7 billion at the end of the fourth-quarter 2024. At the end of fourth-quarter 2025, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 7.4 times and its net unsecured debt to consolidated adjusted EBITDA ratio1 was 2.2 times. Mobility and Broadband •In fourth-quarter 2025, Verizon reported total postpaid phone net additions of 616,000, up from 504,000 in fourth-quarter 2024, marking the best quarter of postpaid phone net additions since 2019. •Wireless service revenue2 was $21.0 billion in fourth-quarter 2025, up 1.1 percent year-over-year. •Wireless equipment revenue was $8.2 billion in fourth-quarter 2025, up 9.1 percent year-over-year. •Verizon delivered 372,000 broadband net additions in fourth-quarter 2025. Page 2 VlpHU09DSUQyMDE5UTE= VZQTR20FIN •Total fixed wireless access net additions were 319,000 in fourth-quarter 2025, bringing the base to over 5.7 million fixed wireless access subscribers. •Verizon delivered 67,000 Fios internet net additions in fourth-quarter 2025, the highest fourth-quarter net additions since 2020. •Upon the closing of the Frontier acquisition, Verizon now has over 16.3 million fixed wireless access and fiber broadband connections. Outlook and Guidance Schulman continued: “Verizon is at a critical inflection point. Our number one priority is to invest wisely and strategically into our business, so we maintain our network excellence and fully delight our customers. Our 2026 guidance reflects the beginning of our turnaround, and is a step function change from our past five-year historical average.” All financial guidance includes the results of Frontier from January 20, 2026, the date of the closing of the acquisition. 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. For 2026, Verizon expects the following: •Total retail postpaid phone net additions of 750,000 to 1.0 million, which is approximately 2 to 3 times the 2025 reported result. •Total mobility and broadband service revenue growth of 2.0 percent to 3.0 percent, equating to approximately $93 billion. Wireless service revenue growth will be approximately flat in 2026 as the company transitions to sustainable volume-based growth. •Adjusted EPS1 of $4.90 to $4.95, or year-over-year growth of 4.0 percent to 5.0 percent, representing a significant acceleration compared to recent historical performance. •Cash flow from operations of $37.5 billion to $38.0 billion. •Capital expenditures of $16.0 billion to $16.5 billion. This includes a fiber build pace of at least 2.0 million passings in 2026. •Free cash flow1 of $21.5 billion or more, growing approximately 7.0 percent or more from 2025, which will mark the highest free cash flow1 generated since 2020. Verizon also amended and modernized its long term Mobile Virtual Network Operator (MVNO) agreement with Charter and Comcast, supporting continued profitable growth for all three parties. With these enhancements, Verizon has an even stronger relationship and a comprehensive agreement that will continue to serve Charter and Comcast customers with Verizon’s award-winning, premier wireless network. 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. 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. Where applicable, historical results have been recast to conform to the current period presentation. Page 3 VlpHU09DSUQyMDE5UTE= VZQTR20FIN 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 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 or reputational 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 4 VlpHU09DSUQyMDE5UTE= Verizon Communications Inc. Condensed Consolidated Statements of Income (dollars in millions, except per share amounts) Unaudited 3 Mos. Ended 12/31/25 3 Mos. Ended 12/31/24 % Change 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 % Change Operating Revenues Service revenues and other $ 28,183 $ 28,166 0.1 $ 112,721 $ 111,571 1.0 Wireless equipment revenues 8,198 7,515 9.1 25,470 23,217 9.7 Total Operating Revenues 36,381 35,681 2.0 138,191 134,788 2.5 Operating Expenses Cost of services 7,098 6,933 2.4 27,789 27,997 (0.7) Cost of wireless equipment 9,380 8,581 9.3 28,976 26,100 11.0 Selling, general and administrative expense 10,380 8,240 26.0 33,818 34,113 (0.9) Depreciation and amortization expense 4,519 4,506 0.3 18,349 17,892 2.6 Total Operating Expenses 31,377 28,260 11.0 108,932 106,102 2.7 Operating Income 5,004 7,421 (32.6) 29,259 28,686 2.0 Equity in earnings (losses) of unconsolidated businesses 3 (6) * — (53) * Other income (expense), net (185) 797 * 107 995 (89.2) Interest expense (1,759) (1,644) 7.0 (6,694) (6,649) 0.7 Income Before Provision For Income Taxes 3,063 6,568 (53.4) 22,672 22,979 (1.3) Provision for income taxes (615) (1,454) (57.7) (5,064) (5,030) 0.7 Net Income $ 2,448 $ 5,114 (52.1) $ 17,608 $ 17,949 (1.9) Net income attributable to noncontrolling interests $ 106 $ 109 (2.8) $ 434 $ 443 (2.0) Net income attributable to Verizon 2,342 5,005 (53.2) 17,174 17,506 (1.9) Net Income $ 2,448 $ 5,114 (52.1) $ 17,608 $ 17,949 (1.9) Basic Earnings Per Common Share Net income attributable to Verizon $ 0.55 $ 1.19 (53.8) $ 4.06 $ 4.15 (2.2) Weighted-average shares outstanding (in millions) 4,230 4,222 4,226 4,218 Diluted Earnings Per Common Share(1) Net income attributable to Verizon $ 0.55 $ 1.18 (53.4) $ 4.06 $ 4.14 (1.9) Weighted-average shares outstanding (in millions) 4,236 4,227 4,231 4,223 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 12/31/25 12/31/24 $ Change Assets Current assets Cash and cash equivalents $ 19,048 $ 4,194 $ 14,854 Accounts receivable 28,347 27,261 1,086 Less Allowance for credit losses 1,250 1,152 98 Accounts receivable, net 27,097 26,109 988 Inventories 2,441 2,247 194 Prepaid expenses and other 8,336 7,973 363 Total current assets 56,922 40,523 16,399 Property, plant and equipment 337,991 331,406 6,585 Less Accumulated depreciation 228,524 222,884 5,640 Property, plant and equipment, net 109,467 108,522 945 Investments in unconsolidated businesses 785 842 (57) Wireless licenses 157,039 156,613 426 Goodwill 22,841 22,841 — Other intangible assets, net 10,458 11,129 (671) Operating lease right-of-use assets 23,498 24,472 (974) Other assets 23,248 19,769 3,479 Total assets $ 404,258 $ 384,711 $ 19,547 Liabilities and Equity Current liabilities Debt maturing within one year $ 18,618 $ 22,633 $ (4,015) Accounts payable and accrued liabilities 24,981 23,374 1,607 Current operating lease liabilities 4,542 4,415 127 Other current liabilities 14,229 14,349 (120) Total current liabilities 62,370 64,771 (2,401) Long-term debt 139,532 121,381 18,151 Employee benefit obligations 11,099 11,997 (898) Deferred income taxes 48,717 46,732 1,985 Non-current operating lease liabilities 18,951 19,928 (977) Other liabilities 17,848 19,327 (1,479) Total long-term liabilities 236,147 219,365 16,782 Equity Common stock 429 429 — Additional paid in capital 13,372 13,466 (94) Retained earnings 94,744 89,110 5,634 Accumulated other comprehensive loss (1,727) (923) (804) Common stock in treasury, at cost (3,255) (3,583) 328 Deferred compensation – employee stock ownership plans and other 897 738 159 Noncontrolling interests 1,281 1,338 (57) Total equity 105,741 100,575 5,166 Total liabilities and equity $ 404,258 $ 384,711 $ 19,547 Verizon Communications Inc. Consolidated - Selected Financial and Operating Statistics (dollars in millions, except per share amounts) Unaudited 12/31/25 12/31/24 Total debt $ 158,150 $ 144,014 Unsecured debt $ 131,083 $ 117,876 Net unsecured debt(1) $ 110,053 $ 113,682 Unsecured debt / Consolidated Net Income (LTM) 7.4 x 6.6 x Net unsecured debt / Consolidated Adjusted EBITDA(1)(2) 2.2 x 2.3 x Common shares outstanding end of period (in millions) 4,217 4,210 Total employees (‘000)(3) 89.9 99.6 Quarterly cash dividends declared per common share $ 0.6900 $ 0.6775 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 12/31/25 12 Mos. Ended 12/31/24 $ Change Cash Flows from Operating Activities Net Income $ 17,608 $ 17,949 $ (341) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 18,349 17,892 457 Employee retirement benefits 1,025 (52) 1,077 Deferred income taxes 2,340 815 1,525 Provision for expected credit losses 2,349 2,338 11 Equity in losses of unconsolidated businesses, inclusive of dividends received 42 75 (33) Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses (2,320) (2,278) (42) Other, net (2,256) 173 (2,429) Net cash provided by operating activities 37,137 36,912 225 Cash Flows from Investing Activities Capital expenditures (including capitalized software) (17,011) (17,090) 79 Acquisitions of wireless licenses (450) (900) 450 Other, net 801 (684) 1,485 Net cash used in investing activities (16,660) (18,674) 2,014 Cash Flows from Financing Activities Proceeds from long-term borrowings 18,268 3,146 15,122 Proceeds from asset-backed long-term borrowings 9,338 12,422 (3,084) Repayments of long-term borrowings and finance lease obligations (11,352) (11,854) 502 Repayments of asset-backed long-term borrowings (8,437) (8,490) 53 Dividends paid (11,481) (11,249) (232) Other, net (1,949) (1,075) (874) Net cash used in financing activities (5,613) (17,100) 11,487 Increase in cash, cash equivalents and restricted cash 14,864 1,138 13,726 Cash, cash equivalents and restricted cash, beginning of period 4,635 3,497 1,138 Cash, cash equivalents and restricted cash, end of period $ 19,499 $ 4,635 $ 14,864 Footnote: Certain amounts have been reclassified to conform to the current period presentation. Verizon Communications Inc. Consumer - Selected Financial Results (dollars in millions) Unaudited 3 Mos. Ended 12/31/25 3 Mos. Ended 12/31/24 % Change 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 % Change Operating Revenues Service(1) $ 20,248 $ 20,064 0.9 $ 80,912 $ 79,458 1.8 Wireless equipment 7,112 6,487 9.6 21,779 19,598 11.1 Other(1) 1,076 1,009 6.6 4,116 3,848 7.0 Total Operating Revenues 28,436 27,560 3.2 106,807 102,904 3.8 Operating Expenses Cost of services 4,643 4,518 2.8 18,433 18,072 2.0 Cost of wireless equipment 7,942 7,227 9.9 23,930 21,259 12.6 Selling, general and administrative expense 5,474 5,473 — 20,643 20,537 0.5 Depreciation and amortization expense 3,480 3,438 1.2 14,173 13,552 4.6 Total Operating Expenses 21,539 20,656 4.3 77,179 73,420 5.1 Operating Income $ 6,897 $ 6,904 (0.1) $ 29,628 $ 29,484 0.5 Operating Income Margin 24.3 % 25.1 % 27.7 % 28.7 % Segment EBITDA(2) $ 10,377 $ 10,342 0.3 $ 43,801 $ 43,036 1.8 Segment EBITDA Margin(2) 36.5 % 37.5 % 41.0 % 41.8 % Footnotes: (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. Where applicable, historical results have been recast to conform to the current period presentation. (2) 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 12/31/25 12/31/24 % Change Connections (‘000): Wireless retail 115,903 115,256 0.6 Wireless retail postpaid 95,678 95,118 0.6 Wireless retail postpaid phone 74,924 74,772 0.2 Wireless retail core prepaid(1) 19,169 18,843 1.7 Fios video 2,441 2,684 (9.1) Fios internet 7,328 7,135 2.7 Fixed wireless access (FWA) broadband 3,407 2,714 25.5 Wireline broadband 7,451 7,300 2.1 Total broadband 10,858 10,014 8.4 Unaudited 3 Mos. Ended 12/31/25 3 Mos. Ended 12/31/24 % Change 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 % Change Gross Additions (‘000): Wireless retail postpaid 4,279 4,310 (0.7) 13,630 13,282 2.6 Wireless retail postpaid phone 2,679 2,324 15.3 8,311 7,505 10.7 Net Additions Detail (‘000): Wireless retail 840 1,064 (21.1) 685 370 85.1 Wireless retail postpaid 818 1,130 (27.6) 581 1,345 (56.8) Wireless retail postpaid phone 551 367 50.1 137 82 67.1 Wireless retail core prepaid(1) 109 65 67.7 343 2 * Fios video (53) (60) 11.7 (243) (267) 9.0 Fios internet 65 47 38.3 193 159 21.4 FWA broadband 209 216 (3.2) 693 846 (18.1) Wireline broadband 56 35 60.0 151 110 37.3 Total broadband 265 251 5.6 844 956 (11.7) Churn Rate: Wireless retail 1.68 % 1.64 % 1.61 % 1.62 % Wireless retail postpaid 1.21 % 1.12 % 1.15 % 1.06 % Wireless retail postpaid phone 0.95 % 0.88 % 0.92 % 0.83 % Wireless retail core prepaid(1) 3.73 % 3.78 % 3.63 % 3.68 % Revenue Statistics (in millions): Wireless service revenue(2) $ 17,373 $ 17,170 1.2 $ 69,382 $ 67,951 2.1 Fios revenue $ 2,921 $ 2,939 (0.6) $ 11,678 $ 11,647 0.3 Verizon Communications Inc. Consumer - Selected Operating Statistics (continued) Unaudited 3 Mos. Ended 12/31/25 3 Mos. Ended 12/31/24 % Change 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 % Change Other Wireless Statistics: Wireless retail postpaid ARPA(2)(3) $ 147.36 $ 145.61 1.2 $ 147.31 $ 144.00 2.3 Wireless retail postpaid upgrade rate 5.0 % 4.5 % Wireless retail postpaid accounts (‘000)(4) 32,384 32,794 (1.3) Wireless retail postpaid connections per account(4) 2.95 2.90 1.7 Wireless retail core prepaid ARPU(5) $ 32.90 $ 32.34 1.7 $ 32.52 $ 32.37 0.5 Footnotes: (1) Represents total prepaid results excluding our SafeLink brand. (2) 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. Where applicable, historical results have been recast to conform to the current period presentation. (3) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts. (4) Statistics presented as of end of period. (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 the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation. 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 12/31/25 3 Mos. Ended 12/31/24 % Change 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 % Change Operating Revenues Enterprise and Public Sector $ 3,331 $ 3,548 (6.1) $ 13,534 $ 14,218 (4.8) Business Markets and Other 3,569 3,438 3.8 13,581 13,099 3.7 Wholesale 466 518 (10.0) 1,954 2,214 (11.7) Total Operating Revenues 7,366 7,504 (1.8) 29,069 29,531 (1.6) Operating Expenses Cost of services 2,306 2,415 (4.5) 9,203 9,742 (5.5) Cost of wireless equipment 1,438 1,354 6.2 5,046 4,841 4.2 Selling, general and administrative expense 2,003 2,080 (3.7) 8,176 8,583 (4.7) Depreciation and amortization expense 1,026 1,061 (3.3) 4,112 4,307 (4.5) Total Operating Expenses 6,773 6,910 (2.0) 26,537 27,473 (3.4) Operating Income $ 593 $ 594 (0.2) $ 2,532 $ 2,058 23.0 Operating Income Margin 8.1 % 7.9 % 8.7 % 7.0 % Segment EBITDA(1) $ 1,619 $ 1,655 (2.2) $ 6,644 $ 6,365 4.4 Segment EBITDA Margin(1) 22.0 % 22.1 % 22.9 % 21.6 % 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 12/31/25 12/31/24 % Change Connections (‘000): Wireless retail postpaid 31,027 30,819 0.7 Wireless retail postpaid phone 18,944 18,745 1.1 Fios video 47 54 (13.0) Fios internet 413 401 3.0 FWA broadband 2,320 1,854 25.1 Wireline broadband 452 459 (1.5) Total broadband 2,772 2,313 19.8 Unaudited 3 Mos. Ended 12/31/25 3 Mos. Ended 12/31/24 % Change 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 % Change Gross Additions (‘000): Wireless retail postpaid 1,534 1,617 (5.1) 6,154 6,328 (2.7) Wireless retail postpaid phone 783 740 5.8 3,010 2,941 2.3 Net Additions Detail (‘000): Wireless retail postpaid 11 283 (96.1) 280 1,010 (72.3) Wireless retail postpaid phone 65 137 (52.6) 225 501 (55.1) Fios video (2) (2) — (7) (7) — Fios internet 2 4 (50.0) 12 16 (25.0) FWA broadband 110 157 (29.9) 473 622 (24.0) Wireline broadband (3) — * (7) (1) * Total broadband 107 157 (31.8) 466 621 (25.0) Churn Rate: Wireless retail postpaid 1.64 % 1.45 % 1.58 % 1.47 % Wireless retail postpaid phone 1.27 % 1.08 % 1.23 % 1.10 % Revenue Statistics (in millions): Wireless service revenue(1) $ 3,589 $ 3,572 0.5 $ 14,321 $ 14,122 1.4 Fios revenue $ 314 $ 314 — $ 1,244 $ 1,252 (0.6) Other Operating Statistics: Wireless retail postpaid upgrade rate 2.6 % 2.8 % Footnotes: (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. Where applicable, historical results have been recast to conform to the current period presentation. Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile changes, and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation. 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 12/31/25 12/31/24 % Change Connections (‘000) Retail 146,930 146,075 0.6 Retail postpaid 126,705 125,937 0.6 Retail postpaid phone 93,868 93,517 0.4 Retail core prepaid(1) 19,169 18,843 1.7 Unaudited 3 Mos. Ended 12/31/25 3 Mos. Ended 12/31/24 % Change 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 % Change Net Additions Detail (‘000) Retail 851 1,347 (36.8) 965 1,380 (30.1) Retail postpaid 829 1,413 (41.3) 861 2,355 (63.4) Retail postpaid phone 616 504 22.2 362 583 (37.9) Retail core prepaid(1) 109 65 67.7 343 2 * Account Statistics Retail postpaid accounts (‘000)(2) 34,496 34,849 (1.0) Retail postpaid connections per account(2) 3.67 3.61 1.7 Retail postpaid ARPA(3)(6) $ 170.61 $ 168.96 1.0 $ 170.62 $ 167.26 2.0 Retail core prepaid ARPU(4) $ 32.90 $ 32.34 1.7 $ 32.52 $ 32.37 0.5 Churn Detail Retail 1.67 % 1.60 % 1.61 % 1.59 % Retail postpaid 1.32 % 1.20 % 1.25 % 1.16 % Retail postpaid phone 1.02 % 0.92 % 0.98 % 0.88 % Retail core prepaid(1) 3.73 % 3.78 % 3.63 % 3.68 % Retail Postpaid Connection Statistics Upgrade rate 4.4 % 4.1 % Revenue Statistics (in millions)(5) FWA revenue $ 786 $ 611 28.6 $ 2,940 $ 2,139 37.4 Wireless service(6) $ 20,962 $ 20,742 1.1 $ 83,703 $ 82,073 2.0 Wireless equipment 8,198 7,515 9.1 25,470 23,217 9.7 Wireless other(6) 1,085 953 13.9 4,116 3,598 14.4 Total Wireless $ 30,245 $ 29,210 3.5 $ 113,289 $ 108,888 4.0 Footnotes: (1) Represents total prepaid results excluding our SafeLink brand. (2) Statistics presented as of end of period. (3) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts. (4) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand. (5) Intersegment transactions between Consumer or Business segment with corporate entities have not been eliminated. (6) 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. Where applicable, historical results have been recast to conform to the current period presentation. Where applicable, the operating results reflect certain adjustments, including those related to the reclassification of connections associated with Verizon’s second number offering, migration activity among different types of devices and plans, customer profile 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 12/31/25 3 Mos. Ended 9/30/25 3 Mos. Ended 6/30/25 3 Mos. Ended 3/31/25 3 Mos. Ended 12/31/24 3 Mos. Ended 9/30/24 3 Mos. Ended 6/30/24 3 Mos. Ended 3/31/24 Consolidated Net Income $ 2,448 $ 5,056 $ 5,121 $ 4,983 $ 5,114 $ 3,411 $ 4,702 $ 4,722 Add: Provision for income taxes 615 1,471 1,488 1,490 1,454 891 1,332 1,353 Interest expense(1) 1,759 1,664 1,639 1,632 1,644 1,672 1,698 1,635 Depreciation and amortization expense(2) 4,519 4,618 4,635 4,577 4,506 4,458 4,483 4,445 Consolidated EBITDA $ 9,341 $ 12,809 $ 12,883 $ 12,682 $ 12,718 $ 10,432 $ 12,215 $ 12,155 Add/(subtract): Other (income) expense, net(3) $ 185 $ (92) $ (79) $ (121) $ (797) $ (72) $ 72 $ (198) Equity in (earnings) losses of unconsolidated businesses (3) 6 3 (6) 6 24 14 9 Severance charges 1,715 — — — — 1,733 — — Asset and business rationalization 583 — — — — 374 — — Acquisition and integration related charges 39 52 — — — — — — Legacy legal matter — — — — — — — 106 2,519 (34) (76) (127) (791) 2,059 86 (83) Consolidated Adjusted EBITDA $ 11,860 $ 12,775 $ 12,807 $ 12,555 $ 11,927 $ 12,491 $ 12,301 $ 12,072 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. Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM) (dollars in millions) Unaudited 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 Consolidated Net Income $ 17,608 $ 17,949 Add: Provision for income taxes 5,064 5,030 Interest expense(1) 6,694 6,649 Depreciation and amortization expense(2) 18,349 17,892 Consolidated EBITDA $ 47,715 $ 47,520 Add/(subtract): Other income, net(3) $ (107) $ (995) Equity in losses of unconsolidated businesses — 53 Severance charges 1,715 1,733 Asset and business rationalization 583 374 Acquisition and integration related charges 91 — Legacy legal matter — 106 2,282 1,271 Consolidated Adjusted EBITDA $ 49,997 $ 48,791 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 12/31/25 12/31/24 Debt maturing within one year $ 18,618 $ 22,633 Long-term debt 139,532 121,381 Total Debt 158,150 144,014 Less Secured debt 27,067 26,138 Unsecured Debt 131,083 117,876 Less Equity credit for junior subordinated notes(1) 1,982 — Less Cash and cash equivalents 19,048 4,194 Net Unsecured Debt $ 110,053 $ 113,682 Consolidated Net Income (LTM) $ 17,608 $ 17,949 Unsecured Debt to Consolidated Net Income Ratio 7.4 x 6.6 x Consolidated Adjusted EBITDA (LTM) $ 49,997 $ 48,791 Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio 2.2 x 2.3 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 12/31/25 3 Mos. Ended 12/31/24 Pre-tax Tax After-Tax Pre-tax Tax After-Tax EPS $ 0.55 $ 1.18 Amortization of acquisition-related intangible assets $ 189 $ (47) $ 142 0.03 $ 191 $ (51) $ 140 0.03 Severance, pension and benefits charges (credits) 2,156 (533) 1,623 0.38 (668) 165 (503) (0.12) Asset and business rationalization 583 (144) 439 0.10 — — — — Acquisition and integration related charges 58 — 58 0.01 — — — — $ 2,986 $ (724) $ 2,262 $ 0.53 $ (477) $ 114 $ (363) $ (0.09) Adjusted EPS $ 1.09 $ 1.10 Footnote: Adjusted EPS may not add due to rounding. (dollars in millions, except per share amounts) Unaudited 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 Pre-tax Tax After-Tax Pre-tax Tax After-Tax EPS $ 4.06 $ 4.14 Amortization of acquisition-related intangible assets $ 760 $ (192) $ 568 0.13 $ 817 $ (208) $ 609 0.14 Severance, pension and benefits charges 2,156 (533) 1,623 0.38 1,201 (298) 903 0.21 Asset and business rationalization 583 (144) 439 0.10 374 (90) 284 0.07 Acquisition and integration related charges 110 — 110 0.03 — — — — Legacy legal matter — — — — 106 (27) 79 0.02 $ 3,609 $ (869) $ 2,740 $ 0.65 $ 2,498 $ (623) $ 1,875 $ 0.44 Adjusted EPS $ 4.71 $ 4.59 Footnote: Adjusted EPS may not add due to rounding. 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 (dollars in millions) 12 Mos. Ended Unaudited 12/31/26 Net Cash Provided by Operating Activities Forecast $ 37,500 - 38,000 Capital expenditures forecast (including capitalized software) (16,000 - 16,500) Free Cash Flow Forecast $ 21,500 Free Cash Flow Growth Forecast % 6.8 % Verizon Communications Inc. Non-GAAP Reconciliations - Segments Segment EBITDA and Segment EBITDA Margin Consumer (dollars in millions) Unaudited 3 Mos. Ended 12/31/25 3 Mos. Ended 12/31/24 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 Operating Income $ 6,897 $ 6,904 $ 29,628 $ 29,484 Add Depreciation and amortization expense 3,480 3,438 14,173 13,552 Segment EBITDA $ 10,377 $ 10,342 $ 43,801 $ 43,036 Year over year change % 0.3 % 1.8 % Total operating revenues $ 28,436 $ 27,560 $ 106,807 $ 102,904 Operating Income Margin 24.3 % 25.1 % 27.7 % 28.7 % Segment EBITDA Margin 36.5 % 37.5 % 41.0 % 41.8 % Business (dollars in millions) Unaudited 3 Mos. Ended 12/31/25 3 Mos. Ended 12/31/24 12 Mos. Ended 12/31/25 12 Mos. Ended 12/31/24 Operating Income $ 593 $ 594 $ 2,532 $ 2,058 Add Depreciation and amortization expense 1,026 1,061 4,112 4,307 Segment EBITDA $ 1,619 $ 1,655 $ 6,644 $ 6,365 Year over year change % (2.2) % 4.4 % Total operating revenues $ 7,366 $ 7,504 $ 29,069 $ 29,531 Operating Income Margin 8.1 % 7.9 % 8.7 % 7.0 % Segment EBITDA Margin 22.0 % 22.1 % 22.9 % 21.6 %