What it does
Verizon states that it is a holding company that provides communications, technology, information and streaming products and services through its subsidiaries. It operates two segments: Consumer and Business. Consumer provides wireless and wireline services and products, including fiber, copper-based and fixed wireless broadband. Business provides wireless and wireline offerings to businesses, public-sector customers, and carriers, including connectivity, IoT, networking, voice, security and managed network services. The filing also describes global fiber connectivity for Business customers in more than 180 countries.
Source: Verizon Communications Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that it earns revenue primarily through its Consumer and Business segments, as reflected in the segment table below. Consumer generated $106.8 billion in 2025 revenue, or approximately 77% of consolidated revenue, from consumer-focused wireless and wireline communications services and products. Business generated $29.1 billion, or approximately 21% of consolidated revenue, from communications services and products for businesses, public-sector customers, and carriers. Within Business, the filing identifies Enterprise and Public Sector, Business Markets and Other, and Wholesale customer groups.
Source: Verizon Communications Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The filing identifies consumers, businesses, government entities, public-sector organizations, carriers, resellers and multinational customers as customer groups. Consumer wireline services were provided in 31 U.S. states and Washington D.C. when the report was filed. Consumer had approximately 116 million wireless retail connections, including fixed wireless access, and approximately 11 million broadband connections at December 31, 2025. Business serves customers across the U.S. and provides a subset of products and services internationally. The company also states that its global fiber-optic network provides Business connectivity in more than 180 countries.
Source: Verizon Communications Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The company states that telecommunications is highly competitive and that competition remains intense. For wireless connectivity products and services, the filing names AT&T Inc. and T-Mobile US, Inc. as national wireless competitors. It also names Comcast Corporation and Charter Communications, Inc. among cable-company resellers competing for retail activations. For broadband and Business offerings, the filing lists categories of competitors—including cable companies, satellite providers, internet service providers, system integrators, carriers, hardware and software providers—but does not name additional companies in those categories.
Source: Verizon Communications Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
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The filing states that significant competition, including aggressive pricing, promotions and incentives, may negatively affect operating results.
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It identifies the risk of not timely taking advantage of technology developments or addressing changing consumer demand.
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It states that adverse U.S. and international economic conditions, trade and tariff policies, and related geopolitical factors could affect results.
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It identifies cyberattacks affecting networks or systems as a risk to the business.
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The filing cites system failures and disruptions to networks and operations that could prevent reliable customer service.
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It states that changes in the regulatory framework could adversely affect business prospects or operating results.
Source: Verizon Communications Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
Verizon had 89,900 employees on a full-time-equivalent basis as of December 31, 2025; the company states that 89% were based in the U.S. The filing states that, during the fourth quarter of 2025, it announced plans to reduce its workforce by more than 13,000 positions, with over 80% of affected employees exiting in December 2025. Approximately 27% of employees were represented by the Communications Workers of America and the International Brotherhood of Electrical Workers. The company uses direct, indirect and alternative channels to distribute products and services.
Source: Verizon Communications Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov