FOR IMMEDIATE RELEASE

Transcript

1. #1prepared remarks

   News Release | | | | | | FOR IMMEDIATE RELEASE | Media contacts: | July 24, 2026 | Katie Magnotta | | 201-602-9235 | | katie.magnotta@verizon.com | | | | Jamie Serino | | 201-401-5460 | | jamie.serino@verizon.com |

2. #2prepared remarks

   Verizon Delivers Record 2Q26 Results as Strategic Transformation Ignites Accelerated Growth

3. #3prepared remarks

   Company Achieves Strong Growth on Key Metrics and Raises Full-Year Guidance for the Second Consecutive Quarter

4. #4prepared remarks

   • Mobility and broadband service revenue grew by 2.8 percent in second-quarter 2026, and forecasted to rise to approximately 4.0 percent growth in fourth-quarter 2026 • Delivered 184,000 postpaid phone net additions, with the best Consumer second-quarter postpaid phone net additions in the past five years • Generated more than 550,000 total mobility and broadband net additions in second-quarter 2026, an increase of more than 230,000 compared to second-quarter 2025 • Delivered more than 1 million mobility and broadband net additions in first-half of 2026, more than doubling the mobility and broadband net additions in first-half of 2025 • Built account momentum, achieving new postpaid account growth over the past 60 days • Grew cash flow from operations in first-half of 2026 by 9.9 percent compared to first-half of 2025 to fuel a 16.0 percent surge in free cash flow¹. Second-quarter 2026 cash flow from operations grew by 16.3 percent and free cash flow¹ grew by 24.4 percent • Executed with strict operational discipline and delivered solid consolidated net income performance to drive the highest adjusted EBITDA¹ and adjusted EBITDA margin¹ ever reported • Raised full year guid…

5. #5Dan Schulman · Verizon CEO

   We’re putting customers at the center of every decision we make,

6. #6prepared remarks

   Consolidated Financial Results • Total operating revenue was $34.3 billion, down 0.7 percent year-over-year, as sequential improvement in mobility and broadband service revenue was offset by a nearly 20 percent, or over $1.2 billion, 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. • Consolidated net income was $3.9 billion, a 22.9 percent decrease year-over-year. This decrease was primarily driven by $1.8 billion in pre-tax special items, including, among others, a $746 million loss on disposition of business in connection with the classification of the net assets representing Verizon's international wireline connectivity and managed network services business as assets and liabilities held for sale; asset rationalization charges of $258 million; and severance charges of $397 million. • Consolidated adjusted EBITDA 1 grew 7.2 percent year-over-year t…

7. #7prepared remarks

   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. Page 3

8. #8prepared remarks

   Given the strong second-quarter performance and visibility into the second half of the year, Verizon is raising guidance as follows:

9. #9prepared remarks

   • Mobility and broadband service revenue growth for 2026 to be 2.5 to 3.0 percent, with wireless service revenue growth approximately flat in 2026 as the company transitions to sustainable volume-based growth. Total mobility and broadband service revenue growth is expected to approach 3.0 percent in third-quarter 2026 and approximately 4.0 percent in fourth-quarter 2026, accelerating from the 2.8 percent increase reported in the second-quarter 2026. • Adjusted EPS 1 of $4.99 to $5.04, or year-over-year growth of 6.0 to 7.0 percent, representing a significant acceleration compared to recent historical performance. • Cash flow from operations growth of approximately 2.0 to 4.0 percent year-over-year. • Free cash flow 1 growth of 9.0 to 10.0 percent year-over-year.

10. #10prepared remarks

    In addition, for 2026, Verizon continues to expect the following:

11. #11prepared remarks

    • Total retail postpaid phone net additions are expected to be in the upper half of the 750,000 to 1.0 million range, which is approximately 2 to 3 times the 2025 reported result. • Capital expenditures of $16.0 billion to $16.5 billion.

12. #12prepared remarks

    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 Represents total prepaid results excluding our SafeLink brand. 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.

13. #13prepared remarks

    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/.

14. #14prepared remarks

    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

15. #15prepared remarks

    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,…

16. #16prepared remarks

    Condensed Consolidated Statements of Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in millions, except per share amounts) | Unaudited | | 3 Mos. Ended 6/30/26 | | 3 Mos. Ended 6/30/25 | | % Change | | 6 Mos. Ended 6/30/26 | | 6 Mos. Ended 6/30/25 | | % Change | | | | | | | | | | | | | | Operating Revenues | | | | | | | | | | | | | Service revenues and other | | $ | 29,229 | | | $ | 28,249 | | | 3.5 | | $ | 57,988 | | | $ | 56,336 | | | 2.9 | Wireless equipment revenues | | 5,024 | | | 6,255 | | | (19.7) | | 10,705 | | | 11,653 | | | (8.1) | Total Operating Revenues | | 34,253 | | | 34,504 | | | (0.7) | | 68,693 | | | 67,989 | | | 1.0 | | | | | | | | | | | | | | Operating Expenses | | | | | | | | | | | | | Cost of services | | 7,225 | | | 6,878 | | | 5.0 | | 14,392 | | | 13,828 | | | 4.1 | Cost of wireless equipment | | 5,859 | | | 7,007 | | | (16.4) | | 12,365 | | | 13,113 | | | (5.7) | Selling, general and administrative expense | | 8,982 | | | 7,812 | | | 15.0 | | 16,615 | | | 15,686 | | | 5.9 | Depreciation and amortization expense | | 5,008 | | | 4,635 | | | 8.0 | | 9,900 | | | 9,212 | | | 7.5 | | | | | | | | | | …

17. #17prepared remarks

    Condensed Consolidated Balance Sheets | | | | | | | | | | | | | | | | | | | | | (dollars in millions) | Unaudited | | 6/30/26 | | 12/31/25 | | $ Change | | | | | | | | Assets | | | | | | | Current assets | | | | | | | Cash and cash equivalents | | $ | 1,752 | | | $ | 19,048 | | | $ | (17,296) | | Accounts receivable | | 27,734 | | | 28,347 | | | (613) | | Less Allowance for credit losses | | 1,248 | | | 1,250 | | | (2) | | | | | | | | | Accounts receivable, net | | 26,486 | | | 27,097 | | | (611) | | Inventories | | 2,036 | | | 2,441 | | | (405) | | | | | | | | | Prepaid expenses and other | | 7,297 | | | 8,336 | | | (1,039) | | Total current assets | | 37,571 | | | 56,922 | | | (19,351) | | | | | | | | | Property, plant and equipment | | 357,086 | | | 337,991 | | | 19,095 | | Less Accumulated depreciation | | 231,589 | | | 228,524 | | | 3,065 | | Property, plant and equipment, net | | 125,497 | | | 109,467 | | | 16,030 | | Investments in unconsolidated businesses | | 783 | | | 785 | | | (2) | | Wireless licenses | | 158,159 | | | 157,039 | | | 1,120 | | | | | | | | | Goodwill | | 30,664 | | | 22,841 | | | 7,823 | | Other intangible assets, net | | 12,317 |…

18. #18prepared remarks

    Consolidated - Selected Financial and Operating Statistics | | | | | | | | | | | | | | | | | | | (dollars in millions, except per share amounts) | | | | | Unaudited | | 6/30/26 | | 12/31/25 | | | | | | | | | | | | | | Total debt | | $ | 165,231 | | | $ | 158,150 | | | | | | | | | | | | | | | Unsecured debt | | $ | 136,471 | | | $ | 131,083 | | | | | | Net unsecured debt (1) | | $ | 128,682 | | | $ | 110,053 | | | | | | | | | | | | | | | Unsecured debt / Consolidated Net Income (LTM) | | 8.2 | x | | 7.4 | x | | | | | Net unsecured debt / Consolidated Adjusted EBITDA (1)(2) | | 2.5 | x | | 2.2 | x | | | | | Common shares outstanding, end of period (in millions) | | 4,155 | | | 4,217 | | | | | | Total employees (‘000) (3) | | 97.6 | | | 89.9 | | | | | | Quarterly cash dividends declared per common share | | $ | 0.7075 | | | $ | 0.6900 | | | | | |

19. #19prepared remarks

    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.

20. #20prepared remarks

    Condensed Consolidated Statements of Cash Flows | | | | | | | | | | | | | | | | | | | | | (dollars in millions) | Unaudited | | 6 Mos. Ended 6/30/26 | | 6 Mos. Ended 6/30/25 | | $ Change | | | | | | | | Cash Flows from Operating Activities | | | | | | | Net Income | | $ | 9,095 | | | $ | 10,104 | | | $ | (1,009) | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | Depreciation and amortization expense | | 9,900 | | | 9,212 | | | 688 | | Employee retirement benefits | | 35 | | | 331 | | | (296) | | Deferred income taxes | | 1,433 | | | 95 | | | 1,338 | | Provision for expected credit losses | | 1,043 | | | 1,135 | | | (92) | | Equity in (earnings) losses of unconsolidated businesses, net of dividends received | | (35) | | | 29 | | | (64) | | | | | | | | | | | | | | | | | | | | | | | Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | | (3,418) | | | (3,318) | | | (100) | | | | | | | | | Other, net | | 366 | | | (831) | | | 1,197 | | Net cash provided by operating activities | | 18,419 | | | 16,757 | | | 1,662 | | | | | | | | | Cash Flows from Investing Activities …

21. #21prepared remarks

    Consumer - Selected Financial Results | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in millions) | Unaudited | | 3 Mos. Ended 6/30/26 | | 3 Mos. Ended 6/30/25 | | % Change | | 6 Mos. Ended 6/30/26 | | 6 Mos. Ended 6/30/25 | | % Change | | | | | | | | | | | | | | Operating Revenues | | | | | | | | | | | | | Mobility and broadband service (1) | | $ | 19,637 | | | $ | 19,002 | | | 3.3 | | $ | 38,817 | | | $ | 37,803 | | | 2.7 | Wireless equipment | | 4,178 | | | 5,369 | | | (22.2) | | 9,002 | | | 9,901 | | | (9.1) | Other (2) | | 2,427 | | | 2,277 | | | 6.6 | | 4,876 | | | 4,562 | | | 6.9 | Total Operating Revenues | | 26,242 | | | 26,648 | | | (1.5) | | 52,695 | | | 52,266 | | | 0.8 | | | | | | | | | | | | | | Operating Expenses | | | | | | | | | | | | | Cost of services | | 4,928 | | | 4,581 | | | 7.6 | | 9,748 | | | 9,155 | | | 6.5 | Cost of wireless equipment | | 4,658 | | | 5,806 | | | (19.8) | | 9,961 | | | 10,718 | | | (7.1) | Selling, general and administrative expense | | 4,837 | | | 5,036 | | | (4.0) | | 9,723 | | | 10,201 | | | (4.7) | Depreciation and amortization expense | | 3,787 | | | 3,582 | | | 5.7 | | 7,517 |…

22. #22prepared remarks

    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 reportabl…

23. #23prepared remarks

    Business - Selected Financial Results | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in millions) | Unaudited | | 3 Mos. Ended 6/30/26 | | 3 Mos. Ended 6/30/25 | | % Change | | 6 Mos. Ended 6/30/26 | | 6 Mos. Ended 6/30/25 | | % Change | | | | | | | | | | | | | | Operating Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | Mobility and broadband service (1) | | $ | 3,728 | | | $ | 3,733 | | | (0.1) | | $ | 7,416 | | | $ | 7,450 | | | (0.5) | | | | | | | | | | | | | | Wireless equipment | | 846 | | | 886 | | | (4.5) | | 1,703 | | | 1,752 | | | (2.8) | Other (2) | | 2,581 | | | 2,354 | | | 9.6 | | 5,166 | | | 4,773 | | | 8.2 | Total Operating Revenues | | 7,155 | | | 6,973 | | | 2.6 | | 14,285 | | | 13,975 | | | 2.2 | | | | | | | | | | | | | | Operating Expenses | | | | | | | | | | | | | Cost of services | | 2,023 | | | 2,060 | | | (1.8) | | 4,140 | | | 4,214 | | | (1.8) | Cost of wireless equipment | | 1,203 | | | 1,201 | | | 0.2 | | 2,405 | | | 2,395 | | | 0.4 | Selling, general and administrative expense | | 1,847 | | | 1,990 | | | (7.2) | | 3,653 | | | 3,909 | | | (6.5) | Depreciation and amortization expense |…

24. #24prepared remarks

    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 reportabl…

25. #25prepared remarks

    | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unaudited | | 6/30/26 | | 6/30/25 | | % Change | | | | | | | | | | | | | | Connections (‘000) | | | | | | | | | | | | | Wireless retail | | | | | | | | 146,953 | | | 146,136 | | | 0.6 | | | | | | | | | | | | | | Wireless retail postpaid | | | | | | | | 126,619 | | | 125,895 | | | 0.6 | Wireless retail postpaid phone | | | | | | | | 94,098 | | | 93,207 | | | 1.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | Wireless retail core prepaid (1) | | | | | | | | 19,351 | | | 19,017 | | | 1.8 | Wireless retail core prepaid phone (1) | | | | | | | | 18,654 | | | 18,502 | | | 0.8 | | | | | | | | | | | | | | Fiber broadband | | | | | | | | 10,913 | | | 7,613 | | | 43.3 | FWA broadband | | | | | | | | 6,208 | | | 5,112 | | | 21.4 | Total broadband (2) | | | | | | | | 17,121 | | | 12,725 | | | 34.5 | | | | | | | | | | | | | | | | | | | | | | | | | | | Unaudited | | 3 Mos. Ended 6/30/26 | | 3 Mos. Ended 6/30/25 | | % Change | | 6 Mos. Ended 6/30/26 | | 6 Mos. Ended 6/30/25 | | % Change | | | | | | | | | | | | | | Net Additions Detail (‘000) | | | | | | | | | | | | | Wireless retail | …

26. #26prepared remarks

    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

27. #27prepared remarks

    Non-GAAP Reconciliations - Consolidated Verizon | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consolidated EBITDA and Consolidated Adjusted EBITDA | | | | | | | | | | | | | | | | | | | (dollars in millions) | Unaudited | | 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 | | $ | 3,949 | | | | | | | | | | | $ | 5,146 | | | | | | | $ | 2,448 | | | $ | 5,056 | | | $ | 5,121 | | | $ | 4,983 | | Add: | | | | | | | | | | | | | | | | | | | | | | | | | Provision for income taxes | | 1,325 | | | | | | | | | | | 1,638 | | | | | | | 615 | | | 1,471 | | | 1,488 | | | 1,490 | | Interest expense (1) | | 1,985 | | | | | | | | | | | 1,940 | | | | | | | 1,759 | | | 1,664 | | | 1,639 | | | 1,632 | | Depreciation and …

28. #28prepared remarks

    | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM) | | | | | | | | | | | | | | | | | | | | | | | | (dollars in millions) | | | | | | | | | | | | | | Unaudited | | | | 12 Mos. Ended 6/30/26 | | | | | | 12 Mos. Ended 12/31/25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consolidated Net Income | | | | $ | 16,599 | | | | | | | $ | 17,608 | | | | | | | | | | | | | | | Add: | | | | | | | | | | | | | | | | | | | | | | | | Provision for income taxes | | | | 5,049 | | | | | | | 5,064 | | | | | | | | | | | | | | | Interest expense (1) | | | | 7,348 | | | | | | | 6,694 | | | | | | | | | | | | | | | Depreciation and amortization expense (2) | | | | 19,037 | | | | | | | 18,349 | | | | | | | | | | | | | | | Consolidated EBITDA | | | | $ | 48,033 | | | | | | | $ | 47,715 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Add/(subtract): | | | | | | | | | | | | | | | | | | | | | | | | Other income, net (3) | | | | $ | (420) | | | | | | | $ | (107) | | | | | | | | | | | | | | | Equity in losses of unconsolidated businesses | | | | (46) | | | | | …

29. #29prepared remarks

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30. #30prepared remarks

    | | | | | | | | | | | | | | | | | | | | | | | | | Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio | | | | | | | (dollars in millions) | Unaudited | | 6/30/26 | | 3/31/26 | | | | 12/31/25 | | | | | | | | | | | | | | Debt maturing within one year | | $ | 21,783 | | | $ | 28,229 | | | | | $ | 18,618 | | | | Long-term debt | | 143,448 | | | 144,231 | | | | | 139,532 | | | | Total Debt | | 165,231 | | | 172,460 | | | | | 158,150 | | | | Less: Secured debt | | 28,760 | | | 29,962 | | | | | 27,067 | | | | Unsecured Debt | | 136,471 | | | 142,498 | | | | | 131,083 | | | | Less: Equity credit for junior subordinated notes (1) | | 6,037 | | | 4,079 | | | | | 1,982 | | | | Less: Cash and cash equivalents | | 1,752 | | | 8,366 | | | | | 19,048 | | | | Net Unsecured Debt | | $ | 128,682 | | | $ | 130,053 | | | | | $ | 110,053 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consolidated Net Income (LTM) | | $ | 16,599 | | | | | | | $ | 17,608 | | | | Unsecured Debt to Consolidated Net Income Ratio | | 8.2 | x | | | | | | 7.4 | x | | | Consolidated Adjusted EBITDA (LTM) | | $ | 51,753 | | | | | | | $ | 49,997 | | | | …