Verizon Communications, Inc.

Verizon is a holding company whose subsidiaries sell wireless phone service, home and business internet, and related products to consumers, businesses and government agencies. Most of its revenue comes from service fees. In fiscal 2025, service and other revenue was $112.7 billion, or 81.6% of the $138.2 billion total. Sales of phones, tablets and other devices brought in the remaining $25.5 billion (18.4%), and consumers can pay for devices in monthly installments.

The Consumer segment is the larger one, with $106.8 billion of fiscal 2025 revenue, about 77% of the total. As of December 31, 2025, it had about 116 million wireless retail connections, and 83% of them were postpaid (billed monthly in advance). It also had about 11 million broadband connections. These run over its Fios fiber network in 31 states and Washington, D.C., over older copper lines, and over fixed wireless access, which delivers home internet through the cellular network. Consumer also sells network access wholesale to other wireless brands, which resell it.

The Business segment brought in $29.1 billion, about 21% of revenue. It serves large companies and the public sector ($13.5 billion), small and medium businesses ($13.6 billion) and other telecom carriers ($2.0 billion), some of which compete directly with Verizon. It also runs a global fiber-optic network that reaches business customers in more than 180 countries.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $34.31B, up 1.5% from a year earlier, and net income was $5.20B (+5.0%).
• For fiscal 2025, revenue was $138.19B (+2.5% year over year; +1.5% a year from FY2020 to FY2025) with a 12.4% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $55.01B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +1.9% a year over 5 years (FY2020–FY2025).
• Dividends took 66.9% of earnings in the latest fiscal year.
• Shares outstanding changed -1.3% from Jan 31, 2022 to Sep 30, 2026.

Rank among 1514 US companies

Market value at each year end

Verizon Communications’s market value went from $217.61B at the end of 2016 to $186.71B on Nov 2, 2026, down 14%; since the end of 2025 it is up 9%.

Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 5 sales ($245K), 5 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in VZ

1. Lead-sheathed copper cables could prove costly. Parts of Verizon's older copper network use lead-sheathed cables. Allegations about them could bring regulatory scrutiny, lawsuits, penalties, and removal or compliance costs. They could also disrupt operations and damage its reputation.
2. A very large debt load. Verizon had about $165.2 billion of total debt and $1.8 billion of cash and investments as of June 30, 2026. Higher rates or tighter credit markets could raise borrowing costs and limit financing.
3. Fierce price competition as wireless growth slows. Rival phone, cable and satellite companies use aggressive pricing and promotions, sometimes aimed at Verizon's customers. Verizon expects wireless customer growth across the industry to keep slowing, which could sharpen competition and pressure margins.
4. Dividend increases are not guaranteed. Dividends used 66.9% of fiscal 2025 net income. Verizon says there is no assurance it will keep raising the dividend or complete its share repurchase programs.
5. Union contracts and retiree benefit costs. Labor unions represent a significant portion of Verizon's workforce, so contract talks could raise costs or lead to work stoppages. Rising pension and retiree healthcare costs could also cut profits and require more funding.
6. Network outages and cyberattacks. System failures, network disruptions or cyberattacks could stop Verizon from providing reliable service, which would hurt its business and reputation. Its customers include governments and first responders who depend on the network.

• Oct 26, 2026 Quarterly results released
• Sep 29, 2026 Executive or board change
• Jul 24, 2026 Executive or board change
• Jul 24, 2026 Quarterly results released
• Jun 29, 2026 Investor presentation or announcement
• Jun 17, 2026 Other company announcement
• Jun 2, 2026 Other company announcement
• May 28, 2026 Executive or board change; Shareholder vote results
• May 14, 2026 Other company announcement
• Apr 27, 2026 Quarterly results released

Dividends per share rose each year from fiscal 2016 to fiscal 2025, at least nine straight annual increases, and the streak may go back further. Growth has been slow. The dividend went from $2.485 per share in fiscal 2020 to $2.735 in fiscal 2025, about 1.9% a year. Verizon's payout ratio, the share of profit paid as dividends, was 66.9% in fiscal 2025. From fiscal 2021 through 2025 it paid about $55 billion in dividends and spent nothing on share repurchases, so its share count barely changed. The dividend yield was 6.53% as of October 28, 2026.

In the 2008 financial crisis the stock fell 42.5% and needed about 26 months after its low to recover. In the 2022 bear market it dropped 33.2% and did not recover until March 2025, about 29 months later. It made up its 13.6% drop in the 2020 COVID crash in under a month. A single stock carries more risk than a diversified fund.