VZ · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Verizon Communications

31 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. federal, state and local governments (public sector customers)

earns from · $13.5 billionnamed as a risk

In addition, our business with public sector customers has been and may in the future be negatively affected by a reduction of the federal and state government workforce and other government cost efficiency measures.Risk factors (Item 1A)

Also named by DELL, EFX, FISV

Large telecommunications companies (wholesale customers)

earns from · $2.0 billionnamed as a risk

A portion of Wholesale revenues are generated by a few large telecommunications companies, most of which compete directly with us.Business (Item 1)

Mobile virtual network operators (MVNOs)

earns from

We sell network access to mobile virtual network operators (MVNOs) on a wholesale basis, who in turn resell wireless service under their own brand(s) to consumers.Business (Item 1)

Partners and platforms

Tillman Global Holdings

depends on

In addition, in October 2025, we entered into a commercial fiber arrangement with an affiliate of Tillman Global Holdings to further increase our fiber access reach.Business (Item 1)

Other companies

International Brotherhood of Electrical Workers

approximately 27% of our workforcenamed as a risk

As of December 31, 2025, approximately 27% of our workforce is represented by the Communications Workers of America or the International Brotherhood of Electrical Workers.Risk factors (Item 1A)

Also named by AEE, EIX, ES, EVRG, FE, MYRG, NEE, PNW and 2 more

Communications Workers of America

approximately 27% of our workforcenamed as a risk

As of December 31, 2025, approximately 27% of our workforce is represented by the Communications Workers of America or the International Brotherhood of Electrical Workers.Risk factors (Item 1A)

Also named by LUMN, T

Frontier Communications Parent, Inc.

named as a risk

On January 20, 2026, we completed the acquisition of Frontier Communications Parent, Inc. (Frontier), a U.S. provider of broadband internet and other communication services.Business (Item 1)

Starry Group Holdings, Inc.

On January 30, 2026, we completed the acquisition of Starry Group Holdings, Inc. (Starry), a fixed wireless broadband provider serving multi-dwelling units in five markets across the U.S.Business (Item 1)

Array Digital Infrastructure, Inc. (United States Cellular Corporation)

Information regarding spectrum license transactions, including our pending acquisition of select spectrum licenses of United States Cellular Corporation (currently known as Array Digital Infrastructure, Inc.) and certain of its subsidiaries, is presented in Note 3 to the consolidated financial statements included in this Annual Report.Business (Item 1)

Competitors

AT&T Inc.

competes withnamed as a risk

With respect to our wireless connectivity products and services, we compete against other national wireless service providers, including AT&T Inc. and T-Mobile US, Inc., as well as various regional wireless service providers.Business (Item 1)

Also named by AMT, CNP, DY, GLIBK, TMUS

Comcast Corporation

competes withnamed as a risk

Resellers include cable companies, such as Comcast Corporation and Charter Communications, Inc., and others.Business (Item 1)

Also named by MXL, TMUS

Charter Communications, Inc.

competes withnamed as a risk

Resellers include cable companies, such as Comcast Corporation and Charter Communications, Inc., and others.Business (Item 1)

Also named by GLIBK, TMUS

T-Mobile US, Inc.

competes withnamed as a risk

Also named by AMT

Hazards

Lead sheathed copper cables

named as a risk

These allegations have resulted in government investigations, regulatory inquiries and litigation, and could further result in legislative or regulatory actions, penalties and other liability, remediation and compliance costs or negative operational impacts.Risk factors (Item 1A)

Salt Typhoon

named as a risk

For example, in September 2024, we became aware that we were one of several telecommunications companies that were the subject of a cyberattack by a highly sophisticated nation-state actor known as Salt Typhoon.Risk factors (Item 1A)

Commodities and inputs

Euro

exposed to its pricenamed as a risk

At December 31, 2025, our primary translation exposure was to the British Pound Sterling, Euro, Australian Dollar and Swedish Krona.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

British Pound Sterling

exposed to its pricenamed as a risk

At December 31, 2025, our primary translation exposure was to the British Pound Sterling, Euro, Australian Dollar and Swedish Krona.Market risk (Item 7A)

Also named by AMG, BGC, BKNG, CBRE, CTRE, FCFS, FDS, FIS and 31 more

Chipsets

depends onnamed as a risk

For example, our smartphone and other device suppliers often rely on one vendor for the manufacture and supply of critical components, such as chipsets, used in their devices, and there are a limited number of companies capable of supplying the network infrastructure equipment on which we depend.Risk factors (Item 1A)

Regulators

State public utility commissions

subject to · 31 states and the District of Columbia

As of the date this report is being filed, Verizon operates as an "incumbent local exchange carrier" in 31 states and the District of Columbia.Business (Item 1)

Also named by AWK, LUMN, PRIM

Federal Communications Commission (FCC)

subject tonamed as a risk

For many services offered by Verizon, the FCC is our primary regulator.Business (Item 1)

Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more

Federal Trade Commission (FTC)

subject to

At the federal level, our business is governed by the FCC or the Federal Trade Commission (FTC), depending on the product or service.Business (Item 1)

Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more

California Public Utilities Commission

subject to

For example, the FCC adopted rules requiring wireless providers to support roaming on each other’s networks during disasters, and the California Public Utilities Commission has imposed regulations relating to back-up power for communications facilities.Business (Item 1)

Also named by EIX, ENPH, KMI, PAGP, SRE, ZM

Laws and programs

FCC spectrum licenses

subject to · term of 10 yearsnamed as a risk

If a wireless license was revoked or not renewed, Verizon would not be permitted to provide services on the spectrum covered by that license.Business (Item 1)

U.S. tariffs

subject tonamed as a risk

New or increased tariffs and other trade restrictions could adversely affect our cost structure and profitability.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

California Consumer Privacy Act

subject tonamed as a risk

In particular, the California Consumer Privacy Act, Europe's General Data Protection Regulation and a number of other privacy laws more recently adopted by other states and countries include significant penalties for non-compliance.Risk factors (Item 1A)

Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more

EU General Data Protection Regulation (GDPR)

subject tonamed as a risk

Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more

FCC open access regulations

subject tonamed as a risk

We hold certain wireless licenses that require us to comply with so-called "open access" FCC regulations, which require licensees of particular spectrum to allow customers to use devices and applications of their choice, however the FCC recently waived one aspect of these rules related to device locking.Risk factors (Item 1A)

FCC digital discrimination rules

subject tonamed as a risk

The FCC also adopted broad rules related to "digital discrimination" that could further increase regulatory oversight of broadband services; industry groups have appealed those rules in court.Business (Item 1)

Colorado AI legislation

subject tonamed as a risk

Policymakers at the local, state, federal and international levels have begun imposing and continue to consider new laws and regulations on the use of AI, and one state (Colorado) passed comprehensive legislation regulating AI.Business (Item 1)

Communications Act of 1934

subject to

The FCC has jurisdiction over interstate telecommunications services and other matters under the Communications Act of 1934, as amended (Communications Act).Business (Item 1)

Also named by ASTS, CMCSA, ECHO, NXST, RHP, T, TMUS

Technology

C-Band spectrum (3.7 GHz)

depends on

We have a portfolio of spectrum holdings, including C-Band and millimeter wave spectrum, and are constantly transforming our networks by leveraging innovation and new technologies to deliver improved network performance and efficiency.Business (Item 1)