VERIZON COMMUNICATIONS INC (VZ)

Verizon Communications Inc. is a holding company that, through its subsidiaries, is one of the world's leading providers of communications, technology, information and streaming products and services to consumers, businesses and government entities. It offers data, video and voice services and solutions on its networks and platforms, designed to meet demand for mobility, reliable network connectivity and security. The company has approximately 89,900 full-time equivalent employees, 89% of them based in the U.S.

Verizon operates two reportable segments. Verizon Consumer Group, which generated $106.8 billion (about 77%) of 2025 revenues, provides wireless and wireline services and products. It had about 116 million wireless retail connections (83% postpaid), about 11 million broadband connections (Fios internet, fixed wireless access (FWA) and DSL) and about 2 million Fios video connections at year-end 2025. It also sells device protection, content, cloud storage and wholesale network access to mobile virtual network operators. Verizon Business Group generated $29.1 billion (about 21%) of revenues and offers mobility, FWA and wireline broadband, IoT connectivity, advanced communications, corporate networking, voice, security and managed network services. It is organized into Enterprise and Public Sector ($13.5 billion), Business Markets and Other ($13.6 billion) and Wholesale ($2.0 billion). Wireless equipment includes smartphones, tablets and connected devices, which customers can buy through device payment plans.

Customers include retail consumers, small and medium businesses, large enterprises, public sector customers (federal, state and local governments and educational institutions), and wireless and wireline carriers. Postpaid and prepaid wireless plans are offered, with prepaid sold only to consumers. Products are sold through company-operated stores, sales and service centers, business direct sales teams, digital channels, agents, national retailers, convenience store chains, resellers, distributors and system integrators. The wireless network is U.S.-focused, while the global fiber network serves business customers in more than 180 countries.

Verizon designs, builds and operates its own networks, using 5G wireless, fiber transport, cloud infrastructure, AI and automation, private networks and virtualized and Open RAN architectures that use components from multiple vendors. It holds FCC-licensed spectrum in low, mid-band (including C-Band) and millimeter wave bands covering nearly all of the U.S. population. In January 2026 it completed the acquisition of Frontier Communications Parent, expanding its fiber footprint to 31 states and Washington D.C., and acquired Starry Group Holdings, a fixed wireless provider serving multi-dwelling units. It also has a pending purchase of select spectrum licenses from United States Cellular Corporation. Verizon competes with AT&T, T-Mobile, regional carriers, cable companies such as Comcast and Charter, satellite and internet providers, OTT providers, system integrators and global carriers. It operates in a highly regulated environment overseen mainly by the FCC, as well as state and local authorities.