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, offering data, video and voice solutions across an extensive U.S. wireless network and a 100% fiber-optic and traditional copper wireline network spanning 31 states and Washington D.C., along with fixed wireless access (FWA) broadband via 5G/4G LTE. The company operates two reportable segments: Verizon Consumer Group, which provides consumer-focused wireless services (postpaid and prepaid), wireless equipment, residential fixed connectivity (Fios internet, video, voice), FWA broadband, wholesale network access to MVNOs, and non-connectivity offerings like device protection and cloud storage, generating $106.8 billion in 2025 revenue (about 77% of total) with roughly 116 million wireless retail connections and 11 million broadband connections; and Verizon Business Group, serving enterprises, public sector entities, and wireless/wireline carriers across the U.S. and internationally with mobility services, FWA and wireline broadband, IoT connectivity, advanced communications, corporate networking, security and managed network services, local/long-distance voice, organized into Enterprise and Public Sector ($13.5 billion revenue), Business Markets and Other ($13.6 billion revenue), and Wholesale ($2.0 billion revenue), together contributing $29.1 billion (about 21% of total) with approximately 31 million wireless postpaid connections and 3 million broadband connections. Verizon distributes products through direct channels (company-operated stores, sales teams, digital/omni-channel platforms), indirect channels (exclusive agents, national retailers, convenience stores), and additional business channels including resellers, distributors and system integrators.

The company operates an extensive national wireless network and broadband network, owns one of the largest global fiber-optic networks connecting customers in more than 180 countries, holds a broad portfolio of spectrum (including C-Band and millimeter wave), and is investing in 5G, vRAN/Open RAN, cloud virtualization, AI, and network densification; it recently expanded its fiber and FWA footprint through the acquisitions of Frontier Communications and Starry Group Holdings, and has a pending acquisition of spectrum from United States Cellular Corporation. Competitors include national and regional wireless carriers such as AT&T and T-Mobile, cable companies and resellers like Comcast and Charter, satellite and low Earth orbit providers, OTT and internet service providers, global telecommunications and systems integration firms, and specialty wholesale network providers. Verizon operates in a highly regulated environment overseen primarily by the FCC, along with state public utility commissions and various privacy, data protection, AI, public safety, and cybersecurity regulators at federal, state, and international levels, and employs approximately 89,900 full-time equivalent employees, 89% of whom are based in the U.S.