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Verizon is like the Con Edison or PG&E of essential communication utilities (phone and internet) across the US.

It's similar to FedEx or UPS, but instead of packages, it delivers your digital data (phone calls, texts, internet) across a nationwide network.

Think of Verizon as the Walmart of communication services, providing essential mobile and internet connections to millions of Americans daily.

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• Wireless Services: Provides mobile phone plans, data, voice, and text connectivity for consumers and businesses across various devices.
• Fiber Optic Internet (Fios): Offers high-speed fiber-optic broadband internet for residential and business customers.
• Fiber Optic Television (Fios TV): Delivers television programming and on-demand content via fiber-optic connections to homes.
• Fixed-Line Phone Services: Provides traditional landline and Voice over IP (VoIP) communication for residential and business use.
• Business Network Services: Offers enterprise-grade connectivity, dedicated internet, SD-WAN, and managed network solutions for businesses.
• Internet of Things (IoT) Solutions: Provides platforms and connectivity for managing and deploying IoT devices and applications for enterprises.
• Mobile Devices and Accessories: Sells smartphones, tablets, smartwatches, and a variety of accessories from leading manufacturers.
• Networking Equipment: Supplies modems, routers, and other essential hardware for accessing and managing their network services.

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• Postpaid Mobile Wireless Customers: These are individuals who subscribe to Verizon's cellular plans on a monthly contractual basis, typically for smartphones, tablets, and wearable devices. This category represents a significant portion of Verizon's subscriber base, often including device financing options and bundled services.
• Prepaid Mobile Wireless Customers: This category includes individuals who pay for their wireless services in advance, without a long-term contract. Verizon serves these customers through its primary brand and sub-brands like Visible, appealing to those seeking budget-friendly or flexible mobile solutions.
• Residential Fios Customers: These are individuals and households subscribing to Verizon's fiber-optic services for high-speed internet, digital television, and home phone. This segment targets residential users seeking reliable and fast home connectivity and entertainment.

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• Ericsson (ERIC)
• Nokia (NOK)
• Samsung Electronics
• Corning (GLW)
• Juniper Networks (JNPR)
• Ciena (CIEN)
• Cisco (CSCO)

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Daniel H. Schulman, Chief Executive Officer

Daniel H. Schulman was appointed CEO of Verizon Communications on October 6, 2025. Before joining Verizon, he served as the President and CEO of PayPal Holdings, Inc. from 2015 to 2023, where he led the company's transformation into a global digital payments platform, significantly increasing revenue and earnings per share. Schulman was the founding CEO of Virgin Mobile USA, leading it from its national launch in 2002 to becoming a public company in 2007 and its subsequent sale to Sprint Nextel in 2009. He also held senior leadership roles at American Express as Group President of Enterprise Growth, focusing on mobile and online payment services. Earlier in his career, Schulman spent over 18 years at AT&T, rising to become president, and served as president, COO, and CEO of Priceline.com, where he dramatically grew annual revenues. He also served on the advisory committee of Greycroft Partners, a private equity firm.

Tony Skiadas, Executive Vice President & Chief Financial Officer

Tony Skiadas was appointed permanent Executive Vice President and Chief Financial Officer of Verizon Communications on November 1, 2023, after serving as interim CFO since May 1, 2023. With an extensive career spanning nearly three decades at Verizon, Skiadas previously held roles as Senior Vice President and Controller, and Senior Vice President and Chief Financial Officer for Verizon Finance Operations. He began his career with Bell Atlantic Mobile, a Verizon legacy company, in 1996. Throughout his tenure, he has been involved in significant initiatives, including participating in the merger integration activities surrounding the formation of Verizon Wireless in 2000 and overseeing the company's Finance Transformation.

Sowmyanarayan Sampath, Executive Vice President & CEO, Verizon Consumer Group

Sowmyanarayan Sampath is the Executive Vice President and CEO of Verizon Consumer Group, responsible for serving the largest consumer customer base in the United States. He is recognized as a leader in the telecommunications industry with experience across consumer, enterprise, security, and critical infrastructure sectors. His contributions at Verizon include transformative work on the company's consumer operating model and empowering its customer-facing organization.

Kyle Malady, Executive Vice President & CEO, Verizon Business Group

Kyle Malady serves as the Executive Vice President and CEO of Verizon Business Group, overseeing operations that generate more than $30 billion in annual revenues. He drives transformation through product innovation, operational strategy, and digital business tools for enterprise and government clients. Malady brings decades of experience in building and managing global networks, having previously served as Executive Vice President and President of Global Networks and Technology for Verizon.

Shankar Arumugavelu, Executive Vice President & President of Verizon Global Services

Shankar Arumugavelu has served as Executive Vice President and President of Verizon Global Services since October 2010. He is a highly experienced executive in the telecommunications sector and has held various significant roles within Verizon, including Senior Vice President and Global CIO, and Senior Vice President and CIO for both VCM and Wireless. His background includes multiple senior leadership positions focused on consumer and business services.

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Key Business Risks for Verizon Communications (VZ)

1. Intense Competition: Verizon faces fierce competition from other major telecommunication providers such as AT&T and T-Mobile, impacting its market share, pricing strategies, and profit margins. This competitive pressure is evident in the wireless broadband market and contributes to challenges in subscriber growth.

2. High Debt Levels: The company carries a substantial amount of debt, nearing $146 billion as of mid-2025, which can restrict its financial flexibility and ability to invest in new opportunities. Servicing this debt is a constant demand on the company's free cash flow, particularly in a rising interest rate environment.

3. Slow Growth and Market Saturation: Verizon is experiencing slow growth, with a plateauing customer base and declines in certain business segments like legacy wireline services and the public sector. This indicates market saturation and challenges in expanding beyond its primary U.S. market, requiring continuous, substantial investment in network infrastructure and technology to differentiate and retain customers.

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Aggressive competition in Fixed Wireless Access (FWA) broadband from rival carriers, particularly T-Mobile and AT&T. These companies are leveraging their 5G networks to offer home internet services that directly compete with Verizon's traditional Fios fiber broadband offerings, as well as placing pressure on Verizon's own wireless business to offer competitive FWA bundles. This technology-driven shift in home internet delivery is rapidly capturing market share from established wireline providers.

The rapid growth and market penetration of Cable Company Mobile Virtual Network Operators (MVNOs), such as Xfinity Mobile (Comcast) and Spectrum Mobile (Charter). These MVNOs primarily operate on Verizon's own network infrastructure, bundling mobile services with their dominant cable broadband offerings at highly competitive prices. This strategy allows them to capture wireless subscribers who might otherwise choose Verizon directly, effectively impacting Verizon's direct wireless customer acquisition and subscriber growth.

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Verizon Communications (VZ) operates in several significant addressable markets through its diverse product and service offerings, primarily categorized under its Consumer and Business segments. The company's main products and services include wireless communications, broadband services, enterprise solutions, and Internet of Things (IoT) products.

The addressable market sizes for Verizon's key products and services are detailed below:

• Wireless Services: Verizon is a dominant force in the U.S. wireless market, serving 146.1 million subscribers as of September 30, 2025.
• Broadband Services:
  • The global broadband services market was valued at approximately $541.24 billion in 2025 and is projected to grow to $1,062.73 billion by 2033, demonstrating an 8.8% Compound Annual Growth Rate (CAGR) from 2025 to 2033.
  • In the U.S., the Internet Service Providers (ISP) market was valued at $139.8 billion in 2023 and is projected to reach $168.5 billion in 2025. North America holds the largest share of the global broadband market.
• Enterprise Solutions:
  • The global enterprise software market, which encompasses many of Verizon's enterprise solutions, is estimated to reach $316.69 billion in 2025 and is forecasted to grow to $403.90 billion by 2030. A broader definition, including infrastructure, security software, and databases, valued the global market at $899.9 billion in 2024.
  • The U.S. enterprise software market is projected to grow to $159.39 billion in 2025. North America held over 41% of the global enterprise software market share in 2024.
• Internet of Things (IoT) Services:
  • The global Internet of Things (IoT) market is projected to expand from $547.06 billion in 2025 to $865.20 billion by 2030, with a CAGR of 9.6%. Another estimate indicates the global IoT market size will grow from $190.18 billion in 2024 to $883.16 billion by 2034, at a CAGR of 16.6%.
  • The U.S. IoT market was valued at $142.2 billion in 2024 and is expected to reach $169.0 billion in 2025. North America accounted for the largest market revenue share of 36.1% in the global IoT market in 2023.

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Verizon Communications (VZ) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, focusing on expanding its core services, enhancing customer value, and developing new technological offerings.

1. Expansion of Broadband Services: Verizon is heavily investing in expanding its broadband offerings, particularly through Fixed Wireless Access (FWA) and Fios fiber optic services. The company aims to nearly double its FWA subscriber base to 8-9 million by 2028, targeting coverage for 90 million households. FWA has already contributed to annualized revenue surpassing $3 billion. Concurrently, Verizon plans to accelerate Fios fiber builds to up to 650,000 passings annually starting in 2025. The pending acquisition of Frontier Communications is also expected to significantly expand Verizon's fiber footprint by 9-10 million passings, creating substantial cross-selling opportunities for combined mobility and broadband services.
2. Wireless Service Revenue Growth through Pricing Actions and Customer-Centric Strategies: Verizon expects continued growth in wireless service revenue, supported by strategic pricing adjustments implemented in recent periods. The company has reaffirmed its full-year 2025 guidance for wireless service revenue growth of 2.0%–2.8%. Under its new CEO, Dan Schulman, Verizon is shifting to a customer-centric model focused on enhanced retention and broader fiber and wireless convergence. This strategy is evidenced by converged users showing nearly 40% lower churn rates compared to the overall base. Investments in AI-driven customer experiences, personalized offers, and a "best value guarantee" program are central to improving customer loyalty and reducing churn.
3. Growth in the Business Segment: The Verizon Business Group is projected to contribute to revenue growth, driven by strong demand from small and medium businesses and large enterprise customers. The segment recently added 110,000 retail postpaid subscribers. Verizon is expanding its enterprise solutions, including powering new headquarters with neutral host networks and focusing on mobile edge computing and business-to-business (B2B) solutions. Strategic partnerships with technology giants are also fostering growth in areas like cloud computing and media delivery.
4. Prepaid Subscriber Expansion: Verizon is placing a renewed focus on growing its prepaid subscriber base. In Q1 2025, the company reported 137,000 prepaid net additions, marking its best performance since the TracFone acquisition. Prepaid plans are seen as offering higher profit margins due to fewer subsidies and are attractive to customers seeking flexibility, transparency, and value without long-term contracts or credit checks.
5. New Revenue Streams from AI and Private 5G Networks: Verizon plans to leverage its extensive fiber and edge computing infrastructure to unlock new revenue opportunities within the artificial intelligence (AI) ecosystem. The company aims to strengthen its 5G leadership by accelerating nationwide coverage and expanding use cases in both consumer and business sectors. This includes developing applications like low-latency 5G for mobile gaming and real-time logistics in smart warehouses, showcasing the power and capabilities of its advanced network.

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Share Repurchases

• Verizon authorized a share buyback program in February 2020 to repurchase up to 100 million shares of its common stock.
• As of December 2024, the maximum number of shares available for repurchase under this program was 100 million shares.
• Verizon did not repurchase any shares under this authorized program during 2023 and 2024.

Outbound Investments

• Verizon sold 90% of Verizon Media to Apollo Global Management in 2020.
• The company received shareholder approval for its $20 billion acquisition of Frontier Communications, which includes approximately $10 billion in assumed debt, intended to bolster its fiber broadband footprint.
• Verizon entered a $6.65 billion 5G infrastructure partnership with Samsung, spanning from 2020 to 2025, aimed at developing its 5G network infrastructure.

Capital Expenditures

• Full-year capital expenditures were $17.1 billion in 2024.
• Capital expenditures are projected to be between $17.5 billion and $18.5 billion for 2025.
• The primary focus of these investments includes expanding 5G Ultra Wideband and fiber reach, as well as advancing C-band mid-band spectrum deployment, which commenced in late 2024 and is expected to conclude in early 2026.