威瑞森3Q26创纪录业绩、连续三季上调全年指引，并与AWS签署20亿美元以上AI基础设施协议，盘前涨约2.3%

----- vz-20261026.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________
FORM
8-K
______________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
October 26, 2026
(Date of earliest event reported)
______________________________________________________________________________
Verizon Communications Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________
Delaware
1-8606
23-2259884
(State or other jurisdiction
of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
1095 Avenue of the Americas
10036
New York,
New York
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (
212
)
395-1000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, par value $0.10
VZ
New York Stock Exchange
Common Stock, par value $0.10
VZ
The Nasdaq Global Select Market
1.375% Notes due 2026
VZ 26B
New York Stock Exchange
0.875% Notes due 2027
VZ 27E
New York Stock Exchange
1.375% Notes due 2028
VZ 28
New York Stock Exchange
1.125% Notes due 2028
VZ 28A
New York Stock Exchange
2.350% Fixed Rate Notes due 2028
VZ 28C
New York Stock Exchange
1.875% Notes due 2029
VZ 29B
New York Stock Exchange
0.375% Notes due 2029
VZ 29D
New York Stock Exchange
1.250% Notes due 2030
VZ 30
New York Stock Exchange
1.875% Notes due 2030
VZ 30A
New York Stock Exchange
4.250% Notes due 2030
VZ 30D
New York Stock Exchange
2.625% Notes due 2031
VZ 31
New York Stock Exchange
2.500% Notes due 2031
VZ 31A
New York Stock Exchange
3.000% Fixed Rate Notes due 2031
VZ 31D
New York Stock Exchange
0.875% Notes due 2032
VZ 32
New York Stock Exchange
0.750% Notes due 2032
VZ 32A
New York Stock Exchange
3.500% Notes due 2032
VZ 32B
New York Stock Exchange
3.250% Notes due 2032
VZ 32C
New York Stock Exchange
1.300% Notes due 2033
VZ 33B
New York Stock Exchange
4.75% Notes due 2034
VZ 34
New York Stock Exchange
4.750% Notes due 2034
VZ 34C
New York Stock Exchange
3.125% Notes due 2035
VZ 35
New York Stock Exchange
1.125% Notes due 2035
VZ 35A
New York Stock Exchange
3.375% Notes due 2036
VZ 36A
New York Stock Exchange
3.750% Notes due 2036
VZ 36B
New York Stock Exchange
3.750% Notes due 2037
VZ 37B
New York Stock Exchange
2.875% Notes due 2038
VZ 38B
New York Stock Exchange
1.875% Notes due 2038
VZ 38C
New York Stock Exchange
1.500% Notes due 2039
VZ 39C
New York Stock Exchange
3.50% Fixed Rate Notes due 2039
VZ 39D
New York Stock Exchange
1.850% Notes due 2040
VZ 40
New York Stock Exchange
3.850% Fixed Rate Notes due 2041
VZ 41C
New York Stock Exchange
3.9962% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056
VZ 56
New York Stock Exchange
5.7420% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056
VZ 56A
New York Stock Exchange
4.2462% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056
VZ 56B
New York Stock Exchange
5.7427% Fixed-to-Fixed Rate Junior Subordinated Notes due 2056
VZ 56C
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
Attached as an exhibit hereto are a press release and financial tables, dated October 26, 2026, issued by Verizon Communications Inc. (Verizon).
Non-GAAP Measures
Verizon’s press release and financial tables attached to the report include financial information prepared in conformity with generally accepted accounting principles in the United States (GAAP) as well as non-GAAP financial information. It is management's intent to provide non-GAAP financial information to enhance the understanding of Verizon's GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.
EBITDA and EBITDA Margin Related Non-GAAP Measures
Consolidated earnings before interest, taxes, depreciation and amortization (Consolidated EBITDA), Segment EBITDA and Segment EBITDA Margin are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions, as well as in evaluating operating performance in relation to Verizon's competitors.
Consolidated EBITDA is calculated by adding back interest, taxes, depreciation and amortization expense to net income.
Segment EBITDA is calculated by adding back segment depreciation and amortization expense to segment operating income. Segment EBITDA Margin is calculated by dividing Segment EBITDA by total segment operating revenues.
Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin
Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin are non-GAAP financial measures that we believe provide relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends. We believe that Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA Margin are widely used by investors to compare a company’s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes, and depreciation and amortization policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis.
Consolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in earnings and losses of unconsolidated businesses and other income and expense, net, and the following special items: severance charges, acquisition and integration related charges, asset and business rationalization and loss on disposition of business. Severance charges recorded during 2026 and 2025 relate to separations in connection with workforce reduction initiatives.
Acquisition and integration related charges recorded during 2026 and 2025 primarily relate to transaction and integration expenses associated with the acquisition of Frontier Communications Parent, Inc. completed in January 2026. Asset rationalization recorded during 2026 relates to the decision to cease use of certain real estate and network assets as part of our transformation initiatives. Asset and business rationalization recorded during 2025 predominately relates to the decision to cease use of certain real estate assets and exit non-strategic portions of certain businesses as part of our transformation initiatives.
Loss on disposition of business recorded during 2026 relates to the classification of the assets and liabilities representing Verizon's international wireline connectivity and managed network services business as assets and liabilities held for sale.
Consolidated Adjusted EBITDA Margin is calculated by dividing Consolidated Adjusted EBITDA by consolidated operating revenues.
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating Verizon’s ability to service its unsecured debt from continuing operations.
Net Unsecured Debt is calculated by subtracting secured debt, a fifty percent equity credit related to junior subordinated notes, and cash and cash equivalents, from the sum of debt maturing within one year and long-term debt. Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio is calculated by dividing Net Unsecured Debt by Consolidated Adjusted EBITDA. For purposes of Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio, Consolidated Adjusted EBITDA is calculated for the last twelve months.
Adjusted Earnings per Common Share (Adjusted EPS) and Adjusted EPS Forecast
Adjusted EPS and Adjusted EPS Forecast are non-GAAP financial measures that we believe are useful to management, investors and other users of our financial information in evaluating our operating results and understanding our operating trends without the effect of special items which could vary from period to period. We believe excluding special items provides more comparable assessment of our financial results from period to period.
Adjusted EPS is calculated by excluding from the calculation of reported EPS the effect of the following special items: amortization of acquisition-related intangible assets and acquisition and integration related charges.
We exclude the amortization of acquisition-related intangible assets because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe that it is important for investors to understand that our non-GAAP financial measure adjusts for the intangible asset amortization but does not adjust the revenue that is generated in part from the use of such intangible assets.
We exclude the acquisition and integration related charges because the amount and timing of such charges are significantly impacted by the timing, size, and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a predictable cycle, and the related costs to integrate an acquired business into our operations are unique to each acquisition and can vary significantly from acquisition to acquisition. Exclusion of acquisition and integration related charges facilitates more consistent comparisons of our operating results with historical periods, and with both acquisitive and non-acquisitive peer companies.
We have not provided a reconciliation for our Adjusted EPS Forecast because we cannot, without unreasonable effort, predict the special items that could arise during 2026.
Free Cash Flow and Free Cash Flow Forecast
Free cash flow and free cash flow forecast are non-GAAP financial measures that reflect an additional way of viewing our liquidity that, we believe, when viewed with our GAAP results, provide management, investors and other users of our financial information with a more complete understanding of factors and trends affecting our cash flows. We believe they are more conservative measures of cash flow since capital expenditures are necessary for ongoing operations. Free cash flow and free cash flow forecast have limitations due to the fact that they do not represent the residual cash flow available for discretionary expenditures. For example, free cash flow and free cash flow forecast do not incorporate payments made or expected to be made on finance lease obligations or cash payments for business acquisitions or wireless licenses. Therefore, we believe it is important to view free cash flow and free cash flow forecast as complements to our entire condensed consolidated statements of cash flows.
Free cash flow is calculated by subtracting capital expenditures (including capitalized software) from net cash provided by operating activities. Free cash flow forecast is calculated by subtracting capital expenditures forecast (including capitalized software) from forecasted net cash provided by operating activities.
See the accompanying schedules for reconciliations of non-GAAP financial measures to GAAP.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit
Number
Description
99
Press release and financial tables, dated
October 26, 2026
, issued by Verizon Communications Inc.
104
Cover Page Interactive Data File (formatted as inline XBRL).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Verizon Communications Inc.
(Registrant)
Date:
October 26, 2026
/s/ Mary-Lee Stillwell
Mary-Lee Stillwell
Senior Vice President and Controller

----- a2026q3exhibit99.htm -----
EX-99
2
a2026q3exhibit99.htm
EX-99
Document
VZQTR20FIN
Exhibit 99
News Release
FOR IMMEDIATE RELEASE
Media contacts:
October 26, 2026
Katie Magnotta
201-602-9235
katie.magnotta@verizon.com
Jamie Serino
201-401-5460
jamie.serino@verizon.com
Verizon Delivers Another Record-Breaking Quarter with 3Q 2026 Results Driven by Strong Postpaid Phone and Account Additions
Transformation Efforts Continue to Drive Growth and Profitability
Company Raises Full-Year Guidance for Third Consecutive Quarter
Verizon and Amazon Web Services (AWS) Expand Strategic Partnership with Landmark $2B+ AI Infrastructure Deal
3Q26 Key Highlights:
•
Delivered 406,000 postpaid phone net additions, a more than 820.0 percent increase year-over-year, representing the strongest third-quarter performance in five years.
•
Added 137,000 postpaid net accounts, marking the company's best performance in over a decade.
•
Acquired nearly 1.7 million mobility and broadband subscribers in the first nine months of 2026, compared to 879,000 in the first nine months of 2025.
•
Mobility and broadband service revenue of $23.5 billion grew 2.9 percent year-over-year, up sequentially and forecast to grow approximately 4.0 percent in fourth-quarter 2026.
•
Cash flow from operating activities was $11.5 billion for the quarter, representing an increase of 2.2 percent year-over-year. This supported free cash flow¹ of $7.8 billion, up 12.1 percent year-over-year.
•
Sharp focus on operational efficiency resulted in strong consolidated net income performance of $5.3 billion, up 5.2 percent year-over-year. This drove consolidated Adjusted EBITDA
1
of $13.8 billion, up 8.0 percent year-over-year, which represents the highest quarterly result the company has ever reported.
•
Earnings per share (EPS) was $1.25, up 6.8 percent year-over-year, driving Adjusted EPS¹ of $1.31, up 8.3 percent year-over-year.
•
Raised full-year 2026 guidance for key metrics for the third consecutive quarter, including for postpaid phone net additions, Adjusted EPS¹, and free cash flow¹.
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•
Signed an agreement valued at $2.0+ billion with AWS that establishes a commercial framework to scale distributed compute and meet the real-time demands of agentic and generative AI workloads.
NEW YORK, NY
— Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced third-quarter 2026 results that set new company benchmarks. This performance highlights the momentum behind its multi-year transformation. Verizon delivered its strongest third-quarter postpaid phone net adds in five years, and its best quarterly net account growth in over a decade, alongside lower year-over-year churn. With these strong results and the underlying performance of the business, Verizon raised its full-year guidance for the third consecutive quarter.
"Verizon delivered another record-breaking quarter. One year into our transformation, Verizon is fundamentally stronger — operationally, financially, and competitively," said Dan Schulman, Verizon CEO. "By prioritizing customer-first offerings like Simplicity and our expanded loyalty program over heavy subsidies, we are winning loyal, high-value customers while expanding margins, reducing churn, and generating strong sustained cash flow. At the same time, technology leaders are choosing our fiber network to power the next generation of AI infrastructure. We are continuing to raise the bar and we are only one year into a multi-year growth story."
3Q 2026 Highlights
Mobility and Broadband
•
Mobility and broadband service revenue reached approximately $23.5 billion, representing a 2.9 percent increase year-over-year, continuing a sequential improvement from 2.8 percent in second-quarter 2026 and 1.6 percent in first-quarter 2026.
•
Reported total postpaid phone net additions of 406,000 in third-quarter 2026, a more than 820.0 percent increase year-over-year, marking the strongest third-quarter performance in five years.
•
Delivered 137,000 postpaid net account additions, marking the best performance in over a decade.
•
Overall postpaid phone churn improved 4 bps year-over-year to 0.94 percent, with Consumer postpaid phone churn also improving 4 bps to 0.87 percent. Promotional cost of acquisition decreased 41 percent year-over-year, and promotional cost of retention improved by 30 percent year-over-year.
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•
Delivered 314,000 broadband net additions in third-quarter 2026. This includes total fixed wireless access net additions of 159,000 and 155,000 fiber broadband net additions.
•
Verizon now maintains 17.4 million total broadband connections, with more than half of new fiber customers choosing 1-gigabit-plus download speeds.
•
The company continues to anticipate total fiber passings to exceed 32 million by year-end, remaining on track toward a target of 40 to 50 million fiber passings over the medium term.
Consolidated Financial Results
•
Total operating revenue was $34.3 billion, up 1.5 percent year-over-year. Mobility and broadband service revenue growth of 2.9 percent was offset by a 9.0 percent year-over-year decline in equipment revenue. This decline resulted primarily from significantly lower upgrade volumes, as the average time customers keep their mobile devices continues to increase, and the company’s strategic decision to reduce spending on device subsidies. It is another demonstration of Verizon’s more disciplined approach as the company structurally evolves its business model.
•
In third-quarter 2026, Verizon had strong consolidated net income of $5.3 billion, a 5.2 percent increase year-over-year, and strong consolidated net income margin of 15.5 percent compared to 14.9 percent in third-quarter 2025.
•
Consolidated Adjusted EBITDA
1
grew 8.0 percent year-over-year to $13.8 billion, the highest the company ever reported.
•
Consolidated Adjusted EBITDA margin
1
grew from 37.8 to 40.2 percent year-over-year, the highest the company ever reported.
•
EPS was $1.25 in third-quarter 2026, a 6.8 percent increase compared to $1.17 in third-quarter 2025; Adjusted EPS
1
, excluding special items, was $1.31 in third-quarter 2026, an 8.3 percent increase compared to $1.21
in third-quarter 2025.
•
In third-quarter 2026, cash flow from operations was $11.5 billion, up 2.2 percent year-over-year. Free cash flow
1
was $7.8 billion in third-quarter 2026, up 12.1 percent year-over-year.
•
Cash flow from operations was $29.9 billion for the first nine months of the year, compared to $28.0 billion for the same period in 2025, representing a growth rate of nearly 7.0 percent. Free cash flow
1
for the first nine months of the year was $18.0 billion, up 14.3 percent year-over-year.
•
Capital expenditures were $11.9 billion for the first nine months of the year, reflecting sustained, disciplined investment to maintain network excellence and capture high-return expansion across mobility and broadband.
•
Verizon's total unsecured debt as of the end of third-quarter 2026 was $136.1 billion, compared to $136.5 billion at the end of second-quarter 2026. The company's net unsecured debt
1
at the end of third-quarter 2026 was $123.7 billion compared to $128.7 billion at the end of second-quarter 2026. At the end of third-quarter 2026, Verizon's ratio of unsecured debt to consolidated net income (LTM) was 8.1 times and its net unsecured debt to consolidated Adjusted EBITDA ratio
1
was 2.3 times.
•
In the first nine months of the year, Verizon returned $12.8 billion of capital to shareholders, up 49.0 percent year-over-year. This includes dividend payments of $8.8 billion and share repurchases of $4.0 billion. The company continues to expect to repurchase up to $4.5 billion for the full year.
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Outlook and Guidance
Verizon does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.
Given the strong third-quarter 2026 performance and continued operational momentum, Verizon is raising its full-year 2026 guidance as follows:
•
Postpaid phone net additions:
1.1 million to 1.2 million, up from upper half of 750,000 to 1.0 million, representing an increase of more than three times compared to 2025.
•
Adjusted EPS¹:
$5.04 to $5.06, or 7.0 to 7.5 percent growth year-over-year, up from 6.0 to 7.0 percent.
•
Cash flow from operations:
3.5 to 5.0 percent growth year-over-year, up from 2.0 to 4.0 percent.
•
Free cash flow¹:
expected to approach 12.0 percent growth year-over-year, up from 9.0 to 10.0 percent.
•
Mobility and broadband service revenue:
upper half of annual guidance of 2.5 to 3.0 percent growth, with approximately 4.0 percent growth in fourth-quarter 2026.
In addition, for 2026, Verizon continues to expect the following:
•
Capital expenditures:
$16.0 billion to $16.5 billion, inclusive of success-based investments for AI Connect.
1
Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.
###
VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/about/news. For images and logos, visit verizon.com/about/news/media-resources. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets,” "will" or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which
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we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives, network performance and quality, and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; changes to international trade and tariff policies and related economic and other impacts; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; our ability to implement business transformation initiatives and achieve their anticipated benefits; system failures and disruptions to our networks and operations and any resulting financial, reputational or business impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors, public health crises, natural disasters or extreme weather conditions; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; significant amount of outstanding debt; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; our ability to return capital to shareholders, including the amount, timing, and effect of share repurchases and dividends; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to obtain cost savings and other synergies and anticipated benefits of completed transactions within the expected time period or at all.
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Verizon Communications Inc.
Condensed Consolidated Statements of Income
(dollars in millions, except per share amounts)
Unaudited
3 Mos. Ended 9/30/26
3 Mos. Ended 9/30/25
%
Change
9 Mos. Ended 9/30/26
9 Mos. Ended 9/30/25
%
Change
Operating Revenues
Service revenues and other
$
29,197
$
28,202
3.5
$
87,185
$
84,538
3.1
Wireless equipment revenues
5,116
5,619
(9.0)
15,821
17,272
(8.4)
Total Operating Revenues
34,313
33,821
1.5
103,006
101,810
1.2
Operating Expenses
Cost of services
7,265
6,863
5.9
21,657
20,691
4.7
Cost of wireless equipment
5,823
6,483
(10.2)
18,188
19,596
(7.2)
Selling, general and administrative expense
7,480
7,752
(3.5)
24,095
23,438
2.8
Depreciation and amortization expense
5,095
4,618
10.3
14,995
13,830
8.4
Total Operating Expenses
25,663
25,716
(0.2)
78,935
77,555
1.8
Operating Income
8,650
8,105
6.7
24,071
24,255
(0.8)
Equity in earnings (losses) of unconsolidated businesses
(3)
(6)
(50.0)
46
(3)
*
Other income, net
120
92
30.4
633
292
*
Interest expense
(1,950)
(1,664)
17.2
(5,875)
(4,935)
19.0
Income Before Provision For Income Taxes
6,817
6,527
4.4
18,875
19,609
(3.7)
Provision for income taxes
(1,497)
(1,471)
1.8
(4,460)
(4,449)
0.2
Net Income
$
5,320
$
5,056
5.2
$
14,415
$
15,160
(4.9)
Net income attributable to noncontrolling interests
$
122
$
106
15.1
$
337
$
328
2.7
Net income attributable to Verizon
5,198
4,950
5.0
14,078
14,832
(5.1)
Net Income
$
5,320
$
5,056
5.2
$
14,415
$
15,160
(4.9)
Basic Earnings Per Common Share
Net income attributable to Verizon
$
1.25
$
1.17
6.8
$
3.37
$
3.51
(4.0)
Weighted-average shares outstanding (in millions)
4,157
4,228
4,176
4,225
Diluted Earnings Per Common Share
(1)
Net income attributable to Verizon
$
1.25
$
1.17
6.8
$
3.37
$
3.51
(4.0)
Weighted-average shares outstanding (in millions)
4,161
4,233
4,180
4,229
Footnotes:
(1)
Where applicable, Diluted Earnings per Common Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represents the only potential dilution.
* Not meaningful
Verizon Communications Inc.
Condensed Consolidated Balance Sheets
(dollars in millions)
Unaudited
9/30/26
12/31/25
$ Change
Assets
Current assets
Cash and cash equivalents
$
4,495
$
19,048
$
(14,553)
Accounts receivable
27,564
28,347
(783)
Less Allowance for credit losses
1,199
1,250
(51)
Accounts receivable, net
26,365
27,097
(732)
Inventories
2,775
2,441
334
Prepaid expenses and other
7,876
8,336
(460)
Total current assets
41,511
56,922
(15,411)
Property, plant and equipment
359,427
337,991
21,436
Less Accumulated depreciation
234,293
228,524
5,769
Property, plant and equipment, net
125,134
109,467
15,667
Investments in unconsolidated businesses
796
785
11
Wireless licenses
161,417
157,039
4,378
Goodwill
30,729
22,841
7,888
Other intangible assets, net
12,002
10,458
1,544
Operating lease right-of-use assets
22,680
23,498
(818)
Other assets
21,253
23,248
(1,995)
Total assets
$
415,522
$
404,258
$
11,264
Liabilities and Equity
Current liabilities
Debt maturing within one year
$
23,889
$
18,618
$
5,271
Accounts payable and accrued liabilities
22,018
24,981
(2,963)
Current operating lease liabilities
4,772
4,542
230
Other current liabilities
15,592
14,229
1,363
Total current liabilities
66,271
62,370
3,901
Long-term debt
142,344
139,532
2,812
Employee benefit obligations
11,533
11,099
434
Deferred income taxes
50,976
48,717
2,259
Non-current operating lease liabilities
17,963
18,951
(988)
Other liabilities
19,143
17,848
1,295
Total long-term liabilities
241,959
236,147
5,812
Equity
Common stock
429
429
—
Additional paid in capital
13,250
13,372
(122)
Retained earnings
99,995
94,744
5,251
Accumulated other comprehensive loss
(1,624)
(1,727)
103
Common stock in treasury, at cost
(6,802)
(3,255)
(3,547)
Deferred compensation – employee stock ownership plans and other
738
897
(159)
Noncontrolling interests
1,306
1,281
25
Total equity
107,292
105,741
1,551
Total liabilities and equity
$
415,522
$
404,258
$
11,264
Verizon Communications Inc.
Consolidated - Selected Financial and Operating Statistics
(dollars in millions, except per share amounts)
Unaudited
9/30/26
12/31/25
Total debt
$
166,233
$
158,150
Unsecured debt
$
136,095
$
131,083
Net unsecured debt
(1)
$
123,721
$
110,053
Unsecured debt / Consolidated Net Income (LTM)
8.1
x
7.4
x
Net unsecured debt / Consolidated Adjusted EBITDA
(1)(2)
2.3
x
2.2
x
Common shares outstanding, end of period (in millions)
4,145
4,217
Total employees (‘000)
(3)
93.3
89.9
Quarterly cash dividends declared per common share
$
0.7075
$
0.6900
Footnotes:
(1)
Non-GAAP financial measure.
(2)
Consolidated Adjusted EBITDA excludes the effects of non-operational items and special items.
(3)
Number of employees on a full-time equivalent basis.
Verizon Communications Inc.
Condensed Consolidated Statements of Cash Flows
(dollars in millions)
Unaudited
9 Mos. Ended 9/30/26
9 Mos. Ended 9/30/25
$ Change
Cash Flows from Operating Activities
Net Income
$
14,415
$
15,160
$
(745)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
14,995
13,830
1,165
Employee retirement benefits
187
444
(257)
Deferred income taxes
2,113
1,809
304
Provision for expected credit losses
1,503
1,613
(110)
Equity in (earnings) losses of unconsolidated businesses, net of dividends received
(27)
41
(68)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses
(3,438)
(4,054)
616
Other, net
188
(820)
1,008
Net cash provided by operating activities
29,936
28,023
1,913
Cash Flows from Investing Activities
Capital expenditures (including capitalized software)
(11,926)
(12,263)
337
Cash paid related to acquisitions of businesses, net of cash acquired
(9,480)
—
(9,480)
Acquisitions of wireless licenses
(4,384)
(340)
(4,044)
Other, net
319
923
(604)
Net cash used in investing activities
(25,471)
(11,680)
(13,791)
Cash Flows from Financing Activities
Proceeds from long-term borrowings
13,658
3,952
9,706
Proceeds from asset-backed long-term borrowings
13,773
7,340
6,433
Repayments of long-term borrowings and finance lease obligations
(17,349)
(7,529)
(9,820)
Repayments of asset-backed long-term borrowings
(14,285)
(6,437)
(7,848)
Dividends paid
(8,804)
(8,569)
(235)
Purchase of common stock for treasury
(4,000)
—
(4,000)
Other, net
(1,893)
(1,579)
(314)
Net cash used in financing activities
(18,900)
(12,822)
(6,078)
Increase (decrease) in cash, cash equivalents and restricted cash
(14,435)
3,521
(17,956)
Cash, cash equivalents and restricted cash, beginning of period
19,499
4,635
14,864
Cash, cash equivalents and restricted cash, end of period
$
5,064
$
8,156
$
(3,092)
Verizon Communications Inc.
Consumer - Selected Financial Results
(dollars in millions)
Unaudited
3 Mos. Ended 9/30/26
3 Mos. Ended 9/30/25
%
Change
9 Mos. Ended 9/30/26
9 Mos. Ended 9/30/25
%
Change
Operating Revenues
Mobility and broadband service
(1)
$
19,777
$
19,096
3.6
$
58,594
$
56,899
3.0
Wireless equipment
4,277
4,766
(10.3)
13,279
14,667
(9.5)
Other
(2)
2,378
2,243
6.0
7,254
6,805
6.6
Total Operating Revenues
26,432
26,105
1.3
79,127
78,371
1.0
Operating Expenses
Cost of services
4,980
4,635
7.4
14,728
13,790
6.8
Cost of wireless equipment
4,665
5,270
(11.5)
14,626
15,988
(8.5)
Selling, general and administrative expense
4,822
4,968
(2.9)
14,545
15,169
(4.1)
Depreciation and amortization expense
3,872
3,568
8.5
11,389
10,693
6.5
Total Operating Expenses
18,339
18,441
(0.6)
55,288
55,640
(0.6)
Operating Income
$
8,093
$
7,664
5.6
$
23,839
$
22,731
4.9
Operating Income Margin
30.6
%
29.4
%
30.1
%
29.0
%
Segment EBITDA
(3)
$
11,965
$
11,232
6.5
$
35,228
$
33,424
5.4
Segment EBITDA Margin
(3)
45.3
%
43.0
%
44.5
%
42.6
%
Footnotes:
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Non-GAAP financial measure.
During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Consumer revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit.
The segment financial results above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.
Verizon Communications Inc.
Business - Selected Financial Results
(dollars in millions)
Unaudited
3 Mos. Ended 9/30/26
3 Mos. Ended 9/30/25
%
Change
9 Mos. Ended 9/30/26
9 Mos. Ended 9/30/25
%
Change
Operating Revenues
Mobility and broadband service
(1)
$
3,713
$
3,743
(0.8)
$
11,129
$
11,193
(0.6)
Wireless equipment
839
853
(1.6)
2,542
2,605
(2.4)
Other
(2)
2,471
2,247
10.0
7,637
7,020
8.8
Total Operating Revenues
7,023
6,843
2.6
21,308
20,818
2.4
Operating Expenses
Cost of services
2,091
1,985
5.3
6,231
6,199
0.5
Cost of wireless equipment
1,157
1,213
(4.6)
3,562
3,608
(1.3)
Selling, general and administrative expense
1,834
1,927
(4.8)
5,487
5,836
(6.0)
Depreciation and amortization expense
1,086
1,002
8.4
3,226
2,989
7.9
Total Operating Expenses
6,168
6,127
0.7
18,506
18,632
(0.7)
Operating Income
$
855
$
716
19.4
$
2,802
$
2,186
28.2
Operating Income Margin
12.2
%
10.5
%
13.1
%
10.5
%
Segment EBITDA
(3)
$
1,941
$
1,718
13.0
$
6,028
$
5,175
16.5
Segment EBITDA Margin
(3)
27.6
%
25.1
%
28.3
%
24.9
%
Footnotes:
(1) Mobility and broadband service revenue primarily includes revenue from mobility communication services, FWA broadband, Fios internet and other fiber-based services.
(2) Other revenue primarily includes revenue from wireline products that provide legacy voice, video and data solutions, as well as broadband solutions over a traditional copper-based network. Other revenue also includes fees that partially recover the direct and indirect costs of complying with regulatory and industry obligations and programs, leasing and interest recognized when equipment is sold to the customer by an authorized agent under a device payment plan agreement.
(3) Non-GAAP financial measure.
During the first quarter of 2026, Verizon revised its presentation of revenue reporting for its reportable segments. Accordingly, beginning in the first quarter of 2026, Verizon has reported Business revenue disaggregated by products and services as follows: Mobility and broadband service revenue, Wireless equipment revenue and Other revenue. Prior period operating revenue results have been recast to conform to the current period presentation. There was no change to the composition of our reportable segments and total segment results, nor to the determination of segment profit.
In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business were classified as assets and liabilities held for sale and moved
from the Business segment
to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation.
The segment financial results above exclude the effects of special items (other than the effects of acquisition-related intangible asset amortization), which the Company’s chief operating decision maker does not consider in assessing segment performance.
Certain intersegment transactions with corporate entities have not been eliminated.
Verizon Communications Inc.
Total Operating Statistics
Unaudited
9/30/26
9/30/25
% Change
Connections (‘000)
Wireless retail
147,098
146,119
0.7
Wireless retail postpaid
126,831
125,913
0.7
Wireless retail postpaid phone
94,517
93,246
1.4
Wireless retail core prepaid
(1)
19,337
19,062
1.4
Wireless retail core prepaid phone
(1)
18,603
18,506
0.5
Fiber broadband
11,068
7,674
44.2
FWA broadband
6,369
5,391
18.1
Total broadband
(2)
17,437
13,065
33.5
Unaudited
3 Mos. Ended 9/30/26
3 Mos. Ended 9/30/25
%
Change
9 Mos. Ended 9/30/26
9 Mos. Ended 9/30/25
%
Change
Net Additions Detail (‘000)
Wireless retail
166
2
*
273
114
*
Wireless retail postpaid
231
36
*
223
32
*
Wireless retail postpaid phone
406
44
*
645
(254)
*
Wireless retail core prepaid
(1)
(12)
47
*
176
234
(24.8)
Wireless retail core prepaid phone
(1)
(52)
14
*
42
148
(71.6)
Fiber broadband
155
61
*
437
138
*
FWA broadband
159
261
(39.1)
566
847
(33.2)
Total broadband
(2)
314
322
(2.5)
1,003
985
1.8
Account Statistics
Wireless retail postpaid accounts (‘000)
(3)
34,471
34,470
*
Wireless retail postpaid ARPA
(4)
$
168.08
$
171.27
(1.9)
$
167.49
$
170.62
(1.8)
Wireless retail core prepaid ARPU
(5)
$
33.51
$
32.70
2.5
$
33.40
$
32.40
3.1
Churn Detail
Wireless retail postpaid phone
0.94
%
0.98
%
0.94
%
0.97
%
Wireless retail core prepaid
(1)
3.80
%
3.73
%
3.62
%
3.60
%
Wireless Retail Postpaid Connection Statistics
Upgrade rate
2.6
%
3.3
%
Footnotes:
(1) Represents total prepaid results excluding our SafeLink brand.
(2)
Total broadband excludes solutions provided over a traditional copper-based network.
(3) Statistic presented as of end of period.
(4) Wireless retail postpaid ARPA - average service revenue per account from retail postpaid accounts.
(5) Wireless retail core prepaid ARPU - average service revenue per unit from retail prepaid connections excluding our SafeLink brand.
Where applicable, the operating results reflect certain adjustments, including those related to migration activity among different types of devices and plans, customer profile changes, product-related changes and adjustments in connection with mergers, acquisitions and divestitures. Where applicable, historical results have been recast to conform to the current period presentation.
* Not meaningful
Verizon Communications Inc.
Non-GAAP Reconciliations - Consolidated Verizon
Consolidated EBITDA and Consolidated Adjusted EBITDA
(dollars in millions)
Unaudited
3 Mos. Ended 9/30/26
3 Mos. Ended 6/30/26
3 Mos. Ended 3/31/26
3 Mos. Ended 12/31/25
3 Mos. Ended 9/30/25
3 Mos. Ended 6/30/25
3 Mos. Ended 3/31/25
Consolidated Net Income
$
5,320
$
3,949
$
5,146
$
2,448
$
5,056
$
5,121
$
4,983
Add:
Provision for income taxes
1,497
1,325
1,638
615
1,471
1,488
1,490
Interest expense
(1)
1,950
1,985
1,940
1,759
1,664
1,639
1,632
Depreciation and amortization expense
(2)
5,095
5,008
4,892
4,519
4,618
4,635
4,577
Consolidated EBITDA
$
13,862
$
12,267
$
13,616
$
9,341
$
12,809
$
12,883
$
12,682
Add/(subtract):
Other (income) expense, net
(3)
$
(120)
$
(36)
$
(477)
$
185
$
(92)
$
(79)
$
(121)
Equity in (earnings) losses of unconsolidated businesses
3
(44)
(5)
(3)
6
3
(6)
Severance charges
—
397
—
1,715
—
—
—
Acquisition and integration related charges
57
135
261
39
52
—
—
Asset and business rationalization
—
258
—
583
—
—
—
Loss on disposition of business
—
746
—
—
—
—
—
(60)
1,456
(221)
2,519
(34)
(76)
(127)
Consolidated Adjusted EBITDA
$
13,802
$
13,723
$
13,395
$
11,860
$
12,775
$
12,807
$
12,555
Consolidated Operating Revenues
$34,313
$33,821
Consolidated Net Income Margin
15.5
%
14.9
%
Consolidated Adjusted EBITDA Margin
40.2
%
37.8
%
Consolidated Adjusted EBITDA - Year over year change %
8.0
%
Footnotes:
(1) Includes a portion of the Acquisition and integration related charges, where applicable.
(2) Includes Amortization of acquisition-related intangible assets.
(3) Includes Pension and benefits remeasurement adjustments, where applicable.
Verizon Communications Inc.
Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)
(dollars in millions)
Unaudited
12 Mos. Ended 9/30/26
12 Mos. Ended 12/31/25
Consolidated Net Income
$
16,863
$
17,608
Add:
Provision for income taxes
5,075
5,064
Interest expense
(1)
7,634
6,694
Depreciation and amortization expense
(2)
19,514
18,349
Consolidated EBITDA
$
49,086
$
47,715
Add/(subtract):
Other income, net
(3)
$
(448)
$
(107)
Equity in (earnings) losses of unconsolidated businesses
(49)
—
Severance charges
2,112
1,715
Acquisition and integration related charges
492
91
Asset and business rationalization
841
583
Loss on disposition of business
746
—
3,694
2,282
Consolidated Adjusted EBITDA
$
52,780
$
49,997
Footnotes:
(1) Includes a portion of the Acquisition and integration related charges, where applicable.
(2) Includes Amortization of acquisition-related intangible assets.
(3) Includes Pension and benefits remeasurement adjustments, where applicable.
Verizon Communications Inc.
Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
(dollars in millions)
Unaudited
9/30/26
6/30/26
12/31/25
Debt maturing within one year
$
23,889
$
21,783
$
18,618
Long-term debt
142,344
143,448
139,532
Total Debt
166,233
165,231
158,150
Less: Secured debt
30,138
28,760
27,067
Unsecured Debt
136,095
136,471
131,083
Less: Equity credit for junior subordinated notes
(1)
7,879
6,037
1,982
Less: Cash and cash equivalents
4,495
1,752
19,048
Net Unsecured Debt
$
123,721
$
128,682
$
110,053
Consolidated Net Income (LTM)
$
16,863
$
17,608
Unsecured Debt to Consolidated Net Income Ratio
8.1
x
7.4
x
Consolidated Adjusted EBITDA (LTM)
$
52,780
$
49,997
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio
2.3
x
2.2
x
Footnote:
(1) Represents a fifty percent equity credit related to junior subordinated notes outstanding.
Adjusted Earnings per Common Share (Adjusted EPS)
(dollars in millions, except per share amounts)
Unaudited
3 Mos. Ended 9/30/26
3 Mos. Ended 9/30/25
Pre-tax
Tax
After-Tax
Pre-tax
Tax
After-Tax
EPS
$
1.25
$
1.17
Amortization of acquisition-related intangible assets
$
289
$
(72)
$
217
0.05
$
189
$
(48)
$
141
0.03
Acquisition and integration related charges
57
(2)
55
0.01
52
—
52
0.01
$
346
$
(74)
$
272
$
0.07
$
241
$
(48)
$
193
$
0.05
Adjusted EPS
$
1.31
$
1.21
Year over year change %
8.3
%
Footnote:
Adjusted EPS may not add due to rounding.
Free Cash Flow
(dollars in millions)
Unaudited
3 Mos. Ended 9/30/26
3 Mos. Ended 9/30/25
9 Mos. Ended 9/30/26
9 Mos. Ended 9/30/25
Net Cash Provided by Operating Activities
$
11,517
$
11,266
$
29,936
$
28,023
Capital expenditures (including capitalized software)
(3,716)
(4,310)
(11,926)
(12,263)
Free Cash Flow
$
7,801
$
6,956
$
18,010
$
15,760
Year over year change %
12.1
%
14.3
%
Verizon Communications Inc.
Free Cash Flow
(dollars in millions)
Unaudited
12 Mos. Ended 12/31/25
12 Mos. Ended 12/31/24
12 Mos. Ended 12/31/23
12 Mos. Ended 12/31/22
12 Mos. Ended 12/31/21
12 Mos. Ended 12/31/20
Net Cash Provided by Operating Activities
$
37,137
$
36,912
$
37,475
$
37,141
$
39,539
$
41,768
Capital expenditures (including capitalized software)
(17,011)
(17,090)
(18,767)
(23,087)
(20,286)
(18,192)
Free Cash Flow
$
20,126
$
19,822
$
18,708
$
14,054
$
19,253
$
23,576
Free Cash Flow Forecast for Full Year 2026
(dollars in millions)
Updated
Previous
Unaudited
Forecast
Forecast
Net Cash Provided by Operating Activities Forecast
$
38,440 - 39,040
$
37,940 - 38,640
Capital expenditures forecast (including capitalized software)
(16,000 - 16,500)
(16,000 - 16,500)
Free Cash Flow Forecast
$
22,440 - 22,540
$
21,940 - 22,140
Net Cash Provided by Operating Activities Growth Forecast %
3.5 % - 5.1 %
2.2 % - 4.0 %
Free Cash Flow Growth Forecast %
11.5 % - 12.0 %
9.0 % - 10.0 %
Verizon Communications Inc.
Non-GAAP Reconciliations - Segments
Segment EBITDA and Segment EBITDA Margin
Consumer
(dollars in millions)
Unaudited
3 Mos. Ended 9/30/26
3 Mos. Ended 9/30/25
9 Mos. Ended 9/30/26
9 Mos. Ended 9/30/25
Operating Income
$
8,093
$
7,664
$
23,839
$
22,731
Add: Depreciation and amortization expense
3,872
3,568
11,389
10,693
Segment EBITDA
$
11,965
$
11,232
$
35,228
$
33,424
Year over year change %
6.5
%
5.4
%
Total operating revenues
$
26,432
$
26,105
$
79,127
$
78,371
Operating Income Margin
30.6
%
29.4
%
30.1
%
29.0
%
Segment EBITDA Margin
45.3
%
43.0
%
44.5
%
42.6
%
Business
(dollars in millions)
Unaudited
3 Mos. Ended 9/30/26
3 Mos. Ended 9/30/25
9 Mos. Ended 9/30/26
9 Mos. Ended 9/30/25
Operating Income
$
855
$
716
$
2,802
$
2,186
Add: Depreciation and amortization expense
1,086
1,002
3,226
2,989
Segment EBITDA
$
1,941
$
1,718
$
6,028
$
5,175
Year over year change %
13.0
%
16.5
%
Total operating revenues
$
7,023
$
6,843
$
21,308
$
20,818
Operating Income Margin
12.2
%
10.5
%
13.1
%
10.5
%
Segment EBITDA Margin
27.6
%
25.1
%
28.3
%
24.9
%
Footnote:
In the second quarter of 2026, the net assets representing Verizon's international wireline connectivity and managed network services business were classified as assets and liabilities held for sale and moved
from the Business segment
to Corporate and other. Where applicable, historical segment results have been reclassified to conform to the current period presentation.