2026 Q1 Exhibit 99 ## Condensed Consolidated Statements of Income Condensed Consolidated Statements of Income (dollars in millions, except per share amounts) | Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | % Change | |-----------------------------------------------------|------------------------|------------------------|------------| | Operating Revenues | | | | | Service revenues and other | $ 28,759 | $ 28,087 | 2.4 | | Wireless equipment revenues | 5,681 | 5,398 | 5.2 | | Total Operating Revenues | 34,440 | 33,485 | 2.9 | | Operating Expenses | | | | | Cost of services | 7,167 | 6,950 | 3.1 | | Cost of wireless equipment | 6,506 | 6,106 | 6.6 | | Selling, general and administrative expense | 7,633 | 7,874 | (3.1) | | Depreciation and amortization expense | 4,892 | 4,577 | 6.9 | | Total Operating Expenses | 26,198 | 25,507 | 2.7 | | Operating Income | 8,242 | 7,978 | 3.3 | | Equity in earnings of unconsolidated businesses | 5 | 6 | (16.7) | | Other income, net | 477 | 121 | * | | Interest expense | (1,940) | (1,632) | 18.9 | | Income Before Provision For Income Taxes | 6,784 | 6,473 | 4.8 | | Provision for income taxes | (1,638) | (1,490) | 9.9 | | Net Income | $ 5,146 | $ 4,983 | 3.3 | | Net income attributable to noncontrolling interests | $ 101 | $ 104 | (2.9) | | Net income attributable to Verizon | 5,045 | 4,879 | 3.4 | | Net Income | $ 5,146 | $ 4,983 | 3.3 | | Basic Earnings Per Common Share | | | | | Net income attributable to Verizon | $ 1.20 | $ 1.16 | 3.4 | | Weighted-average shares outstanding (in millions) | 4,205 | 4,222 | | | Diluted Earnings Per Common Share(1) | | | | | Net income attributable to Verizon | $ 1.20 | $ 1.15 | 4.3 | | Weighted-average shares outstanding (in millions) | 4,210 | 4,226 | | 5e249f692b405074-p1-t1 aaaecb70 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 ## Condensed Consolidated Balance Sheets Condensed Consolidated Balance Sheets (dollars in millions) | Unaudited | 3/31/26 | 12/31/25 | $ Change | |------------------------------------------------------------------|-----------|------------|------------| | Assets | | | | | Current assets | | | | | Cash and cash equivalents | $ 8,366 | $ 19,048 | $ (10,682) | | Accounts receivable | 27,966 | 28,347 | (381) | | Less Allowance for credit losses | 1,311 | 1,250 | 61 | | Accounts receivable, net | 26,655 | 27,097 | (442) | | Inventories | 2,320 | 2,441 | (121) | | Prepaid expenses and other | 7,382 | 8,336 | (954) | | Total current assets | 44,723 | 56,922 | (12,199) | | Property, plant and equipment | 357,650 | 337,991 | 19,659 | | Less Accumulated depreciation | 231,678 | 228,524 | 3,154 | | Property, plant and equipment, net | 125,972 | 109,467 | 16,505 | | Investments in unconsolidated businesses | 730 | 785 | (55) | | Wireless licenses | 157,082 | 157,039 | 43 | | Goodwill | 30,628 | 22,841 | 7,787 | | Other intangible assets, net | 12,799 | 10,458 | 2,341 | | Operating lease right-of-use assets | 23,401 | 23,498 | (97) | | Other assets | 22,547 | 23,248 | (701) | | Total assets | $ 417,882 | $ 404,258 | $ 13,624 | | Liabilities and Equity | | | | | Current liabilities | | | | | Debt maturing within one year | $ 28,229 | $ 18,618 | $ 9,611 | | Accounts payable and accrued liabilities | 21,932 | 24,981 | (3,049) | | Current operating lease liabilities | 4,720 | 4,542 | 178 | | Other current liabilities | 14,999 | 14,229 | 770 | | Total current liabilities | 69,880 | 62,370 | 7,510 | | Long-term debt | 144,231 | 139,532 | 4,699 | | Employee benefit obligations | 12,023 | 11,099 | 924 | | Deferred income taxes | 49,312 | 48,717 | 595 | | Non-current operating lease liabilities | 18,692 | 18,951 | (259) | | Other liabilities | 19,122 | 17,848 | 1,274 | | Total long-term liabilities | 243,380 | 236,147 | 7,233 | | Equity | | | | | Common stock | 429 | 429 | — | | Additional paid in capital | 13,263 | 13,372 | (109) | | Retained earnings | 96,824 | 94,744 | 2,080 | | Accumulated other comprehensive loss | (2,372) | (1,727) | (645) | | Common stock in treasury, at cost | (5,335) | (3,255) | (2,080) | | Deferred compensation – employee stock ownership plans and other | 500 | 897 | (397) | | Noncontrolling interests | 1,313 | 1,281 | 32 | | Total equity | 104,622 | 105,741 | (1,119) | | Total liabilities and equity | $ 417,882 | $ 404,258 | $ 13,624 | 5e249f692b405074-p2-t1 63504879 ## Consolidated - Selected Financial and Operating Statistics Consolidated - Selected Financial and Operating Statistics (dollars in millions, except per share amounts) | Unaudited | 3/31/26 | 12/31/25 | |---------------------------------------------------------|-----------|------------| | Total debt | $ 172,460 | $ 158,150 | | Unsecured debt | $ 142,498 | $ 131,083 | | Net unsecured debt(1) | $ 130,053 | $ 110,053 | | Unsecured debt / Consolidated Net Income (LTM) | 8.0x | 7.4x | | Net unsecured debt / Consolidated Adjusted EBITDA(1)(2) | 2.6x | 2.2x | | Common shares outstanding, end of period (in millions) | 4,176 | 4,217 | | Total employees ('000)(3) | 99.6 | 89.9 | | Quarterly cash dividends declared per common share | $ 0.7075 | $ 0.6900 | 5e249f692b405074-p3-t1 c1da89db (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. ## Footnotes: ## Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows (dollars in millions) | Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | $ Change | |------------------------------------------------------------------------------------------------------|------------------------|------------------------|------------| | Cash Flows from Operating Activities | | | | | Net Income | $ 5,146 | $ 4,983 | $ 163 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | Depreciation and amortization expense | 4,892 | 4,577 | 315 | | Employee retirement benefits | (117) | 143 | (260) | | Deferred income taxes | 703 | 132 | 571 | | Provision for expected credit losses | 581 | 587 | (6) | | Equity in losses of unconsolidated businesses, inclusive of dividends received | 3 | 20 | (17) | | Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses | (3,082) | (2,618) | (464) | | Other, net | (142) | (42) | (100) | | Net cash provided by operating activities | 7,984 | 7,782 | 202 | | Cash Flows from Investing Activities | | | | | Capital expenditures (including capitalized software) | (4,201) | (4,145) | (56) | | Cash paid related to acquisitions of businesses, net of cash acquired | (9,480) | — | (9,480) | | Acquisitions of wireless licenses | (83) | (122) | 39 | | Other, net | 191 | 515 | (324) | | Net cash used in investing activities | (13,573) | (3,752) | (9,821) | | Cash Flows from Financing Activities | | | | | Proceeds from long-term borrowings | 5,975 | — | 5,975 | | Proceeds from asset-backed long-term borrowings | 6,154 | 2,781 | 3,373 | | Repayments of long-term borrowings and finance lease obligations | (4,258) | (2,446) | (1,812) | | Repayments of asset-backed long-term borrowings | (6,828) | (2,589) | (4,239) | | Dividends paid | (2,910) | (2,856) | (54) | | Purchase of common stock for treasury | (2,500) | — | (2,500) | | Other, net | (911) | (783) | (128) | | Net cash used in financing activities | (5,278) | (5,893) | 615 | | Decrease in cash, cash equivalents and restricted cash | (10,867) | (1,863) | (9,004) | | Cash, cash equivalents and restricted cash, beginning of period | 19,499 | 4,635 | 14,864 | | Cash, cash equivalents and restricted cash, end of period | $ 8,632 | $ 2,772 | $ 5,860 | 5e249f692b405074-p4-t1 08e9e04e ## Consumer - Selected Financial Results Consumer - Selected Financial Results | 87<>6.;%.5.,=. | | | | | | |---------------------------------------------------------------------------|----|----|----|----|----| | | | | | | -855*;<2 | | | | | | | | | '7*> | | | | | | | .%0!2),' | | | | | | | 8+252=B*7-+; |  | | | | | | )2;.5.<< | |  | |  |  | | != | | | | | | | | | | | | | | .%0!2),' | | | | | | | 8<=8/ | |  | |  |  | | 8<=8/@2;.5 | |  | |  |  | | %.552700.7.;*5*7- | |  | |  |  | | .9;.,2*=287*7-* | |  | |  |  | | | | | | | | | .%0!2), |  |  |  |  |  | | .%0!2),' | | | | | | | | | | | | | | | | | | | | | --2, | | | | | | | |  8+252=B*7-+;8*-+*7-<.;?2,;.?.7>./;8668+252=B,8+;8*-+8<27=.;7.=*7-8 | | | | | | <.;? | | | | | | |  !=1.;;.?.7>.9;26*;25B27,5>->,=<=1*=9;8?2-.5.0*,B?82,..55*<+;8*-+*7- | | | | | | | | =;*-2=287*5,899.;+*<.-7.=@8;..<=1*=9*;=2*55B;.,8?.;=1.95B270@2=1;.0>5* | | | | | | | 8+520*=287<*7-9;80;*6<5.*<2.:>296.7=2<<85-=8=1.,><=86*-.?2,.9* | | | | | | *0;.. | | | | | | |  87/27*7,2* | | | | | | | | >;=1/2;:>*;8 | | | | | | | .;21*;.9887<;.?.-2<*00;+9;8- *7<.;?*85588+2*7+;8*-<.;?;.?.2;.5.:>29;.?. | | | | | | *7!=1;.?.;29.;89.;*;.?.;.<>1*+.;.,=,87/=1,>;;9.;9;.<.7=&1.@*7,1*=1,8698<8 | | | | | | | 8>;;.98;=*+5.<.06.7=<*7-=8=.=.;627*=2878/ | | | | | | | &1.<.06.7=/27*7,2*5;.</.,=<2*52=.6<8=1/.,=<8/*,:>2<2=2+5.*<<.=*68;=2C | | | | | | | 869<,12./89.;*=270-.,2<287<<.<<270<.06. | | | | | | | .;=*2727=.;<.06.7==;*7<*,=2878=+..7. | | | | | | 5e249f692b405074-p5-t1 e646a3cd ## 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. ## Business - Selected Financial Results Business - Selected Financial Results (dollars in millions) | Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | % Change | |---------------------------------------------|------------------------|------------------------|------------| | Operating Revenues | | | | | Mobility and broadband service(1) | $ 3,688 | $ 3,717 | (0.8) | | Wireless equipment | 857 | 866 | (1.0) | | Other(2) | 2,874 | 2,703 | 6.3 | | Total Operating Revenues | 7,419 | 7,286 | 1.8 | | Operating Expenses | | | | | Cost of services | 2,341 | 2,376 | (1.5) | | Cost of wireless equipment | 1,202 | 1,194 | 0.7 | | Selling, general and administrative expense | 1,911 | 2,032 | (6.0) | | Depreciation and amortization expense | 1,081 | 1,020 | 6.0 | | Total Operating Expenses | 6,535 | 6,622 | (1.3) | | Operating Income | $ 884 | $ 664 | 33.1 | | Operating Income Margin | 11.9 % | 9.1 % | | | Segment EBITDA(3) | $ 1,965 | $ 1,684 | 16.7 | | Segment EBITDA Margin(3) | 26.5 % | 23.1 % | | 5e249f692b405074-p6-t1 6c89c83c (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. 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. - (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. ## Total Operating Statistics Total Operating Statistics | Unaudited | 3/31/26 | 3/31/25 | % Change | |---------------------------------|-----------|-----------|------------| | Connections ('000) | | | | | Wireless retail | 146,798 | 145,974 | 0.6 | | Wireless retail postpaid | 126,499 | 125,744 | 0.6 | | Wireless retail postpaid phone | 93,920 | 93,214 | 0.8 | | Wireless retail core prepaid(1) | 19,279 | 18,977 | 1.6 | | Fiber broadband | 10,757 | 7,581 | 41.9 | | FWA broadband | 6,006 | 4,845 | 24.0 | | Total broadband(2) | 16,763 | 12,426 | 34.9 | 5e249f692b405074-p7-t1 87f8d3bc Total Operating Statistics - Net Additions Detail, Account Statistics, Churn Detail, Wireless Retail Postpaid Connection Statistics | Unaudited | 3 Mos. Ended 3/31/26 | 3 Mos. Ended 3/31/25 | % Change | |------------------------------------------------|------------------------|------------------------|------------| | Net Additions Detail ('000) | | | | | Wireless retail | (116) | (65) | (78.5) | | Wireless retail postpaid | (196) | (159) | (23.3) | | Wireless retail postpaid phone | 55 | (289) | * | | Wireless retail core prepaid(1) | 115 | 137 | (16.1) | | Fiber broadband | 127 | 45 | * | | FWA broadband | 214 | 308 | (30.5) | | Total broadband(2) | 341 | 353 | (3.4) | | Account Statistics | | | | | Wireless retail postpaid accounts ('000)(3) | 34,369 | 34,696 | (0.9) | | Wireless retail postpaid ARPA(4) | $ 166.66 | $ 169.81 | (1.9) | | Wireless retail core prepaid ARPU(5) | $ 33.31 | $ 31.92 | 4.4 | | Churn Detail | | | | | Wireless retail postpaid phone | 0.97 % | 0.95 % | | | Wireless retail core prepaid(1) | 3.45 % | 3.47 % | | | Wireless Retail Postpaid Connection Statistics | | | | | Upgrade rate | 3.0 % | 2.8 % | | 5e249f692b405074-p7-t2 d02f41db 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 ## Footnotes: