威瑞森通讯 2025年度报告

Washington, D.C. 20549FORM 10-K OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Verizon Communications Inc. (Exact name of registrant as specified in its charter) 23-2259884 Delaware (I.R.S. Employer Identification No.) Registrant’s telephone number, including area code: (212) 395-1000 Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☒Yes☐No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.☐Yes☒No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter periodthat the registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smallerreporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.☒☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to§240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).☐Yes☒No At June 30, 2025, the aggregate market value of the registrant’s voting stock held by non-affiliates was approximately$182.4 billion. At January 30, 2026, 4,217,684,168 shares of the registrant’s common stock were outstanding, after deducting 73,749,478shares held in treasury. Documents Incorporated By Reference: Portions of the registrant's definitive Proxy Statement to be delivered to shareholders in connection with the registrant's 2026Annual Meeting of Shareholders (Part III). PART IItem 1.Business4Item 1A.Risk Factors11Item 1B.Unresolved Staff Comments17Item 1C.Cybersecurity17Item 2.Properties19Item 3.Legal Proceedings19Item 4.Mine Safety Disclosures19PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of20Equity SecuritiesItem 6.[Reserved]20Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations21Item 7A.Quantitative and Qualitative Disclosures About Market Risk46Item 8.Financial Statements and Supplementary Data49Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure106Item 9A.Controls and Procedures106Item 9B.Other Information107Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections107PART IIIItem 10.Directors, Executive Officers and Corporate Governance107Item 11.Executive Compensation108Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder108MattersItem 13.Certain Relationships and Related Transactions, and Director Independence108Item 14.Principal Accounting Fees and Services108PART IVItem 15.Exhibits and Financial Statement Schedules109Item 16.Form 10-K Summary114Signatures114Certifications Item 1.Business General Verizon Communications Inc. (the Company) is a holding company that, acting through its subsidiaries (together with theCompany,collectively,Verizon),is one of the world’s leading providers of communications,technology,information andstreaming products and services to consum