Verizon Revenue Rises to $34.3B in Q3 2026

Cover page 3 changes

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For the quarterly period ended June September 30, 2026

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1.375% Notes due 2026 VZ 26B New York Stock Exchange

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At June September 30, 2026, 4,154,775,202 4,144,598,336 shares of the registrant s common stock were outstanding, after deducting 136,658,444 146,835,310 shares held in treasury.

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Financial Statements (Unaudited) 112 changes

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Three Months Ended Six Nine Months Ended

September 30, September 30,

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Total Operating Revenues 34,253 34,504 68,693 67,989

Total Operating Revenues 34,313 33,821 103,006 101,810

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Total Operating Expenses 27,074 26,332 53,272 51,839

Operating Income 7,179 8,172 15,421 16,150

Other income, net 36 79 513 200

Interest expense ( 1,985 ) ( 1,639 ) ( 3,925 ) ( 3,271 )

Income Before Provision For Income Taxes 5,274 6,609 12,058 13,082

Provision for income taxes ( 1,325 ) ( 1,488 ) ( 2,963 ) ( 2,978 )

Net Income $ 3,949 $ 5,121 $ 9,095 $ 10,104

Net income attributable to Verizon 3,835 5,003 8,880 9,882

Net Income $ 3,949 $ 5,121 $ 9,095 $ 10,104

Total Operating Expenses 25,663 25,716 78,935 77,555

Operating Income 8,650 8,105 24,071 24,255

Equity in earnings (losses) of unconsolidated businesses 44 ( 3 ) 49 ( 6 ) 46 ( 3 )

Other income, net 120 92 633 292

Interest expense ( 1,950 ) ( 1,664 ) ( 5,875 ) ( 4,935 )

Income Before Provision For Income Taxes 6,817 6,527 18,875 19,609

Provision for income taxes ( 1,497 ) ( 1,471 ) ( 4,460 ) ( 4,449 )

Net Income $ 5,320 $ 5,056 $ 14,415 $ 15,160

Net income attributable to noncontrolling interests $ 114 122 $ 118 106 $ 215 337 $ 222 328

Net income attributable to Verizon 5,198 4,950 14,078 14,832

Net Income $ 5,320 $ 5,056 $ 14,415 $ 15,160

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Net income attributable to Verizon $ 0.92 $ 1.18 $ 2.12 $ 2.34

Net income attributable to Verizon $ 1.25 $ 1.17 $ 3.37 $ 3.51

Weighted-average shares outstanding (in millions) 4,168 4,224 4,186 4,223 4,157 4,228 4,176 4,225

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Net income attributable to Verizon $ 0.92 $ 1.18 $ 2.12 $ 2.34

Net income attributable to Verizon $ 1.25 $ 1.17 $ 3.37 $ 3.51

Weighted-average shares outstanding (in millions) 4,171 4,228 4,190 4,227 4,161 4,233 4,180 4,229

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Three Months Ended Six Nine Months Ended

September 30, September 30,

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Net Income $ 3,949 $ 5,121 $ 9,095 $ 10,104

Net Income $ 5,320 $ 5,056 $ 14,415 $ 15,160

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Total Comprehensive Income $ 4,537 $ 5,135 $ 9,038 $ 9,552

Comprehensive income attributable to Verizon 4,423 5,017 8,823 9,330

Total Comprehensive Income $ 4,537 $ 5,135 $ 9,038 $ 9,552

Foreign currency translation adjustments, net of tax of $( 2 ), $( 18 1 ), $( 6 8 ) and $ 27 26 ( 5 ) ( 3 ) ( 25 ) 140

Unrealized gain (loss) on cash flow hedges, net of tax of $( 7 ), $ 7 4 , $( 15 22 ) and $ 0 4

Unrealized gain (loss) on fair value hedges, net of tax of $( 181 48 ), $ 13 53 , $( 118 166 ) and $ 232 285

Unrealized gain (loss) on marketable securities, net of tax of $ 0 3 , $( 0 1 ), $ 1 4 and $( 0 1 )

Defined benefit pension and postretirement plans, net of tax of $( 4 5 ), $ 1 , $ 146 141 and $ 2 3

Other comprehensive income (loss) attributable to Verizon 588 14 160 ( 57 176 ) 103 ( 552 728 )

Total Comprehensive Income $ 5,480 $ 4,880 $ 14,518 $ 14,432

Comprehensive income attributable to noncontrolling interests $ 114 122 $ 118 106 $ 215 337 $ 222 328

Comprehensive income attributable to Verizon 5,358 4,774 14,181 14,104

Total Comprehensive Income $ 5,480 $ 4,880 $ 14,518 $ 14,432

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At June September 30, At December 31,

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Accounts receivable, net 26,486 26,365 27,097

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Total current assets 37,571 41,511 56,922

Property, plant and equipment 357,086 359,427 337,991

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Wireless licenses 158,159 157,039

Other assets 22,037 23,248

Total assets $ 410,186 $ 404,258

Property, plant and equipment, net 125,497 125,134 109,467

Investments in unconsolidated businesses 783 796 785

Wireless licenses 161,417 157,039

Goodwill 30,664 30,729 22,841

Other intangible assets, net 12,317 12,002 10,458

Operating lease right-of-use assets 23,158 22,680 23,498

Other assets 21,253 23,248

Total assets $ 415,522 $ 404,258

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Other liabilities 18,947 17,848

Debt maturing within one year $ 21,783 23,889 $ 18,618

Accounts payable and accrued liabilities 20,422 22,018 24,981

Current operating lease liabilities 4,835 4,772 4,542

Other current liabilities 15,171 15,592 14,229

Total current liabilities 62,211 66,271 62,370

Long-term debt 143,448 142,344 139,532

Employee benefit obligations 11,758 11,533 11,099

Deferred income taxes 50,234 50,976 48,717

Non-current operating lease liabilities 18,392 17,963 18,951

Other liabilities 19,143 17,848

Total long-term liabilities 242,779 241,959 236,147

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Retained earnings 97,728 94,744

Total equity 105,196 105,741

Additional paid in capital 13,258 13,250 13,372

Retained earnings 99,995 94,744

Accumulated other comprehensive loss ( 1,784 1,624 ) ( 1,727 )

Common stock in treasury, at cost ( 136,658,444 146,835,310 and 74,258,296 shares outstanding)

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and 32 more changes in the filing

Note 1: Basis of Presentation 6 changes

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There were a total of approximately 3.7 million and 4.1 4.0 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for both the three and six nine months ended June September 30, 2026. respectively. There were a total of approximately 4.6 million and 4.5 million outstanding dilutive securities, primarily consisting of performance stock units and restricted stock units, included in the computation of diluted earnings per common share for both the three and six nine months ended June September 30, 2025. respectively.

In February 2026, we entered into accelerated share repurchase (ASR) agreements with certain financial institution counterparties to repurchase shares of our common stock. These ASR transactions were completed in March 2026. In April 2026, we entered into an ASR agreement with a certain financial institution counterparty to repurchase shares of our common stock. This ASR transaction was completed in June 2026. In July 2026, we entered into an ASR agreement with a certain financial institution counterparty to repurchase shares of our common stock. This ASR transaction was completed in September 2026. See Note 9 for additional information on share repurchases. The shares received under the ASR agreements were excluded from the outstanding shares used to calculate the weighted average common shares outstanding for basic and diluted earnings per share from the date the respective shares were received by the Company and classified as treasury shares.

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At June September 30, At December 31, Increase / (Decrease)

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Cash and cash equivalents $ 1,752 $ 19,048 $ ( 17,296 )

Cash and cash equivalents $ 4,495 $ 19,048 $ ( 14,553 )

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Cash, cash equivalents and restricted cash $ 2,304 5,064 $ 19,499 $ ( 17,195 14,435 )

Note 2: Revenue and Contract Costs 20 changes

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We have two reportable segments that we operate and manage as strategic business units, Consumer and Business. Revenue is disaggregated by products and services within our segments. See Note 10 for additional information on revenue by segment, including Corporate and other. During the three and six nine months ended June September 30, 2026, we recorded wireless service revenue of $ 20.8 20.9 billion and $ 41.4 62.3 billion, respectively. During the three and six nine months ended June September 30, 2025, we recorded wireless service revenue of $ 20.9 21.0 billion and $ 41.7 62.7 billion, respectively.

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Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied service performance obligations as of the reporting date. We disclose information related to these amounts below. We have applied the practical expedient under Topic 606 to exclude revenue expected from contracts that have an original expected duration of one year or less. This exclusion primarily relates to our month-to-month service contracts. As of June September 30, 2026, month-to-month service contracts represented approximately 95 % of our wireless postpaid contracts and approximately 96 % of our wireline Consumer and small and medium Business contracts, compared to June September 30, 2025, for which month-to-month service contracts represented approximately 95 % of our wireless postpaid contracts and approximately 94 % of our wireline Consumer and small and medium Business contracts.

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At June September 30, 2026, the aggregate amount of the transaction price related to unsatisfied performance obligations was $ 55.2 53.8 billion. We expect to recognize substantially all of this revenue from origination over the next thirty-six months , with the remainder recognized thereafter.

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At June September 30, At December 31,

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Revenues recognized related to contract liabilities existing at January 1, 2026 were $ 225 159 million and $ 4.9 5.0 billion for the three and six nine months ended June September 30, 2026, respectively. Revenues recognized related to contract liabilities existing at January 1, 2025 were $ 275 145 million and $ 4.9 5.0 billion for the three and six nine months ended June September 30, 2025, respectively.

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At June September 30, At December 31,

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Other assets 293 259

Prepaid expenses and other $ 442 478 $ 518

Other assets 284 259

Total Contract Assets $ 735 762 $ 777

Other current liabilities $ 7,553 7,401 $ 7,576

Other liabilities 2,387 2,142 2,433

Total Contract Liabilities $ 9,940 9,543 $ 10,009

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At June September 30, At December 31,

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Other assets 2,890 2,848

Prepaid expenses and other $ 3,382 3,441 $ 3,315

Other assets 3,018 2,848

Total $ 6,272 6,459 $ 6,163

For the three and six nine months ended June September 30, 2026, we recognized expense of $ 1.0 1.1 billion and $ 2.1 3.1 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income. For the three and six nine months ended June September 30, 2025, we recognized expense of $ 892 901 million and $ 1.8 2.7 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our condensed consolidated statements of income.

We assess our deferred contract costs for impairment on a quarterly basis. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There were no impairment charges recognized for the three and six nine months ended June September 30, 2026 or June September 30, 2025.

Note 3: Acquisitions and Divestitures 23 changes

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In June 2026, the Federal Communications Commission (FCC) concluded Auction 113 for Advanced Wireless Services (AWS-3) licenses. Verizon paid an immaterial cash deposit to participate in the auction, and was the winning bidder on 82 spectrum licenses valued at approximately $ 3.2 billion. In July 2026, we made additional payments totaling approximately $ 3.1 billion in connection with these licenses. The timing of the license issuance remains subject to FCC determination.

In June 2026, the Federal Communications Commission (FCC) concluded Auction 113 for Advanced Wireless Services (AWS-3) licenses. Verizon was the winning bidder on 82 spectrum licenses. During the nine months ended September 30, 2026, Verizon made aggregate payments of $ 3.2 billion for the licenses won in the auction. The licenses were granted by the FCC in August 2026 and are included in Wireless licenses in our condensed consolidated balance sheets.

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In the second quarter of 2026, the net assets representing the Verizon Contributed Business were classified as assets and liabilities held for sale and moved from the Business segment to Corporate and other. In connection with this classification as held for sale, During the nine months ended September 30, 2026, we recorded a net pre-tax loss on disposition of business of $ 746 740 million to write down the disposal group to its fair value less costs to sell in connection with the classification as held for sale. The charge was recorded in Selling, general, and administrative expense in our condensed consolidated statements of income for the three and six months ended June 30, 2026. . The fair value of the net assets representing the Verizon Contributed Business was estimated based on the fair value of the Company's share of the joint venture, net of cash consideration to be contributed. The fair value was estimated by using a combination of the market approach and the income approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgment and unobservable inputs, which include the amount and timing of future cash flows, and a discount rate reflecting risks inherent in the future cash flows.

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The following table summarizes the major classes of assets and liabilities of the Verizon Contributed Business which are currently included in our continuing operations and classified as held for sale in our condensed consolidated balance sheets as of June September 30, 2026.

(dollars in millions) As of

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Other current assets 142 126

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Less: Valuation allowance ( 746 740 )

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Other current liabilities ( 102 111 )

Other liabilities $ ( 255 230 )

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During 2026, we completed the acquisitions of Frontier Communications Parent, Inc. (Frontier) and Starry Group Holdings, Inc. (Starry). The financial results of Frontier and Starry are included in the Company's consolidated results from January 20, 2026 and January 30, 2026, respectively. The aggregate operating revenues arising from these acquisitions and included in our condensed consolidated statements of income amounted to less than 5 % of total operating revenues for both the three and six nine months ended June September 30, 2026. Pro forma financial information has not been disclosed for these acquisitions as the impacts to both revenue and earnings, individually and in the aggregate, would not have been material to our consolidated statements of income.

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Goodwill 7,759 36 7,795

Current assets $ 791 $ ( 21 64 ) $ 770 727

Property, plant and equipment, net 16,698 16,698 ( 215 ) 16,483

Goodwill 7,759 101 7,860

Other intangible assets 2,897 2,897 216 3,113

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Total assets acquired 28,500 ( 16 ) 28,484 8 28,508

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Net assets acquired $ 9,917 $ ( 1 ) 14 $ 9,916 9,931

(1) Purchase consideration reflects the purchase price allocated to assets and liabilities, including a non-cash component of $ 157 172 million.

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Goodwill is calculated as the difference between the Acquisition Date fair value of the consideration paid and the fair value of the net assets acquired, and represents the future economic benefits that we expect to achieve as a result of the acquisition. The goodwill related to this acquisition has been allocated to our two reportable segments, approximately $ 6.0 6.1 billion in Consumer and $ 1.8 billion in Business. None of the goodwill resulting from the acquisition is deductible for tax purposes.

Other intangible assets include $ 2.6 2.9 billion related to customer relationships, with a weighted-average amortization period of 9 years, $ 162 163 million related to acquired technology with an amortization period of 3 years, and $ 100 million related to trade name with an amortization period of 3 years. The customer relationship and trade name intangible assets were assigned preliminary estimated fair values using an income approach. The acquired technology intangibles were assigned preliminary estimated fair values using a cost approach, which includes consideration of the cost to reproduce an asset with an equivalent economic utility. The valuations are considered Level 3 fair value measurements due to the use of significant inputs not observable in the market, which include the discount rate, royalty rate and amount and timing of future cash flows.

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During the six nine months ended June September 30, 2026, we repaid approximately $ 12.4 billion of the principal amount of debt assumed as part of the Frontier acquisition. See Note 5 for additional information on debt assumed as part of the acquisition.

During the three and six nine months ended June September 30, 2026, we recorded acquisition and integration related charges associated with the Frontier acquisition of $ 120 45 million and $ 381 426 million, respectively, within Selling, general and administrative expense in our condensed consolidated statements of income.

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On September 14, 2026, Verizon entered into definitive agreements with AT&T Inc. and T-Mobile US, Inc., or their wholly owned subsidiaries, as applicable, to form a joint venture which aims to end wireless dead zones in the U.S. and expand satellite coverage for customers nationwide. We expect to license certain intellectual property to the joint venture, and to provide access to certain spectrum licenses to satellite providers who contract with the joint venture. The formation of this joint venture did not have a material impact to our condensed consolidated financial statements. We account for the joint venture under the equity method of accounting.

Note 4: Wireless Licenses, Goodwill, and Other Intangible Assets 13 changes

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At June September 30, At December 31,

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Wireless licenses $ 158,159 $ 157,039

Wireless licenses $ 161,417 $ 157,039

During the three and six nine months ended June September 30, 2026, we acquired select spectrum wireless licenses of UScellular for total cash consideration of $ 1.0 4.2 billion. See Note 3 for additional information.

At June September 30, 2026 and 2025, approximately $ 5.6 5.0 billion and $ 8.6 7.9 billion, respectively, of wireless licenses were under development for commercial service for which we were capitalizing interest costs. We recorded $ 154 220 million and $ 234 338 million of capitalized interest on wireless licenses for the six nine months ended June September 30, 2026 and 2025, respectively.

During the six nine months ended June September 30, 2026, we renewed various wireless licenses in accordance with Federal Communications Commission FCC regulations. The average renewal period for these licenses was 10 years.

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Balance at June September 30, 2026 (1)

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At June September 30, 2026 At December 31, 2025

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Total $ 38,315 38,652 $ ( 25,998 26,650 ) $ 12,317 12,002 $ 35,668 $ ( 25,210 ) $ 10,458 (1) Other intangible assets include assets acquired as a result of the Frontier acquisition. See Note 3 for additional information.

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(dollars in millions) June 30, June 30,

Three Months Ended Six Nine Months Ended

(dollars in millions) September 30, September 30,

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Remainder of 2026 $ 1,696 844

Note 5: Debt 54 changes

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The following tables show the significant transactions involving the unsecured debt securities of the Company and its subsidiaries that occurred during the three and six nine months ended June September 30, 2026.

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Three and Six Months Ended June 30, 2026 total $ 161 $ 161

Nine Months Ended September 30, 2026 total $ 161 $ 161

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Three Months Ended June 30, 2026 total $ 1,858 $ 1,877

Nine Months Ended September 30, 2026 total $ 1,858 $ 1,877

Three and Six Months Ended June 30, 2026 total $ 1,858 $ 1,877 (1) The total cash consideration includes the tender offer consideration, plus any accrued and unpaid interest to the date of purchase.

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Three Months Ended September 30, 2026

Verizon 4.329 % notes due 2028

Open market repurchases of various Verizon notes 1,259 1,043

Six Three Months Ended June September 30, 2026 total $ 2,969 2,320

Nine Months Ended September 30, 2026 total $ 5,289

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In October 2026, we repaid at maturity the U.S. dollar equivalent of $ 845 million of outstanding aggregate principal amount of 1.375 % Euro-denominated notes.

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Six Months Ended June 30, 2026 total $ 8,346

Three Months Ended September 30, 2026

Verizon 6.600 % junior subordinated notes due 2059 (2)

Verizon 6.750 % junior subordinated notes due 2057 (2)

Three Months Ended September 30, 2026 total 3,718

Nine Months Ended September 30, 2026 total $ 12,064

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On January 20, 2026, we completed the acquisition of Frontier. In connection with this acquisition, we assumed approximately $ 12.9 billion of debt measured at fair value as of the Acquisition Date. The principal amount of the debt assumed was $ 12.7 billion as of the Acquisition Date. During the six nine months ended June September 30, 2026, we repaid approximately $ 12.4 billion of the principal amount of debt assumed as part of the acquisition through repayments, repurchases and the settlement of tender offers. In addition, we extinguished an insignificant amount of the principal amount of debt assumed as part of the exchange offers completed during the three and six nine months ended June September 30, 2026. At June September 30, 2026, the remaining principal amount of debt assumed was $ 219 million, primarily consisting of unsecured notes, and reported in Long-term debt in our condensed consolidated balance sheet.

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During the six nine months ended June September 30, 2026, we issued $ 7.6 13.2 billion in net proceeds and made $ 7.6 13.2 billion in principal repayments of commercial paper. These transactions are reflected within Cash flow from financing activities in our condensed consolidated statements of cash flows on a net basis. As of June September 30, 2026, we had no commercial paper outstanding.

As of June September 30, 2026 , the carrying value of our asset-backed debt was $ 28.8 30.1 billion. Our asset-backed debt includes Asset-Backed Notes (ABS Notes) issued to third-party investors (Investors), loans (ABS Financing Facilities) received from banks and their conduit facilities (collectively, the Banks), and sales of residual interests under our ABS Notes and certain ABS Financing Facilities (Class R Interest) and residual equity interests in certain ABS Entities under a master repurchase agreement agreements (master repurchase agreement) agreements) with a bank banks (the Counterparty). Counterparties). Our consolidated asset-backed debt bankruptcy remote legal entities (each, an ABS Entity, or collectively, the ABS Entities) issue the debt or are otherwise party to the transaction documentation in connection with our asset-backed debt transactions. Under the terms of our asset-backed debt for ABS Notes and ABS Financing Facilities, Cellco Partnership (Cellco), a wholly-owned subsidiary of the Company, and certain other Company affiliates (collectively, the Originators) transfer device payment plan agreement receivables and certain other receivables (collectively referred to as certain receivables) or a participation interest in certain other receivables to one of the ABS Entities, which in turn transfers such receivables and participation interest to another ABS Entity that issues the debt. Verizon entities retain the equity interests (including residual equity interests) and residual interests, as applicable, in the ABS Entities and the ABS Notes and ABS Financing Facilities, as applicable, which represent the rights to all funds not needed to make required payments on such asset-backed debt and other related payments and expenses.

Our asset-backed debt is secured by the transferred receivables, participation interest, and Class R Interest and residual equity interests, future collections on such receivables, underlying receivables related to such participation interest and such Class R Interest and residual equity interests, as applicable. These receivables and participation interest transferred to the ABS Entities, such Class R Interest, residual equity interests and related assets, consisting primarily of restricted cash, will only be available for payment of asset-backed debt and expenses related thereto, payments to the Originators in respect of additional transfers of certain receivables and participation interest, and other obligations arising from our asset-backed debt transactions, as applicable, and will not be available to pay other obligations or claims of Verizon s creditors until the associated asset-backed debt and other obligations are satisfied. The Investors, Banks or Counterparty, Counterparties, as applicable, which hold our asset-backed debt have legal recourse to the assets securing the debt, but in the case of our ABS Notes and ABS Financing Facilities, do not have any recourse to Verizon with respect to the payment of principal and interest on the debt. Under a parent support agreement, the Company has agreed to guarantee certain of the payment obligations of Cellco and the Originators to the ABS Entities in connection with our ABS Notes and ABS Financing Facilities. In connection with the master repurchase agreement, agreements, the Company has agreed to unconditionally and irrevocably guarantee payment obligations of the related ABS Entity, Entities, including to repurchase Class R Interest and residual equity interests, as applicable, from the Counterparty. Counterparties.

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During the six nine months ended June September 30, 2026 , we completed the following ABS Notes transactions:

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A-1a Senior class notes

A-1b Senior class notes

Compounded SOFR + 0.450 (1)

B Junior class notes 5.340 2.91 68

C Junior class notes 5.480 2.91 41

September 2026 total 1,000

(1) Compounded Secured Overnight Financing Rate (SOFR) is calculated using SOFR as published by the Federal Reserve Bank of New York in accordance with the terms of such notes. Compounded SOFR for the interest payment made in June September 2026 was 3.59 3.648 %.

Under the terms of each series of ABS Notes outstanding as of June September 30, 2026, there is a revolving period of up to two years , three years , or five years , as applicable, during which we may transfer additional receivables to the ABS Entity. During the six nine months ended June September 30, 2026 , we made aggregate principal repayments of $ 2.4 billion in connection with an anticipated redemption of ABS Notes.

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In July 2026, we entered into an additional repurchase agreement with a bank to sell residual equity interest in two of our ABS Entities. In connection with the agreement, we received approximately $ 500 million in proceeds.

Under the two loan agreements outstanding in connection with the ABS Financing Facility originally entered into in 2021 (2021 ABS Financing Facility), we borrowed an additional $ 2.3 billion in January 2026, borrowed an additional $ 1.0 billion in February 2026, prepaid an aggregate of approximately $ 2.3 billion in March 300 million during the three months ended September 30, 2026. During the nine months ended September 30, 2026, we borrowed an additional $ 100 million in March 2026, prepaid an aggregate of $ 500 million in April 2026 3.4 billion and prepaid an aggregate of $ 300 million in May 2026. 3.4 billion. In June 2026, we renewed one of the loan agreements and borrowed an additional $ 4.7 billion under the related loan series. Concurrently, we repaid in full the $ 4.7 billion outstanding principal balance under the other loan agreement and terminated the related loan series. The aggregate outstanding balance under the 2021 ABS Financing Facility was $ 5.9 5.6 billion as of June September 30, 2026.

Under the loan agreement outstanding in connection with the ABS Financing Facility originally entered into in 2022 and most recently renewed in 2025 (2022 ABS Financing Facility), we prepaid an aggregate of approximately $ 224 330 million in April during the nine months ended September 30, 2026. T he aggregate outstanding balance under 2022 ABS Financing Facility was $ 4.8 4.7 billion as of June September 30, 2026 .

Master Repurchase Agreement Agreements

In January 2026, we amended the master repurchase agreement originally entered into in 2025 to increase the maximum capacity thereunder to approximately $ 2.5 billion. In September 2026, we renewed the master repurchase agreement and amended the agreement to increase the maximum capacity thereunder to approximately $ 2.8 billion.

In July 2026, we entered into an additional master repurchase agreement with a counterparty to sell residual equity interest in two of our ABS Entities for $ 500 million with a simultaneous agreement to repurchase the residual equity interest at a later date for a specific price. Under the terms of the master repurchase agreement, which is accounted for as a secured borrowing, the counterparty is sold certain residual equity interest for a specific period of time without the right to further sell or repledge such residual equity interest. However, we have the right and obligation to repurchase the residual equity interest, or substantially similar assets sold to the counterparty, upon the maturity of the master repurchase agreement.

In January 2026, we amended the master repurchase agreement originally entered into in 2025 to increase the maximum capacity thereunder to approximately $ 2.5 billion. During the six nine months ended June September 30, 2026 , we received a total of $ 1.3 2.0 billion under the master repurchase agreement. agreements. The aggregate amount outstanding under each agreement was $ 2.5 2.8 billion and $ 500 million, respectively, as of June September 30, 2026 and is collateralized by certain Class R interest and residual equity interest, as applicable. The master repurchase agreement has agreements have a remaining maturity of less than one year and is are classified as Debt maturing within one year in our condensed consolidated balance sheets. The estimated fair value of such Class R Interest and residual equity interest was $ 3.4 3.6 billion and $ 1.3 billion, respectively, as of June September 30, 2026 .

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Other assets 11,884 11,753

Accounts receivable, net $ 18,609 19,102 $ 18,421

Prepaid expenses and other 149 172 298

Other assets 12,193 11,753

Accounts payable and accrued liabilities 33 38 34

Debt maturing within one year 15,640 17,516 14,863

Long-term debt 13,067 12,568 12,204

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In connection with the Frontier acquisition, we acquired certain securitization entities that meet the definition of a VIE and we are the primary beneficiary for these entities similar to the ABS Entities described above. Therefore, the assets, liabilities and activities of these entities are included in the amounts presented on the face of our condensed consolidated balance sheets. As of June September 30, 2026, all asset-backed debt issued through these entities has been extinguished and we are in the process of dissolving or merging these entities and transferring the remaining assets to operating business entities.

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At September 30, 2026

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Total $ 23,950 $ 12,061 12,014 $ 5,718 5,394

(1) The revolving credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. The revolving credit facility provides for the issuance of letters of credit. As of June September 30, 2026 , there have been no drawings against the revolving credit facility since its inception.

(2) During the six nine months ended June September 30, 2026, we drew down approximately $ 1.6 billion. During the six nine months ended June September 30, 2025, there were no drawings from these facilities. Borrowings under certain of these facilities are repaid semi-annually in equal installments up to the applicable maturity dates. Maturities reflect maturity dates of principal amounts outstanding. Any amounts borrowed under these facilities and subsequently repaid cannot be reborrowed.

In September 2026, we amended our $ 12.0 billion revolving credit facility and extended its maturity to 2030.

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During the six nine months ended June September 30, 2026 and 2025, we financed, primarily through alternative financing arrangements, the purchase of approximately $ 2.4 3.1 billion and $ 1.2 1.7 billion, respectively, of long-lived assets consisting primarily of network equipment. During the six nine months ended June September 30, 2026, we also assumed $ 428 million of financing arrangements in connection with the acquisition of Frontier. As of June September 30, 2026 and December 31, 2025 , $ 4.3 4.4 billion and $ 3.0 billion, respectively, relating to these financing arrangements, including those entered into in prior years and liabilities assumed through acquisitions, remained outstanding. These purchases are non-cash financing activities and therefore are not reflected within Capital expenditures in our condensed consolidated statements of cash flows.

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During the three months ended June September 30, 2026 and 2025 , we recorded net debt extinguishment gains of $ 152 138 million and $ 88 94 million, respectively. During the six nine months ended June September 30, 2026 and 2025, we recorded net debt extinguishment gains of $ 247 385 million and $ 178 272 million, respectively. T he net gains are recorded in Other income, net in our condensed consolidated statements of income. The total non-cash debt extinguishment gains are reflected within Other, net cash flow from operating activities, and the total cash payments to extinguish the debt are reflected within Other, net cash flow from financing activities in our condensed consolidated statements of cash flows.

We guarantee the debentures of our operating telephone company subsidiaries. As of June September 30, 2026 , $ 385 million aggregate principal amount of these obligations remained outstanding. Each guarantee will remain in place for the life of the obligation unless terminated pursuant to its terms, including the operating telephone company no longer being a wholly-owned subsidiary of the Company.

1 unchanged paragraph

Note 6: Device Payment Plan Agreement and Wireless Service Receivables 43 changes

1 unchanged paragraph

At September 30, 2026

2 unchanged paragraphs

Accounts receivable $ 16,405 $ 6,296 $ 5,033 $ 27,734

Less Allowance for credit losses 837 248 163 1,248

Accounts receivable $ 16,338 $ 6,276 $ 4,950 $ 27,564

Less Allowance for credit losses 791 248 160 1,199

Accounts receivable, net of allowance $ 15,568 15,547 $ 6,048 6,028 $ 4,870 4,790 $ 26,486 26,365 (1) Other receivables primarily include wireline and other receivables, of which the allowances are individually insignificant.

Included in Other assets and Accounts receivable, net at June September 30, 2026 and December 31, 2025, are net device payment plan agreement receivables, net wireless service receivables and net other receivables of $ 30.3 31.2 billion and $ 30.0 billion, respectively, which have been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets. Included in Accounts receivable, net at June September 30, 2026 and December 31, 2025, are net other receivables of $ 939 980 million and $ 1.4 billion, respectively, on which a participation interest has been transferred to ABS Entities and continue to be reported in our condensed consolidated balance sheets. See Note 5 for additional information. We believe the carrying value of these receivables approximate their fair value using a Level 3 expected cash flow model.

3 unchanged paragraphs

At June September 30, At December 31,

1 unchanged paragraph

Device payment plan agreement receivables, gross $ 32,706 32,055 $ 34,004

Unamortized imputed interest ( 1,016 1,015 ) ( 1,053 )

Device payment plan agreement receivables, at amortized cost 31,690 31,040 32,951 ( 1,625 1,510 ) ( 1,628 )

Device payment plan agreement receivables, net $ 30,065 29,530 $ 31,323

1 unchanged paragraph

Other assets 14,497 15,546

Accounts receivable, net $ 15,568 15,547 $ 15,777

Other assets 13,983 15,546

Device payment plan agreement receivables, net $ 30,065 29,530 $ 31,323 (1) Includes allowance for both short-term and long-term device payment plan agreement receivables.

2 unchanged paragraphs

We may offer certain promotions that allow a customer to trade in their owned device in connection with the purchase of a new device. Under these types of promotions, the customer receives a credit for the value of the trade-in device. At June September 30, 2026 and December 31, 2025, the amount of trade-in liability was $ 262 232 million and $ 332 million, respectively.

8 unchanged paragraphs

The following table presents device payment plan agreement receivables, at amortized cost, and gross write-offs recorded, as of and for the six nine months ended June September 30, 2026, by credit quality indicator and year of origination:

3 unchanged paragraphs

New customers $ 2,046 $ 2,907 $ 1,109 $ 6,062

Existing customers 6,868 12,812 5,948 25,628

Total $ 8,914 $ 15,719 $ 7,057 $ 31,690

New customers $ 37 $ 286 $ 107 $ 430

Existing customers 2 121 135 258

Total $ 39 $ 407 $ 242 $ 688

New customers $ 2,776 $ 2,448 $ 757 $ 5,981

Existing customers 9,817 11,101 4,141 25,059

Total $ 12,593 $ 13,549 $ 4,898 $ 31,040

New customers $ 143 $ 386 $ 142 $ 671

Existing customers 15 199 184 398

Total $ 158 $ 585 $ 326 $ 1,069

1 unchanged paragraph

The data presented in the table above was last updated on June September 30, 2026.

We assess indicators for the quality of our wireless service receivables portfolio as one overall pool. The following table presents wireless service receivables, at amortized cost, and gross write-offs recorded, as of and for the six nine months ended June September 30, 2026, by year of origination:

1 unchanged paragraph

Gross write-offs 95 183 278

Wireless service receivables, at amortized cost $ 6,194 6,219 $ 102 57 $ 6,296 6,276

Gross write-offs 238 191 429

The data presented in the table above was last updated on June September 30, 2026.

8 unchanged paragraphs

Recoveries collected 32 31

Balance at June 30, 2026 $ 1,625 $ 248

Current period provision for expected credit losses 653 251 900 392

Write-offs charged against the allowance ( 688 1,069 ) ( 278 429 )

Recoveries collected 51 41

Balance at September 30, 2026 $ 1,510 $ 248

4 unchanged paragraphs

Device payment plan agreement receivables, at amortized cost $ 31,690 31,040

Note 7: Fair Value Measurements and Financial Instruments 60 changes

1 unchanged paragraph

The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of June September 30, 2026:

2 unchanged paragraphs

Fixed income securities $ $ 35 26 $ $ 35 26

Cross currency swaps 29 29 18 18

Interest rate caps 9 9 14 14

1 unchanged paragraph

Total $ 553 $ 1,605 $ $ 2,158

Fixed income securities 350 350 353 353

Cross currency swaps 1,182 1,182 1,037 1,037

Total $ 369 $ 1,448 $ $ 1,817

1 unchanged paragraph

Cross currency swaps 1,116 1,116

Total $ $ 6,586 $ 493 $ 7,079

Interest rate swaps $ $ 2,154 2,702 $ $ 2,154 2,702

Cross currency swaps 279 279 309 309

Interest rate caps 9 9 14 14

Foreign exchange forwards 3 3 6 6

Interest rate swaps 3,025 3,025 3,610 3,610

Cross currency swaps 950 950

Variable prepaid forward 493 493 313 313

Total $ $ 7,591 $ 313 $ 7,904

21 unchanged paragraphs

Certain of our equity investments do not have readily determinable fair values and are excluded from the tables above. Such investments are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer and are included in Investments in unconsolidated businesses in our condensed consolidated balance sheets. As of June September 30, 2026 and December 31, 2025, the carrying amount of our investments without readily determinable fair values was $ 672 686 million and $ 710 million, respectively. During the three and six nine months ended June September 30, 2026, there were insignificant adjustments due to observable price changes and there were insignificant impairment charges. As of June September 30, 2026, cumulative adjustments due to observable price changes and impairment charges were $ 190 million and $ 155 million, respectively.

9 unchanged paragraphs

At June 30, 2026 $ 161,639 $ 90,965 $ 68,942 $ $ 159,907

At September 30, 2026 $ 162,381 $ 88,344 $ 66,140 $ $ 154,484

4 unchanged paragraphs

At June September 30, At December 31,

1 unchanged paragraph

Interest rate swaps $ 23,674 22,417 $ 23,674

1 unchanged paragraph

Foreign exchange forwards 600 360 570

Variable prepaid forward 422

1 unchanged paragraph

Three Months Ended Six Nine Months Ended

September 30, September 30,

3 unchanged paragraphs

Notional value settled 985 985

Notional value settled 1,250 1,250 985

2 unchanged paragraphs

Notional value settled 309 817 309 1,176

Notional value entered into 2,294 3,836 2,294

Notional value settled 995 309 2,170

Pre-tax gain (loss) on cross currency swaps recognized in Interest expense ( 336 238 ) 2,422 ( 937 206 ) 3,500 ( 1,175 ) 3,293

1 unchanged paragraph

Excluded components recognized in Other comprehensive income (loss)

2 unchanged paragraphs

Notional value entered into 4,900 4,900 1,100 6,000

1 unchanged paragraph

Pre-tax loss recognized in Other comprehensive income (loss)

2 unchanged paragraphs

Cash paid for settlement of interest rate swaps $ ( 54 ) $ ( 45 )

1 unchanged paragraph

Cash received (paid) for settlement of cross currency swaps, net 17 ( 80 91 )

1 unchanged paragraph

At June September 30, At December 31,

1 unchanged paragraph

Carrying amount of hedged liabilities $ 18,702 16,320 $ 18,815

Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities ( 4,949 6,089 ) ( 4,841 )

Cumulative amount of fair value hedging adjustment remaining for which hedge accounting has been discontinued 196 193 214

2 unchanged paragraphs

We have entered into cross currency swaps to exchange our British Pound Sterling, Euro, Swiss Franc, Canadian Dollar and Australian Dollar-denominated cash flows into U.S. dollars and to fix our cash payments in U.S. dollars, as well as to mitigate the impact of foreign currency transaction gains or losses. These swaps are designated as fair value hedges. We record the cross currency swaps at fair value in our condensed consolidated balance sheets as assets and liabilities. Changes in the fair value of the cross currency swaps attributable to changes in the spot rate of the hedged item and changes in the recorded value of the hedged debt due to changes in spot rates are recorded in the same income statement line item. We present exchange gains and losses from the conversion of foreign currency denominated debt as a part of Interest expense. During the three and six nine months ended June September 30, 2026 and June September 30, 2025 , these amounts completely offset each other and no net gain or loss was recorded.

Changes in the fair value of cross currency swaps attributable to time value and cross currency basis spread are initially recorded to Other comprehensive income (loss). Unrealized gains or losses on excluded components are recorded in Other comprehensive income (loss) and are recognized into Interest expense on a systematic and rational basis through the swap accrual over the life of the hedging instrument.

On March 31, 2022, we elected to de-designate our cross currency swaps previously designated as cash flow hedges and re-designated these swaps as fair value hedges. The amount remaining in Accumulated other comprehensive loss related to cash flow hedges on the date of transition will be reclassified to earnings when the hedged item is recognized in earnings or when it becomes probable that the forecasted transactions will not occur. For the fair value hedges, we elected to exclude the change in fair value of the cross currency swaps related to both time value and cross currency basis spread from the assessment of hedge effectiveness (the excluded components). The initial value of the excluded components of $ 1.0 billion as of March 31, 2022 will continue to be amortized into Interest expense over the remaining life of the hedging instruments. During the three and six nine months ended June September 30, 2026 and June September 30, 2025 , the amortization of the initial value of the excluded component completely offset the amortization related to the amount remaining in Other comprehensive income (loss) related to cash flow hedges. See Note 9 for additional information. We estimate that $ 82 80 million will be amortized into Interest expense within the next 12 months.

2 unchanged paragraphs

We have designated certain foreign currency debt instruments as net investment hedges to mitigate foreign exchange exposure related to non-U.S. dollar net investments in certain foreign subsidiaries against changes in foreign exchange rates. In January 2026, we de-designated the existing net investment hedge and re-designated the same Euro-denominated note in a new net investment hedge including additional foreign subsidiaries. The notional amount of Euro-denominated debt designated as a net investment hedge was 750 million as of both June September 30, 2026 and December 31, 2025.

We enter into treasury rate locks designated as cash flow hedges to mitigate our interest rate risk on future transactions. We recognize gains and losses resulting from interest rate movements in Other comprehensive income (loss) .

4 unchanged paragraphs

Three Months Ended Six Nine Months Ended

September 30, September 30,

2 unchanged paragraphs

Notional value entered into $ 1,620 $ 1,990 $ 3,175 $ 3,980

Notional value settled 1,610 1,990 3,145 3,870

Notional value entered into $ 1,430 $ 2,050 $ 4,605 $ 6,030

Notional value settled 1,670 2,030 4,815 5,900

4 unchanged paragraphs

Pre-tax gain (loss) recognized in Interest expense

1 unchanged paragraph

Notional value entered into 1,000 1,250

Notional value settled 1,000 1,250

2 unchanged paragraphs

Notional value entered into 422 422

1 unchanged paragraph

Pre-tax loss gain recognized in Other income, net

3 unchanged paragraphs

In May 2026, we entered into a VPF to mitigate market risk related to certain marketable equity securities and received a prepayment of approximately $ 358 million. The prepayment resulted in an other-than-insignificant financing element. As such, the cash flows related to the VPF will be classified within Cash flow from financing activities in the condensed consolidated statements of cash flows. As part of this arrangement, the Company has pledged the underlying marketable equity securities with a fair value of approximately $ 546 362 million as of June September 30, 2026.

2 unchanged paragraphs

Counterparties to our derivative contracts are major financial institutions with whom we have negotiated derivatives agreements (International Swaps and Derivatives Association master agreements) and credit support annex (CSA) agreements which provide rules for collateral exchange. The CSA agreements contain fixed cap amounts or rating based thresholds such that we or our counterparties may be required to hold or post collateral based upon changes in outstanding positions as compared to established thresholds or caps and changes in credit ratings. We do not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value. At both June September 30, 2026 and December 31, 2025, we did not hold any collateral. At both June September 30, 2026 and December 31, 2025, we posted $ 1.2 billion and $ 1.1 billion, respectively, of collateral related to derivative contracts under collateral exchange agreements, which were recorded as Prepaid expenses and other in our condensed consolidated balance sheets. While we may be exposed to credit losses due to the nonperformance of our counterparties, we consider the risk remote and do not expect that any such nonperformance would result in a significant effect on our results of operations or financial condition due to our diversified pool of counterparties.

Note 8: Employee Benefits 34 changes

1 unchanged paragraph

Net Periodic Benefit Cost (Income)

The following table summarizes the components of net periodic benefit cost (income) related to our pension and postretirement health care and life insurance plans:

2 unchanged paragraphs

Three Months Ended June September 30, 2026 2025 2026 2025

Service cost - Cost of services $ 53 56 $ 35 34 $ 5 $ 7

1 unchanged paragraph

Service cost $ 53 $ 41 $ 5 $ 8

Remeasurement loss, net 45

Other components $ ( 6 ) $ 40 $ 97 $ 98

Total $ 47 $ 81 $ 102 $ 106

Service cost $ 56 $ 40 $ 5 $ 8

Amortization of prior service cost (credit) $ 49 $ 28 $ ( 31 ) $ ( 32 33 )

Expected return on plan assets ( 184 ) ( 134 133 ) ( 7 8 ) ( 7 )

Interest cost 129 101 102 135 137

Remeasurement gain, net ( 31 )

Other components $ ( 6 ) $ ( 34 ) $ 96 $ 97

Total $ 50 $ 6 $ 101 $ 105

2 unchanged paragraphs

Six Months Ended June 30,

Nine Months Ended September 30,

Service cost - Cost of services $ 101 157 $ 69 103 $ 11 16 $ 14 21

1 unchanged paragraph

Service cost $ 101 $ 80 $ 11 $ 17

Interest cost 248 204 264 273

Other components $ ( 49 ) $ 37 $ ( 31 ) $ 195

Total $ 52 $ 117 $ ( 20 ) $ 212

Service cost $ 157 $ 120 $ 16 $ 25

Amortization of prior service cost (credit) $ 82 131 $ 56 84 $ ( 62 93 ) $ ( 64 97 )

Expected return on plan assets ( 361 545 ) ( 268 401 ) ( 14 22 ) ( 14 21 )

Interest cost 377 306 399 410

Remeasurement loss (gain), net ( 18 ) 45 14 ( 219 )

Other components $ ( 55 ) $ 3 $ 65 $ 292

Total $ 102 $ 123 $ 81 $ 317

The service cost component of net periodic benefit cost (income) is recorded in Cost of services and Selling, general and administrative expense in the condensed consolidated statements of income while the other components, including mark-to-market adjustments, if any, are recorded in Other income, net.

During the three and six nine months ended June September 30, 2026, we paid severance benefits of $ 142 272 million and $ 1.1 1.4 billion, respectively, primarily related to separations in connection with the our workforce reduction initiatives. from the prior year. At June September 30, 2026, we had a remaining severance liability of $ 959 679 million, a portion of which includes future contractual payments to employees separated as part of our workforce reduction initiatives.

1 unchanged paragraph

During the three and six nine months ended June September 30, 2026, we made an insignificant contribution contributions to one of our qualified pension plans. During the three and six nine months ended June September 30, 2025, we made a discretionary non-cash contribution to our qualified pension plans in the principal amount of $ 563 million.

During the three and six nine months ended June September 30, 2026 and June September 30, 2025, we made insignificant contributions to our nonqualified pension plans.

An No additional insignificant required qualified pension plan contribution is contributions are expected through December 31, 2026. No significant changes are expected with respect to the nonqualified pension and other postretirement benefit plans contributions in 2026.

5 unchanged paragraphs

Note 9: Equity and Accumulated Other Comprehensive Loss 76 changes

1 unchanged paragraph

Three Months Ended June September 30,

4 unchanged paragraphs

Balance at beginning of period 96,824 91,128

Balance at end beginning of period 13,258 13,412

Balance at end of period 97,728 93,275 13,250 13,408

Balance at beginning of period 13,263 13,415 97,728 93,275

Net income attributable to Verizon 3,835 5,003 5,198 4,950

Dividends declared ($ 0.7075 , $ 0.6775 0.6900 per share)

Balance at end of period 99,995 95,316

1 unchanged paragraph

Balance at beginning of period attributable to Verizon ( 2,372 ) ( 1,489 )

Other comprehensive income 588 14

Balance at beginning of period ( 115,874 ) ( 5,335 ) ( 75,178 ) ( 3,295 )

Shares purchased ( 21,289 ) ( 1,000 )

Employee plans 505 23 70 3

Balance at end beginning of period attributable to Verizon ( 1,784 ) ( 1,475 )

Foreign currency translation adjustments 8 76 ( 5 ) ( 3 )

Unrealized gain (loss) on cash flow hedges 23 20 ( 21 13 )

Unrealized gain (loss) on fair value hedges 542 141 ( 39 161 )

Unrealized gain (loss) on marketable securities 1 ( 11 ) 3

Defined benefit pension and postretirement plans 14 15 ( 2 )

Other comprehensive income (loss) 160 ( 176 )

Balance at end of period attributable to Verizon ( 1,624 ) ( 1,651 )

Balance at end beginning of period ( 136,658 ) ( 6,312 ) ( 75,108 ) ( 3,292 )

Shares purchased ( 10,384 ) ( 500 )

Employee plans 207 10 100 5

Balance at end of period ( 146,835 ) ( 6,802 ) ( 75,008 ) ( 3,287 )

1 unchanged paragraph

Amortization ( 87 ) ( 3 )

Balance at beginning of period 500 534 601 714

Restricted stock equity grant 188 183 152 116

Amortization ( 15 ) ( 3 )

Balance at end of period 601 714 738 827

1 unchanged paragraph

Balance at beginning of period 1,313 1,315 1,276 1,298

Total comprehensive income 114 118 122 106

1 unchanged paragraph

Total Equity $ 105,196 $ 104,361

Six Months Ended June 30,

Balance at end of period 1,276 1,298 1,306 1,303

Total Equity $ 107,292 $ 106,345

Nine Months Ended September 30,

5 unchanged paragraphs

Balance at end of period 13,258 13,412 13,250 13,408

1 unchanged paragraph

Dividends declared ($ 1.4150 , $ 1.3550 per share)

Net income attributable to Verizon 8,880 9,882 14,078 14,832

Dividends declared ($ 2.1225 , $ 2.0450 per share)

Balance at end of period 97,728 93,275 99,995 95,316

2 unchanged paragraphs

Other comprehensive loss ( 57 ) ( 552 )

Foreign currency translation adjustments ( 20 25 ) 143 140

Unrealized gain (loss) on cash flow hedges 46 66 ( 13 )

Unrealized gain (loss) on fair value hedges 354 495 ( 692 853 )

Unrealized gain (loss) on marketable securities ( 2 13 ) 1 4

Defined benefit pension and postretirement plans ( 435 420 ) ( 4 6 )

Other comprehensive income (loss) 103 ( 728 )

Balance at end of period attributable to Verizon ( 1,784 1,624 ) ( 1,475 1,651 )

1 unchanged paragraph

Shares purchased ( 72,047 ) ( 3,500 )

Employee plans 9,647 443 6,645 291

Balance at end of period ( 136,658 ) ( 6,312 ) ( 75,108 ) ( 3,292 )

Shares purchased ( 82,431 ) ( 4,000 )

Employee plans 9,854 453 6,745 296

Balance at end of period ( 146,835 ) ( 6,802 ) ( 75,008 ) ( 3,287 )

2 unchanged paragraphs

Amortization ( 625 ) ( 398 )

Restricted stock equity grant 329 374 481 490

Amortization ( 640 ) ( 401 )

Balance at end of period 601 714 738 827

2 unchanged paragraphs

Total comprehensive income 215 222 337 328

1 unchanged paragraph

Total Equity $ 105,196 $ 104,361

Balance at end of period 1,276 1,298 1,306 1,303

Total Equity $ 107,292 $ 106,345

2 unchanged paragraphs

5 unchanged paragraphs

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and 12 more changes in the filing

Note 10: Segment Information 32 changes

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and 32 more changes in the filing

Note 11: Additional Financial Information 1 change

and 1 more change in the filing

Note 12: Commitments and Contingencies 1 change

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and 1 more change in the filing

MD&A 326 changes

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and 326 more changes in the filing

Controls and procedures 2 changes

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and 2 more changes in the filing

Legal proceedings 1 change

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and 1 more change in the filing

Unregistered sales of stock 9 changes

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and 9 more changes in the filing

Other information 2 changes

and 2 more changes in the filing

Exhibits 7 changes

15 unchanged paragraphs

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and 7 more changes in the filing