Document

Exhibit 99.2

VZQTR20FIN

This supplemental information regarding the financial and operating results of Verizon Communications Inc. (Verizon) for the second quarter ended June 30, 2024 contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Discussion of factors that may affect future results is included at the end of this document and is also contained in Verizon's filings with the US Securities and Exchange Commission.

Consolidated Financial Results

* Total Wireless service represents the sum of Consumer and Business segments.

** Non-GAAP financial measure.

Consolidated total operating revenue for the second quarter was $32.8 billion, up 0.6% year over year.

•Service and other revenue was $27.8 billion, up 1.8% year over year.

◦Total Wireless service revenue2 was $19.8 billion, up 3.5% year over year, driven primarily by pricing actions implemented in recent quarters, higher premium price plan adoption, and growth from our fixed wireless access (FWA) connections.

◦Total Fios revenue was $3.2 billion, up 0.5% year over year.

•Wireless equipment revenue was $5.0 billion, down 5.3% year over year, predominantly due to lower upgrade volumes.

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Consolidated net income for the second quarter was $4.7 billion compared to $4.8 billion in the prior year period, as the benefits from improved operational performance and pricing actions were more than offset predominantly by higher interest expense.

Consolidated adjusted EBITDA1 for the second quarter was $12.3 billion compared to $12.0 billion in the prior year period. This result was driven by Wireless service revenue growth and the benefits of lower upgrade volumes, and was partially offset by ongoing declines in Verizon Business Group wireline revenue.

Consolidated operating expenses for the second quarter were $25.0 billion, down 1.6% year over year. Consolidated operating expenses, excluding depreciation and amortization and special items,1 were $20.5 billion, down 0.6% year over year.

Interest expense for the second quarter was $1.7 billion compared to $1.3 billion for the prior year period due to lower capitalized interest and higher interest rates on our outstanding debt balance.

Earnings per share (EPS) was $1.09 compared to EPS of $1.10 in the prior year period.

•Second quarter 2024 financial results reflected a pre-tax loss from special items of approximately $355 million. This includes the amortization of intangible assets related to Tracfone and other acquisitions of $219 million, and a $136 million charge associated with a mark-to-market adjustment for our pension liabilities.

Adjusted EPS1 for the second quarter was $1.15 compared to $1.21 in the prior year period.

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Cash Flow Summary

* Non-GAAP financial measure.

Cash flow from operating activities for the six months ended June 30, 2024 was $16.6 billion compared to $18.0 billion in the prior year period driven by year over year pressures from cash taxes, and higher interest expense primarily related to a reduction in capitalized interest as well as higher interest rates.

•Capital spending for the six months ended June 30, 2024 was $8.1 billion compared to $10.1 billion in the prior year period.

•Our guidance for 2024 capital expenditures of $17.0 billion to $17.5 billion remains unchanged.

Free cash flow1 for the six months ended June 30, 2024 was $8.5 billion compared to $8.0 billion in the prior year period.

Total unsecured debt as of the end of the second quarter was $125.3 billion, a $3.1 billion decrease compared to the prior quarter and $6.1 billion lower year over year. Unsecured debt to net income (LTM) ratio was 10.7x as of the end of the second quarter, a decrease of 0.2x compared to the prior quarter and a 4.6x increase year over year.

Net unsecured debt1 as of the end of the second quarter was $122.8 billion, a $3.2 billion decrease compared to the prior quarter and $3.7 billion lower year over year. Net unsecured debt to adjusted EBITDA ratio1 was 2.5x as of the end of the second quarter, a 0.1x improvement compared to both the prior quarter and the prior year period.

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Mobility Highlights

Note: Where applicable, the operating results reflect certain adjustments.

Consolidated

Total postpaid net additions for the second quarter were 340 thousand, down from 612 thousand in the prior year period, as growth in phone net additions and solid performance in FWA were offset by losses in tablets, wearables, and other connected devices.

Total postpaid phone net additions for the second quarter were 148 thousand, an improvement from 8 thousand in the prior year period.

•Postpaid phone gross additions were 2.5 million, up 9.3% year over year.

•Postpaid phone churn was 0.85%, up 2 basis points year over year.

Consumer Group

Postpaid net additions for the second quarter were 72 thousand, down from 304 thousand in the prior year period.

•Postpaid phone net losses were 8 thousand compared to 136 thousand net losses in the prior year period.

◦Postpaid phone gross additions were 1.8 million, up 12.0% year over year. Excluding the contribution from our second number offering, postpaid phone gross additions grew approximately 5.0% year over year.

◦Postpaid phone churn was 0.79%, up 3 basis points year over year.

Prepaid net losses were 624 thousand compared to 304 thousand net losses in the prior year period, and included 410 thousand losses related to the shutdown of the Affordable Connectivity Program.

•Excluding SafeLink Wireless (SafeLink), our brand offering access to government-sponsored connectivity benefits and programs, prepaid net

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losses were 12 thousand compared to 317 thousand net losses in the prior year period.

•Prepaid churn was 4.49%, up 25 basis points year over year. Excluding SafeLink, prepaid churn was 3.59%, down 12 basis points year over year.

Business Group

Postpaid phone net additions for the second quarter were 156 thousand, up from 144 thousand in the prior year period.

•Postpaid phone churn was 1.10%, flat year over year.

Broadband Highlights

Total broadband net additions for the second quarter were 391 thousand compared to 418 thousand in the prior year period.

•FWA net additions were 378 thousand, down from 384 thousand in the prior year period.

◦Consumer FWA net additions were 218 thousand, down 33 thousand year over year.

◦Business FWA net additions were 160 thousand, up 27 thousand year over year.

•Fios internet net additions were 28 thousand, down from 54 thousand in the prior year period.

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Consumer Financial Results

Total Consumer revenue for the second quarter was $24.9 billion, up 1.5% year over year, as gains in Service revenue were partially offset by declines in Wireless equipment revenue.

•Consumer Service and other revenue was $20.8 billion, up 3.3% year over year.

•Consumer Wireless service revenue was $16.3 billion, up 3.7% year over year, driven by growth in Consumer wireless postpaid average revenue per account (ARPA) from pricing actions and continued FWA adoption.

•Consumer Fios revenue was $2.9 billion, up 0.3% year over year.

•Consumer Wireless equipment revenue was $4.1 billion, down 6.5% year over year, driven primarily by a 14.0% year over year decline in upgrades.

Consumer Wireless postpaid ARPA was $138.44 for the second quarter, up 5.0% year over year, driven by pricing actions implemented in recent quarters, continued adoption of premium Unlimited plans, and an increased contribution from FWA.

Consumer operating income for the second quarter was $7.6 billion, up 3.7% year over year, resulting in operating income margin of 30.5% compared to 29.8% in the prior year period.

Consumer segment EBITDA1 for the second quarter was $11.0 billion, up 4.0% year over year. This improvement can be attributed to Service revenue growth and lower upgrade volumes. Consumer segment EBITDA margin1 for the second quarter was 44.1% compared to 43.1% in the prior year period.

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Business Financial Results

Note: Revenue by customer group may not add due to rounding.

Total Business revenue for the second quarter was $7.3 billion, down 2.4% year over year, as increases in Wireless service revenue were more than offset by decreases in Wireline revenue.

•Business Wireless service revenue was $3.4 billion, up 2.4% year over year, driven by continued strong net additions for both mobility and FWA, as well as benefits from pricing actions implemented in recent quarters.

•Business wireline results reflect continued secular declines in the prevailing wireline market, consistent with prior periods.

Business operating income for the second quarter was $500 million, down 6.2% year over year, resulting in operating income margin of 6.8%.

Business segment EBITDA1 for the second quarter was $1.6 billion, down 3.5% year over year, driven by continued declines in Wireline revenues. Business segment EBITDA margin1 for the second quarter was 21.6%.

Notes

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).

2 Total Wireless service revenue represents the sum of Consumer and Business segments.

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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” 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 we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; 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; cyber attacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our operations, our employees and the ways in which our customers use our networks and other products and services; 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; our high level of indebtedness; 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; and 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.

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Verizon Communications Inc.

Non-GAAP Reconciliations - Consolidated Verizon

Consolidated EBITDA and Consolidated Adjusted EBITDA


(dollars in millions)
Unaudited	3 Mos. Ended 6/30/24		3 Mos. Ended 3/31/24		3 Mos. Ended 12/31/23		3 Mos. Ended 9/30/23		3 Mos. Ended 6/30/23		3 Mos. Ended 3/31/23		3 Mos. Ended 12/31/22		3 Mos. Ended 9/30/22

Consolidated Net Income (Loss)	$	4,702	$	4,722	$	(2,573)	$	4,884	$	4,766	$	5,018	$	6,698	$	5,024
Add:
Provision for income taxes	1,332		1,353		756		1,308		1,346		1,482		2,113		1,496
Interest expense	1,698		1,635		1,599		1,433		1,285		1,207		1,105		937
Depreciation and amortization expense(1)	4,483		4,445		4,516		4,431		4,359		4,318		4,218		4,324
Consolidated EBITDA	$	12,215	$	12,155	$	4,298	$	12,056	$	11,756	$	12,025	$	14,134	$	11,781

Add/(subtract):
Other (income) expense, net(2)	$	72	$	(198)	$	807	$	(170)	$	(210)	$	(114)	$	(2,687)	$	439
Equity in (earnings) losses of unconsolidated businesses	14		9		11		18		33		(9)		(4)		(2)

Severance charges	—		—		296		—		237		—		304		—
Legacy legal matter	—		106		—		—		—		—		—		—
Verizon Business Group goodwill impairment	—		—		5,841		—		—		—		—		—
Asset rationalization	—		—		325		—		155		—		—		—
Legal settlement	—		—		100		—		—		—		—		—
Business transformation costs	—		—		—		176		—		—		—		—
Non-strategic business shutdown	—		—		—		158		—		—		—		—





	86		(83)		7,380		182		215		(123)		(2,387)		437

Consolidated Adjusted EBITDA	$	12,301	$	12,072	$	11,678	$	12,238	$	11,971	$	11,902	$	11,747	$	12,218

Footnotes:

(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable.

(2) Includes Pension and benefits remeasurement adjustments, where applicable.

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Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM)


(dollars in millions)
	12 Mos. Ended		12 Mos. Ended		12 Mos. Ended
Unaudited	6/30/24		3/31/24		6/30/23

Consolidated Net Income	$	11,735	$	11,799	$	21,506
Add:
Provision for income taxes	4,749		4,763		6,437
Interest expense	6,365		5,952		4,534
Depreciation and amortization expense(1)	17,875		17,751		17,219
Consolidated EBITDA	$	40,724	$	40,265	$	49,696

Add/(subtract):
Other (income) expense, net(2)	$	511	$	229	$	(2,572)
Equity in losses of unconsolidated businesses	52		71		18
Severance charges	296		533		541
Legacy legal matter	106		106		—
Verizon Business Group goodwill impairment	5,841		5,841		—
Asset rationalization	325		480		155
Legal settlement	100		100		—
Business transformation costs	176		176		—
Non-strategic business shutdown	158		158		—






	7,565		7,694		(1,858)

Consolidated Adjusted EBITDA	$	48,289	$	47,959	$	47,838

Footnotes:

(1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable.

(2) Includes Pension and benefits remeasurement adjustments, where applicable.

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Verizon Communications Inc.

Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio


(dollars in millions)
Unaudited	6/30/24			3/31/24			6/30/23

Debt maturing within one year	$	23,255		$	15,594		$	14,827
Long-term debt	126,022			136,104			137,871
Total Debt	149,277			151,698			152,698
Less Secured debt	24,015			23,290			21,342
Unsecured Debt	125,262			128,408			131,356
Less Cash and cash equivalents	2,432			2,365			4,803
Net Unsecured Debt	$	122,830		$	126,043		$	126,553
Consolidated Net Income (LTM)	$	11,735		$	11,799		$	21,506
Consolidated Adjusted EBITDA (LTM)	$	48,289		$	47,959		$	47,838
Unsecured Debt to Consolidated Net Income Ratio	10.7		x	10.9		x	6.1		x
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio	2.5		x	2.6		x	2.6		x
Net Unsecured Debt - Quarter over quarter change	$	(3,213)
Net Unsecured Debt - Year over year change	$	(3,723)

Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio - Quarter over quarter change	(0.1)		x
Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio - Year over year change	(0.1)		x

Adjusted Earnings per Common Share (Adjusted EPS)


(dollars in millions, except per share amounts)
Unaudited	3 Mos. Ended 6/30/24								3 Mos. Ended 6/30/23
	Pre-tax		Tax		After-Tax				Pre-tax		Tax		After-Tax
EPS							$	1.09							$	1.10
Amortization of acquisition-related intangible assets	$	219	$	(55)	$	164	0.04		$	206	$	(53)	$	153	0.04
Severance, pension and benefits charges	136		(34)		102		0.02		237		(59)		178		0.04



Asset rationalization	—		—		—		—		155		(33)		122		0.03













	$	355	$	(89)	$	266	$	0.06	$	598	$	(145)	$	453	$	0.11
Adjusted EPS							$	1.15							$	1.21

Footnote:

Adjusted EPS may not add due to rounding.



Free Cash Flow
(dollars in millions)
Unaudited	6 Mos. Ended 6/30/24		6 Mos. Ended 6/30/23

Net Cash Provided by Operating Activities	$	16,569	$	18,020
Capital expenditures (including capitalized software)	(8,071)		(10,070)
Free Cash Flow	$	8,498	$	7,950



Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items
(dollars in millions)
Unaudited	3 Mos. Ended 6/30/24			3 Mos. Ended 6/30/23

Consolidated Operating Expenses	$	24,978		$	25,376
Depreciation and amortization expense(1)	4,483			4,359
Severance charges	—			237


Asset rationalization	—			155



Consolidated Operating Expenses Excluding Depreciation and Amortization and Special Items	$	20,495		$	20,625
Year over year change %	(0.6)		%

Footnote:

(1) Includes Amortization of acquisition-related intangible assets.

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Non-GAAP Reconciliations - Segments

Segment EBITDA and Segment EBITDA Margin

Consumer


(dollars in millions)
Unaudited	3 Mos. Ended 6/30/24			3 Mos. Ended 6/30/23

Operating Income	$	7,604		$	7,330
Add Depreciation and amortization expense	3,394			3,247
Segment EBITDA	$	10,998		$	10,577
Year over year change %	4.0		%

Total operating revenues	$	24,927		$	24,558
Operating Income Margin	30.5		%	29.8		%
Segment EBITDA Margin	44.1		%	43.1		%

Business


(dollars in millions)
Unaudited	3 Mos. Ended 6/30/24			3 Mos. Ended 6/30/23

Operating Income	$	500		$	533
Add Depreciation and amortization expense	1,078			1,103
Segment EBITDA	$	1,578		$	1,636
Year over year change %	(3.5)		%

Total operating revenues	$	7,300		$	7,483
Operating Income Margin	6.8		%	7.1		%
Segment EBITDA Margin	21.6		%	21.9		%

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