8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: April 24, 2009

(Date of earliest event reported)

VERIZON COMMUNICATIONS INC.

(Exact name of registrant as specified in its charter)

Delaware	1-8606	23-2259884
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

140 West Street New York, New York	10007
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 395-1000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Information.

Verizon Communications Inc. (Verizon) adopted Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements—an amendment of ARB No. 51, (SFAS No. 160), as of January 1, 2009. SFAS 160 establishes accounting and reporting standards which are applied retrospectively for all periods presented. Upon the adoption of SFAS No. 160, we retrospectively changed the classification and presentation of non-controlling interest, previously referred to as minority interest. The adoption of SFAS No. 160 had no net effect on earnings attributable to Verizon or on operating cash flow.

Concurrent with the adoption of SFAS No. 160, we reclassified the components of Wireline revenues to align our financial presentation to the continued evolution of our Wireline business. Accordingly, there are four marketing channels within the Wireline segment: Mass Markets, Global Enterprise, Global Wholesale and Other. Mass Markets includes consumer and small business revenues. Global Enterprise includes all retail revenue from enterprise customers, both domestic and international. Global Wholesale includes all wholesale revenues, both domestic and international, including switched and special access revenues, local wholesale and wholesale services from our global and IP networks. Other primarily includes operator services, payphone services and revenues from the former MCI mass markets customer base.

As a convenience to investors, we are making available in Exhibit 99.1 our historical consolidated and segment financial information for the past eight quarters presented in accordance with the requirements of SFAS No. 160 and reflecting the reclassification of the components of our Wireline revenues.

On January 9, 2009, Cellco Partnership d/b/a Verizon Wireless closed its previously announced acquisition of Alltel Corporation (Alltel).

As a convenience to investors who may want to consider the effects of this acquisition, we are making available unaudited pro forma financial and operating information for each of the four quarters of 2008 and for the year-ended December 31, 2008. The unaudited pro forma financial information gives pro forma effect to the acquisition of Alltel as if that acquisition had occurred on January 1, 2008. Exhibit 99.2 includes pro forma selected financial results for Verizon for the year-ended December 31, 2008, pro forma selected financial results for Verizon’s Domestic Wireless segment for the year-ended December 31, 2008 and pro forma selected financial and operating information for Verizon’s Domestic Wireless segment for the year-ended December 31, 2008.

The unaudited pro forma results are presented for illustrative purposes only and do not reflect the realization of potential cost savings, and any related integration costs. Certain cost savings may result from the merger, however, there can be no assurance that these cost savings will be achieved. Cost savings, if achieved, could result from, among other things, the reduction of overhead expenses, including employee levels and the elimination of duplicate facilities and capital expenditures. These pro forma results do not purport to be indicative of the results that would have actually been obtained if the merger had occurred as of January 1, 2008, nor does the pro forma data intend to be a projection of the results that may be obtained in the future.

Non-GAAP Measures

The historical financial information included in Exhibit 99.1 includes financial information prepared in conformity with generally accepted accounting principles (GAAP), as well as non-GAAP financial information. The non-GAAP financial information may be determined or calculated differently by other companies. The consolidated statements of income before special items eliminate items of revenues, expenses, gains and losses primarily as a result of their non-operational and/or non-recurring nature. This also includes the current and prior periods’ operating revenues and operating expenses of non-strategic local exchange and related business assets in Maine, New Hampshire, and Vermont that were spun-off in the current year-to-date period, which were determined using specific information where available and allocations where data is not maintained on a state-specific basis within Verizon’s books and records. Management believes this presentation of operating performance assists readers in better understanding our results of operations and trends from period to period, consistent with management’s evaluation of Verizon’s consolidated and segment results of operations for a variety of internal purposes including strategic business planning, capital allocation and compensation. Management believes that the consolidated statements of income before special items provide current and prior period results of operations on a comparable basis as well as provide trends that are more indicative of future operating results under GAAP, given the non-operational and/or non-recurring nature of the special items removed for purposes of reporting results of operations before special items. While some of these items have been periodically reported in Verizon’s consolidated results of operations, their occurrence in future periods is dependent upon future business and economic factors, among other evaluation criteria, and may frequently be beyond the control of management. As a result of these factors, management also provides this information externally, along with a complete reconciliation to their comparable GAAP amounts, so readers have access to the detail and general nature of adjustments made to GAAP results.

The information provided pursuant to this Item 7.01 is “furnished” and shall not be deemed to be “filed” with the Securities and Exchange Commission or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filings.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
99.1	Historical financial information presented in accordance with SFAS No. 160.
99.2	Pro forma selected financial results for Verizon and selected financial and operating information for Verizon’s Domestic Wireless segment.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Verizon Communications Inc.
		(Registrant)
Date:	April 24, 2009	/s/ Robert J. Barish
		Robert J. Barish
		Senior Vice President and Controller

EXHIBIT INDEX

Exhibit Number	Description
99.1	Historical financial information presented in accordance with SFAS No. 160.
99.2	Pro forma selected financial results for Verizon and selected financial and operating information for Verizon’s Domestic Wireless segment.

EX-99.1

Exhibit 99.1

VERIZON COMMUNICATIONS INC.

HISTORICAL FINANCIAL INFORMATION

As of December 31, 2008

Notes:

-   Reflects presentation requirements in accordance with Statement of Financial Accounting Standards (SFAS) No. 160, Noncontrolling Interest in Consolidated Financial Statements-an amendment of ARB No. 51, (SFAS No. 160), which was adopted on January 1, 2009.

-   Reflects the reclassification of Wireline revenues into the following categories: Mass Markets, Global Enterprise, Global Wholesale and Other.

-   On March 31, 2008, we completed the spin-off of our local exchange and related business assets in Maine, New Hampshire and Vermont which were included in the Wireline segment. Accordingly, prior period amounts have been reclassified to reflect the operating income impact of the spin-off.

-   On March 30, 2007, we completed the disposition of our interest in Telecomunicaciones de Puerto Rico, Inc., which was included in the former International segment. The financial information of this business is included in discontinued operations. Accordingly, prior period amounts have been revised to reflect these changes.

Verizon Communications Inc.

Condensed Consolidated Statements of Income

	(dollars in millions, except per share amounts)
Unaudited	2007	2008
Operating Revenues	$                        93,469	$                        97,354
Operating Expenses
Cost of services and sales	37,547	39,007
Selling, general & administrative expense	25,967	26,898
Depreciation and amortization expense	14,377	14,565
Total Operating Expenses	77,891	80,470
Operating Income	15,578	16,884
Equity in earnings of unconsolidated businesses	585	567
Other income and (expense), net	211	282
Interest expense	(1,829)	(1,819)
Income Before Provision for Income Taxes, Discontinued Operations, and Extraordinary Item	14,545	15,914
Provision for income taxes	(3,982)	(3,331)
Income Before Discontinued Operations and Extraordinary Item	10,563	12,583
Income from discontinued operations, net of tax (1)	142	-
Extraordinary item, net of tax	(131)	-
Net Income	$                        10,574	$                        12,583
Net Income Attributable To Noncontrolling Interest	5,053	6,155
Net Income Attributable To Verizon	5,521	6,428
Net Income	$                        10,574	$                        12,583
Basic Earnings per Share (2)
Income before discontinued operations, and extraordinary item attributable to Verizon	$                            1.90	$                            2.26
Income from discontinued operations attributable to Verizon, net of tax	.05	-
Extraordinary item attributable to Verizon, net of tax	(.05)	-
Net Income attributable to Verizon	$                            1.91	$                            2.26
Weighted average number of common shares (in millions)	2,898	2,849
Diluted Earnings per Share (2) (3)
Income before discontinued operations, and extraordinary item attributable to Verizon	$                            1.90	$                            2.26
Income from discontinued operations attributable to Verizon, net of tax	.05	-
Extraordinary item attributable to Verizon, net of tax	(.05)	-
Net Income attributable to Verizon	$                            1.90	$                            2.26
Weighted average number of common shares-assuming dilution (in millions)	2,902	2,850

Footnotes:

(1) Discontinued Operations includes Telecomunicaciones de Puerto Rico, Inc. The disposition of this non-strategic business was completed on March 30, 2007. Discontinued Operations in the first quarter of 2007 includes a gain on the sale of Telecomunicaciones de Puerto Rico, Inc (TELPRI) of $70 million, net of tax.

(2) EPS totals may not add due to rounding.

(3) Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans which represent the only potential dilution.

Certain reclassifications of prior period amounts have been made, where appropriate, to reflect comparable operating results.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Quarter to Date

	(dollars in millions, except per share amounts)
	2007										2008
Unaudited	1st Quarter	2nd Quarter			3rd Quarter			4th Quarter			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Operating Revenues	$            22,584	$	23,273		$	23,772		$	23,840		$	23,833		$	24,124		$	24,752		$        24,645
Operating Expenses
Cost of services and sales	8,912		9,231			9,608			9,796			9,517			9,466			10,048		9,976
Selling, general & administrative expense	6,343		6,320			6,349			6,955			6,401			6,528			6,879		7,090
Depreciation and amortization expense	3,533		3,573			3,605			3,666			3,582			3,584			3,652		3,747
Total Operating Expenses	18,788		19,124			19,562			20,417			19,500			19,578			20,579		20,813
Operating Income	3,796		4,149			4,210			3,423			4,333			4,546			4,173		3,832
Equity in earnings of unconsolidated businesses	160		185			147			93			97			150			211		109
Other income and (expense), net	48		27			49			87			23			92			105		62
Interest expense	(485)		(455	)		(450	)		(439	)		(459	)		(403	)		(440	)	(517)
Income Before Provision for Income Taxes, Discontinued Operations, and Extraordinary Item	3,519		3,906			3,956			3,164			3,994			4,385			4,049		3,486
Provision for income taxes	(881)		(955	)		(1,387	)		(759	)		(945	)		(981	)		(850	)	(555)
Income Before Discontinued Operations and Extraordinary Item	2,638		2,951			2,569			2,405			3,049			3,404			3,199		2,931
Income from discontinued operations, net of tax (1)	142		-			-			-			-			-			-		-
Extraordinary item, net of tax	(131)		-			-			-			-			-			-		-
Net Income	$            2,649	$	2,951		$	2,569		$	2,405		$	3,049		$	3,404		$	3,199		$        2,931
Net Income Attributable To Noncontrolling Interest	1,154		1,268			1,298			1,333			1,407			1,522			1,530		1,696
Net Income Attributable To Verizon	1,495		1,683			1,271			1,072			1,642			1,882			1,669		1,235
Net Income	$            2,649	$	2,951		$	2,569		$	2,405		$	3,049		$	3,404		$	3,199		$        2,931
Basic Earnings per Share (2)
Income before discontinued operations, and extraordinary item, attributable to Verizon	$                .51	$	.58		$	.44		$	.37		$	.57		$	.66		$	.59		$            .43
Income from discontinued operations attributable to Verizon, net of tax	.05		-			-			-			-			-			-		-
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			-			-			-			-		-
Net Income attributable to Verizon	$                .51	$	.58		$	.44		$	.37		$	.57		$	.66		$	.59		$            .43
Weighted average number of common shares (in millions)	2,909		2,903			2,896			2,886			2,863			2,850			2,844		2,841
Diluted Earnings per Share (2) (3)
Income before discontinued operations, and extraordinary item, attributable to Verizon	$                .51	$	.58		$	.44		$	.37		$	.57		$	.66		$	.59		$            .43
Income from discontinued operations attributable to Verizon, net of tax	.05		-			-			-			-			-			-		-
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			-			-			-			-		-
Net Income attributable to Verizon	$                .51	$	.58		$	.44		$	.37		$	.57		$	.66		$	.59		$            .43
Weighted average number of common shares-assuming dilution (in millions)	2,911		2,907			2,900			2,891			2,865			2,851			2,845		2,841

Footnotes:

(1) Discontinued Operations includes Telecomunicaciones de Puerto Rico, Inc. The disposition of this non-strategic business was completed on March 30, 2007. Discontinued Operations in the first quarter of 2007 includes a gain on the sale of Telecomunicaciones de Puerto Rico, Inc (TELPRI) of $70 million, net of tax.

(2) EPS totals may not add due to rounding.

(3) Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans which represent the only potential dilution.

Certain reclassifications of prior period amounts have been made, where appropriate, to reflect comparable operating results.

Verizon Communications Inc.

Condensed Consolidated Statements of Income – Year to Date

	(dollars in millions, except per share amounts)
	2007										2008
Unaudited	1st Quarter	2nd Quarter			3rd Quarter			4th Quarter			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Operating Revenues	$          22,584	$	45,857		$	69,629		$	93,469		$	23,833		$	47,957		$	72,709		$        97,354
Operating Expenses
Cost of services and sales	8,912		18,143			27,751			37,547			9,517			18,983			29,031		39,007
Selling, general & administrative expense	6,343		12,663			19,012			25,967			6,401			12,929			19,808		26,898
Depreciation and amortization expense	3,533		7,106			10,711			14,377			3,582			7,166			10,818		14,565
Total Operating Expenses	18,788		37,912			57,474			77,891			19,500			39,078			59,657		80,470
Operating Income	3,796		7,945			12,155			15,578			4,333			8,879			13,052		16,884
Equity in earnings of unconsolidated businesses	160		345			492			585			97			247			458		567
Other income and (expense), net	48		75			124			211			23			115			220		282
Interest expense	(485)		(940	)		(1,390	)		(1,829	)		(459	)		(862	)		(1,302	)	(1,819)
Income Before Provision for Income Taxes, Discontinued Operations, and Extraordinary Item	3,519		7,425			11,381			14,545			3,994			8,379			12,428		15,914
Provision for income taxes	(881)		(1,836	)		(3,223	)		(3,982	)		(945	)		(1,926	)		(2,776	)	(3,331)
Income Before Discontinued Operations and Extraordinary Item	2,638		5,589			8,158			10,563			3,049			6,453			9,652		12,583
Income from discontinued operations, net of tax (1)	142		142			142			142			-			-			-		-
Extraordinary item, net of tax	(131)		(131	)		(131	)		(131	)		-			-			-		-
Net Income	$            2,649	$	5,600		$	8,169		$	10,574		$	3,049		$	6,453		$	9,652		$        12,583
Net Income Attributable To Noncontrolling Interest	1,154		2,422			3,720			5,053			1,407			2,929			4,459		6,155
Net Income Attributable To Verizon	1,495		3,178			4,449			5,521			1,642			3,524			5,193		6,428
Net Income	$            2,649	$	5,600		$	8,169		$	10,574		$	3,049		$	6,453		$	9,652		$        12,583
Basic Earnings (Loss) per Share (2)
Income before discontinued operations, and extraordinary item attributable to Verizon	$                .51	$	1.09		$	1.53		$	1.90		$	.57		$	1.23		$	1.82		$            2.26
Income from discontinued operations attributable to Verizon, net of tax	.05		.05			.05			.05			-			-			-		-
Extraordinary item attributable to Verizon, net of tax	(.05)		(.05	)		(.05	)		(.05	)		-			-			-		-
Net Income attributable to Verizon	$                .51	$	1.09		$	1.53		$	1.91		$	.57		$	1.23		$	1.82		$            2.26
Weighted average number of common shares (in millions)	2,909		2,906			2,902			2,898			2,863			2,856			2,852		2,849
Diluted Earnings (Loss) per Share (2) (3)
Income before discontinued operations, and extraordinary item attributable to Verizon	$                .51	$	1.09		$	1.53		$	1.90		$	.57		$	1.23		$	1.82		$            2.26
Income from discontinued operations attributable to Verizon, net of tax	.05		.05			.05			.05			-			-			-		-
Extraordinary item attributable to Verizon, net of tax	(.05)		(.05	)		(.05	)		(.05	)		-			-			-		-
Net Income attributable to Verizon	$                .51	$	1.09		$	1.53		$	1.90		$	.57		$	1.23		$	1.82		$            2.26
Weighted average number of common shares-assuming dilution (in millions)	2,911		2,909			2,906			2,902			2,865			2,858			2,854		2,850

Footnotes:

(1) Discontinued Operations includes Telecomunicaciones de Puerto Rico, Inc. The disposition of this non-strategic business was completed on March 30, 2007. Discontinued Operations in the first quarter of 2007 includes a gain on the sale of Telecomunicaciones de Puerto Rico, Inc (TELPRI) of $70 million, net of tax.

(2) EPS totals may not add due to rounding.

(3) Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represent the only potential dilution.

Certain reclassifications of prior period amounts have been made, where appropriate, to reflect comparable operating results.

Verizon Communications Inc.

Condensed Consolidated Statements of Income Before Special Items

		(dollars in millions, except per share amounts)
Unaudited		2007	2008
Operating Revenues (1)
Domestic Wireless		$                  43,882	$                49,332
Wireline		49,129	48,214
Other		(636)	(450)
Total Operating Revenues		92,375	97,096
Operating Expenses (1)
Cost of services and sales		37,090	38,801
Selling, general & administrative expense		24,620	25,723
Depreciation and amortization expense		14,120	14,505
Total Operating Expenses		75,830	79,029
Operating Income		16,545	18,067
Operating income impact of divested operations (1)		182	44
Equity in earnings of unconsolidated businesses		585	567
Other income and (expense), net		211	330
Interest expense		(1,829)	(1,819)
Income Before Provision for Income Taxes and Discontinued Operations		15,694	17,189
Provision for income taxes		(3,787)	(3,797)
Income Before Discontinued Operations		11,907	13,392
Income from discontinued operations, net of tax		72	-
Net Income Before Special Items		$                  11,979	$                13,392
Net income Attributable To Noncontrolling Interest		5,053	6,157
Net Income Attributable To Verizon		6,926	7,235
Net Income Before Special Items		$                  11,979	$                13,392
Basic Adjusted Earnings per Share (2)
Income before discontinued operations attributable to Verizon		$                      2.37	$                    2.54
Income from discontinued operations attributable to Verizon, net of tax		.02	-
Net income attributable to Verizon		$                      2.39	$                    2.54
Weighted average number of common shares (in millions)		2,898	2,849
Diluted Adjusted Earnings per Share (2) (3)
Income before discontinued operations attributable to Verizon		$                      2.36	$                    2.54
Income from discontinued operations attributable to Verizon, net of tax		.02	-
Net income attributable to Verizon		$                      2.39	$                    2.54
Weighted average number of common shares-assuming dilution (in millions)		2,902	2,850
Footnotes:
(1)	Reclassifications of prior period amounts have been made, where appropriate, to reflect comparable operating results, including for the sale of other non-strategic assets of the wireline segment sold in the first quarter of 2007 and for the spinoff of the wireline segment’s non-strategic local exchange and related business assets in Maine, New Hampshire and Vermont in the first quarter of 2008. Reclassifications were determined using specific information where available and allocations where data is not maintained on a state-specific basis within the Company’s books and records as follows:
	Revenues	$                     1,094	$                    258
	Expenses	$                        912	$                    214
(2)	EPS totals may not add due to rounding.
(3)	Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represent the only potential dilution.

Verizon Communications Inc.

Condensed Consolidated Statements of Income Before Special Items - Quarter to Date

		(dollars in millions, except per share amounts)
		2007										2008
Unaudited		1st Quarter	2nd Quarter			3rd Quarter			4th Quarter			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Operating Revenues (1)
Domestic Wireless		$          10,307	$	10,843		$	11,289		$	11,443		$	11,669		$	12,118		$	12,699		$            12,846
Wireline		12,178		12,330			12,372			12,249			12,026			12,113			12,158		11,917
Other		(174)		(173	)		(168	)		(121	)		(120	)		(107	)		(105	)	(118)
Total Operating Revenues		22,311		23,000			23,493			23,571			23,575			24,124			24,752		24,645
Operating Expenses (1)
Cost of services and sales		8,805		9,120			9,489			9,676			9,395			9,458			10,043		9,905
Selling, general & administrative expense		6,179		6,241			6,201			5,999			6,237			6,500			6,569		6,417
Depreciation and amortization expense		3,469		3,509			3,540			3,602			3,522			3,584			3,652		3,747
Total Operating Expenses		18,453		18,870			19,230			19,277			19,154			19,542			20,264		20,069
Operating Income		3,858		4,130			4,263			4,294			4,421			4,582			4,488		4,576
Operating income impact of divested operations (1)		52		46			51			33			44			-			-		-
Equity in earnings of unconsolidated businesses		160		185			147			93			97			150			211		109
Other income and (expense), net		48		27			49			87			23			92			105		110
Interest expense		(485)		(455	)		(450	)		(439	)		(459	)		(403	)		(440	)	(517)
Income Before Provision for Income Taxes and Discontinued Operations		3,633		3,933			4,060			4,068			4,126			4,421			4,364		4,278
Provision for income taxes		(921)		(965	)		(948	)		(953	)		(978	)		(995	)		(969	)	(855)
Income Before Discontinued Operations		2,712		2,968			3,112			3,115			3,148			3,426			3,395		3,423
Income from discontinued operations, net of tax		72		-			-			-			-			-			-		-
Net Income Before Special Items		$            2,784	$	2,968		$	3,112		$	3,115		$	3,148		$	3,426		$	3,395		$              3,423
Net income Attributable To Noncontrolling Interest		1,154		1,268			1,298			1,333			1,407			1,522			1,530		1,698
Net Income Attributable To Verizon		1,630		1,700			1,814			1,782			1,741			1,904			1,865		1,725
Net Income Before Special Items		$            2,784	$	2,968		$	3,112		$	3,115		$	3,148		$	3,426		$	3,395		$              3,423
Basic Adjusted Earnings per Share (2)
Income before discontinued operations attributable to Verizon		$                .54	$	.59		$	.63		$	.62		$	.61		$	.67		$	.66		$                  .61
Income from discontinued operations attributable to Verizon, net of tax		.02		-			-			-			-			-			-		-
Net income attributable to Verizon		$                .56	$	.59		$	.63		$	.62		$	.61		$	.67		$	.66		$                  .61
Weighted average number of common shares (in millions)		2,909		2,903			2,896			2,886			2,863			2,850			2,844		2,841
Diluted Adjusted Earnings per Share (2) (3)
Income before discontinued operations attributable to Verizon		$                .54	$	.58		$	.63		$	.62		$	.61		$	.67		$	.66		$                  .61
Income from discontinued operations attributable to Verizon, net of tax		.02		-			-			-			-			-			-		-
Net income attributable to Verizon		$                .56	$	.58		$	.63		$	.62		$	.61		$	.67		$	.66		$                  .61
Weighted average number of common shares-assuming dilution (in millions)		2,911		2,907			2,900			2,891			2,865			2,851			2,845		2,841
Footnotes:
(1)	Reclassifications of prior period amounts have been made, where appropriate, to reflect comparable operating results, including for the sale of other non-strategic assets of the wireline segment sold in the first quarter of 2007 and for the spinoff of the wireline segment’s non-strategic local exchange and related business assets in Maine, New Hampshire and Vermont in the first quarter of 2008. Reclassifications were determined using specific information where available and allocations where data is not maintained on a state-specific basis within the Company’s books and records as follows:
	Revenues	$              273	$	273		$	279		$	269		$	258		$	-		$	-		$                    -
	Expenses	$              221	$	227		$	228		$	236		$	214		$	-		$	-		$                    -
(2)	EPS totals may not add due to rounding.
(3)	Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represent the only potential dilution.

Verizon Communications Inc. Condensed Consolidated Statements of Income Before Special Items - Year to Date
		(dollars in millions, except per share amounts)
		2007									2008
Unaudited		1st Quarter	2nd Quarter			3rd Quarter			4th Quarter		1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Operating Revenues (1)
Domestic Wireless		$              10,307	$	21,150		$	32,439		$	43,882	$	11,669		$	23,787		$	36,486		$	49,332
Wireline		12,178		24,508			36,880			49,129		12,026			24,139			36,297			48,214
Other		(174)		(347	)		(515	)		(636)		(120	)		(227	)		(332	)		(450)
Total Operating Revenues		22,311		45,311			68,804			92,375		23,575			47,699			72,451			97,096
Operating Expenses (1)
Cost of services and sales		8,805		17,925			27,414			37,090		9,395			18,853			28,896			38,801
Selling, general & administrative expense		6,179		12,420			18,621			24,620		6,237			12,737			19,306			25,723
Depreciation and amortization expense		3,469		6,978			10,518			14,120		3,522			7,106			10,758			14,505
Total Operating Expenses		18,453		37,323			56,553			75,830		19,154			38,696			58,960			79,029
Operating Income		3,858		7,988			12,251			16,545		4,421			9,003			13,491			18,067
Operating income impact of divested operations (1)		52		98			149			182		44			44			44			44
Equity in earnings of unconsolidated businesses		160		345			492			585		97			247			458			567
Other income and (expense), net		48		75			124			211		23			115			220			330
Interest expense		(485)		(940	)		(1,390	)		(1,829)		(459	)		(862	)		(1,302	)		(1,819)
Income Before Provision for Income Taxes and Discontinued Operations		3,633		7,566			11,626			15,694		4,126			8,547			12,911			17,189
Provision for income taxes		(921)		(1,886	)		(2,834	)		(3,787)		(978	)		(1,973	)		(2,942	)		(3,797)
Income Before Discontinued Operations		2,712		5,680			8,792			11,907		3,148			6,574			9,969			13,392
Income from discontinued operations, net of tax		72		72			72			72		-			-			-			-
Net Income Before Special Items		$                2,784	$	5,752		$	8,864		$	11,979	$	3,148		$	6,574		$	9,969		$	13,392
Net income Attributable To Noncontrolling Interest		1,154		2,422			3,720			5,053		1,407			2,929			4,459			6,157
Net Income Attributable To Verizon		1,630		3,330			5,144			6,926		1,741			3,645			5,510			7,235
Net Income Before Special Items		$                2,784	$	5,752		$	8,864		$	11,979	$	3,148		$	6,574		$	9,969		$	13,392
Basic Adjusted Earnings per Share (2)
Income before discontinued operations attributable to Verizon		$                    .54	$	1.12		$	1.75		$	2.37	$	.61		$	1.28		$	1.93		$	2.54
Income from discontinued operations attributable to Verizon, net of tax		.02		.02			.02			.02		-			-			-			-
Net income attributable to Verizon		$                    .56	$	1.15		$	1.77		$	2.39	$	.61		$	1.28		$	1.93		$	2.54
Weighted average number of common shares (in millions)		2,909		2,906			2,902			2,898		2,863			2,856			2,852			2,849
Diluted Adjusted Earnings per Share (2) (3)
Income before discontinued operations attributable to Verizon		$                    .54	$	1.12		$	1.75		$	2.36	$	.61		$	1.28		$	1.93		$	2.54
Income from discontinued operations attributable to Verizon, net of tax		.02		.02			.02			.02		-			-			-			-
Net income attributable to Verizon		$                    .56	$	1.14		$	1.77		$	2.39	$	.61		$	1.28		$	1.93		$	2.54
Weighted average number of common shares-assuming dilution (in millions)		2,911		2,909			2,906			2,902		2,865			2,858			2,854			2,850
Footnotes:
(1)	Reclassifications of prior period amounts have been made, where appropriate, to reflect comparable operating results, including for the sale of other non-strategic assets of the wireline segment sold in the first quarter of 2007 and for the spinoff of the wireline segment’s non-strategic local exchange and related business assets in Maine, New Hampshire and Vermont in the first quarter of 2008. Reclassifications were determined using specific information where available and allocations where data is not maintained on a state-specific basis within the Company’s books and records as follows:
	Revenues	$                   273	$	546		$	825		$	1,094	$	258		$	258		$	258		$	258
	Expenses	$                   221	$	448		$	676		$	912	$	214		$	214		$	214		$	214
(3)	EPS totals may not add due to rounding.
(4)	Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represent the only potential dilution.

Verizon Communications Inc.

Selected Financial and Operating Statistics

	(dollars in millions, except per share amounts)
As of	2007							2008
Unaudited	3/31/2007	6/30/2007		9/30/2007		12/31/2007		3/31/2008		6/30/2008		9/30/2008		12/31/2008
Debt to debt and Verizon’s shareowners’ equity ratio end of period (1)	41.5%		39.5%		38.8%		38.1%		41.6%		45.9%		46.8%	55.5%
Book value per common share (1)	$            16.80	$	17.17	$	17.19	$	17.58	$	17.64	$	17.87	$	17.94	$        14.68
Common shares outstanding (in millions) End of period	2,903		2,903		2,890		2,877		2,851		2,848		2,840	2,841
Total employees (2)	236,073		235,879		235,252		232,417		230,228		228,633		228,315	223,880
Quarter to Date	2007								2008
Unaudited	1st Quarter	2nd Quarter		3rd Quarter		4th Quarter		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Capital expenditures (including capitalized software)
Domestic Wireless	$            1,721	$	1,667	$	1,515	$	1,600	$	1,722	$	1,528	$	1,473	$        1,787
Wireline	2,439		2,681		2,753		3,083		2,379		2,456		2,483	2,479
Other	3		4		9		63		119		193		222	397
Total	$            4,163	$	4,352	$	4,277	$	4,746	$	4,220	$	4,177	$	4,178	$        4,663
Cash dividends declared per common share	$              .405	$	.405	$	.430	$	.430	$	.430	$	.430	$	.460	$          .460
Year to Date	2007							2008
Unaudited	1st Quarter	2nd Quarter		3rd Quarter		4th Quarter		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Capital expenditures (including capitalized software)
Domestic Wireless	$            1,721	$	3,388	$	4,903	$	6,503	$	1,722	$	3,250	$	4,723	$        6,510
Wireline	2,439		5,120		7,873		10,956		2,379		4,835		7,318	9,797
Other	3		7		16		79		119		312		534	931
Total	$            4,163	$	8,515	$	12,792	$	17,538	$	4,220	$	8,397	$	12,575	$      17,238
Cash dividends declared per common share	$              .405	$	.810	$	1.240	$	1.670	$	.430	$	.860	$	1.320	$        1.780

Footnote:

(1) Calculations are based on the equity attributable to Verizon, which excludes non-controlling interests.

(2) Prior periods have been reclassified to reflect comparable amounts.

Verizon Communications Inc.

Condensed Consolidated Balance Sheets

(dollars in millions)

Unaudited	12/31/07	12/31/08
Assets
Current assets
Cash and cash equivalents	$                  1,153	$	9,782
Short-term investments	2,244		509
Accounts receivable, net	11,736		11,703
Inventories	1,729		2,092
Prepaid expenses and other	1,836		1,989
Total current assets	18,698		26,075
Plant, property and equipment	213,994		215,605
Less accumulated depreciation	128,700		129,059
	85,294		86,546
Investments in unconsolidated businesses	3,372		3,393
Wireless licenses	50,796		61,974
Goodwill	5,245		6,035
Other intangible assets, net	4,988		5,199
Other investments	-		4,781
Other assets	18,566		8,349
Total Assets	$              186,959	$	202,352
Liabilities and Equity
Current liabilities
Debt maturing within one year	$                  2,954	$	4,993
Accounts payable and accrued liabilities	14,462		13,814
Other	7,325		7,099
Total current liabilities	24,741		25,906
Long-term debt	28,203		46,959
Employee benefit obligations	29,960		32,512
Deferred income taxes	14,784		11,769
Other liabilities	6,402		6,301
Equity
Common stock	297		297
Contributed capital	40,316		40,291
Reinvested earnings	17,884		19,250
Accumulated other comprehensive loss	(4,506)		(13,372)
Common stock in treasury, at cost	(3,489)		(4,839)
Deferred compensation - employee stock ownership plans and other	79		79
Noncontrolling interest	32,288		37,199
Total equity	82,869		78,905
Total Liabilities and Equity	$              186,959	$	202,352

Verizon Communications Inc.

Condensed Consolidated Balance Sheets

(dollars in millions)

Unaudited	03/31/07	06/30/07			09/30/07			12/31/07			03/31/08			06/30/08			09/30/08			12/31/08
Assets
Current assets
Cash and cash equivalents	$        1,301	$	656		$	715		$	1,153		$	5,485		$	582		$	696		$	9,782
Short-term investments	2,149		1,700			1,194			2,244			1,957			1,492			978			509
Accounts receivable, net	10,177		10,689			11,509			11,736			11,048			11,584			11,724			11,703
Inventories	1,780		1,793			1,786			1,729			1,672			2,216			2,485			2,092
Prepaid expenses and other	2,487		2,190			1,833			1,836			2,286			2,122			3,248			1,989
Total current assets	17,894		17,028			17,037			18,698			22,448			17,996			19,131			26,075
Plant, property and equipment	206,585		209,291			211,152			213,994			211,834			212,605			214,376			215,605
Less accumulated depreciation	123,607		125,562			126,823			128,700			127,350			127,450			128,687			129,059
	82,978		83,729			84,329			85,294			84,484			85,155			85,689			86,546
Investments in unconsolidated businesses	4,898		5,071			5,453			3,372			3,653			3,175			3,198			3,393
Wireless licenses	50,566		50,670			50,755			50,796			50,833			60,423			61,595			61,974
Goodwill	5,247		5,149			5,442			5,245			5,233			5,218			6,124			6,035
Other intangible assets, net	5,195		5,091			5,078			4,988			4,867			4,974			5,093			5,199
Other investments	-		-			-			-			-			4,761			4,759			4,781
Other assets	17,506		18,022			17,525			18,566			19,775			18,944			19,272			8,349
Total Assets	$      184,284	$	184,760		$	185,619		$	186,959		$	191,293		$	200,646		$	204,861		$	202,352
Liabilities and Equity
Current liabilities
Debt maturing within one year	$          6,604	$	3,152		$	2,064		$	2,954		$	3,712		$	9,331		$	7,297		$	4,993
Accounts payable and accrued liabilities	13,309		13,542			14,244			14,462			13,661			13,299			13,715			13,814
Other	7,993		7,758			7,850			7,325			7,371			7,270			7,263			7,099
Total current liabilities	27,906		24,452			24,158			24,741			24,744			29,900			28,275			25,906
Long-term debt	28,073		29,374			29,383			28,203			32,134			33,778			37,478			46,959
Employee benefit obligations	29,743		30,326			30,592			29,960			29,227			29,246			28,800			32,512
Deferred income taxes	13,518		13,710			14,118			14,784			15,468			16,346			17,409			11,769
Other liabilities	7,025		6,866			6,445			6,402			6,041			5,856			6,053			6,301
Equity
Common stock	297		297			297			297			297			297			297			297
Contributed capital	40,122		40,217			40,289			40,316			40,290			40,291			40,290			40,291
Reinvested earnings	17,485		18,020			18,049			17,884			18,301			18,958			19,322			19,250
Accumulated other comprehensive loss	(7,136)		(6,532	)		(6,216	)		(4,506	)		(4,207	)		(4,150	)		(4,199	)		(13,372)
Common stock in treasury, at cost	(2,185)		(2,284	)		(2,832	)		(3,489	)		(4,481	)		(4,591	)		(4,841	)		(4,839)
Deferred compensation - employee stock ownership plans and other	199		113			102			79			80			82			85			79
Noncontrolling interest	29,237		30,201			31,234			32,288			33,399			34,633			35,892			37,199
Total equity	78,019		80,032			80,923			82,869			83,679			85,520			86,846			78,905
Total Liabilities and Equity	$      184,284	$	184,760		$	185,619		$	186,959		$	191,293		$	200,646		$	204,861		$	202,352

Verizon Communications Inc.

Condensed Consolidated Statements of Cash Flows

(dollars in millions)

Unaudited	12 Mos. Ended 12/31/07	12 Mos. Ended     12/31/08
Cash Flows From Operating Activities
Net Income	$                10,574	$	12,583
Adjustments to reconcile net income to net cash provided by operating activities-continuing operations:
Depreciation and amortization expense	14,377		14,565
Employee retirement benefits	1,720		1,955
Deferred income taxes	408		2,183
Provision for uncollectible accounts	1,047		1,085
Equity in earnings of unconsolidated businesses, net of dividends received	1,986		212
Extraordinary item, net of tax	131		-
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	(2,893)		(3,033)
Other, net	(1,041)		(2,930)
Net cash provided by operating activities - continuing operations	26,309		26,620
Net cash provided by (used in) operating activities - discontinued operations	(570)		-
Net cash provided by operating activities	25,739		26,620
Cash Flows From Investing Activities
Capital expenditures (including capitalized software)	(17,538)		(17,238)
Acquisitions of licenses, investments and business, net of cash acquired	(763)		(15,904)
Net change in short-term and other current investments	169		1,677
Other, net	1,267		(114)
Net cash used in investing activities - continuing operations	(16,865)		(31,579)
Net cash provided by investing activities - discontinued operations	757		-
Net cash used in investing activities	(16,108)		(31,579)
Cash Flows From Financing Activities
Proceeds from long-term borrowings	3,402		21,598
Repayments of long-term borrowings and capital lease obligations	(5,503)		(4,146)
Increase (decrease) in short-term obligations, excluding current maturities	(3,252)		2,389
Dividends paid	(4,773)		(4,994)
Proceeds from sale of common stock	1,274		16
Purchase of common stock for treasury	(2,843)		(1,368)
Other, net	(2)		93
Net cash provided by (used in) financing activities - continuing operations	(11,697)		13,588
Net cash used in financing activities - discontinued operations	-		-
Net cash provided by (used in) financing activities	(11,697)		13,588
Increase (decrease) in cash and cash equivalents	(2,066)		8,629
Cash and cash equivalents, beginning of period	3,219		1,153
Cash and cash equivalents, end of period	$                1,153	$	9,782

Verizon Communications Inc.

Condensed Consolidated Statements of Cash Flows

(dollars in millions)

Unaudited	3 Mos. Ended 3/31/07	6 Mos. Ended 6/30/07			9 Mos. Ended 9/30/07			12 Mos. Ended 12/31/07			3 Mos. Ended 3/31/08			6 Mos. Ended 6/30/08			9 Mos. Ended 9/30/08			12 Mos. Ended     12/31/08
Cash Flows From Operating Activities
Net Income	$          2,649	$	5,600		$	8,169		$	10,574		$	3,049		$	6,453		$	9,652		$    12,583
Adjustments to reconcile net income to net cash provided by operating activities-continuing operations:
Depreciation and amortization expense	3,533		7,106			10,711			14,377			3,582			7,166			10,818		14,565
Employee retirement benefits	430		862			1,290			1,720			407			808			1,232		1,955
Deferred income taxes	222		332			708			408			682			1,774			2,240		2,183
Provision for uncollectible accounts	281		498			741			1,047			298			494			724		1,085
Equity in earnings of unconsolidated businesses, net of dividends received	(53)		(128	)		(268	)		1,986			(90	)		507			303		212
Extraordinary item, net of tax	131		131			131			131			-			-			-		-
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	(1,116)		(2,001	)		(2,296	)		(2,893	)		(564	)		(2,309	)		(2,458	)	(3,033)
Other, net	(1,033)		(838	)		(1,167	)		(1,041	)		(1,974	)		(2,841	)		(3,433	)	(2,930)
Net cash provided by operating activities - continuing operations	5,044		11,562			18,019			26,309			5,390			12,052			19,078		26,620
Net cash provided by (used in) operating activities - discontinued operations	(527)		(570	)		(570	)		(570	)		-			-			-		-
Net cash provided by operating activities	4,517		10,992			17,449			25,739			5,390			12,052			19,078		26,620
Cash Flows From Investing Activities
Capital expenditures (including capitalized software)	(4,163)		(8,515	)		(12,792	)		(17,538	)		(4,220	)		(8,397	)		(12,575	)	(17,238)
Acquisitions of licenses, investments and business, net of cash acquired	(124)		(629	)		(697	)		(763	)		(931	)		(14,493	)		(15,978	)	(15,904)
Net change in short-term investments and other current investments	282		748			1,267			169			241			736			1,238		1,677
Other, net	61		762			981			1,267			92			(114	)		(567	)	(114)
Net cash used in investing activities - continuing operations	(3,944)		(7,634	)		(11,241	)		(16,865	)		(4,818	)		(22,268	)		(27,882	)	(31,579)
Net cash provided by (used in) investing activities - discontinued operations	757		757			757			757			-			-			-		-
Net cash used in investing activities	(3,187)		(6,877	)		(10,484	)		(16,108	)		(4,818	)		(22,268	)		(27,882	)	(31,579)
Cash Flows From Financing Activities
Proceeds from long-term borrowings	1,424		3,402			3,402			3,402			4,194			8,144			12,552		21,598
Repayments of long-term borrowings and capital lease obligations	(3,314)		(4,811	)		(4,994	)		(5,503	)		(1,182	)		(1,849	)		(3,398	)	(4,146)
Increase (decrease) in short-term obligations, excluding current maturities	141		(2,497	)		(3,438	)		(3,252	)		2,929			6,929			4,132		2,389
Dividends paid	(1,179)		(2,343	)		(3,529	)		(4,773	)		(1,237	)		(2,464	)		(3,687	)	(4,994)
Proceeds from sale of common stock	110		553			794			1,274			9			15			16		16
Purchase of common stock for treasury	(427)		(952	)		(1,734	)		(2,843	)		(1,001	)		(1,117	)		(1,369	)	(1,368)
Other, net	(3)		(30	)		30			(2	)		48			(13	)		101		93
Net cash provided by (used in) financing activities - continuing operations	(3,248)		(6,678	)		(9,469	)		(11,697	)		3,760			9,645			8,347		13,588
Net cash used in financing activities - discontinued operations	-		-			-			-			-			-			-		-
Net cash provided by (used in) financing activities	(3,248)		(6,678	)		(9,469	)		(11,697	)		3,760			9,645			8,347		13,588
Increase (decrease) in cash and cash equivalents	(1,918)		(2,563	)		(2,504	)		(2,066	)		4,332			(571	)		(457	)	8,629
Cash and cash equivalents, beginning of period	3,219		3,219			3,219			3,219			1,153			1,153			1,153		1,153
Cash and cash equivalents, end of period	$            1,301	$	656		$	715		$	1,153		$	5,485		$	582		$	696		$      9,782

Verizon Communications

Verizon Wireless – Selected Financial Results

	(dollars in millions)
Unaudited	12 Mos. Ended 12/31/07	12 Mos. Ended     12/31/08
Revenues
Service revenues	$                      38,016	$                    42,635
Equipment and other	5,866	6,697
Total Revenues	43,882	49,332
Operating Expenses
Cost of services and sales	13,456	15,660
Selling, general & administrative expense	13,477	14,273
Depreciation and amortization expense	5,154	5,405
Total Operating Expenses	32,087	35,338
Operating Income	$                      11,795	$                    13,994
Operating Income Margin	26.9%	28.4%
Unaudited	12/31/07	12/31/08
Selected Operating Statistics
Total Customers (000)	65,707	72,056
Retail Customers (000)	63,735	70,021
Unaudited	12 Mos. Ended 12/31/07	12 Mos. Ended     12/31/08
Total Customer net adds in period (1) (000)	6,655	6,349
Retail Customer net adds in period (2) (000)	6,923	6,286
Total churn rate	1.21%	1.25%
Retail churn rate	1.14%	1.24%

Footnotes:

(1) Includes acquisitions and adjustments of 9,000 customers during 2007 and 570,000 customers during 2008.

(2) Includes acquisitions and adjustments of 9,000 customers during 2007 and 534,000 customers during 2008 .

The segment financial results above are adjusted to exclude the effects of special and non-recurring items. The company’s chief decision makers exclude these items in assessing business unit performance, primarily due to their non-operational nature.

Intersegment transactions have not been eliminated.

Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

Verizon Communications

Verizon Wireless – Selected Financial Results - Quarter to Date

(dollars in millions)

	2007								2008
Unaudited	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Revenues
Service revenues	$	8,991	$	9,402	$	9,749	$	9,874	$	10,145	$	10,492	$	10,935	$	11,063
Equipment and other		1,316		1,441		1,540		1,569		1,524		1,626		1,764		1,783
Total Revenues		10,307		10,843		11,289		11,443		11,669		12,118		12,699		12,846
Operating Expenses
Cost of services and sales		3,022		3,270		3,551		3,613		3,585		3,744		4,178		4,153
Selling, general & administrative expense		3,300		3,271		3,385		3,521		3,529		3,588		3,689		3,467
Depreciation and amortization expense		1,256		1,293		1,299		1,306		1,300		1,323		1,366		1,416
Total Operating Expenses		7,578		7,834		8,235		8,440		8,414		8,655		9,233		9,036
Operating Income	$	2,729	$	3,009	$	3,054	$	3,003	$	3,255	$	3,463	$	3,466	$	3,810
Operating Income Margin		26.5%		27.8%		27.1%		26.2%		27.9%		28.6%		27.3%		29.7%
Unaudited		03/31/07		06/30/07		09/30/07		12/31/07		03/31/08		06/30/08		09/30/08		12/31/08
Selected Operating Statistics
Total Customers (000)		60,716		62,054		63,699		65,707		67,178		68,681		70,808		72,056
Retail Customers (000)		58,458		60,080		61,840		63,735		65,186		66,680		68,807		70,021
		2007								2008
Unaudited		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Total Customer net adds in period (1) (000)		1,664		1,338		1,645		2,008		1,471		1,503		2,127		1,248
Retail Customer net adds in period (2) (000)		1,646		1,622		1,760		1,895		1,451		1,494		2,127		1,214
Total churn rate		1.13%		1.26%		1.27%		1.20%		1.19%		1.12%		1.33%		1.35%
Retail churn rate		1.08%		1.08%		1.21%		1.21%		1.18%		1.11%		1.32%		1.34%

Footnotes:

(1) Includes acquisitions and adjustments of 7,000 customers and 2,000 customers in the first and third quarter of 2007, respectively; and 46,000 customers, 646,000 customers and (122,000) customers in the second, third and fourth quarter of 2008.

(2) Includes acquisitions and adjustments of 7,000 customers and 2,000 customers in the first and third quarter of 2007, respectively; and 46,000 customers, 627,000 customers and (139,000) customers in the second, third and fourth quarter of 2008.

The segment financial results above are adjusted to exclude the effects of special and non-recurring items. The company’s chief decision makers exclude these items in assessing business unit performance, primarily due to their non-operational nature.

Intersegment transactions have not been eliminated.

Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

Verizon Communications

Verizon Wireless – Selected Financial Results - Year to Date

(dollars in millions) 

	2007												2008
Unaudited	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Revenues
Service revenues	$	8,991		$	18,393		$	28,142		$	38,016		$	10,145		$	20,637		$	31,572		$	42,635
Equipment and other		1,316			2,757			4,297			5,866			1,524			3,150			4,914			6,697
Total Revenues		10,307			21,150			32,439			43,882			11,669			23,787			36,486			49,332
Operating Expenses
Cost of services and sales		3,022			6,292			9,843			13,456			3,585			7,329			11,507			15,660
Selling, general & administrative expense		3,300			6,571			9,956			13,477			3,529			7,117			10,806			14,273
Depreciation and amortization expense		1,256			2,549			3,848			5,154			1,300			2,623			3,989			5,405
Total Operating Expenses		7,578			15,412			23,647			32,087			8,414			17,069			26,302			35,338
Operating Income	$	2,729		$	5,738		$	8,792		$	11,795		$	3,255		$	6,718		$	10,184		$	13,994
Operating Income Margin		26.5	%		27.1	%		27.1	%		26.9	%		27.9	%		28.2	%		27.9	%		28.4	%
	2007												2008
Unaudited	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Total Customer net adds in period (1) (000)		1,664			3,002			4,647			6,655			1,471			2,974			5,101			6,349
Retail Customer net adds in period (2) (000)		1,646			3,268			5,028			6,923			1,451			2,945			5,072			6,286
Total churn rate		1.13	%		1.19	%		1.22	%		1.21	%		1.19	%		1.16	%		1.21	%		1.25	%
Retail churn rate		1.08	%		1.08	%		1.12	%		1.14	%		1.18	%		1.15	%		1.20	%		1.24	%

Footnotes:

(1) Includes acquisitions and adjustments of 7,000 customers in the first and second quarters and 9,000 customers in the third and fourth quarters of 2007 year-to-date, respectively; and 46,000 customers in the second quarter, 692,000 customers in the third quarter and 570,000 customers in the fourth quarter of 2008 year-to-date, respectively.

(2) Includes acquisitions and adjustments of 7,000 customers in the first and second quarter and 9,000 customers in the third and fourth quarter of 2007 year-to-date, respectively; and 46,000 customers in the second quarter, 673,000 customers in the third quarter, and 534,000 customers in the fourth quarter of 2008 year-to-date, respectively.

The segment financial results above are adjusted to exclude the effects of special and non-recurring items. The company’s chief decision makers exclude these items in assessing business unit performance, primarily due to their non-operational nature.

Intersegment transactions have not been eliminated.

Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

Verizon Communications

Wireline – Selected Financial Results

(dollars in millions) 

Unaudited	12 Mos. Ended 12/31/07	12 Mos. Ended     12/31/08
Wireline Operating Revenues (1)
Mass Markets	$                          19,570	$                        19,799
Global Enterprise	15,710	15,779
Global Wholesale Services	10,750	10,360
Other	3,099	2,276
Total Operating Revenues	49,129	48,214
Operating Expenses (1)
Cost of services and sales	24,181	24,274
Selling, general & administrative expense	11,527	11,047
Depreciation and amortization expense	8,927	9,031
Total Operating Expenses	44,635	44,352
Operating Income	$                            4,494	$                            3,862
Operating Income Margin	9.1%	8.0%
Verizon Communications Wireline – Selected Operating Statistics
		(numbers in thousands)
Unaudited	12/31/07	12/31/08
Operating Statistics
Switched access lines in service (2)
Total Residence	23,880	20,956
Primary retail residence	20,124	18,083
Business	15,713	14,966
Public	290	239
Total	39,883	36,161
Broadband connections	8,013	8,673
FIOS Internet Subscribers	1,525	2,481
FIOS TV Subscribers	943	1,918

Footnotes:

(1) Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

(2) Prior period figures adjusted to reflect current period reporting methodologies.

The segment financial results above are adjusted to exclude the effects of special and non-recurring items. The company’s chief decision makers exclude these items in assessing business unit performance, primarily due to their non-operational nature.

Intersegment transactions have not been eliminated.

Verizon Communications

Wireline – Selected Financial Results - Quarter to Date

						(dollars in millions)
	2007				2008
Unaudited	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
Wireline Operating Revenues (1)
Mass Markets	$        4,843	$        4,926	$        4,921	$        4,880	$        4,892	$        4,947	$        4,991	$      4,969
Global Enterprise	3,797	3,908	3,984	4,021	3,876	3,972	4,010	3,921
Global Wholesale Services	2,682	2,706	2,700	2,662	2,632	2,605	2,595	2,528
Other	856	790	767	686	626	589	562	499
Total Operating Revenues	12,178	12,330	12,372	12,249	12,026	12,113	12,158	11,917
Operating Expenses (1)
Cost of services and sales	5,922	5,986	6,085	6,188	6,081	5,997	6,155	6,041
Selling, general & administrative expense	2,970	3,051	2,922	2,584	2,696	2,808	2,689	2,854
Depreciation and amortization expense	2,203	2,206	2,230	2,288	2,209	2,245	2,268	2,309
Total Operating Expenses	11,095	11,243	11,237	11,060	10,986	11,050	11,112	11,204
Operating Income	$        1,083	$        1,087	$        1,135	$        1,189	$        1,040	$        1,063	$        1,046	$       713
Operating Income Margin	8.9%	8.8%	9.2%	9.7%	8.6%	8.8%	8.6%	6.0%
Verizon Communications Wireline – Selected Operating Statistics
						(numbers in thousands)
Unaudited	03/31/07	06/30/07	09/30/07	12/31/07	03/31/08	06/30/08	09/30/08	12/31/08
Operating Statistics
Switched access lines in service (2)
Total Residence	26,018	25,316	24,567	23,880	23,189	22,416	21,626	20,956
Primary retail residence	21,419	21,039	20,575	20,124	19,669	19,113	18,543	18,083
Business	16,149	16,021	15,850	15,713	15,532	15,395	15,192	14,966
Public	327	315	302	290	283	273	254	239
Total	42,494	41,652	40,719	39,883	39,004	38,084	37,072	36,161
Broadband connections	7,190	7,471	7,751	8,013	8,276	8,330	8,459	8,673
FIOS Internet Subscribers	853	1,054	1,281	1,525	1,787	1,974	2,199	2,481
FIOS TV Subscribers	348	515	717	943	1,206	1,382	1,615	1,918

Footnotes:

(1) Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

(2) Prior period figures adjusted to reflect current period reporting methodologies.

The segment financial results above are adjusted to exclude the effects of special and non-recurring items. The company's chief decision makers exclude these items in assessing business unit performance, primarily due to their non-operational nature.

Intersegment transactions have not been eliminated.

Verizon Communications

Wireline – Selected Financial Results - Year to Date

(dollars in millions)
	2007							2008
Unaudited	1st Quarter	2nd Quarter		3rd Quarter		4th Quarter		1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Wireline Operating Revenues (1)
Mass Markets	$            4,843	$	9,769	$	14,690	$	19,570	$	4,892	$	9,839	$	14,830	$      19,799
Global Enterprise	3,797		7,705		11,689		15,710		3,876		7,848		11,858	15,779
Global Wholesale Services	2,682		5,388		8,088		10,750		2,632		5,237		7,832	10,360
Other	856		1,646		2,413		3,099		626		1,215		1,777	2,276
Total Operating Revenues	12,178		24,508		36,880		49,129		12,026		24,139		36,297	48,214
Operating Expenses (1)
Cost of services and sales	5,922		11,908		17,993		24,181		6,081		12,078		18,233	24,274
Selling, general & administrative expense	2,970		6,021		8,943		11,527		2,696		5,504		8,193	11,047
Depreciation and amortization expense	2,203		4,409		6,639		8,927		2,209		4,454		6,722	9,031
Total Operating Expenses	11,095		22,338		33,575		44,635		10,986		22,036		33,148	44,352
Operating Income	$            1,083	$	2,170	$	3,305	$	4,494	$	1,040	$	2,103	$	3,149	$        3,862
Operating Income Margin	8.9%		8.9%		9.0%		9.1%		8.6%		8.7%		8.7%	8.0%

Footnotes:

(1) Certain reclassifications have been made, where appropriate, to reflect comparable operating results.

The segment financial results above are adjusted to exclude the effects of special and non-recurring items. The company's chief decision makers exclude these items in assessing business unit performance, primarily due to their non-operational nature.

Intersegment transactions have not been eliminated.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

		Special and Non-Recurring Items
Unaudited	3 Mos. Ended 3/31/07 Reported (GAAP)	Merger Integration Costs			Sale of Puerto Rico, Net			Loss on CANTV		Impact of Divested Operations			3 Mos. Ended 3/31/07 Before Special Items
Operating Revenues	$              22,584	$	-		$	-		$	-	$	(273	)	$	22,311
Operating Expenses
Cost of services and sales	8,912		(2	)		-			-		(105	)		8,805
Selling, general & administrative expense	6,343		(12	)		(100	)		-		(52	)		6,179
Depreciation and amortization expense	3,533		-			-			-		(64	)		3,469
Total Operating Expenses	18,788		(14	)		(100	)		-		(221	)		18,453
Operating Income	3,796		14			100			-		(52	)		3,858
Operating income impact of divested operations	-		-			-			-		52			52
Equity in earnings of unconsolidated businesses	160		-			-			-		-			160
Other income and (expense), net	48		-			-			-		-			48
Interest expense	(485)		-			-			-		-			(485	)
Income Before Provision for Income Taxes, Discontinued Operations and Extraordinary Item	3,519		14			100			-		-			3,633
Provision for income taxes	(881)		(5	)		(35	)		-		-			(921	)
Income Before Discontinued Operations and Extraordinary Item	2,638		9			65			-		-			2,712
Income from discontinued operations, net of tax	142		-			(70	)		-		-			72
Extraordinary item, net of tax	(131)		-			-			131		-			-
Net Income	$                2,649	$	9		$	(5	)	$	131	$	-		$	2,784
Net Income Attributable To Noncontrolling Interest	1,154		-			-			-		-			1,154
Net Income Attributable To Verizon	1,495		9			(5	)		131		-			1,630
Net Income	$                2,649	$	9		$	(5	)	$	131	$	-		$	2,784
Basic Earnings per Common Share (1)
Income before discontinued operations and extraordinary item attributable to Verizon	$                    .51	$	-		$	.02		$	-	$	-		$	.54
Income from discontinued operations attributable to Verizon, net of tax	.05		-			(.02	)		-		-			.02
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			.05		-			-
Net income attributable to Verizon	$                    .51	$	-		$	-		$	.05	$	-		$	.56
Diluted Earnings per Common Share (1)
Income before discontinued operations and extraordinary Item attributable to Verizon	$                    .51	$	-		$	.02		$	-	$	-		$	.54
Income from discontinued operations attributable to Verizon, net of tax	.05		-			(.02	)		-		-			.02
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			.05		-			-
Net income attributable to Verizon	$                    .51	$	-		$	-		$	.05	$	-		$	.56

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

		Special and Non-Recurring Items
Unaudited	3 Mos. Ended 6/30/07 Reported (GAAP)	Merger Integration Costs			Impact of Divested Operations			3 Mos. Ended 6/30/07 Before Special Items
Operating Revenues	$              23,273	$	-		$	(273	)	$              23,000
Operating Expenses
Cost of services and sales	9,231		(2	)		(109	)	9,120
Selling, general & administrative expense	6,320		(25	)		(54	)	6,241
Depreciation and amortization expense	3,573		-			(64	)	3,509
Total Operating Expenses	19,124		(27	)		(227	)	18,870
Operating Income	4,149		27			(46	)	4,130
Operating income impact of divested operations	-		-			46		46
Equity in earnings of unconsolidated businesses	185		-			-		185
Other income and (expense), net	27		-			-		27
Interest expense	(455)		-			-		(455)
Income Before Provision for Income	3,906		27			-		3,933
Provision for income taxes	(955)		(10	)		-		(965)
Net Income	$                2,951	$	17		$	-		$                2,968
Net Income Attributable To Noncontrolling Interest	1,268		-			-		1,268
Net Income Attributable To Verizon	1,683		17			-		1,700
Net Income	$                2,951	$	17		$	-		$                2,968
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$                    .58	$	.01		$	-		$                    .59
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$                    .58	$	.01		$	-		$                    .58

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

		Special and Non-Recurring Items
Unaudited	6 Mos. Ended 6/30/07 Reported (GAAP)	Merger Integration Costs			Sale of Puerto Rico, Net			Loss on CANTV		Impact of Divested Operations			6 Mos. Ended 6/30/07 Before Special Items
Operating Revenues	$              45,857	$	-		$	-		$	-	$	(546	)	$	45,311
Operating Expenses
Cost of services and sales	18,143		(4	)		-			-		(214	)		17,925
Selling, general & administrative expense	12,663		(37	)		(100	)		-		(106	)		12,420
Depreciation and amortization expense	7,106		-			-			-		(128	)		6,978
Total Operating Expenses	37,912		(41	)		(100	)		-		(448	)		37,323
Operating Income	7,945		41			100			-		(98	)		7,988
Operating income impact of divested operations	-		-			-			-		98			98
Equity in earnings of unconsolidated businesses	345		-			-			-		-			345
Other income and (expense), net	75		-			-			-		-			75
Interest expense	(940)		-			-			-		-			(940	)
Income Before Provision for Income Taxes, Discontinued Operations and Extraordinary Item	7,425		41			100			-		-			7,566
Provision for income taxes	(1,836)		(15	)		(35	)		-		-			(1,886	)
Income Before Discontinued Operations and Extraordinary Item	5,589		26			65			-		-			5,680
Income from discontinued operations, net of tax	142		-			(70	)		-		-			72
Extraordinary item, net of tax	(131)		-			-			131		-			-
Net Income	$                5,600	$	26		$	(5	)	$	131	$	-		$	5,752
Net Income Attributable To Noncontrolling Interest	2,422		-			-			-		-			2,422
Net Income Attributable To Verizon	3,178		26			(5	)		131		-			3,330
Net Income	$                5,600	$	26		$	(5	)	$	131	$	-		$	5,752
Basic Earnings per Common Share (1)
Income before discontinued operations and extraordinary item attributable to Verizon	$                  1.09	$	.01		$	.02		$	-	$	-		$	1.12
Income from discontinued operations attributable to Verizon, net of tax	.05		-			(.02	)		-		-			.02
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			.05		-			-
Net income attributable to Verizon	$                  1.09	$	.01		$	-		$	.05	$	-		$	1.15
Diluted Earnings per Common Share (1)
Income before discontinued operations and extraordinary item attributable to Verizon	$                  1.09	$	.01		$	.02		$	-	$	-		$	1.12
Income from discontinued operations attributable to Verizon, net of tax	.05		-			(.02	)		-		-			.02
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			.05		-			-
Net income attributable to Verizon	$                  1.09	$	.01		$	-		$	.05	$	-		$	1.14

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

		Special and Non-Recurring Items
Unaudited	3 Mos. Ended 9/30/07 Reported (GAAP)	Merger Integration Costs			Access Line Spin- Off Related Changes			International Taxes			Impact of Divested Operations			3 Mos. Ended 9/30/07 Before Special Items
Operating Revenues	$            23,772	$	-		$	-		$	-		$	(279	)	$              23,493
Operating Expenses
Cost of services and sales	9,608		(12	)		-			-			(107	)	9,489
Selling, general & administrative expense	6,349		(33	)		(46	)		(13	)		(56	)	6,201
Depreciation and amortization expense	3,605		-			-			-			(65	)	3,540
Total Operating Expenses	19,562		(45	)		(46	)		(13	)		(228	)	19,230
Operating Income	4,210		45			46			13			(51	)	4,263
Operating income impact of divested operations	-		-			-			-			51		51
Equity in earnings of unconsolidated businesses	147		-			-			-			-		147
Other income and (expense), net	49		-			-			-			-		49
Interest expense	(450)		-			-			-			-		(450)
Income Before Provision for Income Taxes	3,956		45			46			13			-		4,060
Provision for income taxes	(1,387)		(17	)		(2	)		458			-		(948)
Net Income	$                2,569	$	28		$	44		$	471		$	-		$                  3,112
Net Income Attributable To Noncontrolling Interest	1,298		-			-			-			-		1,298
Net Income Attributable To Verizon	1,271		28			44			471			-		1,814
Net Income	$                2,569	$	28		$	44		$	471		$	-		$                  3,112
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$                    .44	$	.01		$	.02		$	.16		$	-		$                      .63
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$                    .44	$	.01		$	.02		$	.16		$	-		$                      .63

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

Unaudited		Special and Non-Recurring Items																	9 Mos. Ended 9/30/07 Before Special Items
	9 Mos. Ended 9/30/07 Reported (GAAP)		Merger Integration Costs			Sale of Puerto Rico, Net			Loss on CANTV		Access Line Spin- Off Related Changes			International Taxes			Impact of Divested Operations
Operating Revenues	$          69,629	$	-		$	-		$	-	$	-		$	-		$	(825	)	$          68,804
Operating Expenses
Cost of services and sales	27,751		(16	)		-			-		-			-			(321	)	27,414
Selling, general & administrative expense	19,012		(70	)		(100	)		-		(46	)		(13	)		(162	)	18,621
Depreciation and amortization expense	10,711		-			-			-		-			-			(193	)	10,518
Total Operating Expenses	57,474		(86	)		(100	)		-		(46	)		(13	)		(676	)	56,553
Operating Income	12,155		86			100			-		46			13			(149	)	12,251
Operating income impact of divested operations	-		-			-			-		-			-			149		149
Equity in earnings of unconsolidated businesses	492		-			-			-		-			-			-		492
Other income and (expense), net	124		-			-			-		-			-			-		124
Interest expense	(1,390)		-			-			-		-			-			-		(1,390)
Income Before Provision for Income Taxes, Discontinued Operations and Extraordinary Item	11,381		86			100			-		46			13			-		11,626
Provision for income taxes	(3,223)		(32	)		(35	)		-		(2	)		458			-		(2,834)
Income Before Discontinued Operations and Extraordinary Item	8,158		54			65			-		44			471			-		8,792
Income from discontinued operations, net of tax	142		-			(70	)		-		-			-			-		72
Extraordinary item, net of tax	(131)		-			-			131		-			-			-		-
Net Income	$            8,169	$	54		$	(5	)	$	131	$	44		$	471		$	-		$            8,864
Net Income Attributable To Noncontrolling Interest	3,720		-			-			-		-			-			-		3,720
Net Income Attributable To Verizon	4,449		54			(5	)		131		44			471			-		5,144
Net Income	$            8,169	$	54		$	(5	)	$	131	$	44		$	471		$	-		$            8,864
Basic Earnings per Common Share (1)
Income before discontinued operations and extraordinary item attributable to Verizon	$              1.53	$	.02		$	.02		$	-	$	.02		$	.16		$	-		$              1.75
Income from discontinued operations attributable to Verizon, net of tax	.05		-			(.02	)		-		-			-			-		.02
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			.05		-			-			-		-
Net income attributable to Verizon	$              1.53	$	.02		$	-		$	.05	$	.02		$	.16		$	-		$              1.77
Diluted Earnings per Common Share (1)
Income before discontinued operations and extraordinary item attributable to Verizon	$              1.53	$	.02		$	.02		$	-	$	.02		$	.16		$	-		$              1.75
Income from discontinued operations attributable to Verizon, net of tax	.05		-			(.02	)		-		-			-			-		.02
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			.05		-			-			-		-
Net income attributable to Verizon	$              1.53	$	.02		$	-		$	.05	$	.02		$	.16		$	-		$              1.77

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

Unaudited		Special and Non-Recurring Items
	3 Mos. Ended 12/31/07 Reported (GAAP)	Merger Integration Costs			Access Line Spin-Off Related Changes			International Taxes			Severance, Pension and Benefit charges			Impact of Divested Operations			3 Mos. Ended 12/31/07 Before Special Items
Operating Revenues	$          23,840	$	-		$	-		$	-		$	-		$	(269	)	$         23,571
Operating Expenses
Cost of services and sales	9,796		(16	)		-			-			-			(104	)	9,676
Selling, general & administrative expense	6,955		(76	)		(38	)		(2	)		(772	)		(68	)	5,999
Depreciation and amortization expense	3,666		-			-			-			-			(64	)	3,602
Total Operating Expenses	20,417		(92	)		(38	)		(2	)		(772	)		(236	)	19,277
Operating Income	3,423		92			38			2			772			(33	)	4,294
Operating income impact of divested operations	-		-			-			-			-			33		33
Equity in earnings of unconsolidated businesses	93		-			-			-			-			-		93
Other income and (expense), net	87		-			-			-			-			-		87
Interest expense	(439)		-			-			-			-			-		(439)
Income Before Provision for Income Taxes	3,164		92			38			2			772			-		4,068
Provision for income taxes	(759)		(34	)		(2	)		137			(295	)		-		(953)
Net Income	$             2,405	$	58		$	36		$	139		$	477		$	-		$            3,115
Net Income Attributable To Noncontrolling Interest	1,333		-			-			-			-			-		1,333
Net Income Attributable To Verizon	1,072		58			36			139			477			-		1,782
Net Income	$             2,405	$	58		$	36		$	139		$	477		$	-		$            3,115
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$                 .37	$	.02		$	.01		$	.05		$	.17		$	-		$                .62
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$                 .37	$	.02		$	.01		$	.05		$	.16		$	-		$                .62

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

Unaudited		Special and Non-Recurring Items
	12 Mos. Ended 12/31/07 Reported (GAAP)	Merger Integration Costs			Sale of Puerto Rico, Net			Loss on CANTV		Access Line Spin-Off Related Charges			International Taxes			Severance, Pension and Benefit charges			Impact of Divested Operations			12 Mos. Ended 12/31/07 Before Special Items
Operating Revenues	$              93,469	$	-		$	-		$	-	$	-		$	-		$	-		$	(1,094	)	$          92,375
Operating Expenses
Cost of services and sales	37,547		(32	)		-			-		-			-			-			(425	)	37,090
Selling, general & administrative expense	25,967		(146	)		(100	)		-		(84	)		(15	)		(772	)		(230	)	24,620
Depreciation and amortization expense	14,377		-			-			-		-			-			-			(257	)	14,120
Total Operating Expenses	77,891		(178	)		(100	)		-		(84	)		(15	)		(772	)		(912	)	75,830
Operating Income	15,578		178			100			-		84			15			772			(182	)	16,545
Operating income impact of divested operations	-		-			-			-		-			-			-			182		182
Equity in earnings of unconsolidated businesses	585		-			-			-		-			-			-			-		585
Other income and (expense), net	211		-			-			-		-			-			-			-		211
Interest expense	(1,829)		-			-			-		-			-			-			-		(1,829)
Income Before Provision for Income Taxes, Discontinued Operations and Extraordinary Item	14,545		178			100			-		84			15			772			-		15,694
Provision for income taxes	(3,982)		(66	)		(35	)		-		(4	)		595			(295	)		-		(3,787)
Income Before Discontinued Operations and Extraordinary Item	10,563		112			65			-		80			610			477			-		11,907
Income from discontinued operations, net of tax	142		-			(70	)		-		-			-			-			-		72
Extraordinary item, net of tax	(131)		-			-			131		-			-			-			-		-
Net Income	$              10,574	$	112		$	(5	)	$	131	$	80		$	610		$	477		$	-		$          11,979
Net Income Attributable To Noncontrolling Interest	5,053		-			-			-		-			-			-			-		5,053
Net Income Attributable To Verizon	5,521		112			(5	)		131		80			610			477			-		6,926
Net Income	$              10,574	$	112		$	(5	)	$	131	$	80		$	610		$	477		$	-		$          11,979
Basic Earnings per Common Share (1)
Income before discontinued operations and extraordinary item attributable to Verizon	$                   1.90	$	.04		$	.02		$	-	$	.03		$	.21		$	.17		$	-		$              2.37
Income from discontinued operations attributable to Verizon, net of tax	.05		-			(.02	)		-		-			-			-			-		.02
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			.05		-			-			-			-		-
Net income attributable to Verizon	$                   1.91	$	.04		$	-		$	.05	$	.03		$	.21		$	.17		$	-		$              2.39
Diluted Earnings per Common Share (1)
Income before discontinued operations and extraordinary item attributable to Verizon	$                   1.90	$	.04		$	.02		$	-	$	.03		$	.21		$	.16		$	-		$                2.36
Income from discontinued operations attributable to Verizon, net of tax	.05		-			(.02	)		-		-			-			-			-		.02
Extraordinary item attributable to Verizon, net of tax	(.05)		-			-			.05		-			-			-			-		-
Net income attributable to Verizon	$                   1.90	$	.04		$	-		$	.05	$	.03		$	.21		$	.16		$	-		$                2.39

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

Unaudited		Special and Non-Recurring Items
	3 Mos. Ended 3/31/08 Reported (GAAP)	Merger Integration Costs			Access Line Spin- Off Related Charges			Impact of Divested Operations			3 Mos. Ended 3/31/08 Before Special Items
Operating Revenues	$          23,833	$	-		$	-		$	(258	)	$          23,575
Operating Expenses
Cost of services and sales	9,517		(5	)		(16	)		(101	)	9,395
Selling, general & administrative expense	6,401		(24	)		(87	)		(53	)	6,237
Depreciation and amortization expense	3,582		-			-			(60	)	3,522
Total Operating Expenses	19,500		(29	)		(103	)		(214	)	19,154
Operating Income	4,333		29			103			(44	)	4,421
Operating income impact of divested operations	-		-			-			44		44
Equity in earnings of unconsolidated businesses	97		-			-			-		97
Other income and (expense), net	23		-			-			-		23
Interest expense	(459)		-			-			-		(459)
Income Before Provision for Income Taxes	3,994		29			103			-		4,126
Provision for income taxes	(945)		(11	)		(22	)		-		(978)
Net Income	$            3,049	$	18		$	81		$	-		$            3,148
Net Income Attributable To Noncontrolling Interest	1,407		-			-			-		1,407
Net Income Attributable To Verizon	1,642		18			81			-		1,741
Net Income	$            3,049	$	18		$	81		$	-		$            3,148
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$                .57	$	.01		$	.03		$	-		$                .61
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$                .57	$	.01		$	.03		$	-		$                .61

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

		Special and       Non-Recurring       Items
Unaudited	3 Mos. Ended 6/30/08 Reported (GAAP)	Merger       Integration       Costs			3 Mos. Ended 6/30/08 Before Special Items
Operating Revenues	$            24,124	$	-		$              24,124
Operating Expenses
Cost of services and sales	9,466		(8	)	9,458
Selling, general & administrative expense	6,528		(28	)	6,500
Depreciation and amortization expense	3,584		-		3,584
Total Operating Expenses	19,578		(36	)	19,542
Operating Income	4,546		36		4,582
Equity in earnings of unconsolidated businesses	150		-		150
Other income and (expense), net	92		-		92
Interest expense	(403)		-		(403)
Income Before Provision for Income Taxes	4,385		36		4,421
Provision for income taxes	(981)		(14	)	(995)
Net Income	$              3,404	$	22		$                3,426
Net Income Attributable To Noncontrolling Interest	1,522		-		1,522
Net Income Attributable To Verizon	1,882		22		1,904
Net Income	$              3,404	$	22		$                3,426
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$                  .66	$	.01		$                    .67
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$                  .66	$	.01		$                    .67

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

Unaudited		Special and Non-Recurring Items
	6 Mos. Ended 6/30/08 Reported (GAAP)	Merger Integration Costs			Access Line Spin- Off Related Charges			Impact of Divested Operations			6 Mos. Ended 6/30/08 Before Special Items
Operating Revenues	$        47,957	$	-		$	-		$	(258	)	$            47,699
Operating Expenses
Cost of services and sales	18,983		(13	)		(16	)		(101	)	18,853
Selling, general & administrative expense	12,929		(52	)		(87	)		(53	)	12,737
Depreciation and amortization expense	7,166		-			-			(60	)	7,106
Total Operating Expenses	39,078		(65	)		(103	)		(214	)	38,696
Operating Income	8,879		65			103			(44	)	9,003
Operating income impact of divested operations	-		-			-			44		44
Equity in earnings of unconsolidated businesses	247		-			-			-		247
Other income and (expense), net	115		-			-			-		115
Interest expense	(862)		-			-			-		(862)
Income Before Provision for Income Taxes	8,379		65			103			-		8,547
Provision for income taxes	(1,926)		(25	)		(22	)		-		(1,973)
Net Income	$          6,453	$	40		$	81		$	-		$              6,574
Net Income Attributable To Noncontrolling Interest	2,929		-			-			-		2,929
Net Income Attributable To Verizon	3,524		40			81			-		3,645
Net Income	$          6,453	$	40		$	81		$	-		$              6,574
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$            1.23	$	.01		$	.03		$	-		$                1.28
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$            1.23	$	.01		$	.03		$	-		$                1.28

Footnote:

(1) EPS totals may not add across due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

			Special and Non-Recurring Items
Unaudited	3 Mos. Ended 9/30/08 Reported (GAAP)		Merger Integration Costs		Severance, Pension and Benefit Charges	3 Mos. Ended 9/30/08 Before Special Items
Operating Revenues	$        24,752	$	-	$	-	$          24,752
Operating Expenses
Cost of services and sales	10,048		(5)		-	10,043
Selling, general & administrative expense	6,879		(45)		(265)	6,569
Depreciation and amortization expense	3,652		-		-	3,652
Total Operating Expenses	20,579		(50)		(265)	20,264
Operating Income	4,173		50		265	4,488
Equity in earnings of unconsolidated businesses	211		-		-	211
Other income and (expense), net	105		-		-	105
Interest expense	(440)		-		-	(440)
Income Before Provision for Income Taxes	4,049		50		265	4,364
Provision for income taxes	(850)		(18)		(101)	(969)
Net Income	$          3,199	$	32	$	164	$            3,395
Net Income Attributable To Noncontrolling Interest	1,530		-		-	1,530
Net Income Attributable To Verizon	1,669		32		164	1,865
Net Income	$          3,199	$	32	$	164	$            3,395
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$              .59	$	.01	$	.06	$                .66
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$              .59	$	.01	$	.06	$                .66

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

			Special and Non-Recurring Items
Unaudited	9 Mos. Ended 9/30/08 Reported (GAAP)		Merger Integration Costs		Access Line Spin- Off Related Charges		Impact of Divested Operations		Severance, Pension and Benefit Charges	9 Mos. Ended 9/30/08 Before Special Items
Operating Revenues	$            72,709	$	-	$	-	$	(258)	$	-	$          72,451
Operating Expenses
Cost of services and sales	29,031		(18)		(16)		(101)		-	28,896
Selling, general & administrative expense	19,808		(97)		(87)		(53)		(265)	19,306
Depreciation and amortization expense	10,818		-		-		(60)		-	10,758
Total Operating Expenses	59,657		(115)		(103)		(214)		(265)	58,960
Operating Income	13,052		115		103		(44)		265	13,491
Operating income impact of divested operations	-		-		-		44		-	44
Equity in earnings of unconsolidated businesses	458		-		-		-		-	458
Other income and (expense), net	220		-		-		-		-	220
Interest expense	(1,302)		-		-		-		-	(1,302)
Income Before Provision for Income Taxes	12,428		115		103		-		265	12,911
Provision for income taxes	(2,776)		(43)		(22)		-		(101)	(2,942)
Net Income	$              9,652	$	72	$	81	$	-	$	164	$            9,969
Net Income Attributable To Noncontrolling Interest	4,459		-		-		-		-	4,459
Net Income Attributable To Verizon	5,193		72		81		-		164	5,510
Net Income	$              9,652	$	72	$	81	$	-	$	164	$            9,969
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$                1.82	$	.02	$	.03	$	-	$	.06	$              1.93
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$                1.82	$	.02	$	.03	$	-	$	.06	$              1.93

Footnote:

(1) EPS totals may not add due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

			Special and Non-Recurring Items
Unaudited	3 Mos. Ended 12/31/08 Reported (GAAP)		Merger Integration Costs		Severance, Pension and Benefit Charges		Investment - Related Charges	3 Mos. Ended 12/31/08 Before Special Items
Operating Revenues	$        24,645	$	-	$	-	$	-	$    24,645
Operating Expenses
Cost of services and sales	9,976		(6)		(65)		-	9,905
Selling, general & administrative expense	7,090		(53)		(620)		-	6,417
Depreciation and amortization expense	3,747		-		-		-	3,747
Total Operating Expenses	20,813		(59)		(685)		-	20,069
Operating Income	3,832		59		685		-	4,576
Equity in earnings of unconsolidated businesses	109		-		-		-	109
Other income and (expense), net	62		-		-		48	110
Interest expense	(517)		-		-		-	(517)
Income Before Provision for Income Taxes	3,486		59		685		48	4,278
Provision for income taxes	(555)		(22)		(261)		(17)	(855)
Net Income	$          2,931	$	37	$	424	$	31	$      3,423
Net Income Attributable To Noncontrolling Interest	1,696		2		-		-	1,698
Net Income Attributable To Verizon	1,235		35		424		31	1,725
Net Income	$          2,931	$	37	$	424	$	31	$      3,423
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$              .43	$	.01	$	.15	$	.01	$           .61
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$              .43	$	.01	$	.15	$	.01	$           .61

Footnote:

(1) EPS totals may not add across due to rounding.

Verizon Communications Inc.

Condensed Consolidated Statements of Income - Reconciliations

(dollars in millions, except per share amounts)

		Special and Non-Recurring Items
Unaudited	12 Mos. Ended 12/31/08 Reported (GAAP)	Merger Integration Costs			Access Line Spin- Off Related Charges			Investment- Related Charges			Severance, Pension and Benefit Charges			Impact of Divested Operations			12 Mos. Ended 12/31/08 Before Special Items
Operating Revenues	$              97,354	$	-		$	-		$	-		$	-		$	(258	)	$          97,096
Operating Expenses
Cost of services and sales	39,007		(24	)		(16	)		-			(65	)		(101	)	38,801
Selling, general & administrative expense	26,898		(150	)		(87	)		-			(885	)		(53	)	25,723
Depreciation and amortization expense	14,565		-			-			-			-			(60	)	14,505
Total Operating Expenses	80,470		(174	)		(103	)		-			(950	)		(214	)	79,029
Operating Income	16,884		174			103			-			950			(44	)	18,067
Operating income impact of divested operations	-		-			-			-			-			44		44
Equity in earnings of unconsolidated businesses	567		-			-			-			-			-		567
Other income and (expense), net	282		-			-			48			-			-		330
Interest expense	(1,819)		-			-			-			-			-		(1,819)
Income Before Provision for Income Taxes	15,914		174			103			48			950			-		17,189
Provision for income taxes	(3,331)		(65	)		(22	)		(17	)		(362	)		-		(3,797)
Net Income	$              12,583	$	109		$	81		$	31		$	588		$	-		$          13,392
Net Income Attributable To Noncontrolling Interest	6,155		2			-			-			-			-		6,157
Net Income Attributable To Verizon	6,428		107			81			31			588			-		7,235
Net Income	$              12,583	$	109		$	81		$	31		$	588		$	-		$          13,392
Basic Earnings per Common Share (1)
Net income attributable to Verizon	$                  2.26	$	.03		$	.03		$	.01		$	.21		$	-		$              2.54
Diluted Earnings per Common Share (1)
Net income attributable to Verizon	$                  2.26	$	.03		$	.03		$	.01		$	.21		$	-		$              2.54

Footnote:

(1) EPS totals may not add due to rounding.

EX-99.2

Exhibit 99.2

Verizon Communications Inc.

Pro Forma Combined Selected Financial Results

For the Year Ended December 31, 2008

		(dollars in millions)
	Historical	Pro Forma
Unaudited	Verizon (1)	Adjustments (2)	Combined
Operating Revenues	$    97,096	$      9,156	$  106,252
Operating Expenses
Cost of services and sales	$38,801	$      2,497	$    41,298
Selling, general & administrative expense	25,723	3,210	28,933
Depreciation and amortization expense	14,505	1,155	15,660
Total Operating Expenses	79,029	6,862	85,891
Operating Income	$    18,067	$      2,294	$    20,361

For the Year Ended December 31, 2008 by Quarter

				(dollars in millions)
	2008 (2)
Unaudited	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	Annual
Operating Revenues	$    25,752	$    26,366	$    27,099	$    27,035	$  106,252
Y/Y % Change	6.1	5.3	5.8	5.2	5.6
Operating Expenses
Cost of services and sales	$    10,006	$    10,068	$    10,676	$    10,548	$    41,298
Selling, general & administrative expense	6,992	7,265	7,409	7,267	28,933
Depreciation and amortization expense	3,811	3,872	3,941	4,036	15,660
Total Operating Expenses	20,809	21,205	22,026	21,851	85,891
Operating Income	$      4,943	$      5,161	$      5,073	$      5,184	$    20,361
Y/Y % Change	15.8	12.1	6.8	10.5	11.2

(1) Selected financial results before special items adjusted for the adoption of SFAS No. 160, which requires that net income be reported on a consolidated basis and then attributed to controlling and noncontrolling interests. See www.verizon.com/investor for a reconciliation of these non-GAAP measures.

(2) The unaudited pro forma information contains the actual combined operating results of Verizon and Alltel Corporation (Alltel), with the results as of January 1, 2008 adjusted to include the pro forma impact of the elimination of transactions between Verizon and Alltel; conforming adjustments consisting primarily of reclassifications between service revenue and equipment and other revenue, as well as between cost of service and selling, general and administrative expenses to conform with Verizon’s classification of these items in its statement of income; the elimination of management fees paid by Alltel to its former owners for ongoing consulting and management advisory services; and the adjustment of amortization of acquired intangible assets and depreciation of fixed assets based on the preliminary purchase price allocation.

Verizon Communications Inc.

Wireless Pro Forma Selected Financial Results

For the Year Ended December 31, 2008

	(dollars in millions)
	Historical	Pro Forma
Unaudited	Verizon     Wireless	Adjustments (1)	Combined
Revenues
Service revenues	$              42,635	$            7,082	$    49,717
Equipment and other	6,697	2,158	8,855
Total Revenues	49,332	9,240	58,572
Operating Expenses
Cost of services and sales	$              15,660	$            2,581	$    18,241
Selling, general & administrative expense	14,273	3,210	17,483
Depreciation and amortization expense	5,405	1,155	6,560
Total Operating Expenses	35,338	6,946	42,284
Operating Income	$              13,994	$            2,294	$    16,288

For the Year Ended December 31, 2008 by Quarter

				(dollars in millions)
	2008 (1)
Unaudited	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	Annual
Revenues
Service revenues	$              11,828	$          12,242	$    12,750	$    12,897	$    49,717
Equipment and other	2,043	2,140	2,316	2,356	8,855
Total Revenues	13,871	14,382	15,066	15,253	58,572
Y/Y % Change	12.9	11.4	12.1	12.3	12.2
Operating Expenses
Cost of services and sales	$                4,221	$            4,375	$      4,832	$      4,813	$    18,241
Selling, general & administrative expense	4,284	4,354	4,528	4,317	17,483
Depreciation and amortization expense	1,588	1,612	1,655	1,705	6,560
Total Operating Expenses	10,093	10,341	11,015	10,835	42,284
Operating Income	$                3,778	$            4,041	$      4,051	$      4,418	$    16,288
Y/Y % Change	20.3	16.1	14.3	29.9	20.1

(1) The unaudited pro forma information contains the actual combined operating results of Verizon Wireless and Alltel Corporation (Alltel), with the results as of January 1, 2008 adjusted to include the pro forma impact of the elimination of transactions between Verizon Wireless and Alltel; conforming adjustments consisting primarily of reclassifications between service revenue and equipment and other revenue, as well as between cost of service and selling, general and administrative expenses to conform with Verizon Wireless’ classification of these items in its statement of income; the elimination of management fees paid by Alltel to its former owners for ongoing consulting and management advisory services; and the adjustment of amortization of acquired intangible assets and depreciation of fixed assets based on the preliminary purchase price allocation.

Verizon Communications Inc.

Verizon Wireless - Pro Forma Selected Financial and Operational Metrics (Unaudited)

  (dollars in millions, except ARPU and Customer data)

	2008
	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
Total Service ARPU	$50.17	$50.81	$51.45	$50.98
Total Data Revenues	$2,667	$2,934	$3,203	$3,418
Total Data ARPU	$11.31	$12.18	$12.92	$13.51
Sequential Change	N/A	$0.87	$0.74	$0.59
Total Data as a % of Service Revenues	22.5	24.0	25.1	26.5
Total Customers (000)	79,472	81,278	83,704	85,275
Total Net Adds (000) (1)	1,772	1,806	2,426	1,571
Total Churn	1.31%	1.23%	1.43%	1.46%
Retail Customers (000)	77,084	78,894	81,329	82,834
Retail Net Adds (000) (2)	1,797	1,810	2,435	1,505
Retail Churn	1.29%	1.22%	1.43%	1.47%
Retail Postpaid Customers (000)	72,610	74,293	76,622	77,965
Retail Postpaid Net Adds (000) (3)	1,445	1,683	2,329	1,343
Retail Postpaid Churn	0.99%	0.89%	1.08%	1.10%
Cash Expense per Customer	$27.41	$27.35	$28.42	$26.77
(dollars in millions, except Cash Expense per Customer)
	2008
Unaudited	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
Domestic Wireless Cash Expense Per Customer
Domestic Wireless Cost of Services and Sales	$4,221	$4,375	$4,832	$4,813
Domestic Wireless Selling, General & Administrative Expense	4,284	4,354	4,528	4,317
Less Equipment and Other Revenue	(2,043)	(2,140)	(2,316)	(2,356)
Cash Expense	$6,462	$6,589	$7,044	$6,774
Cumulative Average Customer (millions)	235.75	240.90	247.82	252.97
Cash Expense Per Customer	$27.41	$27.35	$28.42	$26.77

Footnotes:

(1) Includes acquisitions and adjustments of 46,000, 646,000 and (122,000) in the second, third and fourth quarter of 2008, respectively.

(2) Includes acquisitions and adjustments of 46,000, 627,000 and (139,000) in the second, third and fourth quarter of 2008, respectively.

(3) Includes acquisitions and adjustments of 46,000, 606,000 and (130,000) in the second, third and fourth quarter of 2008, respectively.