Verizon Communications Inc. is a holding company and a leading provider of communications, technology, information, and entertainment products and services. It operates through two reportable segments: Verizon Consumer Group (Consumer) and Verizon Business Group (Business). Consumer provides consumer-focused wireless and wireline services, including fixed wireless access (FWA) broadband. Business offers wireless and wireline services to businesses, government customers, and wireless/wireline carriers, including FWA broadband, data, video, conferencing, networking solutions, security, and managed network services. Verizon's networks and platforms aim to meet customer demand for mobility, network connectivity, and security.

Competitive Advantages: Verizon emphasizes its extensive wireless network coverage and consistent investment in network architecture and technologies, positioning itself as a leader in 4G and 5G. The company highlights network quality as central to its brand and competitive strategy.

Key Markets and Geographic Presence: Verizon primarily serves the U.S. market, with Consumer offering wireline services in nine Mid-Atlantic and Northeastern states plus Washington D.C., and Business offering select services globally. The company also has a presence in over 190 countries through its Global IP network.

Competitive Landscape: Verizon faces competition from other national and regional wireless carriers, resellers, cable companies, and technology companies offering alternative communication services. In the wireline market, competition comes from cable companies, other telecommunications providers, and satellite companies. The Business segment faces competition from global companies, system integrators, and hardware/software providers, particularly in the enterprise and public sectors.

• Employees: 105,400 (approximately, December 31, 2023)
• Geographic Footprint: Operates in over 190 countries (Business segment's Global IP Network)
• Headquarters: 1095 Avenue of the Americas, New York, New York 10036
• Founded: Not specified in 10-K
• Number of locations/facilities: Not specified in 10-K
• Revenue: $134.0 billion (FY2023)
• Market Capitalization: $156.3 billion (June 30, 2023)
• Key Subsidiaries or Brands: Verizon Wireless, Verizon Fios, Visible, AOL, Yahoo (some may be divested, see 10-K for details)
• Number of Shareholders: 421,493 (December 31, 2023)

• CEO: Hans Vestberg (Chairman and Chief Executive Officer)
• CFO: Anthony Skiadas (Executive Vice President and Chief Financial Officer)
• Board Chairman: Hans Vestberg
• Other Key Executives: Samantha Hammock (Executive Vice President and Chief Human Resources Officer), Kyle Malady (Executive Vice President and Group CEO - Verizon Business), Joseph Russo (Executive Vice President and President - Global Networks and Technology), Sowmyanarayan Sampath (Executive Vice President and Group CEO - Verizon Consumer), Craig Silliman (Executive Vice President and President - Verizon Global Services), Mary-Lee Stillwell (Senior Vice President and Controller), Vandana Venkatesh (Executive Vice President and Chief Legal Officer)

• Annual Revenue: $134.0 billion (FY2023)
• Net Income: $12.1 billion (FY2023)
• Market Cap: $156.3 billion (as of June 30, 2023)
• Total Assets: $380.3 billion (FY2023)
• Number of Employees: Approximately 105,400 (December 31, 2023)
• Key Financial Highlights: Decrease in revenue primarily due to decline in wireless equipment sales; decrease in operating expenses; increased operating income primarily due to cost reductions and improved efficiency.

Verizon offers a range of wireless and wireline products and services.

• Wireless Services: Postpaid and prepaid mobile services, fixed wireless access (FWA) broadband (5G and 4G LTE), smartphones, tablets, smartwatches, and other connected devices.
• Wireline Services (Consumer): Fios internet, video, and voice services delivered via fiber-optic network, traditional copper-based network services for non-Fios customers, and FWA broadband.
• Wireline Services (Business): FWA broadband, data, video, conferencing, corporate networking solutions, security and managed network services, local and long-distance voice, and network access for IoT services.
• Other Services: Device protection, content offerings, cloud storage, and other products (Consumer); global voice and data solutions, customer premise equipment, installation, maintenance, and site services, IoT services (Business).

Verizon operates through two reportable segments:

• Verizon Consumer Group (Consumer): Provides consumer-focused wireless and wireline services. Generated $101.6 billion in revenue in FY2023, representing 76% of total consolidated revenue.
• Verizon Business Group (Business): Provides wireless and wireline services to businesses, government, and carriers. Generated $30.1 billion in revenue in FY2023, representing 22% of total consolidated revenue.

Verizon's current strategy focuses on leveraging its high-performing networks to drive growth by meeting customer needs in the digital world. The company prioritizes consistent investment in network architecture and technologies, particularly 4G and 5G, emphasizing network quality as a key differentiator. Verizon aims to simplify operations, speed 5G deployment, and create new business opportunities through its Intelligent Edge Network architecture. The company's growth strategy includes capital investments in spectrum acquisition, network capacity expansion, fiber network development, and advanced information technology systems.

Verizon operates in the highly competitive telecommunications industry, competing with national and regional wireless carriers, cable companies, technology companies, and other providers. Key market trends include the increasing demand for data and broadband services, the proliferation of connected devices, and the development of 5G technology. The company also notes the increasing convergence of technologies and services within the industry.

Major Competitors: AT&T Inc., T-Mobile US, Inc., Comcast Corporation, Charter Communications, Inc., Microsoft Corporation, Alphabet Inc., Apple Inc., Meta Platforms, Inc.

• Intense Competition: Aggressive pricing, promotions, and bundled offerings from competitors put pressure on Verizon's pricing and margins. The growth of MVNOs and mergers among smaller providers also intensify competition.
• Technological Change: Rapid technological advancements require continuous adaptation and investment. Failure to keep pace with new technologies and consumer demand could lead to customer loss and reduced profits. Delays or issues with 5G deployment also pose a significant risk.
• Economic Conditions: Unfavorable economic conditions, such as recessions or inflation, can reduce demand for services and increase customer churn, particularly impacting discretionary spending on communications products.
• Cybersecurity Threats: Increasing cyberattacks pose a risk to network operations, data security, and customer information, potentially leading to financial losses, reputational damage, and business disruption.
• Lead Sheathed Cable Allegations: Allegations regarding lead sheathed copper cables in Verizon's network infrastructure could lead to regulatory scrutiny, litigation, penalties, removal costs, operational impacts, and reputational damage.