What the changes say
- Cybersecurity now highlights AI-driven attacks; a widespread early-2026 outage makes network resilience especially concrete.
- Transformation initiatives and AI integration create execution, cost-saving, and implementation risk.
- Economic risk expands to trade, tariffs, geopolitical conditions, government workforce cuts, and customers’ payment capacity.
- Shareholder returns face uncertainty as $25 billion repurchases and dividend increases depend on cash, markets, and Board decisions.
What changed since the prior 10-K
New
- NewEconomic and Strategic Risks
If we are not able to take advantage of developments in technology and address changing consumer demand on a timely basis, we may experience a decline in the demand for our services, be unable to implement our business strategy and experience reduced profits
Rapid technology changes and shifting customer demand could make Verizon’s services obsolete, reduce customers, or make new offerings unprofitable.
- NewEconomic and Strategic Risks
Adverse conditions in the U.S. and international economies, changes to international trade and tariff policies and related economic and geopolitical factors could impact our results of operations and financial condition
Recession, inflation, tariffs, trade policy, geopolitics, government cost reductions, and customer payment difficulties could weaken demand and results.
- NewOperational Risks
The rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks by increasing the frequency and severity of cyberattacks against us or other companies and by making cyberattacks more difficult to detect, contain or mitigate
AI could increase the frequency, severity, persistence, and difficulty of detecting or containing cyberattacks against Verizon.
- NewOperational Risks
Our long-term success depends on our ability to implement business transformation initiatives and achieve their anticipated benefits
Business transformation initiatives, including AI integration, may cost more, take longer, or fail to deliver expected efficiencies and savings.
- NewOperational Risks
System failures and disruptions to our networks and operations could prevent us from providing reliable service to customers and adversely affect our business
Power outages, disasters, extreme weather, hostile acts, equipment failures, human error, or supplier disruptions could interrupt Verizon’s networks and service.
- NewFinancial Risks
There can be no assurance that our current or future share repurchase programs will be fully consummated or that we will continue to increase our dividend
Verizon may not complete its authorized $25 billion repurchase program or achieve expected shareholder value from repurchases.
- NewFinancial Risks
Although historically we have announced regular cash dividends and annually increased our dividend, future dividend increases and payments are subject to declaration by the Company’s Board of Directors and could vary from our historical practices and stated expectations
Future dividend increases or payments may differ from historical practice, while shareholder returns reduce cash available for growth and strategic opportunities.
Dropped
- DroppedEconomic and Strategic Risks
Adverse conditions in the U.S. and international economies could impact our results of operations and financial condition
- DroppedOperational Risks
Natural disasters, extreme weather conditions, acts of war, terrorist or other hostile acts could cause damage to our infrastructure and result in significant disruptions to our operations
Covered recession, inflation, and economic pressure reducing demand and raising operating costs.
- DroppedOperational Risks
Public health crises could materially adversely affect our business, financial condition and results of operations
Reworded
- 72% rewrittenRegulatory and Legal Risks
Changes in the regulatory framework under which we operate could adversely affect our business prospects or results of operations
The update emphasizes changing regulations, enforcement inquiries, limits on expansion and new products, and the need to maintain licenses.
- 66% rewrittenEconomic and Strategic Risks
We face significant competition that may negatively affect our operating results
The competitor examples no longer specifically mention application and device providers; the substance otherwise remains unchanged.
- 29% rewrittenOperational Risks
A significant portion of our workforce is represented by labor unions, and we could incur additional costs or experience work stoppages as a result of the renegotiation of our labor contracts
Union representation increased from approximately 25% to 27% of the workforce as of December 31, 2025.
- 27% rewrittenFinancial Risks
Verizon has a significant amount of debt, which could increase further if we incur additional debt in the future and do not retire existing debt
Year-end unsecured debt rose from $117.9 billion to $131.1 billion and secured debt from $26.1 billion to $27.1 billion.
Was: Verizon has significant debt, which could increase further if we incur additional debt in the future and do not retire existing debt
- 25% rewrittenOperational Risks
Cyberattacks impacting our networks or systems could have an adverse effect on our business
No substantive wording change; the risk still covers ransomware, malware, denial-of-service attacks, credential theft, and state-sponsored actors.
- 21% rewrittenFinancial Risks
Increases in costs for pension benefits and active and retiree healthcare benefits may reduce our profitability and increase our funding commitments
Eligible employees declined from approximately 99,600 to 89,900, while eligible retirees declined from approximately 179,700 to 179,400.
All 20 risk factors
Headings as the filing states them, in filing order.
Economic and Strategic Risks
- 01We face significant competition that may negatively affect our operating results66% rewritten
- 02If we are not able to take advantage of developments in technology and address changing consumer demand on a timely basis, we may experience a decline in the demand for our services, be unable to implement our business strategy and experience reduced profitsNew
- 03Adverse conditions in the U.S. and international economies, changes to international trade and tariff policies and related economic and geopolitical factors could impact our results of operations and financial conditionNew
Operational Risks
- 04Cyberattacks impacting our networks or systems could have an adverse effect on our business25% rewritten
- 05The rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks by increasing the frequency and severity of cyberattacks against us or other companies and by making cyberattacks more difficult to detect, contain or mitigateNew
- 06Our long-term success depends on our ability to implement business transformation initiatives and achieve their anticipated benefitsNew
- 07System failures and disruptions to our networks and operations could prevent us from providing reliable service to customers and adversely affect our businessNew
- 08We depend on key suppliers and vendors to provide services and equipment that we need to operate our business
- 09A significant portion of our workforce is represented by labor unions, and we could incur additional costs or experience work stoppages as a result of the renegotiation of our labor contracts29% rewritten
- 10We believe that our reputation and brands significantly contribute to the success of our business and our relationships with our customers, employees and other stakeholders
Regulatory and Legal Risks
- 11Changes in the regulatory framework under which we operate could adversely affect our business prospects or results of operations72% rewritten
- 12Our business may be impacted by changes in tax laws and regulations, or their interpretations, and challenges to our tax positions
- 13We are subject to a substantial amount of litigation, which could require us to pay significant damages or settlements
- 14Allegations related to lead sheathed copper cables in our copper network infrastructure could expose us to regulatory scrutiny, litigation, penalties, removal and compliance costs, operational impact or reputational damage
Financial Risks
- 15Verizon has a significant amount of debt, which could increase further if we incur additional debt in the future and do not retire existing debt27% rewritten
- 16Adverse changes in the financial markets and other factors could increase our borrowing costs and reduce the availability of financing
- 17Increases in costs for pension benefits and active and retiree healthcare benefits may reduce our profitability and increase our funding commitments21% rewritten
- 18There can be no assurance that our current or future share repurchase programs will be fully consummated or that we will continue to increase our dividendNew
- 19Although historically we have announced regular cash dividends and annually increased our dividend, future dividend increases and payments are subject to declaration by the Company’s Board of Directors and could vary from our historical practices and stated expectationsNew
- 20We are subject to risks associated with mergers, acquisitions, divestitures and other strategic transactions
Other Verizon Communications 10-Ks
- FY2024 10-K risk factors17 risks
5G deployment, network resilience and cybersecurity dominate Verizon’s operational risks.
Filed Feb 12, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.