Verizon
One of America's largest telecom companies, formed in 2000 from the $60 billion Bell Atlantic–GTE merger; ranked second-lowest on Accountable.US's 2022 democracy scorecard, dropped from the Dow Jones in June 2026, and now refocusing on wireless and fiber under CEO Dan Schulman.
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- Location
- New York, New York
- Country
- United States
- What it is
- U.S. telecommunications company; one of the country's largest communications providers, selling wireless, FiOS fiber broadband, and business and government network services
- Founded
- 2000, from the $60 billion merger of Bell Atlantic and GTE; the name blends veritas (Latin, "truth") and horizon
- Headquarters
- Corporate: 1095 Avenue of the Americas, New York, NY; operational: Basking Ridge, New Jersey
- Chief executive
- Dan Schulman, appointed effective October 4, 2025, succeeding Hans Vestberg; independent board chair Mark Bertolini
- Scale
- 2025 revenue $138.2 billion; about 147 million wireless retail connections; 17.1 million fixed wireless and fiber broadband connections; Fortune 500 rank 28
- Stock
- VZ on the NYSE and Nasdaq; a Dow Jones Industrial Average component from 2004 until June 2026
- Media legacy
- Sold Verizon Media (AOL, Yahoo) to Apollo Global Management in 2021 for $5 billion, retaining a 10% stake in the renamed Yahoo
Overview
Verizon Communications is one of America’s largest telecommunications companies — a wireless-first carrier with 2025 revenue of $138.2 billion and about 147 million wireless retail connections, formed in 2000 from the $60 billion merger of Bell Atlantic and GTE (Verizon Fact Sheet; Britannica). It spent 22 years in the Dow Jones Industrial Average before Alphabet replaced it in June 2026, ranked second-lowest on Accountable.US’s 2022 American Democracy Scorecard, and is now rebuilding around fiber and 5G under CEO Dan Schulman (Tech Times; Fast Company; Data Center Dynamics).
The company is headquartered in New York City, trades on the NYSE and Nasdaq under the ticker VZ, and reports two segments: consumer services (wireless, FiOS broadband and TV, fixed wireless home internet) and business and government services (Verizon Fact Sheet; Britannica). It ranked 28th on the Fortune 500 and has increased its dividend for 20 consecutive years (Verizon Fact Sheet).
| Verizon at a glance | |
|---|---|
| Founded | 2000, from the Bell Atlantic–GTE merger (Britannica) |
| Name origin | Portmanteau of veritas (Latin, “truth”) and horizon (Britannica) |
| Headquarters | New York City (corporate); Basking Ridge, New Jersey (operational) (Verizon Fact Sheet) |
| Chief executive | Dan Schulman (since October 4, 2025); chair Mark Bertolini (Verizon Proxy) |
| 2025 revenue | $138.2 billion (Verizon Fact Sheet) |
| Scale | ~147M wireless retail connections; 17.1M fixed wireless + fiber broadband connections (Verizon Fact Sheet) |
| Stock | VZ (NYSE, Nasdaq); Dow member 2004–2026 (Verizon Fact Sheet; Tech Times) |
From the Bell breakup to a national carrier
Verizon’s roots run to the 1982 antitrust settlement that broke up AT&T’s Bell System, when its local operations were divided among seven regional “Baby Bells” — including Bell Atlantic, serving Pennsylvania, New Jersey, Delaware, Maryland, Virginia, and West Virginia (Britannica). After the Telecommunications Act of 1996 loosened industry rules, Bell Atlantic merged with fellow Baby Bell NYNEX, extending its territory into New York and New England and moving its headquarters from Philadelphia to New York City (Britannica). In 1998 Bell Atlantic agreed to merge with GTE — then one of the largest local phone companies in America, operating in 29 states — and the $60 billion transaction closed in 2000, creating Verizon (Britannica).
Wireless was central from the start: a 1999 Bell Atlantic–Vodafone joint venture combined Bell Atlantic’s wireless assets with Vodafone’s AirTouch and PrimeCo, under Verizon majority ownership and management control (Britannica). The early 2000s brought the first U.S. 3G launch (2002), the FiOS fiber network (2004, after roughly $23 billion of buildout), the $8.5 billion MCI acquisition that became Verizon Business (2006), and 4G LTE (2010) (Britannica). In 2011 Ivan Seidenberg handed the CEO role to Lowell McAdam, and in 2013 Verizon bought Vodafone’s 45% wireless stake for about $130 billion — one of the largest corporate buyouts ever — taking full ownership of Verizon Wireless (Britannica).
The media detour and the fiber-first return
In the mid-2010s Verizon bet that digital media could offset slowing telecom growth: it bought AOL for about $4.4 billion in 2015 and Yahoo’s core internet business for about $4.48 billion in 2017, combining them as Oath and later Verizon Media (Britannica). The bet failed decisively — the Associated Press reported Verizon spent about $9 billion on the two acquisitions and then wrote down Oath’s value by roughly the $4.5 billion it had paid for Yahoo, conceding it could not challenge Google and Facebook in digital advertising (Associated Press). In May 2021 Verizon sold Verizon Media to Apollo Global Management for $5 billion ($4.25 billion in cash plus $750 million in preferred interests), kept a 10% stake in the renamed Yahoo, and refocused on networks (Associated Press; Verizon/GlobeNewswire).
The refocus accelerated under Hans Vestberg (CEO from 2018, who also bought prepaid carrier TracFone for about $6.3 billion) and then Dan Schulman, the former PayPal chief and board member since 2018 who took over on October 4, 2025 (Britannica; SDxCentral; Verizon Proxy). Weeks after arriving, Schulman announced more than 13,000 job cuts — about 13% of the workforce — in a turnaround targeting $5 billion in annual operating-expense reductions by end-2026 (Data Center Dynamics).
The full-circle move came in fiber. Having sold much of its rural and exurban wireline business to Frontier Communications in the 2010s, Verizon agreed in September 2024 to buy the entire company for about $20 billion (Britannica; TheStreet). To clear regulators it rolled back its diversity, equity, and inclusion policies for May 2025 FCC approval and promised California 75,000 new fiber locations, 25 rural wireless towers, and free low-income internet for at least a decade (TheStreet). The deal closed in January 2026, giving Verizon roughly 30 million fiber passings across 31 states and Washington, D.C., with a stated goal of 40–50 million over the medium term (Converge Digest; Data Center Dynamics). That same year, Alphabet (GOOGL) replaced Verizon in the Dow Jones on June 29, 2026, ending a 22-year run — S&P Dow Jones Indices cited Verizon’s low share price, which had shrunk its index weight to about 0.5% — and Schulman’s contract was extended through 2028 (Tech Times; Morningstar).
The 2022 American Democracy Scorecard
In September 2022, the watchdog group Accountable.US unveiled the American Democracy Scorecard, grading the top 100 Fortune 500 companies on 14 criteria covering pro-democracy statements, spending-disclosure transparency, and PAC donations to federal lawmakers who opposed voting-rights legislation, backed 2020-election objections, or opposed the January 6 committee — plus contributions to state officials backing restrictive voting measures or 2020 audits (Fast Company). Two-thirds of the companies failed; AT&T was the lowest scorer, Verizon the second-lowest, with Charter Communications and Comcast also in the bottom ten — making telecommunications the worst-ranked industry (Fast Company).
Its data showed $6.2 million in Fortune 100 donations to state legislators backing restrictive voting laws, $988,059 to state lawmakers supporting post-2020 election audits, $19.2 million to federal lawmakers opposing the January 6 commission, and $5.7 million to members of Congress voting to overturn the election; 33 of the 50 companies that had paused giving to election objectors later resumed it (Fast Company). Home Depot was the top donor to federal lawmakers who voted to overturn the election, at more than $350,000 (Fast Company). Accountable.US president Kyle Herrig wrote directly to CEOs — including AT&T’s John Stankey — urging alignment of actions with stated values, while director Lindsey Melki called the scorecard a “living tool” and the group planned a six-figure digital media campaign; no telecom company responded to a comment request before publication (Fast Company).
Frequently asked questions
When was Verizon founded, and how did it get its name? Verizon was formed in 2000 when the $60 billion Bell Atlantic–GTE merger closed. The brand name, announced that April, blends veritas (Latin, “truth”) and horizon — meant to signal integrity and future possibility, though analysts at the time were unkind about the mash-up (Britannica; Motley Fool).
Who is Verizon’s current CEO? Dan Schulman — former PayPal CEO and a Verizon board member since 2018 — became chief executive on October 4, 2025, succeeding Hans Vestberg, who was named special advisor. Schulman’s turnaround playbook — job cuts, fiber expansion, and AI-led efficiency — earned him a contract extension through December 31, 2028 (Verizon Proxy; SDxCentral; Morningstar).
Why was Verizon removed from the Dow Jones Industrial Average in 2026? S&P Dow Jones Indices announced on June 23, 2026, that Alphabet (GOOGL) would replace Verizon before the open on June 29, ending a 22-year run. Because the Dow is price-weighted, Verizon’s low share price had shrunk its weight to about 0.5% — index arithmetic, not a collapse of the business (Tech Times).
Why did Verizon rank so low on the 2022 American Democracy Scorecard? Accountable.US graded the top 100 Fortune 500 companies on 14 democracy criteria, including spending transparency and PAC donations to lawmakers who opposed voting-rights legislation or backed 2020-election objections. Under that methodology Verizon scored second-lowest, after AT&T — the group’s assessment, not a legal finding — and the company did not respond to a comment request (Fast Company).
What this profile does not claim
This profile does not present the American Democracy Scorecard’s rankings as anything other than Accountable.US’s own methodology applied to public campaign-finance data — a second-lowest score is the group’s assessment, not a legal finding, and the group itself described the tool as something companies could improve on. It does not state a current Verizon employee count, because the company does not publish one on its fact sheet. It does not claim the FCC’s Frontier-approval conditions (including the DEI-policy rollback) remain unchanged, only that they were the reported terms of approval. It does not cover Verizon’s current consumer pricing, plans, or investment merits. And it flags, without resolving, the one source disagreement found: Britannica dates the Frontier closing to 2025, while Verizon’s own proxy and contemporaneous trade press date it to January 2026.
Timeline
- 1984
- Bell Atlantic is created as one of the seven "Baby Bell" regional carriers from the breakup of AT&T's Bell System.
- 1996
- Bell Atlantic merges with fellow Baby Bell NYNEX, extending its territory into New York and New England and moving its headquarters from Philadelphia to New York City.
- 2000
- The $60 billion Bell Atlantic–GTE merger closes; the combined company takes the name Verizon, and Verizon Wireless becomes the country's leading wireless venture under majority Verizon ownership.
- 2004
- Verizon launches its FiOS fiber-optic network and joins the Dow Jones Industrial Average, replacing AT&T.
- 2006
- Verizon acquires MCI Communications for $8.5 billion; the legacy MCI business is reorganized as Verizon Business.
- 2013
- Verizon buys Vodafone's 45% stake in Verizon Wireless for about $130 billion, taking full ownership of its wireless business.
- 2015
- Verizon buys AOL for about $4.4 billion, acquiring brands including The Huffington Post and TechCrunch plus mobile advertising technology.
- 2017
- Verizon closes its acquisition of Yahoo's core internet business for about $4.48 billion; AOL and Yahoo are combined as Oath.
- 2018
- Hans Vestberg becomes CEO; the company takes a roughly $4.5 billion writedown on Oath after the media bet fails to challenge Google and Facebook.
- 2021
- Verizon sells Verizon Media to Apollo Global Management for $5 billion, keeping a 10% stake in the renamed Yahoo; it buys prepaid carrier TracFone Wireless for about $6.3 billion.
- 2022
- Accountable.US unveils its American Democracy Scorecard: Verizon ranks second-lowest after AT&T, and telecommunications is the worst-ranked industry.
- 2025
- Dan Schulman becomes CEO on October 4, succeeding Vestberg; the FCC approves the roughly $20 billion Frontier acquisition, and Verizon confirms it will cut more than 13,000 jobs.
- 2026
- The Frontier acquisition closes in January; Alphabet replaces Verizon in the Dow Jones Industrial Average on June 29, ending a 22-year run; Schulman's contract is extended through 2028.
What we could not verify
These claims came up in research and could not be confirmed. They are recorded here rather than published as fact or quietly dropped. If you hold a source that settles one, please tell us.
- Britannica states the Frontier acquisition "closed in 2025," while Verizon's own 2026 proxy statement and contemporaneous trade reports date the closing to January 2026; this profile uses January 2026.
- Verizon's fact sheet states no current employee count, so none is asserted; trade press from late 2025 implies a workforce near 100,000, but that figure was not verified against a primary source.
Sources
13 sources (2 tier 1, 8 tier 2, 3 first-party), each opened and read against the claim it supports. Statements the subject makes about itself are marked as such and are not treated as independent evidence. See the source policy.
Anchored on tier1 sources read in full: Encyclopaedia Britannica's fact-checked Verizon history and the Associated Press's 2021 reporting on the Apollo sale. First-party material (Verizon's 2026 proxy statement and company fact sheet) is used only for uncontested facts such as dates, figures, and leadership. Wikipedia served as a lead index only and is not cited. One disagreement between sources — Britannica's dating of the Frontier closing — is flagged in openItems rather than silently resolved.
- Supports: Formation from the Bell Atlantic–GTE merger; name origin; Baby Bell and NYNEX origins; business segments; FiOS buildout and cost; wireline divestitures to Frontier and FairPoint; MCI acquisition; Seidenberg-to-McAdam transition; $130B Vodafone buyout; AOL and Yahoo acquisitions and the Apollo sale; Vestberg and Schulman successions; TracFone; Frontier agreement and the FCC's DEI conditions; subscriber and revenue scale. Open original source
- Supports: May 2021 sale of Verizon Media to Apollo for $5B with a retained 10% stake and the Yahoo renaming; ~$9B total AOL-plus-Yahoo spend; the roughly $4.5B Oath writedown; $4.25B cash plus $750M in preferred interests; Tumblr and HuffPost disposals; properties included (Yahoo Finance, Yahoo Mail, Engadget, TechCrunch). Open original source
- Supports: September 2022 unveiling of the American Democracy Scorecard; Verizon ranked second-lowest after AT&T; telecom the worst-ranked industry; 14 grading criteria; two-thirds of the top 100 failed; worst-ten list; $6.2M/$988,059/$19.2M/$5.7M donation figures; 33 of 50 resumed giving; Home Depot's $350,000+; Herrig letters; Melki quotes; six-figure media campaign; no comment from telecom companies. Open original source
- Supports: Schulman's background (PayPal CEO for nearly a decade, earlier roles at AT&T, Virgin Mobile, Priceline, American Express; Verizon board member since 2018); Vestberg's eight-year run through the 5G era including the $52B C-Band spectrum purchase of 2021. Open original source
- Supports: Acquisition closed at ~$20B including assumed debt; combined footprint of roughly 30M fiber passings; Frontier fiber network plus Verizon Fios as the combined assets; Schulman's employee letter on the close. Open original source
- Supports: Deal completed and first announced September 2024; footprint reaching 31 states plus D.C.; Frontier's 2021 Chapter 11 exit and Q3 2025 fiber growth (133,000 adds, +20.2%); DEI-policy rollback in May 2025 to win FCC approval; California concessions (75,000 fiber locations, 25 towers, free low-income internet for at least a decade). Open original source
- Supports: 13,000 job cuts confirmed in November 2025; Schulman's "turnaround" framing; capex guidance cut to $16–16.5B from $17B in 2025; post-deal scale (16.3M FWA+fiber connections, 10.5M fiber customers, ~30M locations across 31 states and D.C.); 40–50M fiber passings goal; Tillman/Eaton Fiber buildout partnership. Open original source
- Supports: Alphabet (GOOGL) replaced Verizon in the Dow on June 29, 2026, ending a 22-year run; swap announced by S&P Dow Jones Indices on June 23; Verizon's ~0.5% index weight from its lower share price; price-weighted mechanics of the index. Open original source
- Supports: Schulman's employment pact extended through December 31, 2028, with annual extensions after; ~$34.3M total 2025 compensation ($375,000 salary, $32.8M in stock awards) per the proxy. Open original source
- Two Major Mobile Milestones Tier 2Supports: Verizon brand announced April 3, 2000 alongside the Vodafone wireless partnership; Dow Jones inclusion four years later (2004), replacing longtime component AT&T. Open original source
- Proxy Statement 2026 First-partySupports: Schulman appointed CEO effective October 4, 2025, with Vestberg stepping down as chairman and CEO and named special advisor; Bertolini as independent chair; Frontier closing dated January 2026; Q4 2025 highest quarterly volume since 2019 (1M+ net additions); 20th consecutive year of dividend increases; $25B buyback authorization. Open original source
- Verizon Fact Sheet First-partySupports: 2025 revenue $138.2B; CEO Dan H. Schulman; Fortune 500 rank 28; ticker VZ on NYSE and Nasdaq; ~147M wireless retail connections; 17.1M fixed wireless and fiber broadband connections; 20 consecutive years of dividend increases; corporate and operational HQ addresses. Open original source
- Verizon Media to be Acquired by Apollo Funds First-partySupports: Deal terms corroborating the AP account: $5B total, $4.25B cash plus $750M preferred interests, retained 10% stake, renamed Yahoo, expected H2 2021 close; Verizon formed June 30, 2000. Open original source
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