Verizon Communications Inc. (NYSE: VZ)

Verizon is the second-largest U.S. wireless carrier with about 115 million connections, and it also operates the largest fiber-optic network (Fios) in the northeastern U.S. Annual revenue is approximately $134 billion. The company's network quality has historically been its differentiator, though T-Mobile has closed the gap significantly. Verizon also owns TracFone, the largest prepaid wireless provider in the U.S.

Wireless (Consumer and Business) generates about 75% of revenue through postpaid and prepaid subscriptions. Fios (fiber broadband and TV) provides the wireline consumer business. Verizon Business serves enterprise customers with networking, security, and managed services. The company carries significant debt (~$150 billion) from spectrum purchases and network buildouts.

Verizon was formed in 2000 from the merger of Bell Atlantic and GTE — two descendants of the original AT&T/Bell System breakup. The company acquired Vodafone's 45% stake in Verizon Wireless in 2014 for $130 billion — one of the largest deals in corporate history. The ill-fated acquisitions of AOL (2015) and Yahoo (2017) for a combined $9 billion were eventually written down and sold. Hans Vestberg has been CEO since 2018.