No Customer at Ten PercentWide moat

Verizon (VZ) — moat facet

No customer reaches a tenth of Verizon's revenue; about 147 million retail connections pay the bills, which protects the company from any one buyer and limits what each can be sold.

Verizon's revenue concentration is as low as a company can have. The 10-K states: "No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2025, 2024 or 2023"1. It had 146,953 thousand retail connections at 30 June 20262, and international revenue is not significant3.

Verizon customer concentration and breadthCustomers at 10% or more of revenue, 2023-20250Retail connections, 30 Jun 2026146,953 thousandConsumer wireless retail connections, end-2025about 116 millionPostpaid share of Consumer connections83%Postpaid ARPA, Q2 2026$168.35Verizon Form 10-K FY2025; Q2 2026 results release
No buyer carries the company.

The customer base is the whole American population, sliced into families. Consumer had about 116 million wireless retail connections, 83% of them postpaid4, and the average postpaid account paid $168.35 a month in service revenue in the June 2026 quarter5. No single account matters.

That diversity is the strength of the moat and the source of its limit. No customer can squeeze Verizon, but no customer can be sold much more either. Growth has to come from winning households from rivals or adding lines to existing ones, argued on Three Point Six Seven Lines a Family.

The largest counterparties are hidden in plain sight. The cable companies buy wholesale access under a long-term agreement6 and resell it, argued on Comcast and Charter: Customers Who Compete; governments and large enterprises sit in the Business segment, argued on Enterprise and Public Sector: Down a Tenth. Neither reaches 10% on its own.

The base is also broad by product. In June 2026 Verizon had 94,098 thousand postpaid phones, 10,913 thousand fibre and 6,208 thousand fixed wireless connections7, spread across millions of households. A customer base like that cannot negotiate with the company; it can only leave one account at a time, at a churn rate of 0.92% a month8.

Should any customer ever reach a tenth of revenue, the likeliest candidate is a wholesale buyer, and the filing would then have to name the market it came from.

Moat trajectory: Holding steady

No customer at 10% in 2023-2025.

The number that tests this moat
Reported
Retail connections, latest quarter
146,953 thousand (30 June 2026)

The breadth of the base; no customer at 10% of revenue in any of the last three years.

Source: Verizon Q2 2026 results release ↗
References
  1. ReportedThe 10-K states: "No single customer accounted for more than 10% of our total operating revenues during the years ended December 31, 2025, 2024 or 2023".
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: services, networks, employees and the Frontier and Starry acquisitions. — FY2025 · publ. 17 February 2026 · source ↗
  2. ReportedIt had 146,953 thousand retail connections at 30 June 2026, and international revenue is not significant.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - operating statistics: connections, net additions, churn, ARPA, upgrades and broadband. — Q2 2026 · publ. 24 July 2026 · source ↗
  3. ReportedIt had 146,953 thousand retail connections at 30 June 2026, and international revenue is not significant.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business: services, networks, employees and the Frontier and Starry acquisitions. — FY2025 · publ. 17 February 2026 · source ↗
  4. ReportedConsumer had about 116 million wireless retail connections, 83% of them postpaid, and the average postpaid account paid $168.35 a month in service revenue in the June 2026 quarter.
    Verizon Communications Inc. Form 10-K for fiscal 2025 (year ended 31 December 2025) - segment note (Note 13) and MD&A segment results: Consumer and Business revenue, operating income and costs. — FY2025 · publ. 17 February 2026 · source ↗
  5. ReportedConsumer had about 116 million wireless retail connections, 83% of them postpaid, and the average postpaid account paid $168.35 a month in service revenue in the June 2026 quarter.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - operating statistics: connections, net additions, churn, ARPA, upgrades and broadband. — Q2 2026 · publ. 24 July 2026 · source ↗
  6. ReportedThe cable companies buy wholesale access under a long-term agreement and resell it, argued on Comcast and Charter: Customers Who Compete; governments and large enterprises sit in the Business segment, argued on Enterprise and Public Sector: Down a Tenth.
    Verizon fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99 - full-year operating statistics, segment EBITDA, free cash flow 2020-2025 and 2026 guidance - income statement, segment EBITDA and highlights. — FY2025 · publ. 30 January 2026 · source ↗
  7. ReportedIn June 2026 Verizon had 94,098 thousand postpaid phones, 10,913 thousand fibre and 6,208 thousand fixed wireless connections, spread across millions of households.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - broadband statistics: fiber and fixed wireless connections and net additions. — Q2 2026 · publ. 24 July 2026 · source ↗
  8. ReportedA customer base like that cannot negotiate with the company; it can only leave one account at a time, at a churn rate of 0.92% a month.
    Verizon second-quarter 2026 results release, Form 8-K exhibit 99 - consolidated and segment results, operating statistics, cash flow, balance sheet and guidance - operating statistics: connections, net additions, churn, ARPA, upgrades and broadband. — Q2 2026 · publ. 24 July 2026 · source ↗
Sources
Generated September 29, 2026