Verizon plans fresh layoffs as it targets $5 billion in cost savings

Verizon is reportedly preparing to announce another round of layoffs on Thursday, as the telecom company moves ahead with a cost-cutting programme aimed at saving $5 billion in operating expenses in 2026.

Barron's reported the expected job cuts, citing an anonymous Verizon employee. The number of workers who could be affected remains unclear.

The planned move comes as CEO Daniel Schulman sharpens the company's focus on costs after taking the top job in 2025.

Job cuts expected to carry part of the savings burden

Verizon has already signalled that workforce reductions will form part of its plan to lower expenses.

During an earnings call in January, Schulman said the company wanted to achieve $5 billion in operating expense savings in 2026. He also said a “substantial portion” of those savings would come from layoffs.

The latest report suggests another round of cuts could now be approaching. Key details so far include:

• Fresh layoffs are reportedly expected to be announced on Thursday
• The number of affected employees is not yet known
• Verizon is targeting $5 billion in operating expense savings in 2026
• Schulman previously said a “substantial portion” of the savings would come from layoffs

Verizon has yet to disclose the reported round's scale, affected teams or locations, based on the information available.

Cost control moves higher on the CEO's agenda

The reported layoffs form part of a wider cost-cutting drive under Schulman.

Since taking the CEO role in 2025, he has made balancing Verizon's budget a key priority, according to the report. The $5 billion savings goal puts a clear number against the company's cost agenda.

More importantly for employees, Schulman's January comments had already linked part of the target directly to workforce reductions.

The latest reported cuts would therefore come against a previously stated plan to use layoffs as one route to lower operating expenses.

Still, the lack of a confirmed headcount leaves a crucial question unanswered: how deep will the next round go?

Employees await details of the reported cuts

For Verizon's workforce, attention will now turn to Thursday and whether the company formally announces the layoffs reported by Barron's.

The number of jobs affected will be central to assessing the workforce impact of Verizon's cost-saving programme. Details on which functions or business units could face cuts also remain unclear.

For now, one figure frames the company's restructuring push: $5 billion in planned operating expense savings this year.

With Schulman already saying layoffs would account for a substantial portion of those savings, the next announcement could offer a clearer view of how heavily Verizon plans to lean on workforce cuts to meet its cost target.