In Q4'25, Verizon's (VZ) operating expenses reached $10.38B, driven entirely by SG&A expenses at the same level, as R&D expenses remained at no data across all periods. This marks the highest quarterly figure in the covered timeframe, reflecting a notable uptick in administrative and selling costs. From Q1'23 to Q4'25, SG&A expenses exhibited a volatile yet generally upward trend, starting at $7.51B and fluctuating between $7.51B and $8.99B in 2023 before peaking at $9.71B in Q3'24 and stabilizing around $7.75B to $8.24B in 2024, with a sharp 34% increase to $10.38B in Q4'25. R&D expenses showed no data throughout, indicating a potential focus on other operational areas or non-disclosure in this breakdown. Overall, the stacked bar chart highlights SG&A as the dominant component, with total operating expenses growing from $7.51B to $10.38B, suggesting rising cost pressures amid telecom sector dynamics.