As of Q4'25, Verizon's latest reported SG&A Expenses stand at USD 10.38B, while R&D Expenses remain at USD 0. This marks the highest SG&A expense observed in the period from Q1'23 to Q4'25. Over the covered period, SG&A Expenses have shown moderate fluctuations, generally ranging between USD 7.5B and USD 9B, with notable peaks in Q3'24 (USD 9.71B) and Q4'25 (USD 10.38B). There is a clear absence of R&D Expenses throughout the entire timeframe, indicating that operating expenses are entirely driven by SG&A. The data suggests a slight upward trend in SG&A spending, especially in the latter quarters, which may reflect increased operational or administrative activities.