What happens to an iPhone that has been reported stolen?

I found it after having reported it stolen. Would it be able to reactivate again with the same carrier? It's verizon

If the phone was only reported stolen to Verizon, it can be reactivated with a little time talking to customer service.

If the phone was reported to insurance, and a replacement has been dispatched, then no, as the "stolen" phone is now property of the insurance company.

NO, they will block the phone. Every phone has a ESN so they will make the phone unusable.