NYSE : VZ
Verizon Communications Inc. — Financial statements
Communication Services · Telecom Services · United States
Last price 44.94 USD (Oct 30, 2026, 9:58 AM EDT) · Market cap 186.28B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Verizon Communications Inc. (VZ) reported revenue of 139.39B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 139.39B | 138.19B | 134.79B | 133.97B | 136.84B | 133.61B |
| Cost of Revenue | 56.06B | 56.56B | 53.91B | 54.89B | 59.13B | 56.30B |
| Gross Profit | 83.33B | 81.63B | 80.88B | 79.09B | 77.70B | 77.31B |
| Selling, General & Admin | 31.25B | 31.63B | 32.09B | 31.28B | 29.83B | 24.44B |
| Operating Expenses | 50.76B | 49.98B | 49.98B | 48.90B | 46.93B | 40.65B |
| Operating Income | 32.57B | 31.65B | 30.90B | 30.19B | 30.77B | 36.66B |
| Interest Expense | -7.63B | -6.69B | -6.65B | -5.52B | -3.61B | -3.48B |
| Interest & Investment Income | 427.00M | 329.00M | 336.00M | 354.00M | 146.00M | 48.00M |
| Earnings From Equity Investments | 49.00M | -53.00M | -53.00M | 44.00M | 145.00M | |
| Currency Exchange Gain (Loss) | -31.00M | 75.00M | -50.00M | |||
| Other Non Operating Income (Expenses) | -273.00M | -224.00M | -208.00M | -975.00M | 2.30B | 20.00M |
| EBT Excluding Unusual Items | 25.11B | 25.13B | 24.27B | 23.99B | 29.65B | 33.39B |
| Merger & Restructuring Charges | -3.44B | -2.39B | -2.11B | -1.37B | -304.00M | -209.00M |
| Impairment of Goodwill | -5.84B | |||||
| Legal Settlements | -106.00M | -100.00M | ||||
| Other Unusual Items | 277.00M | -73.00M | 917.00M | 308.00M | -1.08B | -3.76B |
| Pretax Income | 21.94B | 22.67B | 22.98B | 16.99B | 28.27B | 29.42B |
| Income Tax Expense | 5.08B | 5.06B | 5.03B | 4.89B | 6.52B | 6.80B |
| Earnings From Continuing Operations | 16.86B | 17.61B | 17.95B | 12.10B | 21.75B | 22.62B |
| Minority Interest in Earnings | -443.00M | -434.00M | -443.00M | -481.00M | -492.00M | -553.00M |
| Net Income | 16.42B | 17.17B | 17.51B | 11.61B | 21.26B | 22.07B |
| Net Income to Common | 16.42B | 17.17B | 17.51B | 11.61B | 21.26B | 22.07B |
| Shares Outstanding (Basic) | 4.19B | 4.23B | 4.22B | 4.21B | 4.20B | 4.15B |
| Shares Outstanding (Diluted) | 4.19B | 4.23B | 4.22B | 4.21B | 4.20B | 4.15B |
| EPS (Basic) | 3.92 | 4.06 | 4.15 | 2.76 | 5.06 | 5.32 |
| EPS (Diluted) | 3.92 | 4.06 | 4.14 | 2.75 | 5.06 | 5.32 |
| Free Cash Flow | 22.38B | 20.13B | 19.82B | 18.71B | 14.05B | 19.25B |
| Free Cash Flow Per Share | 5.33 | 4.76 | 4.69 | 4.44 | 3.34 | 4.64 |
| Dividend Per Share | 2.81 | 2.73 | 2.69 | 2.63 | 2.58 | 2.54 |
| Gross Margin | 59.78% | 59.07% | 60.00% | 59.03% | 56.78% | 57.86% |
| Operating Margin | 23.36% | 22.90% | 22.92% | 22.53% | 22.49% | 27.44% |
| Profit Margin | 11.78% | 12.43% | 12.99% | 8.67% | 15.53% | 16.51% |
| Free Cash Flow Margin | 16.05% | 14.56% | 14.71% | 13.96% | 10.27% | 14.41% |
| EBITDA | 52.08B | 50.00B | 48.79B | 47.81B | 47.87B | 52.87B |
| EBITDA Margin | 37.36% | 36.18% | 36.20% | 35.69% | 34.98% | 39.57% |
| D&A For EBITDA | 19.51B | 18.35B | 17.89B | 17.62B | 17.10B | 16.21B |
| EBIT | 32.57B | 31.65B | 30.90B | 30.19B | 30.77B | 36.66B |
| EBIT Margin | 23.36% | 22.90% | 22.92% | 22.53% | 22.49% | 27.44% |
| Effective Tax Rate | 23.13% | 22.34% | 21.89% | 28.80% | 23.07% | 23.12% |
| Revenue as Reported | 139.39B | 138.19B | 134.79B | 133.97B | 136.84B | 133.61B |
| Advertising Expenses | 3.83B | 3.98B | 3.85B | 3.56B | 3.39B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.50B | 19.05B | 4.19B | 2.06B | 2.60B | 2.92B |
| Short-Term Investments | 26.00M | 18.00M | ||||
| Trading Asset Securities | 14.00M | 188.00M | ||||
| Cash & Short-Term Investments | 4.54B | 19.05B | 4.19B | 2.06B | 2.60B | 3.13B |
| Receivables | 26.84B | 27.10B | 26.11B | 25.09B | 24.51B | 24.59B |
| Inventory | 2.77B | 2.44B | 2.25B | 2.06B | 2.39B | 3.06B |
| Prepaid Expenses | 2.54B | 3.65B | 2.60B | 2.20B | 2.10B | 2.39B |
| Restricted Cash | 157.00M | 297.00M | 319.00M | 1.24B | 1.34B | 1.09B |
| Other Current Assets | 4.66B | 4.39B | 5.05B | 4.16B | 4.92B | 2.47B |
| Total Current Assets | 41.51B | 56.92B | 40.52B | 36.81B | 37.86B | 36.73B |
| Property, Plant & Equipment | 147.81B | 132.97B | 132.99B | 133.04B | 133.56B | 127.58B |
| Long-Term Investments | 1.52B | 1.13B | 1.11B | 1.21B | 1.45B | 1.78B |
| Goodwill | 30.73B | 22.84B | 22.84B | 22.84B | 28.67B | 28.60B |
| Other Intangible Assets | 173.42B | 167.50B | 167.74B | 166.72B | 161.26B | 159.30B |
| Long-Term Accounts Receivable | 14.27B | 15.80B | 14.20B | 14.39B | 12.11B | 7.60B |
| Long-Term Deferred Charges | 3.02B | 2.85B | 2.81B | 2.64B | 2.48B | 2.26B |
| Other Long-Term Assets | 3.25B | 4.25B | 2.49B | 2.59B | 2.30B | 2.75B |
| Total Assets | 415.52B | 404.26B | 384.71B | 380.25B | 379.68B | 366.60B |
| Accounts Payable | 22.02B | 12.15B | 10.43B | 10.02B | 8.75B | 8.04B |
| Accrued Expenses | 10.97B | 11.05B | 10.82B | 13.35B | 15.17B | |
| Current Portion of Long-Term Debt | 26.61B | 17.68B | 21.74B | 12.22B | 9.40B | 7.35B |
| Current Portion of Leases | 4.77B | 5.49B | 5.31B | 5.02B | 4.70B | 4.26B |
| Current Income Taxes Payable | 1.86B | 1.90B | 2.61B | 1.88B | 1.62B | |
| Current Unearned Revenue | 7.40B | 7.58B | 7.49B | 6.96B | 6.58B | 6.05B |
| Other Current Liabilities | 5.47B | 6.65B | 6.86B | 5.58B | 5.51B | 4.67B |
| Total Current Liabilities | 66.27B | 62.37B | 64.77B | 53.22B | 50.17B | 47.16B |
| Long-Term Debt | 142.10B | 141.13B | 123.26B | 140.02B | 143.44B | 143.21B |
| Long-Term Leases | 21.82B | 20.52B | 21.38B | 21.34B | 22.73B | 24.13B |
| Long-Term Unearned Revenue | 2.14B | 2.43B | 2.19B | 1.95B | 1.65B | 1.18B |
| Pension & Post-Retirement Benefits | 11.53B | 11.10B | 12.00B | 13.19B | 12.97B | 15.41B |
| Long-Term Deferred Tax Liabilities | 50.98B | 48.72B | 46.73B | 45.78B | 43.44B | 40.69B |
| Other Long-Term Liabilities | 13.39B | 12.24B | 13.80B | 10.96B | 12.81B | 11.63B |
| Total Liabilities | 308.23B | 298.52B | 284.14B | 286.46B | 287.22B | 283.40B |
| Common Stock | 429.00M | 429.00M | 429.00M | 429.00M | 429.00M | 429.00M |
| Additional Paid-In Capital | 13.25B | 13.37B | 13.47B | 13.63B | 13.42B | 13.86B |
| Retained Earnings | 100.00B | 94.74B | 89.11B | 82.92B | 82.38B | 71.99B |
| Treasury Stock | -6.80B | -3.25B | -3.58B | -3.82B | -4.01B | -4.10B |
| Comprehensive Income & Other | -886.00M | -830.00M | -185.00M | -724.00M | -1.07B | -389.00M |
| Total Common Equity | 105.99B | 104.46B | 99.24B | 92.43B | 91.14B | 81.79B |
| Minority Interest | 1.31B | 1.28B | 1.34B | 1.37B | 1.32B | 1.41B |
| Shareholders' Equity | 107.29B | 105.74B | 100.58B | 93.80B | 92.46B | 83.20B |
| Total Liabilities & Equity | 415.52B | 404.26B | 384.71B | 380.25B | 379.68B | 366.60B |
| Total Debt | 195.29B | 184.81B | 171.69B | 178.60B | 180.26B | 178.94B |
| Net Cash (Debt) | -190.39B | -165.77B | -167.50B | -176.53B | -177.66B | -175.81B |
| Net Cash Per Share | -45.39 | -39.18 | -39.66 | -41.88 | -42.26 | -42.37 |
| Filing Date Shares Outstanding | 4.14B | 4.22B | 4.21B | 4.20B | 4.20B | 4.20B |
| Total Common Shares Outstanding | 4.14B | 4.22B | 4.21B | 4.20B | 4.20B | 4.20B |
| Working Capital | -24.76B | -5.45B | -24.25B | -16.41B | -12.31B | -10.43B |
| Book Value Per Share | 25.57 | 24.77 | 23.57 | 21.98 | 21.70 | 19.48 |
| Tangible Book Value | -98.16B | -85.88B | -91.35B | -97.14B | -98.78B | -106.11B |
| Tangible Book Value Per Share | -23.68 | -20.36 | -21.70 | -23.10 | -23.52 | -25.28 |
| Land | 743.00M | 740.00M | 751.00M | 747.00M | 673.00M | |
| Buildings | 40.87B | 39.13B | 36.94B | 35.38B | 33.36B | |
| Machinery | 190.56B | 188.74B | 181.62B | 172.89B | 163.49B | |
| Construction In Progress | 8.49B | 9.42B | 12.09B | 12.89B | 13.06B | |
| Leasehold Improvements | 11.10B | 10.56B | 10.36B | 10.16B | 9.59B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 16.42B | 17.17B | 17.51B | 11.61B | 21.26B | 22.07B |
| Depreciation & Amortization | 19.51B | 18.35B | 17.89B | 17.62B | 17.10B | 16.21B |
| Asset Writedown & Restructuring Costs | 5.84B | |||||
| Loss (Gain) on Equity Investments | -26.00M | 42.00M | 75.00M | 84.00M | -10.00M | 36.00M |
| Provision & Write-off of Bad Debts | 2.24B | 2.35B | 2.34B | 2.21B | 1.61B | 789.00M |
| Other Operating Activities | 2.61B | 1.54B | 1.38B | 365.00M | -2.36B | 1.33B |
| Change in Accounts Receivable | -2.51B | -2.51B | -2.56B | -2.20B | -1.98B | -1.59B |
| Change in Inventory | -232.00M | -232.00M | -196.00M | 287.00M | 627.00M | -905.00M |
| Change in Accounts Payable | 1.82B | 1.82B | 1.11B | 2.08B | -33.00M | 1.46B |
| Change in Other Net Operating Assets | -778.00M | -1.39B | -626.00M | -435.00M | 928.00M | 150.00M |
| Operating Cash Flow | 39.05B | 37.14B | 36.91B | 37.48B | 37.14B | 39.54B |
| Capital Expenditures | -16.67B | -17.01B | -17.09B | -18.77B | -23.09B | -20.29B |
| Cash Acquisitions | -9.48B | -30.00M | 248.00M | -4.07B | ||
| Divestitures | 33.00M | 4.12B | ||||
| Sale (Purchase) of Intangibles | -4.49B | -450.00M | -900.00M | -5.80B | -3.65B | -47.60B |
| Other Investing Activities | 197.00M | 801.00M | -684.00M | 1.16B | -2.20B | 672.00M |
| Investing Cash Flow | -30.45B | -16.66B | -18.67B | -23.43B | -28.66B | -67.15B |
| Short-Term Debt Issued | 106.00M | |||||
| Long-Term Debt Issued | 27.61B | 15.57B | 8.61B | 17.81B | 41.42B | |
| Total Debt Issued | 43.74B | 27.61B | 15.57B | 8.61B | 17.91B | 41.42B |
| Long-Term Debt Repaid | -19.79B | -20.34B | -10.62B | -13.56B | -18.86B | |
| Total Debt Repaid | -37.46B | -19.79B | -20.34B | -10.62B | -13.56B | -18.86B |
| Net Debt Issued (Repaid) | 6.29B | 7.82B | -4.78B | -2.01B | 4.35B | 22.55B |
| Repurchase of Common Stock | -4.00B | |||||
| Common Dividends Paid | -11.72B | -11.48B | -11.25B | -11.03B | -10.80B | -10.45B |
| Other Financing Activities | -2.26B | -1.95B | -1.07B | -1.62B | -2.07B | -3.83B |
| Financing Cash Flow | -11.69B | -5.61B | -17.10B | -14.66B | -8.53B | 8.28B |
| Net Cash Flow | -3.09B | 14.86B | 1.14B | -614.00M | -50.00M | -19.34B |
| Free Cash Flow | 22.38B | 20.13B | 19.82B | 18.71B | 14.05B | 19.25B |
| Free Cash Flow Margin | 16.05% | 14.56% | 14.71% | 13.96% | 10.27% | 14.41% |
| Free Cash Flow Per Share | 5.33 | 4.76 | 4.69 | 4.44 | 3.34 | 4.64 |
| Levered Free Cash Flow | 15.99B | 17.24B | 16.01B | 9.42B | 6.81B | -25.81B |
| Unlevered Free Cash Flow | 20.76B | 21.43B | 20.17B | 12.87B | 9.07B | -23.64B |
| Cash Interest Paid | 5.77B | 5.77B | 5.50B | 4.38B | 3.32B | 3.44B |
| Cash Income Tax Paid | 3.58B | 3.58B | 5.63B | 2.34B | 2.74B | 3.04B |
| Change in Working Capital | -1.70B | -2.32B | -2.28B | -267.00M | -456.00M | -890.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 185.39B | 171.74B | 168.34B | 158.49B | 165.47B | 218.12B |
| Enterprise Value | 375.78B | 340.25B | 343.03B | 333.61B | 343.28B | 388.39B |
| Last Close Price | 44.73 | 38.19 | 35.08 | 31.01 | 30.19 | 37.75 |
| PE Ratio | 11.43 | 10.00 | 9.62 | 13.65 | 7.79 | 9.88 |
| Forward PE | 8.62 | 8.66 | 8.53 | 8.29 | 7.93 | 9.70 |
| PS Ratio | 1.33 | 1.24 | 1.25 | 1.18 | 1.21 | 1.63 |
| PB Ratio | 1.75 | 1.62 | 1.67 | 1.69 | 1.79 | 2.62 |
| P/FCF Ratio | 8.29 | 8.53 | 8.49 | 8.47 | 11.77 | 11.33 |
| P/OCF Ratio | 4.75 | 4.62 | 4.56 | 4.23 | 4.46 | 5.52 |
| PEG Ratio | 1.22 | 4.85 | 3.81 | 33.86 | 26.91 | 3.50 |
| EV/Sales Ratio | 2.70 | 2.46 | 2.54 | 2.49 | 2.51 | 2.91 |
| EV/EBITDA Ratio | 7.22 | 6.80 | 7.03 | 6.98 | 7.17 | 7.35 |
| EV/EBIT Ratio | 11.54 | 10.75 | 11.10 | 11.05 | 11.16 | 10.59 |
| EV/FCF Ratio | 16.79 | 16.91 | 17.30 | 17.83 | 24.43 | 20.17 |
| Debt / Equity Ratio | 1.82 | 1.75 | 1.71 | 1.90 | 1.95 | 2.15 |
| Debt / EBITDA Ratio | 3.36 | 3.31 | 3.15 | 3.35 | 3.38 | 3.07 |
| Debt / FCF Ratio | 8.73 | 9.18 | 8.66 | 9.55 | 12.83 | 9.29 |
| Net Debt / Equity Ratio | 1.77 | 1.57 | 1.67 | 1.88 | 1.92 | 2.11 |
| Net Debt / EBITDA Ratio | 3.66 | 3.32 | 3.43 | 3.69 | 3.71 | 3.33 |
| Net Debt / FCF Ratio | 8.51 | 8.24 | 8.45 | 9.44 | 12.64 | 9.13 |
| Asset Turnover | 0.35 | 0.35 | 0.35 | 0.35 | 0.37 | 0.39 |
| Inventory Turnover | 20.48 | 24.13 | 25.05 | 24.70 | 21.73 | 23.21 |
| Quick Ratio | 0.47 | 0.74 | 0.47 | 0.51 | 0.54 | 0.59 |
| Current Ratio | 0.63 | 0.91 | 0.63 | 0.69 | 0.76 | 0.78 |
| Return on Equity (ROE) | 15.79% | 17.07% | 18.47% | 12.99% | 24.76% | 29.67% |
| Return on Assets (ROA) | 5.06% | 5.01% | 5.05% | 4.96% | 5.15% | 6.71% |
| Return on Invested Capital (ROIC) | 8.41% | 9.11% | 8.96% | 7.95% | 8.95% | 12.32% |
| Return on Capital Employed (ROCE) | 9.30% | 9.30% | 9.70% | 9.20% | 9.30% | 11.50% |
| Earnings Yield | 8.75% | 10.00% | 10.40% | 7.33% | 12.85% | 10.12% |
| FCF Yield | 12.07% | 11.72% | 11.77% | 11.80% | 8.49% | 8.83% |
| Dividend Yield | 6.33% | 6.72% | 6.71% | 6.99% | 6.56% | 4.88% |
| Payout Ratio | 72.29% | 66.85% | 64.26% | 94.93% | 50.83% | 47.34% |
| Buyback Yield / Dilution | 0.82% | -0.19% | -0.19% | -0.26% | -1.30% | -0.19% |
| Total Shareholder Return | 7.15% | 6.53% | 6.52% | 6.73% | 5.26% | 4.69% |