Verizon Communications (VZ) Financials

$41.70 +0.03 (+0.06%)

Closing price 06/20/2025 03:59 PM Eastern

Extended Trading

$41.78 +0.08 (+0.19%)

As of 06/20/2025 07:59 PM Eastern

Annual Income Statements for Verizon Communications

This table shows Verizon Communications' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	17,879	13,127	30,101	15,528	19,265	17,801	22,065	21,256	11,614	17,506
Consolidated Net Income / (Loss)	18,375	13,608	30,550	16,039	19,788	18,348	22,618	21,748	12,095	17,949
Net Income / (Loss) Continuing Operations	18,375	13,608	30,550	16,039	19,788	18,348	22,618	21,748	12,095	17,949
Total Pre-Tax Income	28,240	20,986	20,594	19,623	22,733	23,967	29,420	28,271	16,987	22,979
Total Operating Income	33,060	29,249	27,425	22,278	30,378	28,798	32,448	30,467	22,877	28,686
Total Gross Profit	79,063	73,279	72,971	75,355	77,142	77,091	77,312	77,702	79,087	80,691
Total Revenue	131,620	125,980	126,034	130,863	131,868	128,292	133,613	136,835	133,974	134,788
Total Cost of Revenue	52,557	52,701	53,063	55,508	54,726	51,201	56,301	59,133	54,887	54,097
Operating Cost of Revenue	52,557	52,701	53,063	55,508	54,726	51,201	56,301	59,133	54,887	54,097
Total Operating Expenses	46,003	44,030	45,546	53,077	46,764	48,293	44,864	47,235	56,210	52,005
Selling, General & Admin Expense	29,986	28,102	28,592	31,083	29,896	31,573	28,658	30,136	32,745	34,113
Depreciation Expense	16,017	15,928	16,954	17,403	16,682	16,720	16,206	17,099	17,624	17,892
Impairment Charge	-	0.00	0.00	4,591	186	-	0.00	0.00	5,841	0.00
Total Other Income / (Expense), net	-4,820	-8,263	-6,831	-2,655	-7,645	-4,831	-3,028	-2,196	-5,890	-5,707
Interest Expense	4,920	4,376	4,733	4,833	4,730	4,247	3,485	3,613	5,524	6,649
Interest & Investment Income	-86	-98	-77	-186	-15	-45	145	44	-53	-53
Other Income / (Expense), net	186	-3,789	-2,021	2,364	-2,900	-539	312	1,373	-313	995
Income Tax Expense	9,865	7,378	-9,956	3,584	2,945	5,619	6,802	6,523	4,892	5,030
Net Income / (Loss) Attributable to Noncontrolling Interest	496	481	449	511	523	547	553	492	481	443
Basic Earnings per Share	$4.38	$3.22	$7.37	$3.76	$4.66	$4.30	$5.32	$5.06	$2.76	$4.15
Weighted Average Basic Shares Outstanding	4.09B	4.08B	4.08B	4.13B	4.14B	4.14B	4.15B	4.20B	4.21B	4.22B
Diluted Earnings per Share	$4.37	$3.21	$7.36	$3.76	$4.65	$4.30	$5.32	$5.06	$2.75	$4.14
Weighted Average Diluted Shares Outstanding	4.09B	4.09B	4.09B	4.13B	4.14B	4.14B	4.15B	4.20B	4.22B	4.22B
Weighted Average Basic & Diluted Shares Outstanding	4.08B	4.08B	4.08B	4.13B	4.14B	4.14B	4.20B	4.20B	4.20B	4.21B
Cash Dividends to Common per Share	$2.23	$2.29	$2.34	$2.39	$2.44	$2.49	$2.54	$2.59	$2.64	$2.69

This table shows Verizon Communications' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	4,900	6,577	4,909	4,648	4,762	-2,705	4,602	4,593	3,306	5,005	4,879
Consolidated Net Income / (Loss)	5,024	6,698	5,018	4,766	4,884	-2,573	4,722	4,702	3,411	5,114	4,983
Net Income / (Loss) Continuing Operations	5,024	6,698	5,018	4,766	4,884	-2,573	4,722	4,702	3,411	5,114	4,983
Total Pre-Tax Income	6,520	8,811	6,500	6,112	6,192	-1,817	6,075	6,034	4,302	6,568	6,473
Total Operating Income	7,894	7,225	7,584	7,220	7,473	600	7,521	7,818	5,926	7,421	7,978
Total Gross Profit	19,640	19,489	19,408	19,832	19,899	19,948	20,109	20,325	20,090	20,167	20,429
Total Revenue	34,241	35,251	32,912	32,596	33,336	35,130	32,981	32,796	33,330	35,681	33,485
Total Cost of Revenue	14,601	15,762	13,504	12,764	13,437	15,182	12,872	12,471	13,240	15,514	13,056
Operating Cost of Revenue	14,601	15,762	13,504	12,764	13,437	15,182	12,872	12,471	13,240	15,514	13,056
Total Operating Expenses	11,746	12,264	11,824	12,612	12,426	19,348	12,588	12,507	14,164	12,746	12,451
Selling, General & Admin Expense	7,422	8,046	7,506	8,253	7,995	8,991	8,143	8,024	9,706	8,240	7,874
Depreciation Expense	4,324	4,218	4,318	4,359	4,431	4,516	4,445	4,483	4,458	4,506	4,577
Total Other Income / (Expense), net	-1,374	1,586	-1,084	-1,108	-1,281	-2,417	-1,446	-1,784	-1,624	-853	-1,505
Interest Expense	937	1,105	1,207	1,285	1,433	1,599	1,635	1,698	1,672	1,644	1,632
Interest & Investment Income	2.00	4.00	9.00	-33	-18	-11	-9.00	-14	-24	-6.00	6.00
Other Income / (Expense), net	-439	2,687	114	210	170	-807	198	-72	72	797	121
Income Tax Expense	1,496	2,113	1,482	1,346	1,308	756	1,353	1,332	891	1,454	1,490
Net Income / (Loss) Attributable to Noncontrolling Interest	124	121	109	118	122	132	120	109	105	109	104
Basic Earnings per Share	$1.17	$1.56	$1.17	$1.10	$1.13	($0.64)	$1.09	$1.09	$0.78	$1.19	$1.16
Weighted Average Basic Shares Outstanding	4.20B	4.20B	4.21B	4.21B	4.21B	4.21B	4.22B	4.22B	4.22B	4.22B	4.22B
Diluted Earnings per Share	$1.17	$1.56	$1.17	$1.10	$1.13	($0.65)	$1.09	$1.09	$0.78	$1.18	$1.15
Weighted Average Diluted Shares Outstanding	4.20B	4.20B	4.21B	4.21B	4.22B	4.22B	4.22B	4.22B	4.23B	4.22B	4.23B
Weighted Average Basic & Diluted Shares Outstanding	4.20B	4.20B	4.20B	4.20B	4.20B	4.20B	4.21B	4.21B	4.21B	4.21B	4.22B
Cash Dividends to Common per Share	$0.65	$0.65	$0.65	$0.65	$0.67	$0.67	$0.67	$0.67	$0.68	$0.68	$0.68

This table details how cash moves in and out of Verizon Communications' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-6,128	-1,561	-289	1,028	1.00	19,581	-19,337	-50	-614	1,138
Net Cash From Operating Activities	39,027	21,689	24,318	34,339	35,746	41,768	39,539	37,141	37,475	36,912
Net Cash From Continuing Operating Activities	39,027	21,689	24,318	34,339	35,746	41,768	39,539	37,141	37,475	36,912
Net Income / (Loss) Continuing Operations	18,375	13,608	30,550	16,039	19,788	18,348	22,618	21,748	12,095	17,949
Consolidated Net Income / (Loss)	18,375	13,608	30,550	16,039	19,788	18,348	22,618	21,748	12,095	17,949
Depreciation Expense	16,017	15,928	16,954	17,403	16,682	16,720	16,206	17,099	17,624	17,892
Non-Cash Adjustments To Reconcile Net Income	-10	3,070	-3,461	1,466	1,264	2,311	-2,566	-445	9,345	2,361
Changes in Operating Assets and Liabilities, net	4,645	-10,917	-19,725	-569	-1,988	4,389	3,281	-1,261	-1,589	-1,290
Net Cash From Investing Activities	-30,043	-9,874	-18,456	-17,934	-17,581	-23,512	-67,153	-28,662	-23,432	-18,674
Net Cash From Continuing Investing Activities	-30,043	-9,874	-18,456	-17,934	-17,581	-23,512	-67,153	-28,662	-23,432	-18,674
Purchase of Property, Plant & Equipment	-17,775	-17,059	-17,247	-16,658	-17,939	-18,192	-20,286	-23,087	-18,767	-17,090
Acquisitions	-13,487	-4,299	-6,463	-1,659	-927	-4,416	-51,661	-3,405	-5,826	-900
Purchase of Investments	-	-	-	-	-	0.00	-21	-2,265	880	-712
Divestitures	48	9,882	3,614	0.00	28	0.00	4,122	33	0.00	0.00
Other Investing Activities, net	1,171	1,602	1,640	383	1,257	-904	693	62	281	28
Net Cash From Financing Activities	-15,112	-13,376	-6,151	-15,377	-18,164	1,325	8,277	-8,529	-14,657	-17,100
Net Cash From Continuing Financing Activities	-15,112	-13,376	-6,151	-15,377	-18,164	1,325	8,277	-8,529	-14,657	-17,100
Repayment of Debt	-8,107	-22,064	-28,676	-5,459	-9,219	-10,116	-8,632	-7,020	-5,913	-9,565
Payment of Dividends	-8,538	-9,262	-9,472	-9,772	-10,016	-10,232	-10,445	-10,805	-11,025	-11,249
Issuance of Debt	6,667	17,950	31,997	10,777	18,655	31,448	41,417	17,912	8,462	15,568
Other Financing Activities, net	-	-	-	-10,923	-17,584	-9,775	-14,063	-8,616	-6,181	-11,854

This table details how cash moves in and out of Verizon Communications' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	254	524	-204	2,438	-685	-2,163	411	-14	1,493	-752	-1,863
Net Cash From Operating Activities	10,534	8,942	8,289	9,731	10,778	8,677	7,084	9,485	9,911	10,432	7,782
Net Cash From Continuing Operating Activities	10,534	8,942	8,289	9,731	10,778	8,677	7,084	9,485	9,911	10,432	7,782
Net Income / (Loss) Continuing Operations	5,024	6,698	5,018	4,766	4,884	-2,573	4,722	4,702	3,411	5,114	4,983
Consolidated Net Income / (Loss)	5,024	6,698	5,018	4,766	4,884	-2,573	4,722	4,702	3,411	5,114	4,983
Depreciation Expense	4,324	4,218	4,318	4,359	4,431	4,516	4,445	4,483	4,458	4,506	4,577
Non-Cash Adjustments To Reconcile Net Income	988	-1,959	594	624	608	7,519	643	863	648	207	750
Changes in Operating Assets and Liabilities, net	198	-15	-1,641	-18	855	-785	-2,726	-563	1,394	605	-2,528
Net Cash From Investing Activities	-8,664	-5,342	-6,110	-4,090	-5,408	-7,824	-5,245	-3,865	-4,003	-5,561	-3,752
Net Cash From Continuing Investing Activities	-8,664	-5,342	-6,110	-4,090	-5,408	-7,824	-5,245	-3,865	-4,003	-5,561	-3,752
Purchase of Property, Plant & Equipment	-5,320	-7,276	-5,958	-4,112	-4,094	-4,603	-4,376	-3,695	-3,948	-5,071	-4,145
Acquisitions	-614	-763	-598	-487	-774	-3,967	-449	-164	-155	-132	-122
Other Investing Activities, net	19	105	79	52	122	28	12	-14	8.00	22	515
Net Cash From Financing Activities	-1,616	-3,076	-2,383	-3,203	-6,055	-3,016	-1,428	-5,634	-4,415	-5,623	-5,893
Net Cash From Continuing Financing Activities	-1,616	-3,076	-2,383	-3,203	-6,055	-3,016	-1,428	-5,634	-4,415	-5,623	-5,893
Repayment of Debt	-2,160	-2,576	-914	-1,626	-2,290	-1,083	-2,091	-3,207	-2,528	-1,739	-3,372
Payment of Dividends	-2,688	-2,739	-2,744	-2,743	-2,744	-2,794	-2,796	-2,802	-2,801	-2,850	-2,856
Issuance of Debt	3,828	2,854	2,600	2,441	1,947	1,474	7,967	1,586	1,818	4,197	2,781
Other Financing Activities, net	-596	-615	-1,325	-1,275	-2,968	-613	-4,508	-1,211	-904	-5,231	-2,446

This table presents Verizon Communications' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	244,175	244,180	257,143	264,829	291,727	316,481	366,596	379,680	380,255	384,711
Total Current Assets	22,355	26,395	29,913	34,636	37,473	54,594	36,728	37,857	36,814	40,523
Cash & Equivalents	4,470	2,880	2,079	2,745	2,594	22,171	2,921	2,605	2,065	4,194
Note & Lease Receivable	-	-	-	-	-	-	23,846	24,506	25,085	26,109
Inventories, net	1,252	1,202	1,034	1,336	1,422	1,796	3,055	2,388	2,057	2,247
Prepaid Expenses	2,034	3,918	3,307	5,453	8,028	6,710	6,906	8,358	7,607	7,973
Plant, Property, & Equipment, net	83,541	84,751	88,568	89,286	91,915	94,833	99,696	107,434	108,310	108,522
Plant, Property & Equipment, gross	220,163	232,215	246,498	252,835	265,734	279,737	289,897	307,689	320,108	331,406
Accumulated Depreciation	136,622	147,464	157,930	163,549	173,819	184,904	190,201	200,255	211,798	222,884
Total Noncurrent Assets	138,279	133,034	138,662	140,907	162,339	167,054	230,172	234,389	235,131	235,666
Long-Term Investments	796	1,110	1,039	671	558	589	1,061	1,071	953	842
Goodwill	25,331	27,205	29,172	24,614	24,389	24,773	28,603	28,671	22,843	22,841
Intangible Assets	94,167	95,570	98,664	103,905	104,557	105,510	159,296	161,257	166,724	167,742
Other Noncurrent Operating Assets	7,718	8,536	9,787	11,717	32,835	36,182	41,212	43,390	44,611	44,241
Total Liabilities & Shareholders' Equity	244,175	244,180	257,143	264,829	291,727	316,481	366,596	379,680	380,255	384,711
Total Liabilities	226,333	220,148	212,456	210,119	228,892	247,209	283,396	287,217	286,456	284,136
Total Current Liabilities	35,052	30,340	33,037	37,930	44,868	39,660	47,160	50,171	53,223	64,771
Short-Term Debt	6,489	2,645	3,453	7,190	10,777	5,889	7,443	9,963	12,973	22,633
Accounts Payable	19,362	19,593	21,232	22,501	21,806	20,658	24,833	23,977	23,453	23,374
Other Current Liabilities	8,738	8,102	8,352	8,239	12,285	13,113	14,884	16,231	16,797	18,764
Total Noncurrent Liabilities	191,281	189,808	179,419	172,189	184,024	207,549	236,236	237,046	233,233	219,365
Long-Term Debt	103,240	105,433	113,642	105,873	100,712	123,173	143,425	140,676	137,701	121,381
Noncurrent Deferred & Payable Income Tax Liabilities	45,484	45,964	31,232	33,795	34,703	35,711	40,685	43,441	45,781	46,732
Noncurrent Employee Benefit Liabilities	29,957	26,166	22,112	18,599	17,952	18,657	15,410	12,974	13,189	11,997
Other Noncurrent Operating Liabilities	11,641	12,245	12,433	13,922	30,657	30,008	36,716	39,955	36,562	39,255
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	17,842	24,032	44,687	54,710	62,835	69,272	83,200	92,463	93,799	100,575
Total Preferred & Common Equity	16,428	22,524	43,096	53,145	61,395	67,842	81,790	90,715	92,430	99,237
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	16,428	22,524	43,096	53,145	61,395	67,842	81,790	90,715	92,430	99,237
Common Stock	11,620	11,606	11,525	13,866	13,848	13,833	14,290	13,420	14,060	13,895
Retained Earnings	11,246	15,059	35,635	43,542	53,147	60,464	71,993	82,380	82,915	89,110
Treasury Stock	-7,416	-7,263	-7,139	-6,986	-6,820	-6,719	-4,104	-4,013	-3,821	-3,583
Accumulated Other Comprehensive Income / (Loss)	550	2,673	2,659	2,370	998	-71	-927	-1,865	-1,380	-923
Other Equity Adjustments	428	449	416	353	222	335	538	793	656	738
Noncontrolling Interest	1,414	1,508	1,591	1,565	1,440	1,430	1,410	1,319	1,369	1,338

This table presents Verizon Communications' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	375,090	379,680	377,716	379,955	384,830	380,255	380,158	379,146	381,164	384,711	380,364
Total Current Assets	39,746	37,857	35,722	37,388	38,119	36,814	37,957	38,056	40,641	40,523	37,353
Cash & Equivalents	2,082	2,605	2,234	4,803	4,210	2,065	2,365	2,432	4,987	4,194	2,257
Note & Lease Receivable	23,670	24,506	22,856	23,186	23,602	25,085	25,319	25,607	25,954	26,109	25,889
Inventories, net	3,133	2,388	2,381	1,896	2,240	2,057	2,076	1,841	2,523	2,247	2,197
Prepaid Expenses	10,861	8,358	8,251	7,503	8,067	7,607	8,197	8,176	7,177	7,973	7,010
Plant, Property, & Equipment, net	103,004	107,434	106,987	107,270	107,490	108,310	107,863	107,890	107,528	108,522	107,923
Plant, Property & Equipment, gross	300,870	307,689	310,519	313,424	316,767	320,108	322,266	324,978	327,555	331,406	331,888
Accumulated Depreciation	197,866	200,255	203,532	206,154	209,277	211,798	214,403	217,088	220,027	222,884	223,965
Total Noncurrent Assets	232,340	234,389	235,007	235,297	239,221	235,131	234,338	233,200	232,995	235,666	235,088
Long-Term Investments	1,083	1,071	1,052	1,015	929	953	941	908	867	842	820
Goodwill	28,548	28,671	28,674	28,647	28,642	22,843	22,842	22,842	22,844	22,841	22,842
Intangible Assets	160,488	161,257	161,731	162,434	166,417	166,724	166,946	166,971	167,155	167,742	167,573
Other Noncurrent Operating Assets	42,221	43,390	43,550	43,201	43,233	44,611	43,609	42,479	42,129	44,241	43,853
Total Liabilities & Shareholders' Equity	375,090	379,680	377,716	379,955	384,830	380,255	380,158	379,146	381,164	384,711	380,364
Total Liabilities	286,307	287,217	283,497	283,453	285,742	286,456	284,432	281,607	283,496	284,136	278,327
Total Current Liabilities	53,141	50,171	47,768	51,404	55,677	53,223	53,631	60,806	61,816	64,771	61,066
Short-Term Debt	14,995	9,963	12,081	14,827	12,950	12,973	15,594	23,255	21,763	22,633	22,629
Accounts Payable	22,235	23,977	19,273	20,067	26,140	23,453	20,139	19,727	22,222	23,374	19,413
Other Current Liabilities	15,911	16,231	16,414	16,510	16,587	16,797	17,898	17,824	17,831	18,764	19,024
Total Noncurrent Liabilities	233,166	237,046	235,729	232,049	230,065	233,233	230,801	220,801	221,680	219,365	217,261
Long-Term Debt	132,912	140,676	140,772	137,871	134,441	137,701	136,104	126,022	128,878	121,381	121,020
Noncurrent Deferred & Payable Income Tax Liabilities	42,094	43,441	43,667	44,055	44,434	45,781	45,980	46,082	45,865	46,732	46,643
Noncurrent Employee Benefit Liabilities	15,912	12,974	12,750	12,357	12,226	13,189	12,805	12,812	12,744	11,997	11,793
Other Noncurrent Operating Liabilities	42,248	39,955	38,540	37,766	38,964	36,562	35,912	35,885	34,193	39,255	37,805
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	88,783	92,463	94,219	96,502	99,088	93,799	95,726	97,539	97,668	100,575	102,037
Total Preferred & Common Equity	87,468	90,715	92,883	95,193	97,312	92,430	94,334	96,172	96,326	99,237	100,722
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	87,468	90,715	92,883	95,193	97,312	92,430	94,334	96,172	96,326	99,237	100,722
Common Stock	13,896	13,420	13,952	13,952	13,524	14,060	14,000	13,968	13,908	13,895	13,844
Retained Earnings	78,545	82,380	84,543	86,448	88,416	82,915	84,714	86,504	86,958	89,110	91,128
Treasury Stock	-4,015	-4,013	-3,832	-3,830	-3,828	-3,821	-3,602	-3,590	-3,585	-3,583	-3,295
Accumulated Other Comprehensive Income / (Loss)	-1,700	-1,865	-2,177	-1,921	-1,428	-1,380	-1,199	-1,287	-1,665	-923	-1,489
Other Equity Adjustments	742	793	397	544	628	656	421	577	710	738	534
Noncontrolling Interest	1,315	1,319	1,336	1,309	1,347	1,369	1,392	1,367	1,342	1,338	1,315

This table displays calculated financial ratios and metrics derived from Verizon Communications' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.57%	-4.29%	0.04%	3.83%	0.77%	-2.71%	4.15%	2.41%	-2.09%	0.61%
EBITDA Growth	41.00%	-15.99%	2.34%	-0.74%	5.03%	1.85%	8.86%	-0.06%	-17.88%	18.38%
EBIT Growth	80.64%	-23.42%	-0.22%	-3.00%	11.51%	2.84%	15.93%	-2.81%	-29.13%	31.54%
NOPAT Growth	40.18%	-11.83%	114.51%	-55.24%	45.22%	-16.63%	13.15%	-6.05%	-30.50%	37.56%
Net Income Growth	53.69%	-25.94%	124.50%	-47.50%	23.37%	-7.28%	23.27%	-3.85%	-44.39%	48.40%
EPS Growth	80.58%	-26.54%	129.28%	-48.91%	23.67%	-7.53%	23.72%	-4.89%	-45.65%	50.55%
Operating Cash Flow Growth	27.41%	-44.43%	12.12%	41.21%	4.10%	16.85%	-5.34%	-6.06%	0.90%	-1.50%
Free Cash Flow Firm Growth	-26.95%	-80.29%	85.54%	44.79%	56.82%	-10.10%	-267.57%	147.68%	1.15%	70.47%
Invested Capital Growth	-1.85%	12.74%	25.30%	3.59%	4.15%	2.57%	31.05%	4.06%	0.85%	-0.79%
Revenue Q/Q Growth	0.81%	-1.50%	1.30%	0.25%	0.38%	-0.06%	-0.47%	0.87%	-0.09%	0.41%
EBITDA Q/Q Growth	33.33%	-3.95%	-7.62%	-4.02%	5.04%	6.06%	-1.49%	7.30%	-19.64%	21.49%
EBIT Q/Q Growth	59.06%	-6.09%	-13.49%	-6.30%	9.41%	9.61%	-1.79%	11.03%	-30.96%	39.64%
NOPAT Q/Q Growth	49.55%	2.63%	90.11%	-56.54%	32.94%	-11.30%	1.80%	-1.69%	-28.64%	45.74%
Net Income Q/Q Growth	71.50%	-6.29%	86.66%	-51.04%	18.95%	-2.65%	0.08%	9.91%	-43.39%	74.91%
EPS Q/Q Growth	80.58%	-6.69%	89.20%	-52.16%	19.85%	-2.49%	-0.37%	10.00%	-44.56%	79.22%
Operating Cash Flow Q/Q Growth	8.71%	-23.43%	18.97%	0.74%	2.59%	0.72%	-2.27%	1.54%	-0.70%	4.99%
Free Cash Flow Firm Q/Q Growth	14.64%	-52.27%	278.75%	-23.07%	1.25%	-4.87%	-38.48%	61.22%	-5.00%	70.47%
Invested Capital Q/Q Growth	0.02%	4.64%	13.22%	-0.85%	2.95%	1.74%	5.34%	2.53%	0.05%	-1.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.07%	58.17%	57.90%	57.58%	58.50%	60.09%	57.86%	56.79%	59.03%	59.87%
EBITDA Margin	37.43%	32.85%	33.61%	32.13%	33.49%	35.06%	36.65%	35.77%	30.00%	35.29%
Operating Margin	25.12%	23.22%	21.76%	17.02%	23.04%	22.45%	24.29%	22.27%	17.08%	21.28%
EBIT Margin	25.26%	20.21%	20.16%	18.83%	20.84%	22.03%	24.52%	23.27%	16.84%	22.02%
Profit (Net Income) Margin	13.96%	10.80%	24.24%	12.26%	15.01%	14.30%	16.93%	15.89%	9.03%	13.32%
Tax Burden Percent	65.07%	64.84%	148.34%	81.74%	87.05%	76.56%	76.88%	76.93%	71.20%	78.11%
Interest Burden Percent	84.94%	82.43%	81.07%	79.63%	82.73%	84.81%	89.80%	88.79%	75.28%	77.42%
Effective Tax Rate	34.93%	35.16%	-48.34%	18.26%	12.95%	23.44%	23.12%	23.07%	28.80%	21.89%
Return on Invested Capital (ROIC)	18.97%	15.87%	28.52%	11.27%	15.76%	12.72%	12.30%	9.98%	6.77%	9.32%
ROIC Less NNEP Spread (ROIC-NNEP)	15.76%	10.44%	19.16%	9.33%	9.66%	9.27%	10.46%	8.83%	3.93%	6.21%
Return on Net Nonoperating Assets (RNNOA)	97.63%	49.12%	60.39%	21.00%	17.91%	15.06%	17.37%	14.78%	6.21%	9.15%
Return on Equity (ROE)	116.60%	65.00%	88.91%	32.27%	33.67%	27.78%	29.67%	24.76%	12.99%	18.47%
Cash Return on Invested Capital (CROIC)	20.84%	3.90%	6.06%	7.75%	11.70%	10.18%	-14.58%	6.01%	5.93%	10.11%
Operating Return on Assets (OROA)	13.95%	10.43%	10.13%	9.44%	9.87%	9.29%	9.59%	8.53%	5.94%	7.76%
Return on Assets (ROA)	7.71%	5.57%	12.19%	6.15%	7.11%	6.03%	6.62%	5.83%	3.18%	4.69%
Return on Common Equity (ROCE)	106.27%	60.46%	84.90%	31.25%	32.81%	27.17%	29.12%	24.32%	12.77%	18.21%
Return on Equity Simple (ROE_SIMPLE)	111.85%	60.42%	70.89%	30.18%	32.23%	27.05%	27.65%	23.97%	13.09%	18.09%
Net Operating Profit after Tax (NOPAT)	21,511	18,966	40,683	18,209	26,443	22,046	24,946	23,437	16,289	22,407
NOPAT Margin	16.34%	15.05%	32.28%	13.91%	20.05%	17.18%	18.67%	17.13%	12.16%	16.62%
Net Nonoperating Expense Percent (NNEP)	3.21%	5.44%	9.36%	1.94%	6.11%	3.45%	1.84%	1.15%	2.85%	3.11%
Return On Investment Capital (ROIC_SIMPLE)	16.86%	14.36%	25.15%	10.85%	15.17%	11.12%	10.66%	9.64%	6.66%	9.16%
Cost of Revenue to Revenue	39.93%	41.83%	42.10%	42.42%	41.50%	39.91%	42.14%	43.21%	40.97%	40.13%
SG&A Expenses to Revenue	22.78%	22.31%	22.69%	23.75%	22.67%	24.61%	21.45%	22.02%	24.44%	25.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.95%	34.95%	36.14%	40.56%	35.46%	37.64%	33.58%	34.52%	41.96%	38.58%
Earnings before Interest and Taxes (EBIT)	33,246	25,460	25,404	24,642	27,478	28,259	32,760	31,840	22,564	29,681
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	49,263	41,388	42,358	42,045	44,160	44,979	48,966	48,939	40,188	47,573
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.14	6.29	3.42	3.13	3.08	2.79	2.14	1.57	1.58	1.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.89	1.13	1.17	1.27	1.44	1.48	1.31	1.04	1.09	1.23
Price to Earnings (P/E)	6.56	10.80	4.90	10.70	9.83	10.63	7.93	6.68	12.57	9.45
Dividend Yield	7.69%	6.53%	6.42%	5.90%	5.29%	5.41%	5.97%	7.61%	7.55%	6.80%
Earnings Yield	15.25%	9.26%	20.41%	9.34%	10.17%	9.41%	12.61%	14.97%	7.95%	10.58%
Enterprise Value to Invested Capital (EV/IC)	1.98	1.95	1.66	1.69	1.75	1.69	1.41	1.21	1.22	1.28
Enterprise Value to Revenue (EV/Rev)	1.69	1.96	2.09	2.12	2.27	2.31	2.42	2.12	2.20	2.27
Enterprise Value to EBITDA (EV/EBITDA)	4.52	5.98	6.21	6.60	6.77	6.60	6.60	5.93	7.34	6.43
Enterprise Value to EBIT (EV/EBIT)	6.70	9.72	10.36	11.26	10.89	10.51	9.87	9.12	13.08	10.30
Enterprise Value to NOPAT (EV/NOPAT)	10.36	13.04	6.47	15.24	11.31	13.47	12.96	12.39	18.11	13.64
Enterprise Value to Operating Cash Flow (EV/OCF)	5.71	11.41	10.82	8.08	8.37	7.11	8.18	7.82	7.87	8.28
Enterprise Value to Free Cash Flow (EV/FCFF)	9.43	53.09	30.43	22.17	15.24	16.83	0.00	20.59	20.69	12.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.15	4.50	2.62	2.07	1.77	1.86	1.81	1.63	1.61	1.43
Long-Term Debt to Equity	5.79	4.39	2.54	1.94	1.60	1.78	1.72	1.52	1.47	1.21
Financial Leverage	6.19	4.71	3.15	2.25	1.85	1.62	1.66	1.67	1.58	1.47
Leverage Ratio	15.13	11.66	7.30	5.25	4.73	4.60	4.48	4.25	4.08	3.94
Compound Leverage Factor	12.85	9.61	5.91	4.18	3.92	3.90	4.02	3.77	3.07	3.05
Debt to Total Capital	86.01%	81.81%	72.38%	67.39%	63.96%	65.07%	64.45%	61.97%	61.63%	58.88%
Short-Term Debt to Total Capital	5.09%	2.00%	2.13%	4.29%	6.18%	2.97%	3.18%	4.10%	5.31%	9.25%
Long-Term Debt to Total Capital	80.93%	79.81%	70.24%	63.10%	57.77%	62.10%	61.27%	57.87%	56.33%	49.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.11%	1.14%	0.98%	0.93%	0.83%	0.72%	0.60%	0.54%	0.56%	0.55%
Common Equity to Total Capital	12.88%	17.05%	26.64%	31.68%	35.22%	34.21%	34.94%	37.32%	37.81%	40.57%
Debt to EBITDA	2.23	2.61	2.76	2.69	2.52	2.87	3.08	3.08	3.75	3.03
Net Debt to EBITDA	2.11	2.51	2.69	2.61	2.45	2.36	3.00	3.00	3.67	2.92
Long-Term Debt to EBITDA	2.10	2.55	2.68	2.52	2.28	2.74	2.93	2.87	3.43	2.55
Debt to NOPAT	5.10	5.70	2.88	6.21	4.22	5.85	6.05	6.43	9.25	6.43
Net Debt to NOPAT	4.84	5.49	2.80	6.02	4.10	4.82	5.89	6.27	9.06	6.20
Long-Term Debt to NOPAT	4.80	5.56	2.79	5.81	3.81	5.59	5.75	6.00	8.45	5.42
Altman Z-Score	1.30	1.31	1.41	1.49	1.48	1.48	1.27	1.20	1.11	1.20
Noncontrolling Interest Sharing Ratio	8.86%	6.98%	4.51%	3.18%	2.56%	2.17%	1.86%	1.80%	1.67%	1.39%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.64	0.87	0.91	0.91	0.84	1.38	0.78	0.75	0.69	0.63
Quick Ratio	0.52	0.67	0.77	0.73	0.62	1.16	0.57	0.54	0.51	0.47
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	23,633	4,659	8,644	12,516	19,628	17,644	-29,566	14,097	14,260	24,309
Operating Cash Flow to CapEx	219.56%	127.14%	141.00%	206.14%	199.26%	229.60%	194.91%	160.87%	199.69%	215.99%
Free Cash Flow to Firm to Interest Expense	4.80	1.06	1.83	2.59	4.15	4.15	-8.48	3.90	2.58	3.66
Operating Cash Flow to Interest Expense	7.93	4.96	5.14	7.11	7.56	9.83	11.35	10.28	6.78	5.55
Operating Cash Flow Less CapEx to Interest Expense	4.32	1.06	1.49	3.66	3.76	5.55	5.52	3.89	3.39	2.98
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.52	0.50	0.50	0.47	0.42	0.39	0.37	0.35	0.35
Accounts Receivable Turnover	9.59	8.14	6.15	5.39	5.22	5.20	0.00	0.00	0.00	0.00
Inventory Turnover	43.71	42.95	47.46	46.84	39.69	31.82	23.21	21.73	24.70	25.14
Fixed Asset Turnover	1.52	1.50	1.45	1.47	1.46	1.37	1.37	1.32	1.24	1.24
Accounts Payable Turnover	2.92	2.71	2.60	2.54	2.47	2.41	2.48	2.42	2.31	2.31
Days Sales Outstanding (DSO)	38.06	44.86	59.38	67.77	69.93	70.20	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	8.35	8.50	7.69	7.79	9.20	11.47	15.72	16.80	14.78	14.52
Days Payable Outstanding (DPO)	125.15	134.90	140.41	143.79	147.75	151.36	147.46	150.64	157.71	157.97
Cash Conversion Cycle (CCC)	-78.74	-81.54	-73.34	-68.22	-68.62	-69.69	-131.73	-133.84	-142.93	-143.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	112,318	126,625	158,664	164,357	171,172	175,574	230,086	239,426	241,455	239,553
Invested Capital Turnover	1.16	1.05	0.88	0.81	0.79	0.74	0.66	0.58	0.56	0.56
Increase / (Decrease) in Invested Capital	-2,122	14,307	32,039	5,693	6,815	4,402	54,512	9,340	2,029	-1,902
Enterprise Value (EV)	222,763	247,368	263,073	277,436	299,169	296,979	323,340	290,295	295,034	305,730
Market Capitalization	117,236	141,772	147,505	166,224	189,392	189,247	175,044	142,013	146,009	165,414
Book Value per Share	$4.04	$5.53	$10.56	$12.86	$14.84	$16.39	$19.76	$21.60	$21.99	$23.57
Tangible Book Value per Share	($25.33)	($24.59)	($20.77)	($18.24)	($16.33)	($15.09)	($25.63)	($23.62)	($23.11)	($21.70)
Total Capital	127,571	132,110	161,782	167,773	174,324	198,334	234,068	243,102	244,473	244,589
Total Debt	109,729	108,078	117,095	113,063	111,489	129,062	150,868	150,639	150,674	144,014
Total Long-Term Debt	103,240	105,433	113,642	105,873	100,712	123,173	143,425	140,676	137,701	121,381
Net Debt	104,113	104,088	113,977	109,647	108,337	106,302	146,886	146,963	147,656	138,978
Capital Expenditures (CapEx)	17,775	17,059	17,247	16,658	17,939	18,192	20,286	23,087	18,767	17,090
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11,028	-4,180	-1,750	1,151	788	-1,348	-5,910	-4,956	-5,501	-5,809
Debt-free Net Working Capital (DFNWC)	-6,208	-1,300	329	3,896	3,382	20,823	-2,989	-2,351	-3,436	-1,615
Net Working Capital (NWC)	-12,697	-3,945	-3,124	-3,294	-7,395	14,934	-10,432	-12,314	-16,409	-24,248
Net Nonoperating Expense (NNE)	3,136	5,358	10,133	2,170	6,655	3,698	2,328	1,689	4,194	4,458
Net Nonoperating Obligations (NNO)	94,476	102,593	113,977	109,647	108,337	106,302	146,886	146,963	147,656	138,978
Total Depreciation and Amortization (D&A)	16,017	15,928	16,954	17,403	16,682	16,720	16,206	17,099	17,624	17,892
Debt-free, Cash-free Net Working Capital to Revenue	-8.38%	-3.32%	-1.39%	0.88%	0.60%	-1.05%	-4.42%	-3.62%	-4.11%	-4.31%
Debt-free Net Working Capital to Revenue	-4.72%	-1.03%	0.26%	2.98%	2.56%	16.23%	-2.24%	-1.72%	-2.56%	-1.20%
Net Working Capital to Revenue	-9.65%	-3.13%	-2.48%	-2.52%	-5.61%	11.64%	-7.81%	-9.00%	-12.25%	-17.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.38	$3.22	$7.37	$3.76	$4.66	$4.30	$5.32	$5.06	$2.76	$4.15
Adjusted Weighted Average Basic Shares Outstanding	4.09B	4.08B	4.08B	4.13B	4.14B	4.14B	4.15B	4.20B	4.21B	4.22B
Adjusted Diluted Earnings per Share	$4.37	$3.21	$7.36	$3.76	$4.65	$4.30	$5.32	$5.06	$2.75	$4.14
Adjusted Weighted Average Diluted Shares Outstanding	4.09B	4.09B	4.09B	4.13B	4.14B	4.14B	4.15B	4.20B	4.22B	4.22B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	4.07B	4.08B	4.08B	4.13B	4.14B	4.14B	4.20B	4.20B	4.20B	4.21B
Normalized Net Operating Profit after Tax (NOPAT)	21,511	18,966	19,198	21,962	26,605	22,046	24,946	23,437	20,448	22,407
Normalized NOPAT Margin	16.34%	15.05%	15.23%	16.78%	20.18%	17.18%	18.67%	17.13%	15.26%	16.62%
Pre Tax Income Margin	21.46%	16.66%	16.34%	15.00%	17.24%	18.68%	22.02%	20.66%	12.68%	17.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.76	5.82	5.37	5.10	5.81	6.65	9.40	8.81	4.08	4.46
NOPAT to Interest Expense	4.37	4.33	8.60	3.77	5.59	5.19	7.16	6.49	2.95	3.37
EBIT Less CapEx to Interest Expense	3.14	1.92	1.72	1.65	2.02	2.37	3.58	2.42	0.69	1.89
NOPAT Less CapEx to Interest Expense	0.76	0.44	4.95	0.32	1.80	0.91	1.34	0.10	-0.45	0.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.47%	68.06%	31.00%	60.93%	50.62%	55.77%	46.18%	49.68%	91.15%	62.67%
Augmented Payout Ratio	74.41%	68.06%	31.00%	60.93%	50.62%	55.77%	46.18%	49.68%	91.15%	62.67%

This table displays calculated financial ratios and metrics derived from Verizon Communications' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.03%	3.48%	-1.91%	-3.53%	-2.64%	-0.34%	0.21%	0.61%	-0.02%	1.57%	1.53%
EBITDA Growth	-10.32%	30.85%	8.17%	-1.12%	2.50%	-69.50%	1.23%	3.73%	-13.40%	195.29%	4.21%
EBIT Growth	-18.74%	46.89%	12.02%	-2.25%	2.52%	-102.09%	0.27%	4.25%	-21.52%	4,070.05%	4.92%
NOPAT Growth	-12.72%	-6.37%	-3.03%	-3.82%	-3.10%	-92.35%	-0.15%	8.21%	-20.29%	1,275.75%	5.06%
Net Income Growth	-23.34%	41.40%	6.52%	-10.33%	-2.79%	-138.41%	-5.90%	-1.34%	-30.16%	298.76%	5.53%
EPS Growth	-24.52%	41.82%	7.34%	-11.29%	-3.42%	-141.67%	-6.84%	-0.91%	-30.97%	281.54%	5.50%
Operating Cash Flow Growth	-1.77%	6.74%	21.52%	-10.26%	2.32%	-2.96%	-14.54%	-2.53%	-8.04%	20.23%	9.85%
Free Cash Flow Firm Growth	76.82%	92.09%	77.46%	25.45%	78.69%	58.18%	361.43%	239.23%	286.59%	577.33%	38.75%
Invested Capital Growth	6.91%	4.06%	3.38%	4.26%	3.35%	0.85%	0.14%	0.04%	0.46%	-0.79%	-0.62%
Revenue Q/Q Growth	1.34%	2.95%	-6.64%	-0.96%	2.27%	5.38%	-6.12%	-0.56%	1.63%	7.05%	-6.15%
EBITDA Q/Q Growth	-1.20%	19.96%	-14.96%	-1.89%	2.42%	-64.31%	182.29%	0.53%	-14.50%	21.69%	-0.38%
EBIT Q/Q Growth	-1.92%	32.96%	-22.34%	-3.48%	2.87%	-102.71%	3,828.99%	0.35%	-22.57%	37.01%	-1.45%
NOPAT Q/Q Growth	3.91%	-9.71%	6.60%	-3.84%	4.70%	-92.87%	1,291.89%	4.21%	-22.87%	22.98%	6.29%
Net Income Q/Q Growth	-5.48%	33.32%	-25.08%	-5.02%	2.48%	-152.68%	283.52%	-0.42%	-27.46%	49.93%	-2.56%
EPS Q/Q Growth	-5.65%	33.33%	-25.00%	-5.98%	2.73%	-157.52%	267.69%	0.00%	-28.44%	51.28%	-2.54%
Operating Cash Flow Q/Q Growth	-2.86%	-15.11%	-7.30%	17.40%	10.76%	-19.49%	-18.36%	33.89%	4.49%	5.26%	-25.40%
Free Cash Flow Firm Q/Q Growth	-56.00%	57.32%	45.18%	-104.25%	55.42%	16.22%	442.69%	8.78%	-40.25%	114.31%	-0.39%
Invested Capital Q/Q Growth	0.03%	2.53%	1.82%	-0.17%	-0.84%	0.05%	1.10%	-0.26%	-0.42%	-1.20%	1.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.36%	55.29%	58.97%	60.84%	59.69%	56.78%	60.97%	61.97%	60.28%	56.52%	61.01%
EBITDA Margin	34.40%	40.08%	36.51%	36.17%	36.22%	12.27%	36.88%	37.29%	31.37%	35.66%	37.86%
Operating Margin	23.05%	20.50%	23.04%	22.15%	22.42%	1.71%	22.80%	23.84%	17.78%	20.80%	23.83%
EBIT Margin	21.77%	28.12%	23.39%	22.79%	22.93%	-0.59%	23.40%	23.62%	18.00%	23.03%	24.19%
Profit (Net Income) Margin	14.67%	19.00%	15.25%	14.62%	14.65%	-7.32%	14.32%	14.34%	10.23%	14.33%	14.88%
Tax Burden Percent	77.06%	76.02%	77.20%	77.98%	78.88%	141.61%	77.73%	77.93%	79.29%	77.86%	76.98%
Interest Burden Percent	87.46%	88.89%	84.44%	82.26%	81.02%	877.78%	78.70%	77.90%	71.72%	79.92%	79.92%
Effective Tax Rate	22.94%	23.98%	22.80%	22.02%	21.12%	0.00%	22.27%	22.07%	20.71%	22.14%	23.02%
Return on Invested Capital (ROIC)	10.66%	9.08%	10.10%	9.78%	9.99%	0.67%	9.74%	10.24%	7.82%	9.08%	10.20%
ROIC Less NNEP Spread (ROIC-NNEP)	9.92%	9.90%	9.55%	9.19%	9.28%	-1.37%	8.98%	9.29%	6.93%	8.61%	9.39%
Return on Net Nonoperating Assets (RNNOA)	16.88%	16.56%	15.97%	14.64%	14.18%	-2.16%	14.09%	14.03%	10.10%	12.70%	13.73%
Return on Equity (ROE)	27.55%	25.65%	26.08%	24.42%	24.17%	-1.49%	23.83%	24.27%	17.93%	21.78%	23.92%
Cash Return on Invested Capital (CROIC)	3.87%	6.01%	6.38%	5.49%	6.32%	5.93%	6.53%	6.81%	5.89%	10.11%	9.95%
Operating Return on Assets (OROA)	8.11%	10.31%	8.57%	8.20%	8.09%	-0.21%	8.28%	8.35%	6.31%	8.12%	8.61%
Return on Assets (ROA)	5.46%	6.97%	5.59%	5.26%	5.17%	-2.58%	5.06%	5.07%	3.59%	5.05%	5.29%
Return on Common Equity (ROCE)	27.09%	25.19%	25.68%	24.07%	23.77%	-1.47%	23.49%	23.94%	17.64%	21.47%	23.60%
Return on Equity Simple (ROE_SIMPLE)	22.62%	0.00%	23.74%	22.59%	21.96%	0.00%	12.51%	12.20%	10.65%	0.00%	18.08%
Net Operating Profit after Tax (NOPAT)	6,083	5,492	5,855	5,630	5,894	420	5,846	6,092	4,699	5,778	6,142
NOPAT Margin	17.76%	15.58%	17.79%	17.27%	17.68%	1.20%	17.73%	18.58%	14.10%	16.19%	18.34%
Net Nonoperating Expense Percent (NNEP)	0.74%	-0.82%	0.56%	0.59%	0.70%	2.03%	0.75%	0.95%	0.90%	0.46%	0.80%
Return On Investment Capital (ROIC_SIMPLE)	2.57%	2.26%	2.37%	2.26%	2.39%	0.17%	2.36%	2.47%	1.89%	2.36%	2.50%
Cost of Revenue to Revenue	42.64%	44.71%	41.03%	39.16%	40.31%	43.22%	39.03%	38.03%	39.72%	43.48%	38.99%
SG&A Expenses to Revenue	21.68%	22.82%	22.81%	25.32%	23.98%	25.59%	24.69%	24.47%	29.12%	23.09%	23.52%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.30%	34.79%	35.93%	38.69%	37.28%	55.08%	38.17%	38.14%	42.50%	35.72%	37.18%
Earnings before Interest and Taxes (EBIT)	7,455	9,912	7,698	7,430	7,643	-207	7,719	7,746	5,998	8,218	8,099
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11,779	14,130	12,016	11,789	12,074	4,309	12,164	12,229	10,456	12,724	12,676
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.54	1.57	1.53	1.46	1.26	1.58	1.75	1.72	1.90	1.67	1.87
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.99	1.04	1.05	1.03	0.92	1.09	1.23	1.23	1.36	1.23	1.39
Price to Earnings (P/E)	6.98	6.68	6.60	6.59	5.88	12.57	14.61	14.69	18.67	9.45	10.57
Dividend Yield	7.99%	7.61%	7.63%	7.88%	8.93%	7.55%	6.70%	6.74%	6.12%	6.80%	6.01%
Earnings Yield	14.33%	14.97%	15.16%	15.18%	17.00%	7.95%	6.84%	6.81%	5.36%	10.58%	9.46%
Enterprise Value to Invested Capital (EV/IC)	1.20	1.21	1.20	1.18	1.10	1.22	1.29	1.28	1.36	1.28	1.36
Enterprise Value to Revenue (EV/Rev)	2.07	2.12	2.15	2.12	1.99	2.20	2.35	2.33	2.45	2.27	2.44
Enterprise Value to EBITDA (EV/EBITDA)	6.15	5.93	5.88	5.77	5.33	7.34	7.81	7.67	8.40	6.43	6.86
Enterprise Value to EBIT (EV/EBIT)	9.79	9.12	8.98	8.82	8.15	13.08	13.95	13.65	15.48	10.30	10.97
Enterprise Value to NOPAT (EV/NOPAT)	11.77	12.39	12.61	12.45	11.68	18.11	19.38	18.75	21.40	13.64	14.53
Enterprise Value to Operating Cash Flow (EV/OCF)	7.67	7.82	7.60	7.65	7.06	7.87	8.69	8.68	9.36	8.28	8.77
Enterprise Value to Free Cash Flow (EV/FCFF)	32.10	20.59	19.17	21.90	17.75	20.69	19.79	18.86	23.07	12.58	13.62
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.67	1.63	1.62	1.58	1.49	1.61	1.58	1.53	1.54	1.43	1.41
Long-Term Debt to Equity	1.50	1.52	1.49	1.43	1.36	1.47	1.42	1.29	1.32	1.21	1.19
Financial Leverage	1.70	1.67	1.67	1.59	1.53	1.58	1.57	1.51	1.46	1.47	1.46
Leverage Ratio	4.36	4.25	4.14	4.08	4.04	4.08	3.99	3.91	3.89	3.94	3.85
Compound Leverage Factor	3.81	3.78	3.50	3.36	3.28	35.81	3.14	3.05	2.79	3.15	3.07
Debt to Total Capital	62.49%	61.97%	61.87%	61.28%	59.80%	61.63%	61.31%	60.48%	60.67%	58.88%	58.47%
Short-Term Debt to Total Capital	6.34%	4.10%	4.89%	5.95%	5.25%	5.31%	6.30%	9.42%	8.76%	9.25%	9.21%
Long-Term Debt to Total Capital	56.15%	57.87%	56.98%	55.33%	54.54%	56.33%	55.01%	51.06%	51.90%	49.63%	49.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.56%	0.54%	0.54%	0.53%	0.55%	0.56%	0.56%	0.55%	0.54%	0.55%	0.54%
Common Equity to Total Capital	36.95%	37.32%	37.59%	38.20%	39.48%	37.81%	38.13%	38.97%	38.79%	40.57%	41.00%
Debt to EBITDA	3.24	3.08	3.07	3.07	2.95	3.75	3.76	3.66	3.85	3.03	2.99
Net Debt to EBITDA	3.17	3.00	3.00	2.95	2.84	3.67	3.68	3.58	3.70	2.92	2.92
Long-Term Debt to EBITDA	2.91	2.87	2.82	2.77	2.69	3.43	3.37	3.09	3.29	2.55	2.52
Debt to NOPAT	6.20	6.43	6.57	6.63	6.46	9.25	9.33	8.96	9.80	6.43	6.33
Net Debt to NOPAT	6.07	6.27	6.43	6.38	6.23	9.06	9.13	8.76	9.42	6.20	6.19
Long-Term Debt to NOPAT	5.57	6.00	6.05	5.99	5.89	8.45	8.37	7.56	8.38	5.42	5.33
Altman Z-Score	0.96	1.01	1.00	0.99	0.94	0.91	1.03	1.02	1.04	1.02	1.09
Noncontrolling Interest Sharing Ratio	1.65%	1.80%	1.53%	1.44%	1.65%	1.67%	1.44%	1.38%	1.58%	1.39%	1.37%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.75	0.75	0.75	0.73	0.68	0.69	0.71	0.63	0.66	0.63	0.61
Quick Ratio	0.48	0.54	0.53	0.54	0.50	0.51	0.52	0.46	0.50	0.47	0.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9,014	-3,848	-2,109	-4,308	-1,921	-1,609	5,514	5,998	3,584	7,680	7,651
Operating Cash Flow to CapEx	198.01%	122.90%	139.12%	236.65%	263.26%	188.51%	161.88%	256.70%	251.04%	205.72%	187.74%
Free Cash Flow to Firm to Interest Expense	-9.62	-3.48	-1.75	-3.35	-1.34	-1.01	3.37	3.53	2.14	4.67	4.69
Operating Cash Flow to Interest Expense	11.24	8.09	6.87	7.57	7.52	5.43	4.33	5.59	5.93	6.35	4.77
Operating Cash Flow Less CapEx to Interest Expense	5.56	1.51	1.93	4.37	4.66	2.55	1.66	3.41	3.57	3.26	2.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.37	0.37	0.36	0.35	0.35	0.35	0.35	0.35	0.35	0.36
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	21.47	21.73	19.30	20.44	20.65	24.70	24.35	28.88	22.58	25.14	25.41
Fixed Asset Turnover	1.37	1.32	1.32	1.29	1.27	1.24	1.25	1.25	1.25	1.24	1.25
Accounts Payable Turnover	2.75	2.42	3.11	2.76	2.29	2.31	2.75	2.71	2.22	2.31	2.74
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	17.00	16.80	18.91	17.86	17.68	14.78	14.99	12.64	16.17	14.52	14.37
Days Payable Outstanding (DPO)	132.54	150.64	117.23	132.20	159.17	157.71	132.57	134.58	164.16	157.97	132.98
Cash Conversion Cycle (CCC)	-115.54	-133.84	-98.32	-114.34	-141.49	-142.93	-117.58	-121.95	-147.99	-143.45	-118.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	233,525	239,426	243,786	243,382	241,340	241,455	244,118	243,476	242,455	239,553	242,609
Invested Capital Turnover	0.60	0.58	0.57	0.57	0.56	0.56	0.55	0.55	0.55	0.56	0.56
Increase / (Decrease) in Invested Capital	15,097	9,340	7,964	9,938	7,815	2,029	332	94	1,115	-1,902	-1,509
Enterprise Value (EV)	280,646	290,295	293,282	286,731	266,496	295,034	315,033	312,549	329,036	305,730	329,823
Market Capitalization	134,589	142,013	142,379	138,542	122,897	146,009	165,249	165,245	182,907	165,414	187,936
Book Value per Share	$20.83	$21.60	$22.12	$22.64	$23.15	$21.99	$22.38	$22.85	$22.88	$23.57	$23.93
Tangible Book Value per Share	($24.18)	($23.62)	($23.22)	($22.81)	($23.25)	($23.11)	($22.65)	($22.25)	($22.25)	($21.70)	($21.31)
Total Capital	236,690	243,102	247,072	249,200	246,479	244,473	247,424	246,816	248,309	244,589	245,686
Total Debt	147,907	150,639	152,853	152,698	147,391	150,674	151,698	149,277	150,641	144,014	143,649
Total Long-Term Debt	132,912	140,676	140,772	137,871	134,441	137,701	136,104	126,022	128,878	121,381	121,020
Net Debt	144,742	146,963	149,567	146,880	142,252	147,656	148,392	145,937	144,787	138,978	140,572
Capital Expenditures (CapEx)	5,320	7,276	5,958	4,112	4,094	4,603	4,376	3,695	3,948	5,071	4,145
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-482	-4,956	-2,199	-3,992	-8,818	-5,501	-2,445	-1,927	-4,399	-5,809	-3,341
Debt-free Net Working Capital (DFNWC)	1,600	-2,351	35	811	-4,608	-3,436	-80	505	588	-1,615	-1,084
Net Working Capital (NWC)	-13,395	-12,314	-12,046	-14,016	-17,558	-16,409	-15,674	-22,750	-21,175	-24,248	-23,713
Net Nonoperating Expense (NNE)	1,059	-1,206	837	864	1,010	2,993	1,124	1,390	1,288	664	1,159
Net Nonoperating Obligations (NNO)	144,742	146,963	149,567	146,880	142,252	147,656	148,392	145,937	144,787	138,978	140,572
Total Depreciation and Amortization (D&A)	4,324	4,218	4,318	4,359	4,431	4,516	4,445	4,483	4,458	4,506	4,577
Debt-free, Cash-free Net Working Capital to Revenue	-0.36%	-3.62%	-1.61%	-2.96%	-6.58%	-4.11%	-1.82%	-1.44%	-3.28%	-4.31%	-2.47%
Debt-free Net Working Capital to Revenue	1.18%	-1.72%	0.03%	0.60%	-3.44%	-2.56%	-0.06%	0.38%	0.44%	-1.20%	-0.80%
Net Working Capital to Revenue	-9.87%	-9.00%	-8.84%	-10.38%	-13.09%	-12.25%	-11.69%	-16.95%	-15.77%	-17.99%	-17.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.17	$1.56	$1.17	$1.10	$1.13	($0.64)	$1.09	$1.09	$0.78	$1.19	$1.16
Adjusted Weighted Average Basic Shares Outstanding	4.20B	4.20B	4.21B	4.21B	4.21B	4.21B	4.22B	4.22B	4.22B	4.22B	4.22B
Adjusted Diluted Earnings per Share	$1.17	$1.56	$1.17	$1.10	$1.13	($0.65)	$1.09	$1.09	$0.78	$1.18	$1.15
Adjusted Weighted Average Diluted Shares Outstanding	4.20B	4.20B	4.21B	4.21B	4.22B	4.22B	4.22B	4.22B	4.23B	4.22B	4.23B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	4.20B	4.20B	4.20B	4.20B	4.20B	4.20B	4.21B	4.21B	4.21B	4.21B	4.22B
Normalized Net Operating Profit after Tax (NOPAT)	6,083	5,492	5,855	5,630	5,894	420	5,846	6,092	4,699	5,778	6,142
Normalized NOPAT Margin	17.76%	15.58%	17.79%	17.27%	17.68%	1.20%	17.73%	18.58%	14.10%	16.19%	18.34%
Pre Tax Income Margin	19.04%	25.00%	19.75%	18.75%	18.57%	-5.17%	18.42%	18.40%	12.91%	18.41%	19.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.96	8.97	6.38	5.78	5.33	-0.13	4.72	4.56	3.59	5.00	4.96
NOPAT to Interest Expense	6.49	4.97	4.85	4.38	4.11	0.26	3.58	3.59	2.81	3.51	3.76
EBIT Less CapEx to Interest Expense	2.28	2.39	1.44	2.58	2.48	-3.01	2.04	2.39	1.23	1.91	2.42
NOPAT Less CapEx to Interest Expense	0.81	-1.61	-0.09	1.18	1.26	-2.62	0.90	1.41	0.45	0.43	1.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	54.15%	49.68%	49.40%	50.75%	51.34%	91.15%	93.88%	94.90%	109.07%	62.67%	62.10%
Augmented Payout Ratio	54.15%	49.68%	49.40%	50.75%	51.34%	91.15%	93.88%	94.90%	109.07%	62.67%	62.10%

Key Financial Trends

Verizon Communications posted modest revenue growth in Q1 2025, driven by sustained demand for its wireless and broadband services. Total revenue rose to $33.49 billion, a 1.53% increase year-over-year, while gross margin improved to 61.0%. Operating income reached $7.98 billion, and EBITDA of $12.68 billion delivered a healthy 37.9% margin.

Cash flow remained robust, with operating cash flow of $7.78 billion and free cash flow to firm of $7.65 billion. Capital expenditures of $4.15 billion supported network expansion. The balance sheet shows net debt of $140.6 billion and continued debt repayment in financing activities, while dividends of $0.6775 per share maintain a yield near 6%.

Q1 2025 revenue increased 1.53% YoY to $33.49 billion, marking the 10th consecutive quarterly gain.
EBITDA of $12.68 billion delivered a 37.9% margin, up from 35.7% in Q4 2024, reflecting operating leverage.
Free cash flow to firm rose to $7.65 billion, supporting dividend and debt reduction.
Capital expenditures of $4.15 billion remain in line with historical quarterly averages.
Net debt held steady at $140.6 billion, with net debt/EBITDA near 2.92×, consistent with prior quarters.
Dividend per share of $0.6775 yields about 6.0%, with a payout ratio of ~62%, balancing return and reinvestment.
Cash & equivalents dipped to $2.26 billion from $4.19 billion in Q4, driven by financing outflows.
Net cash used in financing activities was $5.89 billion, reflecting ongoing debt repayments and dividends.
Debt-to-equity remains elevated at ~1.41, underlining higher leverage compared to peers.
On a sequential basis, Q1 revenue fell 6.15% and operating cash flow declined 25.4% from Q4.

06/22/25 01:17 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Verizon Communications' Financials

When does Verizon Communications' fiscal year end?

According to the most recent income statement we have on file, Verizon Communications' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Verizon Communications' net income changed over the last 9 years?

Verizon Communications' net income for the last 5 years looks like this:

2020: $18.35 billion
2021: $22.62 billion
2022: $21.75 billion
2023: $12.10 billion
2024: $17.95 billion

See Verizon Communications' forecast for analyst expectations on what’s next for the company.

What is Verizon Communications' operating income?

Verizon Communications' total operating income in 2024 was $28.69 billion, based on the following breakdown:

Total Gross Profit: $80.69 billion
Total Operating Expenses: $52.01 billion

How has Verizon Communications' revenue changed over the last 9 years?

Over the last 9 years, Verizon Communications' total revenue changed from $131.62 billion in 2015 to $134.79 billion in 2024, a change of 2.4%.

How much debt does Verizon Communications have?

Verizon Communications' total liabilities were at $284.14 billion at the end of 2024, a 0.8% decrease from 2023, and a 25.5% increase since 2015.

How much cash does Verizon Communications have?

In the past 9 years, Verizon Communications' cash and equivalents has ranged from $2.07 billion in 2023 to $22.17 billion in 2020, and is currently $4.19 billion as of their latest financial filing in 2024.

How has Verizon Communications' book value per share changed over the last 9 years?

Over the last 9 years, Verizon Communications' book value per share changed from 4.04 in 2015 to 23.57 in 2024, a change of 483.9%.

Related Companies

This page (NYSE:VZ) was last updated on 6/22/2025 by MarketBeat.com Staff

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Verizon Communications (VZ) Financials

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Verizon Communications (VZ) Financials

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