Verizon Communications (VZ) Financials

$43.92 +0.59 (+1.36%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$44.02 +0.10 (+0.23%)

As of 05/30/2025 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	17,506	11,614	21,256	22,065	17,801	19,265	15,528	30,101	13,127	17,879
Consolidated Net Income / (Loss)	17,949	12,095	21,748	22,618	18,348	19,788	16,039	30,550	13,608	18,375
Net Income / (Loss) Continuing Operations	17,949	12,095	21,748	22,618	18,348	19,788	16,039	30,550	13,608	18,375
Total Pre-Tax Income	22,979	16,987	28,271	29,420	23,967	22,733	19,623	20,594	20,986	28,240
Total Operating Income	28,686	22,877	30,467	32,448	28,798	30,378	22,278	27,425	29,249	33,060
Total Gross Profit	80,691	79,087	77,702	77,312	77,091	77,142	75,355	72,971	73,279	79,063
Total Revenue	134,788	133,974	136,835	133,613	128,292	131,868	130,863	126,034	125,980	131,620
Total Cost of Revenue	54,097	54,887	59,133	56,301	51,201	54,726	55,508	53,063	52,701	52,557
Operating Cost of Revenue	54,097	54,887	59,133	56,301	51,201	54,726	55,508	53,063	52,701	52,557
Total Operating Expenses	52,005	56,210	47,235	44,864	48,293	46,764	53,077	45,546	44,030	46,003
Selling, General & Admin Expense	34,113	32,745	30,136	28,658	31,573	29,896	31,083	28,592	28,102	29,986
Depreciation Expense	17,892	17,624	17,099	16,206	16,720	16,682	17,403	16,954	15,928	16,017
Impairment Charge	0.00	5,841	0.00	0.00	-	186	4,591	0.00	0.00	-
Total Other Income / (Expense), net	-5,707	-5,890	-2,196	-3,028	-4,831	-7,645	-2,655	-6,831	-8,263	-4,820
Interest Expense	6,649	5,524	3,613	3,485	4,247	4,730	4,833	4,733	4,376	4,920
Interest & Investment Income	-53	-53	44	145	-45	-15	-186	-77	-98	-86
Other Income / (Expense), net	995	-313	1,373	312	-539	-2,900	2,364	-2,021	-3,789	186
Income Tax Expense	5,030	4,892	6,523	6,802	5,619	2,945	3,584	-9,956	7,378	9,865
Net Income / (Loss) Attributable to Noncontrolling Interest	443	481	492	553	547	523	511	449	481	496
Basic Earnings per Share	$4.15	$2.76	$5.06	$5.32	$4.30	$4.66	$3.76	$7.37	$3.22	$4.38
Weighted Average Basic Shares Outstanding	4.22B	4.21B	4.20B	4.15B	4.14B	4.14B	4.13B	4.08B	4.08B	4.09B
Diluted Earnings per Share	$4.14	$2.75	$5.06	$5.32	$4.30	$4.65	$3.76	$7.36	$3.21	$4.37
Weighted Average Diluted Shares Outstanding	4.22B	4.22B	4.20B	4.15B	4.14B	4.14B	4.13B	4.09B	4.09B	4.09B
Weighted Average Basic & Diluted Shares Outstanding	4.21B	4.20B	4.20B	4.20B	4.14B	4.14B	4.13B	4.08B	4.08B	4.08B
Cash Dividends to Common per Share	$2.69	$2.64	$2.59	$2.54	$2.49	$2.44	$2.39	$2.34	$2.29	$2.23

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

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Verizon Communications' Financials

When does Verizon Communications's 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 were at $17.95 billion at the end of 2024, a 48.4% increase from 2023, and a 2.3% decrease since 2015. View Verizon Communications' forecast to see where analysts expect Verizon Communications to go next.

What is Verizon Communications's operating income?

Verizon Communications's 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%.

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This page (NYSE:VZ) was last updated on 6/1/2025 by MarketBeat.com Staff

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Verizon Communications (VZ) Financials

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Verizon Communications (VZ) Financials

Annual Income Statements for Verizon Communications

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