Verizon Communications (VZ) Financials

$47.38 +0.04 (+0.09%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$47.46 +0.08 (+0.16%)

As of 05:12 AM 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	2025
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	12/31/2025
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	17,174
Consolidated Net Income / (Loss)	18,375	13,608	30,550	16,039	19,788	18,348	22,618	21,748	12,095	17,949	17,608
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	17,608
Total Pre-Tax Income	28,240	20,986	20,594	19,623	22,733	23,967	29,420	28,271	16,987	22,979	22,672
Total Operating Income	33,060	29,249	27,425	22,278	30,378	28,798	32,448	30,467	22,877	28,686	29,259
Total Gross Profit	79,063	73,279	72,971	75,355	77,142	77,091	77,312	77,702	79,087	80,691	81,426
Total Revenue	131,620	125,980	126,034	130,863	131,868	128,292	133,613	136,835	133,974	134,788	138,191
Total Cost of Revenue	52,557	52,701	53,063	55,508	54,726	51,201	56,301	59,133	54,887	54,097	56,765
Operating Cost of Revenue	52,557	52,701	53,063	55,508	54,726	51,201	56,301	59,133	54,887	54,097	56,765
Total Operating Expenses	46,003	44,030	45,546	53,077	46,764	48,293	44,864	47,235	56,210	52,005	52,167
Selling, General & Admin Expense	29,986	28,102	28,592	31,083	29,896	31,573	28,658	30,136	32,745	34,113	33,818
Depreciation Expense	16,017	15,928	16,954	17,403	16,682	16,720	16,206	17,099	17,624	17,892	18,349
Impairment Charge	-	0.00	0.00	4,591	186	-	0.00	0.00	5,841	0.00	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	-6,587
Interest Expense	4,920	4,376	4,733	4,833	4,730	4,247	3,485	3,613	5,524	6,649	6,694
Interest & Investment Income	-86	-98	-77	-186	-15	-45	145	44	-53	-53	0.00
Other Income / (Expense), net	186	-3,789	-2,021	2,364	-2,900	-539	312	1,373	-313	995	107
Income Tax Expense	9,865	7,378	-9,956	3,584	2,945	5,619	6,802	6,523	4,892	5,030	5,064
Net Income / (Loss) Attributable to Noncontrolling Interest	496	481	449	511	523	547	553	492	481	443	434
Basic Earnings per Share	$4.38	$3.22	$7.37	$3.76	$4.66	$4.30	$5.32	$5.06	$2.76	$4.15	$4.06
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	4.23B
Diluted Earnings per Share	$4.37	$3.21	$7.36	$3.76	$4.65	$4.30	$5.32	$5.06	$2.75	$4.14	$4.06
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	4.23B
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	4.22B
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	$2.74

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	4,762	-2,705	4,602	4,593	3,306	5,005	4,879	5,003	4,950	2,342	5,045
Consolidated Net Income / (Loss)	4,884	-2,573	4,722	4,702	3,411	5,114	4,983	5,121	5,056	2,448	5,146
Net Income / (Loss) Continuing Operations	4,884	-2,573	4,722	4,702	3,411	5,114	4,983	5,121	5,056	2,448	5,146
Total Pre-Tax Income	6,192	-1,817	6,075	6,034	4,302	6,568	6,473	6,609	6,527	3,063	6,784
Total Operating Income	7,473	600	7,521	7,818	5,926	7,421	7,978	8,172	8,105	5,004	8,242
Total Gross Profit	19,899	19,948	20,109	20,325	20,090	20,167	20,429	20,619	20,475	19,903	20,767
Total Revenue	33,336	35,130	32,981	32,796	33,330	35,681	33,485	34,504	33,821	36,381	34,440
Total Cost of Revenue	13,437	15,182	12,872	12,471	13,240	15,514	13,056	13,885	13,346	16,478	13,673
Operating Cost of Revenue	13,437	15,182	12,872	12,471	13,240	15,514	13,056	13,885	13,346	16,478	13,673
Total Operating Expenses	12,426	19,348	12,588	12,507	14,164	12,746	12,451	12,447	12,370	14,899	12,525
Selling, General & Admin Expense	7,995	8,991	8,143	8,024	9,706	8,240	7,874	7,812	7,752	10,380	7,633
Depreciation Expense	4,431	4,516	4,445	4,483	4,458	4,506	4,577	4,635	4,618	4,519	4,892
Total Other Income / (Expense), net	-1,281	-2,417	-1,446	-1,784	-1,624	-853	-1,505	-1,563	-1,578	-1,941	-1,458
Interest Expense	1,433	1,599	1,635	1,698	1,672	1,644	1,632	1,639	1,664	1,759	1,940
Interest & Investment Income	-18	-11	-9.00	-14	-24	-6.00	6.00	-3.00	-6.00	3.00	5.00
Other Income / (Expense), net	170	-807	198	-72	72	797	121	79	92	-185	477
Income Tax Expense	1,308	756	1,353	1,332	891	1,454	1,490	1,488	1,471	615	1,638
Net Income / (Loss) Attributable to Noncontrolling Interest	122	132	120	109	105	109	104	118	106	106	101
Basic Earnings per Share	$1.13	($0.64)	$1.09	$1.09	$0.78	$1.19	$1.16	$1.18	$1.17	$0.55	$1.20
Weighted Average Basic Shares Outstanding	4.21B	4.21B	4.22B	4.22B	4.22B	4.22B	4.22B	4.22B	4.23B	4.23B	4.21B
Diluted Earnings per Share	$1.13	($0.65)	$1.09	$1.09	$0.78	$1.18	$1.15	$1.18	$1.17	$0.56	$1.20
Weighted Average Diluted Shares Outstanding	4.22B	4.22B	4.22B	4.22B	4.23B	4.22B	4.23B	4.23B	4.23B	4.23B	4.21B
Weighted Average Basic & Diluted Shares Outstanding	4.20B	4.20B	4.21B	4.21B	4.21B	4.21B	4.22B	4.22B	4.22B	4.22B	4.18B
Cash Dividends to Common per Share	$0.67	$0.67	$0.67	$0.67	-	$0.68	$0.68	$0.68	-	-	$0.71

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-6,128	-1,561	-289	1,028	1.00	19,581	-19,337	-50	-614	1,138	14,864
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	37,137
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	37,137
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	17,608
Consolidated Net Income / (Loss)	18,375	13,608	30,550	16,039	19,788	18,348	22,618	21,748	12,095	17,949	17,608
Depreciation Expense	16,017	15,928	16,954	17,403	16,682	16,720	16,206	17,099	17,624	17,892	18,349
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	3,416
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	-2,236
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	-16,660
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	-16,660
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	-17,011
Acquisitions	-13,487	-4,299	-6,463	-1,659	-927	-4,416	-51,661	-3,405	-5,826	-900	-450
Other Investing Activities, net	1,171	1,602	1,640	383	1,257	-904	693	62	1,161	-684	801
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	-5,613
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	-5,613
Repayment of Debt	-8,107	-22,064	-28,676	-5,459	-9,219	-10,116	-8,632	-7,020	-6,063	-9,565	-10,386
Payment of Dividends	-8,538	-9,262	-9,472	-9,772	-10,016	-10,232	-10,445	-10,805	-11,025	-11,249	-11,481
Issuance of Debt	6,667	17,950	31,997	10,777	18,655	31,448	41,417	17,912	8,612	15,568	27,606
Other Financing Activities, net	-	-	-	-10,923	-17,584	-9,775	-14,063	-8,616	-6,181	-11,854	-11,352

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-685	-2,163	411	-14	1,493	-752	-1,863	1,159	4,225	11,343	-10,867
Net Cash From Operating Activities	10,778	8,677	7,084	9,485	9,911	10,432	7,782	8,975	11,266	9,114	7,984
Net Cash From Continuing Operating Activities	10,778	8,677	7,084	9,485	9,911	10,432	7,782	8,975	11,266	9,114	7,984
Net Income / (Loss) Continuing Operations	4,884	-2,573	4,722	4,702	3,411	5,114	4,983	5,121	5,056	2,448	5,146
Consolidated Net Income / (Loss)	4,884	-2,573	4,722	4,702	3,411	5,114	4,983	5,121	5,056	2,448	5,146
Depreciation Expense	4,431	4,516	4,445	4,483	4,458	4,506	4,577	4,635	4,618	4,519	4,892
Non-Cash Adjustments To Reconcile Net Income	608	7,519	643	863	648	207	750	745	603	1,318	467
Changes in Operating Assets and Liabilities, net	855	-785	-2,726	-563	1,394	605	-2,528	-1,526	989	829	-2,521
Net Cash From Investing Activities	-5,408	-7,824	-5,245	-3,865	-4,003	-5,561	-3,752	-3,438	-4,490	-4,980	-13,573
Net Cash From Continuing Investing Activities	-5,408	-7,824	-5,245	-3,865	-4,003	-5,561	-3,752	-3,438	-4,490	-4,980	-13,573
Purchase of Property, Plant & Equipment	-4,094	-4,603	-4,376	-3,695	-3,948	-5,071	-4,145	-3,808	-4,310	-4,748	-4,201
Acquisitions	-774	-3,967	-449	-164	-155	-132	-122	-112	-106	-110	-9,563
Other Investing Activities, net	122	28	-420	-14	8.00	22	515	482	-74	-122	191
Net Cash From Financing Activities	-6,055	-3,016	-1,428	-5,634	-4,415	-5,623	-5,893	-4,378	-2,551	7,209	-5,278
Net Cash From Continuing Financing Activities	-6,055	-3,016	-1,428	-5,634	-4,415	-5,623	-5,893	-4,378	-2,551	7,209	-5,278
Repayment of Debt	-2,290	-1,083	256	-3,207	-2,528	-1,739	-3,372	-2,295	-2,349	-2,370	-7,739
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-2,500
Payment of Dividends	-2,744	-2,794	-2,796	-2,802	-2,801	-2,850	-2,856	-2,856	-2,857	-2,912	-2,910
Issuance of Debt	1,947	1,474	5,620	1,586	1,818	4,197	2,781	3,857	4,654	16,314	12,129
Other Financing Activities, net	-2,968	-613	-4,508	-1,211	-904	-5,231	-2,446	-3,084	-1,999	-3,823	-4,258

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	2025
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	12/31/2025
Total Assets	244,175	244,180	257,143	264,829	291,727	316,481	366,596	379,680	380,255	384,711	404,258
Total Current Assets	22,355	26,395	29,913	34,636	37,473	54,594	36,728	37,857	36,814	40,523	56,922
Cash & Equivalents	4,470	2,880	2,079	2,745	2,594	22,171	2,921	2,605	2,065	4,194	19,048
Note & Lease Receivable	-	-	-	-	-	-	23,846	24,506	25,085	26,109	27,097
Inventories, net	1,252	1,202	1,034	1,336	1,422	1,796	3,055	2,388	2,057	2,247	2,441
Prepaid Expenses	2,034	3,918	3,307	5,453	8,028	6,710	6,906	8,358	7,607	7,973	8,336
Plant, Property, & Equipment, net	83,541	84,751	88,568	89,286	91,915	94,833	99,696	107,434	108,310	108,522	109,467
Plant, Property & Equipment, gross	220,163	232,215	246,498	252,835	265,734	279,737	289,897	307,689	320,108	331,406	337,991
Accumulated Depreciation	136,622	147,464	157,930	163,549	173,819	184,904	190,201	200,255	211,798	222,884	228,524
Total Noncurrent Assets	138,279	133,034	138,662	140,907	162,339	167,054	230,172	234,389	235,131	235,666	237,869
Long-Term Investments	796	1,110	1,039	671	558	589	1,061	1,071	953	842	785
Goodwill	25,331	27,205	29,172	24,614	24,389	24,773	28,603	28,671	22,843	22,841	22,841
Intangible Assets	94,167	95,570	98,664	103,905	104,557	105,510	159,296	161,257	166,724	167,742	167,497
Other Noncurrent Operating Assets	7,718	8,536	9,787	11,717	32,835	36,182	41,212	43,390	44,611	44,241	46,746
Total Liabilities & Shareholders' Equity	244,175	244,180	257,143	264,829	291,727	316,481	366,596	379,680	380,255	384,711	404,258
Total Liabilities	226,333	220,148	212,456	210,119	228,892	247,209	283,396	287,217	286,456	284,136	298,517
Total Current Liabilities	35,052	30,340	33,037	37,930	44,868	39,660	47,160	50,171	53,223	64,771	62,370
Short-Term Debt	6,489	2,645	3,453	7,190	10,777	5,889	7,443	9,963	12,973	22,633	18,618
Accounts Payable	19,362	19,593	21,232	22,501	21,806	20,658	24,833	23,977	23,453	23,374	24,981
Other Current Liabilities	8,738	8,102	8,352	8,239	12,285	13,113	14,884	16,231	16,797	18,764	18,771
Total Noncurrent Liabilities	191,281	189,808	179,419	172,189	184,024	207,549	236,236	237,046	233,233	219,365	236,147
Long-Term Debt	103,240	105,433	113,642	105,873	100,712	123,173	143,425	140,676	137,701	121,381	139,532
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	48,717
Noncurrent Employee Benefit Liabilities	29,957	26,166	22,112	18,599	17,952	18,657	15,410	12,974	13,189	11,997	11,099
Other Noncurrent Operating Liabilities	11,641	12,245	12,433	13,922	30,657	30,008	36,716	39,955	36,562	39,255	36,799
Commitments & Contingencies	-	0.00	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	105,741
Total Preferred & Common Equity	16,428	22,524	43,096	53,145	61,395	67,842	81,790	90,715	92,430	99,237	104,460
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	16,428	22,524	43,096	53,145	61,395	67,842	81,790	90,715	92,430	99,237	104,460
Common Stock	11,620	11,606	11,525	13,866	13,848	13,833	14,290	13,420	14,060	13,895	13,801
Retained Earnings	11,246	15,059	35,635	43,542	53,147	60,464	71,993	82,380	82,915	89,110	94,744
Treasury Stock	-7,416	-7,263	-7,139	-6,986	-6,820	-6,719	-4,104	-4,013	-3,821	-3,583	-3,255
Accumulated Other Comprehensive Income / (Loss)	550	2,673	2,659	2,370	998	-71	-927	-1,865	-1,380	-923	-1,727
Other Equity Adjustments	428	449	416	353	222	335	538	793	656	738	897
Noncontrolling Interest	1,414	1,508	1,591	1,565	1,440	1,430	1,410	1,319	1,369	1,338	1,281

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	379,955	384,830	380,255	380,158	379,146	381,164	384,711	380,364	383,285	388,331	417,882
Total Current Assets	37,388	38,119	36,814	37,957	38,056	40,641	40,523	37,353	38,846	44,010	44,723
Cash & Equivalents	4,803	4,210	2,065	2,365	2,432	4,987	4,194	2,257	3,435	7,706	8,366
Note & Lease Receivable	23,186	23,602	25,085	25,319	25,607	25,954	26,109	25,889	26,275	25,920	26,655
Inventories, net	1,896	2,240	2,057	2,076	1,841	2,523	2,247	2,197	2,137	2,700	2,320
Prepaid Expenses	7,503	8,067	7,607	8,197	8,176	7,177	7,973	7,010	6,999	7,684	7,382
Plant, Property, & Equipment, net	107,270	107,490	108,310	107,863	107,890	107,528	108,522	107,923	108,069	108,467	125,972
Plant, Property & Equipment, gross	313,424	316,767	320,108	322,266	324,978	327,555	331,406	331,888	332,529	334,765	357,650
Accumulated Depreciation	206,154	209,277	211,798	214,403	217,088	220,027	222,884	223,965	224,460	226,298	231,678
Total Noncurrent Assets	235,297	239,221	235,131	234,338	233,200	232,995	235,666	235,088	236,370	235,854	247,187
Long-Term Investments	1,015	929	953	941	908	867	842	820	807	799	730
Goodwill	28,647	28,642	22,843	22,842	22,842	22,844	22,841	22,842	22,841	22,841	30,628
Intangible Assets	162,434	166,417	166,724	166,946	166,971	167,155	167,742	167,573	167,455	167,442	169,881
Other Noncurrent Operating Assets	43,201	43,233	44,611	43,609	42,479	42,129	44,241	43,853	45,267	44,772	45,948
Total Liabilities & Shareholders' Equity	379,955	384,830	380,255	380,158	379,146	381,164	384,711	380,364	383,285	388,331	417,882
Total Liabilities	283,453	285,742	286,456	284,432	281,607	283,496	284,136	278,327	278,924	281,986	313,260
Total Current Liabilities	51,404	55,677	53,223	53,631	60,806	61,816	64,771	61,066	60,952	59,563	69,880
Short-Term Debt	14,827	12,950	12,973	15,594	23,255	21,763	22,633	22,629	22,067	20,146	28,229
Accounts Payable	20,067	26,140	23,453	20,139	19,727	22,222	23,374	19,413	19,880	20,700	21,932
Other Current Liabilities	16,510	16,587	16,797	17,898	17,824	17,831	18,764	19,024	19,005	18,717	19,719
Total Noncurrent Liabilities	232,049	230,065	233,233	230,801	220,801	221,680	219,365	217,261	217,972	222,423	243,380
Long-Term Debt	137,871	134,441	137,701	136,104	126,022	128,878	121,381	121,020	123,929	126,629	144,231
Noncurrent Deferred & Payable Income Tax Liabilities	44,055	44,434	45,781	45,980	46,082	45,865	46,732	46,643	46,568	48,226	49,312
Noncurrent Employee Benefit Liabilities	12,357	12,226	13,189	12,805	12,812	12,744	11,997	11,793	11,170	11,072	12,023
Other Noncurrent Operating Liabilities	37,766	38,964	36,562	35,912	35,885	34,193	39,255	37,805	36,305	36,496	37,814
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	96,502	99,088	93,799	95,726	97,539	97,668	100,575	102,037	104,361	106,345	104,622
Total Preferred & Common Equity	95,193	97,312	92,430	94,334	96,172	96,326	99,237	100,722	103,063	105,042	103,309
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	95,193	97,312	92,430	94,334	96,172	96,326	99,237	100,722	103,063	105,042	103,309
Common Stock	13,952	13,524	14,060	14,000	13,968	13,908	13,895	13,844	13,841	13,837	13,692
Retained Earnings	86,448	88,416	82,915	84,714	86,504	86,958	89,110	91,128	93,275	95,316	96,824
Treasury Stock	-3,830	-3,828	-3,821	-3,602	-3,590	-3,585	-3,583	-3,295	-3,292	-3,287	-5,335
Accumulated Other Comprehensive Income / (Loss)	-1,921	-1,428	-1,380	-1,199	-1,287	-1,665	-923	-1,489	-1,475	-1,651	-2,372
Other Equity Adjustments	544	628	656	421	577	710	738	534	714	827	500
Noncontrolling Interest	1,309	1,347	1,369	1,392	1,367	1,342	1,338	1,315	1,298	1,303	1,313

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	2025
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	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4,216,425,489.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4,216,425,489.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.57%	-4.29%	0.04%	3.83%	0.77%	-2.71%	4.15%	2.41%	-2.09%	0.61%	2.52%
EBITDA Growth	41.00%	-15.99%	2.34%	-0.74%	5.03%	1.85%	8.86%	-0.06%	-17.88%	18.38%	0.30%
EBIT Growth	80.64%	-23.42%	-0.22%	-3.00%	11.51%	2.84%	15.93%	-2.81%	-29.13%	31.54%	-1.06%
NOPAT Growth	40.18%	-11.83%	114.51%	-55.24%	45.22%	-16.63%	13.15%	-6.05%	-30.50%	37.56%	1.41%
Net Income Growth	53.69%	-25.94%	124.50%	-47.50%	23.37%	-7.28%	23.27%	-3.85%	-44.39%	48.40%	-1.90%
EPS Growth	80.58%	-26.54%	129.28%	-48.91%	23.67%	-7.53%	23.72%	-4.89%	-45.65%	50.55%	-1.93%
Operating Cash Flow Growth	27.41%	-44.43%	12.12%	41.21%	4.10%	16.85%	-5.34%	-6.06%	0.90%	-1.50%	0.61%
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%	-25.05%
Invested Capital Growth	-1.85%	12.74%	25.30%	3.59%	4.15%	2.57%	31.05%	4.06%	0.85%	-0.79%	1.88%
Revenue Q/Q Growth	0.81%	-1.50%	1.30%	0.25%	0.38%	-0.06%	-0.47%	0.87%	-0.09%	0.41%	0.51%
EBITDA Q/Q Growth	33.33%	-3.95%	-7.62%	-4.02%	5.04%	6.06%	-1.49%	7.30%	-19.64%	21.49%	-6.63%
EBIT Q/Q Growth	59.06%	-6.09%	-13.49%	-6.30%	9.41%	9.61%	-1.79%	11.03%	-30.96%	39.64%	-10.37%
NOPAT Q/Q Growth	49.55%	2.63%	90.11%	-56.54%	32.94%	-11.30%	1.80%	-1.69%	-28.64%	45.74%	-7.37%
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%	-13.15%
EPS Q/Q Growth	80.58%	-6.69%	89.20%	-52.16%	19.85%	-2.49%	-0.37%	10.00%	-44.56%	79.22%	-13.25%
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%	-3.43%
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%	-18.57%
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%	-0.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.07%	58.17%	57.90%	57.58%	58.50%	60.09%	57.86%	56.79%	59.03%	59.87%	58.92%
EBITDA Margin	37.43%	32.85%	33.61%	32.13%	33.49%	35.06%	36.65%	35.77%	30.00%	35.29%	34.53%
Operating Margin	25.12%	23.22%	21.76%	17.02%	23.04%	22.45%	24.29%	22.27%	17.08%	21.28%	21.17%
EBIT Margin	25.26%	20.21%	20.16%	18.83%	20.84%	22.03%	24.52%	23.27%	16.84%	22.02%	21.25%
Profit (Net Income) Margin	13.96%	10.80%	24.24%	12.26%	15.01%	14.30%	16.93%	15.89%	9.03%	13.32%	12.74%
Tax Burden Percent	65.07%	64.84%	148.34%	81.74%	87.05%	76.56%	76.88%	76.93%	71.20%	78.11%	77.66%
Interest Burden Percent	84.94%	82.43%	81.07%	79.63%	82.73%	84.81%	89.80%	88.79%	75.28%	77.42%	77.20%
Effective Tax Rate	34.93%	35.16%	-48.34%	18.26%	12.95%	23.44%	23.12%	23.07%	28.80%	21.89%	22.34%
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%	9.40%
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%	5.71%
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%	7.67%
Return on Equity (ROE)	116.60%	65.00%	88.91%	32.27%	33.67%	27.78%	29.67%	24.76%	12.99%	18.47%	17.07%
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%	7.53%
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%	7.44%
Return on Assets (ROA)	7.71%	5.57%	12.19%	6.15%	7.11%	6.03%	6.62%	5.83%	3.18%	4.69%	4.46%
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%	16.85%
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%	0.00%
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	22,724
NOPAT Margin	16.34%	15.05%	32.28%	13.91%	20.05%	17.18%	18.67%	17.13%	12.16%	16.62%	16.44%
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%	3.69%
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%	8.61%
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%	41.08%
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%	24.47%
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	34.95%	34.95%	36.14%	40.56%	35.46%	37.64%	33.58%	34.52%	41.96%	38.58%	37.75%
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	29,366
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	47,715
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	1.62
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)	0.89	1.13	1.17	1.27	1.44	1.48	1.31	1.04	1.09	1.23	1.22
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	9.83
Dividend Yield	7.69%	6.53%	6.42%	5.90%	5.29%	5.41%	5.97%	7.61%	7.55%	6.80%	6.80%
Earnings Yield	15.25%	9.26%	20.41%	9.34%	10.17%	9.41%	12.61%	14.97%	7.95%	10.58%	10.17%
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	1.26
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	2.23
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	6.46
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	10.50
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	13.57
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	8.30
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	16.93
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	1.50
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	1.32
Financial Leverage	6.19	4.71	3.15	2.25	1.85	1.62	1.66	1.67	1.58	1.47	1.34
Leverage Ratio	15.13	11.66	7.30	5.25	4.73	4.60	4.48	4.25	4.08	3.94	3.82
Compound Leverage Factor	12.85	9.61	5.91	4.18	3.92	3.90	4.02	3.77	3.07	3.05	2.95
Debt to Total Capital	86.01%	81.81%	72.38%	67.39%	63.96%	65.07%	64.45%	61.97%	61.63%	58.88%	59.93%
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%	7.06%
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%	52.87%
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	1.11%	1.14%	0.98%	0.93%	0.83%	0.72%	0.60%	0.54%	0.56%	0.55%	0.49%
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%	39.58%
Debt to EBITDA	2.23	2.61	2.76	2.69	2.52	2.87	3.08	3.08	3.75	3.03	3.31
Net Debt to EBITDA	2.11	2.51	2.69	2.61	2.45	2.36	3.00	3.00	3.67	2.92	2.90
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	2.92
Debt to NOPAT	5.10	5.70	2.88	6.21	4.22	5.85	6.05	6.43	9.25	6.43	6.96
Net Debt to NOPAT	4.84	5.49	2.80	6.02	4.10	4.82	5.89	6.27	9.06	6.20	6.09
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	6.14
Altman Z-Score	1.30	1.31	1.41	1.49	1.48	1.48	1.27	1.20	1.11	1.20	1.23
Noncontrolling Interest Sharing Ratio	8.86%	6.98%	4.51%	3.18%	2.56%	2.17%	1.86%	1.80%	1.67%	1.39%	1.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.64	0.87	0.91	0.91	0.84	1.38	0.78	0.75	0.69	0.63	0.91
Quick Ratio	0.52	0.67	0.77	0.73	0.62	1.16	0.57	0.54	0.51	0.47	0.74
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	18,219
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%	218.31%
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	2.72
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	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	3.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.52	0.50	0.50	0.47	0.42	0.39	0.37	0.35	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	0.00
Inventory Turnover	43.71	42.95	47.46	46.84	39.69	31.82	23.21	21.73	24.70	25.14	24.22
Fixed Asset Turnover	1.52	1.50	1.45	1.47	1.46	1.37	1.37	1.32	1.24	1.24	1.27
Accounts Payable Turnover	2.92	2.71	2.60	2.54	2.47	2.41	2.48	2.42	2.31	2.31	2.35
Days Sales Outstanding (DSO)	38.06	44.86	59.38	67.77	69.93	70.20	0.00	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	15.07
Days Payable Outstanding (DPO)	125.15	134.90	140.41	143.79	147.75	151.36	147.46	150.64	157.71	157.97	155.46
Cash Conversion Cycle (CCC)	-78.74	-81.54	-73.34	-68.22	-68.62	-69.69	-131.73	-133.84	-142.93	-143.45	-140.39
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	244,058
Invested Capital Turnover	1.16	1.05	0.88	0.81	0.79	0.74	0.66	0.58	0.56	0.56	0.57
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	4,505
Enterprise Value (EV)	222,763	247,368	263,073	277,436	299,169	296,979	323,340	290,295	295,034	305,730	308,404
Market Capitalization	117,236	141,772	147,505	166,224	189,392	189,247	175,044	142,013	146,009	165,414	168,806
Book Value per Share	$4.04	$5.53	$10.56	$12.86	$14.84	$16.39	$19.76	$21.60	$21.99	$23.57	$24.77
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)	($20.37)
Total Capital	127,571	132,110	161,782	167,773	174,324	198,334	234,068	243,102	244,473	244,589	263,891
Total Debt	109,729	108,078	117,095	113,063	111,489	129,062	150,868	150,639	150,674	144,014	158,150
Total Long-Term Debt	103,240	105,433	113,642	105,873	100,712	123,173	143,425	140,676	137,701	121,381	139,532
Net Debt	104,113	104,088	113,977	109,647	108,337	106,302	146,886	146,963	147,656	138,978	138,317
Capital Expenditures (CapEx)	17,775	17,059	17,247	16,658	17,939	18,192	20,286	23,087	18,767	17,090	17,011
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	-5,878
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	13,170
Net Working Capital (NWC)	-12,697	-3,945	-3,124	-3,294	-7,395	14,934	-10,432	-12,314	-16,409	-24,248	-5,448
Net Nonoperating Expense (NNE)	3,136	5,358	10,133	2,170	6,655	3,698	2,328	1,689	4,194	4,458	5,116
Net Nonoperating Obligations (NNO)	94,476	102,593	113,977	109,647	108,337	106,302	146,886	146,963	147,656	138,978	138,317
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	18,349
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%	-4.25%
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%	9.53%
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%	-3.94%
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	$4.06
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	4.23B
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	$4.06
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	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	4.07B	4.08B	4.08B	4.13B	4.14B	4.14B	4.20B	4.20B	4.20B	4.21B	4.22B
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	22,724
Normalized NOPAT Margin	16.34%	15.05%	15.23%	16.78%	20.18%	17.18%	18.67%	17.13%	15.26%	16.62%	16.44%
Pre Tax Income Margin	21.46%	16.66%	16.34%	15.00%	17.24%	18.68%	22.02%	20.66%	12.68%	17.05%	16.41%
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	4.39
NOPAT to Interest Expense	4.37	4.33	8.60	3.77	5.59	5.19	7.16	6.49	2.95	3.37	3.39
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	1.85
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	0.85
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%	65.20%
Augmented Payout Ratio	74.41%	68.06%	31.00%	60.93%	50.62%	55.77%	46.18%	49.68%	91.15%	62.67%	65.20%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	4,216,425,489.00	4,175,558,910.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	4,216,425,489.00	4,175,558,910.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.56	1.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.64%	-0.34%	0.21%	0.61%	-0.02%	1.57%	1.53%	5.21%	1.47%	1.96%	2.85%
EBITDA Growth	2.50%	-69.50%	1.23%	3.73%	-13.40%	195.29%	4.21%	5.37%	22.56%	-26.61%	7.38%
EBIT Growth	2.52%	-102.09%	0.27%	4.25%	-21.52%	4,070.05%	4.92%	6.52%	36.66%	-41.36%	7.66%
NOPAT Growth	-3.10%	-92.35%	-0.15%	8.21%	-20.29%	1,275.75%	5.06%	3.94%	33.62%	-30.79%	1.80%
Net Income Growth	-2.79%	-138.41%	-5.90%	-1.34%	-30.16%	298.76%	5.53%	8.91%	48.23%	-52.13%	3.27%
EPS Growth	-3.42%	-141.67%	-6.84%	-0.91%	-30.97%	281.54%	5.50%	8.26%	50.00%	-52.54%	4.35%
Operating Cash Flow Growth	2.32%	-2.96%	-14.54%	-2.53%	-8.04%	20.23%	9.85%	-5.38%	13.67%	-12.63%	2.60%
Free Cash Flow Firm Growth	78.69%	58.18%	361.43%	239.23%	286.59%	577.33%	38.75%	-38.43%	14.92%	-106.58%	-349.98%
Invested Capital Growth	3.35%	0.85%	0.14%	0.04%	0.46%	-0.79%	-0.62%	1.08%	0.89%	1.88%	10.46%
Revenue Q/Q Growth	2.27%	5.38%	-6.12%	-0.56%	1.63%	7.05%	-6.15%	3.04%	-1.98%	7.57%	-5.34%
EBITDA Q/Q Growth	2.42%	-64.31%	182.29%	0.53%	-14.50%	21.69%	-0.38%	1.66%	-0.55%	-27.13%	45.76%
EBIT Q/Q Growth	2.87%	-102.71%	3,828.99%	0.35%	-22.57%	37.01%	-1.45%	1.88%	-0.65%	-41.21%	80.93%
NOPAT Q/Q Growth	4.70%	-92.87%	1,291.89%	4.21%	-22.87%	22.98%	6.29%	3.10%	-0.85%	-36.30%	56.33%
Net Income Q/Q Growth	2.48%	-152.68%	283.52%	-0.42%	-27.46%	49.93%	-2.56%	2.77%	-1.27%	-51.58%	110.21%
EPS Q/Q Growth	2.73%	-157.52%	267.69%	0.00%	-28.44%	51.28%	-2.54%	2.61%	-0.85%	-52.14%	114.29%
Operating Cash Flow Q/Q Growth	10.76%	-19.49%	-18.36%	33.89%	4.49%	5.26%	-25.40%	15.33%	25.53%	-19.10%	-12.40%
Free Cash Flow Firm Q/Q Growth	55.42%	16.22%	442.69%	8.78%	-40.25%	114.31%	-0.39%	-51.73%	11.52%	-112.28%	-3,681.74%
Invested Capital Q/Q Growth	-0.84%	0.05%	1.10%	-0.26%	-0.42%	-1.20%	1.28%	1.45%	-0.61%	-0.23%	9.80%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.69%	56.78%	60.97%	61.97%	60.28%	56.52%	61.01%	59.76%	60.54%	54.71%	60.30%
EBITDA Margin	36.22%	12.27%	36.88%	37.29%	31.37%	35.66%	37.86%	37.35%	37.89%	25.67%	39.52%
Operating Margin	22.42%	1.71%	22.80%	23.84%	17.78%	20.80%	23.83%	23.68%	23.96%	13.75%	23.93%
EBIT Margin	22.93%	-0.59%	23.40%	23.62%	18.00%	23.03%	24.19%	23.91%	24.24%	13.25%	25.32%
Profit (Net Income) Margin	14.65%	-7.32%	14.32%	14.34%	10.23%	14.33%	14.88%	14.84%	14.95%	6.73%	14.94%
Tax Burden Percent	78.88%	141.61%	77.73%	77.93%	79.29%	77.86%	76.98%	77.49%	77.46%	79.92%	75.86%
Interest Burden Percent	81.02%	877.78%	78.70%	77.90%	71.72%	79.92%	79.92%	80.10%	79.63%	63.56%	77.81%
Effective Tax Rate	21.12%	0.00%	22.27%	22.07%	20.71%	22.14%	23.02%	22.51%	22.54%	20.08%	24.15%
Return on Invested Capital (ROIC)	9.99%	0.67%	9.74%	10.24%	7.82%	9.08%	10.20%	10.27%	10.48%	6.28%	9.89%
ROIC Less NNEP Spread (ROIC-NNEP)	9.28%	-1.37%	8.98%	9.29%	6.93%	8.61%	9.39%	9.43%	9.62%	5.16%	9.17%
Return on Net Nonoperating Assets (RNNOA)	14.18%	-2.16%	14.09%	14.03%	10.10%	12.70%	13.73%	13.44%	13.34%	6.94%	13.48%
Return on Equity (ROE)	24.17%	-1.49%	23.83%	24.27%	17.93%	21.78%	23.92%	23.71%	23.82%	13.22%	23.38%
Cash Return on Invested Capital (CROIC)	6.32%	5.93%	6.53%	6.81%	5.89%	10.11%	9.95%	8.29%	9.19%	7.53%	-1.00%
Operating Return on Assets (OROA)	8.09%	-0.21%	8.28%	8.35%	6.31%	8.12%	8.61%	8.59%	8.66%	4.64%	8.83%
Return on Assets (ROA)	5.17%	-2.58%	5.06%	5.07%	3.59%	5.05%	5.29%	5.33%	5.34%	2.36%	5.21%
Return on Common Equity (ROCE)	23.77%	-1.47%	23.49%	23.94%	17.64%	21.47%	23.60%	23.39%	23.51%	13.05%	23.08%
Return on Equity Simple (ROE_SIMPLE)	21.96%	0.00%	12.51%	12.20%	10.65%	0.00%	18.08%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	5,894	420	5,846	6,092	4,699	5,778	6,142	6,332	6,278	3,999	6,252
NOPAT Margin	17.68%	1.20%	17.73%	18.58%	14.10%	16.19%	18.34%	18.35%	18.56%	10.99%	18.15%
Net Nonoperating Expense Percent (NNEP)	0.70%	2.03%	0.75%	0.95%	0.90%	0.46%	0.80%	0.84%	0.86%	1.12%	0.73%
Return On Investment Capital (ROIC_SIMPLE)	2.39%	0.17%	2.36%	2.47%	1.89%	2.36%	2.50%	2.53%	2.48%	1.52%	2.26%
Cost of Revenue to Revenue	40.31%	43.22%	39.03%	38.03%	39.72%	43.48%	38.99%	40.24%	39.46%	45.29%	39.70%
SG&A Expenses to Revenue	23.98%	25.59%	24.69%	24.47%	29.12%	23.09%	23.52%	22.64%	22.92%	28.53%	22.16%
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	37.28%	55.08%	38.17%	38.14%	42.50%	35.72%	37.18%	36.07%	36.57%	40.95%	36.37%
Earnings before Interest and Taxes (EBIT)	7,643	-207	7,719	7,746	5,998	8,218	8,099	8,251	8,197	4,819	8,719
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12,074	4,309	12,164	12,229	10,456	12,724	12,676	12,886	12,815	9,338	13,611
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.26	1.58	1.75	1.72	1.90	1.67	1.87	1.74	1.73	1.62	2.02
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)	0.92	1.09	1.23	1.23	1.36	1.23	1.39	1.31	1.33	1.22	1.50
Price to Earnings (P/E)	5.88	12.57	14.61	14.69	18.67	9.45	10.57	9.87	9.18	9.83	12.03
Dividend Yield	8.93%	7.55%	6.70%	6.74%	6.12%	6.80%	6.01%	6.33%	6.27%	6.80%	5.53%
Earnings Yield	17.00%	7.95%	6.84%	6.81%	5.36%	10.58%	9.46%	10.13%	10.89%	10.17%	8.31%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.22	1.29	1.28	1.36	1.28	1.36	1.31	1.32	1.26	1.39
Enterprise Value to Revenue (EV/Rev)	1.99	2.20	2.35	2.33	2.45	2.27	2.44	2.35	2.34	2.23	2.68
Enterprise Value to EBITDA (EV/EBITDA)	5.33	7.34	7.81	7.67	8.40	6.43	6.86	6.62	6.30	6.46	7.67
Enterprise Value to EBIT (EV/EBIT)	8.15	13.08	13.95	13.65	15.48	10.30	10.97	10.55	9.82	10.50	12.45
Enterprise Value to NOPAT (EV/NOPAT)	11.68	18.11	19.38	18.75	21.40	13.64	14.53	14.06	13.12	13.57	16.35
Enterprise Value to Operating Cash Flow (EV/OCF)	7.06	7.87	8.69	8.68	9.36	8.28	8.77	8.70	8.37	8.30	10.00
Enterprise Value to Free Cash Flow (EV/FCFF)	17.75	20.69	19.79	18.86	23.07	12.58	13.62	15.89	14.38	16.93	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.49	1.61	1.58	1.53	1.54	1.43	1.41	1.40	1.38	1.50	1.65
Long-Term Debt to Equity	1.36	1.47	1.42	1.29	1.32	1.21	1.19	1.19	1.19	1.32	1.38
Financial Leverage	1.53	1.58	1.57	1.51	1.46	1.47	1.46	1.42	1.39	1.34	1.47
Leverage Ratio	4.04	4.08	3.99	3.91	3.89	3.94	3.85	3.78	3.77	3.82	3.86
Compound Leverage Factor	3.28	35.81	3.14	3.05	2.79	3.15	3.07	3.02	3.00	2.43	3.01
Debt to Total Capital	59.80%	61.63%	61.31%	60.48%	60.67%	58.88%	58.47%	58.32%	57.99%	59.93%	62.24%
Short-Term Debt to Total Capital	5.25%	5.31%	6.30%	9.42%	8.76%	9.25%	9.21%	8.81%	7.96%	7.06%	10.19%
Long-Term Debt to Total Capital	54.54%	56.33%	55.01%	51.06%	51.90%	49.63%	49.26%	49.50%	50.03%	52.87%	52.05%
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	0.55%	0.56%	0.56%	0.55%	0.54%	0.55%	0.54%	0.52%	0.51%	0.49%	0.47%
Common Equity to Total Capital	39.48%	37.81%	38.13%	38.97%	38.79%	40.57%	41.00%	41.17%	41.50%	39.58%	37.28%
Debt to EBITDA	2.95	3.75	3.76	3.66	3.85	3.03	2.99	3.00	2.87	3.31	3.54
Net Debt to EBITDA	2.84	3.67	3.68	3.58	3.70	2.92	2.92	2.91	2.71	2.90	3.36
Long-Term Debt to EBITDA	2.69	3.43	3.37	3.09	3.29	2.55	2.52	2.54	2.48	2.92	2.96
Debt to NOPAT	6.46	9.25	9.33	8.96	9.80	6.43	6.33	6.36	5.98	6.96	7.55
Net Debt to NOPAT	6.23	9.06	9.13	8.76	9.42	6.20	6.19	6.18	5.64	6.09	7.16
Long-Term Debt to NOPAT	5.89	8.45	8.37	7.56	8.38	5.42	5.33	5.40	5.16	6.14	6.32
Altman Z-Score	0.94	0.91	1.03	1.02	1.04	1.02	1.09	1.09	1.11	1.03	1.05
Noncontrolling Interest Sharing Ratio	1.65%	1.67%	1.44%	1.38%	1.58%	1.39%	1.37%	1.32%	1.30%	1.27%	1.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.68	0.69	0.71	0.63	0.66	0.63	0.61	0.64	0.74	0.91	0.64
Quick Ratio	0.50	0.51	0.52	0.46	0.50	0.47	0.46	0.49	0.56	0.74	0.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,921	-1,609	5,514	5,998	3,584	7,680	7,651	3,693	4,118	-506	-19,125
Operating Cash Flow to CapEx	263.26%	188.51%	161.88%	256.70%	251.04%	205.72%	187.74%	235.69%	261.39%	191.95%	190.05%
Free Cash Flow to Firm to Interest Expense	-1.34	-1.01	3.37	3.53	2.14	4.67	4.69	2.25	2.48	-0.29	-9.86
Operating Cash Flow to Interest Expense	7.52	5.43	4.33	5.59	5.93	6.35	4.77	5.48	6.77	5.18	4.12
Operating Cash Flow Less CapEx to Interest Expense	4.66	2.55	1.66	3.41	3.57	3.26	2.23	3.15	4.18	2.48	1.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.35	0.35	0.35	0.35	0.35	0.36	0.36	0.36	0.35	0.35
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	20.65	24.70	24.35	28.88	22.58	25.14	25.41	28.00	21.37	24.22	25.41
Fixed Asset Turnover	1.27	1.24	1.25	1.25	1.25	1.24	1.25	1.27	1.27	1.27	1.19
Accounts Payable Turnover	2.29	2.31	2.75	2.71	2.22	2.31	2.74	2.81	2.60	2.35	2.78
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)	17.68	14.78	14.99	12.64	16.17	14.52	14.37	13.04	17.08	15.07	14.37
Days Payable Outstanding (DPO)	159.17	157.71	132.57	134.58	164.16	157.97	132.98	129.78	140.38	155.46	131.50
Cash Conversion Cycle (CCC)	-141.49	-142.93	-117.58	-121.95	-147.99	-143.45	-118.61	-116.75	-123.30	-140.39	-117.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	241,340	241,455	244,118	243,476	242,455	239,553	242,609	246,115	244,615	244,058	267,986
Invested Capital Turnover	0.56	0.56	0.55	0.55	0.55	0.56	0.56	0.56	0.56	0.57	0.55
Increase / (Decrease) in Invested Capital	7,815	2,029	332	94	1,115	-1,902	-1,509	2,639	2,160	4,505	25,377
Enterprise Value (EV)	266,496	295,034	315,033	312,549	329,036	305,730	329,823	322,589	321,749	308,404	373,270
Market Capitalization	122,897	146,009	165,249	165,245	182,907	165,414	187,936	179,537	182,176	168,806	208,593
Book Value per Share	$23.15	$21.99	$22.38	$22.85	$22.88	$23.57	$23.93	$24.44	$24.91	$24.77	$24.49
Tangible Book Value per Share	($23.25)	($23.11)	($22.65)	($22.25)	($22.25)	($21.70)	($21.31)	($20.69)	($20.22)	($20.37)	($23.05)
Total Capital	246,479	244,473	247,424	246,816	248,309	244,589	245,686	250,357	253,120	263,891	277,082
Total Debt	147,391	150,674	151,698	149,277	150,641	144,014	143,649	145,996	146,775	158,150	172,460
Total Long-Term Debt	134,441	137,701	136,104	126,022	128,878	121,381	121,020	123,929	126,629	139,532	144,231
Net Debt	142,252	147,656	148,392	145,937	144,787	138,978	140,572	141,754	138,270	138,317	163,364
Capital Expenditures (CapEx)	4,094	4,603	4,376	3,695	3,948	5,071	4,145	3,808	4,310	4,748	4,201
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8,818	-5,501	-2,445	-1,927	-4,399	-5,809	-3,341	-3,474	-3,113	-5,878	-5,294
Debt-free Net Working Capital (DFNWC)	-4,608	-3,436	-80	505	588	-1,615	-1,084	-39	4,593	13,170	3,072
Net Working Capital (NWC)	-17,558	-16,409	-15,674	-22,750	-21,175	-24,248	-23,713	-22,106	-15,553	-5,448	-25,157
Net Nonoperating Expense (NNE)	1,010	2,993	1,124	1,390	1,288	664	1,159	1,211	1,222	1,551	1,106
Net Nonoperating Obligations (NNO)	142,252	147,656	148,392	145,937	144,787	138,978	140,572	141,754	138,270	138,317	163,364
Total Depreciation and Amortization (D&A)	4,431	4,516	4,445	4,483	4,458	4,506	4,577	4,635	4,618	4,519	4,892
Debt-free, Cash-free Net Working Capital to Revenue	-6.58%	-4.11%	-1.82%	-1.44%	-3.28%	-4.31%	-2.47%	-2.54%	-2.26%	-4.25%	-3.80%
Debt-free Net Working Capital to Revenue	-3.44%	-2.56%	-0.06%	0.38%	0.44%	-1.20%	-0.80%	-0.03%	3.34%	9.53%	2.21%
Net Working Capital to Revenue	-13.09%	-12.25%	-11.69%	-16.95%	-15.77%	-17.99%	-17.53%	-16.14%	-11.31%	-3.94%	-18.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.13	($0.64)	$1.09	$1.09	$0.78	$1.19	$1.16	$1.18	$1.17	$0.55	$1.20
Adjusted Weighted Average Basic Shares Outstanding	4.21B	4.21B	4.22B	4.22B	4.22B	4.22B	4.22B	4.22B	4.23B	4.23B	4.21B
Adjusted Diluted Earnings per Share	$1.13	($0.65)	$1.09	$1.09	$0.78	$1.18	$1.15	$1.18	$1.17	$0.56	$1.20
Adjusted Weighted Average Diluted Shares Outstanding	4.22B	4.22B	4.22B	4.22B	4.23B	4.22B	4.23B	4.23B	4.23B	4.23B	4.21B
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	4.21B	4.21B	4.21B	4.21B	4.22B	4.22B	4.22B	4.22B	4.18B
Normalized Net Operating Profit after Tax (NOPAT)	5,894	420	5,846	6,092	4,699	5,778	6,142	6,332	6,278	3,999	6,252
Normalized NOPAT Margin	17.68%	1.20%	17.73%	18.58%	14.10%	16.19%	18.34%	18.35%	18.56%	10.99%	18.15%
Pre Tax Income Margin	18.57%	-5.17%	18.42%	18.40%	12.91%	18.41%	19.33%	19.15%	19.30%	8.42%	19.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.33	-0.13	4.72	4.56	3.59	5.00	4.96	5.03	4.93	2.74	4.49
NOPAT to Interest Expense	4.11	0.26	3.58	3.59	2.81	3.51	3.76	3.86	3.77	2.27	3.22
EBIT Less CapEx to Interest Expense	2.48	-3.01	2.04	2.39	1.23	1.91	2.42	2.71	2.34	0.04	2.33
NOPAT Less CapEx to Interest Expense	1.26	-2.62	0.90	1.41	0.45	0.43	1.22	1.54	1.18	-0.43	1.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.34%	91.15%	93.88%	94.90%	109.07%	62.67%	62.10%	61.00%	56.32%	65.20%	64.91%
Augmented Payout Ratio	51.34%	91.15%	93.88%	94.90%	109.07%	62.67%	62.10%	61.00%	56.32%	65.20%	64.91%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Verizon Communications (NYSE: VZ) drawn from the last four years of quarterly statements (through Q4 2025). The notes focus on the big, investable trends retail investors care about: revenue, profitability, cash flow, and balance-sheet health.

Revenue has shown a slow, steady uptrend. Q4 2025 revenue was 36.38B versus 35.68B in Q4 2024 (roughly +2% year over year), with a multi-year pattern of modest growth from 2022 through 2025.
Gross margin remains solid. Q4 2025 gross profit was 19.90B on 36.38B in revenue, about a 54.7% gross margin, indicating the core service profitability has held up even as overall revenue grows.
Operating cash flow remains robust. Q4 2025 shows net cash from continuing operating activities of about 9.11B, reflecting Verizon’s ongoing ability to generate cash from operations across the period.
Dividend policy has remained stable and investor-friendly. Quarterly cash dividends per share stayed in the ≈0.66–0.68 range (0.6775 in recent quarters), contributing to steady income for shareholders.
Balance sheet remains solid, with a large asset base and strong equity. Total assets run around 380–389B over 2022–2025, and total equity sits in the low-to-mid 90s billions (roughly 93–106B), suggesting a resilient capital base to support operations and dividends.
Earnings exhibit quarterly volatility. Net income attributable to common shareholders fluctuates by quarter (e.g., Q4 2025: 2.342B vs. Q4 2024: 5.005B), indicating earnings can be lumpy despite solid cash generation.
Debt load and leverage remain high but typical for a telecom. Long-term debt sits around 120–130B and total liabilities near 280B in recent periods, signaling ongoing leverage that investors should monitor with interest-rate changes.
Capital expenditure is consistently sizable, supporting network investments. Verizon continues to deploy meaningful capex (roughly in the 4–5B per quarter range in several periods), which supports next-generation network capabilities but can pressure near-term free cash flow.
Q4 2025 earnings per share declined sharply versus prior year. Diluted EPS for Q4 2025 was 0.56, down from 1.18 in Q4 2024, signaling a material quarterly earnings headwind.
Near-term net income to common shareholders decreased year over year. Q4 2025 net income attributable to common shareholders was 2.342B, down from 5.005B in Q4 2024, suggesting quarterly earnings softness despite strong cash flow.

05/07/26 04:04 AM ETAI 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 2025 ended on December 31, 2025.

How has Verizon Communications' net income changed over the last 10 years?

Verizon Communications' net income were at $17.61 billion at the end of 2025, a 1.9% decrease from 2024, and a 4.2% decrease since 2015. See Verizon Communications' forecast for analyst expectations on whatâ€™s next for the company.

What is Verizon Communications' operating income?

Verizon Communications' total operating income in 2025 was $29.26 billion, based on the following breakdown:

Total Gross Profit: $81.43 billion
Total Operating Expenses: $52.17 billion

How has Verizon Communications' revenue changed over the last 10 years?

Over the last 10 years, Verizon Communications' total revenue changed from $131.62 billion in 2015 to $138.19 billion in 2025, a change of 5.0%.

How much debt does Verizon Communications have?

Verizon Communications' total liabilities were at $298.52 billion at the end of 2025, a 5.1% increase from 2024, and a 31.9% increase since 2015.

How much cash does Verizon Communications have?

In the past 10 years, Verizon Communications' cash and equivalents has ranged from $2.07 billion in 2023 to $22.17 billion in 2020, and is currently $19.05 billion as of their latest financial filing in 2025.

How has Verizon Communications' book value per share changed over the last 10 years?

Over the last 10 years, Verizon Communications' book value per share changed from 4.04 in 2015 to 24.77 in 2025, a change of 513.6%.

Related Companies

Financial statements for NYSE:VZ last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Verizon Communications (VZ) Financials

Financials Breakdown Chart

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Verizon Communications (VZ) Financials

Annual Income Statements for Verizon Communications

Quarterly Income Statements for Verizon Communications

Annual Cash Flow Statements for Verizon Communications

Quarterly Cash Flow Statements for Verizon Communications

Annual Balance Sheets for Verizon Communications

Quarterly Balance Sheets for Verizon Communications

Annual Metrics And Ratios for Verizon Communications

Quarterly Metrics And Ratios for Verizon Communications

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Verizon Communications' Financials

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