Verizon Communications (VZ) financial statements
Verizon Communications reported revenue of $138.2B in fiscal 2025, up 1.0% a year over 9 years.
Net income was $17.2B and the operating margin 21.2%, against 23.2% in 2016.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Verizon Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $126.0B | $126.0B | $130.9B | $131.9B | $128.3B | $133.6B | $136.8B | $134.0B | $134.8B | $138.2B |
| Cost of revenue | $22.2B | $22.1B | — | — | — | — | — | — | — | — |
| Gross profit | $103.7B | $103.9B | — | — | — | — | — | — | — | — |
| Selling, general and admin | $28.1B | $28.6B | $31.1B | $29.9B | $31.6B | $28.7B | $30.1B | $32.7B | $34.1B | $33.8B |
| Operating income | $29.2B | $27.4B | $22.3B | $30.4B | $28.8B | $32.4B | $30.5B | $22.9B | $28.7B | $29.3B |
| Interest expense | $4.4B | $4.7B | $4.8B | $4.7B | $4.2B | $3.5B | $3.6B | $5.5B | $6.6B | $6.7B |
| Pre-tax income | $21.0B | $20.6B | $19.6B | $22.7B | $24.0B | $29.4B | $28.3B | $17.0B | $23.0B | $22.7B |
| Income tax | $7.4B | -$10.0B | $3.6B | $2.9B | $5.6B | $6.8B | $6.5B | $4.9B | $5.0B | $5.1B |
| Net income | $13.1B | $30.1B | $15.5B | $19.3B | $17.8B | $22.1B | $21.3B | $11.6B | $17.5B | $17.2B |
| EPS (diluted) | $3.21 | $7.36 | $3.76 | $4.65 | $4.30 | $5.32 | $5.06 | $2.75 | $4.14 | $4.06 |
| Diluted shares | 4.09B | 4.09B | 4.13B | 4.14B | 4.14B | 4.15B | 4.20B | 4.21B | 4.22B | 4.23B |
| Gross margin | 82.3% | 82.4% | — | — | — | — | — | — | — | — |
| Operating margin | 23.2% | 21.8% | 17.0% | 23.0% | 22.4% | 24.3% | 22.3% | 17.1% | 21.3% | 21.2% |
| Net margin | 10.4% | 23.9% | 11.9% | 14.6% | 13.9% | 16.5% | 15.5% | 8.7% | 13.0% | 12.4% |
Balance sheet
Fiscal years, from Verizon Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.9B | $2.1B | $2.7B | $2.6B | $22.2B | $2.9B | $2.6B | $2.1B | $4.2B | $19.0B |
| Receivables | $17.5B | $23.5B | $25.1B | $25.4B | $23.9B | $23.8B | — | — | — | — |
| Inventory | $1.2B | $1.0B | $1.3B | $1.4B | $1.8B | $3.1B | $2.4B | $2.1B | $2.2B | $2.4B |
| Total current assets | $26.4B | $29.9B | $34.6B | $37.5B | $54.6B | $36.7B | $37.9B | $36.8B | $40.5B | $56.9B |
| Property, plant and equipment | $84.8B | $88.6B | $89.3B | $91.9B | $94.8B | $99.7B | $107.4B | $108.3B | $108.5B | $109.5B |
| Goodwill | $27.2B | $29.2B | $24.6B | $24.4B | $24.8B | $28.6B | $28.7B | $22.8B | $22.8B | $22.8B |
| Total assets | $244.2B | $257.1B | $264.8B | $291.7B | $316.5B | $366.6B | $379.7B | $380.3B | $384.7B | $404.3B |
| Total current liabilities | $30.3B | $33.0B | $37.9B | $44.9B | $39.7B | $47.2B | $50.2B | $53.2B | $64.8B | $62.4B |
| Long-term debt | $105.4B | $113.6B | $105.9B | $100.7B | $123.2B | $143.4B | $140.7B | $137.7B | $121.4B | $139.5B |
| Total liabilities | $220.1B | $212.5B | $210.1B | $228.9B | $247.2B | $283.4B | $287.2B | $286.5B | $284.1B | $298.5B |
| Shareholders' equity | $24.0B | $44.7B | $54.7B | $62.8B | $69.3B | $83.2B | $92.5B | $93.8B | $100.6B | $105.7B |
| Net debt | $105.2B | $115.0B | $110.3B | $108.9B | $106.9B | $147.9B | $148.0B | $148.6B | $139.8B | $139.1B |
Cash flow
Fiscal years, from Verizon Communications's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21.7B | $24.3B | $34.3B | $35.7B | $41.8B | $39.5B | $37.1B | $37.5B | $36.9B | $37.1B |
| Capital spending | $17.1B | $17.2B | $16.7B | — | — | — | — | — | — | — |
| Free cash flow | $4.6B | $7.1B | $17.7B | — | — | — | — | — | — | — |
| Stock-based compensation | $400M | — | — | — | — | — | — | — | — | — |
| Dividends paid | $9.3B | $9.5B | $9.8B | $10.0B | $10.2B | $10.4B | $10.8B | $11.0B | $11.2B | $11.5B |
| Share buybacks (net) | $0 | $0 | — | — | — | — | — | — | — | — |
| Net borrowing | $12.8B | $27.5B | $10.0B | $18.7B | $22.7B | $32.3B | $15.9B | $6.4B | $10.9B | $18.6B |
| Free cash flow margin | 3.7% | 5.6% | 13.5% | — | — | — | — | — | — | — |
| Dividends per share | $2.27 | $2.32 | $2.36 | $2.42 | $2.47 | $2.52 | $2.57 | $2.62 | $2.66 | $2.71 |
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What was Verizon Communications's revenue in 2025?
$138.2B in fiscal 2025, from its 10-K filing.
From Verizon Communications's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.