Verizon Communications Inc. (VZ) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.27	$1.3	+2.4%	—	—	—
Q4 26	$1.21	$1.28	+5.8%	—	—	—
Q3 26	$1.06	$1.09	+2.8%	—	—	—
Q2 26	$1.19	$1.21	+1.7%	—	—	—
Q1 26	$1.19	$1.22	+2.5%	—	—	—
Q4 25	$1.15	$1.19	+3.5%	—	—	—
Q3 25	$1.1	$1.1	0.0%	—	—	—
Q2 25	$1.18	$1.19	+0.8%	—	—	—
Q1 25	$1.15	$1.15	0.0%	—	—	—
Q4 24	$1.12	$1.15	+2.7%	—	—	—
Q3 24	$1.08	$1.08	0.0%	—	—	—
Q2 24	$1.18	$1.22	+3.4%	—	—	—
Q1 24	$1.17	$1.21	+3.4%	—	—	—
Q4 23	$1.19	$1.2	+0.8%	—	—	—
Q3 23	$1.19	$1.19	0.0%	—	—	—
Q2 23	$1.29	$1.32	+2.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.06	—	—	$138.2B	—
FY24	—	$4.15	—	—	$134.8B	—
FY23	—	$2.76	—	—	$134B	—
FY22	—	$5.06	—	—	$136.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$126B	$126B	$130.9B	$131.9B	$128.3B	$133.6B	$136.8B	$134B	$134.8B	$138.2B
YoY change	-4.29%	+0.04%	+3.83%	+0.77%	-2.71%	+4.15%	+2.41%	-2.09%	+0.61%	+2.52%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	126B	126B	130.9B	131.9B	128.3B	133.6B	136.8B	134B	134.8B	138.2B
Cost of revenue	52.7B	53.1B	55.5B	54.7B	51.2B	56.3B	59.1B	54.9B	54.1B	56.8B
Gross profit	73.3B	73B	75.4B	77.1B	77.1B	77.3B	77.7B	79.1B	80.7B	81.4B
Gross margin	58.2%	57.9%	57.6%	58.5%	60.1%	57.9%	56.8%	59%	59.9%	58.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	27.1B	26.8B	31.1B	29.9B	31.6B	28.7B	30.1B	32.7B	34.1B	33.8B
Operating expenses	27.1B	26.8B	31.1B	29.9B	31.6B	28.7B	30.1B	32.7B	34.1B	33.8B
Operating income	30.3B	29.2B	26.9B	30.6B	28.8B	32.4B	30.5B	28.7B	28.7B	29.3B
Operating margin	24%	23.2%	20.5%	23.2%	22.4%	24.3%	22.3%	21.4%	21.3%	21.2%
Non-operating income, net	-5B	-4B	-2.5B	-3.2B	-649M	409M	1.3B	-6.6B	606M	-222M
Pretax income	21B	20.6B	19.6B	22.7B	24B	29.4B	28.3B	17B	23B	22.7B
Income tax	7.4B	-10B	3.6B	2.9B	5.6B	6.8B	6.5B	4.9B	5B	5.1B
Net income	13.6B	30.6B	16B	19.8B	18.3B	22.6B	21.7B	12.1B	17.9B	17.6B
Net margin	10.8%	24.2%	12.3%	15%	14.3%	16.9%	15.9%	9.03%	13.3%	12.7%
EBITDA	42.3B	46B	47.2B	47.9B	45.1B	52.7B	50.1B	45.7B	47.1B	47.3B
EPS	3.22	7.37	3.76	4.66	4.3	5.32	5.06	2.76	4.15	4.06
Diluted EPS	3.21	7.36	3.76	4.65	4.3	5.32	5.06	2.75	4.14	4.06

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	33.3B	35.1B	33B	32.8B	33.3B	35.7B	33.5B	34.5B	33.8B	36.4B	34.4B	34.3B
Cost of revenue	13.4B	15.2B	12.9B	12.5B	13.2B	15.5B	13.1B	13.9B	13.3B	16.5B	13.7B	13.1B
Gross profit	19.9B	19.9B	20.1B	20.3B	20.1B	20.2B	20.4B	20.6B	20.5B	19.9B	20.8B	21.2B
Gross margin	59.7%	56.8%	61%	62%	60.3%	56.5%	61%	59.8%	60.5%	54.7%	60.3%	61.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	8B	9B	8.1B	8B	9.7B	8.2B	7.9B	7.8B	7.8B	10.4B	7.6B	9B
Operating expenses	8B	9B	8.1B	8B	9.7B	8.2B	7.9B	7.8B	7.8B	10.4B	7.6B	9B
Operating income	7.5B	6.4B	7.5B	7.8B	5.9B	7.4B	8B	8.2B	8.1B	5B	8.2B	7.2B
Operating margin	22.4%	18.3%	22.8%	23.8%	17.8%	20.8%	23.8%	23.7%	24%	13.8%	23.9%	21%
Non-operating income, net	54M	-6.7B	111M	-169M	-49M	713M	64M	21M	18M	-325M	335M	8M
Pretax income	6.2B	-1.8B	6.1B	6B	4.3B	6.6B	6.5B	6.6B	6.5B	3.1B	6.8B	5.3B
Income tax	1.3B	756M	1.4B	1.3B	891M	1.5B	1.5B	1.5B	1.5B	615M	1.6B	1.3B
Net income	4.9B	-2.6B	4.7B	4.7B	3.4B	5.1B	5B	5.1B	5.1B	2.4B	5.1B	3.9B
Net margin	14.7%	-7.32%	14.3%	14.3%	10.2%	14.3%	14.9%	14.8%	14.9%	6.73%	14.9%	11.5%
EBITDA	12B	10.1B	12B	12.1B	10.3B	12.6B	12.6B	12.8B	12.7B	9.2B	13.5B	12.1B
EPS	1.13	-0.64	1.09	1.09	0.78	1.19	1.16	1.18	1.17	0.55	1.2	0.92
Diluted EPS	1.13	-0.64	1.09	1.09	0.78	1.18	1.15	1.18	1.17	0.55	1.2	0.92

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	217.8B	216.2B	232.1B	254.1B	243.2B	215.5B	165.6B	158.8B	168.7B	172.1B	193.9B
Enterprise value	323B	331.2B	342.4B	384.6B	371.6B	390.5B	339.3B	331.6B	332.8B	334.7B	388.7B
Shares outstanding	4.1B	4.1B	4.1B	4.1B	4.1B	4.1B	4.2B	4.2B	4.2B	4.2B	4.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16	7.08	14.5	12.8	13.3	9.53	7.61	13.1	9.4	9.78	12.1
P/S	1.73	1.72	1.77	1.93	1.9	1.61	1.21	1.18	1.25	1.25	1.39
P/B	9.06	4.84	4.24	4.04	3.51	2.59	1.79	1.69	1.68	1.63	1.86
EV/EBITDA	7.64	7.19	7.26	8.02	8.25	7.42	6.78	7.26	7.06	7.07	7.61
EV/Sales	2.56	2.63	2.62	2.92	2.9	2.92	2.48	2.48	2.47	2.42	2.8
Earnings yield	6.25%	14.1%	6.91%	7.79%	7.54%	10.5%	13.1%	7.62%	10.6%	10.2%	8.26%
FCF yield	1.88%	3%	7%	6.66%	8.09%	-13.2%	6.28%	8.13%	11.2%	11.4%	9.01%
PEG	—	—	—	—	—	—	—	—	—	—	-0.55

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	58.2%	57.9%	57.6%	58.5%	60.1%	57.9%	56.8%	59%	59.9%	58.9%	61.8%
Operating margin	24%	23.2%	20.5%	23.2%	22.4%	24.3%	22.3%	21.4%	21.3%	21.2%	23%
Net margin	10.8%	24.2%	12.3%	15%	14.3%	16.9%	15.9%	9.03%	13.3%	12.7%	11.6%
ROE	56.6%	68.4%	29.3%	31.5%	26.5%	27.2%	23.5%	12.9%	17.8%	16.7%	15.8%
ROA	5.57%	11.9%	6.06%	6.78%	5.8%	6.17%	5.73%	3.18%	4.67%	4.36%	5.05%
ROIC	15.2%	18.3%	13.3%	13.8%	11.2%	9.66%	8.8%	7.67%	8.46%	8.47%	7.49%
Return on tangible assets	-993.3%	2.1K%	205.9%	58.5%	36.4%	-245.8%	-12.4K%	1.1K%	506.3%	74.7%	210%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.87	0.91	0.91	0.84	1.38	0.78	0.75	0.69	0.63	0.91	0.6
Quick ratio	0.83	0.87	0.88	0.8	1.33	0.71	0.71	0.65	0.59	0.87	0.57
Debt / equity	4.5	2.62	2.07	2.12	2.17	2.14	1.91	1.87	1.67	1.72	1.84
Debt / assets	0.44	0.46	0.43	0.46	0.48	0.49	0.46	0.46	0.44	0.45	0.46
Net debt / EBITDA	2.49	2.5	2.34	2.72	2.85	3.32	3.47	3.79	3.48	3.43	3.92
Interest coverage	5.8	5.35	5.06	5.81	6.64	9.44	8.82	4.08	4.46	4.39	3.95
Effective tax rate	35.2%	0%	18.3%	13%	23.4%	23.1%	23.1%	28.8%	21.9%	22.3%	23.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	30.9	30.9	31.7	31.9	31	32.2	32.6	31.8	32	32.7	33
EPS (basic)	3.22	7.37	3.76	4.66	4.3	5.32	5.06	2.76	4.15	4.06	4.06
EPS (diluted)	3.21	7.36	3.76	4.65	4.3	5.32	5.06	2.75	4.14	4.06	3.84
Book value per share	5.89	10.9	13.3	15.2	16.7	20.1	22	22.3	23.8	25	25
FCF per share	1	1.59	3.94	4.09	4.75	-6.83	2.48	3.07	4.49	4.66	4.83
Cash per share	0.71	0.51	0.66	0.63	5.36	0.7	0.62	0.49	0.99	4.51	0.43
Capex per share	—	—	—	—	—	—	—	—	—	4.03	4.14

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	12.3%	12.4%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	45.8%	44.5%
Payout ratio	68.1%	31%	60.9%	50.6%	55.8%	46.2%	49.7%	91.2%	62.7%	65.2%	72.8%
Dividend yield	4.25%	4.38%	4.21%	3.94%	4.21%	4.85%	6.53%	6.94%	6.67%	6.67%	6.09%

Yield

6.09%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.708

ex-dividend Jul 10, 2026

Payout ratio

73%

of earnings

Dividend growth

19 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 10, 2026	$0.708
Apr 10, 2026	$0.708
Jan 12, 2026	$0.69

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$33.3B	$35.1B	$33B	$32.8B	$33.3B	$35.7B	$33.5B	$34.5B	$33.8B	$36.4B	$34.4B	$34.3B
YoY change	-2.64%	-0.34%	+0.21%	+0.61%	-0.02%	+1.57%	+1.53%	+5.21%	+1.47%	+1.96%	+2.85%	-0.73%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.9B	2.1B	2.7B	2.6B	22.2B	2.9B	2.6B	2.1B	4.2B	19B
Receivables	17.5B	23.5B	25.1B	25.4B	23.9B	23.8B	24.5B	25.1B	26.1B	27.1B
Inventory	1.2B	1B	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 & equipment	57.6B	59.7B	58.8B	83.4B	84.4B	94.2B	98.2B	96.1B	93.9B	92.1B
Goodwill & intangibles	245.6B	255.7B	257B	257.9B	266.1B	375.8B	379.9B	379.1B	381.2B	380.7B
Total assets	244.2B	257.1B	264.8B	291.7B	316.5B	366.6B	379.7B	380.3B	384.7B	404.3B
Accounts payable	7.1B	7.1B	7.2B	7.7B	6.7B	8B	8.8B	10B	10.4B	12.2B
Short-term debt	2.6B	3.5B	7.2B	14B	9.4B	11.3B	14.1B	17.2B	27B	23.2B
Total current liabilities	30.3B	33B	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	119.1B	141.2B	166.6B	162.2B	157.7B	141.3B	158.5B
Total liabilities	220.1B	212.5B	210.1B	228.9B	247.2B	283.4B	287.2B	286.5B	284.1B	298.5B
Shareholders' equity	24B	44.7B	54.7B	62.8B	69.3B	83.2B	92.5B	93.8B	100.6B	105.7B
Total debt	108.1B	117.1B	113.1B	133.1B	150.5B	177.9B	176.3B	174.9B	168.4B	181.6B
Net debt	105.2B	115B	110.3B	130.5B	128.4B	175B	173.7B	172.9B	164.2B	162.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	4.2B	2.1B	2.4B	2.4B	5B	4.2B	2.3B	3.4B	7.7B	19B	8.4B	1.8B
Receivables	23.6B	25.1B	25.3B	25.6B	26B	26.1B	25.9B	26.3B	25.9B	27.1B	26.7B	26.5B
Inventory	2.2B	2.1B	2.1B	1.8B	2.5B	2.2B	2.2B	2.1B	2.7B	2.4B	2.3B	2B
Total current assets	38.1B	36.8B	38B	38.1B	40.6B	40.5B	37.4B	38.8B	44B	56.9B	44.7B	37.6B
Property, plant & equipment	132.6B	96.1B	132.2B	132B	131.1B	93.9B	132.1B	132B	132.2B	92.1B	149.4B	148.7B
Goodwill & intangibles	390.1B	379.1B	379.6B	379.6B	380B	381.2B	380.8B	380.6B	380.6B	380.7B	401B	402.3B
Total assets	384.8B	380.3B	380.2B	379.1B	381.2B	384.7B	380.4B	383.3B	388.3B	404.3B	417.9B	410.2B
Accounts payable	—	10B	—	—	—	10.4B	—	—	—	12.2B	—	—
Short-term debt	16.9B	17.2B	19.9B	27.5B	26.1B	27B	27.3B	26.8B	24.6B	23.2B	32.9B	26.6B
Total current liabilities	55.7B	53.2B	53.6B	60.8B	61.8B	64.8B	61.1B	61B	59.6B	62.4B	69.9B	62.2B
Long-term debt	155.2B	157.7B	155.8B	145.5B	148.1B	141.3B	140.4B	143.1B	145.8B	158.5B	162.9B	161.8B
Total liabilities	285.7B	286.5B	284.4B	281.6B	283.5B	284.1B	278.3B	278.9B	282B	298.5B	313.3B	305B
Shareholders' equity	99.1B	93.8B	95.7B	97.5B	97.7B	100.6B	102B	104.4B	106.3B	105.7B	104.6B	105.2B
Total debt	172.1B	174.9B	175.6B	173B	174.2B	168.4B	167.7B	169.9B	170.5B	181.6B	195.9B	188.5B
Net debt	167.9B	172.9B	173.3B	170.5B	169.2B	164.2B	165.5B	166.5B	162.7B	162.6B	187.5B	186.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	13.6B	30.6B	16B	19.8B	18.3B	22.6B	21.7B	12.1B	17.9B	17.6B
Depreciation & amortization	15.9B	17B	17.4B	16.7B	16.7B	16.2B	17.1B	17.6B	17.9B	18.3B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-5.6B	-5.3B	-1.2B	-3.9B	-1.1B	-1B	-1.4B	168M	-1.7B	-926M
Operating cash flow	19.5B	25B	31.2B	37B	38.3B	42B	36.7B	28.6B	35.2B	37.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	-17B
Investing cash flow	7.7B	-626M	153M	1.3B	-1.4B	729M	-1.9B	251M	28M	-16.2B
Dividends paid	-9.3B	-9.5B	-9.8B	-10B	-10.2B	-10.4B	-10.8B	-11B	-11.2B	-11.5B
Share repurchases	0	0	—	—	—	—	—	—	—	—
Financing cash flow	-13.5B	-6.3B	-15.4B	-18.2B	1.3B	8.3B	-8.5B	-14.7B	-17.1B	-5.6B
Net change in cash	13.7B	18.1B	15.9B	20.1B	38.2B	51B	26.2B	14.2B	18.1B	15.3B
Free cash flow	4.1B	6.5B	16.3B	16.9B	19.7B	-28.3B	10.4B	12.9B	18.9B	19.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	4.9B	-2.6B	4.7B	4.7B	3.4B	5.1B	5B	5.1B	5.1B	2.4B	5.1B	3.9B
Depreciation & amortization	4.4B	4.5B	4.4B	4.5B	4.5B	4.5B	4.6B	4.6B	4.6B	4.5B	4.9B	5B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	8.6B	2.4B	9B	9.7B	8.3B	9.9B	9.7B	8.9B	11.3B	9.1B	8B	10.4B
Capital expenditure	—	—	—	—	—	—	—	—	-4.3B	-4.7B	-4.2B	-4B
Investing cash flow	122M	-2M	12M	418M	432M	22M	515M	482M	-4.4B	-4.9B	-13.5B	-3.9B
Dividends paid	-2.7B	-2.8B	-2.8B	-2.8B	-2.8B	-2.9B	-2.9B	-2.9B	-2.9B	-2.9B	-2.9B	-3B
Share repurchases	—	—	—	—	—	—	—	—	—	—	-2.5B	-1B
Financing cash flow	-6.1B	-3B	-1.4B	-8B	-5B	-5.6B	-5.9B	-4.4B	-2.6B	7.2B	-5.3B	-11.8B
Net change in cash	2.6B	-621M	7.6B	2.1B	3.7B	4.3B	4.3B	5B	4.3B	11.5B	-10.8B	-5.3B
Free cash flow	5.9B	137M	2.3B	5.6B	5.8B	5.2B	3.5B	5.1B	6.8B	4.3B	3.7B	5.4B

Date	Ratio
Jul 2, 2010	1000000:937889
Apr 1, 2008	100000:99537
Nov 20, 2006	100000:96334
Jun 30, 1998	2:1
May 2, 1990	2:1
Apr 18, 1986	2:1

Verizon Communications Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history