VERIZON COMMUNICATIONS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VERIZON COMMUNICATIONS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	125,980	126,034	130,863	131,868	128,292	133,613	136,835	133,974	134,788	138,191
Cost of revenue	22,238	22,147
Gross profit	103,742	103,887
Selling, general and administrative	28,102	28,592	31,083	29,896	31,573	28,658	30,136	32,745	34,113	33,818
Operating income	29,249	27,425	22,278	30,378	28,798	32,448	30,467	22,877	28,686	29,259
Interest expense	4,376	4,733	4,833	4,730	4,247	3,485	3,613	5,524	6,649	6,694
Interest income	59	82	94	121	65	48	146	354	336	329
Other non-operating income	-3,789	-2,021	2,364	-2,900	-539	312	1,373	-313	995	107
Pre-tax income	20,986	20,594	19,623	22,733	23,967	29,420	28,271	16,987	22,979	22,672
Income tax	7,378	-9,956	3,584	2,945	5,619	6,802	6,523	4,892	5,030	5,064
Net income to minority interests	481	449	511	523	547	553	492	481	443	434
Net income	13,127	30,101	15,528	19,265	17,801	22,065	21,256	11,614	17,506	17,174
EBITDA	45,177	44,379	39,681	47,060	45,518	48,654	47,566	40,501	46,578	47,608
EPS, basic	3.22	7.37	3.76	4.66	4.30	5.32	5.06	2.76	4.15	4.06
EPS, diluted	3.21	7.36	3.76	4.65	4.30	5.32	5.06	2.75	4.14	4.06
Shares, basic (weighted)	4,080	4,084	4,128	4,138	4,140	4,148	4,202	4,211	4,218	4,226
Shares, diluted (weighted)	4,086	4,089	4,132	4,140	4,142	4,150	4,204	4,215	4,223	4,231
Dividend per share	2.29	2.34	2.39	2.44	2.49	2.54	2.59	2.64	2.69	2.74

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,880	2,079	2,745	2,594	22,171	2,921	2,605	2,065	4,194	19,048
Receivables	17,513	23,493	25,102	25,429	23,917	23,846	24,506	25,085	26,109	27,097
Inventory	1,202	1,034	1,336	1,422	1,796	3,055	2,388	2,057	2,247	2,441
Other current assets	3,918	3,307	5,453	8,028	6,710	6,906	8,358	7,607	7,973	8,336
Total current assets	26,395	29,913	34,636	37,473	54,594	36,728	37,857	36,814	40,523	56,922
Property, plant and equipment	84,751	88,568	89,286	91,915	94,833	99,696	107,434	108,310	108,522	109,467
Lease right-of-use assets				22,694	22,531	27,883	26,130	24,726	24,472	23,498
Goodwill	27,205	29,172	24,614	24,389	24,773	28,603	28,671	22,843	22,841	22,841
Intangible assets	8,897	10,247	9,775	9,498	9,413	11,677	11,461	11,057	11,129	10,458
Other non-current assets	8,536	9,787	11,717	10,141	10,879	13,329	17,260	19,885	19,769	23,248
Total assets	244,180	257,143	264,829	291,727	316,481	366,596	379,680	380,255	384,711	404,258
Accounts payable	7,084	7,063	7,232	7,725	6,667	8,040	8,750	10,021	10,425	12,154
Accrued liabilities	5,717	6,756	5,948	5,984	6,050	9,123	7,824	5,190	5,058	4,534
Deferred revenue		4,050	4,207	4,651	4,843	6,053	6,583	6,955	7,492	7,576
Short-term debt	2,645	3,453	7,190	10,777	5,889	7,443	9,963	12,973	22,633	18,618
Total current liabilities	30,340	33,037	37,930	44,868	39,660	47,160	50,171	53,223	64,771	62,370
Long-term debt	105,433	113,642	105,873	100,712	123,173	143,425	140,676	137,701	121,381	139,532
Lease liabilities				18,393	18,000	23,203	21,558	20,002	19,928	18,951
Other non-current liabilities	12,245	12,433	13,922	12,264	12,008	13,513	18,397	16,560	19,327	17,848
Total liabilities	220,148	212,456	210,119	228,892	247,209	283,396	287,217	286,456	284,136	298,517
Total debt	108,078	117,095	112,913	10,777	5,889	7,443	9,963	12,973	22,633	18,618
Paid-in capital	11,182	11,101	13,437	13,419	13,404	13,861	13,420	13,631	13,466	13,372
Retained earnings	15,059	35,635	43,542	53,147	60,464	71,993	82,380	82,915	89,110	94,744
Treasury stock	-7,263	-7,139	-6,986	-6,820	-6,719	-4,104	-4,013	-3,821	-3,583	-3,255
Other comprehensive income	2,673	2,659	2,370	998	-71	-927	-1,865	-1,380	-923	-1,727
Minority interests	1,508	1,591	1,565	1,440	1,430	1,410	1,319	1,369	1,338	1,281
Total equity	24,032	44,687	54,710	62,835	69,272	83,200	92,463	93,799	100,575	105,741
Total liabilities and equity	244,180	257,143	264,829	291,727	316,481	366,596	379,680	380,255	384,711	404,258

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	13,608	30,550	16,039	19,788	18,348	22,618	21,748	12,095	17,949	17,608
Depreciation and amortization	15,928	16,954	17,403	16,682	16,720	16,206	17,099	17,624	17,892	18,349
Stock-based compensation	400
Deferred income tax	-1,063	-14,463	389	1,232	1,553	4,264	2,973	2,388	815	2,340
Change in receivables	-5,067	-5,674	-2,667	-1,471	189	-1,592	-1,978	-2,198	-2,565	-2,513
Change in inventory	61	168	-324	-76	-369	-905	627	287	-196	-232
Change in payables	-1,089	-459	1,777	-2,359	-966	1,457	-33	2,079	1,109	1,819
Cash from operations	21,689	24,318	34,339	35,746	41,768	39,539	37,141	37,475	36,912	37,137
Capital expenditures	-17,059	-17,247	-16,658
Acquisitions	-3,765	-5,880	-230	-29	-520	-4,065	248	-30	0	0
Cash from investing	-9,874	-18,456	-17,934	-17,581	-23,512	-67,153	-28,662	-23,432	-18,674	-16,660
Debt issued	12,964	32,000	10,800	18,700	31,500	41,400	17,800	8,600	15,600	27,600
Debt repaid					-8,840	-9,078	-1,964	-2,022	-4,688	-9,034
Stock issued	3
Share buybacks	0	0
Dividends paid	-9,262	-9,472	-9,772	-10,016	-10,232	-10,445	-10,805	-11,025	-11,249	-11,481
Cash from financing	-13,376	-6,151	-15,377	-18,164	1,325	8,277	-8,529	-14,657	-17,100	-5,613
Net change in cash	-1,561	-289	1,028	1	19,581	-19,337	-50	-614	1,138	14,864
Free cash flow	4,630	7,071	17,681
Interest paid	4,085	4,369	4,408	4,714	4,420	3,435	3,316	4,384	5,505	5,772
Income taxes paid	9,577	4,432	2,213	3,583	2,725	3,040	2,736	2,343	5,632	3,581

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $47.08 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	20.5%	Operating income / revenue.
EBITDA margin	34.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.6%	Pre-tax income / revenue.
Net margin	11.6%	Net income / revenue.
Operating cash flow margin	27.9%	Cash from operations / revenue.
Effective tax rate	23.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	3.9%	Net income / average total assets.
SG&A / revenue	25.0%	Selling, general and administrative expense / revenue.
D&A / revenue	13.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	2.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	0.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-0.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-1.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.60x	Current assets / current liabilities.
Quick ratio	0.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / assets	5.3%	Total debt / total assets.
Liabilities / assets	74.4%	Total liabilities / total assets.
Net debt	$20.03B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.88x	Operating income / interest expense.
Working capital	-$24.64B	Current assets - current liabilities.
Goodwill and intangibles / assets	10.5%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	1.11x	Revenue / average property, plant and equipment.
Receivables turnover	5.24x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.88	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$33.30	Revenue / diluted weighted shares.
Operating cash flow per share	$9.30	Cash from operations / diluted weighted shares.
Cash per share	$0.42	(Cash + short-term investments) / shares outstanding.
Payout ratio	71.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$195.61B	Share price x shares outstanding.
Enterprise value	$215.64B	Market cap + total debt - cash - short-term investments.
P/E	12.1x	Market cap / net income. Only when net income is positive.
P/S	1.41x	Market cap / revenue.
P/OCF	5.04x	Market cap / cash from operations, when positive.
EV/Sales	1.55x	Enterprise value / revenue.
EV/EBIT	7.56x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.53x	Enterprise value / EBITDA, when both are positive.
Earnings yield	8.3%	Net income / market cap (the inverse of P/E).
Dividend yield	5.9%	Dividends paid over the period / market cap.
Shareholder yield	5.9%	(Dividends paid + share buybacks) / market cap.

What was VERIZON COMMUNICATIONS INC's revenue in fiscal 2025?

VERIZON COMMUNICATIONS INC reported revenue of $138.19B for fiscal 2025, 2.5% higher than the year before.

Was VERIZON COMMUNICATIONS INC profitable in fiscal 2025?

Yes. Net income was $17.17B, a net margin of 12.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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