Verizon Communications
VZ · NYSETelephone Communications (No Radiotelephone) · Fiscal year ends Dec 31
Verizon Communications reported revenue of $138B in the fiscal year ended Dec 2025, up 2.5% from the year before. Operating income was $29.3B, an operating margin of 21.2%, and net income was $17.2B. Net debt was $139B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $134B | $137B | $134B | $135B | $138B |
| Selling, general & admin | $28.7B | $30.1B | $32.7B | $34.1B | $33.8B |
| Operating income | $32.4B | $30.5B | $22.9B | $28.7B | $29.3B |
| Interest expense | $3.5B | $3.6B | $5.5B | $6.6B | $6.7B |
| Pre-tax income | $29.4B | $28.3B | $17B | $23B | $22.7B |
| Income tax | $6.8B | $6.5B | $4.9B | $5B | $5.1B |
| Net income | $22.1B | $21.3B | $11.6B | $17.5B | $17.2B |
| Diluted EPS | 5.32 | 5.06 | 2.75 | 4.14 | 4.06 |
| Diluted shares | 4,150M | 4,204M | 4,215M | 4,223M | 4,231M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.9B | $2.6B | $2.1B | $4.2B | $19B |
| Receivables | $23.8B | – | – | – | – |
| Inventory | $3.1B | $2.4B | $2.1B | $2.2B | $2.4B |
| Current assets | $36.7B | $37.9B | $36.8B | $40.5B | $56.9B |
| Net PP&E | $99.7B | $107B | $108B | $109B | $109B |
| Goodwill | $28.6B | $28.7B | $22.8B | $22.8B | $22.8B |
| Total assets | $367B | $380B | $380B | $385B | $404B |
| Payables | $8B | $8.8B | $10B | $10.4B | $12.2B |
| Deferred revenue | $6.1B | $6.6B | $7B | $7.5B | $7.6B |
| Current liabilities | $47.2B | $50.2B | $53.2B | $64.8B | $62.4B |
| Short-term debt | $7.4B | $10B | $13B | $22.6B | $18.6B |
| Long-term debt | $143B | $141B | $138B | $121B | $140B |
| Shareholders' equity | $83.2B | $92.5B | $93.8B | $101B | $106B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $39.5B | $37.1B | $37.5B | $36.9B | $37.1B |
| Depreciation & amortisation | $16.2B | $17.1B | $17.6B | $17.9B | $18.3B |
| Acquisitions | $4.1B | −$248M | $30M | $0 | $0 |
| Dividends paid | $10.4B | $10.8B | $11B | $11.2B | $11.5B |
| Dividend per share | 2.54 | 2.58 | 2.63 | 2.69 | 2.73 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.4% | −2.1% | 0.6% | 2.5% |
| Operating income growth (YoY) | – | −6.1% | −24.9% | 25.4% | 2.0% |
| EPS growth (YoY) | – | −4.9% | −45.7% | 50.5% | −1.9% |
| Operating margin | 24.3% | 22.3% | 17.1% | 21.3% | 21.2% |
| Net margin | 16.5% | 15.5% | 8.7% | 13.0% | 12.4% |
| Return on equityBlank when equity is negative | 26.5% | 23.0% | 12.4% | 17.4% | 16.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.2% | 9.2% | 7.0% | 9.0% | 8.6% |
| Cash conversion (CFO ÷ net income) | 1.79x | 1.75x | 3.23x | 2.11x | 2.16x |
| Receivable days | 65 | – | – | – | – |
| Interest cover | 9.31x | 8.43x | 4.14x | 4.31x | 4.37x |
| Debt ÷ equity | 1.81x | 1.63x | 1.61x | 1.43x | 1.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $148B | $148B | $149B | $140B | $139B |
| Current ratio | 0.78x | 0.75x | 0.69x | 0.63x | 0.91x |
Recent filings
More in Telephone Communications (No Radiotelephone)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.