Verizon Communications Inc. (VZ) financial statements: income statement, balance sheet and cash flow

Verizon Communications Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Verizon Communications Inc. reported revenue of $138.2B (+2.5% year on year) and net income of $17.6B (-1.9% year on year).

Income statement

Verizon Communications Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Operating Revenues	$138.2B	$134.8B	$134.0B	$136.8B
Cost of services and wireless equipment	$56.8B	$54.1B	$54.9B	$59.1B
Selling, general and administrative expense	$33.8B	$34.1B	$32.7B	$30.1B
Depreciation and amortization expense	$18.3B	$17.9B	$17.6B	$17.1B
Verizon Business Group goodwill impairment	$0	$0	$5.8B	—
Total Operating Expenses	$108.9B	$106.1B	$111.1B	$106.4B
Operating Income	$29.3B	$28.7B	$22.9B	$30.5B
Equity in earnings (losses) of unconsolidated businesses	$0	($53.0M)	($53.0M)	$44.0M
Other income (expense), net	$107.0M	$995.0M	($313.0M)	$1.4B
Interest expense	($6.7B)	($6.6B)	($5.5B)	($3.6B)
Income Before Provision For Income Taxes	$22.7B	$23.0B	$17.0B	$28.3B
Provision for income taxes	($5.1B)	($5.0B)	($4.9B)	($6.5B)
Net Income	$17.6B	$17.9B	$12.1B	$21.7B
Net income attributable to noncontrolling interests	$434.0M	$443.0M	$481.0M	$492.0M
Net income attributable to Verizon	$17.2B	$17.5B	$11.6B	$21.3B
Weighted-average shares outstanding (in shares)	4.2B	4.2B	4.2B	4.2B
Net income attributable to Verizon (in USD per share)	$4.06	$4.15	$2.76	$5.06
Weighted-average shares outstanding (in shares)	4.2B	4.2B	4.2B	4.2B

Verizon Communications Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Operating Revenues	$34.3B	$34.4B	$33.8B	$34.5B
Cost of services and equipment	$13.1B	$13.7B	$13.3B	$13.9B
Selling, general and administrative expense	$9.0B	$7.6B	$7.8B	$7.8B
Depreciation and amortization expense	$5.0B	$4.9B	$4.6B	$4.6B
Total Operating Expenses	$27.1B	$26.2B	$25.7B	$26.3B
Operating Income	$7.2B	$8.2B	$8.1B	$8.2B
Equity in earnings (losses) of unconsolidated businesses	$44.0M	$5.0M	($6.0M)	($3.0M)
Other income, net	$36.0M	$477.0M	$92.0M	$79.0M
Interest expense	($2.0B)	($1.9B)	($1.7B)	($1.6B)
Income Before Provision For Income Taxes	$5.3B	$6.8B	$6.5B	$6.6B
Provision for income taxes	($1.3B)	($1.6B)	($1.5B)	($1.5B)
Net Income	$3.9B	$5.1B	$5.1B	$5.1B
Net income attributable to noncontrolling interests	$114.0M	$101.0M	$106.0M	$118.0M
Net income attributable to Verizon	$3.8B	$5.0B	$5.0B	$5.0B
Weighted-average shares outstanding (in shares)	4.2B	4.2B	4.2B	4.2B
Net income attributable to Verizon (USD per share)	$0.92	$1.20	$1.17	$1.18
Weighted-average shares outstanding (in shares)	4.2B	4.2B	4.2B	4.2B

Balance sheet

Verizon Communications Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$19.0B	$4.2B	$2.1B	$2.6B
Accounts receivable	$28.3B	$27.3B	$26.1B	$25.3B
Less Allowance for credit losses	$1.3B	$1.2B	$1.0B	$826.0M
Accounts receivable, net	$27.1B	$26.1B	$25.1B	$24.5B
Inventories	$2.4B	$2.2B	$2.1B	$2.4B
Prepaid expenses and other	$8.3B	$8.0B	$7.6B	$8.4B
Total current assets	$56.9B	$40.5B	$36.8B	$37.9B
Property, plant and equipment	$338.0B	$331.4B	$320.1B	$307.7B
Less Accumulated depreciation	$228.5B	$222.9B	$211.8B	$200.3B
Property, plant and equipment, net	$109.5B	$108.5B	$108.3B	$107.4B
Investments in unconsolidated businesses	$785.0M	$842.0M	$953.0M	$1.1B
Wireless licenses	$157.0B	$156.6B	$155.7B	$149.8B
Goodwill	$22.8B	$22.8B	$22.8B	$28.7B
Other intangible assets, net	$10.5B	$11.1B	$11.1B	$11.5B
Operating lease right-of-use assets	$23.5B	$24.5B	$24.7B	$26.1B
Other assets	$23.2B	$19.8B	$19.9B	$17.3B
Total assets	$404.3B	$384.7B	$380.3B	$379.7B
Debt maturing within one year	$18.6B	$22.6B	$13.0B	$10.0B
Accounts payable and accrued liabilities	$25.0B	$23.4B	$23.5B	$24.0B
Current operating lease liabilities	$4.5B	$4.4B	$4.3B	$4.1B
Other current liabilities	$14.2B	$14.3B	$12.5B	$12.1B
Total current liabilities	$62.4B	$64.8B	$53.2B	$50.2B
Long-term debt	$139.5B	$121.4B	$137.7B	$140.7B
Employee benefit obligations	$11.1B	$12.0B	$13.2B	$13.0B
Deferred income taxes	$48.7B	$46.7B	$45.8B	$43.4B
Non-current operating lease liabilities	$19.0B	$19.9B	$20.0B	$21.6B
Other liabilities	$17.8B	$19.3B	$16.6B	$18.4B
Total long-term liabilities	$236.1B	$219.4B	$233.2B	$237.0B
Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued)	0	0	0	0
Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period)	429.0M	429.0M	429.0M	429.0M
Additional paid in capital	$13.4B	$13.5B	$13.6B	$13.4B
Retained earnings	$94.7B	$89.1B	$82.9B	$82.4B
Accumulated other comprehensive loss	($1.7B)	($923.0M)	($1.4B)	($1.9B)
Common stock in treasury, at cost (74,258,296 and 81,753,488 shares outstanding)	-3.3B	-3.6B	-3.8B	-4.0B
Deferred compensation – employee stock ownership plans (ESOPs) and other	$897.0M	$738.0M	$656.0M	$793.0M
Noncontrolling interests	$1.3B	$1.3B	$1.4B	$1.3B
Total equity	$105.7B	$100.6B	$93.8B	$92.5B
Total liabilities and equity	$404.3B	$384.7B	$380.3B	$379.7B

Verizon Communications Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$1.8B	$8.4B	$7.7B	$3.4B
Accounts receivable	$27.7B	$28.0B	$27.1B	$27.4B
Less Allowance for credit losses	$1.2B	$1.3B	$1.2B	$1.2B
Accounts receivable, net	$26.5B	$26.7B	$25.9B	$26.3B
Inventories	$2.0B	$2.3B	$2.7B	$2.1B
Prepaid expenses and other	$7.3B	$7.4B	$7.7B	$7.0B
Total current assets	$37.6B	$44.7B	$44.0B	$38.8B
Property, plant and equipment	$357.1B	$357.6B	$334.8B	$332.5B
Less Accumulated depreciation	$231.6B	$231.7B	$226.3B	$224.5B
Property, plant and equipment, net	$125.5B	$126.0B	$108.5B	$108.1B
Investments in unconsolidated businesses	$783.0M	$730.0M	$799.0M	$807.0M
Wireless licenses	$158.2B	$157.1B	$156.9B	$156.8B
Goodwill	$30.7B	$30.6B	$22.8B	$22.8B
Other intangible assets, net	$12.3B	$12.8B	$10.5B	$10.6B
Operating lease right-of-use assets	$23.2B	$23.4B	$23.8B	$23.9B
Other assets	$22.0B	$22.5B	$21.0B	$21.3B
Total assets	$410.2B	$417.9B	$388.3B	$383.3B
Debt maturing within one year	$21.8B	$28.2B	$20.1B	$22.1B
Accounts payable and accrued liabilities	$20.4B	$21.9B	$20.7B	$19.9B
Current operating lease liabilities	$4.8B	$4.7B	$4.5B	$4.7B
Other current liabilities	$15.2B	$15.0B	$14.2B	$14.3B
Total current liabilities	$62.2B	$69.9B	$59.6B	$61.0B
Long-term debt	$143.4B	$144.2B	$126.6B	$123.9B
Employee benefit obligations	$11.8B	$12.0B	$11.1B	$11.2B
Deferred income taxes	$50.2B	$49.3B	$48.2B	$46.6B
Non-current operating lease liabilities	$18.4B	$18.7B	$19.2B	$19.2B
Other liabilities	$18.9B	$19.1B	$17.3B	$17.1B
Total long-term liabilities	$242.8B	$243.4B	$222.4B	$218.0B
Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued)	0	0	0	0
Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period)	429.0M	429.0M	429.0M	429.0M
Additional paid in capital	$13.3B	$13.3B	$13.4B	$13.4B
Retained earnings	$97.7B	$96.8B	$95.3B	$93.3B
Accumulated other comprehensive loss	($1.8B)	($2.4B)	($1.7B)	($1.5B)
Common stock in treasury, at cost (136,658,444 and 74,258,296 shares outstanding)	-6.3B	-5.3B	-3.3B	-3.3B
Deferred compensation – employee stock ownership plans (ESOPs) and other	$601.0M	$500.0M	$827.0M	$714.0M
Noncontrolling interests	$1.3B	$1.3B	$1.3B	$1.3B
Total equity	$105.2B	$104.6B	$106.3B	$104.4B
Total liabilities and equity	$410.2B	$417.9B	$388.3B	$383.3B

Cash flow statement

Verizon Communications Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net Income	$17.6B	$17.9B	$12.1B	$21.7B
Depreciation and amortization expense	$18.3B	$17.9B	$17.6B	$17.1B
Employee retirement benefits	$1.0B	($52.0M)	$1.2B	($2.0B)
Deferred income taxes	$2.3B	$815.0M	$2.4B	$3.0B
Provision for expected credit losses	$2.3B	$2.3B	$2.2B	$1.6B
Equity in losses of unconsolidated businesses, inclusive of dividends received	$42.0M	$75.0M	$84.0M	($10.0M)
Verizon Business Group goodwill impairment	$0	$0	$5.8B	—
Accounts receivable	($2.5B)	($2.6B)	($2.2B)	($2.0B)
Inventories	($232.0M)	($196.0M)	$287.0M	$627.0M
Prepaid expenses and other	($1.4B)	($626.0M)	($435.0M)	$928.0M
Accounts payable and accrued liabilities and Other current liabilities	$1.8B	$1.1B	$2.1B	($33.0M)
Other, net	($2.3B)	$173.0M	($3.7B)	($3.8B)
Net cash provided by operating activities	$37.1B	$36.9B	$37.5B	$37.1B
Capital expenditures (including capitalized software)	($17.0B)	($17.1B)	($18.8B)	($23.1B)
Cash paid related to acquisitions of businesses, net of cash acquired	$0	$0	($30.0M)	$248.0M
Acquisitions of wireless licenses	($450.0M)	($900.0M)	($5.8B)	($3.7B)
Other, net	$801.0M	$28.0M	$281.0M	$62.0M
Net cash used in investing activities	($16.7B)	($18.7B)	($23.4B)	($28.7B)
Proceeds from long-term borrowings	$18.3B	$3.1B	$2.0B	$7.1B
Proceeds from asset-backed long-term borrowings	$9.3B	$12.4B	$6.6B	$10.7B
Repayments of long-term borrowings and finance lease obligations	($11.4B)	($11.9B)	($6.2B)	($8.6B)
Repayments of asset-backed long-term borrowings	($8.4B)	($8.5B)	($4.4B)	($4.9B)
Dividends paid	($11.5B)	($11.2B)	($11.0B)	($10.8B)
Other, net	($1.9B)	($1.1B)	($1.5B)	($2.1B)
Net cash used in financing activities	($5.6B)	($17.1B)	($14.7B)	($8.5B)
Increase (decrease) in cash, cash equivalents and restricted cash	$14.9B	$1.1B	($614.0M)	($50.0M)
Cash, cash equivalents and restricted cash, beginning of period	$4.6B	$3.5B	$4.1B	$4.2B
Cash, cash equivalents and restricted cash, end of period	$19.5B	$4.6B	$3.5B	$4.1B

Verizon Communications Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net Income	$9.1B	$5.1B	$15.2B	$10.1B
Depreciation and amortization expense	$9.9B	$4.9B	$13.8B	$9.2B
Employee retirement benefits	$35.0M	($117.0M)	$444.0M	$331.0M
Deferred income taxes	$1.4B	$703.0M	$1.8B	$95.0M
Provision for expected credit losses	$1.0B	$581.0M	$1.6B	$1.1B
Equity in (earnings) losses of unconsolidated businesses, net of dividends received	($35.0M)	$3.0M	$41.0M	$29.0M
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	($3.4B)	($3.1B)	($4.1B)	($3.3B)
Other, net	$366.0M	($142.0M)	($820.0M)	($831.0M)
Net cash provided by operating activities	$18.4B	$8.0B	$28.0B	$16.8B
Capital expenditures (including capitalized software)	($8.2B)	($4.2B)	($12.3B)	($8.0B)
Cash paid related to acquisitions of businesses, net of cash acquired	($9.5B)	($9.5B)	—	—
Acquisitions of wireless licenses	($1.2B)	($83.0M)	($340.0M)	($234.0M)
Other, net	$345.0M	$191.0M	$923.0M	$997.0M
Net cash used in investing activities	($18.5B)	($13.6B)	($11.7B)	($7.2B)
Proceeds from long-term borrowings	$9.9B	$6.0B	$4.0B	$1.7B
Proceeds from asset-backed long-term borrowings	$12.0B	$6.2B	$7.3B	$5.0B
Repayments of long-term borrowings and finance lease obligations	($14.4B)	($4.3B)	($7.5B)	($5.5B)
Repayments of asset-backed long-term borrowings	($13.9B)	($6.8B)	($6.4B)	($4.5B)
Dividends paid	($5.9B)	($2.9B)	($8.6B)	($5.7B)
Purchase of common stock for treasury	($3.5B)	($2.5B)	—	—
Other, net	($1.4B)	($911.0M)	($1.6B)	($1.2B)
Net cash used in financing activities	($17.1B)	($5.3B)	($12.8B)	($10.3B)
Decrease in cash, cash equivalents and restricted cash	($17.2B)	($10.9B)	$3.5B	($704.0M)
Cash, cash equivalents and restricted cash, beginning of period	$19.5B	$19.5B	$4.6B	$4.6B
Cash, cash equivalents and restricted cash, end of period	$2.3B	$8.6B	$8.2B	$3.9B

Verizon Communications Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.