VZ financial statements

The full income statement, balance sheet, and cash-flow statement for Verizon Communications Inc. (VZ), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 4.21B2024-09 4.21B2024-12 4.21B2025-03 4.22B2025-06 4.22B2025-09 4.22B2025-12 4.22B2026-03 4.18B2026-06 4.15B-1.3% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	138B YoY+2.5%	135B YoY+0.6%	134B YoY-2.1%	137B YoY+2.4%	134B YoY+4.1%
Selling, general & administrative	33.8B YoY-0.9%	34.1B YoY+4.2%	32.7B YoY+8.7%	30.1B YoY+5.2%	28.7B YoY-9.2%
Amortization of intangibles	3.00B YoY+7.8%	2.78B YoY+3.5%	2.69B YoY+7.2%	2.51B YoY+20.1%	2.09B YoY-14.6%
Provision for credit losses	2.35B YoY+0.5%	2.34B YoY+5.6%	2.21B YoY+37.4%	1.61B YoY+104.2%	789M YoY-42.8%
Operating income	29.3B YoY+2.0%	28.7B YoY+25.4%	22.9B YoY-24.9%	30.5B YoY-6.1%	32.4B YoY+12.7%
Interest expense	6.69B YoY+0.7%	6.65B YoY+20.4%	5.52B YoY+52.9%	3.61B YoY+3.7%	3.48B YoY-17.9%
Other non-operating income	107M YoY-89.2%	995M YoY+417.9%	-313M YoY-122.8%	1.37B YoY+340.1%	312M YoY+157.9%
Equity-method income	0.00 YoY+100.0%	-53.0M YoY+0.0%	-53.0M YoY-220.5%	44.0M YoY-69.7%	145M YoY+422.2%
Pre-tax income	22.7B YoY-1.3%	23.0B YoY+35.3%	17.0B YoY-39.9%	28.3B YoY-3.9%	29.4B YoY+22.8%
Income tax	5.06B YoY+0.7%	5.03B YoY+2.8%	4.89B YoY-25.0%	6.52B YoY-4.1%	6.80B YoY+21.1%
	17.2B YoY-1.9%	17.5B YoY+50.7%	11.6B YoY-45.4%	21.3B YoY-3.7%	22.1B YoY+24.0%
Net income to non-controlling interest	434M YoY-2.0%	443M YoY-7.9%	481M YoY-2.2%	492M YoY-11.0%	553M YoY+1.1%
	$4.06 YoY-1.9%	$4.14 YoY+50.5%	$2.75 YoY-45.7%	$5.06 YoY-4.9%	$5.32 YoY+23.7%
EPS (basic)	$4.06 YoY-2.2%	$4.15 YoY+50.4%	$2.76 YoY-45.5%	$5.06 YoY-4.9%	$5.32 YoY+23.7%
	4.23B YoY+0.2%	4.22B YoY+0.2%	4.21B YoY+0.2%	4.20B YoY+1.3%	4.15B YoY+0.2%
	4.23B YoY+0.2%	4.22B YoY+0.2%	4.21B YoY+0.3%	4.20B YoY+1.3%	4.15B YoY+0.2%
Dividends per share	$2.73 YoY+1.9%	$2.69 YoY+1.9%	$2.63 YoY+1.9%	$2.58 YoY+2.0%	$2.54 YoY+2.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	56.9B YoY+40.5%	40.5B YoY+10.1%	36.8B YoY-2.8%	37.9B YoY+3.1%	36.7B YoY-32.7%
Cash & equivalents	19.0B YoY+354.2%	4.19B YoY+103.1%	2.06B YoY-20.7%	2.60B YoY-10.8%	2.92B YoY-86.8%
Accounts receivable	—	—	—	—	23.8B YoY-0.3%
Inventory	2.44B YoY+8.6%	2.25B YoY+9.2%	2.06B YoY-13.9%	2.39B YoY-21.8%	3.06B YoY+70.1%
Prepaid expenses	8.34B YoY+4.6%	7.97B YoY+4.8%	7.61B YoY-9.0%	8.36B YoY+21.0%	6.91B YoY+2.9%
	404B YoY+5.1%	385B YoY+1.2%	380B YoY+0.2%	380B YoY+3.6%	367B YoY+15.8%
Property, plant & equipment	109B YoY+0.9%	109B YoY+0.2%	108B YoY+0.8%	107B YoY+7.8%	99.7B YoY+5.1%
Operating lease right-of-use	23.5B YoY-4.0%	24.5B YoY-1.0%	24.7B YoY-5.4%	26.1B YoY-6.3%	27.9B YoY+23.8%
Goodwill	22.8B YoY+0.0%	22.8B YoY-0.0%	22.8B YoY-20.3%	28.7B YoY+0.2%	28.6B YoY+15.5%
Intangible assets	10.5B YoY-6.0%	11.1B YoY+0.7%	11.1B YoY-3.5%	11.5B YoY-1.8%	11.7B YoY+24.1%
Other non-current assets	23.2B YoY+17.6%	19.8B YoY-0.6%	19.9B YoY+15.2%	17.3B YoY+29.5%	13.3B YoY+22.5%
	62.4B YoY-3.7%	64.8B YoY+21.7%	53.2B YoY+6.1%	50.2B YoY+6.4%	47.2B YoY+18.9%
Accounts payable	12.2B YoY+16.6%	10.4B YoY+4.0%	10.0B YoY+14.5%	8.75B YoY+8.8%	8.04B YoY+20.6%
Accrued liabilities	4.53B YoY-10.4%	5.06B YoY-2.5%	5.19B YoY-33.7%	7.82B YoY-14.2%	9.12B YoY+50.8%
Deferred revenue	7.58B YoY+1.1%	7.49B YoY+7.7%	6.96B YoY+5.7%	6.58B YoY+8.8%	6.05B YoY+25.0%
Short-term & current debt	18.6B YoY-17.7%	22.6B YoY+74.5%	13.0B YoY+30.2%	9.96B YoY+33.9%	7.44B YoY+26.4%
Current lease liability	4.54B YoY+2.9%	4.42B YoY+3.5%	4.27B YoY+3.2%	4.13B YoY+7.1%	3.86B YoY+10.7%
Other current liabilities	14.2B YoY-0.8%	14.3B YoY+14.5%	12.5B YoY+3.6%	12.1B YoY+9.7%	11.0B YoY+14.5%
Finance lease liability (current)	943M YoY+5.5%	894M YoY+18.7%	753M YoY+33.3%	565M YoY+41.3%	400M YoY+8.7%
Long-term debt	140B YoY+15.0%	121B YoY-11.9%	138B YoY-2.1%	141B YoY-1.9%	143B YoY+16.4%
Deferred revenue (non-current)	2.43B YoY+11.3%	2.19B YoY+12.3%	1.95B YoY+17.9%	1.65B YoY+40.4%	1.18B
Non-current lease liability	19.0B YoY-4.9%	19.9B YoY-0.4%	20.0B YoY-7.2%	21.6B YoY-7.1%	23.2B YoY+28.9%
Operating lease liability (total)	23.5B YoY-3.5%	24.3B YoY+0.3%	24.3B YoY-5.5%	25.7B YoY-5.1%	27.1B YoY+26.0%
Finance lease liability (total)	2.51B YoY+6.9%	2.35B YoY+12.3%	2.09B YoY+20.7%	1.73B YoY+30.7%	1.32B YoY+3.2%
Finance lease liability	1.57B YoY+7.8%	1.46B YoY+8.7%	1.34B YoY+14.7%	1.17B YoY+26.2%	925M YoY+1.0%
Deferred tax liabilities	48.7B YoY+4.2%	46.7B YoY+2.1%	45.8B YoY+5.4%	43.4B YoY+6.8%	40.7B YoY+13.9%
Other non-current liabilities	17.8B YoY-7.7%	19.3B YoY+16.7%	16.6B YoY-10.0%	18.4B YoY+36.1%	13.5B YoY+12.5%
Total non-current liabilities	236B YoY+7.7%	219B YoY-5.9%	233B YoY-1.6%	237B YoY+0.3%	236B YoY+13.8%
	106B YoY+5.1%	101B YoY+7.2%	93.8B YoY+1.4%	92.5B YoY+11.1%	83.2B YoY+20.1%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	—	—	—	429M YoY+0.0%	429M YoY+0.0%
Additional paid-in capital	13.4B YoY-0.7%	13.5B YoY-1.2%	13.6B YoY+1.6%	13.4B YoY-3.2%	13.9B YoY+3.4%
Retained earnings	94.7B YoY+6.3%	89.1B YoY+7.5%	82.9B YoY+0.6%	82.4B YoY+14.4%	72.0B YoY+19.1%
Treasury stock	3.25B YoY-9.2%	3.58B YoY-6.2%	3.82B YoY-4.8%	4.01B YoY-2.2%	4.10B YoY-38.9%
Accumulated other comprehensive income	-1.73B YoY-87.1%	-923M YoY+33.1%	-1.38B YoY+26.0%	-1.86B YoY-101.2%	-927M YoY-1205.6%
Non-controlling interest	1.28B YoY-4.3%	1.34B YoY-2.3%	1.37B YoY+3.8%	1.32B YoY-6.5%	1.41B YoY-1.4%
Total equity incl. non-controlling	106B YoY+5.1%	101B YoY+7.2%	93.8B YoY+1.4%	92.5B YoY+11.1%	83.2B YoY+20.1%
Total liabilities & equity	404B YoY+5.1%	385B YoY+1.2%	380B YoY+0.2%	380B YoY+3.6%	367B YoY+15.8%
	4.29B YoY+0.0%	4.29B YoY+0.0%	4.29B YoY+0.0%	4.29B YoY+0.0%	4.29B YoY+0.0%
	4.29B YoY+0.0%	4.29B YoY+0.0%	4.29B YoY+0.0%	4.29B YoY+0.0%	4.29B YoY+0.0%
	4.22B YoY+0.2%	4.21B YoY+0.1%	4.20B YoY+0.1%	4.20B YoY+0.0%	4.20B YoY+1.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	37.1B YoY+0.6%	36.9B YoY-1.5%	37.5B YoY+0.9%	37.1B YoY-6.1%	39.5B YoY-5.3%
Depreciation & amortization	18.3B YoY+2.6%	17.9B YoY+1.5%	17.6B YoY+3.1%	17.1B YoY+5.5%	16.2B YoY-3.1%
Intangible amortization	3.00B YoY+7.8%	2.78B YoY+3.5%	2.69B YoY+7.2%	2.51B YoY+20.1%	2.09B YoY-14.6%
Deferred income taxes	2.34B YoY+187.1%	815M YoY-65.9%	2.39B YoY-19.7%	2.97B YoY-30.3%	4.26B YoY+174.6%
Change in receivables	2.51B YoY-2.0%	2.56B YoY+16.7%	2.20B YoY+11.1%	1.98B YoY+24.2%	1.59B YoY+942.3%
Change in inventory	232M YoY+18.4%	196M YoY+168.3%	-287M YoY+54.2%	-627M YoY-169.3%	905M YoY+145.3%
Other operating activities	-2.26B YoY-1404.0%	173M YoY+104.7%	-3.71B YoY+1.8%	-3.78B YoY-3962.4%	-93.0M YoY-103.3%
	-16.7B YoY+10.8%	-18.7B YoY+20.3%	-23.4B YoY+18.2%	-28.7B YoY+57.3%	-67.2B YoY-185.6%
Capital expenditure	17.0B YoY-0.5%	17.1B YoY-8.9%	18.8B YoY-18.7%	23.1B YoY+13.8%	20.3B YoY+11.5%
Free cash flow	20.1B YoY+1.5%	19.8B YoY+6.0%	18.7B YoY+33.1%	14.1B YoY-27.0%	19.3B YoY-18.3%
Acquisitions	0.00	0.00 YoY-100.0%	30.0M YoY+112.1%	-248M YoY-106.1%	4.07B YoY+681.7%
Other investing activities	-801M YoY-217.1%	684M YoY+158.9%	-1.16B YoY-1772.6%	-62.0M YoY+91.1%	-693M YoY-176.7%
	-5.61B YoY+67.2%	-17.1B YoY-16.7%	-14.7B YoY-71.8%	-8.53B YoY-203.0%	8.28B YoY+524.7%
Long-term debt issued	27.6B YoY+76.9%	15.6B YoY+81.4%	8.60B YoY-51.7%	17.8B YoY-57.0%	41.4B YoY+31.4%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	11.5B YoY+2.1%	11.2B YoY+2.0%	11.0B YoY+2.0%	10.8B YoY+3.4%	10.4B YoY+2.1%
Other financing activities	-1.95B YoY-81.3%	-1.07B YoY+33.6%	-1.62B YoY+21.8%	-2.07B YoY+45.9%	-3.83B YoY-41.8%
Net change in cash	14.9B YoY+1206.2%	1.14B YoY+285.3%	-614M YoY-1128.0%	-50.0M YoY+99.7%	-19.3B YoY-198.8%
Interest paid	5.77B YoY+4.9%	5.50B YoY+25.6%	4.38B YoY+32.2%	3.32B YoY-3.5%	3.44B YoY-22.3%
Income taxes paid	3.58B YoY-36.4%	5.63B YoY+140.4%	2.34B YoY-14.4%	2.74B YoY-10.0%	3.04B YoY+11.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	172B YoY+2.0%	168B YoY+6.2%	158B YoY-4.2%	165B YoY-24.1%	218B YoY-10.3%
P/E	10.0× YoY+4.0%	9.6× YoY+26.8%	7.6× YoY-11.6%	8.6× YoY-13.2%	9.9× YoY-27.6%
P/S	1.2× YoY-0.5%	1.2× YoY+5.7%	1.2× YoY-3.1%	1.2× YoY-25.3%	1.6× YoY-13.9%
P/B	1.6× YoY-2.9%	1.7× YoY+4.6%	1.6× YoY-14.2%	1.9× YoY-28.9%	2.6× YoY-25.3%
P/FCF	8.5× YoY+0.5%	8.5× YoY-12.7%	9.7× YoY-15.7%	11.5× YoY+1.9%	11.3× YoY+9.9%
	10.0% YoY-3.9%	10.4% YoY-21.1%	13.2% YoY+13.1%	11.7% YoY+15.2%	10.1% YoY+38.2%
	11.7% YoY-0.5%	11.8% YoY+14.5%	10.3% YoY+18.7%	8.7% YoY-1.8%	8.8% YoY-9.0%
	6.7% YoY+0.0%	6.7% YoY-3.9%	7.0% YoY+6.5%	6.6% YoY+34.5%	4.9% YoY+15.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: VZ's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all VZ filings on SEC EDGAR → Not investment advice.