Verizon Communications Inc., through its subsidiaries, engages in the provision of communications, technology, information, and streaming products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business). The Consumer segment provides wireless services across the wireless networks in the United States under the Verizon and TracFone brands and through wholesale and other arrangements; and fixed wireless access (FWA) broadband through its wireless networks, as well as related equipment and devices, such as smartphones, tablets, smartwatches, and other wireless-enabled connected devices. The segment also offers wireline services in the Mid-Atlantic and Northeastern United States, as well as Washington D.C. through its fiber-optic network, Verizon Fios product portfolio, and a copper-based network. The Business segment provides wireless and wireline communications services and products, including FWA and wireline broadband, advanced communication services, corporate networking, security and managed network, local and long-distance voice, and network access services to deliver various IoT services and products to businesses, government customers, and wireless and wireline carriers in the United States and internationally. The company distributes its products and services through direct channels, company-operated stores, digital and omnichannel platforms, indirect agents, business solution resellers, and national retailers. The company was formerly known as Bell Atlantic Corporation and changed its name to Verizon Communications Inc. in June 2000. Verizon Communications Inc. was incorporated in 1983 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $138.2B | $47.7B | $17.2B | $19.7B | 16.4% | 2.5% | -1.9% |
| 2024 | $134.8B | $47.5B | $17.5B | $18.9B | 17.6% | 0.6% | 50.7% |
| 2023 | $134.0B | $40.1B | $11.6B | $12.9B | 12.6% | -2.1% | -45.4% |
| 2022 | $136.8B | $49.0B | $21.3B | $10.4B | 23.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 136,835 | 133,974 | 134,788 | 138,191 |
| Operating Revenue | - | 136,835 | 133,974 | 134,788 | 138,191 |
| Cost Of Revenue | - | 59,133 | 54,887 | 54,097 | 56,765 |
| Gross Profit | - | 77,702 | 79,087 | 80,691 | 81,426 |
| Operating Expense | - | 47,235 | 50,369 | 52,005 | 52,167 |
| Selling General And Administration | - | 30,136 | 32,745 | 34,113 | 33,818 |
| Total Expenses | - | 106,368 | 105,256 | 106,102 | 108,932 |
| Operating Income | - | 30,467 | 28,718 | 28,686 | 29,259 |
| Total Operating Income As Reported | - | 30,467 | 22,877 | 28,686 | 29,259 |
| EBITDA | - | 48,983 | 40,135 | 47,520 | 47,715 |
| Normalized EBITDA | - | 50,060 | 45,668 | 47,135 | 47,347 |
| EBIT | - | 31,884 | 22,511 | 29,628 | 29,366 |
| Interest Income | - | 146 | 354 | 336 | 329 |
| Interest Expense | - | 3,613 | 5,524 | 6,649 | 6,694 |
| Net Interest Income | - | -3,467 | -5,170 | -6,313 | -6,365 |
| Other Non Operating Income Expenses | - | 2,304 | -975 | 274 | -590 |
| Other Income Expense | - | 1,271 | -6,561 | 606 | -222 |
| Interest Income Non Operating | - | 146 | 354 | 336 | 329 |
| Interest Expense Non Operating | - | 3,613 | 5,524 | 6,649 | 6,694 |
| Net Non Operating Interest Income Expense | - | -3,467 | -5,170 | -6,313 | -6,365 |
| Pretax Income | - | 28,271 | 16,987 | 22,979 | 22,672 |
| Tax Provision | - | 6,523 | 4,892 | 5,030 | 5,064 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -248.50 | -1,593.42 | 84.32 | 82.06 |
| Net Income Continuous Operations | - | 21,748 | 12,095 | 17,949 | 17,608 |
| Net Income From Continuing And Discontinued Operation | - | 21,256 | 11,614 | 17,506 | 17,174 |
| Net Income From Continuing Operation Net Minority Interest | - | 21,256 | 11,614 | 17,506 | 17,174 |
| Net Income | - | 21,256 | 11,614 | 17,506 | 17,174 |
| Net Income Common Stockholders | - | 21,256 | 11,614 | 17,506 | 17,174 |
| Net Income Including Noncontrolling Interests | - | 21,748 | 12,095 | 17,949 | 17,608 |
| Normalized Income | - | 22,084.50 | 15,553.58 | 17,205.31 | 16,888.06 |
| Diluted NI Availto Com Stockholders | - | 21,256 | 11,614 | 17,506 | 17,174 |
| Basic Average Shares | - | 4,202 | 4,211 | 4,218 | 4,226 |
| Diluted Average Shares | - | 4,204 | 4,215 | 4,223 | 4,231 |
| Reconciled Depreciation | - | 17,099 | 17,624 | 17,892 | 18,349 |
| Reconciled Cost Of Revenue | - | 59,133 | 54,887 | 54,097 | 56,765 |
| Total Unusual Items | - | -1,077 | -5,533 | 385 | 368 |
| Total Unusual Items Excluding Goodwill | - | -1,077 | -5,533 | 385 | 368 |
| Minority Interests | - | -492 | -481 | -443 | -434 |
| Special Income Charges | - | -1,077 | -5,533 | 385 | 368 |
| Other Special Charges | - | 1,077 | -308 | -385 | -368 |
| Impairment Of Capital Assets | - | 0 | 5,841 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | - | 17,099 | 17,624 | 17,892 | 18,349 |
| Depreciation And Amortization In Income Statement | - | 17,099 | 17,624 | 17,892 | 18,349 |
| Earnings From Equity Interest | - | 44 | -53 | -53 | 0 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Verizon Communications Inc.this co. | VZ | $187.4B | 10.91β discount | 1.79 | 16.4% | 7.33 |
| T-Mobile US, Inc. | TMUS | $191.6B | 17.43 | 3.24 | 18.6% | 9.77 |
| AppLovin Corporation | APP | $187.7B | 56.32 | 87.95 | 156.2% | 43.36 |
| The Walt Disney Company | DIS | $172.5B | 13.91 | 1.57 | 11.3% | 11.06 |
| AT&T Inc. | T | $158.2B |
| - |
| - |
| - |
| - |
| - |
| - |
| 7.21 |
| 1.43 |
| 19.9% |
| 5.39 |
| Comcast Corporation | CMCSA | $83.3B | 4.17 | 0.86 | 20.6% | 3.73 |
| Warner Bros. Discovery, Inc. | WBD | $67.7B | 93.11 | 1.88 | 2.0% | 4.50 |
| Electronic Arts Inc. | EA | $51.0B | 57.50 | 7.54 | 13.1% | 31.86 |
| Take-Two Interactive Software, Inc. | TTWO | $40.2B | -134.89 | 11.46 | -8.5% | 33.54 |
| Peer Median | - | 15.67 | 2.56 | 15.8% | 10.41 | |