Friday 30 October 2026 Export VZ’s income statement to Excel — free account

Verizon Communications Inc.

VZ Communication Services Telecom Services

Verizon Communications Inc.’s revenue for fiscal 2025 (year ended December 2025) was $138.2 billion, up 2.52% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 22.0%, free cash flow grew 5.91% and total debt rose 13.2%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

43.67 0.49 +1.13%

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Market cap: $181.0B
P/E: 11.4×
Fwd P/E: 9.9×
Dividend yield: 6.44%
F-score: 4/9
Altman Z: 1.24
Beneish M: −2.69
Dividend safety: 52/100

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 16.09

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	2	1	—	1	—	—	2	5	4

Insider Ownership 0.43%

Capital & Financial Ratios $m

Market Cap 180,970.00

Revenue 138,895.00

Net Income 16,599.00

Free Cash Flow 20,160.00

Net Debt 163,479.00

Current Ratio 0.60

Debt/Equity 1.57

P/E ratio 11.37

Fwd P/E 9.91

P/S ratio 1.31

P/B ratio 1.73

Past 5Y EPS Growth (1.14%)

This Y EPS Growth 7.17%

Next Y EPS Growth 4.74%

Next Y revenue growth 1.89%

Next 5Y EPS Growth 5.94%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 44.05%

10-year low 10-year high

P/S against its own 10 years 24.14%

10-year low 10-year high

P/B against its own 10 years 13.63%

10-year low 10-year high

EV/Sales against its own 10 years 50.84%

10-year low 10-year high

EV/FCF against its own 10 years 16.79%

10-year low 10-year high

Dividends

Payout Ratio 0.73

Annual Dividend Rate 2.81

Annual Dividend Yield 6.44%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.81	0.69 0.71 0.71 0.71
2025	2.72	0.68 0.68 0.68 0.69
2024	2.67	0.67 0.67 0.67 0.68
2023	2.62	0.65 0.65 0.65 0.67
2022	2.57	0.64 0.64 0.64 0.65
2021	2.52	0.63 0.63 0.63 0.64
2020	2.47	0.62 0.62 0.62 0.63
2019	2.42	0.60 0.60 0.60 0.62
2018	2.37	0.59 0.59 0.59 0.60
2017	2.32	0.58 0.58 0.58 0.59
2016	2.27	0.57 0.57 0.57 0.58

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,065	4,194	19,048	1,752
Receivables	25,085	26,109	27,097	26,486
Inventory	2,057	2,247	2,441	2,036
Other	—	—	—	—
	36,814	40,523	56,922	37,571

	2023	2024	2025	Q'26
Payables	23,453	23,374	24,981	20,422
ST’ Debt	12,973	22,633	18,618	21,783
Other	12,531	14,349	14,229	15,171
	53,223	64,771	62,370	62,211

Compound Annual Growth %

	10y	5y	3y
Sales	0.49%	1.50%	0.33%
Cash Flow	(0.50%)	(2.32%)	0.00%
Earnings	(0.40%)	(0.71%)	(6.86%)
Book Value	19.48%	8.83%	4.57%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.27 Actual 1.31

1.02 1.10 1.19 1.27 1.35

Q4 FY25 Beat +0.03

Q1 FY26 Beat +0.06

Q2 FY26 Beat +0.03

Q3 FY26 Beat +0.04

Q4 FY26 — Jan 29

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	1.06	1.09	Beat by 0.03
Q1 FY26	1.22	1.28	Beat by 0.06
Q2 FY26	1.27	1.30	Beat by 0.03
Q3 FY26	1.27	1.31	Beat by 0.04
Q4 FY26	1.15	—	Reports 29 January 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.20	0.92	—	—	—
’25	1.15	1.18	1.17	0.55	4.06
’24	1.09	1.09	0.78	1.18	4.14
’23	1.17	1.10	1.13	(0.64)	2.75
’22	1.09	1.24	1.17	1.56	5.06
’21	1.27	1.40	1.55	1.11	5.32
’20	1.00	1.13	1.05	1.11	4.30

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	34,440	34,253	—	—	—
’25	33,485	34,504	33,821	36,381	138,191
’24	32,981	32,796	33,330	35,681	134,788
’23	32,912	32,596	33,336	35,130	133,974
’22	33,554	33,789	34,241	35,251	136,835
’21	32,867	33,764	32,915	34,067	133,613
’20	31,610	30,447	31,543	34,692	128,292

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	7,984	10,435	—	—	—
’25	7,782	8,975	11,266	9,114	37,137
’24	7,084	9,485	9,911	10,432	36,912
’23	8,289	9,731	10,778	8,677	37,475
’22	6,821	10,844	10,534	8,942	37,141
’21	9,694	10,744	10,724	8,377	39,539
’20	8,824	14,728	8,920	9,296	41,768

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	3,700	5,354	—	—	—
’25	3,515	5,055	6,850	4,256	19,676
’24	2,259	5,626	5,808	5,229	18,922
’23	1,733	5,132	5,910	137	12,912
’22	(838)	5,737	4,599	903	10,401
’21	(39,583)	6,027	3,830	1,383	(28,343)
’20	3,116	8,785	2,646	5,133	19,680

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	43.79	42.80	46.09	52.28	48.84	49.69	34.55	30.14	37.56	37.59		(1.7%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	56.95	54.83	61.58	62.22	61.95	59.85	55.51	44.73	45.36	47.36		(2.0%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	160,900	155,400	144,500	135,000	132,200	118,400	117,100	105,400	99,600	89,900		(6.3%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.78	0.81	0.91	0.98	0.97	1.13	1.17	1.27	1.35	1.54		+7.8%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	125,980	126,034	130,863	131,868	128,292	133,613	136,835	133,974	134,788	138,191		+1.0%	140,801	143,576	145,392	+1.7%
	Gross margin, %	58.17	57.90	57.58	58.50	60.09	57.86	56.79	59.03	59.87	58.92		+0.7 pt	Powerpack Verizon Communications Inc.’s next three years, line by line Analysts expect revenue to grow 1.7% a year to 2028 — faster than the 1.0% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	20,986	20,594	19,623	22,733	23,967	29,420	28,271	16,987	22,979	22,672		+0.9%
	EBT margin, %	16.66	16.34	15.00	17.24	18.68	22.02	20.66	12.68	17.05	16.41		(0.3) pt
	Net income	13,608	30,550	16,039	19,788	18,348	22,618	21,748	12,095	17,949	17,608		+2.9%
	Depreciation	15,928	16,954	17,403	16,682	16,720	16,206	17,099	23,465	17,892	18,349		+1.6%
Per share, $
Per share, $	Revenue	30.88	30.86	31.70	31.87	30.99	32.21	32.56	31.82	31.96	32.70		+0.6%
	Earnings	3.22	7.37	3.76	4.66	4.30	5.32	5.06	2.76	4.15	4.06		+2.6%
	Cash flow	5.32	5.95	8.32	8.64	10.09	9.53	8.84	8.90	8.75	8.79		+5.7%
	Capex	(4.31)	(4.37)	(4.38)	(4.55)	(5.34)	(16.36)	(6.36)	(5.83)	(4.27)	(4.13)		(0.5%)
	Free cash flow	1.00	1.59	3.94	4.09	4.75	(6.83)	2.48	3.07	4.49	4.66		+18.6%
	Book value	5.89	10.94	13.25	15.18	16.73	20.06	22.00	22.27	23.84	25.02		+17.4%
	Shares, m	4,080	4,084	4,128	4,138	4,140	4,148	4,202	4,211	4,218	4,226		+0.4%
Valuation, ×
Valuation, ×	P/E	16.95	7.25	14.91	13.18	13.66	9.75	7.93	14.09	9.64	10.03		11.7
	P/S	1.77	1.73	1.77	1.93	1.90	1.61	1.23	1.22	1.25	1.25		1.6
	P/B	9.27	4.89	4.24	4.04	3.51	2.59	1.82	1.75	1.68	1.63		3.5
	EV/Sales	2.60	2.65	2.45	2.75	2.73	2.72	2.31	2.33	2.29	2.25		2.5
	EV/FCF	80.05	51.42	19.71	21.47	17.79	(12.82)	30.44	24.19	16.30	15.82		26.4
Cash, $m
Cash, $m	Operating cash flow	21,689	24,318	34,339	35,746	41,768	39,539	37,141	37,475	36,912	37,137		+6.2%
	Capex	(17,593)	(17,830)	(18,087)	(18,837)	(22,088)	(67,882)	(26,740)	(24,563)	(17,990)	(17,461)		(0.1%)
	Free cash flow	4,096	6,488	16,252	16,909	19,680	(28,343)	10,401	12,912	18,922	19,676		+19.1%
Balance, $m
Balance, $m	Working capital	(3,945)	(3,124)	(3,294)	(7,395)	14,934	(10,432)	(12,314)	(16,409)	(24,248)	(5,448)		+3.7%
	Total debt	108,078	117,095	90,929	111,489	129,062	150,868	150,639	150,674	144,014	158,150		+4.3%
	Net debt	105,198	115,016	88,184	108,895	106,891	147,947	148,034	148,609	139,820	139,102		+3.2%
	Shareholders’ equity	24,032	44,687	54,710	62,835	69,272	83,200	92,463	93,799	100,575	105,741		+17.9%
Returns, %
Returns, %	ROA	5.38	12.01	5.95	6.92	5.85	6.46	5.70	3.06	4.58	4.35		(1.0) pt
	ROIC	14.15	10.73	9.74	11.06	10.22	8.77	7.92	5.90	7.46	7.47		(6.7) pt
	ROE	62.70	87.61	31.24	32.78	26.95	28.94	24.20	12.47	18.01	16.65		(46.1) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Consumer	106,807	77.29%
Business	29,069	21.04%
Other, not broken out	2,315	1.68%
Gross margin		58.92%
Operating margin		21.17%
Pre-tax margin		16.41%

Revenue by segment since 2009

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
VZ Verizon Communications Inc.	$181.0B	11.4×	9.9×	−0.73% (below 0%: shrinking)	−22.03% (below 0%: shrinking)	+5.91% (above 0%: growing)	61.80%	20.96%
TMUS T-Mobile US, Inc.	$156.0B	15.4×	13.4×	+7.85% (above 0%: growing)	+5.28% (above 0%: growing)	−25.62% (below 0%: shrinking)	64.75%	24.09%	Compare
T AT&T Inc.	$140.9B	6.9×	10.4×	+2.30% (above 0%: growing)	+6.45% (above 0%: growing)	+4.83% (above 0%: growing)	61.83%	22.30%	Compare
CMCSA Comcast Corporation	$79.1B	7.2×	7.7×	−1.23% (below 0%: shrinking)	−66.78% (below 0%: shrinking)	+2.27% (above 0%: growing)	37.09%	17.23%	Compare
AMX America Movil, S.A.B. de C.V. Unsponsored ADR	$73.9B	13.8×	13.6×	+15.58% (above 0%: growing)	+23.68% (above 0%: growing)	−25.28% (below 0%: shrinking)	63.33%	21.49%	Compare
CHT Chunghwa Telecom Co., Ltd.	$37.7B	29.4×	—	+5.50% (above 0%: growing)	+2.33% (above 0%: growing)	+39.64% (above 0%: growing)	37.54%	21.61%	Compare
VOD Vodafone Group PLC	$36.1B	31.6×	13.2×	−11.38% (below 0%: shrinking)	−130.12% (below 0%: shrinking)	−16.70% (below 0%: shrinking)	30.36%	0.00%	Compare
ORANY Orange	$29.8B	6.7×	—	−5.73% (below 0%: shrinking)	+128.97% (above 0%: growing)	+104.16% (above 0%: growing)	16.49%	0.00%	Compare
ECHO EchoStar Corporation	$28.4B	— (loss-making)	3.6×	−3.99% (below 0%: shrinking)	n/m	+64.20% (above 0%: growing)	34.37%	14.34%	Compare
Median of peers	$55.8B	13.8×	11.8×	+0.54%	+5.28%	+3.55%	37.32%	19.36%

All 55 Telecom Services stocks →

Business profile

Updated 27 October 2026

Verizon Communications Inc. is a communications holding company founded in 2000 and headquartered in New York City. Dan Schulman is its chief executive. Through its subsidiaries, Verizon provides data, video, voice, connectivity, security and related technology services to consumers, businesses, government entities and carriers.

The company operates two segments: Verizon Consumer Group and Verizon Business Group. Consumer sells mobile service, phones and other connected devices, home internet, video and voice. Its home-connectivity products use fiber, copper and fixed wireless access, or FWA. FWA uses Verizon’s 5G or 4G LTE radio network rather than a cable running into a home or business.

Read the full business profile →

From the latest earnings call

Updated 24 October 2026

Dan Schulman said Verizon is using micro-segmented offers rather than relying on free handsets, which he said should improve retention, acquisition costs and unit economics.
Tony Skiadas said the company’s cost program includes network, marketing, workforce, customer-experience, IT, real-estate and Frontier-integration initiatives.

Read the Earnings & Analysis →

Analyst rating changes each firm’s latest, last six months

Firm	Date	Action	Rating	Target
Scotiabank	Oct 9, 2026	Target cut	Outperform	51.50 → 50.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 68.48%

Held by the ten largest 36.51%

Holder	Shares	Stake	Change
BlackRock	398.22m	9.58%	+30.19m
Vanguard	380.87m	9.17%	−52.82k
State Street	209.68m	5.05%	−5.18m
Charles Schwab	127.79m	3.08%	+14.84m
Geode Capital Management	106.82m	2.57%	+611.65k
Morgan Stanley	70.30m	1.69%	−3.77m
UBS	64.41m	1.55%	+7.27m
Bank of America	60.86m	1.46%	−1.24m
Norges Bank	54.31m	1.31%	+54.31m
Northern Trust	43.83m	1.05%	−494.59k

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.