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VZVerizon

Communication · Telecom · NYSE

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FY2025 at a glance

Sales up 2.5%

XBRL, from each 10-K

RevenueStatements ↓

$138.2B

from $134.8B in FY2024

FY2016FY2025

Net incomeStatements ↓

$17.2B

from $17.5B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$4.06

from $4.14 in FY2024

FY2016FY2025

Operating marginStatements ↓

21.2%

from 21.3% in FY2024

FY2016FY2025

Total debtStatements ↓

$158.6B

from $144.1B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	3.92	Sales (ttm)	139.4B	Net income (ttm)	16.4B	Sales growth	+2.5%	EPS growth	-1.9%	Sales Q/Q	+1.5%
Free cash flow	-	Gross margin	-	Oper. margin	20.9%	Net margin	11.8%	FCF margin	-	ROE	15.3%
ROA	4.0%	R&D / sales	-	Dividend	2.73	Debt/Eq	1.55	Curr. ratio	0.63	Cash	4.5B
Op. cash flow (ttm)	39.0B	EBITDA	47.6B	EBITDA margin	34.5%	Net debt	161.7B	Quick ratio	0.59	Interest cover	4.37
ROIC	8.3%	Payout ratio	67.4%	Tax rate	22.3%	Shares out.	4.1B	Shares Y/Y	+0.2%	Book / share	25.89
Cash / share	1.08	Sales / share	33.63	Asset turnover	0.34	Days sales out.	63	Sales 3Y CAGR	+0.3%	Sales 5Y CAGR	+1.5%
EPS 3Y CAGR	-7.1%	EPS 5Y CAGR	-1.1%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

VZ against Communication peers

Ten years, side by side → · All 19 →

VZPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 19 companies, the better end on the right. Hover a dot for the company.

Sales growth

+2.5%14th of 19 · median +6.8%

Net margin

11.8%7th of 19 · median 9.2%

Return on equity

15.3%9th of 19 · median 12.7%

Debt / equity (less is better)

1.5515th of 17 · median 0.94

VZ and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
VZ Verizon	$139.4B	+2.5%	-	11.8%	15.3%	-	1.55
T AT&T	$128.9B	+2.7%	-	10.2%	10.7%	13.8%	1.30
CMCSA Comcast	$123.0B	0.0%	-	9.2%	12.2%	16.0%	0.94
DIS Walt Disney	$98.9B	+3.4%	-	8.7%	7.8%	8.4%	0.42
TMUS T-Mobile US	$93.8B	+8.5%	-	12.0%	20.1%	19.9%	1.62
CHTR Charter Communications	$55.6B	-0.6%	-	2.5%	12.7%	7.1%	9.75

Profitability

3 of 3

✓
Net margin above the peer median11.8% vs 9.2%
✓
Return on equity above 15%15.3%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 10.4% → 12.4%

Balance sheet

0 of 3

!
Interest covered less than 5 timesOperating income is 4.4× interest expense
!
Debt larger than equityDebt / equity 1.55 on the latest balance sheet (peer median 0.94)
!
Current ratio below 1Current ratio 0.63

Debt / equity at each year end, FY2016 to FY2025: 4.50 → 1.50

What the debt is made of ↓

Cash and shareholders

3 of 4

✓
Free cash flow positive in every one of 3 years$17.7B last year
!
Share count up over 5 years+2.1%
✓
Dividend per share up over 5 years$2.48 → $2.73
✓
Cash from operations above net income$37.1B vs $17.2B

Free cash flow, FY2016 to FY2025: 4.6B → 17.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$155.8B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 138.2B Net income 17.2B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $135.9B of revenue came from

by segment, year to Dec 31, 2025

Verizon Consumer Group $106.8B · 79%
Verizon Business Group $29.1B · 21%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

VZ's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue138.2B

Net income17.2B

Free cash flow17.7B

EPS (diluted)4.06

Dividend per share2.73

Diluted shares4.2B

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Verizon Consumer Group	106.8B	77.3%	+3.8%
Verizon Business Group	29.1B	21.0%	-1.6%

10-K 0000732712-26-000007, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Service revenues and other	112.7B	81.6%	+1.0%
Wireless Service	83.7B	60.6%	+2.0%
Fios Revenues	12.9B	9.4%	+0.2%

10-K 0000732712-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	126.0B	126.0B	130.9B	131.9B	128.3B	133.6B	136.8B	134.0B	134.8B	138.2B
Cost of revenue	22.2B	22.1B	-	-	-	-	-	-	-	-
SG&A	28.1B	28.6B	31.1B	29.9B	31.6B	28.7B	30.1B	32.7B	34.1B	33.8B
Operating income	29.2B	27.4B	22.3B	30.4B	28.8B	32.4B	30.5B	22.9B	28.7B	29.3B
Interest expense	4.4B	4.7B	4.8B	4.7B	4.2B	3.5B	3.6B	5.5B	6.6B	6.7B
Pretax income	21.0B	20.6B	19.6B	22.7B	24.0B	29.4B	28.3B	17.0B	23.0B	22.7B
Income tax	7.4B	-10.0B	3.6B	2.9B	5.6B	6.8B	6.5B	4.9B	5.0B	5.1B
Net income	13.1B	30.1B	15.5B	19.3B	17.8B	22.1B	21.3B	11.6B	17.5B	17.2B
EPS (diluted)	3.21	7.36	3.76	4.65	4.30	5.32	5.06	2.75	4.14	4.06
Diluted shares	4.1B	4.1B	4.1B	4.1B	4.1B	4.2B	4.2B	4.2B	4.2B	4.2B
Depreciation & amortization	15.9B	17.0B	17.4B	16.7B	16.7B	16.2B	17.1B	17.6B	17.9B	18.3B
EBITDA	45.2B	44.4B	39.7B	47.1B	45.5B	48.7B	47.6B	40.5B	46.6B	47.6B
Operating margin	23.2%	21.8%	17.0%	23.0%	22.4%	24.3%	22.3%	17.1%	21.3%	21.2%
Net margin	10.4%	23.9%	11.9%	14.6%	13.9%	16.5%	15.5%	8.7%	13.0%	12.4%
Revenue growth	-	0.0%	+3.8%	+0.8%	-2.7%	+4.1%	+2.4%	-2.1%	+0.6%	+2.5%
EPS growth	-	+129%	-48.9%	+23.7%	-7.5%	+23.7%	-4.9%	-45.7%	+50.5%	-1.9%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	2.9B	2.1B	2.7B	2.6B	22.2B	2.9B	2.6B	2.1B	4.2B	19.0B
Receivables	17.5B	23.5B	25.1B	25.4B	23.9B	23.8B	-	-	-	-
Inventory	1.2B	1.0B	1.3B	1.4B	1.8B	3.1B	2.4B	2.1B	2.2B	2.4B
Current assets	26.4B	29.9B	34.6B	37.5B	54.6B	36.7B	37.9B	36.8B	40.5B	56.9B
Property & equipment	84.8B	88.6B	89.3B	91.9B	94.8B	99.7B	107.4B	108.3B	108.5B	109.5B
Goodwill	27.2B	29.2B	24.6B	24.4B	24.8B	28.6B	28.7B	22.8B	22.8B	22.8B
Total assets	244.2B	257.1B	264.8B	291.7B	316.5B	366.6B	379.7B	380.3B	384.7B	404.3B
Accounts payable	7.1B	7.1B	7.2B	7.7B	6.7B	8.0B	8.8B	10.0B	10.4B	12.2B
Current liabilities	30.3B	33.0B	37.9B	44.9B	39.7B	47.2B	50.2B	53.2B	64.8B	62.4B
Total debt	108.1B	117.1B	112.9B	111.5B	129.4B	150.9B	150.8B	150.7B	144.1B	158.6B
Shareholders' equity	24.0B	44.7B	54.7B	62.8B	69.3B	83.2B	92.5B	93.8B	100.6B	105.7B
Retained earnings	15.1B	35.6B	43.5B	53.1B	60.5B	72.0B	82.4B	82.9B	89.1B	94.7B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	21.7B	24.3B	34.3B	35.7B	41.8B	39.5B	37.1B	37.5B	36.9B	37.1B
Capital spending	17.1B	17.2B	16.7B	-	-	-	-	-	-	-
Free cash flow	4.6B	7.1B	17.7B	-	-	-	-	-	-	-
Stock-based pay (added back)	400.0M	-	-	-	-	-	-	-	-	-
Dividends paid	9.3B	9.5B	9.8B	10.0B	10.2B	10.4B	10.8B	11.0B	11.2B	11.5B
Buybacks	0	0	-	-	-	-	-	-	-	-
Acquisitions	3.8B	5.9B	230.0M	29.0M	520.0M	4.1B	-248.0M	30.0M	0	0
Debt raised	13.0B	32.0B	10.8B	18.7B	31.5B	41.4B	17.8B	8.6B	15.6B	27.6B
Debt repaid	-	-	-	-	8.8B	9.1B	2.0B	2.0B	4.7B	9.0B
Investing cash flow	-9.9B	-18.5B	-17.9B	-17.6B	-23.5B	-67.2B	-28.7B	-23.4B	-18.7B	-16.7B
Financing cash flow	-13.4B	-6.2B	-15.4B	-18.2B	1.3B	8.3B	-8.5B	-14.7B	-17.1B	-5.6B
Dividend per share	2.29	2.33	2.38	2.44	2.48	2.54	2.58	2.63	2.69	2.73

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	400.0M	-	-	-	-	-	-	-	-	-
Stock-based pay / revenue	0.3%	-	-	-	-	-	-	-	-	-
Operating lease cost	-	-	-	4.7B	5.0B	5.2B	5.3B	5.4B	5.6B	5.7B
Operating lease cash paid	-	-	-	4.4B	4.8B	4.7B	4.5B	4.9B	5.1B	5.3B
Finance lease principal paid	-	-	-	352.0M	394.0M	394.0M	449.0M	612.0M	794.0M	944.0M
Right-of-use assets	-	-	23.2B	22.7B	22.5B	27.9B	26.1B	24.7B	24.5B	23.5B
Operating lease liabilities	-	-	22.1B	21.7B	21.5B	27.1B	25.7B	24.3B	24.3B	23.5B
Finance lease liabilities	-	-	-	1.1B	1.3B	1.3B	1.7B	2.1B	2.3B	2.5B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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