Verizon
VZ NYSE Integrated Telecommunication Services Financials FY2016–FY2025
Verizon's revenue rose 2.5% to $138.2 billion in fiscal 2025. Its operating margin was 21.2%, down from 21.3% a year earlier. Free cash flow was $20.1 billion, up 1.5%. It paid out $11.5 billion in dividends and buybacks, 57% of free cash flow. The diluted share count rose 0.2%.
What Verizon does
Verizon sells wireless phone service, home and business internet, and related services in the United States under the Verizon family of brands. Customers buy service postpaid (billed monthly, a month in advance) or prepaid. It also sells phones, tablets and other devices, and lets consumers pay for them in installments. Through fixed wireless access (FWA), it delivers home and business internet over its 5G and 4G LTE wireless networks instead of cables.
Verizon reports two segments. The Consumer segment had revenue of $106.8 billion in 2025, about 77% of the total, and about 116 million wireless retail connections, including FWA. The Business segment, which serves companies, governments, schools and other carriers, had revenue of $29.1 billion, about 21%. Verizon names AT&T and T-Mobile US as national wireless competitors, and says cable companies such as Comcast and Charter also resell wireless service. In broadband it competes with cable companies, satellite providers and others.
At the end of 2025 Verizon had about 89,900 full-time-equivalent employees, 89% of them in the U.S. In the fourth quarter of 2025 it announced plans to cut more than 13,000 positions. In January 2026 it completed its purchase of Frontier Communications, a broadband provider, which extended its fiber network to 31 states and Washington D.C. It also bought Starry, a fixed wireless provider serving multi-unit buildings in five U.S. markets.
- Legal name
- VERIZON COMMUNICATIONS INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0000732712-26-000007
0000732712
Revenue and margins
Verizon had $138.2B of revenue in fiscal 2025, up 2.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 2.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $20.1B in fiscal 2025, 14.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Verizon returned $11.5B to shareholders in fiscal 2025, 57% of free cash flow. The diluted share count rose 0.2%.
Value Verizon yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$139.1B and divides by 4,231.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 11.6x · peers — · sector 17.3x.
Balance sheet
Cash, debt and the ratios that show how comfortably Verizon can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.9B | $2.6B | $2.1B | $4.2B | $19.0B |
| Debt incl. finance leases | $150.9B | $150.6B | $150.7B | $144.0B | $158.2B |
| Net debt / EBITDA | 3.0x | 3.1x | 3.7x | 3.0x | 2.9x |
| Debt / equity | 1.8x | 1.6x | 1.6x | 1.4x | 1.5x |
| Interest coverage | 9.3x | 8.4x | 4.1x | 4.3x | 4.4x |
| Current ratio | 0.8x | 0.8x | 0.7x | 0.6x | 0.9x |
| Quick ratio | 0.7x | 0.7x | 0.7x | 0.6x | 0.9x |
| Total assets | $366.6B | $379.7B | $380.3B | $384.7B | $404.3B |
| Total liabilities | $283.4B | $287.2B | $286.5B | $284.1B | $298.5B |
| Shareholders' equity | $83.2B | $92.5B | $93.8B | $100.6B | $105.7B |
| Net debt (− = net cash) | $147.9B | $148.0B | $148.6B | $139.8B | $139.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$4.4M
3 insiders
Of sales under plans
21%
$1.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 20, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $44.48 | $0.0M | Form 4 |
| Oct 13, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $42.93 | $0.0M | Form 4 |
| Oct 6, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $45.75 | $0.1M | Form 4 |
| Sep 29, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $46.40 | $0.1M | Form 4 |
| Sep 22, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $47.65 | $0.1M | Form 4 |
| Sep 15, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $51.19 | $0.1M | Form 4 |
| Sep 8, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $49.98 | $0.1M | Form 4 |
| Sep 1, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $50.50 | $0.1M | Form 4 |
| Aug 25, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $50.06 | $0.1M | Form 4 |
| Aug 18, 2026 | Kyle MaladyEVP and Group CEO-VZ Business | Sold plan | 1,100 | $48.68 | $0.1M | Form 4 |
| May 29, 2026 | Samantha HammockEVP & Chief HR Officer | Sold | 73,069 | $47.83 | $3.5M | Form 4 |
| Mar 2, 2026 | Mary-Lee StillwellSVP and Controller | Sold plan | 8,569 | $50.00 | $0.4M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 4 / 8 | 6 / 8 | 5 / 8 |
| Accruals ratio | −6.8% | −5.1% | −5.1% |
| Altman Z'' | 1.18 | 1.21 | 1.53 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Verizon VZ | $186.3B | 2.5% | 21.2% | 14.6% | 9.4% | 11.6x | 5 | |
| AT&T T | $143.2B | 2.7% | 19.2% | 15.5% | 8.7% | 11.3x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $126.0B | $126.0B | $130.9B | $131.9B | $128.3B | $133.6B | $136.8B | $134.0B | $134.8B | $138.2B |
| Gross profit | $103.7B | $103.9B | — | — | — | — | — | — | — | — |
| 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 |
| Diluted EPS | $3.21 | $7.36 | $3.76 | $4.65 | $4.30 | $5.32 | $5.06 | $2.75 | $4.14 | $4.06 |
| Diluted shares | 4.09B | 4.09B | 4.13B | 4.14B | 4.14B | 4.15B | 4.20B | 4.22B | 4.22B | 4.23B |
| Cash flow | ||||||||||
| Cash from operations | $21.7B | $24.3B | $34.3B | $35.7B | $41.8B | $39.5B | $37.1B | $37.5B | $36.9B | $37.1B |
| Capital expenditure | $17.1B | $17.2B | $16.7B | $17.9B | $18.2B | $20.3B | $23.1B | $18.8B | $17.1B | $17.0B |
| Free cash flow | $4.6B | $7.1B | $17.7B | $17.8B | $23.6B | $19.3B | $14.1B | $18.7B | $19.8B | $20.1B |
| Depreciation and amortization | $15.9B | $17.0B | $17.4B | $16.7B | $16.7B | $16.2B | $17.1B | $17.6B | $17.9B | $18.3B |
| Stock-based compensation | $400M | — | — | — | — | — | — | — | — | — |
| Acquisitions | $3.8B | $5.9B | $230M | $29.0M | $520M | $4.1B | $248M | $30.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $9.3B | $9.5B | $9.8B | $10.0B | $10.2B | $10.4B | $10.8B | $11.0B | $11.2B | $11.5B |
| Dividends and buybacks | $9.3B | $9.5B | $9.8B | $10.0B | $10.2B | $10.4B | $10.8B | $11.0B | $11.2B | $11.5B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.9B | $2.1B | $2.7B | $2.6B | $22.2B | $2.9B | $2.6B | $2.1B | $4.2B | $19.0B |
| Total debt | $107.9B | $117.1B | $113.1B | $111.5B | $129.1B | $150.9B | $150.6B | $150.7B | $144.0B | $158.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $1.1B | $1.3B | $1.3B | $1.7B | $2.1B | $2.3B | $2.5B |
| Current assets | $26.4B | $29.9B | $34.6B | $37.5B | $54.6B | $36.7B | $37.9B | $36.8B | $40.5B | $56.9B |
| Current liabilities | $30.3B | $33.0B | $37.9B | $44.9B | $39.7B | $47.2B | $50.2B | $53.2B | $64.8B | $62.4B |
| Inventory | $1.2B | $1.0B | $1.3B | $1.4B | $1.8B | $3.1B | $2.4B | $2.1B | $2.2B | $2.4B |
| Property and equipment, net | $84.8B | $88.6B | $89.3B | $91.9B | $94.8B | $99.7B | $107.4B | $108.3B | $108.5B | $109.5B |
| Total assets | $244.2B | $257.1B | $264.8B | $291.7B | $316.5B | $366.6B | $379.7B | $380.3B | $384.7B | $404.3B |
| Total liabilities | $220.1B | $212.5B | $210.1B | $228.9B | $247.2B | $283.4B | $287.2B | $286.5B | $284.1B | $298.5B |
| Shareholders' equity | $24.0B | $44.7B | $54.7B | $62.8B | $69.3B | $83.2B | $92.5B | $93.8B | $100.6B | $105.7B |
| Margins | ||||||||||
| Gross margin | 82.4% | 82.4% | — | — | — | — | — | — | — | — |
| Operating margin | 23.2% | 21.8% | 17.0% | 23.0% | 22.5% | 24.3% | 22.3% | 17.1% | 21.3% | 21.2% |
| EBITDA margin | 35.9% | 35.2% | 30.3% | 35.7% | 35.5% | 36.4% | 34.8% | 30.2% | 34.6% | 34.5% |
| Net margin | 10.4% | 23.9% | 11.9% | 14.6% | 13.9% | 16.5% | 15.5% | 8.7% | 13.0% | 12.4% |
| FCF margin | 3.7% | 5.6% | 13.5% | 13.5% | 18.4% | 14.4% | 10.3% | 14.0% | 14.7% | 14.6% |
| Returns | ||||||||||
| Return on capital | 15.1% | 19.0% | 11.2% | 15.7% | 12.7% | 12.3% | 9.9% | 6.8% | 9.3% | 9.4% |
| Return on capital employed | 13.8% | 12.5% | 9.9% | 12.8% | 11.0% | 10.9% | 9.4% | 7.0% | 8.9% | 8.8% |
| Return on equity | 62.7% | 87.6% | 31.2% | 32.8% | 27.0% | 28.9% | 24.2% | 12.5% | 18.0% | 16.7% |
| Return on assets | 5.4% | 12.0% | 6.0% | 6.9% | 5.9% | 6.5% | 5.7% | 3.1% | 4.6% | 4.4% |
| Growth | ||||||||||
| Revenue growth | −4.3% | 0.0% | 3.8% | 0.8% | −2.7% | 4.2% | 2.4% | −2.1% | 0.6% | 2.5% |
| Net income growth | −26.6% | 129.3% | −48.4% | 24.1% | −7.6% | 24.0% | −3.7% | −45.4% | 50.7% | −1.9% |
| EPS growth | −26.5% | 129.3% | −48.9% | 23.7% | −7.5% | 23.7% | −4.9% | −45.7% | 50.6% | −1.9% |
| FCF growth | −78.2% | 52.7% | 150.1% | 0.7% | 32.4% | −18.3% | −27.0% | 33.1% | 6.0% | 1.5% |
| Share count change | −0.2% | 0.1% | 1.1% | 0.2% | 0.1% | 0.2% | 1.3% | 0.3% | 0.2% | 0.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.3x | 2.6x | 2.8x | 2.3x | 2.4x | 3.0x | 3.1x | 3.7x | 3.0x | 2.9x |
| Debt / equity | 4.5x | 2.6x | 2.1x | 1.8x | 1.9x | 1.8x | 1.6x | 1.6x | 1.4x | 1.5x |
| Interest coverage | 6.7x | 5.8x | 4.6x | 6.4x | 6.8x | 9.3x | 8.4x | 4.1x | 4.3x | 4.4x |
| Current ratio | 0.9x | 0.9x | 0.9x | 0.8x | 1.4x | 0.8x | 0.8x | 0.7x | 0.6x | 0.9x |
| Quick ratio | 0.8x | 0.9x | 0.9x | 0.8x | 1.3x | 0.7x | 0.7x | 0.7x | 0.6x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 13.5% | 13.7% | 12.7% | 13.6% | 14.2% | 15.2% | 16.9% | 14.0% | 12.7% | 12.3% |
| Stock comp / revenue | 0.3% | — | — | — | — | — | — | — | — | — |
| Payouts / FCF | 200.0% | 134.0% | 55.3% | 56.3% | 43.4% | 54.3% | 76.9% | 58.9% | 56.8% | 57.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 5.0 | 5.0 | 4.0 | 4.0 | 4.0 | 4.0 | 6.0 | 5.0 |
| Altman Z'' | 1.0 | 1.3 | 1.3 | 1.4 | 1.8 | 1.4 | 1.4 | 1.2 | 1.2 | 1.5 |
| Accruals ratio | −3.5% | 2.3% | −7.2% | −5.9% | −7.9% | −5.1% | −4.3% | −6.8% | −5.1% | −5.1% |
Source: SEC EDGAR XBRL filings (CIK 0000732712). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.