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Verizon Communications Inc. (VZ) | Income Statement

Annual Data | Quarterly Data

The income statement presents information on the financial results of a company's business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Verizon Communications Inc., Consolidated Income Statement

USD $ in millions

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  12 months ended Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008
Operating revenues 115,846  110,875  106,565  107,808  97,354 
Cost of services and sales (exclusive of items shown below) (46,275) (45,875) (44,149) (44,299) (39,007)
Gross profit 69,571  65,000  62,416  63,509  58,347 
Selling, general and administrative expense (39,951) (35,624) (31,366) (32,950) (26,898)
Depreciation and amortization expense (16,460) (16,496) (16,405) (16,532) (14,565)
Operating income 13,160  12,880  14,645  14,027  16,884 
Equity in earnings of unconsolidated businesses 324  444  508  553  567 
Other income and (expense), net (1,016) (14) 54  90  282 
Interest expense (2,571) (2,827) (2,523) (3,102) (1,819)
Income before (provision) benefit for income taxes 9,897  10,483  12,684  11,568  15,914 
(Provision) benefit for income taxes 660  (285) (2,467) (1,210) (3,331)
Net income 10,557  10,198  10,217  10,358  12,583 
Net income attributable to noncontrolling interest (9,682) (7,794) (7,668) (6,707) (6,155)
Net income attributable to Verizon 875  2,404  2,549  3,651  6,428 
Source: Verizon Communications Inc., Annual Reports
Item Description The company
Operating revenues Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Verizon Communications Inc.'s operating revenues increased from 2010 to 2011 and from 2011 to 2012.
Operating income The net result for the period of deducting operating expenses from operating revenues. Verizon Communications Inc.'s operating income declined from 2010 to 2011 but then slightly increased from 2011 to 2012.
Income before (provision) benefit for income taxes Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Verizon Communications Inc.'s income before (provision) benefit for income taxes declined from 2010 to 2011 and from 2011 to 2012.
Net income The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Verizon Communications Inc.'s net income declined from 2010 to 2011 but then increased from 2011 to 2012 exceeding 2010 level.
Net income attributable to Verizon The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Verizon Communications Inc.'s net income attributable to Verizon declined from 2010 to 2011 and from 2011 to 2012.

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