Analysis of Revenues

Revenues as Reported

Revenues as Reported

Verizon Communications Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Service	80,617)	76,880)	74,874)	73,139)	67,723)
Wireless equipment	21,779)	19,598)	20,645)	23,168)	19,781)
Other	4,116)	6,213)	5,898)	6,996)	7,568)
Verizon Consumer Group	106,512)	102,691)	101,417)	103,303)	95,072)
Enterprise and Public Sector	13,532)	14,218)	15,076)	15,692)	16,387)
Business Markets and Other	13,555)	13,081)	12,697)	12,753)	11,906)
Wholesale	1,953)	2,196)	2,313)	2,584)	2,680)
Verizon Business Group	29,040)	29,495)	30,086)	31,029)	30,973)
Intersegment revenues	324)	249)	245)	246)	297)
Reportable segments	135,876)	132,435)	131,748)	134,578)	126,342)
Corporate and other	2,642)	2,609)	2,479)	2,510)	7,722)
Eliminations	(327)	(256)	(253)	(253)	(451)
Reconciling items	(327)	(256)	(253)	(253)	(451)
Consolidated operating revenues	138,191)	134,788)	133,974)	136,835)	133,613)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Consolidated operating revenues exhibited a generally increasing trend over the five-year period, though with some fluctuation. Initial growth from 2021 to 2022 was followed by a slight decline in 2023, a modest recovery in 2024, and further growth in 2025. A more detailed examination of the revenue streams reveals varying performance across different segments.

Service Revenues: Service revenues, the largest component of total revenue, demonstrated consistent growth throughout the period, increasing from US$67.723 billion in 2021 to US$80.617 billion in 2025. This indicates a stable and expanding core business.
Wireless Equipment Revenues: Wireless equipment revenues were more volatile. They increased significantly from 2021 to 2022, but then decreased in 2023 and 2024 before showing a modest increase in 2025. This suggests potential cyclicality or sensitivity to product release cycles and competitive pressures.
Other Revenues: Revenues categorized as "Other" experienced a consistent downward trend, declining from US$7.568 billion in 2021 to US$4.116 billion in 2025. This warrants further investigation to understand the underlying drivers of this decline.

Analyzing the revenue contributions from the two primary groups, the Verizon Consumer Group and the Verizon Business Group, reveals differing patterns.

Verizon Consumer Group: The Verizon Consumer Group showed strong growth from 2021 to 2022, followed by a slight decrease in 2023, and then a recovery with continued growth in 2024 and 2025, reaching US$106.512 billion. This segment remains the largest revenue contributor.
Verizon Business Group: The Verizon Business Group experienced a relatively stable, but ultimately declining, revenue stream. Revenues decreased steadily from US$30.973 billion in 2021 to US$29.040 billion in 2025. Within this group, Enterprise and Public Sector, Wholesale, and Business Markets and Other all exhibited declines.
Intersegment Revenues: Intersegment revenues remained relatively stable, with a slight increase in 2025. These revenues represent transactions between different segments of the company.

Corporate and other revenues decreased substantially from 2021 to 2022, and then remained relatively flat through 2025. Eliminations and reconciling items, which offset revenues, also decreased, but remained consistent in magnitude. Overall, the trend in consolidated operating revenues is positive, driven primarily by growth in service revenues and the Verizon Consumer Group, despite declines in other areas.

Download chart

Verizon Communications Inc. (NYSE:VZ)

Analysis of Revenues

Revenues as Reported