Stock Analysis on Net
Stock Analysis on Net

Verizon Communications Inc. (NYSE:VZ)

Common-Size Balance Sheet: Assets 
Quarterly Data

Verizon Communications Inc., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 2.00 4.71 1.98 0.90 0.59 1.09 1.31 0.64 0.62 0.54 1.09 1.26 0.59 0.69 0.56 0.50 0.45 0.80 2.81 1.33 2.95
Accounts receivable, net 6.38 6.70 6.67 6.86 6.81 6.79 6.81 6.75 6.66 6.60 6.13 6.10 6.05 6.45 6.31 6.46 6.46 6.50 6.28 6.09 6.51
Inventories 0.56 0.60 0.70 0.56 0.58 0.58 0.66 0.49 0.55 0.54 0.58 0.50 0.63 0.63 0.84 0.99 1.00 0.83 0.65 0.41 0.38
Prepaid expenses and other 1.77 2.06 1.98 1.83 1.84 2.07 1.88 2.16 2.16 2.00 2.10 1.97 2.18 2.20 2.90 2.18 1.82 1.88 1.65 2.37 1.63
Current assets 10.70% 14.08% 11.33% 10.14% 9.82% 10.53% 10.66% 10.04% 9.98% 9.68% 9.91% 9.84% 9.46% 9.97% 10.60% 10.13% 9.73% 10.02% 11.40% 10.20% 11.47%
Property, plant and equipment 85.59 83.61 86.21 86.76 87.26 86.14 85.94 85.71 84.77 84.18 82.31 82.49 82.21 81.04 80.21 80.16 80.00 79.08 81.32 81.23 81.82
Accumulated depreciation -55.44 -56.53 -58.27 -58.56 -58.88 -57.94 -57.73 -57.26 -56.40 -55.70 -54.38 -54.26 -53.88 -52.74 -52.75 -52.79 -52.70 -51.88 -54.23 -54.25 -54.36
Property, plant and equipment, net 30.15% 27.08% 27.93% 28.20% 28.37% 28.21% 28.21% 28.46% 28.37% 28.48% 27.93% 28.23% 28.32% 28.30% 27.46% 27.37% 27.30% 27.20% 27.09% 26.98% 27.45%
Investments in unconsolidated businesses 0.17 0.19 0.21 0.21 0.22 0.22 0.23 0.24 0.25 0.25 0.24 0.27 0.28 0.28 0.29 0.30 0.29 0.29 0.31 0.16 0.16
Wireless licenses 37.59 38.85 40.41 40.91 41.20 40.71 41.05 41.22 41.06 40.94 40.40 39.83 39.84 39.45 39.80 40.18 40.49 40.27 41.24 28.07 28.36
Deposits for wireless licenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13.15 13.16
Goodwill 7.33 5.65 5.88 5.96 6.01 5.94 5.99 6.02 6.01 6.01 7.44 7.54 7.59 7.55 7.61 7.74 7.83 7.80 7.04 7.14 7.19
Other intangible assets, net 3.06 2.59 2.71 2.77 2.85 2.89 2.80 2.82 2.85 2.91 2.85 2.92 2.98 3.02 2.98 3.05 3.13 3.19 1.99 2.01 2.69
Wireless licenses, goodwill and other intangible assets 47.98% 47.08% 49.00% 49.65% 50.06% 49.54% 49.85% 50.06% 49.92% 49.85% 50.69% 50.29% 50.41% 50.02% 50.40% 50.97% 51.45% 51.26% 50.27% 50.36% 51.41%
Operating lease right-of-use assets 5.60 5.81 6.12 6.25 6.36 6.36 6.19 6.35 6.41 6.50 6.52 6.67 6.87 6.88 7.09 7.32 7.52 7.61 7.91 8.07 6.46
Other assets 5.40 5.75 5.41 5.56 5.17 5.14 4.86 4.86 5.07 5.23 4.72 4.70 4.66 4.55 4.17 3.91 3.71 3.64 3.02 4.23 3.05
Non-current assets 89.30% 85.92% 88.67% 89.86% 90.18% 89.47% 89.34% 89.96% 90.02% 90.32% 90.09% 90.16% 90.54% 90.03% 89.40% 89.87% 90.27% 89.98% 88.60% 89.80% 88.53%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The asset structure is characterized by a high concentration of non-current assets, which consistently represent between 85% and 91% of the total asset base. This distribution indicates a capital-intensive operational model with a heavy reliance on long-term infrastructure and intangible regulatory assets.

Liquidity and Current Asset Trends
Current assets generally fluctuate between 9% and 11% of total assets, with a notable peak of 14.08% in December 2025. This volatility is primarily driven by cash and cash equivalents, which remained below 1% for a prolonged period between March 2022 and December 2023, before experiencing a significant increase to 4.71% in December 2025. Accounts receivable remain the most stable component of current assets, consistently maintaining a range between 6.0% and 6.8%.
Fixed Asset Investment and Depreciation
Property, plant and equipment (gross) show a general upward trend, rising from 81.82% in March 2021 to a peak of 87.26% in March 2023, before settling at 85.59% by March 2026. The corresponding accumulated depreciation has also increased as a percentage of total assets, moving from -54.36% to a peak of -58.88% in March 2023. Consequently, net property, plant and equipment have remained relatively stable, fluctuating within a narrow band of 27% to 30%.
Intangible Assets and Wireless Licenses
A significant structural shift occurred in September 2021, where wireless licenses increased from 28.07% to 41.24% of total assets. This component remained the dominant asset class throughout the period, though a gradual decline is observed toward the end of the sequence, reaching 37.59% by March 2026. The combined total of wireless licenses, goodwill, and other intangible assets consistently accounts for approximately 47% to 51% of the total asset composition.
Other Non-Current Asset Movements
Operating lease right-of-use assets exhibit a steady downward trajectory, decreasing from 6.46% in March 2021 to 5.60% in March 2026, suggesting a gradual reduction in leased obligations relative to the total asset base. Other assets have seen a modest increase, rising from 3.05% at the start of the period to 5.40% by March 2026.

Overall, the analysis reveals a balance sheet dominated by spectrum licenses and physical infrastructure. While the long-term asset profile remains rigid, the short-term liquidity position shows periodic volatility, particularly in the latter stages of the observed period.

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