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)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and cash equivalents 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 7.01 3.02 2.69 2.39
Accounts receivable, net 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 7.56 7.62 7.73 8.08
Inventories 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 0.57 0.49 0.44 0.55
Prepaid expenses and other 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 2.12 1.86 1.87 2.79
Current assets 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% 17.25% 12.99% 12.73% 13.82%
Property, plant and equipment 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 88.39 93.00 92.99 91.34
Accumulated depreciation -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 -58.42 -61.63 -61.37 -60.04
Property, plant and equipment, net 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% 29.96% 31.38% 31.63% 31.30%
Investments in unconsolidated businesses 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 0.19 0.18 0.18 0.18
Wireless licenses 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 30.36 32.31 32.66 31.40
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 13.15 13.16 0.88 0.00 0.00 0.00
Goodwill 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 7.83 8.35 8.41 8.28
Other intangible assets, net 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 2.97 3.23 3.27 3.18
Wireless licenses, goodwill and other intangible assets 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% 42.04% 43.89% 44.34% 42.86%
Operating lease right-of-use assets 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 7.12 7.64 7.65 7.63
Other assets 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 3.44 3.93 3.47 4.20
Non-current assets 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% 82.75% 87.01% 87.27% 86.18%
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% 100.00% 100.00%

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Cash and cash equivalents
The proportion of cash and cash equivalents relative to total assets exhibited considerable fluctuations over the periods analyzed. Initially, there was an increase reaching a peak near the end of 2020, followed by a decline into 2021. Subsequently, the percentage mostly remained below 1% up to late 2023, then showed an upward trend toward early 2025, increasing to nearly 2%. This indicates variability in liquidity holdings as a portion of total assets.
Accounts receivable, net
Accounts receivable as a percentage of total assets showed a general declining trend from early 2020 to mid-2021, decreasing from about 8% to around 6%. From mid-2021 onward, the proportion stabilized slightly above 6%, with minor increases continuing into 2025. This suggests relatively stable receivables relative to total assets after an initial decline.
Inventories
Inventory levels relative to assets remained low throughout the periods, fluctuating between approximately 0.38% and 1%. After an initial increase peaking in early 2022, inventory levels declined and stabilized around 0.5 to 0.7% of total assets, indicating limited investment in inventories or consistent inventory management practices.
Prepaid expenses and other current assets
This category fluctuated modestly, generally ranging between roughly 1.6% and 2.2% of total assets. No significant upward or downward trend is observable, suggesting consistent levels of prepaid expenses and other current assets in relation to total assets.
Current assets
Current assets as a share of total assets showed a marked peak at the end of 2020 close to 17%, after which it declined to around 10% and remained relatively stable with minor variations through 2025. This suggests that current asset composition was temporarily elevated during 2020 and then normalized thereafter.
Property, plant and equipment (gross)
This asset class dominated total assets, typically accounting for 79% to 93% across periods, though with a notable decline from above 91% in early 2020 to around 79% by the end of 2021, followed by gradual recovery and stabilization near mid-80%. These movements indicate asset base shifts likely related to capital expenditures and asset revaluations.
Accumulated depreciation
Accumulated depreciation consistently presented negative values ranging from approximately -51% to -61%. The absolute magnitude declined notably from early 2020 to the end of 2021, reflecting the lower gross property, plant, and equipment balance during that period, before gradually increasing again through 2025. This pattern aligns with depreciation expense dynamics and asset investment cycles.
Property, plant and equipment, net
The net value of property, plant, and equipment relative to total assets decreased from about 31% in early 2020 to around 27% by 2021, then stabilized in the 27-28% range up to 2025. The stability following the decline suggests a consistent underlying asset base after adjustments for depreciation.
Investments in unconsolidated businesses
This category remained a very small fraction of total assets, generally under 0.3%, with minor fluctuations and no clear trend, indicating a limited and stable investment in such entities.
Wireless licenses
Wireless licenses accounted for a substantial portion of total assets, ranging between approximately 28% to over 41%. Notably, there was a marked increase in the third quarter of 2021, rising from about 28% to over 41%, and then maintaining around 40% for subsequent periods. This substantial increase likely reflects license acquisitions or reclassification. The proportion remained relatively stable thereafter.
Deposits for wireless licenses
Deposits appeared only briefly at the end of 2020 and first half of 2021, accounting for over 13% of total assets, then disappeared in subsequent periods, suggesting the completion or reclassification of license deposits during that timeframe.
Goodwill
Goodwill percentages steadily declined over the periods analyzed, starting above 8% in early 2020 and decreasing to below 6% by 2025. The decline was gradual but continuous, indicating amortization, impairment, or disposals impacting this asset category.
Other intangible assets, net
Other intangible assets maintained a relatively small and decreasing share of total assets, falling from slightly above 3% in early 2020 to below 2.8% by the end of the latest period. This suggests some amortization or impairment in intangible assets beyond wireless licenses and goodwill.
Wireless licenses, goodwill and other intangible assets combined
The combination of wireless licenses, goodwill, and other intangible assets comprised about 42-51% of total assets. The increase observed mid-2021 corresponds mainly to the sharp rise in wireless licenses, while goodwill and other intangibles trended downward, which partly offset this rise. Overall, this asset group maintained a dominant position in the asset structure.
Operating lease right-of-use assets
Right-of-use assets under operating leases consistently accounted for approximately 6% to 8% of total assets. A peak close to 8% occurred in mid-2021, followed by gradual decline toward around 6% by 2025, reflecting leasing activity and amortization of the leased asset balances.
Other assets
The category of other assets showed slight growth over time, increasing from about 3% to over 5% of total assets. This continuous upward trend suggests an accumulation or reclassification in other asset types impacting overall asset composition.
Non-current assets
Non-current assets consistently made up the majority of total assets, fluctuating mostly between approximately 82% and 90%. An observable dip occurred around the end of 2020, after which the proportion increased and stabilized near or above 89%. This highlights the long-term nature of the asset base and some temporal shifts related to asset reclassification or dispositions in 2020.