Common-Size Income Statement
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Verizon Communications Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Verizon Communications Inc., common-size consolidated income statement (quarterly data)
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 financial performance of the company is characterized by a consistent revenue mix and stable operating margins, interrupted by a significant non-recurring impairment charge in late 2023. A distinct seasonal pattern is observable in the revenue streams, with a recurring shift toward wireless equipment sales during the fourth quarter of each year.
- Revenue Composition and Seasonality
- Operating revenues are split between service revenues and wireless equipment revenues. Service revenues typically constitute between 77% and 85% of total operating revenues. Conversely, wireless equipment revenues exhibit strong seasonality, consistently peaking in the December quarters, reaching as high as 22.53% in December 2025. This indicates a cyclic increase in hardware sales toward the end of the calendar year.
- Gross Profitability and Cost Management
- Gross profit margins generally fluctuate between 54.71% and 61.97%. The cost of services remains relatively stable, hovering around 20% to 24% of operating revenues. The cost of wireless equipment closely tracks the revenue peaks of the fourth quarter, often increasing to 23% or higher during these periods, which slightly compresses the gross margin in December compared to other quarters.
- Operating Expenses and Income
- Selling, general, and administrative expenses typically range from 19% to 25%, though an increase to 29.12% was noted in September 2024. Depreciation and amortization expenses remain consistent, generally fluctuating between 12% and 14%. Operating income is typically robust, maintaining a range of 20% to 24% for most quarters.
- Impact of Goodwill Impairment
- A significant outlier occurred on December 31, 2023, due to a Verizon Business Group goodwill impairment representing 16.63% of operating revenues. This one-time event caused operating income to drop sharply to 1.71% and resulted in a net loss attributable to Verizon of -7.70% for that quarter. Outside of this event, operating income returned to historical norms in the subsequent period.
- Financial Costs and Net Profitability
- There is a visible upward trend in interest expenses as a percentage of operating revenues, rising from approximately 2% to 3% in 2021 to between 4% and 5.6% by 2025 and 2026. This suggests an increase in the cost of debt servicing over time. Despite this, net income attributable to Verizon generally remains stable between 13% and 19% of operating revenues, excluding the 2023 impairment period.