Stock Analysis on Net

Verizon Communications Inc. (NYSE:VZ)

$24.99

Common-Size Income Statement
Quarterly Data

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Verizon Communications Inc., common-size consolidated income statement (quarterly data)

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3 months ended: 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
Service revenues and other
Wireless equipment revenues
Operating revenues
Cost of services
Cost of wireless equipment
Cost of services and wireless equipment
Gross profit
Selling, general and administrative expense
Depreciation and amortization expense
Verizon Business Group goodwill impairment
Operating income
Equity in earnings (losses) of unconsolidated businesses
Other income (expense), net
Interest expense
Income before provision for income taxes
Provision for income taxes
Net income
Net income attributable to noncontrolling interests
Net income attributable to Verizon

Based on: 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).

Service and Wireless Equipment Revenues
The percentage of operating revenues represented by service revenues and other shows a fluctuating downward trend from 86.94% in March 2020 to a low of approximately 78.37% in December 2022, followed by intermittent recoveries and dips through March 2025, ending near 83.88%. Conversely, wireless equipment revenues as a percentage of operating revenues experience fluctuations inversely correlated with service revenues, ranging from 13.06% in early 2020, peaking near 21.63% in December 2022, and continuing a cyclical trend between roughly 16.12% and 21.06% through March 2025. This suggests periodic shifts in revenue composition between service and equipment sales.
Cost Structure
Costs of services and wireless equipment combined consistently represent a significant portion of operating revenues, with values largely ranging between -38.99% and -44.71%. Notably, total costs peaked around the end of 2022 and again at points in late 2024, indicating periods of increased expense pressure. The cost of wireless equipment shows greater volatility compared to the cost of services, frequently moving between roughly -13.5% and -24.33%, often mirroring the increases in wireless equipment revenue shares. Cost of services alone generally stays within a narrower, slightly improving range over time.
Profitability Metrics
Gross profit margins follow the inverse pattern of total costs, fluctuating mostly between 55.29% and 61.97%, with higher peaks occurring in quarters where cost percentages dipped. Operating income as a percentage of revenues generally remains stable in the 20-24% range, except for one significant decline to about 1.71% in December 2023, likely impacted by a major goodwill impairment related to the business group recorded at -16.63% only in that quarter. After this exceptional event, operating income rebounds to prior levels by early 2024.
Expenses and Other Income
Selling, general and administrative expenses remain relatively stable, generally fluctuating between -19.81% and -29.12%, with a notable peak around the third quarter of 2024. Depreciation and amortization expenses are steady, typically near -12% to -13%, indicating consistent capital asset usage or amortization schedules. Other income/(expense) shows significant volatility, ranging from negative lows (e.g., around -2.75% or -2.52%) to positive spikes reaching 7.62% in December 2022, suggesting occasional one-time income or expense items influencing net results.
Interest Expense and Tax Provision
Interest expense as a percentage of operating revenues presents a gradual increasing trend from around -3.27% in early 2020 to peaks near -5.18% in mid-2024, indicating rising borrowing costs or higher debt levels. The provision for income taxes fluctuates consistently but generally occupies a range from about -2.15% to -5.99%, without a pronounced directional trend.
Net Income Trends
Net income attributable to Verizon as a percentage of operating revenues shows a generally positive trend from 13.15% in early 2020, peaking at nearly 19.47% by the third quarter of 2021. A sharp decrease occurs in December 2023 to approximately -7.7%, coinciding with the goodwill impairment, before recovering towards 14.57% by March 2025. This pattern underlines the impact of exceptional charges on profitability but overall resilience and recovery in earnings.