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 Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
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Verizon Communications Inc., common-size consolidated income statement (quarterly data)
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.