Common-Size Income Statement
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Verizon Communications Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Verizon Communications Inc., common-size consolidated income statement (quarterly data)
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).
- Service Revenues and Wireless Equipment Revenues
- The proportion of service revenues relative to operating revenues shows a general decline from early 2020 through late 2020, falling from approximately 87% to around 78%. Thereafter, the percentage fluctuates, generally improving to the mid-80% range in some quarters but declining again cyclically near the end of each year. Wireless equipment revenues, conversely, exhibit an inverse pattern, increasing notably during the same periods when service revenues decrease, reaching highs above 21% in some quarters of 2020, 2021, and 2024. This suggests a seasonal or strategic sales pattern impacting revenue composition.
- Cost of Services and Equipment
- Costs related to services and wireless equipment consistently consume a significant portion of operating revenues, ranging mostly between 38% and 44%. The combined cost shows a marked increase in late 2020 and late 2021, peaking near 44-45%, coinciding with higher wireless equipment revenues. Individual cost components reflect a similar trend: the cost of wireless equipment notably rises during these peak quarters, implying increased sales or expenses associated with equipment during these times. Overall, these cost trends suggest fluctuating cost pressures aligned with sales variations.
- Gross Profit
- Gross profit margin trends mirror the cost fluctuations, with the gross profit as a percentage of operating revenues declining in late 2020 and late 2021, reaching levels slightly above 55%. In other quarters, it rebounds to approximately 60% or higher. This pattern indicates variability in profitability possibly driven by changes in sales mix and cost structure, with profitability dipping during periods of higher equipment sales and associated costs.
- Operating Expenses
- Selling, general and administrative expenses fluctuate between 19.8% and 29% of operating revenues. These expenses appear somewhat volatile without a clear long-term trend but show occasional spikes, notably around late 2023. Depreciation and amortization expense remains relatively stable, mostly in the 12-14% range, suggesting steady capital investment and asset utilization levels. Notably, an impairment related to the Verizon Business Group goodwill was recorded in late 2023, significantly impacting operating income that quarter.
- Operating Income and Related Metrics
- Operating income as a percentage of operating revenues generally ranges from about 17% to 27%, with a sharp drop to under 2% in late 2023, directly linked to the goodwill impairment noted earlier. Excluding this anomaly, operating income maintains a relatively stable presence near the low to mid-20% range, indicating consistent operational profitability aside from nonrecurring charges.
- Other Income and Interest Expense
- Other income and expense figures are variable, with occasional positive spikes likely from non-operating transactions, such as the significant increase in late 2022. Interest expense shows a gradual upward trend from roughly 3.3% in early 2020 to near 5% in late 2024 and 2025, indicating rising debt costs or higher levels of borrowing over time, which may pressure net interest margins.
- Income Before Taxes, Tax Provision, and Net Income
- Income before taxes generally follows operating income trends, with percentages mostly between 17% and 25%, but suffers a notable decline in late 2023 aligning with the goodwill impairment. The effective tax provision ratio fluctuates around 2.7% to 5.5%, with some quarters showing unusually lower rates, possibly reflecting tax planning or discrete adjustments. Net income attributable to Verizon exhibits a pattern consistent with operating income and pre-tax income, with a substantial dip in late 2023 correlating to impairment and expense spikes, but otherwise staying near 14-19% of operating revenues.
- Noncontrolling Interests
- Net income attributable to noncontrolling interests remains minor and stable around -0.3% to -0.4% of operating revenues, indicating a low but consistent share of income attributable to minority interests.