Stock Analysis on Net

Verizon Communications Inc. (NYSE:VZ)

Income Statement 

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Verizon Communications Inc., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Service revenues and other 109,652 109,625 110,449 109,872 110,305
Wireless equipment revenues 24,322 27,210 23,164 18,420 21,563
Operating revenues 133,974 136,835 133,613 128,292 131,868
Cost of services (28,100) (28,637) (31,234) (31,401) (31,772)
Cost of wireless equipment (26,787) (30,496) (25,067) (19,800) (22,954)
Cost of services and wireless equipment (54,887) (59,133) (56,301) (51,201) (54,726)
Gross profit 79,087 77,702 77,312 77,091 77,142
Selling, general and administrative expense (32,745) (30,136) (28,658) (31,573) (29,896)
Depreciation and amortization expense (17,624) (17,099) (16,206) (16,720) (16,682)
Verizon Business Group goodwill impairment (5,841)
Media goodwill impairment (186)
Operating income 22,877 30,467 32,448 28,798 30,378
Equity in earnings (losses) of unconsolidated businesses (53) 44 145 (45) (15)
Interest income 354 146 48 65 121
Other components of net periodic benefit income (cost) (938) 2,386 3,785 (425) 627
Net debt extinguishment gains (losses) 308 (1,077) (3,541) (129) (3,604)
Other, net (37) (82) 20 (50) (44)
Other income (expense), net (313) 1,373 312 (539) (2,900)
Interest expense (5,524) (3,613) (3,485) (4,247) (4,730)
Income before provision for income taxes 16,987 28,271 29,420 23,967 22,733
Provision for income taxes (4,892) (6,523) (6,802) (5,619) (2,945)
Net income 12,095 21,748 22,618 18,348 19,788
Net income attributable to noncontrolling interests (481) (492) (553) (547) (523)
Net income attributable to Verizon 11,614 21,256 22,065 17,801 19,265

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Income statement item Description The company
Operating revenues Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Verizon Communications Inc. operating revenues increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Operating income The net result for the period of deducting operating expenses from operating revenues. Verizon Communications Inc. operating income decreased from 2021 to 2022 and from 2022 to 2023.
Income before provision for income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Verizon Communications Inc. income before provision for income taxes decreased from 2021 to 2022 and from 2022 to 2023.
Net income attributable to Verizon The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Verizon Communications Inc. net income attributable to Verizon decreased from 2021 to 2022 and from 2022 to 2023.