Income Statement
Quarterly Data
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.
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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., consolidated income statement (quarterly data)
US$ in millions
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).
- Revenue Trends
- Service revenues and other exhibited moderate fluctuations over the analyzed periods, peaking during late 2022 and early 2023 quarters, then stabilizing around the 27,600 million USD mark. Wireless equipment revenues showed more pronounced volatility, with higher peaks notably in the fourth quarters of 2020, 2021, 2022, and 2023, indicating seasonal spikes. Overall operating revenues reflected a similar pattern to combined revenues, with growth observed in Q4 periods, reaching a high in December 2022 followed by some moderation.
- Cost Analysis
- Costs of services and wireless equipment combined generally trended upwards, with spikes occurring mainly in Q4 periods across multiple years—corresponding to increases in operating revenues. Cost of wireless equipment showed significant variability aligned with the fluctuations in wireless equipment revenues. The stable increase in cost of services was less volatile but consistent. This trend highlights that the company’s expense structure aligns tightly with revenue drivers, especially for wireless equipment.
- Profitability Metrics
- Gross profit demonstrated resilience, maintaining a fairly steady range around 19,000 to 20,500 million USD, despite revenue variability. This suggests consistent margin management. The operating income experienced fluctuations, with peaks in Q3 2021 and Q4 2022 but a notable drop in Q4 2023 associated with a significant impairment charge related to goodwill. After the impairment, operating income recovered in subsequent quarters. Net income attributable to Verizon followed a comparable path, peaking in mid to late 2021 and late 2022, but also showing a marked decrease in Q4 2023 due to impairment and resulting in a negative net income in that quarter.
- Expense Controls
- Selling, general and administrative expenses fluctuated but showed an increasing trend in Q4 periods, particularly notable in 2022 and 2023 fiscal years. Depreciation and amortization expenses remained relatively stable but increased steadily over the years, likely reflecting ongoing capital investment and asset base growth. Interest expenses displayed a slight upward trend, which could indicate changes in debt levels or interest rates.
- Other Income and Earnings
- Other income (expense), net, was generally volatile with significant spikes in Q4 2022 and Q1 2025, suggesting non-recurring gains or losses impacting overall profitability. Equity in earnings of unconsolidated businesses was generally minimal and fluctuated between small profits and losses with no consistent trend.
- Tax and Income before Taxes
- Income before tax showed consistent oscillations in line with operating income but was heavily impacted in Q4 2023 due to the impairment. The provision for income taxes tracked the fluctuations in pre-tax income, although in certain quarters like Q4 2023, the tax provision was much lower, consistent with pre-tax losses.
- Summary Insights
- The company’s financial results demonstrate relatively stable service revenue streams with considerable fluctuations in wireless equipment sales, impacting both revenue and cost structures significantly. Profitability remained robust across most periods except for Q4 2023, where a large goodwill impairment led to reduced operating income and net losses. Expense management appears consistent, though certain administrative costs and depreciation expenses have gradually increased. Overall, the financial performance indicates strong underlying operational profitability with occasional impacts from non-recurring events and seasonal demand changes.