Stock Analysis on Net

Verizon Communications Inc. (NYSE:VZ)

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.

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

US$ in millions

Microsoft Excel
3 months ended: 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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Service revenues and other 27,658 27,523 27,319 27,152 27,626 27,666 27,115 27,218 26,740 27,565 28,221 27,923 28,268 27,431 26,692 27,481 28,004 27,753 27,351 27,197
Wireless equipment revenues 7,472 5,813 5,277 5,760 7,625 6,575 6,674 6,336 7,327 5,350 5,543 4,944 6,424 4,112 3,755 4,129 6,771 5,141 4,720 4,931
Operating revenues 35,130 33,336 32,596 32,912 35,251 34,241 33,789 33,554 34,067 32,915 33,764 32,867 34,692 31,543 30,447 31,610 34,775 32,894 32,071 32,128
Cost of services (6,952) (7,084) (6,986) (7,078) (7,185) (7,293) (6,932) (7,227) (7,035) (7,855) (8,324) (8,020) (8,053) (7,955) (7,639) (7,754) (8,376) (7,902) (7,702) (7,792)
Cost of wireless equipment (8,230) (6,353) (5,778) (6,426) (8,577) (7,308) (7,488) (7,123) (7,961) (5,673) (5,931) (5,502) (6,769) (4,379) (4,110) (4,542) (7,255) (5,482) (5,019) (5,198)
Cost of services and wireless equipment (15,182) (13,437) (12,764) (13,504) (15,762) (14,601) (14,420) (14,350) (14,996) (13,528) (14,255) (13,522) (14,822) (12,334) (11,749) (12,296) (15,631) (13,384) (12,721) (12,990)
Gross profit 19,948 19,899 19,832 19,408 19,489 19,640 19,369 19,204 19,071 19,387 19,509 19,345 19,870 19,209 18,698 19,314 19,144 19,510 19,350 19,138
Selling, general and administrative expense (8,991) (7,995) (8,253) (7,506) (8,046) (7,422) (7,496) (7,172) (7,412) (6,521) (7,324) (7,401) (8,493) (7,339) (7,156) (8,585) (8,214) (7,216) (7,268) (7,198)
Depreciation and amortization expense (4,516) (4,431) (4,359) (4,318) (4,218) (4,324) (4,321) (4,236) (4,051) (3,961) (4,020) (4,174) (4,197) (4,192) (4,181) (4,150) (4,105) (4,114) (4,232) (4,231)
Verizon Business Group goodwill impairment (5,841)
Media goodwill impairment (186)
Operating income 600 7,473 7,220 7,584 7,225 7,894 7,552 7,796 7,608 8,905 8,165 7,770 7,180 7,678 7,361 6,579 6,639 8,180 7,850 7,709
Equity in earnings (losses) of unconsolidated businesses (11) (18) (33) 9 4 2 41 (3) 135 1 1 8 (11) (9) (13) (12) 5 (1) (13) (6)
Other income (expense), net (807) 170 210 114 2,687 (439) 49 (924) (860) 269 502 401 164 (774) (72) 143 (1,773) (110) (1,312) 295
Interest expense (1,599) (1,433) (1,285) (1,207) (1,105) (937) (785) (786) (739) (801) (844) (1,101) (1,080) (1,044) (1,089) (1,034) (1,159) (1,146) (1,215) (1,210)
Income before provision for income taxes (1,817) 6,192 6,112 6,500 8,811 6,520 6,857 6,083 6,144 8,374 7,824 7,078 6,253 5,851 6,187 5,676 3,712 6,923 5,310 6,788
Provision for income taxes (756) (1,308) (1,346) (1,482) (2,113) (1,496) (1,542) (1,372) (1,407) (1,820) (1,875) (1,700) (1,535) (1,347) (1,348) (1,389) 1,505 (1,586) (1,236) (1,628)
Net income (2,573) 4,884 4,766 5,018 6,698 5,024 5,315 4,711 4,737 6,554 5,949 5,378 4,718 4,504 4,839 4,287 5,217 5,337 4,074 5,160
Net income attributable to noncontrolling interests (132) (122) (118) (109) (121) (124) (116) (131) (124) (147) (149) (133) (130) (147) (139) (131) (122) (143) (130) (128)
Net income attributable to Verizon (2,705) 4,762 4,648 4,909 6,577 4,900 5,199 4,580 4,613 6,407 5,800 5,245 4,588 4,357 4,700 4,156 5,095 5,194 3,944 5,032

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

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 Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Operating income The net result for the period of deducting operating expenses from operating revenues. Verizon Communications Inc. operating income increased from Q2 2023 to Q3 2023 but then decreased significantly from Q3 2023 to Q4 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 increased from Q2 2023 to Q3 2023 but then decreased significantly from Q3 2023 to Q4 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 increased from Q2 2023 to Q3 2023 but then decreased significantly from Q3 2023 to Q4 2023.