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

3 months ended:	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Service revenues and other	28,249)	28,087)	28,166)	27,987)	27,798)	27,620)	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)
Wireless equipment revenues	6,255)	5,398)	7,515)	5,343)	4,998)	5,361)	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)
Operating revenues	34,504)	33,485)	35,681)	33,330)	32,796)	32,981)	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)
Cost of services	(6,878)	(6,950)	(6,933)	(7,193)	(6,904)	(6,967)	(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)
Cost of wireless equipment	(7,007)	(6,106)	(8,581)	(6,047)	(5,567)	(5,905)	(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)
Cost of services and wireless equipment	(13,885)	(13,056)	(15,514)	(13,240)	(12,471)	(12,872)	(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)
Gross profit	20,619)	20,429)	20,167)	20,090)	20,325)	20,109)	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)
Selling, general and administrative expense	(7,812)	(7,874)	(8,240)	(9,706)	(8,024)	(8,143)	(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)
Depreciation and amortization expense	(4,635)	(4,577)	(4,506)	(4,458)	(4,483)	(4,445)	(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)
Verizon Business Group goodwill impairment	—)	—)	—)	—)	—)	—)	(5,841)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income	8,172)	7,978)	7,421)	5,926)	7,818)	7,521)	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)
Equity in earnings (losses) of unconsolidated businesses	(3)	6)	(6)	(24)	(14)	(9)	(11)	(18)	(33)	9)	4)	2)	41)	(3)	135)	1)	1)	8)	(11)	(9)	(13)	(12)
Other income (expense), net	79)	121)	797)	72)	(72)	198)	(807)	170)	210)	114)	2,687)	(439)	49)	(924)	(860)	269)	502)	401)	164)	(774)	(72)	143)
Interest expense	(1,639)	(1,632)	(1,644)	(1,672)	(1,698)	(1,635)	(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)
Income before provision for income taxes	6,609)	6,473)	6,568)	4,302)	6,034)	6,075)	(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)
Provision for income taxes	(1,488)	(1,490)	(1,454)	(891)	(1,332)	(1,353)	(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)
Net income	5,121)	4,983)	5,114)	3,411)	4,702)	4,722)	(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)
Net income attributable to noncontrolling interests	(118)	(104)	(109)	(105)	(109)	(120)	(132)	(122)	(118)	(109)	(121)	(124)	(116)	(131)	(124)	(147)	(149)	(133)	(130)	(147)	(139)	(131)
Net income attributable to Verizon	5,003)	4,879)	5,005)	3,306)	4,593)	4,602)	(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)

The financial data exhibit several noteworthy trends in revenues, costs, and profitability over the examined quarters.

Revenues

Service revenues and other remained relatively stable throughout the periods, fluctuating modestly around the mid to high 27000 million US dollar range. Wireless equipment revenues show more variability, with peaks notably in the quarters ending December 2020 and December 2021, coinciding with higher reported sales, followed by dips in subsequent quarters. Overall operating revenues, which combine these components, reflect these patterns with general growth peaks near the end of calendar years, especially December quarters, suggesting seasonality in sales.

Costs

The cost of services generally showed a slight decreasing trend starting from the end of 2020, with periodic fluctuations but a moderate reduction by the latest periods. Cost of wireless equipment, however, demonstrated more volatility and peaks aligning to the high revenue quarters, particularly in late 2020 and 2021. The combined cost of services and wireless equipment peaked significantly in several fourth quarters, consistent with revenues but showing larger relative increases in these periods.

Profitability and Expenses

Gross profit remained mostly stable across the quarters, maintaining a close range around 19000-20600 million US dollars. This stability indicates tight control over costs relative to revenues despite fluctuations in individual components.

Selling, general and administrative expenses exhibited some volatility, with notable increases in late 2023 and mid-2024, suggesting possible investment or elevated operational expenses during those periods. Depreciation and amortization expenses remain steady over time with slight gradual increases.

Operating Income and Special Items

Operating income displayed periodic fluctuations with peaks around third quarters of 2021 and late 2022, but a sharp decline was observed in the quarter ending December 2023, dropping to 600 million US dollars, which is significantly lower than prior and subsequent quarters. This drop coincides with a substantial goodwill impairment related to the Verizon Business Group recorded in that period, amounting to -5841 million US dollars, suggesting a one-time charge impacted operating profitability severely.

Other Income and Interest Expense

Other income (expense), net showed sharp variations including positive spikes coinciding with significant gains in late 2022 and early 2025, contrasted with some negative swings in 2020 and late 2021. Interest expense gradually increased over the years, rising from approximately -1034 million USD in early 2020 to about -1639 million USD in mid-2025, indicating growing financing costs.

Net Income

Net income attributable to Verizon exhibited volatility consistent with operating income trends, with highs near 6400 million USD in late 2021 and lows in the negative range in December 2023 due to the goodwill impairment charge. Post-impairment quarters demonstrate recovery but net income levels do not fully return to prior peak levels within the presented timeframe. The margin impact of noncontrolling interests remains relatively stable and minor in magnitude throughout.

In summary, the company shows steady revenue generation with noticeable seasonal peaks, controlled gross profits despite fluctuations in costs, and elevated operational expenses in selected periods. A significant one-time impairment in late 2023 caused a sharp decline in profitability. Interest expenses gradually increased, which could pressure net profitability if the trend continues. Overall, the financial data reflect resilience with manageable cost structures but highlight the impact of substantial non-recurring charges on earnings.

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Verizon Communications Inc. (NYSE:VZ)

Income Statement Quarterly Data

Income Statement
Quarterly Data