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: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Verizon Communications Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
Operating revenues exhibit a consistent pattern of seasonality driven primarily by wireless equipment sales, which peak significantly in the fourth quarter of each year. In contrast, service revenues and other income remain remarkably stable, maintaining a narrow range between $26.7 billion and $28.7 billion throughout the analyzed period. This stability in service revenue provides a reliable foundation for the company's financial performance, offsetting the volatility associated with equipment sales.
- Gross Profitability and Cost Structure
- Gross profit has remained largely stable, generally fluctuating between $19 billion and $20.7 billion per quarter. While the cost of wireless equipment mirrors the seasonal spikes of equipment revenue, the cost of services has remained relatively flat, hovering around $7 billion per quarter. This indicates a disciplined management of direct service costs despite fluctuations in overall revenue volume.
- Operating Expense Trends
- Selling, general, and administrative (SG&A) expenses have shown an overall upward trajectory, increasing from approximately $7.4 billion in early 2021 to peaks exceeding $10 billion in late 2025. Similarly, depreciation and amortization expenses have trended upward, rising from $4.17 billion in March 2021 to $4.89 billion by March 2026, suggesting continuous investment in infrastructure and network assets.
- Impact of Non-Recurring Items
- A significant anomaly occurred in the quarter ending December 31, 2023, where a Verizon Business Group goodwill impairment of $5.84 billion was recorded. This non-cash charge severely impacted the bottom line, resulting in an operating income of $600 million and a net loss of $2.57 billion for that specific period, contrasting sharply with the typical quarterly net income range of $4 billion to $6 billion.
- Financial Costs and Interest Burden
- There is a pronounced upward trend in interest expenses, which have increased from $1.1 billion in March 2021 to $1.94 billion by March 2026. This steady climb suggests either an increase in total debt obligations or the impact of higher prevailing interest rates on floating-rate debt, which puts incremental pressure on the income before taxes.
- Net Income Performance
- Excluding the impairment loss in late 2023, net income attributable to Verizon has remained relatively resilient, typically ranging between $3.3 billion and $6.5 billion. However, a noticeable dip in net income to $2.34 billion is observed in the quarter ending December 31, 2025, coinciding with a spike in SG&A expenses and interest costs.