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:	Dec 31, 2025	Sep 30, 2025	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
Service revenues and other	28,183)	28,202)	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)
Wireless equipment revenues	8,198)	5,619)	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)
Operating revenues	36,381)	33,821)	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)
Cost of services	(7,098)	(6,863)	(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)
Cost of wireless equipment	(9,380)	(6,483)	(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)
Cost of services and wireless equipment	(16,478)	(13,346)	(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)
Gross profit	19,903)	20,475)	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)
Selling, general and administrative expense	(10,380)	(7,752)	(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)
Depreciation and amortization expense	(4,519)	(4,618)	(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)
Verizon Business Group goodwill impairment	—)	—)	—)	—)	—)	—)	—)	—)	(5,841)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income	5,004)	8,105)	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)
Equity in earnings (losses) of unconsolidated businesses	3)	(6)	(3)	6)	(6)	(24)	(14)	(9)	(11)	(18)	(33)	9)	4)	2)	41)	(3)	135)	1)	1)	8)
Other income (expense), net	(185)	92)	79)	121)	797)	72)	(72)	198)	(807)	170)	210)	114)	2,687)	(439)	49)	(924)	(860)	269)	502)	401)
Interest expense	(1,759)	(1,664)	(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)
Income before provision for income taxes	3,063)	6,527)	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)
Provision for income taxes	(615)	(1,471)	(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)
Net income	2,448)	5,056)	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)
Net income attributable to noncontrolling interests	(106)	(106)	(118)	(104)	(109)	(105)	(109)	(120)	(132)	(122)	(118)	(109)	(121)	(124)	(116)	(131)	(124)	(147)	(149)	(133)
Net income attributable to Verizon	2,342)	4,950)	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)

Over the observed period, the company demonstrates fluctuating financial performance. Operating revenues exhibit a generally stable pattern, with some quarterly variations, ultimately reaching approximately $36.38 billion in December 2025. Service revenues and other, the largest component of operating revenues, also show relative stability, ranging between $27.152 and $28.249 billion over the period. Wireless equipment revenues, however, are more volatile, peaking at $8.198 billion in December 2025 but experiencing significant declines in other quarters.

Cost of services and wireless equipment consistently represent a substantial portion of operating revenues, generally ranging between 37% and 45%. Gross profit remains relatively consistent, fluctuating between approximately $19.071 billion and $20.619 billion. Selling, general and administrative expense and depreciation and amortization expense also exhibit consistent patterns, representing significant operating expenses.

Operating income displays considerable volatility, with a notable decline to $600 million in December 2022, largely attributable to a significant goodwill impairment charge within the Verizon Business Group. Excluding this impairment, operating income generally fluctuates between $7.225 billion and $8.905 billion. Net income attributable to Verizon follows a similar trend, with a substantial loss of $2.705 billion in December 2022, again influenced by the impairment. Net income generally ranges between $4.580 billion and $6.577 billion in other periods.

Revenue Trends: Operating revenues increased from $32.867 billion in March 2021 to $36.381 billion in September 2025, representing a cumulative increase of approximately 10.7%. Wireless equipment revenues demonstrate greater volatility, with a significant increase in late 2021 and again in late 2025, suggesting potential seasonality or product cycle effects.
Profitability Analysis: Gross margins remain relatively stable, fluctuating between approximately 58% and 60% throughout the period. Operating margins, however, are more sensitive to fluctuations in operating income, particularly the impact of the goodwill impairment in December 2022. Net income margins also reflect this volatility, ranging from negative values in December 2022 to approximately 13-14% in other periods.
Expense Management: Cost of services and wireless equipment consistently represent the largest expense category. Selling, general and administrative expenses and depreciation and amortization expenses remain relatively stable as a percentage of revenue. Interest expense remains consistent, fluctuating between $1.101 billion and $1.759 billion. The significant increase in depreciation and amortization expense in late 2025 warrants further investigation.
Net Income Drivers: The primary driver of net income fluctuations appears to be operating income, which is significantly impacted by the Verizon Business Group goodwill impairment in December 2022. Other income (expense), net, also contributes to volatility, with a particularly large positive impact in December 2022. Provision for income taxes generally aligns with net income trends.

In conclusion, the company exhibits generally stable revenue performance, but profitability is susceptible to significant fluctuations due to non-recurring items such as the goodwill impairment. Careful monitoring of expense management and other income/expense items is crucial for maintaining consistent financial performance.

AI Ask an analyst for more

Download chart

Verizon Communications Inc. (NYSE:VZ)

Income Statement Quarterly Data

Income Statement
Quarterly Data