Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Verizon Communications Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Debt maturing within one year	18,618)	22,633)	12,973)	9,963)	7,443)
Accounts payable	12,154)	10,425)	10,021)	8,750)	8,040)
Accrued expenses	4,534)	5,058)	5,190)	7,824)	9,123)
Accrued vacation, salaries and wages	4,832)	4,436)	4,060)	3,950)	4,485)
Interest payable	1,602)	1,553)	1,570)	1,577)	1,561)
Taxes payable	1,859)	1,902)	2,612)	1,876)	1,624)
Accounts payable and accrued liabilities	24,981)	23,374)	23,453)	23,977)	24,833)
Current operating lease liabilities	4,542)	4,415)	4,266)	4,134)	3,859)
Dividends payable	2,937)	2,878)	2,821)	2,764)	2,709)
Contract liability	7,576)	7,492)	6,955)	6,583)	6,053)
Other	3,716)	3,979)	2,755)	2,750)	2,263)
Other current liabilities	14,229)	14,349)	12,531)	12,097)	11,025)
Current liabilities	62,370)	64,771)	53,223)	50,171)	47,160)
Long-term debt, excluding maturing within one year	139,532)	121,381)	137,701)	140,676)	143,425)
Employee benefit obligations	11,099)	11,997)	13,189)	12,974)	15,410)
Deferred income taxes	48,717)	46,732)	45,781)	43,441)	40,685)
Non-current operating lease liabilities	18,951)	19,928)	20,002)	21,558)	23,203)
Other liabilities	17,848)	19,327)	16,560)	18,397)	13,513)
Long-term liabilities	236,147)	219,365)	233,233)	237,046)	236,236)
Total liabilities	298,517)	284,136)	286,456)	287,217)	283,396)
Series preferred stock, $0.10 par value; none issued	—)	—)	—)	—)	—)
Common stock, $0.10 par value	429)	429)	429)	429)	429)
Additional paid in capital	13,372)	13,466)	13,631)	13,420)	13,861)
Retained earnings	94,744)	89,110)	82,915)	82,380)	71,993)
Accumulated other comprehensive loss	(1,727)	(923)	(1,380)	(1,865)	(927)
Common stock in treasury, at cost	(3,255)	(3,583)	(3,821)	(4,013)	(4,104)
Deferred compensation, employee stock ownership plans (ESOPs) and other	897)	738)	656)	793)	538)
Equity attributable to Verizon	104,460)	99,237)	92,430)	91,144)	81,790)
Noncontrolling interests	1,281)	1,338)	1,369)	1,319)	1,410)
Total equity	105,741)	100,575)	93,799)	92,463)	83,200)
Total liabilities and equity	404,258)	384,711)	380,255)	379,680)	366,596)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

An examination of the provided financial information reveals several noteworthy trends in liabilities and stockholders’ equity between December 31, 2021, and December 31, 2025. Overall, total liabilities remained relatively stable for the first three years, experienced a significant increase in 2024, and then decreased slightly in 2025. Total equity demonstrated consistent growth throughout the five-year period.

Current Liabilities: Current liabilities exhibited a general upward trend from 2021 to 2024, increasing from US$47.160 billion to US$64.771 billion. This increase was particularly pronounced in 2024. However, current liabilities decreased to US$62.370 billion in 2025. A significant driver of this trend was debt maturing within one year, which nearly tripled between 2021 and 2024, before decreasing in 2025. Accounts payable also showed a consistent, albeit more moderate, increase over the period. Accrued expenses, conversely, demonstrated a consistent decline.
Long-Term Liabilities: Long-term liabilities remained relatively stable between 2021 and 2023, fluctuating around US$236 billion. A decrease was observed in 2024, falling to US$219.365 billion, followed by a rebound to US$236.147 billion in 2025. Long-term debt, excluding current maturities, followed a similar pattern, decreasing in 2024 and increasing again in 2025. Employee benefit obligations and non-current operating lease liabilities both showed consistent declines throughout the period.
Total Liabilities: Total liabilities remained relatively flat between 2021 and 2023, hovering around US$286-287 billion. A notable increase occurred in 2024, reaching US$284.136 billion, before a slight increase to US$298.517 billion in 2025. This fluctuation largely mirrored the trends observed in both current and long-term liabilities.
Stockholders’ Equity: Stockholders’ equity demonstrated a consistent upward trend throughout the five-year period, increasing from US$83.200 billion in 2021 to US$105.741 billion in 2025. This growth was primarily driven by increases in retained earnings, which rose from US$71.993 billion to US$94.744 billion. Additional paid-in capital remained relatively stable, while accumulated other comprehensive loss decreased, contributing positively to equity growth. Common stock in treasury consistently decreased, also adding to equity.
Total Liabilities and Equity: Total liabilities and equity increased steadily from US$366.596 billion in 2021 to US$404.258 billion in 2025, reflecting the growth in stockholders’ equity and the fluctuations in total liabilities. The increase in 2024 was less pronounced than in other years, likely due to the decrease in long-term liabilities.

In summary, the company experienced growth in equity alongside fluctuating liabilities. The significant increase in current liabilities in 2024, particularly in debt maturing within one year, warrants further investigation. The consistent growth in retained earnings suggests profitability and effective capital management.

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Verizon Communications Inc. (NYSE:VZ)

Balance Sheet: Liabilities and Stockholders’ Equity