Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Verizon Communications Inc., consolidated cash flow 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
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)
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)
Employee retirement benefits	188)	143)	(521)	115)	292)	62)	1,045)	53)	54)	54)	(2,525)	600)	89)	(210)	(1,463)	(109)	(1,566)	(253)	(27)	899)	(31)	(1)
Deferred income taxes	(37)	132)	568)	(35)	141)	141)	1,566)	189)	302)	331)	1,378)	81)	887)	627)	1,294)	992)	1,216)	762)	1,023)	650)	(33)	(87)
Provision for expected credit losses	548)	587)	715)	504)	552)	567)	618)	535)	531)	530)	563)	383)	337)	328)	185)	195)	185)	224)	280)	269)	278)	553)
Equity in (earnings) losses of unconsolidated businesses, net of dividends received	9)	20)	13)	29)	19)	14)	15)	20)	39)	10)	3)	5)	(25)	7)	4)	7)	6)	19)	24)	21)	20)	26)
Verizon Business Group goodwill impairment	—)	—)	—)	—)	—)	—)	5,841)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	(700)	(2,618)	331)	963)	(1,041)	(2,531)	(1,239)	1,592)	154)	(774)	2)	1,501)	1,533)	(3,492)	(1,493)	521)	123)	(41)	(1,289)	(1,952)	4,505)	(1,208)
Other, net	(789)	(42)	(294)	466)	337)	(336)	(1,112)	(926)	(474)	(1,198)	(1,395)	(1,384)	(1,613)	614)	1,062)	(1,397)	811)	(569)	370)	337)	969)	1,104)
Adjustments to reconcile net income to net cash provided by operating activities	3,854)	2,799)	5,318)	6,500)	4,783)	2,362)	11,250)	5,894)	4,965)	3,271)	2,244)	5,510)	5,529)	2,110)	3,640)	4,170)	4,795)	4,316)	4,578)	4,416)	9,889)	4,537)
Net cash provided by operating activities	8,975)	7,782)	10,432)	9,911)	9,485)	7,084)	8,677)	10,778)	9,731)	8,289)	8,942)	10,534)	10,844)	6,821)	8,377)	10,724)	10,744)	9,694)	9,296)	8,920)	14,728)	8,824)
Capital expenditures, including capitalized software	(3,808)	(4,145)	(5,071)	(3,948)	(3,695)	(4,376)	(4,603)	(4,094)	(4,112)	(5,958)	(7,276)	(5,320)	(4,670)	(5,821)	(6,425)	(5,145)	(4,222)	(4,494)	(4,024)	(4,318)	(4,576)	(5,274)
Cash (paid) received related to acquisitions of businesses, net	—)	—)	—)	—)	—)	—)	(30)	—)	—)	—)	—)	1)	247)	—)	(3,606)	(1)	(50)	(408)	(13)	(108)	(399)	—)
Acquisitions of wireless licenses	(112)	(122)	(132)	(155)	(164)	(449)	(3,937)	(774)	(487)	(598)	(763)	(615)	(437)	(1,838)	(569)	(1,749)	(495)	(44,783)	(139)	(186)	(1,591)	(210)
Collateral (payments) receipts related to derivative contracts, net	—)	—)	(380)	92)	8)	(432)	718)	(662)	457)	367)	2,592)	(2,782)	(1,798)	(277)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from disposition of business	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	33)	—)	—)	—)	4,122)	—)	—)	—)	—)	—)	—)
Other, net	482)	515)	22)	8)	(14)	12)	28)	122)	52)	79)	105)	19)	(3)	(59)	465)	156)	19)	32)	(867)	(1,733)	1,422)	(1,496)
Net cash used in investing activities	(3,438)	(3,752)	(5,561)	(4,003)	(3,865)	(5,245)	(7,824)	(5,408)	(4,090)	(6,110)	(5,342)	(8,664)	(6,661)	(7,995)	(10,135)	(2,617)	(4,748)	(49,653)	(5,043)	(6,345)	(5,144)	(6,980)
Proceeds from long-term borrowings	1,676)	—)	4)	20)	12)	3,110)	19)	496)	999)	504)	2,469)	988)	13)	3,604)	552)	1,038)	61)	31,383)	13,435)	3,082)	3,457)	5,848)
Proceeds from asset-backed long-term borrowings	2,181)	2,781)	4,193)	2,401)	3,318)	2,510)	1,938)	951)	1,951)	1,754)	4,793)	886)	1,508)	3,545)	5,688)	—)	1,695)	1,000)	1,196)	1,595)	—)	2,844)
Net proceeds from (repayments of) short-term commercial paper	—)	—)	—)	(603)	(1,744)	2,347)	(483)	500)	(509)	342)	(4,408)	1,954)	(1,231)	3,791)	—)	—)	—)	—)	—)	—)	—)	—)
Repayments of long-term borrowings and finance lease obligations	(3,084)	(2,446)	(5,231)	(904)	(1,211)	(4,508)	(613)	(2,968)	(1,275)	(1,325)	(615)	(596)	(849)	(6,556)	(6,159)	(345)	(7,257)	(302)	(922)	(320)	(6,833)	(1,700)
Repayments of asset-backed long-term borrowings	(1,923)	(2,589)	(2,332)	(2,150)	(2,600)	(1,408)	(714)	(1,346)	(1,452)	(931)	(1,301)	(952)	(1,045)	(1,650)	(913)	(894)	(2,261)	(732)	(687)	(2,114)	(2,383)	(2,229)
Dividends paid	(2,856)	(2,856)	(2,850)	(2,801)	(2,802)	(2,796)	(2,794)	(2,744)	(2,743)	(2,744)	(2,739)	(2,688)	(2,724)	(2,654)	(2,648)	(2,599)	(2,597)	(2,601)	(2,596)	(2,546)	(2,543)	(2,547)
Other, net	(372)	(783)	593)	(378)	(607)	(683)	(369)	(944)	(174)	17)	(1,275)	(1,208)	246)	165)	(1,712)	(281)	(1,047)	(792)	(1,364)	(1,202)	(493)	347)
Net cash provided by (used in) financing activities	(4,378)	(5,893)	(5,623)	(4,415)	(5,634)	(1,428)	(3,016)	(6,055)	(3,203)	(2,383)	(3,076)	(1,616)	(4,082)	245)	(5,192)	(3,081)	(11,406)	27,956)	9,062)	(1,505)	(8,795)	2,563)
Increase (decrease) in cash, cash equivalents and restricted cash	1,159)	(1,863)	(752)	1,493)	(14)	411)	(2,163)	(685)	2,438)	(204)	524)	254)	101)	(929)	(6,950)	5,026)	(5,410)	(12,003)	13,315)	1,070)	789)	4,407)

Net Income: Net income demonstrated variability across the periods, with notable increases through 2021 reaching a peak in the third quarter of that year. However, a significant decline occurred in Q4 2023 with a negative figure noted, followed by a stabilization in 2024 with fluctuations but generally positive results, indicating periods of volatility possibly linked to operational challenges or market conditions.
Depreciation and Amortization Expense: This expense showed a relatively stable but gradually increasing trend over time, reflecting consistent asset depreciation and amortization activities as part of normal business operations.
Employee Retirement Benefits: Figures fluctuated widely with occasional spikes and negative values, suggesting periodic adjustments or extraordinary events affecting employee benefit obligations or accounting treatment.
Deferred Income Taxes: Deferred tax amounts were generally positive and increased over time, with some fluctuations. This trend suggests an increasing recognition of deferred tax assets or liabilities, possibly due to timing differences in income recognition and expenses.
Provision for Expected Credit Losses: The provision steadily rose from 2020 through 2023, peaking around late 2023, which could indicate a conservative stance on credit risk or an increased expectation of credit losses during this period.
Equity in Earnings/Losses of Unconsolidated Businesses: This item remained relatively minor and fluctuated modestly, with occasional small losses offset by gains, suggesting limited but variable impact of equity method investments on overall earnings.
Goodwill Impairment: A significant goodwill impairment was recorded in 2023, specifically attributed to the Verizon Business Group, indicating a substantial write-down possibly related to asset overvaluation or restructuring.
Changes in Current Assets and Liabilities: These changes were highly volatile, with notable negative swings and positive recoveries, reflecting dynamic working capital management amid changing operational and economic environments.
Other, Net (Operating Adjustments): Reported net values fluctuated considerably, alternately positive and negative, indicating varied adjustments that impact cash flow reconciliation, possibly due to non-recurring items or timing differences.
Adjustments to Reconcile Net Income to Operating Cash Flows: This category displayed substantial volatility, peaking in Q4 2023, indicative of significant non-cash accounting adjustments or working capital impacts on cash flow from operations.
Net Cash Provided by Operating Activities: Operating cash flow generally trended upward through 2022 but showed increased variability thereafter, including a decrease in early 2024. Despite fluctuations, the company maintained positive operating cash generation throughout.
Capital Expenditures: Capital spending showed an irregular pattern with peaks and troughs but remained generally elevated, implying sustained investment in infrastructure and technology. Particularly large capital outflows were observed in late 2021 and 2022 periods.
Cash Paid/Received Related to Acquisitions: Acquisition cash flows were sporadic, with some significant payments in certain quarters, notably Q4 2021, reflecting strategic transactions such as business acquisitions or divestitures.
Acquisitions of Wireless Licenses: Large expenditures occurred in early 2021, notably a substantial outlay in Q1 2021, followed by smaller but consistent license acquisition spending in subsequent periods, indicating ongoing spectrum asset investments.
Collateral Payments/Receipts Related to Derivative Contracts: Data showed substantial variability with considerable inflows and outflows, reflecting active derivative contract management and associated cash collateral movements to mitigate financial risks.
Proceeds from Disposition of Business: A significant one-time inflow was recorded in mid-2021, indicating the disposal of a business segment which had a noticeable effect on cash flows for that period.
Net Cash Used in Investing Activities: Investing cash flows were predominantly negative, consistent with capital expenditures and acquisitions, but the magnitude varied, reflecting changing investment focus and acquisition activity over time.
Proceeds from Long-term Borrowings: There were substantial borrowings early in 2021, followed by smaller, irregular borrowings in subsequent quarters, indicating active debt management and raising of funds aligning with capital needs.
Proceeds from Asset-backed Long-term Borrowings: This source of financing was significant and variable over time, suggesting reliance on asset-backed securities to meet funding requirements at different intervals.
Net Proceeds from (Repayments of) Short-term Commercial Paper: Significant fluctuations were observed, alternating between net issuance and repayment, indicating management of short-term liquidity through commercial paper programs.
Repayments of Long-term Borrowings and Finance Lease Obligations: Repayments were significant and variable, with large outflows in multiple quarters, demonstrating disciplined debt reduction or refinancing activity.
Repayments of Asset-backed Long-term Borrowings: Repayment amounts remained somewhat consistent with periodic increases, reflecting ongoing amortization of asset-backed debt obligations.
Dividends Paid: Dividend payments showed a steady, gradual increase over time, indicating a commitment to returning capital to shareholders with incremental growth.
Other, Net (Financing Activities): Values fluctuated widely, both positively and negatively, indicating diverse items impacting financing cash flows, including possible one-offs, adjustments, or timing effects.
Net Cash Provided by (Used in) Financing Activities: Financing cash flows were highly volatile with large inflows early in 2021 followed by significant net outflows in many subsequent quarters, reflecting shifts between raising and repaying capital as well as dividend distributions.
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash: Cash position exhibited considerable fluctuations, with notable increases early in 2020 and Q4 2020, contrasted by steep declines in early 2021 and varied changes thereafter, reflecting the combined effects of operational, investing, and financing cash flows.

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Verizon Communications Inc. (NYSE:VZ)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data