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.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
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Verizon Communications Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income
- The net income demonstrates variability over the periods analyzed. It peaked multiple times, notably in June 2021 and December 2022 with figures exceeding US$6 billion. However, a significant anomaly occurred in December 2023 with a notable net loss of approximately US$2.6 billion, suggesting a one-time or extraordinary item impacting profitability. Generally, net income remains positive and fluctuates between US$4 billion to US$6 billion in most quarters.
- Depreciation and Amortization Expense
- This expense remained relatively stable throughout the periods, hovering between approximately US$4.0 billion and US$4.6 billion per quarter. The steady level indicates consistent asset base and amortization practices without significant changes in capital asset policies.
- Employee Retirement Benefits
- There is noticeable volatility in employee retirement benefits, with values oscillating from negative to positive amounts, indicating variable pension or retirement-related cash flows or accounting adjustments. Significant negative values occur intermittently, such as in June 2021 and December 2022, contrasting with positive spikes in December 2023 and September 2024. This variability suggests episodic adjustments or payments affecting this line item.
- Deferred Income Taxes
- Deferred income taxes exhibit sizeable fluctuations, with notable increases during several quarters, peaking in December 2023 at US$1.57 billion. This pattern may reflect changes in tax liabilities or timing differences in tax recognition, occasionally contributing positively to cash flows.
- Provision for Expected Credit Losses
- The provision for expected credit losses remains consistently positive, generally in the range of US$180 million to US$700 million, with some upward trend noted towards 2024 and early 2025. This consistent provisioning indicates ongoing caution regarding credit risk exposures.
- Equity in Earnings (Losses) of Unconsolidated Businesses
- This item shows minor fluctuations and mostly positive contributions, typically below US$40 million. The small scale suggests a marginal impact on overall earnings from equity investments.
- Verizon Business Group Goodwill Impairment
- A significant goodwill impairment of US$5.8 billion is recorded in December 2023, indicating a major write-down related to this business unit. This impairment likely explains the substantial net income loss recorded in the same quarter.
- Changes in Current Assets and Liabilities
- These changes demonstrate high variability, with large swings between positive and negative cash impacts. Particularly large negative shifts occur in March 2022 and March 2025, contrasting with positive inflows in mid-2020. Such volatility hints at fluctuating working capital management and operational cash flow timing differences.
- Other, Net (Operating Activities)
- This item is volatile, with alternating positive and negative quarters, generally within a few hundred million dollars. It reflects miscellaneous adjustments and non-core operating cash flow items.
- Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
- Adjustments fluctuate considerably, with a sharp peak in December 2023 (over US$11 billion), likely linked to the goodwill impairment and other non-cash charges, explaining the proportionally high adjustment relative to net income anomalies.
- Net Cash Provided by Operating Activities
- Operating cash flow remains relatively strong and mostly consistent, generally ranging between US$6.8 billion and US$10.8 billion per quarter. The lowest points occur around the December 2020 and March 2024 quarters, likely reflecting operational challenges or timing of collections and payments.
- Capital Expenditures
- Capital expenditures reveal significant investment levels, fluctuating between US$4 billion and US$7.3 billion quarterly. Notable spikes occurred at the end of 2021 and in the fourth quarter of 2022. The elevated capex in these periods could indicate network expansion or upgrade initiatives.
- Cash (Paid) Received Related to Acquisitions of Businesses
- This item shows sporadic cash outflows, particularly pronounced in December 2021 with a US$3.6 billion outflow, indicating large acquisition or investment activities during that quarter. Other quarters record minor or no activity.
- Acquisitions of Wireless Licenses
- Significant spikes are observed in the first quarter of 2021 with nearly US$44.8 billion spent, unequivocally a major strategic investment in wireless spectrum or licenses. Subsequent quarters show smaller, more consistent expenditures in the low hundreds of millions.
- Collateral Payments/Receipts Related to Derivative Contracts
- The collateral activities show notable negative spikes in late 2021 and early 2022, followed by a large positive figure in December 2022. These swings indicate active management of derivative position collateral requirements.
- Proceeds from Disposition of Business
- Dispositions generate a one-time cash inflow in the third quarter of 2021 valued at US$4.1 billion, indicating asset sales or divestitures contributing to cash flow in that period.
- Other Net Investing Activities
- This category presents volatile inflows and outflows without a clear trend, with notable negative impacts in mid 2022 and disparities throughout the timeframe analyzed.
- Net Cash Used in Investing Activities
- Investing cash outflows are substantial and consistent, generally between US$3.7 billion and US$10 billion per quarter. Exceptionally large outflow of nearly US$50 billion occurred in the first quarter of 2021, dominated by wireless license acquisitions. This major outflow highlights the importance of expansion investments during this period.
- Proceeds from Long-Term Borrowings
- Borrowing proceeds spike notably in early 2021 with over US$31 billion raised, likely related to financing large capital or acquisition expenditures. Other quarters experience much lower proceeds, with frequent moderate financing activity.
- Proceeds from Asset-Backed Long-Term Borrowings
- This item shows intermittent borrowing activity with amounts ranging from US$479 million to US$5.7 billion, reflecting selective use of asset-backed financing instruments.
- Net Proceeds from (Repayments of) Short-Term Commercial Paper
- Short-term commercial paper activities fluctuate between positive and negative amounts, showing quick adjustments in short-term liquidity management.
- Repayments of Long-Term Borrowings and Finance Lease Obligations
- Repayments occur regularly, with large outflows in mid-2020 and variable amounts thereafter. This steady repayment schedule indicates active debt management and amortization.
- Repayments of Asset-Backed Long-Term Borrowings
- These repayments generally range between US$700 million and US$2.5 billion per quarter. The amounts fluctuate but show no clear directional trend, consistent with structured debt repayment schedules.
- Dividends Paid
- Dividends demonstrate a slow but steady increase over time, starting from approximately US$2.5 billion per quarter and reaching almost US$2.9 billion by early 2025. This steady growth reflects a policy of incremental dividend increases to shareholders.
- Other Net Financing Activities
- Financing-related other activities are variable and often negative, particularly during certain quarters like late 2021 and early 2024, indicating miscellaneous financing cash flow adjustments or costs.
- Net Cash Provided by (Used in) Financing Activities
- A wide variability is evident, with extreme inflows during early 2021 and outflows in mid to late 2021 and continuing negative values through much of 2023 and early 2024. The swings signify periods of active financing, debt issuance, and repayments combined with dividend payments.
- Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
- Cash levels show marked fluctuations, including a large increase of over US$13 billion in December 2020 followed by substantial declines in early 2021. Subsequent quarters generally display smaller changes but continue to fluctuate between inflows and outflows, indicating reactive cash management aligned with operating, investing, and financing activities.