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:	Mar 31, 2026	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
Net income	5,146)	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)
Depreciation and amortization expense	4,892)	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)
Employee retirement benefits	(117)	581)	113)	188)	143)	(521)	115)	292)	62)	1,045)	53)	54)	54)	(2,525)	600)	89)	(210)	(1,463)	(109)	(1,566)	(253)
Deferred income taxes	703)	531)	1,714)	(37)	132)	568)	(35)	141)	141)	1,566)	189)	302)	331)	1,378)	81)	887)	627)	1,294)	992)	1,216)	762)
Provision for expected credit losses	581)	736)	478)	548)	587)	715)	504)	552)	567)	618)	535)	531)	530)	563)	383)	337)	328)	185)	195)	185)	224)
Equity in (earnings) losses of unconsolidated businesses, net of dividends received	3)	1)	12)	9)	20)	13)	29)	19)	14)	15)	20)	39)	10)	3)	5)	(25)	7)	4)	7)	6)	19)
Verizon Business Group goodwill impairment	—)	—)	—)	—)	—)	—)	—)	—)	—)	5,841)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses	(3,082)	1,734)	(736)	(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)
Other, net	(142)	(1,436)	11)	(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)
Adjustments to reconcile net income to net cash provided by operating activities	2,838)	6,666)	6,210)	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)
Net cash provided by operating activities	7,984)	9,114)	11,266)	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)
Capital expenditures, including capitalized software	(4,201)	(4,748)	(4,310)	(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)
Cash paid related to acquisitions of businesses, net of cash acquired	(9,480)	—)	—)	—)	—)	—)	—)	—)	—)	(30)	—)	—)	—)	—)	1)	247)	—)	(3,606)	(1)	(50)	(408)
Acquisitions of wireless licenses	(83)	(110)	(106)	(112)	(122)	(132)	(155)	(164)	(449)	(3,937)	(774)	(487)	(598)	(763)	(615)	(437)	(1,838)	(569)	(1,749)	(495)	(44,783)
Proceeds from disposition of business	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	33)	—)	—)	—)	4,122)	—)	—)
Other, net	191)	(122)	(74)	482)	515)	(358)	100)	(6)	(420)	746)	(540)	509)	446)	2,697)	(2,763)	(1,801)	(336)	465)	156)	19)	32)
Net cash used in investing activities	(13,573)	(4,980)	(4,490)	(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)
Proceeds from long-term borrowings	5,975)	14,316)	2,276)	1,676)	—)	4)	20)	12)	3,110)	19)	496)	999)	504)	2,469)	988)	13)	3,604)	552)	1,038)	61)	31,383)
Proceeds from asset-backed long-term borrowings	6,154)	1,998)	2,378)	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)
Repayments of long-term borrowings and finance lease obligations	(4,258)	(3,823)	(1,999)	(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)
Repayments of asset-backed long-term borrowings	(6,828)	(2,000)	(1,925)	(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)
Dividends paid	(2,910)	(2,912)	(2,857)	(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)
Purchase of common stock for treasury	(2,500)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	(911)	(370)	(424)	(372)	(783)	593)	(981)	(2,351)	1,664)	(852)	(444)	(683)	359)	(5,683)	746)	(985)	3,956)	(1,712)	(281)	(1,047)	(792)
Net cash provided by (used in) financing activities	(5,278)	7,209)	(2,551)	(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)
Increase (decrease) in cash, cash equivalents and restricted cash	(10,867)	11,343)	4,225)	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)

The operating performance demonstrates significant resilience, with net cash provided by operating activities remaining generally robust across the analyzed period. While net income experienced sharp volatility, most notably a substantial decrease in the quarter ending December 31, 2023, these fluctuations were largely driven by non-cash charges rather than operational failure.

Operating Cash Flow and Net Income Dynamics: Net income typically ranges between 4.7 billion and 6.7 billion US dollars per quarter. A significant outlier occurred in the quarter ending December 31, 2023, where net income fell to negative 2.57 billion US dollars. This decline is directly linked to a one-time Verizon Business Group goodwill impairment of 5.84 billion US dollars. Despite this accounting charge, net cash provided by operating activities remained stable, consistently generating between 7 billion and 11 billion US dollars per quarter, illustrating a strong decoupling between statutory net income and actual cash generation.
Capital Investment and Infrastructure Spend: Investing activities are characterized by sustained and heavy outflows. Capital expenditures, including capitalized software, consistently range between 3.6 billion and 7.3 billion US dollars per quarter. A massive strategic expenditure for wireless licenses was recorded in March 2021, totaling 44.78 billion US dollars, followed by a steady quarterly cadence of license acquisitions. A sharp increase in investing outflows is observed in the quarter ending March 31, 2026, primarily driven by a 9.48 billion US dollar cash payment for the acquisition of businesses.
Financing Activities and Shareholder Distributions: Dividend payments exhibit exceptional stability with a gradual upward trajectory, increasing from approximately 2.6 billion US dollars per quarter in 2021 to 2.9 billion US dollars per quarter by 2026. Financing is managed through a cyclical process of long-term borrowing and repayment. A notable surge in proceeds from long-term borrowings occurred in December 2025, totaling 14.3 billion US dollars, which provided the liquidity necessary for the subsequent business acquisitions and a 2.5 billion US dollar purchase of common stock for treasury in March 2026.
Liquidity and Free Cash Flow Trends: The net change in cash and cash equivalents is highly volatile, reflecting the timing of large-scale debt issuance and strategic acquisitions. However, the structural relationship between operating cash flow and capital expenditures suggests a sustainable model; the cash generated from operations consistently exceeds capital expenditures, thereby providing sufficient internal funding to cover the quarterly dividend obligations.

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Verizon Communications Inc. (NYSE:VZ)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data