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, 2026	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	3,949)	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	5,008)	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	152)	(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	730)	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	462)	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	(38)	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	(336)	(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	508)	(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	6,486)	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	10,435)	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	(4,009)	(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	(1,072)	(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	154)	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	(4,927)	(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	3,965)	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	5,874)	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	(10,168)	(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	(7,084)	(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	(2,954)	(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	(1,000)	(2,500)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	(469)	(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	(11,836)	(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	(6,328)	(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)

Net cash provided by operating activities demonstrates a consistent ability to generate substantial liquidity, typically ranging between $7 billion and $11 billion per quarter. While net income exhibits notable volatility—most significantly the deficit reported in the quarter ending December 31, 2023—the overall cash generation remains resilient due to the steady influence of non-cash adjustments.

Operating Performance and Non-Cash Adjustments: Operating cash flows are heavily supported by depreciation and amortization expenses, which show a gradual upward trend from approximately $4.1 billion in early 2021 to $5.0 billion by mid-2026. A significant impact on net income was observed in December 2023, where a $5.8 billion goodwill impairment related to the Verizon Business Group resulted in a quarterly net loss of $2.57 billion, although this non-cash charge did not diminish the actual cash provided by operations.
Investment Patterns and Capital Expenditure: Capital expenditures remain a primary use of cash, generally fluctuating between $3.6 billion and $7.3 billion per quarter. Beyond routine CapEx, investing activities are characterized by periodic large-scale outlays for wireless licenses and business acquisitions. A massive license expenditure of $44.8 billion occurred in March 2021, and a significant business acquisition of $9.48 billion was recorded in March 2026. These episodic investments create substantial volatility in the net cash used in investing activities.
Financing Strategy and Shareholder Distributions: Dividend payments exhibit a high degree of stability and a slight upward trajectory, moving from $2.6 billion per quarter in 2021 to $2.95 billion by mid-2026, indicating a prioritized commitment to shareholder returns. The company utilizes a combination of long-term and asset-backed borrowings to manage liquidity, with a notable surge in borrowing in December 2025 ($14.3 billion) and March 2021 ($31.4 billion). Debt repayment is frequent and substantial, often offsetting new borrowings, though a shift toward common stock repurchases is observed in the first half of 2026.
Liquidity and Cash Position: The net change in cash, cash equivalents, and restricted cash is highly variable, reflecting the timing of major financing events and capital investments. Large swings are evident, such as the $11.3 billion increase in December 2025 followed by a $10.8 billion decrease in March 2026, primarily driven by the acquisition of businesses and adjustments in long-term borrowing repayments.

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Verizon Communications Inc. (NYSE:VZ)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data