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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Verizon Communications Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Aggregate Accruals
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Verizon Communications Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The financial information reveals fluctuating cash flows over the observed period, spanning from March 2021 to December 2025. Operating activities generally provide a positive cash flow, though with considerable variation. Investing activities consistently represent a net cash outflow, primarily driven by substantial acquisitions of wireless licenses. Financing activities demonstrate significant volatility, shifting between substantial inflows and outflows, largely influenced by borrowing, repayments, and dividend payments.
- Net Income
- Net income exhibited variability. A peak was observed in September 2021 at US$6,554 million, followed by a decline to US$4,737 million by December 2021. Subsequent periods showed fluctuations, with a significant negative value of -US$2,573 million in December 2023. A recovery to positive values was seen in the following periods, reaching US$2,448 million in December 2025.
- Operating Activities
- Net cash provided by operating activities generally remained positive throughout the period, ranging from approximately US$8,289 million to US$11,266 million. However, there were quarterly fluctuations. A notable increase occurred between March 2022 and June 2023, followed by a decrease in September 2023 and a subsequent rise in December 2025. Adjustments to reconcile net income to net cash provided by operating activities were consistently positive, contributing significantly to the overall cash flow from operations.
- Investing Activities
- Net cash used in investing activities was consistently negative, indicating ongoing investments. The most substantial outflow occurred in March 2021 at -US$49,653 million, largely attributable to the acquisition of wireless licenses. While outflows remained significant in subsequent periods, they generally decreased in magnitude, except for a notable outflow in December 2023. Acquisitions of wireless licenses consistently represented a major component of the cash outflow.
- Financing Activities
- Financing activities displayed the most significant volatility. Large cash inflows were observed in March 2021 (US$27,956 million) and December 2025 (US$7,209 million), primarily driven by proceeds from long-term borrowings. Conversely, substantial cash outflows occurred in June 2021 (-US$11,406 million) and several other periods, largely due to repayments of long-term borrowings and dividend payments. Dividend payments consistently represented a significant cash outflow.
- Key Trends & Observations
- The company demonstrates a pattern of generating positive cash flow from operations, which is then partially offset by substantial investments, particularly in wireless licenses. Financing activities are used to manage cash flow, with periods of significant borrowing followed by repayments. The large negative net income in December 2023 appears to be largely related to a significant goodwill impairment charge related to Verizon Business Group, which does not directly impact cash flow but significantly reduces reported earnings. Depreciation and amortization expense remained relatively stable throughout the period. Employee retirement benefits showed considerable fluctuation, including significant negative values and a large positive value in December 2023. Deferred income taxes also exhibited variability, contributing to fluctuations in operating cash flow.