Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
Verizon Communications Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The statement of comprehensive income reveals fluctuations in Verizon’s financial performance and other comprehensive income components over the five-year period. Net income experienced a decline from 2021 to 2023, followed by recoveries in both 2024 and 2025, though not returning to the 2021 level. Comprehensive income mirrors this pattern, demonstrating a similar trajectory.
- Net Income Trend
- Net income decreased from US$22,618 million in 2021 to US$21,748 million in 2022, representing a modest decline. A more substantial decrease occurred in 2023, falling to US$12,095 million. Subsequent years saw recoveries, with net income reaching US$17,949 million in 2024 and US$17,608 million in 2025. While recovering, net income remained below the 2021 and 2022 figures.
- Foreign Currency Translation Adjustments
- Foreign currency translation adjustments consistently resulted in negative impacts through 2022, ranging from US$-141 million to US$-153 million. A positive adjustment of US$62 million was observed in 2023, followed by a negative adjustment of US$-97 million in 2024, and a positive adjustment of US$126 million in 2025. These fluctuations suggest increased sensitivity to foreign exchange rate movements in later periods.
- Hedge and Securities Impacts
- Unrealized gains and losses on hedging activities and marketable securities exhibited considerable volatility. Gains on cash flow hedges were initially negative, becoming positive in 2022 and remaining positive through 2024 before turning negative in 2025. Fair value hedges showed a significant loss in 2022, followed by substantial gains in 2023 and 2024, and a large loss in 2025. Marketable securities generally showed small losses, with a slight gain in 2023 and 2025. These items collectively contributed to fluctuations in other comprehensive income.
- Pension and Postretirement Plans
- Defined benefit pension and postretirement plans consistently resulted in negative adjustments to comprehensive income. The negative impact lessened over time, decreasing from US$-621 million in 2021 to US$-10 million in 2025. This suggests potential changes in plan liabilities or discount rates.
- Other Comprehensive Income
- Other comprehensive income (loss) experienced significant swings. Negative values were recorded in 2021, 2022, and 2025, while positive values were observed in 2023 and 2024. The magnitude of the negative values in 2021 and 2025 was considerably larger than the positive values in 2023 and 2024, indicating a substantial impact from these components in those years.
- Attribution to Noncontrolling Interests
- Comprehensive income attributable to noncontrolling interests consistently represented a negative value, ranging from US$-434 million to US$-553 million. The amount remained relatively stable throughout the period, with a gradual decrease each year.
- Comprehensive Income Attributable to Verizon
- Comprehensive income attributable to Verizon followed the overall trend of comprehensive income, declining from US$21,209 million in 2021 to US$12,099 million in 2023, and then recovering to US$17,963 million in 2024 and US$16,370 million in 2025. The 2025 value remains below the levels seen in 2021 and 2022.
In summary, the period was characterized by volatility in components of other comprehensive income, significantly impacting overall comprehensive income. While net income recovered somewhat in 2024 and 2025, it did not return to the levels observed in 2021 and 2022. The fluctuations in hedging activities and fair value adjustments appear to be key drivers of the changes in comprehensive income.
AI Ask an analyst for more