VZ Financials Verizon

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 1.5% per year over the past 5 years.
Net income has grown slower than revenue (-0.2% vs 1.5% per year).
Operating margin has contracted, at 21.2% in the latest year.
Free cash flow has declined 4.5% per year over the past 5 years.

Financial health

Total debt ($158.2B) exceeds cash ($19.0B); net debt is $139.1B.
Total debt has grown in line with revenue (4.1% vs 1.5% per year).
Operating income covered interest expense 4.4× in the latest year.
Total debt is 3.3× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 65.2% of earnings.
The dividend has grown 2.3% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$138.2B	$17.6B	0.0%	21.2%	—	$158.2B	$19.0B
2024	$134.8B	$17.9B	0.0%	21.3%	—	$144.0B	$4.2B
2023	$134.0B	$12.1B	0.0%	17.1%	—	$150.7B	$2.1B
2022	$136.8B	$21.7B	0.0%	22.3%	—	$150.6B	$2.6B
2021	$133.6B	$22.6B	0.0%	24.3%	—	$150.9B	$2.9B
2020	$128.3B	$17.8B	0.0%	22.4%	—	$129.1B	$22.2B
2019	$131.9B	$19.3B	0.0%	23.0%	—	$111.5B	$2.6B
2018	$130.9B	$15.5B	0.0%	17.0%	$17.7B	$113.1B	$2.7B
2017	$126.0B	$30.1B	82.4%	21.8%	$7.1B	$117.1B	$2.1B
2016	$126.0B	$13.1B	82.3%	23.2%	$4.6B	—	$2.9B
2015	$131.6B	$17.9B	82.4%	23.3%	$21.2B	—	$4.5B
2014	$127.1B	$9.6B	83.0%	15.4%	$13.4B	—	$10.6B
2013	$120.5B	$11.5B	86.4%	26.5%	$22.2B	$93.6B	$53.5B
2012	$115.8B	$875M	0.0%	11.4%	$15.3B	$51.5B	$3.1B
2011	$110.9B	$2.4B	0.0%	11.6%	$13.5B	$53.2B	$13.4B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$34.4B	$5.0B	0.0%	23.9%	—	—	$8.4B
Dec '25	$36.4B	$2.3B	0.0%	13.8%	—	$158.2B	$19.0B
Sep '25	$33.8B	$5.0B	0.0%	24.0%	—	—	$7.7B
Jun '25	$34.5B	$5.0B	0.0%	23.7%	—	—	$3.4B
Mar '25	$33.5B	$4.9B	0.0%	23.8%	—	—	$2.3B
Dec '24	$35.7B	$5.0B	0.0%	20.8%	—	$144.0B	$4.2B
Sep '24	$33.3B	$3.3B	0.0%	17.8%	—	—	$5.0B
Jun '24	$32.8B	$4.6B	0.0%	23.8%	—	—	$2.4B
Mar '24	$33.0B	$4.6B	0.0%	22.8%	—	—	$2.4B
Dec '23	$35.1B	-$2.7B	0.0%	1.7%	—	$150.7B	$2.1B
Sep '23	$33.3B	$4.8B	0.0%	22.4%	—	—	$4.2B
Jun '23	$32.6B	$4.6B	0.0%	22.1%	—	—	$4.8B
Mar '23	$32.9B	$4.9B	0.0%	23.0%	—	—	$2.2B
Dec '22	$35.3B	$6.6B	0.0%	20.5%	—	$150.6B	$2.6B
Sep '22	$34.2B	$4.9B	0.0%	23.1%	—	—	$2.1B
Jun '22	$33.8B	$5.2B	0.0%	22.4%	—	—	$1.9B
Mar '22	$33.6B	$4.6B	0.0%	23.2%	—	—	$1.7B
Dec '21	$34.1B	$4.6B	0.0%	22.3%	—	$150.9B	$2.9B
Sep '21	$32.9B	$6.4B	0.0%	27.1%	—	—	$9.9B
Jun '21	$33.8B	$5.8B	0.0%	24.2%	—	—	$4.7B

Valuation over time

How the market has priced VZ against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 7.5× (Mar '23) to 10.9× (Jun '26).
The price-to-sales ratio has risen from 1.2× (Mar '23) to 1.4× (Jun '26).
The dividend yield has fallen from 6.6% (Mar '23) to 6.0% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is VZ growing its revenue and profit?

Over the past 5 years, Verizon's revenue has grown 1.5% per year, and net income declined 0.2% per year. These are computed facts, not advice.

How much debt does VZ have?

As of FY2025, Verizon reported $158.2B of total debt against $19.0B of cash; operating income covered interest expense 4.4×.

What is VZ's profit margin?

In FY2025, gross margin was —, operating margin 21.2%, and net margin 12.7%.

What is VZ's P/E ratio?

As of Jun '26, Verizon traded at a price-to-earnings ratio of about 10.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.