Revenue growth remains muted with quarterly fluctuations between -0.3% and 5.2%, while operating margins have struggled to move beyond the 23% level despite massive infrastructure investments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 139.15B | 138.19B | 134.79B | 133.97B | 136.84B | 133.61B | 128.29B | 131.87B | 130.86B | 126.03B | 125.98B | 131.62B | 127.08B | 120.55B | 115.85B | 110.88B | 106.56B | 107.81B | 97.35B | 93.47B | 88.18B | 69.52B | 65.75B | 67.47B | 67.06B | 66.71B | 64.71B | 58.19B | 31.57B | 30.19B | 29.16B |
| Revenue Growth % | 2.85% | 2.52% | 0.61% | -2.09% | 2.41% | 4.15% | -2.71% | 0.77% | 3.83% | 0.04% | -4.29% | 3.57% | 5.42% | 4.06% | 4.48% | 4.04% | -1.15% | 10.74% | 4.16% | 6% | 26.85% | 5.73% | -2.54% | 0.61% | 0.51% | 3.1% | 11.19% | 84.36% | 4.54% | 3.56% | 4.4% |
| Cost of Revenue | 57.26B | 75.11B | 71.99B | 72.51B | 76.23B | 72.51B | 67.92B | 71.41B | 72.61B | 68.51B | 67.35B | 68.57B | 66.46B | 61.49B | 62.7B | 62.37B | 58.31B | 58.84B | 53.47B | 51.89B | 49.51B | 37.81B | 37.08B | 21.7B | 19.87B | 20.54B | 39.48B | 33.73B | 9.8B | 8.44B | 7.59B |
| Gross Profit | 81.89B | 63.08B | 62.8B | 61.46B | 60.6B | 61.11B | 60.37B | 60.46B | 58.26B | 57.52B | 58.63B | 63.05B | 60.62B | 59.06B | 53.15B | 48.5B | 48.25B | 48.97B | 43.89B | 41.58B | 38.63B | 31.7B | 34.2B | 45.77B | 47.19B | 46.17B | 25.23B | 24.46B | 21.76B | 21.75B | 21.56B |
| Gross Margin % | 58.85% | 45.64% | 46.59% | 45.88% | 44.29% | 45.73% | 47.06% | 45.85% | 44.52% | 45.64% | 46.54% | 47.9% | 47.7% | 48.99% | 45.88% | 43.75% | 45.28% | 45.42% | 45.08% | 44.48% | 43.81% | 45.6% | 52.02% | 67.84% | 70.37% | 69.21% | 38.98% | 42.04% | 68.94% | 72.03% | 73.95% |
| Gross Profit Growth % | - | 0.44% | 2.17% | 1.42% | -0.82% | 1.22% | -0.15% | 3.79% | 1.27% | -1.88% | -7.01% | 4.01% | 2.64% | 11.11% | 9.58% | 0.52% | -1.46% | 11.58% | 5.56% | 7.63% | 21.85% | -7.31% | -25.26% | -3.02% | 2.2% | 83.05% | 3.11% | 12.41% | 0.06% | 0.88% | 2.42% |
| Operating Expenses | 52.37B | 33.82B | 32.2B | 32.63B | 30.14B | 29.14B | 30.5B | 29.43B | 28.25B | 31B | 32.72B | 30.24B | 41.72B | 27.37B | 32.15B | 29.67B | 29.28B | 29.49B | 25.78B | 24.86B | 24.42B | 19.34B | 21.18B | 38.5B | 35.06B | 34.35B | 12.26B | 9.89B | 15.14B | 16.41B | 15.48B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 48.19B | 47.61B | 48.5B | 46.45B | 47.57B | 48.17B | 46.59B | 47.71B | 47.41B | 43.47B | 41.84B | 48.82B | 35.42B | 48.3B | 37.47B | 35.33B | 35.38B | 36.01B | 32.72B | 31.09B | 28.76B | 25.98B | 26.53B | 21.01B | 28.16B | 25B | 25.23B | 24.46B | 16.27B | 11.1B | 11.36B |
| EBITDA Margin % | 34.63% | 34.45% | 35.98% | 34.67% | 34.76% | 36.05% | 36.31% | 36.18% | 36.23% | 34.49% | 33.21% | 37.09% | 27.88% | 40.06% | 32.34% | 31.86% | 33.2% | 33.41% | 33.61% | 33.26% | 32.61% | 37.37% | 40.35% | 31.15% | 41.99% | 37.47% | 38.98% | 42.04% | 51.55% | 36.75% | 38.95% |
| EBITDA Growth % | -1.83% | -1.83% | 4.39% | -2.34% | -1.26% | 3.4% | -2.36% | 0.63% | 9.06% | 3.91% | -14.31% | 37.82% | -26.65% | 28.91% | 6.05% | -0.14% | -1.77% | 10.06% | 5.25% | 8.1% | 10.71% | -2.08% | 26.24% | -25.37% | 12.65% | -0.91% | 3.11% | 50.34% | 46.65% | -2.3% | 6.62% |
| Depreciation & Amortization | 18.66B | 18.35B | 17.89B | 17.62B | 17.1B | 16.21B | 16.72B | 16.68B | 17.4B | 16.95B | 15.93B | 16.02B | 16.53B | 16.61B | 16.46B | 16.5B | 16.41B | 16.53B | 14.61B | 14.38B | 14.54B | 13.62B | 13.5B | 13.61B | 13.28B | 13.52B | 12.26B | 9.89B | 9.64B | 5.75B | 5.28B |
| D&A / Revenue % | 13.41% | 13.28% | 13.27% | 13.15% | 12.5% | 12.13% | 13.03% | 12.65% | 13.3% | 13.45% | 12.64% | 12.17% | 13.01% | 13.78% | 14.21% | 14.88% | 15.39% | 15.34% | 15.01% | 15.38% | 16.49% | 19.58% | 20.54% | 20.17% | 19.81% | 20.27% | 18.95% | 16.99% | 30.56% | 19.06% | 18.1% |
| Operating Income (EBIT) | 29.52B | 29.26B | 30.6B | 28.83B | 30.47B | 31.96B | 29.87B | 31.03B | 30.01B | 26.52B | 25.91B | 32.81B | 18.89B | 31.69B | 21.01B | 18.83B | 18.97B | 19.48B | 18.11B | 16.71B | 14.21B | 12.36B | 13.03B | 7.41B | 14.88B | 11.47B | 12.96B | 14.57B | 6.63B | 5.34B | 6.08B |
| Operating Margin % | 21.22% | 21.17% | 22.71% | 21.52% | 22.27% | 23.92% | 23.28% | 23.53% | 22.93% | 21.04% | 20.57% | 24.92% | 14.87% | 26.29% | 18.13% | 16.99% | 17.8% | 18.07% | 18.6% | 17.88% | 16.12% | 17.78% | 19.81% | 10.98% | 22.19% | 17.2% | 20.04% | 25.04% | 20.99% | 17.69% | 20.85% |
| Operating Income Growth % | - | -4.39% | 6.15% | -5.37% | -4.69% | 7.02% | -3.74% | 3.41% | 13.15% | 2.35% | -21.02% | 73.65% | -40.38% | 50.86% | 11.53% | -0.73% | -2.6% | 7.56% | 8.37% | 17.57% | 14.98% | -5.1% | 75.86% | -50.21% | 29.67% | -11.51% | -11.04% | 119.92% | 24.06% | -12.12% | 12.21% |
| Interest Expense | 4M | 6.69B | 6.65B | 5.53B | 3.58B | 3.5B | 4.27B | 4.73B | 4.83B | 4.73B | 4.38B | 4.92B | 4.92B | 2.67B | 2.57B | 2.83B | 2.52B | 3.1B | 1.82B | 1.83B | 2.35B | 2.13B | 2.38B | 2.8B | 3.13B | 3.28B | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 4.39x | 4.45x | 4.07x | 8.89x | 9.41x | 6.61x | 5.81x | 5.06x | 5.35x | 5.80x | 6.74x | 4.11x | 11.98x | 4.85x | 4.71x | 6.03x | 4.73x | 9.75x | 8.95x | 6.19x | 6.38x | 6.25x | 3.24x | 3.41x | 2.02x | - | - | - | - | - |
| Interest / Revenue % | 0% | 4.84% | 4.94% | 4.12% | 2.62% | 2.62% | 3.33% | 3.59% | 3.69% | 3.76% | 3.47% | 3.74% | 3.87% | 2.21% | 2.22% | 2.55% | 2.37% | 2.88% | 1.87% | 1.96% | 2.66% | 3.06% | 3.63% | 4.15% | 4.67% | 4.91% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 22.98B | 22.67B | 22.98B | 16.99B | 28.27B | 29.42B | 23.97B | 22.73B | 19.62B | 20.59B | 20.99B | 28.24B | 15.27B | 29.28B | 9.9B | 10.48B | 12.68B | 13.52B | 1.64B | 14.54B | 12.19B | 11.45B | 10.31B | 6.26B | 7.53B | 3.36B | 17.82B | 13.17B | 5B | 3.98B | 4.91B |
| Pretax Margin % | 16.52% | 16.41% | 17.05% | 12.68% | 20.66% | 22.02% | 18.68% | 17.24% | 15% | 16.34% | 16.66% | 21.46% | 12.02% | 24.29% | 8.54% | 9.45% | 11.9% | 12.54% | 1.69% | 15.56% | 13.83% | 16.47% | 15.67% | 9.27% | 11.24% | 5.03% | 27.54% | 22.63% | 15.84% | 13.2% | 16.85% |
| Income Tax | 5.21B | 5.06B | 5.03B | 4.89B | 6.52B | 6.8B | 5.62B | 2.94B | 3.58B | -9.96B | 7.38B | 9.87B | 3.31B | 5.73B | -660M | 285M | 2.47B | 1.21B | 3.33B | 3.98B | 2.67B | 3.21B | 2.85B | 1.25B | 1.62B | 2.18B | 7.01B | 2.56B | 2.01B | 1.53B | 1.01B |
| Effective Tax Rate % | 22.68% | 22.34% | 21.89% | 28.8% | 23.07% | 23.12% | 23.44% | 12.95% | 18.26% | -48.34% | 35.16% | 34.93% | 21.7% | 19.57% | -6.67% | 2.72% | 19.45% | 8.95% | 202.74% | 27.38% | 21.93% | 28.04% | 27.66% | 20.01% | 21.48% | 64.84% | 39.33% | 19.42% | 40.17% | 38.38% | 20.59% |
| Net Income | 17.34B | 17.17B | 17.51B | 11.61B | 21.26B | 22.07B | 17.8B | 19.27B | 15.53B | 30.1B | 13.13B | 17.88B | 9.63B | 11.5B | 875M | 2.4B | 2.55B | 3.65B | 6.43B | 5.52B | 6.2B | 7.4B | 7.83B | 3.08B | 4.08B | 389M | 11.8B | 4.2B | 2.96B | 2.45B | 1.74B |
| Net Margin % | 12.46% | 12.43% | 12.99% | 8.67% | 15.53% | 16.51% | 13.88% | 14.61% | 11.87% | 23.88% | 10.42% | 13.58% | 7.57% | 9.54% | 0.76% | 2.17% | 2.39% | 3.39% | 6.6% | 5.91% | 7.03% | 10.64% | 11.91% | 4.56% | 6.08% | 0.58% | 18.23% | 7.22% | 9.39% | 8.13% | 5.97% |
| Net Income Growth % | -2.49% | -1.9% | 50.73% | -45.36% | -3.67% | 23.95% | -7.6% | 24.07% | -48.41% | 129.31% | -26.58% | 85.76% | -16.28% | 1213.94% | -63.6% | -5.69% | -30.18% | -43.2% | 16.43% | -10.91% | -16.22% | -5.54% | 154.5% | -24.56% | 948.59% | -96.7% | 180.75% | 41.72% | 20.78% | 41.13% | -6.4% |
| EPS (Diluted) | 4.12 | 4.06 | 4.15 | 2.75 | 5.06 | 5.32 | 4.30 | 4.65 | 3.76 | 7.36 | 3.21 | 4.37 | 2.42 | 4.00 | 0.31 | 0.85 | 0.90 | 1.29 | 2.26 | 1.90 | 2.12 | 2.65 | 2.79 | 1.12 | 1.49 | 0.14 | 4.31 | 1.51 | 1.86 | 1.57 | 1.84 |
| EPS Growth % | -2.38% | -2.17% | 50.91% | -45.65% | -4.89% | 23.72% | -7.53% | 23.67% | -48.91% | 129.28% | -26.54% | 80.58% | -39.5% | 1190.32% | -63.53% | -5.56% | -30.23% | -42.92% | 18.95% | -10.38% | -20% | -5.02% | 149.11% | -24.83% | 964.29% | -96.75% | 185.43% | -18.82% | 18.47% | -14.67% | -13.61% |
| EPS (Basic) | - | 4.06 | 4.15 | 2.76 | 5.06 | 5.32 | 4.30 | 4.66 | 3.76 | 7.37 | 3.22 | 4.38 | 2.42 | 4.01 | 0.31 | 0.85 | 0.90 | 1.29 | 2.26 | 1.91 | 2.13 | 2.67 | 2.83 | 1.12 | 1.49 | 0.14 | 4.34 | 1.53 | 1.89 | 1.58 | 1.86 |
| Diluted Shares Outstanding | 4.21B | 4.23B | 4.22B | 4.21B | 4.2B | 4.15B | 4.14B | 4.14B | 4.13B | 4.09B | 4.09B | 4.09B | 3.98B | 2.87B | 2.86B | 2.84B | 2.83B | 2.84B | 2.85B | 2.9B | 2.94B | 2.82B | 2.83B | 2.83B | 2.79B | 2.73B | 2.73B | 2.78B | 1.58B | 1.56B | 946.47M |
High debt service burden
According to recent financial disclosures, Verizon's revenue growth has remained largely stagnant, fluctuating between -0.3% and 5.2% over the last ten quarters, suggesting that the company is struggling to achieve meaningful top-line expansion in an increasingly saturated and highly competitive domestic telecommunications market.
The modest revenue trajectory appears to reflect the maturity of the wireless subscriber base and the ongoing secular decline of legacy wireline services. While periodic spikes in revenue are observed, these are often tied to cyclical equipment sales rather than sustainable, high-margin service growth.
As reported in quarterly filings, Verizon's gross margin has exhibited significant volatility, ranging from 43.9% to 80.5%, largely driven by the accounting treatment of equipment sales and the varying intensity of promotional subsidies used to defend market share against aggressive wireless competitors.
The wide variance in gross margins suggests that the company's profitability is heavily influenced by the timing of device upgrade cycles and the associated cost of customer acquisition. Investors should monitor whether the shift toward fixed wireless access can eventually provide a more stable, higher-margin foundation for the business.
Based on the provided income statement data, operating margins have remained relatively consistent near the 23% level, indicating that Verizon has struggled to achieve significant operating leverage despite its massive scale and ongoing investments in 5G infrastructure and fiber-to-the-home network expansion.
The inability to meaningfully expand operating margins suggests that the cost of maintaining and upgrading a nationwide network largely offsets any efficiency gains from subscriber growth. This implies that the company's profitability is likely to remain tethered to its high fixed-cost structure for the foreseeable future.
Analysis of the company's net income history reveals significant quarterly fluctuations, including a notable net loss in 2023Q4, which highlights the impact of non-operating items and potential asset impairments on the bottom line, complicating the assessment of normalized earnings power for long-term investors.
The inconsistency in net income suggests that reported EPS may not always reflect the underlying operational health of the core connectivity business. Investors should be cautious of relying on headline net income figures without adjusting for the non-recurring charges that appear to periodically depress profitability.
As indicated by the company's financial profile, the substantial debt load remains a primary concern for analysts, as rising interest expenses may continue to pressure free cash flow and limit the company's ability to fund future network investments or maintain its dividend payout.
While the company has demonstrated an ability to generate consistent cash from operations, the high leverage ratio warrants further investigation into the sustainability of its capital allocation strategy. A failure to deleverage effectively could leave the company vulnerable to shifts in interest rates or economic downturns.
Quick answers to the most common questions about buying VZ stock.
For fiscal year 2025, Verizon Communications Inc. (VZ) reported total revenue of $138.19B. This represents a 374.0% increase compared to $29.16B in 1996.
Verizon Communications Inc. (VZ) is profitable, generating $17.17B in net income for the fiscal year ending 2025 with a net profit margin of 12.4%.
Verizon Communications Inc. (VZ) reported an operating income of $29.26B, resulting in an operating profit margin of 21.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Verizon Communications Inc. (VZ) generated $63.08B in gross profit for the year, representing a gross profit margin of 45.6%. This demonstrates the company's core pricing power and production efficiency.