Verizon
Financial Performance
Verizon Revenue & Financials
Revenue
$138.2B (FY2025)
Market Cap
$206.7B
Net Income
$17.2B
Employees
89,900
What is Verizon's revenue?
Verizon had $138.2B in revenue for fiscal year 2025, up 2.5% from 2024. Net income was $17.2B.
- Latest revenue
- $138.2B (FY2025)
- Year-over-year
- +2.5%
- Growth rate (CAGR)
- 1% over 9 years
- Peak revenue
- $138.2B (FY2025)
- Years of data
- 10
- Employees
- 89,900
Financial Analysis
Verizon reported $138.2 billion of operating revenue in 2025, up about 2.5% from $134.8 billion, and $17.2 billion of net income attributable to the company. Cash from operations was $37.1 billion and free cash flow $20.1 billion, which covers the dividend with room for debt reduction. In Q2 2026 revenue slipped 0.7% to $34.3 billion because equipment sales fell nearly 20%, but mobility and broadband service revenue grew 2.8%. That mix is what Schulman is aiming for: fewer subsidized phone upgrades, more recurring service revenue, and a larger broadband base after the Frontier deal. Verizon Communications Inc. holds a market valuation typically hovering around $170 billion, serving as a pillar of American telecommunications infrastructure.
Revenue Trend Analysis
YoY Change
+2.5%
9-Year CAGR
+1%
Peak Year
2025
Trend
Consistent Growth
Verizon has 10 full fiscal year figures on this page, compounding at +1% annually over 9 years. The most recent year saw a 2.5% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $138.2B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
Click any row to see year details.
Verizon balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Source |
|---|---|---|---|
| FY2025ended Dec 31, 2025 | $37.1B | $404.3B | Form 10-K |
| FY2024ended Dec 31, 2024 | $36.9B | $384.7B | Form 10-K |
| FY2023ended Dec 31, 2023 | $37.5B | $380.3B | Form 10-K |
| FY2022ended Dec 31, 2022 | $37.1B | $379.7B | Form 10-K |
| FY2021ended Dec 31, 2021 | $39.5B | $366.6B | Form 10-K |
| FY2020ended Dec 31, 2020 | $41.8B | $316.5B | Form 10-K |
| FY2019ended Dec 31, 2019 | $35.7B | $291.7B | Form 10-K |
| FY2018ended Dec 31, 2018 | $34.3B | $264.8B | Form 10-K |
| FY2017ended Dec 31, 2017 | $24.3B | $257.1B | Form 10-K |
| FY2016ended Dec 31, 2016 | $21.7B | $244.2B | Form 10-K |
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Verizon Revenue and Financial FAQ
What were Verizon Communications' total revenue and net income for FY2025?
In FY2025, Verizon reported consolidated operating revenues of $138.191 billion (up 2.5% year-over-year) and net income attributable to Verizon of $17.174 billion, delivering a healthy 12.4% net profit margin.
How much free cash flow (FCF) does Verizon generate annually?
In FY2025, Verizon generated $37.1 billion in operating cash flow and $20.1 billion in free cash flow, easily funding its $11+ billion annual dividend obligations while retiring debt.
How did Verizon perform in the second quarter of 2026?
In Q2 2026, mobility and broadband service revenue grew 2.8% to offset lower promotional phone hardware sales, adding 184,000 postpaid phone subscribers and 348,000 broadband connections.
What is Verizon's dividend yield and dividend growth record?
Verizon pays a quarterly dividend of $0.6775 per share ($2.71 annualized), offering a high dividend yield typically between 6.0% and 6.5%, and has increased its dividend payout for 18 consecutive years.
What is the scale of Verizon's balance sheet debt following spectrum and M&A deals?
Verizon carries approximately $125 billion to $130 billion in unsecured debt resulting from the Vodafone buyout and C-band spectrum auctions, targeting a net debt-to-adjusted EBITDA ratio between 2.0x and 2.25x.
What is Verizon's capital expenditure (CapEx) budget?
Following the completion of peak C-band 5G network buildouts, annual CapEx settled between $17.0 billion and $17.5 billion, boosting free cash flow conversion.
What was the share buyback program announced in 2026?
With strong cash flow generation, CEO Dan Schulman lifted the full-year 2026 share repurchase target to up to $4.5 billion, returning surplus capital to equity holders.
What are Verizon's adjusted EBITDA margins across operating segments?
Verizon Consumer delivers strong adjusted EBITDA margins exceeding 42% to 44%, while the Business segment operates around 27% to 29% due to legacy wireline migrations.
What is Verizon's credit rating profile with major rating agencies?
Verizon maintains solid investment-grade credit ratings of "Baa1" from Moody's and "BBB+" from S&P Global, supported by massive, recession-resistant utility-like cash flows.
How did the $20 billion Frontier acquisition impact the balance sheet?
Closing in January 2026, the deal added debt but contributed immediate fiber revenue and substantial EBITDA expansion, accelerating broadband cash flow generation.
How do interest rates affect Verizon's capital structure?
Because over 90% of Verizon's long-term debt is fixed-rate with staggered multi-decade maturities, elevated macroeconomic interest rates have minimal immediate impact on interest expense.
What are management's forward financial guidance targets through 2027?
Management targets 2% to 3.5% annual wireless service revenue growth, mid-single-digit adjusted EBITDA expansion, $20B+ sustained free cash flow, and continued steady dividend increases.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Verizon Revenue & Financials." CorpDigest, https://corpdigest.com/company/verizon/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Verizon reported $138.2B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/verizon/financials" target="_blank" rel="noopener">CorpDigest — Verizon financials</a></div>Related Financial Audits
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