Verizon Communications Inc. Revenue & Financials

Verizon's revenue has grown from $136.8 billion in fiscal 2022 to $134 billion in fiscal 2023 to $134.8 billion in fiscal 2024 to $138.2 billion in fiscal 2025 — a pattern of relative stability reflecting the subscription-based nature of wireless and broadband revenue. The $17.17 billion net income on $138.2 billion in fiscal 2025 revenue is the highest in recent years and reflects both wireless service revenue growth and the continued absence of the media business losses that suppressed earlier earnings. The FCC net neutrality challenge in 2011, the unique identifier privacy criticism in 2016, and the Yahoo breach liabilities assumed during the 2017 acquisition represent the three most significant regulatory and liability events in Verizon's recent history. None of them fundamentally altered the business model, but each created costs and management distraction that compounded with the media strategy's underperformance. The 101,200 employees generating $138.2 billion in revenue — roughly $1.37 million per employee — reflects the capital intensity of wireless network operations, where most value is created by physical infrastructure rather than labor. The spectrum holdings, the cell tower network, and the fiber infrastructure together represent assets worth substantially more than the current market capitalization implies, but they also require continuous capital investment to maintain and upgrade. Fixed wireless access subscribers have been growing faster than management projected when Verizon began deploying 5G home internet service. The economics are attractive relative to fiber deployment — the capital expenditure is a fraction of laying fiber to individual homes, and the 5G network is already deployed for wireless subscriber service. As fixed wireless penetration increases in markets where the 5G network density supports it, the incremental revenue per cell site improves the return on the existing network investment.