VERIZON COMMUNICATIONS INC

VZ 10-Q · Q3 2025
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VZ Q3 2025 request

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Income Statement

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Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 33,821 33,330 +1.5%
Show Product Lines breakouts
Business Markets and Other · Business 3,345 3,258 +2.7%
Business Markets and Other · Operating Segments Excluding Intersegment Elimination 3,345 3,258 +2.7%
Enterprise and Public Sector · Business 3,310 3,538 -6.4%
Enterprise and Public Sector · Operating Segments Excluding Intersegment Elimination 3,310 3,538 -6.4%
Fios revenues 3,247 3,230 +0.5%
Fios revenues · Business 310 314 -1.3%
Fios revenues · Consumer 2,937 2,916 +0.7%
Product 5,619 5,343 +5.2%
Product And Service Other · Consumer 1,001 963 +3.9%
Product And Service Other · Operating Segments Excluding Intersegment Elimination 1,001 963 +3.9%
Product · Business 853 865 -1.4%
Product · Consumer 4,766 4,478 +6.4%
Product · Operating Segments Excluding Intersegment Elimination 4,766 4,478 +6.4%
Service revenues and other 28,202 27,987 +0.8%
Service revenues and other · Business 6.3 6.5 -3.1%
Service · Consumer 20,260 19,864 +2.0%
Service · Operating Segments Excluding Intersegment Elimination 20,260 19,864 +2.0%
Wholesale · Business 479 547 -12.4%
Wholesale · Operating Segments Excluding Intersegment Elimination 479 547 -12.4%
Wireless service 21,029 20,598 +2.1%
Wireless service · Business 3,588 3,562 +0.7%
Wireless service · Consumer 17,441 17,036 +2.4%
Show Business Segments breakouts
Business · Intersegment Elimination 8 8 0.0%
Business · Operating Segments 7,142 7,351 -2.8%
Consumer · Intersegment Elimination 78 55 +41.8%
Consumer · Operating Segments 26,105 25,360 +2.9%
Show Consolidation Items breakouts
Consolidation Eliminations -85 -66 -28.8%
Corporate and other 659 685 -3.8%
Intersegment Elimination 86 63 +36.5%
Operating Segments 33,247 32,711 +1.6%
Cost of Revenue (Q) — — —
Show Product Lines breakouts
Product 6,483 6,047 +7.2%
Service 6,863 7,193 -4.6%
Show Business Segments breakouts
Business · Operating Segments 1,213 1,197 +1.3%
Consumer · Operating Segments 5,270 4,850 +8.7%
Show Consolidation Items breakouts
Operating Segments 6,483 6,047 +7.2%
Selling, General & Administrative 7,752 9,706 -20.1%
Depreciation And Amortization 4,618 4,458 +3.6%
Show Business Segments breakouts
Business · Operating Segments 1,035 1,040 -0.5%
Consumer · Operating Segments 3,568 3,411 +4.6%
Show Consolidation Items breakouts
Operating Segments 4,603 4,451 +3.4%
Total Costs & Expenses 25,716 27,404 -6.2%
Show Business Segments breakouts
Business · Operating Segments 6,505 6,786 -4.1%
Consumer · Operating Segments 18,441 17,756 +3.9%
Show Consolidation Items breakouts
Operating Segments 24,946 24,542 +1.6%
Operating Income 8,105 5,926 +36.8%
Show Business Segments breakouts
Business · Operating Segments 637 565 +12.7%
Consumer · Operating Segments 7,664 7,604 +0.8%
Show Consolidation Items breakouts
Corporate and other -136 -128 -6.2%
Operating Segments 8,301 8,169 +1.6%
Income Loss From Equity Method Investments -6 -24 +75.0%
Other Non-Operating Income (Expense) 92 72 +27.8%
Interest Expense -1,664 -1,672 +0.5%
Income Before Taxes 6,527 4,302 +51.7%
Income Tax Expense (Benefit) -1,471 -891 -65.1%
Net Income 5,056 3,411 +48.2%
Net Income Loss Attributable To Noncontrolling Interest 106 105 +1.0%
Net Income 4,950 3,306 +49.7%
Show Equity Components breakouts
Retained Earnings 4,950 3,306 +49.7%
EPS (Basic) 1.17 0.78 +50.0%
Wtd Avg Shares (Basic) 4,228 4,220 +0.2%
EPS (Diluted) 1.17 0.78 +50.0%
Wtd Avg Shares (Diluted) 4,233 4,225 +0.2%
Comprehensive Income 4,774 2,928 +63.0%
Other Comprehensive Income -176 -378 +53.4%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 7,706 4,987 +54.5%
Accounts And Financing Receivable Before Allowance For Credit Loss Current 27,083 27,040 +0.2%
Accounts And Financing Receivable Allowance For Credit Loss Current 1,163 1,086 +7.1%
Accounts Notes And Loans Receivable Net Current 25,920 25,954 -0.1%
Inventory 2,700 2,523 +7.0%
Prepaid Expenses & Other Current Assets 7,684 7,177 +7.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 305 290 +5.2%
Total Current Assets 44,010 40,641 +8.3%
Accounts Receivable (Q) — — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 18,381 17,169 +7.1%
Show Financing Receivable Portfolio breakouts
Other receivables 5,041 5,616 -10.2%
Wireless Service Plan Receivables 5,881 5,820 +1.0%
Non-Current Assets
Property, Plant & Equipment 108,467 107,528 +0.9%
Goodwill 22,841 22,844 -0.0%
Show Business Segments breakouts
Business · Operating Segments 1,664 1,667 -0.2%
Consumer · Operating Segments 21,177 21,177 0.0%
Intangible Assets 10,516 10,674 -1.5%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Lists 1,248 1,739 -28.2%
Non-Network Internal-Use Software 8,334 7,749 +7.5%
Other Intangible Assets 934 1,186 -21.2%
Operating Lease Right-of-Use Assets 23,760 23,613 +0.6%
Other Non-Current Assets 21,012 18,516 +13.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 11,949 10,697 +11.7%
Total Assets 388,331 381,164 +1.9%
Other Assets
Property Plant And Equipment Gross 334,765 327,555 +2.2%
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment 226,298 220,027 +2.9%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 799 867 -7.8%
Indefinite Lived License Agreements 156,926 156,481 +0.3%
Current Liabilities
Current Portion of Long-Term Debt 20,146 21,763 -7.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 15,523 15,281 +1.6%
Accounts Payable And Accrued Liabilities Current 20,700 22,222 -6.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 34 33 +3.0%
Operating Lease Liability Current 4,501 4,312 +4.4%
Other Liabilities Current 14,216 13,519 +5.2%
Total Current Liabilities 59,563 61,816 -3.6%
Deferred Revenue (Current) 7,504 7,221 +3.9%
Non-Current Liabilities
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 11,072 12,744 -13.1%
Deferred Tax Liabilities 48,226 45,865 +5.1%
Operating Lease Liabilities 19,176 19,247 -0.4%
Other Non-Current Liabilities 17,320 14,946 +15.9%
Liabilities Noncurrent 222,423 221,680 +0.3%
Long-Term Debt (Q) — — —
Show Debt Instrument breakouts
2021 ABS Financing Facility · Secured Debt 6.4 — —
2022 ABS Financing Facility · Secured Debt 4.8 4 +20.0%
Contract With Customer Liability Noncurrent 2,237 1,882 +18.9%
Other Liabilities
Long Term Debt And Capital Lease Obligations 126,629 128,878 -1.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 11,539 8,991 +28.3%
Stockholders' Equity
Common Stock Value Outstanding 429 429 0.0%
Additional Paid-In Capital 13,408 13,479 -0.5%
Retained Earnings 95,316 86,958 +9.6%
Accumulated Other Comprehensive Income -1,651 -1,665 +0.8%
Treasury Stock Common Value -3,287 -3,585 +8.3%
Deferred Compensation Employee Stock Ownership Plans And Other 827 710 +16.5%
Minority Interest 1,303 1,342 -2.9%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 106,345 97,668 +8.9%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 201 209 -3.8%
Accumulated Gain Loss Net Cash Flow Hedge Parent -994 -1,002 +0.8%
Accumulated Net Unrealized Investment Gain Loss -1 — —
Accumulated Other Comprehensive Income -1,651 -1,665 +0.8%
Accumulated Translation Adjustment -593 -627 +5.4%
Additional Paid In Capital 13,408 13,479 -0.5%
Aoci Derivative Qualifying As Hedge Excluded Component Parent -264 -245 -7.8%
Common Stock 429 429 0.0%
Deferred Compensation Share Based Payments 827 710 +16.5%
Noncontrolling Interest 1,303 1,342 -2.9%
Retained Earnings 95,316 86,958 +9.6%
Treasury Stock Common -3,287 -3,585 +8.3%
Total Liabilities & Equity 388,331 381,164 +1.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Employee Benefits And Share Based Compensation Noncash 444 469 -5.3%
Deferred Income Taxes 1,809 247 +632.4%
Provision For Doubtful Accounts 1,613 1,623 -0.6%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 41 62 -33.9%
Increase Decrease In Operating Capital -4,054 -2,609 -55.4%
Other Operating Activities Cash Flow Statement -820 467 -275.6%
Net Cash from Operations 28,023 26,480 +5.8%
Investing Activities
Payments To Acquire Other Productive Assets -12,263 -12,019 -2.0%
Payments To Acquire Intangible Assets -340 -768 +55.7%
Other Investing Activities 923 -326 +383.1%
Net Cash from Investing -11,680 -13,113 +10.9%
Financing Activities
Proceeds From Issuance Of Longterm Debt Excluding Assetbacked Debt 3,952 3,142 +25.8%
Proceeds From Issuance Of Secured Debt 7,340 8,229 -10.8%
Show Debt Instrument breakouts
Retained Notes 523 — —
Repayments Of Long Term Borrowings And Finance Lease Obligations -7,529 -6,623 -13.7%
Repayments Of Secured Debt -6,437 -6,158 -4.5%
Payments Of Dividends -8,569 -8,399 -2.0%
Proceeds From Payments For Other Financing Activities -1,579 -1,668 +5.3%
Net Cash from Financing -12,822 -11,477 -11.7%
Debt Repayments 5,534 3,186 +73.7%
Show Debt Instrument breakouts
Asset Backed Notes · Secured Debt 3.2 2.2 +45.5%
Debt Repayments (Q) — — —
Show Debt Instrument breakouts
Open market repurchases of various Verizon notes 366 — —
Verizon 3.250% notes due 2026 1,032 — —
Supplemental
Unpaid Capital Expenditures (YTD) — — —
Show Long-Term Debt Type breakouts
Alternative Financing Facility · Network Equipment 1.7 1.2 +41.7%
Other Cash Flow
Net Change in Cash 3,521 1,890 +86.3%
Show Statement Of Financial Position Location Activity Capitalization breakouts
Cash And Cash Equivalents 3,512 2,922 +20.2%
Other Noncurrent Assets 25 -61 +141.0%
Prepaid Expenses And Other Current Assets -16 -971 +98.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 8,156 5,387 +51.4%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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