VERIZON COMMUNICATIONS INC
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VZ Q4 2025 request
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Income Statement
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 36,381 | 35,681 | +2.0% |
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| Business Markets and Other · Business | 3,564 | 3,434 | +3.8% |
| Business Markets and Other · Operating Segments Excluding Intersegment Elimination | 3,564 | 3,434 | +3.8% |
| Enterprise and Public Sector · Business | 3,330 | 3,548 | -6.1% |
| Enterprise and Public Sector · Operating Segments Excluding Intersegment Elimination | 3,330 | 3,548 | -6.1% |
| Fios Revenues | 3,235 | 3,253 | -0.6% |
| Fios Revenues · Business | 314 | 314 | 0.0% |
| Fios Revenues · Consumer | 2,921 | 2,939 | -0.6% |
| Product | 8,198 | 7,515 | +9.1% |
| Product And Service Other · Consumer | 1,076 | 1,009 | +6.6% |
| Product And Service Other · Operating Segments Excluding Intersegment Elimination | 1,076 | 1,009 | +6.6% |
| Product · Business | 1.1 | 1 | +10.0% |
| Product · Consumer | 7,112 | 6,487 | +9.6% |
| Product · Operating Segments Excluding Intersegment Elimination | 7,112 | 6,487 | +9.6% |
| Service revenues and other | 28,183 | 28,166 | +0.1% |
| Service revenues and other · Business | 6.3 | 6.5 | -3.1% |
| Service · Consumer | 20,178 | 20,013 | +0.8% |
| Service · Operating Segments Excluding Intersegment Elimination | 20,178 | 20,013 | +0.8% |
| Wholesale · Business | 465 | 512 | -9.2% |
| Wholesale · Operating Segments Excluding Intersegment Elimination | 465 | 512 | -9.2% |
| Wireless Service | 20,962 | 20,742 | +1.1% |
| Wireless Service · Business | 3,589 | 3,572 | +0.5% |
| Wireless Service · Consumer | 17,373 | 17,170 | +1.2% |
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| Business · Intersegment Elimination | 7 | 10 | -30.0% |
| Business · Operating Segments | 7,366 | 7,504 | -1.8% |
| Consumer · Intersegment Elimination | 70 | 51 | +37.3% |
| Consumer · Operating Segments | 28,436 | 27,560 | +3.2% |
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| Consolidation Eliminations | -81 | -63 | -28.6% |
| Corporate and other | 660 | 680 | -2.9% |
| Intersegment Elimination | 77 | 61 | +26.2% |
| Operating Segments | 35,802 | 35,064 | +2.1% |
| Cost of Revenue (Q) | — | — | — |
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| Product | 9,380 | 8,581 | +9.3% |
| Service | 7,098 | 6,933 | +2.4% |
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| Cost of Revenue | 9,380 | 8,581 | +9.3% |
| Cost of Revenue | -14,550 | -12,678 | -14.8% |
| Cost of Revenue | 4,334 | 3,740 | +15.9% |
| Selling, General & Administrative | 10,380 | 8,240 | +26.0% |
| Depreciation And Amortization | 4,519 | 4,506 | +0.3% |
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| Business · Operating Segments | 1,026 | 1,061 | -3.3% |
| Consumer · Operating Segments | 3,480 | 3,438 | +1.2% |
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| Operating Segments | 4,506 | 4,499 | +0.2% |
| Total Costs & Expenses | 31,377 | 28,260 | +11.0% |
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| Business · Operating Segments | 6,773 | 6,910 | -2.0% |
| Consumer · Operating Segments | 21,539 | 20,656 | +4.3% |
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| Operating Segments | 28,312 | 27,566 | +2.7% |
| Operating Income | 5,004 | 7,421 | -32.6% |
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| Business · Operating Segments | 593 | 594 | -0.2% |
| Consumer · Operating Segments | 6,897 | 6,904 | -0.1% |
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| Corporate and other | -141 | -69 | -104.3% |
| Operating Segments | 7,490 | 7,498 | -0.1% |
| Other Non-Operating Income (Expense) | -185 | 797 | -123.2% |
| Interest Expense | -1,759 | -1,644 | -7.0% |
| Income Before Taxes | 3,063 | 6,568 | -53.4% |
| Income Tax Expense (Benefit) | -615 | -1,454 | +57.7% |
| Net Income | 2,448 | 5,114 | -52.1% |
| Net Income Loss Attributable To Noncontrolling Interest | 106 | 109 | -2.8% |
| Net Income | 2,342 | 5,005 | -53.2% |
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| Retained Earnings | 2,342 | 5,005 | -53.2% |
| EPS (Basic) | 0.55 | 1.19 | -53.8% |
| Wtd Avg Shares (Basic) | 1 | 1 | 0.0% |
| EPS (Diluted) | 0.55 | 1.18 | -53.4% |
| Wtd Avg Shares (Diluted) | 2 | 2 | 0.0% |
| Comprehensive Income | 2,266 | 5,747 | -60.6% |
| Other Comprehensive Income | -76 | 742 | -110.2% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 19,048 | 4,194 | +354.2% |
| Accounts And Financing Receivable Before Allowance For Credit Loss Current | 28,347 | 27,261 | +4.0% |
| Accounts And Financing Receivable Allowance For Credit Loss Current | 1,250 | 1,152 | +8.5% |
| Accounts Notes And Loans Receivable Net Current | 27,097 | 26,109 | +3.8% |
| Inventory | 2,441 | 2,247 | +8.6% |
| Prepaid Expenses & Other Current Assets | 8,336 | 7,973 | +4.6% |
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| Variable Interest Entity Primary Beneficiary | 298 | 322 | -7.5% |
| Total Current Assets | 56,922 | 40,523 | +40.5% |
| Accounts Receivable (Q) | — | — | — |
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| Variable Interest Entity Primary Beneficiary | 18,421 | 18,339 | +0.4% |
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| Other receivables | 5,502 | — | — |
| Wireless service | 5,818 | — | — |
| Non-Current Assets | |||
| Property, Plant & Equipment | 109,467 | 108,522 | +0.9% |
| Goodwill | 22,841 | 22,841 | 0.0% |
Show Business Segments breakouts |
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| Business | 1,664 | 1,664 | 0.0% |
| Consumer | 21,177 | 21,177 | 0.0% |
| Intangible Assets | 10,458 | 11,129 | -6.0% |
Show Finite Lived Intangible Assets By Major Class breakouts |
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| Customer Lists | 1,127 | 1,613 | -30.1% |
| Non-Network Internal-Use Software | 8,448 | 8,393 | +0.7% |
| Other Intangible Assets | 883 | 1,123 | -21.4% |
| Operating Lease Right-of-Use Assets | 23,498 | 24,472 | -4.0% |
| Other Non-Current Assets | 23,248 | 19,769 | +17.6% |
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| Variable Interest Entity Primary Beneficiary | 11,753 | 11,647 | +0.9% |
| Total Assets | 404,258 | 384,711 | +5.1% |
| Other Assets | |||
| Property Plant And Equipment Gross | 337,991 | 331,406 | +2.0% |
Show Property Plant And Equipment By Type breakouts |
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| Antennas, cable, conduit, poles and towers | 86,221 | 82,810 | +4.1% |
| Buildings and equipment | 40,872 | 39,130 | +4.5% |
| Central office and other network equipment | 180,506 | 176,680 | +2.2% |
| Construction In Progress | 8,493 | 9,424 | -9.9% |
| Furniture, vehicles and other | 10,057 | 12,060 | -16.6% |
| Land | 743 | 740 | +0.4% |
| Leasehold Improvements | 11,099 | 10,562 | +5.1% |
| Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | 228,524 | 222,884 | +2.5% |
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 785 | 842 | -6.8% |
| Indefinite Lived License Agreements | 157,039 | 156,613 | +0.3% |
| Current Liabilities | |||
| Current Portion of Long-Term Debt | 18,618 | 22,633 | -17.7% |
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| Variable Interest Entity Primary Beneficiary | 14,863 | 17,312 | -14.1% |
| Accounts Payable And Accrued Liabilities Current | 24,981 | 23,374 | +6.9% |
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| Variable Interest Entity Primary Beneficiary | 34 | 37 | -8.1% |
| Operating Lease Liability Current | 4,542 | 4,415 | +2.9% |
| Other Liabilities Current | 14,229 | 14,349 | -0.8% |
| Total Current Liabilities | 62,370 | 64,771 | -3.7% |
| Accounts Payable | 12,154 | 10,425 | +16.6% |
| Accrued Liabilities | 4,534 | 5,058 | -10.4% |
| Deferred Revenue (Current) | 7,576 | 7,492 | +1.1% |
| Debt Current | 18,618 | 22,633 | -17.7% |
| Non-Current Liabilities | |||
| Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent | 11,099 | 11,997 | -7.5% |
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| Other Postretirement Benefit Plans Defined Benefit | 9,488 | 9,430 | +0.6% |
| Pension Plans Defined Benefit | 268 | 1,078 | -75.1% |
| Deferred Tax Liabilities | 48,717 | 46,732 | +4.2% |
| Operating Lease Liabilities | 18,951 | 19,928 | -4.9% |
| Other Non-Current Liabilities | 17,848 | 19,327 | -7.7% |
| Liabilities Noncurrent | 236,147 | 219,365 | +7.7% |
| Long-Term Debt (Q) | — | — | — |
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| 2021 ABS Financing Facility · Secured Debt | 5.6 | — | — |
| 2022 ABS Financing Facility · Secured Debt | 5 | — | — |
| Contract With Customer Liability Noncurrent | 2,433 | 2,186 | +11.3% |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations | 139,532 | 121,381 | +15.0% |
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| Variable Interest Entity Primary Beneficiary | 12,204 | 8,827 | +38.3% |
| Stockholders' Equity | |||
| Common Stock Value Outstanding | 429 | 429 | 0.0% |
| Additional Paid-In Capital | 13,372 | 13,466 | -0.7% |
| Retained Earnings | 94,744 | 89,110 | +6.3% |
| Accumulated Other Comprehensive Income | -1,727 | -923 | -87.1% |
| Treasury Stock Common Value | -3,255 | -3,583 | +9.2% |
| Deferred Compensation Employee Stock Ownership Plans And Other | 897 | 738 | +21.5% |
| Minority Interest | 1,281 | 1,338 | -4.3% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 105,741 | 100,575 | +5.1% |
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| Accumulated Defined Benefit Plans Adjustment | 197 | 207 | -4.8% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent | -989 | -981 | -0.8% |
| Accumulated Other Comprehensive Income | -1,727 | -923 | -87.1% |
| Accumulated Translation Adjustment | -607 | -733 | +17.2% |
| Additional Paid In Capital | 13,372 | 13,466 | -0.7% |
| Aoci Derivative Qualifying As Hedge Excluded Component Parent | -328 | 589 | -155.7% |
| Common Stock | 429 | 429 | 0.0% |
| Deferred Compensation Share Based Payments | 897 | 738 | +21.5% |
| Noncontrolling Interest | 1,281 | 1,338 | -4.3% |
| Retained Earnings | 94,744 | 89,110 | +6.3% |
| Treasury Stock Common | -3,255 | -3,583 | +9.2% |
| Total Liabilities & Equity | 404,258 | 384,711 | +5.1% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Employee Benefits And Share Based Compensation Noncash | 581 | -521 | +211.5% |
| Deferred Income Taxes | 531 | 568 | -6.5% |
| Provision For Doubtful Accounts | 736 | 715 | +2.9% |
| Income Loss From Equity Method Investments Net Of Dividends Or Distributions | 1 | 13 | -92.3% |
| Other Operating Activities Cash Flow Statement | -1,436 | -294 | -388.4% |
| Net Cash from Operations | 9,114 | 10,432 | -12.6% |
| Investing Activities | |||
| Payments To Acquire Other Productive Assets | -4,748 | -5,071 | +6.4% |
| Payments To Acquire Intangible Assets | -110 | -132 | +16.7% |
| Other Investing Activities | -122 | -358 | +65.9% |
| Net Cash from Investing | -4,980 | -5,561 | +10.4% |
| Financing Activities | |||
| Proceeds From Issuance Of Longterm Debt Excluding Assetbacked Debt | 14,316 | 4 | +357800.0% |
| Proceeds From Issuance Of Secured Debt | 1,998 | 4,193 | -52.3% |
| Repayments Of Long Term Borrowings And Finance Lease Obligations | -3,823 | -5,231 | +26.9% |
| Repayments Of Secured Debt | -2,000 | -2,332 | +14.2% |
| Payments Of Dividends | -2,912 | -2,850 | -2.2% |
| Proceeds From Payments For Other Financing Activities | -370 | 593 | -162.4% |
| Net Cash from Financing | 7,209 | -5,623 | +228.2% |
| Supplemental | |||
| Unpaid Capital Expenditures (Q) | — | — | — |
Show Long-Term Debt Type breakouts |
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| Alternative Financing Facility · Network Equipment | 0.4 | 0.4 | 0.0% |
| Other Cash Flow | |||
| Net Change in Cash | 11,343 | -752 | +1608.4% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 19,499 | 4,635 | +320.7% |
Values in millions USD. Source: SEC EDGAR 10-K filing.