VERIZON COMMUNICATIONS INC

VZ 10-K · Q4 2025

VZ Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 36,381 35,681 +2.0%
Show Product Lines breakouts
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%
Show Business Segments breakouts
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%
Show Consolidation Items breakouts
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)
Show Product Lines breakouts
Product 9,380 8,581 +9.3%
Service 7,098 6,933 +2.4%
Show — breakouts
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%
Show Business Segments breakouts
Business · Operating Segments 1,026 1,061 -3.3%
Consumer · Operating Segments 3,480 3,438 +1.2%
Show Consolidation Items breakouts
Operating Segments 4,506 4,499 +0.2%
Total Costs & Expenses 31,377 28,260 +11.0%
Show Business Segments breakouts
Business · Operating Segments 6,773 6,910 -2.0%
Consumer · Operating Segments 21,539 20,656 +4.3%
Show Consolidation Items breakouts
Operating Segments 28,312 27,566 +2.7%
Operating Income 5,004 7,421 -32.6%
Show Business Segments breakouts
Business · Operating Segments 593 594 -0.2%
Consumer · Operating Segments 6,897 6,904 -0.1%
Show Consolidation Items breakouts
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%
Show Equity Components breakouts
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

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%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 298 322 -7.5%
Total Current Assets 56,922 40,523 +40.5%
Accounts Receivable (Q)
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 18,421 18,339 +0.4%
Show Financing Receivable Portfolio breakouts
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
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
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%
Show Consolidated Entities breakouts
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
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%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 14,863 17,312 -14.1%
Accounts Payable And Accrued Liabilities Current 24,981 23,374 +6.9%
Show Consolidated Entities breakouts
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%
Show Retirement Plan Type breakouts
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)
Show Debt Instrument breakouts
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%
Show Consolidated Entities breakouts
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%
Show Equity Components breakouts
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

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
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.

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