Verizon Communications Inc. (VZ) Cash Flow Statement
Where VZ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $37.14B +0.6% vs 2024
- Capital expenditures
- $17.46B 12.6% of revenue
- Free cash flow
- $19.68B 14.2% margin
- Returned to shareholders
- $11.48B 58% of free cash flow
- Change in cash
- $14.86B cash at year-end $19.50B
Drawn to scale: where the cash came from and how it was used. Hover for values.
VZ operating cash flow, capex and free cash flow
VZ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $21.69B2016 | $37.14B2025 | +6.2%/yr | |
| Capital expenditures | $17.59B2016 | $17.46B2025 | −0.1%/yr | |
| Free cash flow | $4.10B2016 | $19.68B2025 | +19.1%/yr | |
| Free cash flow margin | 3.3%2016 | 14.2%2025 | +11.0 pts | |
| Operating cash flow / net income | 1.592016 | 2.112025 | +0.52 | |
| Stock-based compensation | $400.0M2016 | $533.0M2023 | +4.2%/yr | |
| Dividends paid | $9.26B2016 | $11.48B2025 | +2.4%/yr | |
| Share buybacks (net) | $02016 | $02017 | — | |
| Capex / revenue | 14.0%2016 | 12.6%2025 | −1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VZ cash flow by activity
VZ net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VZ cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $17.61B | $17.95B | $12.10B | $21.75B | $22.62B | $18.35B | $19.79B | $16.04B | $30.55B | $13.61B |
| Depreciation & amortization | $18.35B | $17.89B | $17.62B | $17.10B | $16.21B | $16.72B | $16.68B | $17.40B | $16.95B | $15.93B |
| Stock-based compensation | — | — | $533.0M | $433.0M | $986.0M | $961.0M | $737.0M | $720.0M | $384.0M | $400.0M |
| Change in working capital | −$2.32B | −$2.28B | −$267.0M | −$456.0M | −$890.0M | $56.0M | −$6.71B | −$1.18B | −$5.94B | −$6.75B |
| Other non-cash items | $3.50B | $3.35B | $7.49B | −$1.68B | $619.0M | $5.68B | $5.25B | $1.35B | −$17.63B | −$1.49B |
| Cash from operating activities | $37.14B | $36.91B | $37.48B | $37.14B | $39.54B | $41.77B | $35.75B | $34.34B | $24.32B | $21.69B |
| Investing activities | ||||||||||
| Capital expenditures | −$17.46B | −$17.99B | −$18.77B | −$26.74B | −$20.29B | −$20.32B | −$18.84B | −$18.09B | −$17.83B | −$17.59B |
| Investments (net) | — | −$18.67B | −$20.95B | −$28.66B | −$67.15B | −$23.51B | −$17.58B | −$17.93B | −$19.37B | −$10.98B |
| Acquisitions & other investing | $801.0M | $17.99B | $16.29B | $26.74B | $20.29B | $20.32B | $18.84B | $18.09B | $18.75B | $17.59B |
| Cash from investing activities | −$16.66B | −$18.67B | −$23.43B | −$28.66B | −$67.15B | −$23.51B | −$17.58B | −$17.93B | −$18.46B | −$10.98B |
| Financing activities | ||||||||||
| Dividends paid | −$11.48B | −$11.25B | −$11.03B | −$10.80B | −$10.45B | −$10.23B | −$10.02B | −$9.77B | −$9.47B | −$9.26B |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | $0 | $17.95B |
| Net borrowing (repayment) | $7.82B | −$4.78B | −$2.16B | $5.89B | $22.55B | −$1.78B | −$15.31B | −$9.75B | $7.59B | −$1.36B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.95B | −$1.07B | −$1.47B | −$3.61B | −$3.83B | $13.34B | $7.16B | $4.14B | −$4.27B | −$20.65B |
| Cash from financing activities | −$5.61B | −$17.10B | −$14.66B | −$8.53B | $8.28B | $1.32B | −$18.16B | −$15.38B | −$6.15B | −$13.32B |
| Summary | ||||||||||
| Net change in cash | $14.86B | $1.14B | −$614.0M | −$50.0M | −$19.34B | $19.58B | $1.0M | $1.03B | −$289.0M | −$1.59B |
| Cash at end of period | $19.50B | $4.63B | $3.50B | $4.11B | $4.16B | $23.50B | $3.92B | $3.92B | $2.89B | $2.88B |
| Free cash flow | $19.68B | $18.92B | $18.71B | $10.40B | $19.25B | $21.45B | $16.91B | $16.25B | $6.49B | $4.10B |
| Free cash flow margin | 14.2% | 14.0% | 14.0% | 7.6% | 14.4% | 16.7% | 12.8% | 12.4% | 5.1% | 3.3% |
| Capex / revenue | 12.6% | 13.3% | 14.0% | 19.5% | 15.2% | 15.8% | 14.3% | 13.8% | 14.1% | 14.0% |
| Operating cash flow / net income | 2.11 | 2.06 | 3.10 | 1.71 | 1.75 | 2.28 | 1.81 | 2.14 | 0.80 | 1.59 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.95B | $5.15B | $2.45B | $5.06B | $5.12B | $4.98B | $5.11B | $3.41B | $4.70B | $4.72B | −$2.57B | $4.88B |
| Depreciation & amortization | $5.01B | $4.89B | $4.52B | $4.62B | $4.63B | $4.58B | $4.51B | $4.46B | $4.48B | $4.45B | $4.52B | $4.43B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $533.0M | $608.0M |
| Change in working capital | −$336.0M | −$3.08B | $1.73B | −$736.0M | −$700.0M | −$2.62B | $331.0M | $963.0M | −$1.04B | −$2.53B | −$1.24B | $1.59B |
| Other non-cash items | $1.81B | $1.03B | $413.0M | $2.33B | −$81.0M | $840.0M | $481.0M | $1.08B | $1.34B | $448.0M | $7.44B | −$737.0M |
| Cash from operating activities | $10.44B | $7.98B | $9.11B | $11.27B | $8.97B | $7.78B | $10.43B | $9.91B | $9.48B | $7.08B | $8.68B | $10.78B |
| Investing activities | ||||||||||||
| Capital expenditures | −$5.08B | −$4.28B | −$4.86B | −$4.42B | −$3.92B | −$4.27B | −$5.20B | −$4.10B | −$3.86B | −$4.83B | −$4.60B | −$4.09B |
| Investments (net) | — | — | — | −$4.49B | −$3.44B | −$3.75B | −$5.56B | −$4.00B | −$3.87B | −$5.25B | −$7.82B | −$5.41B |
| Acquisitions & other investing | $154.0M | −$9.29B | −$122.0M | $4.42B | $3.92B | $4.27B | $5.20B | $4.10B | $3.86B | $4.83B | $4.60B | $4.09B |
| Cash from investing activities | −$4.93B | −$13.57B | −$4.98B | −$4.49B | −$3.44B | −$3.75B | −$5.56B | −$4.00B | −$3.87B | −$5.25B | −$7.82B | −$5.41B |
| Financing activities | ||||||||||||
| Dividends paid | −$2.95B | −$2.91B | −$2.91B | −$2.86B | −$2.86B | −$2.86B | −$2.85B | −$2.80B | −$2.80B | −$2.80B | −$2.79B | −$2.74B |
| Share repurchases & issuance (net) | −$1.00B | −$2.50B | — | — | $0 | $0 | — | — | — | — | — | — |
| Net borrowing (repayment) | −$7.41B | $1.04B | $10.49B | $730.0M | −$1.15B | −$2.25B | −$3.37B | −$633.0M | — | — | — | −$2.37B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$469.0M | −$911.0M | −$370.0M | −$424.0M | −$372.0M | −$783.0M | $593.0M | −$981.0M | −$2.83B | $1.37B | −$222.0M | −$944.0M |
| Cash from financing activities | −$11.84B | −$5.28B | $7.21B | −$2.55B | −$4.38B | −$5.89B | −$5.62B | −$4.42B | −$5.63B | −$1.43B | −$3.02B | −$6.05B |
| Summary | ||||||||||||
| Net change in cash | −$6.33B | −$10.87B | $11.34B | $4.22B | $1.16B | −$1.86B | −$752.0M | $1.49B | −$14.0M | $411.0M | −$2.16B | −$685.0M |
| Cash at end of period | $2.30B | $8.63B | $19.50B | $8.16B | $3.93B | $2.77B | $4.63B | $5.39B | $3.89B | $3.91B | $3.50B | $5.66B |
| Free cash flow | $5.35B | $3.70B | $4.26B | $6.85B | $5.05B | $3.52B | $5.23B | $5.81B | $5.63B | $2.26B | $4.07B | $6.68B |
| Free cash flow margin | 15.6% | 10.7% | 11.7% | 20.3% | 14.7% | 10.5% | 14.7% | 17.4% | 17.2% | 6.8% | 11.6% | 20.1% |
| Capex / revenue | 14.8% | 12.4% | 13.4% | 13.1% | 11.4% | 12.7% | 14.6% | 12.3% | 11.8% | 14.6% | 13.1% | 12.3% |
| Operating cash flow / net income | 2.64 | 1.55 | 3.72 | 2.23 | 1.75 | 1.56 | 2.04 | 2.91 | 2.02 | 1.50 | — | 2.21 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
VZ cash generation
In fiscal 2025 (ended December 31, 2025), Verizon generated $37.1 billion of cash from operations (up 0.6%) and spent $17.5 billion on capital expenditures, leaving free cash flow of $19.7 billion, 14.2% of revenue. It returned $11.5 billion to shareholders through dividends ($11.5 billion) and net share buybacks ($0). Cash and equivalents rose by $14.9 billion over the year.
Related: VZ income statement, VZ balance sheet, VZ dividend history. See the VZ stock overview for the latest quote and news.
VZ cash flow FAQ
What is Verizon's free cash flow?
Verizon's free cash flow was $19.7 billion in fiscal 2025: $37.1 billion of operating cash flow minus $17.5 billion of capital expenditures It was $18.9 billion a year earlier..
How much cash does Verizon generate from operations?
Verizon generated $37.1 billion of cash from operating activities in fiscal 2025, 2.11 times its net income of $17.6 billion.
How much does Verizon spend on capital expenditures?
Verizon spent $17.5 billion on capital expenditures in fiscal 2025, 12.6% of revenue, compared with $18.0 billion the year before.
How much does Verizon pay in dividends?
Verizon paid $11.5 billion in dividends in fiscal 2025, 58.4% of free cash flow.