Verizon Communications Inc. (VZ) Income Statement
VZ 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVZ revenue and net income
Where VZ's revenue goes
2025Each bar shows an amount and its share of revenue. VZ kept 12.4% of revenue as net income.
VZ profit margins
VZ growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.5% | +0.3% | +1.5% | +0.5% |
| Gross profit | +0.4% | +1.3% | +0.9% | +0.0% |
| Operating income | −4.4% | −1.3% | −0.4% | −1.1% |
| Net income | −1.9% | −6.9% | −0.7% | −0.4% |
| EPS (diluted) | +2.6% | −3.1% | −0.8% | +1.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VZ quarterly EPS vs estimates
Verizon beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 26, 2026 (estimate $1.27).
VZ income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $138.19B | $134.79B | $133.97B | $136.84B | $133.61B | $128.29B | $131.87B | $130.86B | $126.03B | $125.98B |
| Cost of revenue | $75.11B | $71.99B | $72.51B | $76.23B | $72.51B | $67.92B | $71.41B | $72.61B | $68.51B | $67.35B |
| Gross profit | $63.08B | $62.80B | $61.46B | $60.60B | $61.11B | $60.37B | $60.46B | $58.26B | $57.52B | $58.63B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $33.82B | $32.20B | $31.30B | $30.14B | $28.66B | $28.47B | $29.90B | $28.40B | $26.82B | $27.09B |
| Total operating expenses | $33.82B | $32.20B | $32.63B | $30.14B | $29.14B | $30.50B | $29.43B | $28.25B | $31.00B | $32.72B |
| Operating income | $29.26B | $30.60B | $28.83B | $30.47B | $31.96B | $29.87B | $31.03B | $30.01B | $26.52B | $25.91B |
| Interest income | $6.69B | $336.0M | $348.0M | $3.57B | $3.34B | $4.29B | $121.0M | $94.0M | $82.0M | $59.0M |
| Interest expense | $6.69B | $6.65B | $5.53B | $3.58B | $3.50B | $4.27B | $4.73B | $4.83B | $4.73B | $4.38B |
| Income before taxes | $22.67B | $22.98B | $16.99B | $28.27B | $29.42B | $23.97B | $22.73B | $19.62B | $20.59B | $20.99B |
| Income taxes | $5.06B | $5.03B | $4.89B | $6.52B | $6.80B | $5.62B | $2.94B | $3.58B | −$9.96B | $7.38B |
| Net income | $17.17B | $17.51B | $11.61B | $21.26B | $22.07B | $17.80B | $19.27B | $15.53B | $30.10B | $13.13B |
| EBITDA | $47.72B | $47.52B | $40.14B | $48.95B | $49.12B | $44.96B | $44.15B | $41.86B | $42.28B | $41.29B |
| EPS (diluted) | $4.71 | $4.59 | $4.71 | $5.17 | $5.40 | $4.90 | $4.81 | $4.71 | $3.75 | $3.87 |
| Gross margin | 45.6% | 46.6% | 45.9% | 44.3% | 45.7% | 47.1% | 45.8% | 44.5% | 45.6% | 46.5% |
| Operating margin | 21.2% | 22.7% | 21.5% | 22.3% | 23.9% | 23.3% | 23.5% | 22.9% | 21.0% | 20.6% |
| Net margin | 12.4% | 13.0% | 8.7% | 15.5% | 16.5% | 13.9% | 14.6% | 11.9% | 23.9% | 10.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.25B | $34.44B | $36.38B | $33.82B | $34.50B | $33.48B | $35.68B | $33.33B | $32.80B | $32.98B | $35.13B | $33.34B |
| Cost of revenue | $18.09B | $13.67B | $7.10B | $17.96B | $18.52B | $17.63B | $20.02B | $17.70B | $16.95B | $17.32B | $19.70B | $17.87B |
| Gross profit | $16.16B | $20.77B | $29.28B | $15.86B | $15.98B | $15.85B | $15.66B | $15.63B | $15.84B | $15.66B | $15.43B | $15.47B |
| Sales, general & admin | $8.98B | $7.63B | $10.38B | $7.75B | $7.81B | $7.87B | $8.09B | $9.71B | $8.02B | $8.14B | $8.99B | $8.00B |
| Total operating expenses | $8.98B | $12.53B | $24.28B | $7.75B | $7.81B | $7.87B | $8.24B | $7.79B | $8.02B | $8.04B | $8.99B | $7.88B |
| Operating income | $7.18B | $8.24B | $5.00B | $8.11B | $8.17B | $7.98B | $7.42B | $7.84B | $7.82B | $7.63B | $6.44B | $7.59B |
| Interest income | $72.0M | $147.0M | $1.76B | $68.0M | $1.64B | $63.0M | $78.0M | $97.0M | $83.0M | $78.0M | $89.0M | $1.45B |
| Interest expense | $1.99B | $1.94B | $1.76B | $1.66B | $1.64B | $1.63B | $1.65B | $1.67B | $1.70B | $1.64B | $1.60B | $1.43B |
| Income before taxes | $5.27B | $6.78B | $3.06B | $6.53B | $6.61B | $6.47B | $6.57B | $4.30B | $6.03B | $6.08B | −$1.82B | $6.19B |
| Income taxes | $1.32B | $1.64B | $615.0M | $1.47B | $1.49B | $1.49B | $1.45B | $891.0M | $1.33B | $1.35B | $756.0M | $1.31B |
| Net income | $3.83B | $5.04B | $2.34B | $4.95B | $5.00B | $4.88B | $5.00B | $3.31B | $4.59B | $4.60B | −$2.71B | $4.76B |
| EBITDA | $12.19B | $13.62B | $9.34B | $12.81B | $12.88B | $12.68B | $12.72B | $10.43B | $12.22B | $12.16B | $4.30B | $12.06B |
| EPS (diluted) | $1.30 | $1.28 | $1.09 | $1.21 | $1.22 | $1.19 | $1.10 | $1.19 | $1.15 | $1.15 | $1.08 | $1.22 |
| Gross margin | 47.2% | 60.3% | 80.5% | 46.9% | 46.3% | 47.3% | 43.9% | 46.9% | 48.3% | 47.5% | 43.9% | 46.4% |
| Operating margin | 21.0% | 23.9% | 13.8% | 24.0% | 23.7% | 23.8% | 20.8% | 23.5% | 23.8% | 23.1% | 18.3% | 22.8% |
| Net margin | 11.2% | 14.6% | 6.4% | 14.6% | 14.5% | 14.6% | 14.0% | 9.9% | 14.0% | 14.0% | −7.7% | 14.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VZ's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VZ financial results
In fiscal year 2025 (ended December 31, 2025), Verizon reported revenue of $138.2 billion, up 2.5% from the year before. It had net income of $17.2 billion (down 1.9%), a net profit margin of 12.4%. Diluted earnings per share came to $4.71. Over five years revenue grew at an average rate of 1.5% a year.
See the VZ stock overview for the latest quote and news, or the VZ chart for price history and technical indicators.
VZ income statement FAQ
What is Verizon's annual revenue?
Verizon reported total revenue of $138.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.5% from $134.8 billion the previous year.
Is Verizon profitable?
Yes. Verizon reported net income of $17.2 billion in fiscal 2025, a net profit margin of 12.4%; its operating margin was 21.2%.
What is Verizon's gross margin?
Verizon's gross margin was 45.6% in fiscal 2025: for every $100 of revenue, Verizon kept $46 after the direct cost of its products and services.
How fast is Verizon growing?
Revenue grew 1.5% a year on average over the last five fiscal years, from $128.3 billion to $138.2 billion.
What are Verizon's earnings per share?
Verizon earned $4.71 per diluted share in fiscal 2025, compared with $4.59 a year earlier.
When will Verizon report its next earnings?
Verizon is expected to report results for the quarter ending September 30, 2026 on October 26, 2026 before the market opens.
When does Verizon's fiscal year end?
Verizon's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.