Verizon Communications Inc. (VZ) Financial Statements (2024 and earlier)

Company Profile

Business Address 1095 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 4813 - Telephone Communications, Except Radiotelephone (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)
Annual | Quarterly

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments2,6052,92122,1712,5942,7452,079
Cash and cash equivalents2,6052,92122,1712,5942,7452,079
Restricted cash and investments1,3431,0941,1951,221  
Receivables24,50623,84623,91725,42925,10223,493
Inventory, net of allowances, customer advances and progress billings2,3883,0551,7961,4221,3361,034
Inventory2,3883,0551,7961,4221,3361,034
Prepaid expense1671,0931,2002,438  
Contract with customer, asset, after allowance for credit loss656    ✕
Capitalized contract cost2,6292,4322,4722,578 ✕
Other undisclosed current assets3,5632,2871,8431,7915,4533,307
Total current assets:37,85736,72854,59437,47334,63629,913
Noncurrent Assets
Operating lease, right-of-use asset26,13027,88322,53122,694✕✕
Property, plant and equipment107,43499,69694,83391,91589,28688,568
Long-term investments and receivables1,0711,0615895586711,039
Long-term investments1,0711,0615895586711,039
Intangible assets, net (including goodwill)189,928187,899130,283128,946128,519127,836
Goodwill28,67128,60324,77324,38924,61429,172
Intangible assets, net (excluding goodwill)161,257159,296105,510104,557103,90598,664
Other noncurrent assets17,26013,32913,65110,14111,7179,787
Total noncurrent assets:341,823329,868261,887254,254230,193227,230
TOTAL ASSETS:379,680366,596316,481291,727264,829257,143
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:23,97724,83320,65821,80622,50121,232
Interest and dividends payable✕✕1,5611,4521,4411,5701,409
Taxes payable✕✕1,6241,4321,7711,4831,483
Employee-related liabilities✕✕4,4855,0574,8856,2684,521
Accounts payable8,7508,0406,6677,7257,2327,063
Accrued liabilities7,8249,1236,0505,9845,9486,756
Other undisclosed accounts payable and accrued liabilities7,403     
Debt9,9637,4435,88910,7777,1903,453
Business combination, contingent consideration, liability      
Other liabilities12,09711,0259,6289,0248,2398,352
Other undisclosed current liabilities4,1343,8593,4853,261  
Total current liabilities:50,17147,16039,66044,86837,93033,037
Noncurrent Liabilities
Long-term debt and lease obligation, including:140,676143,425123,173100,712105,873113,642
Capital lease obligations✕✕✕✕✕589638
Finance lease, liability1,167925916780✕✕
Other undisclosed long-term debt and lease obligation139,509119,297104,25781,539105,284113,004
Liabilities, other than long-term debt96,37069,60866,37664,91932,52165,777
Deferred tax liabilities, net✕✕✕✕✕ 31,232
Deferred income tax liabilities43,44140,68535,71134,703✕✕
Liability, pension and other postretirement and postemployment benefits12,97415,41018,65717,95218,59922,112
Other liabilities18,39713,51312,00812,26413,92212,433
Operating lease, liability21,55823,20318,00018,393✕✕
Other undisclosed noncurrent liabilities  23,20318,00018,39333,795 
Total noncurrent liabilities:237,046236,236207,549184,024172,189179,419
Total liabilities:287,217283,396247,209228,892210,119212,456
Equity
Equity, attributable to parent90,35181,25267,50761,17352,79242,680
Common stock 429429429429429424
Treasury stock, value(4,013)(4,104)(6,719)(6,820)(6,986)(7,139)
Additional paid in capital13,42013,86113,40413,41913,43711,101
Accumulated other comprehensive income (loss)(1,865)(927)(71)9982,3702,659
Retained earnings82,38071,99360,46453,14743,54235,635
Equity, attributable to noncontrolling interest1,3191,4101,4301,4401,5651,591
Other undisclosed equity793538335222353416
Total equity:92,46383,20069,27262,83554,71044,687
TOTAL LIABILITIES AND EQUITY:379,680366,596316,481291,727264,829257,143

Income Statement (P&L) ($ in millions)
Annual | Quarterly

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues136,835133,613128,292131,868130,863126,034
Revenue, net✕✕✕✕✕✕126,034
Cost of revenue(57,202)(56,009)(49,474)(52,840)(51,818)(51,556)
Cost of goods and services sold      (51,556)
Gross profit:79,63377,60478,81879,02879,04574,478
Operating expenses(49,166)(45,156)(50,020)(48,650)(56,767)(47,064)
Operating income:30,46732,44828,79830,37822,27827,414
Nonoperating income (expense)
(Other Nonoperating Income (Expense))		1,373312(539)(2,900)2,364(2,010)
Interest and debt expense(3,613)(3,485)(4,247)(4,730)(4,833)(4,733)
Income from continuing operations before equity method investments, income taxes:28,22729,27524,01222,74819,80920,671
Income (loss) from equity method investments44145(45)(15)(186)(77)
Income from continuing operations before income taxes:28,27129,42023,96722,73319,62320,594
Income tax expense (benefit)(6,523)(6,802)(5,619)(2,945)(3,584)9,956
Income from continuing operations:21,74822,61818,34819,78816,03930,550
Income before gain (loss) on sale of properties:✕✕22,61818,34819,78816,03930,550
Net income:21,74822,61818,34819,78816,03930,550
Net loss attributable to noncontrolling interest(492)(553)(547)(523)(511)(449)
Net income available to common stockholders, diluted:21,25622,06517,80119,26515,52830,101

Comprehensive Income ($ in millions)
Annual | Quarterly

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:21,74822,61818,34819,78816,03930,550
Other comprehensive income (loss)253(856)(1,069)461284174
Other undisclosed comprehensive income (loss)(1,191)  (1,833)(1,203)(188)
Comprehensive income:20,81021,76217,27918,41615,12030,536
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(492)(553)(547)(523)(511)449
Other undisclosed comprehensive loss, net of tax, attributable to parent      (898)
Comprehensive income, net of tax, attributable to parent:20,31821,20916,73217,89314,60930,087

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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