Verizon Communications Inc., through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches. It also provides residential fixed connectivity solutions, such as internet, video, and voice services; and sells network access to mobile virtual network operators. As of December 31, 2021, it had approximately 115 million wireless retail connections, 7 million wireline broadband connections, and 4 million Fios video connections. The company's Business segment provides network connectivity products, including private networking, private cloud connectivity, virtual and software defined networking, and internet access services; and internet protocol-based voice and video services, unified communications and collaboration tools, and customer contact center solutions. This segment also offers a suite of management and data security services; domestic and global voice and data solutions, such as voice calling, messaging services, conferencing, contact center solutions, and private line and data access networks; customer premises equipment; installation, maintenance, and site services; and Internet of Things products and services. As of December 31, 2021, it had approximately 27 million wireless retail postpaid connections and 477 thousand wireline broadband connections. The company was formerly known as Bell Atlantic Corporation and changed its name to Verizon Communications Inc. in June 2000. Verizon Communications Inc. was incorporated in 1983 and is headquartered in New York, New York.

Verizon Communications Inc.

Service Revenues and Other

Service Revenues and Other %Chg

Service Revenues and Other Common Size

Wireless Equipment Revenues

Wireless Equipment Revenues %Chg

Wireless Equipment Revenues Common Size

Total Operating Revenues

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Cost of Services and Sales

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Cost of Services

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Cost of Services Common Size

Cost of Wireless Equipment

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Cost of Wireless Equipment Common Size

Selling, General and Administrative Expense

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Depreciation and Amortization Expense

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Verizon Business Group Goodwill Impairment

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Total Operating Expenses

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Operating Income

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Operating Income Common Size

Equity in Losses of Unconsolidated Businesses

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Equity in Losses of Unconsolidated Businesses Common Size

Other Income, Net

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Other Income, Net Common Size

Interest Expense

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Income Before Provision for Income Taxes

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Provision for Income Taxes

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Net Income

Net Income %Chg

Net Income Common Size

Net Income Attributable to Noncontrolling Interests

Net Income Attributable to Noncontrolling Interests %Chg

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Net Income Attributable to Verizon

Net Income Attributable to Verizon %Chg

Net Income Attributable to Verizon Common Size

Weighted-Average Shares Outstanding

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Total Revenues

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Cost of Sales

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Gross Profit

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Selling, General & Administrative Expenses

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Depreciation & Amortization Expenses

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Operating Profit

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Interest and Investment Income

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Non-Operating Income

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Consolidated Net Income

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Net Income Attributable to Minority Interests and Other

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Net Income Attributable to Common Shareholders

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

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Adjusted EBIT

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Adjusted EBT

Adjusted Funds From Operations

Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	137,491	134,788	133,974	136,835	133,613	128,292	131,868	130,863	126,034	125,980	131,620
Total Revenues %Chg	2.4%	0.6%	-2.1%	2.4%	4.1%	-2.7%	0.8%	3.8%	0%	-4.3%	3.6%
Service Revenues and Other
Wireless Equipment Revenues
Cost of Sales	55,801	54,097	54,887	59,133	56,301	51,201	54,726	55,508	53,063	52,701	52,557
Cost of Services
Cost of Wireless Equipment
Cost of Services and Sales
Gross Profit	81,690	80,691	79,087	77,702	77,312	77,091	77,142	75,355	72,971	73,279	79,063
Gross Profit Margin	59.4%	59.9%	59%	56.8%	57.9%	60.1%	58.5%	57.6%	57.9%	58.2%	60.1%
Selling, General & Administrative Expenses	31,678	34,113	32,745	30,136	28,658	31,573	29,896	31,083	28,592	28,102	29,986
Selling, General and Administrative Expense
Depreciation & Amortization Expenses	18,336	17,892	17,624	17,099	16,206	16,720	16,682	17,403	16,954	15,928	16,017
Depreciation and Amortization Expense
Other Operating Expenses	—	—	5,841	—	—	—	186	4,591	—	—	—
Verizon Business Group Goodwill Impairment
Operating Profit	31,676	28,686	22,877	30,467	32,448	28,798	30,378	22,278	27,425	29,249	33,060
Operating Income
Operating Margin	23%	21.3%	17.1%	22.3%	24.3%	22.4%	23%	17%	21.8%	23.2%	25.1%
Interest and Investment Income	-9	-53	-53	44	145	-45	-15	-186	-77	-98	-86
Equity in Losses of Unconsolidated Businesses
Interest Expense	-6,579	-6,649	-5,524	-3,613	-3,485	-4,247	-4,730	-4,833	-4,733	-4,376	-4,920
Interest Expense
Non-Operating Income	1,089	995	-313	1,373	312	-539	-2,900	2,364	-2,021	-3,789	186
Other Income, Net
Total Non-Operating Income	-5,499	-5,707	-5,890	-2,196	-3,028	-4,831	-7,645	-2,655	-6,831	-8,263	-4,820
Income Before Provision for Income Taxes	26,177	22,979	16,987	28,271	29,420	23,967	22,733	19,623	20,594	20,986	28,240
Income Before Provision for Income Taxes
Provision for Income Taxes	5,903	5,030	4,892	6,523	6,802	5,619	2,945	3,584	-9,956	7,378	9,865
Provision for Income Taxes
Consolidated Net Income	20,274	17,949	12,095	21,748	22,618	18,348	19,788	16,039	30,550	13,608	18,375
Net Income
Net Income Attributable to Minority Interests and Other	437	443	481	492	553	547	523	511	449	481	496
Net Income Attributable to Noncontrolling Interests
Net Income Attributable to Common Shareholders	19,837	17,506	11,614	21,256	22,065	17,801	19,265	15,528	30,101	13,127	17,879
Net Income Attributable to Verizon
Basic EPS	4.7	4.2	2.8	5.1	5.3	4.3	4.7	3.8	7.4	3.2	4.4
Diluted EPS	4.7	4.1	2.8	5.1	5.3	4.3	4.7	3.8	7.4	3.2	4.4
Basic Weighted Average Shares Outstanding	4,224	4,218	4,211	4,202	4,148	4,140	4,138	4,128	4,084	4,080	4,085
Total Shares Outstanding	4,216.4	4,209.7	4,204	4,200	4,197.8	4,138.1	4,135.8	4,132	4,079.5	4,076.7	4,073.2
Diluted Weighted Average Shares Outstanding	4,228.5	4,223	4,215	4,204	4,150	4,142	4,140	4,132	4,089	4,086	4,093
EBITDA	50,012	46,578	40,501	47,566	48,654	45,518	47,060	39,681	44,379	45,177	49,077
Effective Tax Rate	22.6%	21.9%	28.8%	23.1%	23.1%	23.4%	13%	18.3%	-48.3%	35.2%	34.9%