Verizon Communications (VZ) FY2011 results: revenue $110.9 billion, up 4.0% on the year
Verizon Communications Inc. (VZ) reported revenue of $110.9 billion for fiscal 2011, the year ended 31 December 2011, up 4.0% on the year before. Net income was $2.4 billion, down 5.7%, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2012.
Revenue
$110.9 billion
+4.0% on the year
FY2007FY2011
Operating margin
11.6%
13.7% a year earlier
FY2007FY2011
Net income
$2.4 billion
-5.7% on the year
FY2007FY2011
Diluted EPS
$0.85
-5.6% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
110,875
106,565
107,808
+4.0%
Cost of revenue
45,875
44,149
44,579
+3.9%
Gross profit
65,000
62,416
63,229
+4.1%
Gross margin
58.6%
58.6%
58.6%
Selling, general and administrative
35,624
31,366
30,717
+13.6%
Operating income
12,880
14,645
15,978
-12.1%
Operating margin
11.6%
13.7%
14.8%
Interest expense
2,827
2,523
3,102
+12.0%
Pre-tax income
10,483
12,684
13,520
-17.4%
Income tax
285
2,467
1,919
-88.4%
Effective tax rate
2.7%
19.4%
14.2%
Net income
2,404
2,549
4,894
-5.7%
Net margin
2.2%
2.4%
4.5%
Diluted EPS
$0.85
$0.90
$1.72
-5.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
29,780
33,363
31,390
-10.7%
Capital expenditure
16,244
16,458
16,872
-1.3%
Free cash flow
13,536
16,905
14,518
-19.9%
Free cash flow margin
12.2%
15.9%
13.5%
Cash from investing
-17,250
-15,054
-23,156
Cash from financing
-5,836
-13,650
-16,007
Depreciation and amortisation
16,496
16,405
16,532
+0.6%
Share-based compensation
500
500
500
0.0%
Buybacks
n/a
n/a
0.0
Dividends paid
5,555
5,412
5,271
+2.6%
Dividend per share
$1.98
$1.93
$1.87
+2.6%
Diluted shares, weighted
2,839m
2,833m
2,841m
+0.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
85,908
86,912
84,143
-1.2%
Debt
55,152
52,794
61,156
+4.5%
Other liabilities
89,401
80,299
81,952
+11.3%
Total liabilities and equity
230,461
220,005
227,251
+4.8%
Fixed assets
88,434
87,711
91,985
+0.8%
Goodwill
23,357
21,988
22,472
+6.2%
Intangible assets
5,878
5,830
6,764
+0.8%
Investments
592
545
490
+8.6%
Loans
1,910
2,515
2,664
-24.1%
Cash and equivalents
13,362
6,668
2,009
+100.4%
Receivables
11,776
11,781
12,573
-0.0%
Inventory
940
1,131
1,426
-16.9%
Other assets
84,212
81,836
86,868
+2.9%
Total assets
230,461
220,005
227,251
+4.8%
10-K for the year ended 31 December 2011, filed 24 February 2012: the filing.