Verizon Communications (VZ) FY2012 results: revenue $115.8 billion, up 4.5% on the year
Verizon Communications Inc. (VZ) reported revenue of $115.8 billion for fiscal 2012, the year ended 31 December 2012, up 4.5% on the year before. Net income was $875 million, down 63.6%, and diluted earnings per share $0.31. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2013.
Revenue
$115.8 billion
+4.5% on the year
FY2007FY2012
Operating margin
11.4%
11.6% a year earlier
FY2007FY2012
Net income
$875 million
-63.6% on the year
FY2007FY2012
Diluted EPS
$0.31
-63.5% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
115,846
110,875
106,565
+4.5%
Cost of revenue
46,275
45,875
44,149
+0.9%
Gross profit
69,571
65,000
62,416
+7.0%
Gross margin
60.1%
58.6%
58.6%
Selling, general and administrative
39,951
35,624
31,366
+12.1%
Operating income
13,160
12,880
14,645
+2.2%
Operating margin
11.4%
11.6%
13.7%
Interest expense
2,571
2,827
2,523
-9.1%
Pre-tax income
9,897
10,483
12,684
-5.6%
Income tax
-660
285
2,467
Effective tax rate
-6.7%
2.7%
19.4%
Net income
875
2,404
2,549
-63.6%
Net margin
0.8%
2.2%
2.4%
Diluted EPS
$0.31
$0.85
$0.90
-63.5%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
31,486
29,780
33,363
+5.7%
Capital expenditure
16,175
16,244
16,458
-0.4%
Free cash flow
15,311
13,536
16,905
+13.1%
Free cash flow margin
13.2%
12.2%
15.9%
Cash from investing
-20,502
-17,250
-15,054
Cash from financing
-21,253
-5,836
-13,650
Depreciation and amortisation
16,460
16,496
16,405
-0.2%
Share-based compensation
700
500
500
+40.0%
Dividends paid
5,230
5,555
5,412
-5.9%
Dividend per share
$2.03
$1.98
$1.93
+2.8%
Diluted shares, weighted
2,862m
2,839m
2,833m
+0.8%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
85,533
85,908
86,912
-0.4%
Debt
51,987
55,152
52,794
-5.7%
Other liabilities
87,702
89,401
80,299
-1.9%
Total liabilities and equity
225,222
230,461
220,005
-2.3%
Fixed assets
88,642
88,434
87,711
+0.2%
Goodwill
24,139
23,357
21,988
+3.3%
Intangible assets
5,933
5,878
5,830
+0.9%
Investments
470
592
545
-20.6%
Loans
1,477
1,910
2,515
-22.7%
Cash and equivalents
3,093
13,362
6,668
-76.9%
Receivables
12,576
11,776
11,781
+6.8%
Inventory
1,075
940
1,131
+14.4%
Other assets
87,817
84,212
81,836
+4.3%
Total assets
225,222
230,461
220,005
-2.3%
10-K for the year ended 31 December 2012, filed 26 February 2013: the filing.