Verizon Communications (VZ) FY2013 results: revenue $120.5 billion, up 4.1% on the year
Verizon Communications Inc. (VZ) reported revenue of $120.5 billion for fiscal 2013, the year ended 31 December 2013, up 4.1% on the year before. Net income was $11.5 billion, up 1213.9%, and diluted earnings per share $4.00. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2014.
Revenue
$120.5 billion
+4.1% on the year
FY2007FY2013
Operating margin
26.5%
11.4% a year earlier
FY2007FY2013
Net income
$11.5 billion
+1,213.9% on the year
FY2007FY2013
Diluted EPS
$4.00
+1,190.3% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
120,550
115,846
110,875
+4.1%
Cost of revenue
44,887
46,275
45,875
-3.0%
Gross profit
75,663
69,571
65,000
+8.8%
Gross margin
62.8%
60.1%
58.6%
Selling, general and administrative
27,089
39,951
35,624
-32.2%
Operating income
31,968
13,160
12,880
+142.9%
Operating margin
26.5%
11.4%
11.6%
Interest expense
2,667
2,571
2,827
+3.7%
Pre-tax income
29,277
9,897
10,483
+195.8%
Income tax
5,730
-660
285
Effective tax rate
19.6%
-6.7%
2.7%
Net income
11,497
875
2,404
+1,213.9%
Net margin
9.5%
0.8%
2.2%
Diluted EPS
$4.00
$0.31
$0.85
+1,190.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
38,818
31,486
29,780
+23.3%
Capital expenditure
16,604
16,175
16,244
+2.7%
Free cash flow
22,214
15,311
13,536
+45.1%
Free cash flow margin
18.4%
13.2%
12.2%
Cash from investing
-14,833
-20,502
-17,250
Cash from financing
26,450
-21,253
-5,836
Depreciation and amortisation
16,606
16,460
16,496
+0.9%
Share-based compensation
400
700
500
-42.9%
Buybacks
153
n/a
n/a
Dividends paid
5,936
5,230
5,555
+13.5%
Dividend per share
$2.09
$2.03
$1.98
+3.0%
Diluted shares, weighted
2,874m
2,862m
2,839m
+0.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
95,416
85,533
85,908
+11.6%
Short-term borrowings
447
n/a
n/a
Debt
93,144
51,987
55,152
+79.2%
Other liabilities
85,091
87,702
89,401
-3.0%
Total liabilities and equity
274,098
225,222
230,461
+21.7%
Fixed assets
88,956
88,642
88,434
+0.4%
Goodwill
24,634
24,139
23,357
+2.1%
Intangible assets
5,800
5,933
5,878
-2.2%
Investments
601
470
592
+27.9%
Loans
1,187
1,477
1,910
-19.6%
Cash and equivalents
53,528
3,093
13,362
+1,630.6%
Receivables
12,439
12,576
11,776
-1.1%
Inventory
1,020
1,075
940
-5.1%
Other assets
85,933
87,817
84,212
-2.1%
Total assets
274,098
225,222
230,461
+21.7%
10-K for the year ended 31 December 2013, filed 27 February 2014: the filing.