Verizon Communications (VZ) FY2014 results: revenue $127.1 billion, up 5.4% on the year
Verizon Communications Inc. (VZ) reported revenue of $127.1 billion for fiscal 2014, the year ended 31 December 2014, up 5.4% on the year before. Net income was $9.6 billion, down 16.3%, and diluted earnings per share $2.42. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2015.
Revenue
$127.1 billion
+5.4% on the year
FY2007FY2014
Operating margin
15.4%
26.5% a year earlier
FY2007FY2014
Net income
$9.6 billion
-16.3% on the year
FY2007FY2014
Diluted EPS
$2.42
-39.5% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
127,079
120,550
115,846
+5.4%
Cost of revenue
49,931
44,887
46,275
+11.2%
Gross profit
77,148
75,663
69,571
+2.0%
Gross margin
60.7%
62.8%
60.1%
Selling, general and administrative
41,016
27,089
39,951
+51.4%
Operating income
19,599
31,968
13,160
-38.7%
Operating margin
15.4%
26.5%
11.4%
Interest expense
4,915
2,667
2,571
+84.3%
Pre-tax income
15,270
29,277
9,897
-47.8%
Income tax
3,314
5,730
-660
-42.2%
Effective tax rate
21.7%
19.6%
-6.7%
Net income
9,625
11,497
875
-16.3%
Net margin
7.6%
9.5%
0.8%
Diluted EPS
$2.42
$4.00
$0.31
-39.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
30,631
38,818
31,486
-21.1%
Capital expenditure
17,191
16,604
16,175
+3.5%
Free cash flow
13,440
22,214
15,311
-39.5%
Free cash flow margin
10.6%
18.4%
13.2%
Cash from investing
-15,856
-14,833
-20,502
Cash from financing
-57,705
26,450
-21,253
Depreciation and amortisation
16,533
16,606
16,460
-0.4%
Share-based compensation
300
400
700
-25.0%
Buybacks
n/a
153
n/a
Dividends paid
7,803
5,936
5,230
+31.5%
Dividend per share
$2.16
$2.09
$2.03
+3.3%
Diluted shares, weighted
3,981m
2,874m
2,862m
+38.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
13,676
95,416
85,533
-85.7%
Short-term borrowings
n/a
447
n/a
Debt
113,271
93,144
51,987
+21.6%
Other liabilities
105,162
85,091
87,702
+23.6%
Total liabilities and equity
232,109
274,098
225,222
-15.3%
Fixed assets
89,947
88,956
88,642
+1.1%
Goodwill
24,639
24,634
24,139
+0.0%
Intangible assets
5,359
5,800
5,933
-7.6%
Investments
555
601
470
-7.7%
Loans
1,090
1,187
1,477
-8.2%
Cash and equivalents
10,598
53,528
3,093
-80.2%
Receivables
13,993
12,439
12,576
+12.5%
Inventory
1,153
1,020
1,075
+13.0%
Other assets
84,775
85,933
87,817
-1.3%
Total assets
232,109
274,098
225,222
-15.3%
10-K for the year ended 31 December 2014, filed 23 February 2015: the filing.