Verizon Communications (VZ) FY2015 results: revenue $131.6 billion, up 3.6% on the year
Verizon Communications Inc. (VZ) reported revenue of $131.6 billion for fiscal 2015, the year ended 31 December 2015, up 3.6% on the year before. Net income was $17.9 billion, up 85.8%, and diluted earnings per share $4.37. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2016.
Revenue
$131.6 billion
+3.6% on the year
FY2008FY2015
Operating margin
23.3%
15.4% a year earlier
FY2008FY2015
Net income
$17.9 billion
+85.8% on the year
FY2008FY2015
Diluted EPS
$4.37
+80.6% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
131,620
127,079
120,550
+3.6%
Cost of revenue
53,361
49,931
44,887
+6.9%
Gross profit
78,259
77,148
75,663
+1.4%
Gross margin
59.5%
60.7%
62.8%
Selling, general and administrative
31,627
41,016
27,089
-22.9%
Operating income
30,615
19,599
31,968
+56.2%
Operating margin
23.3%
15.4%
26.5%
Interest expense
4,920
4,915
2,667
+0.1%
Pre-tax income
28,240
15,270
29,277
+84.9%
Income tax
9,865
3,314
5,730
+197.7%
Effective tax rate
34.9%
21.7%
19.6%
Net income
17,879
9,625
11,497
+85.8%
Net margin
13.6%
7.6%
9.5%
Diluted EPS
$4.37
$2.42
$4.00
+80.6%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
38,930
30,631
38,818
+27.1%
Capital expenditure
17,775
17,191
16,604
+3.4%
Free cash flow
21,155
13,440
22,214
+57.4%
Free cash flow margin
16.1%
10.6%
18.4%
Cash from investing
-30,043
-15,856
-14,833
Cash from financing
-15,112
-57,705
26,450
Depreciation and amortisation
16,017
16,533
16,606
-3.1%
Share-based compensation
300
300
400
0.0%
Buybacks
5,134
n/a
153
Dividends paid
8,538
7,803
5,936
+9.4%
Dividend per share
$2.23
$2.16
$2.09
+3.2%
Diluted shares, weighted
4,093m
3,981m
2,874m
+2.8%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
17,842
13,676
95,416
+30.5%
Short-term borrowings
n/a
n/a
447
Debt
109,729
113,271
93,144
-3.1%
Other liabilities
117,069
105,162
85,091
+11.3%
Total liabilities and equity
244,640
232,109
274,098
+5.4%
Fixed assets
83,541
89,947
88,956
-7.1%
Goodwill
25,331
24,639
24,634
+2.8%
Intangible assets
7,592
5,359
5,800
+41.7%
Investments
350
555
601
-36.9%
Loans
894
1,090
1,187
-18.0%
Cash and equivalents
4,470
10,598
53,528
-57.8%
Receivables
13,457
13,993
12,439
-3.8%
Inventory
1,252
1,153
1,020
+8.6%
Other assets
107,753
84,775
85,933
+27.1%
Total assets
244,640
232,109
274,098
+5.4%
10-K for the year ended 31 December 2015, filed 23 February 2016: the filing.