Verizon Communications (VZ) FY2017 results: revenue $126.0 billion, unchanged on the year
Verizon Communications Inc. (VZ) reported revenue of $126.0 billion for fiscal 2017, the year ended 31 December 2017, unchanged on the year before. Net income was $30.1 billion, up 129.3%, and diluted earnings per share $7.36. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2018.
Revenue
$126.0 billion
+0.0% on the year
FY2010FY2017
Operating margin
21.8%
23.2% a year earlier
FY2010FY2017
Net income
$30.1 billion
+129.3% on the year
FY2010FY2017
Diluted EPS
$7.36
+129.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
126,034
125,980
131,620
+0.0%
Cost of revenue
53,063
52,701
53,361
+0.7%
Gross profit
72,971
73,279
78,259
-0.4%
Gross margin
57.9%
58.2%
59.5%
Selling, general and administrative
28,592
28,102
31,627
+1.7%
Operating income
27,414
29,249
30,615
-6.3%
Operating margin
21.8%
23.2%
23.3%
Interest expense
4,733
4,376
4,920
+8.2%
Pre-tax income
20,594
20,986
28,240
-1.9%
Income tax
-9,956
7,378
9,865
Effective tax rate
-48.3%
35.2%
34.9%
Net income
30,101
13,127
17,879
+129.3%
Net margin
23.9%
10.4%
13.6%
Diluted EPS
$7.36
$3.21
$4.37
+129.3%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
24,318
21,689
38,930
+12.1%
Capital expenditure
17,247
17,059
17,775
+1.1%
Free cash flow
7,071
4,630
21,155
+52.7%
Free cash flow margin
5.6%
3.7%
16.1%
Cash from investing
-18,456
-9,874
-30,043
Cash from financing
-6,151
-13,376
-15,112
Depreciation and amortisation
16,954
15,928
16,017
+6.4%
Share-based compensation
n/a
400
300
Buybacks
0.0
0.0
5,134
Dividends paid
9,472
9,262
8,538
+2.3%
Dividend per share
$2.33
$2.29
$2.23
+2.2%
Diluted shares, weighted
4,089m
4,086m
4,093m
+0.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
44,687
24,032
17,842
+85.9%
Debt
117,095
108,078
109,729
+8.3%
Other liabilities
95,361
112,070
117,069
-14.9%
Total liabilities and equity
257,143
244,180
244,640
+5.3%
Fixed assets
88,568
84,751
83,541
+4.5%
Goodwill
29,172
27,205
25,331
+7.2%
Intangible assets
10,247
8,897
7,592
+15.2%
Investments
n/a
n/a
350
Loans
n/a
n/a
894
Cash and equivalents
2,079
2,880
4,470
-27.8%
Receivables
23,493
17,513
13,457
+34.1%
Inventory
1,034
1,202
1,252
-14.0%
Other assets
102,550
101,732
107,753
+0.8%
Total assets
257,143
244,180
244,640
+5.3%
10-K for the year ended 31 December 2017, filed 23 February 2018: the filing.