Verizon Communications (VZ) FY2018 results: revenue $130.9 billion, up 3.8% on the year
Verizon Communications Inc. (VZ) reported revenue of $130.9 billion for fiscal 2018, the year ended 31 December 2018, up 3.8% on the year before. Net income was $15.5 billion, down 48.4%, and diluted earnings per share $3.76. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$130.9 billion
+3.8% on the year
FY2011FY2018
Operating margin
17.0%
21.8% a year earlier
FY2011FY2018
Net income
$15.5 billion
-48.4% on the year
FY2011FY2018
Diluted EPS
$3.76
-48.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
130,863
126,034
125,980
+3.8%
Cost of revenue
55,508
53,063
52,701
+4.6%
Gross profit
75,355
72,971
73,279
+3.3%
Gross margin
57.6%
57.9%
58.2%
Selling, general and administrative
31,083
28,592
28,102
+8.7%
Operating income
22,278
27,414
29,249
-18.7%
Operating margin
17.0%
21.8%
23.2%
Interest expense
4,833
4,733
4,376
+2.1%
Pre-tax income
19,623
20,594
20,986
-4.7%
Income tax
3,584
-9,956
7,378
Effective tax rate
18.3%
-48.3%
35.2%
Net income
15,528
30,101
13,127
-48.4%
Net margin
11.9%
23.9%
10.4%
Diluted EPS
$3.76
$7.36
$3.21
-48.9%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
34,339
24,318
21,689
+41.2%
Capital expenditure
16,658
17,247
17,059
-3.4%
Free cash flow
17,681
7,071
4,630
+150.0%
Free cash flow margin
13.5%
5.6%
3.7%
Cash from investing
-17,934
-18,456
-9,874
Cash from financing
-15,377
-6,151
-13,376
Depreciation and amortisation
17,403
16,954
15,928
+2.6%
Share-based compensation
n/a
n/a
400
Buybacks
n/a
0.0
0.0
Dividends paid
9,772
9,472
9,262
+3.2%
Dividend per share
$2.38
$2.33
$2.29
+2.1%
Diluted shares, weighted
4,132m
4,089m
4,086m
+1.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
54,710
44,687
24,032
+22.4%
Debt
113,063
117,095
108,078
-3.4%
Other liabilities
97,056
95,361
112,070
+1.8%
Total liabilities and equity
264,829
257,143
244,180
+3.0%
Fixed assets
89,286
88,568
84,751
+0.8%
Goodwill
24,614
29,172
27,205
-15.6%
Intangible assets
9,775
10,247
8,897
-4.6%
Cash and equivalents
2,745
2,079
2,880
+32.0%
Receivables
25,102
23,493
17,513
+6.8%
Inventory
1,336
1,034
1,202
+29.2%
Other assets
111,971
102,550
101,732
+9.2%
Total assets
264,829
257,143
244,180
+3.0%
10-K for the year ended 31 December 2018, filed 15 February 2019: the filing.