Verizon Communications (VZ) FY2019 results: revenue $131.9 billion, up 0.8% on the year
Verizon Communications Inc. (VZ) reported revenue of $131.9 billion for fiscal 2019, the year ended 31 December 2019, up 0.8% on the year before. Net income was $19.3 billion, up 24.1%, and diluted earnings per share $4.65. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2020.
Revenue
$131.9 billion
+0.8% on the year
FY2012FY2019
Operating margin
23.0%
17.0% a year earlier
FY2012FY2019
Net income
$19.3 billion
+24.1% on the year
FY2012FY2019
Diluted EPS
$4.65
+23.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
131,868
130,863
126,034
+0.8%
Cost of revenue
54,726
55,508
53,063
-1.4%
Gross profit
77,142
75,355
72,971
+2.4%
Gross margin
58.5%
57.6%
57.9%
Selling, general and administrative
29,896
31,083
28,592
-3.8%
Operating income
30,378
22,278
27,414
+36.4%
Operating margin
23.0%
17.0%
21.8%
Interest expense
4,730
4,833
4,733
-2.1%
Pre-tax income
22,733
19,623
20,594
+15.8%
Income tax
2,945
3,584
-9,956
-17.8%
Effective tax rate
13.0%
18.3%
-48.3%
Net income
19,265
15,528
30,101
+24.1%
Net margin
14.6%
11.9%
23.9%
Diluted EPS
$4.65
$3.76
$7.36
+23.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
35,746
34,339
24,318
+4.1%
Capital expenditure
n/a
16,658
17,247
Free cash flow
n/a
17,681
7,071
Free cash flow margin
n/a
13.5%
5.6%
Cash from investing
-17,581
-17,934
-18,456
Cash from financing
-18,164
-15,377
-6,151
Depreciation and amortisation
16,682
17,403
16,954
-4.1%
Buybacks
n/a
n/a
0.0
Dividends paid
10,016
9,772
9,472
+2.5%
Dividend per share
$2.44
$2.38
$2.33
+2.1%
Diluted shares, weighted
4,140m
4,132m
4,089m
+0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
62,835
54,710
44,687
+14.9%
Debt
111,489
113,063
117,095
-1.4%
Operating lease liabilities
18,393
n/a
n/a
Finance lease liabilities
780
n/a
n/a
Other liabilities
98,230
97,056
95,361
+1.2%
Total liabilities and equity
291,727
264,829
257,143
+10.2%
Fixed assets
91,915
89,286
88,568
+2.9%
Goodwill
24,389
24,614
29,172
-0.9%
Intangible assets
9,498
9,775
10,247
-2.8%
Cash and equivalents
2,594
2,745
2,079
-5.5%
Receivables
25,429
25,102
23,493
+1.3%
Inventory
1,422
1,336
1,034
+6.4%
Other assets
136,480
111,971
102,550
+21.9%
Total assets
291,727
264,829
257,143
+10.2%
10-K for the year ended 31 December 2019, filed 21 February 2020: the filing.