Verizon Communications (VZ) FY2020 results: revenue $128.3 billion, down 2.7% on the year
Verizon Communications Inc. (VZ) reported revenue of $128.3 billion for fiscal 2020, the year ended 31 December 2020, down 2.7% on the year before. Net income was $17.8 billion, down 7.6%, and diluted earnings per share $4.30. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$128.3 billion
-2.7% on the year
FY2013FY2020
Operating margin
22.4%
23.0% a year earlier
FY2013FY2020
Net income
$17.8 billion
-7.6% on the year
FY2013FY2020
Diluted EPS
$4.30
-7.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
128,292
131,868
130,863
-2.7%
Cost of revenue
51,201
54,726
55,508
-6.4%
Gross profit
77,091
77,142
75,355
-0.1%
Gross margin
60.1%
58.5%
57.6%
Selling, general and administrative
31,573
29,896
31,083
+5.6%
Operating income
28,798
30,378
22,278
-5.2%
Operating margin
22.4%
23.0%
17.0%
Interest expense
4,247
4,730
4,833
-10.2%
Pre-tax income
23,967
22,733
19,623
+5.4%
Income tax
5,619
2,945
3,584
+90.8%
Effective tax rate
23.4%
13.0%
18.3%
Net income
17,801
19,265
15,528
-7.6%
Net margin
13.9%
14.6%
11.9%
Diluted EPS
$4.30
$4.65
$3.76
-7.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
41,768
35,746
34,339
+16.8%
Capital expenditure
n/a
n/a
16,658
Free cash flow
n/a
n/a
17,681
Free cash flow margin
n/a
n/a
13.5%
Cash from investing
-23,512
-17,581
-17,934
Cash from financing
1,325
-18,164
-15,377
Depreciation and amortisation
16,720
16,682
17,403
+0.2%
Dividends paid
10,232
10,016
9,772
+2.2%
Dividend per share
$2.48
$2.44
$2.38
+2.1%
Diluted shares, weighted
4,142m
4,140m
4,132m
+0.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
69,272
62,835
54,710
+10.2%
Debt
129,062
111,489
113,063
+15.8%
Operating lease liabilities
18,000
18,393
n/a
-2.1%
Finance lease liabilities
916
780
n/a
+17.4%
Other liabilities
99,231
98,230
97,056
+1.0%
Total liabilities and equity
316,481
291,727
264,829
+8.5%
Fixed assets
94,833
91,915
89,286
+3.2%
Goodwill
24,773
24,389
24,614
+1.6%
Intangible assets
9,413
9,498
9,775
-0.9%
Cash and equivalents
22,171
2,594
2,745
+754.7%
Receivables
23,917
25,429
25,102
-5.9%
Inventory
1,796
1,422
1,336
+26.3%
Other assets
139,578
136,480
111,971
+2.3%
Total assets
316,481
291,727
264,829
+8.5%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.