Verizon Communications (VZ) FY2021 results: revenue $133.6 billion, up 4.1% on the year

Verizon Communications Inc. (VZ) reported revenue of $133.6 billion for fiscal 2021, the year ended 31 December 2021, up 4.1% on the year before. Net income was $22.1 billion, up 24.0%, and diluted earnings per share $5.32. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$133.6 billion

+4.1% on the year

FY2014FY2021

Operating margin

24.3%

22.4% a year earlier

FY2014FY2021

Net income

$22.1 billion

+24.0% on the year

FY2014FY2021

Diluted EPS

$5.32

+23.7% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	133,613	128,292	131,868	+4.1%
Cost of revenue	56,301	51,201	54,726	+10.0%
Gross profit	77,312	77,091	77,142	+0.3%
Gross margin	57.9%	60.1%	58.5%
Selling, general and administrative	28,658	31,573	29,896	-9.2%
Operating income	32,448	28,798	30,378	+12.7%
Operating margin	24.3%	22.4%	23.0%
Interest expense	3,485	4,247	4,730	-17.9%
Pre-tax income	29,420	23,967	22,733	+22.8%
Income tax	6,802	5,619	2,945	+21.1%
Effective tax rate	23.1%	23.4%	13.0%
Net income	22,065	17,801	19,265	+24.0%
Net margin	16.5%	13.9%	14.6%
Diluted EPS	$5.32	$4.30	$4.65	+23.7%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	39,539	41,768	35,746	-5.3%
Cash from investing	-67,153	-23,512	-17,581
Cash from financing	8,277	1,325	-18,164	+524.7%
Depreciation and amortisation	16,206	16,720	16,682	-3.1%
Dividends paid	10,445	10,232	10,016	+2.1%
Dividend per share	$2.54	$2.48	$2.44	+2.0%
Diluted shares, weighted	4,150m	4,142m	4,140m	+0.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	83,200	69,272	62,835	+20.1%
Debt	150,868	129,062	111,489	+16.9%
Operating lease liabilities	23,203	18,000	18,393	+28.9%
Finance lease liabilities	925	916	780	+1.0%
Other liabilities	108,400	99,231	98,230	+9.2%
Total liabilities and equity	366,596	316,481	291,727	+15.8%
Fixed assets	99,696	94,833	91,915	+5.1%
Goodwill	28,603	24,773	24,389	+15.5%
Intangible assets	11,677	9,413	9,498	+24.1%
Cash and equivalents	2,921	22,171	2,594	-86.8%
Receivables	23,846	23,917	25,429	-0.3%
Inventory	3,055	1,796	1,422	+70.1%
Other assets	196,798	139,578	136,480	+41.0%
Total assets	366,596	316,481	291,727	+15.8%

10-K for the year ended 31 December 2021, filed 11 February 2022: the filing.