Verizon Communications (VZ) FY2022 results: revenue $136.8 billion, up 2.4% on the year

Verizon Communications Inc. (VZ) reported revenue of $136.8 billion for fiscal 2022, the year ended 31 December 2022, up 2.4% on the year before. Net income was $21.3 billion, down 3.7%, and diluted earnings per share $5.06. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2023.

Revenue

$136.8 billion

+2.4% on the year

FY2015FY2022

Operating margin

22.3%

24.3% a year earlier

FY2015FY2022

Net income

$21.3 billion

-3.7% on the year

FY2015FY2022

Diluted EPS

$5.06

-4.9% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	136,835	133,613	128,292	+2.4%
Cost of revenue	59,133	56,301	51,201	+5.0%
Gross profit	77,702	77,312	77,091	+0.5%
Gross margin	56.8%	57.9%	60.1%
Selling, general and administrative	30,136	28,658	31,573	+5.2%
Operating income	30,467	32,448	28,798	-6.1%
Operating margin	22.3%	24.3%	22.4%
Interest expense	3,613	3,485	4,247	+3.7%
Pre-tax income	28,271	29,420	23,967	-3.9%
Income tax	6,523	6,802	5,619	-4.1%
Effective tax rate	23.1%	23.1%	23.4%
Net income	21,256	22,065	17,801	-3.7%
Net margin	15.5%	16.5%	13.9%
Diluted EPS	$5.06	$5.32	$4.30	-4.9%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	37,141	39,539	41,768	-6.1%
Cash from investing	-28,662	-67,153	-23,512
Cash from financing	-8,529	8,277	1,325
Depreciation and amortisation	17,099	16,206	16,720	+5.5%
Dividends paid	10,805	10,445	10,232	+3.4%
Dividend per share	$2.58	$2.54	$2.48	+2.0%
Diluted shares, weighted	4,204m	4,150m	4,142m	+1.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	92,463	83,200	69,272	+11.1%
Debt	150,639	150,868	129,062	-0.2%
Operating lease liabilities	21,558	23,203	18,000	-7.1%
Finance lease liabilities	1,167	925	916	+26.2%
Other liabilities	113,853	108,400	99,231	+5.0%
Total liabilities and equity	379,680	366,596	316,481	+3.6%
Fixed assets	107,434	99,696	94,833	+7.8%
Goodwill	28,671	28,603	24,773	+0.2%
Intangible assets	11,461	11,677	9,413	-1.8%
Cash and equivalents	2,605	2,921	22,171	-10.8%
Receivables	n/a	23,846	23,917
Inventory	2,388	3,055	1,796	-21.8%
Other assets	227,121	196,798	139,578	+15.4%
Total assets	379,680	366,596	316,481	+3.6%

10-K for the year ended 31 December 2022, filed 10 February 2023: the filing.