Verizon Communications (VZ) FY2023 results: revenue $134.0 billion, down 2.1% on the year

Verizon Communications Inc. (VZ) reported revenue of $134.0 billion for fiscal 2023, the year ended 31 December 2023, down 2.1% on the year before. Net income was $11.6 billion, down 45.4%, and diluted earnings per share $2.75. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue

$134.0 billion

-2.1% on the year

FY2016FY2023

Operating margin

17.1%

22.3% a year earlier

FY2016FY2023

Net income

$11.6 billion

-45.4% on the year

FY2016FY2023

Diluted EPS

$2.75

-45.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	133,974	136,835	133,613	-2.1%
Cost of revenue	54,887	59,133	56,301	-7.2%
Gross profit	79,087	77,702	77,312	+1.8%
Gross margin	59.0%	56.8%	57.9%
Selling, general and administrative	32,745	30,136	28,658	+8.7%
Operating income	22,877	30,467	32,448	-24.9%
Operating margin	17.1%	22.3%	24.3%
Interest expense	5,524	3,613	3,485	+52.9%
Pre-tax income	16,987	28,271	29,420	-39.9%
Income tax	4,892	6,523	6,802	-25.0%
Effective tax rate	28.8%	23.1%	23.1%
Net income	11,614	21,256	22,065	-45.4%
Net margin	8.7%	15.5%	16.5%
Diluted EPS	$2.75	$5.06	$5.32	-45.7%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	37,475	37,141	39,539	+0.9%
Cash from investing	-23,432	-28,662	-67,153
Cash from financing	-14,657	-8,529	8,277
Depreciation and amortisation	17,624	17,099	16,206	+3.1%
Dividends paid	11,025	10,805	10,445	+2.0%
Dividend per share	$2.63	$2.58	$2.54	+1.9%
Diluted shares, weighted	4,215m	4,204m	4,150m	+0.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	93,799	92,463	83,200	+1.4%
Debt	150,674	150,639	150,868	+0.0%
Operating lease liabilities	20,002	21,558	23,203	-7.2%
Finance lease liabilities	1,338	1,167	925	+14.7%
Other liabilities	114,442	113,853	108,400	+0.5%
Total liabilities and equity	380,255	379,680	366,596	+0.2%
Fixed assets	108,310	107,434	99,696	+0.8%
Goodwill	22,843	28,671	28,603	-20.3%
Intangible assets	11,057	11,461	11,677	-3.5%
Cash and equivalents	2,065	2,605	2,921	-20.7%
Receivables	n/a	n/a	23,846
Inventory	2,057	2,388	3,055	-13.9%
Other assets	233,923	227,121	196,798	+3.0%
Total assets	380,255	379,680	366,596	+0.2%

10-K for the year ended 31 December 2023, filed 9 February 2024: the filing.