Verizon Communications (VZ) FY2024 results: revenue $134.8 billion, up 0.6% on the year

Verizon Communications Inc. (VZ) reported revenue of $134.8 billion for fiscal 2024, the year ended 31 December 2024, up 0.6% on the year before. Net income was $17.5 billion, up 50.7%, and diluted earnings per share $4.14. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2025.

Revenue

$134.8 billion

+0.6% on the year

FY2017FY2024

Operating margin

21.3%

17.1% a year earlier

FY2017FY2024

Net income

$17.5 billion

+50.7% on the year

FY2017FY2024

Diluted EPS

$4.14

+50.5% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	134,788	133,974	136,835	+0.6%
Cost of revenue	54,097	54,887	59,133	-1.4%
Gross profit	80,691	79,087	77,702	+2.0%
Gross margin	59.9%	59.0%	56.8%
Selling, general and administrative	34,113	32,745	30,136	+4.2%
Operating income	28,686	22,877	30,467	+25.4%
Operating margin	21.3%	17.1%	22.3%
Interest expense	6,649	5,524	3,613	+20.4%
Pre-tax income	22,979	16,987	28,271	+35.3%
Income tax	5,030	4,892	6,523	+2.8%
Effective tax rate	21.9%	28.8%	23.1%
Net income	17,506	11,614	21,256	+50.7%
Net margin	13.0%	8.7%	15.5%
Diluted EPS	$4.14	$2.75	$5.06	+50.5%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	36,912	37,475	37,141	-1.5%
Cash from investing	-18,674	-23,432	-28,662
Cash from financing	-17,100	-14,657	-8,529
Depreciation and amortisation	17,892	17,624	17,099	+1.5%
Dividends paid	11,249	11,025	10,805	+2.0%
Dividend per share	$2.69	$2.63	$2.58	+1.9%
Diluted shares, weighted	4,223m	4,215m	4,204m	+0.2%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	100,575	93,799	92,463	+7.2%
Debt	144,014	150,674	150,639	-4.4%
Operating lease liabilities	19,928	20,002	21,558	-0.4%
Finance lease liabilities	1,455	1,338	1,167	+8.7%
Other liabilities	118,739	114,442	113,853	+3.8%
Total liabilities and equity	384,711	380,255	379,680	+1.2%
Fixed assets	108,522	108,310	107,434	+0.2%
Goodwill	22,841	22,843	28,671	-0.0%
Intangible assets	11,129	11,057	11,461	+0.7%
Cash and equivalents	4,194	2,065	2,605	+103.1%
Inventory	2,247	2,057	2,388	+9.2%
Other assets	235,778	233,923	227,121	+0.8%
Total assets	384,711	380,255	379,680	+1.2%

10-K for the year ended 31 December 2024, filed 12 February 2025: the filing.