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Verizon Communications (VZ) FY2025 results: revenue $138.2 billion, up 2.5% on the year

Verizon Communications Inc. (VZ) reported revenue of $138.2 billion for fiscal 2025, the year ended 31 December 2025, up 2.5% on the year before. Net income was $17.2 billion, down 1.9%, and diluted earnings per share $4.06. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$138.2 billion
+2.5% on the year
FY2018FY2025
Operating margin
21.2%
21.3% a year earlier
FY2018FY2025
Net income
$17.2 billion
-1.9% on the year
FY2018FY2025
Diluted EPS
$4.06
-1.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 10 new.

  • Highest quarterly net additions since 2019: Mobility and broadband net additions exceeded 1 million in fourth-quarter 2025, the highest reported quarterly total since 2019.
  • Postpaid phone net adds reached 616,000: Postpaid phone net additions were 616,000 in the fourth quarter, up from 504,000 a year earlier. The release called it the best quarter of this measure since 2019.
  • Severance and rationalization charges booked: Severance charges of $1,715 million and asset and business rationalization charges of $583 million were added back in the reconciliation of adjusted EBITDA for the quarter.
  • Free cash flow reached $20.1 billion: Free cash flow for 2025 was $20.1 billion, compared with $19.8 billion in 2024, according to the release's non-GAAP measure.
  • Frontier acquisition closed January 20: The Frontier acquisition closed, and Verizon now reports over 16.3 million fixed wireless access and fiber broadband connections.
Read the Q4 FY2025 earnings call summary

From this 10-K

Verizon is a holding company whose subsidiaries provide communications, technology, information and streaming products and services to consumers, businesses and government bodies. It offers data, video and voice over its own networks and platforms. There are two reportable segments, Verizon Consumer Group and Verizon Business Group, run as strategic business units. The company had approximately 89,900 employees on a full-time equivalent basis at 31 December 2025, 89% of them based in the United States.

Verizon Communications Inc., the 10-K for 2025

Verizon is a holding company whose subsidiaries provide communications, technology, information and streaming products and services to consumers, businesses and government bodies. It offers data, video and voice over its own networks and platforms. There are two reportable segments, Verizon Consumer Group and Verizon Business Group, run as strategic business units. The company had approximately 89,900 employees on a full-time equivalent basis at 31 December 2025, 89% of them based in the United States.

Consumer

Wireless and wireline services for households, sold across one of the most extensive wireless networks in the United States under the Verizon family of brands and through wholesale and other arrangements. Wireline service runs over a wholly fibre-optic network in 31 states and Washington D.C. and over a traditional copper network, and fixed wireless access broadband is offered over the 5G and 4G LTE networks as an alternative to a landline connection. The segment produced approximately 77% of consolidated revenues in 2025. It had approximately 116 million wireless retail connections including fixed wireless access at 31 December 2025, 83% of them postpaid, approximately 11 million total broadband connections covering Fios internet, fixed wireless access and digital subscriber line, and approximately 2 million Fios video connections.

Business

Wireless and wireline services for companies, public sector customers and other carriers: mobility, fixed wireless access and wireline broadband, Internet of Things connectivity, advanced communication services, corporate networking, local and long distance voice, and security and managed network services. The full range is sold across the United States and a subset of it around the world. The segment produced approximately 21% of consolidated revenues in 2025. At 31 December 2025 it had approximately 31 million wireless retail postpaid connections including fixed wireless access and approximately 3 million total broadband connections.

How wireless is sold

Customers take service on a postpaid or prepaid basis. Postpaid accounts are served and managed directly by Verizon under its own brands, may cover several connected devices on one account, and are generally billed a month in advance for access to and use of the network. Prepaid is offered only to consumer customers and requires no credit check because everything is paid for in advance. At 31 December 2025 there were 96 million postpaid and 20 million prepaid connections, approximately 83% and 17% of consumer wireless retail connections. Consumer phone plans are built around features the company calls perks, alongside lower-priced access plans and discounted rate plans for qualifying customers.

Fibre and the Frontier acquisition

Residential and enterprise wireline broadband runs over the wholly fibre-optic network under the Verizon fibre product portfolio and over the older copper network. Fios was built as a consumer broadband network but is increasingly used in the Business segment as companies move to ethernet-based access. On 20 January 2026 the company completed the acquisition of Frontier Communications Parent, Inc., a United States provider of broadband internet and other communication services, which took the fibre broadband footprint to 31 states and Washington D.C. In October 2025 it also entered a commercial fibre arrangement with an affiliate of Tillman Global Holdings to widen its fibre reach.

Spectrum

Licences held can be used for mobile and fixed wireless voice, video and data. The company is licensed by the Federal Communications Commission on low and mid-band spectrum covering nearly all of the United States population: the 700 MHz Upper C block, cellular spectrum at 850 MHz, personal communication services spectrum at 1900 MHz, the AWS 1 and AWS 3 bands, and the 3.7 GHz C-Band. It also holds millimetre wave licences in the 28, Upper 37 and 39 GHz bands and uses both Priority Access Licenses and General Authorized Access in the 3.5 GHz Citizens Broadband Radio Service band.

From Verizon's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue138,191134,788133,974+2.5%
Cost of revenue56,76554,09754,887+4.9%
Gross profit81,42680,69179,087+0.9%
Gross margin58.9%59.9%59.0%
Selling, general and administrative33,81834,11332,745-0.9%
Operating income29,25928,68622,877+2.0%
Operating margin21.2%21.3%17.1%
Interest expense6,6946,6495,524+0.7%
Pre-tax income22,67222,97916,987-1.3%
Income tax5,0645,0304,892+0.7%
Effective tax rate22.3%21.9%28.8%
Net income17,17417,50611,614-1.9%
Net margin12.4%13.0%8.7%
Diluted EPS$4.06$4.14$2.75-1.9%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow37,13736,91237,475+0.6%
Cash from investing-16,660-18,674-23,432
Cash from financing-5,613-17,100-14,657
Depreciation and amortisation18,34917,89217,624+2.6%
Dividends paid11,48111,24911,025+2.1%
Dividend per share$2.73$2.69$2.63+1.9%
Diluted shares, weighted4,231m4,223m4,215m+0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity105,741100,57593,799+5.1%
Debt158,150144,014150,674+9.8%
Operating lease liabilities18,95119,92820,002-4.9%
Finance lease liabilities1,5681,4551,338+7.8%
Other liabilities119,848118,739114,442+0.9%
Total liabilities and equity404,258384,711380,255+5.1%
Fixed assets109,467108,522108,310+0.9%
Goodwill22,84122,84122,8430.0%
Intangible assets10,45811,12911,057-6.0%
Cash and equivalents19,0484,1942,065+354.2%
Inventory2,4412,2472,057+8.6%
Other assets240,003235,778233,923+1.8%
Total assets404,258384,711380,255+5.1%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.