Verizon (VZ) financials
Verizon revenue and earnings by year
Verizon's revenue was $138 billion in the fiscal year to December 31, 2025, up 2.5% from the year before. Net income was $17.2 billion, 12.4% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 1.0% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 138.2 | 134.8 | 134.0 | 136.8 | 133.6 | 128.3 | 131.9 | 130.9 | 126.0 | 126.0 |
| Revenue growth | 2.5% | 0.6% | -2.1% | 2.4% | 4.1% | -2.7% | 0.8% | 3.8% | 0.0% | — |
| Gross profit | 81.4 | 80.7 | 79.1 | 77.7 | 77.3 | 77.1 | 77.1 | 75.4 | 73.0 | 73.3 |
| Gross margin | 58.9% | 59.9% | 59.0% | 56.8% | 57.9% | 60.1% | 58.5% | 57.6% | 57.9% | 58.2% |
| Operating income | 29.3 | 28.7 | 22.9 | 30.5 | 32.4 | 28.8 | 30.4 | 22.3 | 27.4 | 29.2 |
| Operating margin | 21.2% | 21.3% | 17.1% | 22.3% | 24.3% | 22.4% | 23.0% | 17.0% | 21.8% | 23.2% |
| Net income | 17.2 | 17.5 | 11.6 | 21.3 | 22.1 | 17.8 | 19.3 | 15.5 | 30.1 | 13.1 |
| Net margin | 12.4% | 13.0% | 8.7% | 15.5% | 16.5% | 13.9% | 14.6% | 11.9% | 23.9% | 10.4% |
| Diluted EPS | $4.06 | $4.14 | $2.75 | $5.06 | $5.32 | $4.30 | $4.65 | $3.77 | $7.36 | $3.22 |
| Free cash flow | 20.1 | 19.8 | 18.7 | 14.1 | 19.3 | 23.6 | 17.8 | 17.7 | 7.1 | 4.6 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open VZ in Markets.
How Verizon makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Service & Other | $29.2B | 85.1% |
| Product | $5.12B | 14.9% |
See also: VZ valuation and P/E history · VZ returns
No forecast, no recommendation. This page describes Verizon from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.