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Company file · VZ

Verizon

Verizon's revenue edged up in 2025, while net income slipped

Revenue rose 2.5% to $138.2B. Net income fell 1.9% to $17.2B, and total debt rose to $158.2B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 17, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026) · Data pulled Oct 25, 2026

Key facts

Verizon (NYSE: VZ) closed fiscal 2025 on Dec 31, 2025 with operating revenues of $138.2B, up 2.5% from a year before; net income to Verizon came to $17.2B, down 1.9%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $34.3B, down 0.7% on the same stretch of the prior year, and net income of $3.8B. Broken down by segment, Consumer led with 79% of fiscal 2025 operating revenues. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026).

Revenue$138.2BFY2025 · +2.5% vs FY2024
Net income to Verizon$17.2BFY2025 · −1.9% vs FY2024
Operating cash flow$37.1BFY2025 · +0.6% vs FY2024
Cash & equivalents$1.8Bat Jun 30, 2026 · −90.8% vs FY2025 end
Total debt$165.2Bat Jun 30, 2026 · +4.5% vs FY2025 end
Diluted shares4.23BFY2025 avg · +0.2% vs FY2024
Operating revenues and net income to Verizon, three fiscal yearsBy fiscal year, $bn
Operating revenuesNet income to Verizon
Operating revenues and net income to Verizon by fiscal yearOperating revenues FY2023: $134.0B134.0Net income to Verizon FY2023: $11.6B11.6FY2023Operating revenues FY2024: $134.8B134.8Net income to Verizon FY2024: $17.5B17.5FY2024Operating revenues FY2025: $138.2B138.2Net income to Verizon FY2025: $17.2B17.2FY2025

Source: 10-K FY2025, filed Feb 17, 2026

Quarterly operating revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly operating revenues, fiscal 2026 vs 2025FY2025 Q1: $33.5B33.5FY2026 Q1: $34.4B34.4Q1FY2025 Q2: $34.5B34.5FY2026 Q2: $34.3B34.3Q2

Source: 10-Q filed May 1, 2026 · 10-Q filed Jul 31, 2026

How it makes money

FY2025 total by categoryConsumer: $106.8B (79%)Business: $29.1B (21%)$135.9BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Consumer$106.8B79%+3.8%
  • Business$29.1B21%−1.6%

Source: 10-K FY2025, XBRL breakdown

Consumer was 79% of 2025 segment revenue and Business 21%.

By segment: three-year mixShare of the total each fiscal year
ConsumerBusiness

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$34.3B Q2 2026
$34.5B Q2 2025
0.7% decrease
Net income
$3.8B Q2 2026
$5.0B Q2 2025
23.3% decrease

Source: Verizon 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026

By segment

Consumer
$26.2B Q2 2026
$26.6B Q2 2025
1.5% decrease
Business
$7.2B Q2 2026
$7.0B Q2 2025
2.6% increase

Source: Verizon 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026

  • Cash & equivalents $1.8B at Jun 30, 2026, vs $19.0B at FY2025 end.
  • Total debt $165.2B at Jun 30, 2026, vs $158.2B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $18.4B vs $16.8B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 2.5% in 2025 to $138.2B, and Consumer revenue grew 3.8%. 10-K, FY2025
  • Operating cash flow was $37.1B in 2025, up 0.6%. 10-K, FY2025
  • Cash was $19.0B at the end of 2025. 10-K, FY2025

The bear case

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Verizon is one of the largest US wireless carriers, and also sells home internet and network services to businesses and governments.

The Consumer segment sells wireless phone plans and devices to individuals, plus Fios fiber and fixed wireless home internet. The Business segment sells wireless, networking and communications services to companies and government agencies.

Most revenue comes from monthly service plans. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Verizon's latest 10-K. Read the original for the full list.

  1. CompetitionWireless and broadband are crowded markets, with heavy promotions and price competition.
  2. Network investmentIt must keep spending on spectrum and network upgrades to stay competitive.
  3. DebtIt carries a large debt load, so interest rates and credit conditions matter.
  4. RegulationTelecom rules, spectrum policy and privacy laws affect its business.
  5. Cyber and outagesNetwork outages or data breaches can hurt customers and its reputation.
  6. EconomyWeaker consumer and business spending can slow upgrades and new lines.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Operating revenues$134.0B$134.8B$138.2B
Net income to Verizon$11.6B$17.5B$17.2B
Operating cash flow$37.5B$36.9B$37.1B
Cash & equivalents (year end)$2.1B$4.2B$19.0B
Total debt (year end)$150.7B$144.0B$158.2B
Diluted shares4.21B4.22B4.23B
  • Operating revenues: Wireless service, phone and device sales, home internet (Fios and fixed wireless) and business network services.
  • Net income to Verizon: Net income attributable to Verizon, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Debt maturing within one year plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment shares are of Consumer plus Business revenue; corporate and other items sit outside both.

Recent filings

FormFiledPeriod
10-QJul 31, 2026Jun 30, 2026
10-QMay 1, 2026Mar 31, 2026
DEF 14AApr 6, 2026May 21, 2026
10-KFeb 17, 2026Dec 31, 2025

Latest filings

  1. Oct 231:50 PM ET

    Form 4

    Verizon EVP Rodriguez Alfonso Villanueva reports an award of about 135 phantom stock (unitized)

    The filing reports about 135 phantom stock (unitized) in a grant or award (code A).

  2. Oct 231:50 PM ET

    Form 4

    Verizon Chief Legal Officer Vandana Venkatesh reports an award of about 99 phantom stock (unitized)

    The filing reports about 99 phantom stock (unitized) in a grant or award (code A).

  3. Oct 231:49 PM ET

    Form 4

    Verizon SVP Mary-Lee Stillwell reports an award of about 45 phantom stock (unitized)

    The filing reports about 45 phantom stock (unitized) in a grant or award (code A).

  4. Oct 231:48 PM ET

    Form 4

    Verizon CFO Anthony T. Skiadas reports an award of about 135 phantom stock (unitized)

    The filing reports about 135 phantom stock (unitized) in a grant or award (code A).

  5. Oct 231:47 PM ET

    Form 4

    Verizon EVP&Pres-Global Networks&Tech Joseph J. Russo reports an award of about 86 phantom stock (unitized)

    The filing reports about 86 phantom stock (unitized) in a grant or award (code A).

All Verizon filings notes →

Common questions about Verizon

How does Verizon make money?

Fiscal 2025 operating revenues: $138.2B. Consumer was 79% of 2025 segment revenue and Business 21%. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What was Verizon's revenue in fiscal 2025?

$138.2B, up 2.5% from fiscal 2024 ($134.8B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $134.0B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

Is Verizon profitable?

Net income to Verizon was $17.2B in fiscal 2025 (down 1.9%; fiscal 2024 was $17.5B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $3.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.

What did Verizon report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $34.3B (down 0.7% from $34.5B) and net income $3.8B (down 23.3% from $5.0B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026.

How much cash and debt does Verizon have?

As of Jun 30, 2026: $1.8B of cash and cash equivalents, $165.2B of total debt. Total debt here is debt maturing within one year plus long-term debt, at carrying value. Source: 10-Q filed Jul 31, 2026.

What are the main risks Verizon lists?

The risk factors are in Item 1A of the 10-K filed Feb 17, 2026. This page sorts them into 6 groups (Competition; network investment; debt; regulation; cyber and outages; economy). The first group in plain English: Wireless and broadband are crowded markets, with heavy promotions and price competition. Source: 10-K, Item 1A Risk Factors.

Where do these Verizon numbers come from?

The 10-K filed Feb 17, 2026 (fiscal 2025) and the 10-Q filed Jul 31, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in VZ
The editor holds no position in Verizon (VZ). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell VZ from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold VZ, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
VerizonVZFY2025$138.2B+2.5%$17.2B
AT&TTFY2025$125.6B+2.7%$22.0B
T-MobileTMUSFY2025$88.3B+8.5%$11.0B
ComcastCMCSAFY2025$123.7B−0.0%$20.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.