Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Verizon Communications Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Service revenues and other	109,652)	109,625)	110,449)	109,872)	110,305)
Wireless equipment revenues	24,322)	27,210)	23,164)	18,420)	21,563)
Operating revenues	133,974)	136,835)	133,613)	128,292)	131,868)
Cost of services	(28,100)	(28,637)	(31,234)	(31,401)	(31,772)
Cost of wireless equipment	(26,787)	(30,496)	(25,067)	(19,800)	(22,954)
Cost of services and wireless equipment	(54,887)	(59,133)	(56,301)	(51,201)	(54,726)
Gross profit	79,087)	77,702)	77,312)	77,091)	77,142)
Selling, general and administrative expense	(32,745)	(30,136)	(28,658)	(31,573)	(29,896)
Depreciation and amortization expense	(17,624)	(17,099)	(16,206)	(16,720)	(16,682)
Verizon Business Group goodwill impairment	(5,841)	—)	—)	—)	—)
Media goodwill impairment	—)	—)	—)	—)	(186)
Operating income	22,877)	30,467)	32,448)	28,798)	30,378)
Equity in earnings (losses) of unconsolidated businesses	(53)	44)	145)	(45)	(15)
Interest income	354)	146)	48)	65)	121)
Other components of net periodic benefit income (cost)	(938)	2,386)	3,785)	(425)	627)
Net debt extinguishment gains (losses)	308)	(1,077)	(3,541)	(129)	(3,604)
Other, net	(37)	(82)	20)	(50)	(44)
Other income (expense), net	(313)	1,373)	312)	(539)	(2,900)
Interest expense	(5,524)	(3,613)	(3,485)	(4,247)	(4,730)
Income before provision for income taxes	16,987)	28,271)	29,420)	23,967)	22,733)
Provision for income taxes	(4,892)	(6,523)	(6,802)	(5,619)	(2,945)
Net income	12,095)	21,748)	22,618)	18,348)	19,788)
Net income attributable to noncontrolling interests	(481)	(492)	(553)	(547)	(523)
Net income attributable to Verizon	11,614)	21,256)	22,065)	17,801)	19,265)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Operating revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Verizon Communications Inc. operating revenues increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Verizon Communications Inc. operating income decreased from 2021 to 2022 and from 2022 to 2023.
Income before provision for income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Verizon Communications Inc. income before provision for income taxes decreased from 2021 to 2022 and from 2022 to 2023.
Net income attributable to Verizon	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Verizon Communications Inc. net income attributable to Verizon decreased from 2021 to 2022 and from 2022 to 2023.

Verizon Communications Inc. (NYSE:VZ)

Income Statement