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, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Service revenues and other	111,571)	109,652)	109,625)	110,449)	109,872)
Wireless equipment revenues	23,217)	24,322)	27,210)	23,164)	18,420)
Operating revenues	134,788)	133,974)	136,835)	133,613)	128,292)
Cost of services	(27,997)	(28,100)	(28,637)	(31,234)	(31,401)
Cost of wireless equipment	(26,100)	(26,787)	(30,496)	(25,067)	(19,800)
Cost of services and wireless equipment	(54,097)	(54,887)	(59,133)	(56,301)	(51,201)
Gross profit	80,691)	79,087)	77,702)	77,312)	77,091)
Selling, general and administrative expense	(34,113)	(32,745)	(30,136)	(28,658)	(31,573)
Depreciation and amortization expense	(17,892)	(17,624)	(17,099)	(16,206)	(16,720)
Verizon Business Group goodwill impairment	—)	(5,841)	—)	—)	—)
Operating income	28,686)	22,877)	30,467)	32,448)	28,798)
Equity in earnings (losses) of unconsolidated businesses	(53)	(53)	44)	145)	(45)
Interest income	336)	354)	146)	48)	65)
Other components of net periodic benefit income (cost)	300)	(938)	2,386)	3,785)	(425)
Net debt extinguishment gains (losses)	385)	308)	(1,077)	(3,541)	(129)
Other, net	(26)	(37)	(82)	20)	(50)
Other income (expense), net	995)	(313)	1,373)	312)	(539)
Interest expense	(6,649)	(5,524)	(3,613)	(3,485)	(4,247)
Income before provision for income taxes	22,979)	16,987)	28,271)	29,420)	23,967)
Provision for income taxes	(5,030)	(4,892)	(6,523)	(6,802)	(5,619)
Net income	17,949)	12,095)	21,748)	22,618)	18,348)
Net income attributable to noncontrolling interests	(443)	(481)	(492)	(553)	(547)
Net income attributable to Verizon	17,506)	11,614)	21,256)	22,065)	17,801)

Based on: 10-K (reporting date: 2024-12-31), 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).

Download chart

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 decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Verizon Communications Inc. operating income decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
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 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.
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 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Verizon Communications Inc. (NYSE:VZ)

Income Statement