Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $126B | $126B | $131B | $132B | $128B | $134B | $137B | $134B | $135B | $138B |
| Revenue growth | — | 0.0% | 3.8% | 0.8% | -2.7% | 4.1% | 2.4% | -2.1% | 0.6% | 2.5% |
| Operating income | $29.2B | $27.4B | $22.3B | $30.4B | $28.8B | $32.4B | $30.5B | $22.9B | $28.7B | $29.3B |
| Operating margin | 23.2% | 21.8% | 17.0% | 23.0% | 22.4% | 24.3% | 22.3% | 17.1% | 21.3% | 21.2% |
| Net income | $13.1B | $30.1B | $15.5B | $19.3B | $17.8B | $22.1B | $21.3B | $11.6B | $17.5B | $17.2B |
| Net margin | 10.4% | 23.9% | 11.9% | 14.6% | 13.9% | 16.5% | 15.5% | 8.7% | 13.0% | 12.4% |
| EPS (diluted) | $3.21 | $7.36 | $3.76 | $4.65 | $4.30 | $5.32 | $5.06 | $2.75 | $4.14 | $4.06 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21.7B | $24.3B | $34.3B | $35.7B | $41.8B | $39.5B | $37.1B | $37.5B | $36.9B | $37.1B |
| Capital expenditures | $17.1B | $17.2B | $16.7B | — | — | — | — | — | — | — |
| Free cash flow | $4.63B | $7.07B | $17.7B | — | — | — | — | — | — | — |
| Share buybacks | $0.00 | $0.00 | — | — | — | — | — | — | — | — |
| Dividends paid | $9.26B | $9.47B | $9.77B | $10.0B | $10.2B | $10.4B | $10.8B | $11.0B | $11.2B | $11.5B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.88B | $2.08B | $2.75B | $2.59B | $22.2B | $2.92B | $2.60B | $2.06B | $4.19B | $19.0B |
| Total assets | $244B | $257B | $265B | $292B | $316B | $367B | $380B | $380B | $385B | $404B |
| Shareholders' equity | $24.0B | $44.7B | $54.7B | $62.8B | $69.3B | $83.2B | $92.5B | $93.8B | $101B | $106B |
| Retained earnings | $15.1B | $35.6B | $43.5B | $53.1B | $60.5B | $72.0B | $82.4B | $82.9B | $89.1B | $94.7B |
| Shares (wtd avg diluted) | 4.09B | 4.09B | 4.13B | 4.14B | 4.14B | 4.15B | 4.20B | 4.21B | 4.22B | 4.23B |
Every figure is extracted from VERIZON COMMUNICATIONS INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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