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VERIZON COMMUNICATIONS INCVZ

Sector
Technology
Industry
Telephone Communications (No Radiotelephone)
Exchange
NYSE

Stock Price $VZ

Latest filings

You are here#5 of 17 in Communication by market cap

Filing record · 2016–202610-K1110-Q328-K201

VZ filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 201 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Dec ’21Dec ’21
  3. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $138.19B
YoY changeLargest recent move−4.3%in FY16Latest +2.5%

1 older move runs past ±10% (largest +10.7%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All VZ Financial Metrics59 metrics

Income Statement14

Balance Sheet27

Cash Flow13

Per Share5

02—Overview

VERIZON COMMUNICATIONS INC Financial Overview 2021–2025

Updated Jul 10, 2026

Verizon’s authorization of a $25 billiona share repurchase program in FY2025 highlights a telecom giant prioritizing capital returns even as its top-line expansion plateaus. After years of heavy spending on C-Band spectrum and network upgrades, the company is pivoting from a capital-intensive deployment phase to an era of disciplined cash extraction and cost rationalization.

While the enterprise division faced consistent headwinds, the core Consumer segment provided a reliable anchor, with operating revenues growing from $95.3 billion in FY2021 to $106.8 billionb in FY2025. This retail performance, combined with infrastructure monetization like the $2.8 billion upfront cash lease of 6,339 wireless towers, fortified the balance sheet. Capital expenditures peaked at $23.1 billion in FY2022 during the height of the 5G buildout but are projected to drop to between $16.0 billion and $16.5 billion for FY2026. This sharp reduction in capital intensity allowed free cash flow to reach $20.1 billion in FY2025, providing the necessary liquidity to fund continuous dividend hikes and restructure operations via a 13,000-person headcount reduction.

Despite this cash generation and a strategic expansion into fiber via the Frontier Communications acquisition, the market maintained a skeptical outlook. At the close of FY2025, Verizon traded at 10.0x earnings with a share price of $40.73c, reflecting investor caution regarding the company's heavily indebted legacy operations and intense wireless competition.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, total operating revenues grew 2.9% year-over-year to $34.44 billiond, driven by the newly integrated Frontier Communications assets and a 3.3% expansion in Consumer segment revenues. Net income advanced to $5.045 billion, or $1.20 per share. However, the quarter brought unexpected leadership turbulence when Consumer division CEO Sowmyanarayan Sampath stepped down. Additionally, a new 50/50 wireline joint venture with BT Group requires a $625 million cash payment and will trigger an estimated loss between $700 million and $800 million.

Bulls contend that robust quarterly free cash flow of $3.78 billione demonstrates highly resilient core retail operations. Conversely, bears warn that mounting separation costs and unexpected executive turnover introduce significant integration risks. At 11.8x earnings as of the May 1, 2026 reporting date, the stock trades at $48.11, reflecting a richer valuation multiple following recent broadband expansion.

What to watch: consumer division succession planning; integration expenses stemming from the BT Group joint venture.

03—Filings

Recent SEC Filings

  1. 8-KVERIZON COMMUNICATIONS INC 8-K Report, Executive Changes (Sep 29, 2026)Verizon Communications Inc. has announced a change to its Board of Directors, electing Charles Phillips as a new director effective September 25, 2026. Mr. Phillips brings experience from his role as Co-Founder & Managing Partner of Recognize Partners LP. His addition to the board is a key governance development that investors will want to note. As a non-employee director, Mr. Phillips will be compensated under Verizon's standard program for such directors, as detailed in their April 6, 2026 proxy statement. While he has not yet been assigned to any board committees, his appointment signifies a step in the ongoing evolution of Verizon's leadership and oversight structure. Investors should monitor any future committee assignments for further insights into his strategic focus.
  2. 8-KVERIZON COMMUNICATIONS INC 8-K Report, Executive Changes (Jul 24, 2026)Verizon Communications Inc. (VZ) announced an amendment to the employment agreement of its Chief Executive Officer, Daniel H. Schulman, extending his tenure and clarifying compensation details. This filing is significant for investors as it provides greater certainty regarding leadership continuity and executive compensation strategy through the end of 2028 and potentially beyond. The key amendments focus on extending Mr. Schulman's employment term to December 31, 2028, with provisions for annual extensions thereafter. Importantly, his base salary and target annual incentive for 2028 will be no less than that provided in 2027. Furthermore, a substantial long-term incentive award with a target value of at least $25 million is guaranteed for 2028, with specific vesting conditions tied to succession events, offering considerable financial commitment to the CEO's continued leadership.
  3. 8-KVERIZON COMMUNICATIONS INC 8-K Report, Financial Results (Jul 24, 2026)Verizon reported record second-quarter 2026 results, with consolidated adjusted EBITDA up 7.2% year-over-year to $13.7 billion and adjusted EBITDA margin rising to 40.1% from 37.1%. Total operating revenue was $34.3 billion, down 0.7%, as a roughly 20% decline in wireless equipment revenue offset 2.8% growth in mobility and broadband service revenue. Reported GAAP results were weaker: net income fell 22.9% to $3.9 billion and diluted EPS fell 22.0% to $0.92, driven by $1.8 billion of pre-tax special items, including a $746 million loss on the planned disposition of its international wireline connectivity and managed network services business, $397 million in severance, and $258 million in asset rationalization charges. Excluding special items, adjusted EPS rose 6.6% to $1.30. Cash generation was the stronger part of the story. First-half operating cash flow rose 9.9% to $18.4 billion and free cash flow rose 16.0% to $10.2 billion, while second-quarter free cash flow grew 24.4% to $6.4 billion. Operating momentum also improved, with 184,000 postpaid phone net additions, 348,000 broadband net additions, and 17.1 million fixed wireless and fiber connections. Management raised full-year 2026 guidance for the second consecutive quarter, lifting adjusted EPS to $4.99-$5.04, free cash flow growth to 9-10%, and the share buyback target to up to $4.5 billion. Net unsecured debt fell to $128.7 billion, or 2.5x consolidated adjusted EBITDA, from $130.1 billion at the end of the first quarter, though it rose from $110.1 billion at year-end 2025 following the Frontier acquisition. Investors should weigh the upbeat adjusted metrics against the GAAP decline and the rising special-item charges, which management has excluded from its adjusted measures. The non-GAAP framing, the heavy reliance on cost discipline and lower device subsidies, and the continued elevation of total debt versus year-end 2025 are key points to monitor. The filing also notes that Verizon does not reconcile its adjusted EPS and cash flow forecasts because it cannot predict future special items.
  4. 8-KVERIZON COMMUNICATIONS INC 8-K Report, Regulation FD Disclosure (Jun 29, 2026)Verizon Communications Inc. (VZ) has announced a significant strategic move through an 8-K filing, detailing the formation of a joint venture with BT Group plc. This transaction involves contributing their respective international wireline connectivity and managed network services businesses to a newly formed entity, Jasper NewCo Limited. Each company will hold a 50% stake in NewCo, with Verizon making a $625 million cash payment to BT as part of the deal. This JV aims to combine and leverage their international capabilities, creating a new entity focused on these specific services. Beyond the JV, the filing also provides crucial updates on Verizon's second-quarter 2026 financial expectations. The company anticipates recording substantial charges, including an estimated loss of $700 million to $800 million related to classifying the Verizon Contributed Business as assets and liabilities held for sale. Additionally, Verizon expects severance charges between $350 million and $450 million and asset rationalization charges of $200 million to $300 million as part of ongoing transformation initiatives. While these charges will impact reported results, the company expects the JV transaction itself to be accretive to Verizon Business Group EBITDA as the net assets are moved to Corporate and other.
  5. 8-KVERIZON COMMUNICATIONS INC 8-K Report, Corporate Update (Jun 17, 2026)Verizon Communications Inc. (NYSE, Nasdaq: VZ) announced the final results of its private exchange offers and consent solicitations for 11 series of notes issued by its wholly owned subsidiaries, with the offers expiring at 5:00 p.m. New York time on June 16, 2026. Verizon accepted all validly tendered Old Notes. Based on the accepted principal amounts in the release, about $161.4 million of the roughly $945.6 million of Old Notes outstanding across these series (about 17%) was exchanged for new Verizon notes with identical economic terms. Settlement is scheduled for June 22, 2026. The release does not disclose the size of the new note issuance, the aggregate consideration paid, or any effect on Verizon's leverage or earnings. Requisite consents were received for six series (the 6.860% Debentures due 2028, 6.730% Debentures Series G due 2028, 8.375% Debentures due 2029, 7.875% Debentures due 2029, 8.625% Debentures due 2031, and 7.875% Senior Notes due 2032). The proposed amendments would eliminate certain restrictive covenants and other provisions in those indentures, which affects holders who did not tender. The same consents were cumulated with consents from a separate, concurrent cash tender offer for 20 series of notes. Verizon describes the cash tenders as separate from the exchange offers, and neither is conditioned on the other. For investors, the filing is primarily a debt management and liability reshaping transaction. It is not a material change to Verizon's operations or capital structure on its face. Its most significant implications are for holders of the Old Notes, particularly those who do not tender and would be subject to covenant-stripped indentures, and for the subsidiary-level debt structure. Participation rates varied widely, from about 1% to about 86% of principal, with the most significant volumes in the 7.875% Debentures due 2029 and the 5.125% Debentures due 2033 (tender of roughly 14%).
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04—See also

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