Summary
Verizon Communications Inc. reported its third-quarter 2023 financial results, showing a slight decrease in total operating revenues to $33.3 billion, down from $34.2 billion in the prior year's comparable period. This decline was primarily driven by a decrease in wireless equipment revenues. Despite the revenue dip, the company demonstrated solid operational execution. Net income attributable to Verizon was $4.76 billion, or $1.13 per diluted share, reflecting stable profitability compared to the previous year. Cash flow from operations remained strong, with $28.8 billion generated for the nine months ended September 30, 2023, an increase from $28.2 billion in the prior year. This robust operating cash flow, coupled with a reduction in capital expenditures, led to a significant increase in free cash flow to $14.6 billion for the nine-month period. The company also highlighted its ongoing investments in network technology, particularly its 5G network and C-Band spectrum deployment, positioning it for future growth.
Financial Highlights
48 data points| Revenue | $33.34B |
| SG&A Expenses | $8.00B |
| Operating Expenses | $25.86B |
| Operating Income | $7.47B |
| Interest Expense | $1.43B |
| Net Income | $4.76B |
| EPS (Basic) | $1.13 |
| EPS (Diluted) | $1.13 |
| Shares Outstanding (Basic) | 4.21B |
| Shares Outstanding (Diluted) | 4.22B |
Key Highlights
- 1Total operating revenues for the third quarter were $33.3 billion, a slight decrease of 2.6% year-over-year, primarily due to lower wireless equipment sales.
- 2Net income attributable to Verizon was $4.76 billion for the quarter, resulting in diluted EPS of $1.13, largely in line with the prior year.
- 3Operating cash flow for the first nine months of 2023 increased to $28.8 billion from $28.2 billion in the prior year.
- 4Free cash flow saw a significant increase, reaching $14.6 billion for the first nine months of 2023, up from $12.4 billion in the same period last year, driven by higher operating cash flow and lower capital expenditures.
- 5Capital expenditures decreased to $14.2 billion for the nine months ended September 30, 2023, down from $15.8 billion in the prior year, reflecting the completion of the accelerated C-Band deployment program.
- 6The Consumer segment's total operating revenues decreased by 2.3% year-over-year, while the Business segment's revenues saw a 4.0% decline.
- 7Verizon continues to invest in its 5G network and C-Band spectrum, with ongoing deployment aimed at enhancing network capabilities and future growth.