Summary
Verizon Communications Inc. reported its financial results for the quarter and six months ending June 30, 2024. Total operating revenues saw a slight increase of 0.6% to $32.8 billion for the quarter and 0.4% to $65.8 billion for the six-month period, driven primarily by the Consumer segment. However, the Business segment experienced a revenue decline. Net income attributable to Verizon was $4.6 billion for the quarter and $9.2 billion for the six months, showing slight decreases compared to the prior year. Diluted earnings per share were $1.09 for the quarter and $2.18 for the six months. Significant investments in network infrastructure continue, with capital expenditures totaling $8.1 billion for the six-month period. The company maintained a strong liquidity position with $3.9 billion in cash, cash equivalents, and restricted cash. Despite a slight increase in interest expense and a decrease in cash from operations, Verizon's free cash flow improved to $8.5 billion for the six months, primarily due to reduced capital expenditures. The company remains focused on network monetization, customer base growth, and operational efficiency.
Financial Highlights
47 data points| Revenue | $32.80B |
| SG&A Expenses | $8.02B |
| Operating Expenses | $24.98B |
| Operating Income | $7.82B |
| Interest Expense | $1.70B |
| Net Income | $4.59B |
| EPS (Basic) | $1.09 |
| EPS (Diluted) | $1.09 |
| Shares Outstanding (Basic) | 4.21B |
| Shares Outstanding (Diluted) | 4.22B |
Key Highlights
- 1Total operating revenues increased slightly by 0.6% to $32.8 billion for the three months ended June 30, 2024, and by 0.4% to $65.8 billion for the six months ended June 30, 2024, driven by the Consumer segment.
- 2Net income attributable to Verizon decreased slightly to $4.6 billion for the three months and $9.2 billion for the six months, compared to the same periods in 2023.
- 3Diluted earnings per share were $1.09 for the three months and $2.18 for the six months, down from $1.10 and $2.27, respectively, in the prior year.
- 4Capital expenditures for the six months ended June 30, 2024, were $8.1 billion, a decrease from $10.1 billion in the prior year, reflecting the completion of accelerated C-Band deployment.
- 5Free cash flow for the six months ended June 30, 2024, increased by $548 million to $8.5 billion, primarily due to lower capital expenditures.
- 6The Business segment saw a revenue decline of 2.4% for the quarter and 2.0% for the six months, impacted by decreases in Enterprise and Public Sector, and Wholesale revenues.
- 7The company announced a Voluntary Separation Program for select U.S.-based management employees, with an expected severance charge in the third quarter of 2024.