Historical source-based research. Compilation date and financial period are different dates.

Research summary

A two-period review of VZ revenue, profitability and cash conversion; reported revenue growth was 2.52%.

Period comparison

FY2025 ended 2025-12-31; the prior observation ended 2024-12-31. Revenue moved from USD 134.788 billion to USD 138.191 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 17.506 billion to USD 17.174 billion. Operating income moved from USD 28.686 billion to USD 29.259 billion. Net margin moved from 12.99% to 12.43%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 36.912 billion in the earlier period and USD 37.137 billion in the later period. Selected free cash flow was not available and not available, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

What to monitor

Advertising exposure, subscription economics, network investment and cash conversion.

Risks and uncertainties

Audience migration, content costs, competition, capital intensity and privacy regulation.

Sources & dates

Methodology protocol ↗SMS research updates ↗