Verizon delivered strong customer growth and profitability in 2024
Verizon (VZ) reported strong Q4 2024 and full-year performance with notable customer growth and profitability. The company added nearly 1 million postpaid mobile and broadband subscribers in Q4, marking its best quarterly result in over a decade. Key financial highlights include:
- Full-year 2024 EPS of $4.14 (adjusted $4.59)
- Total operating revenue of $134.8B, up 0.6% YoY
- Q4 wireless service revenue of $20.0B, up 3.1% YoY
- Free cash flow of $19.8B for 2024
The company demonstrated strong operational results with 568,000 postpaid phone net additions in Q4 and 408,000 broadband net additions. Fixed wireless access subscribers grew to nearly 4.6 million. Total broadband connections increased 15% YoY to over 12.3 million. For 2025, Verizon projects wireless service revenue growth of 2.0-2.8% and adjusted EBITDA growth of 2.0-3.5%.
Verizon (VZ) ha riportato solide performance nel quarto trimestre del 2024 e per l'intero anno, con una crescita notevole dei clienti e della redditività. L'azienda ha aggiunto quasi 1 milione di abbonati mobili postpagati e a banda larga nel Q4, segnando il suo miglior risultato trimestrale in oltre un decennio. Principali evidenze finanziarie includono:
- EPS per l'intero anno 2024 di $4.14 (aggiustato $4.59)
- Ricavi operativi totali di $134.8 miliardi, in aumento dello 0.6% rispetto all'anno precedente
- Ricavi dai servizi wireless nel Q4 di $20.0 miliardi, in aumento del 3.1% rispetto all'anno precedente
- Flusso di cassa libero di $19.8 miliardi per il 2024
L'azienda ha dimostrato risultati operativi solidi con 568.000 nuove aggiunte nette di telefoni postpagati nel Q4 e 408.000 nuove aggiunte nette a banda larga. Gli abbonati all'accesso wireless fisso sono cresciuti fino a quasi 4.6 milioni. Le connessioni totali a banda larga sono aumentate del 15% rispetto all'anno precedente, superando i 12.3 milioni. Per il 2025, Verizon prevede una crescita dei ricavi dai servizi wireless del 2.0-2.8% e una crescita dell'EBITDA rettificato del 2.0-3.5%.
Verizon (VZ) reportó un sólido desempeño en el cuarto trimestre de 2024 y a lo largo del año, con un notable crecimiento en la cantidad de clientes y en la rentabilidad. La compañía agregó casi 1 millón de suscriptores móviles y de banda ancha postpago en el Q4, alcanzando su mejor resultado trimestral en más de una década. Aspectos financieros clave incluyen:
- EPS para el año completo 2024 de $4.14 (ajustado $4.59)
- Ingresos operativos totales de $134.8 mil millones, un incremento del 0.6% interanual
- Ingresos de servicios inalámbricos en el Q4 de $20.0 mil millones, un aumento del 3.1% interanual
- Flujo de caja libre de $19.8 mil millones para 2024
La empresa mostró resultados operativos fuertes con 568,000 nuevas adiciones netas de teléfonos postpago en el Q4 y 408,000 nuevas adiciones netas de banda ancha. Los suscriptores de acceso inalámbrico fijo crecieron a casi 4.6 millones. Las conexiones totales de banda ancha aumentaron un 15% interanual, superando los 12.3 millones. Para 2025, Verizon proyecta un crecimiento de los ingresos por servicios inalámbricos del 2.0-2.8% y un crecimiento del EBITDA ajustado del 2.0-3.5%.
버라이즌 (VZ)는 2024년 4분기와 전체 연도 동안 강력한 실적을 보고하며 고객 성장과 수익성에서 눈에 띄는 성과를 올렸습니다. 이 회사는 4분기 동안 거의 100만명의 후불 모바일 및 초고속 인터넷 가입자를 추가하여 10년 이상 만에 최고의 분기 실적을 기록했습니다. 주요 재무 하이라이트는 다음과 같습니다:
- 2024년 전체 연도 주당 순이익(EPS) $4.14 (조정 후 $4.59)
- 총 운영 수익 $1348억, 전년 대비 0.6% 증가
- 4분기 무선 서비스 수익 $200억, 전년 대비 3.1% 증가
- 2024년 자유 현금 흐름 $198억
회사는 4분기 동안 후불 전화 순 추가 56만8000건과 초고속 인터넷 순 추가 40만8000건으로 강력한 운영 결과를 보여주었습니다. 고정 무선 접속 가입자는 거의 460만 명으로 증가했습니다. 전체 초고속 인터넷 연결 수는 전년 대비 15% 증가하여 1230만 개를 넘었습니다. 2025년을 위해, 버라이즌은 무선 서비스 수익의 2.0-2.8% 성장과 조정된 EBITDA의 2.0-3.5% 성장을 전망하고 있습니다.
Verizon (VZ) a connu de solides performances au quatrième trimestre 2024 et sur l'ensemble de l'année, avec une croissance notable du nombre de clients et de la rentabilité. L'entreprise a ajouté près d'1 million d'abonnés mobiles et à large bande postpayés au T4, marquant ainsi son meilleur résultat trimestriel en plus d'une décennie. Points financiers clés incluent :
- Bénéfice par action (EPS) pour l'année 2024 de 4,14 $ (ajusté à 4,59 $)
- Chiffre d'affaires total de 134,8 milliards de dollars, en hausse de 0,6 % par rapport à l'année précédente
- Chiffre d'affaires des services sans fil au T4 de 20,0 milliards de dollars, en hausse de 3,1 % par rapport à l'année précédente
- Flux de trésorerie disponible de 19,8 milliards de dollars pour 2024
L'entreprise a affiché des résultats opérationnels solides avec 568 000 nouvelles inscriptions nettes de téléphones postpayés au T4 et 408 000 nouvelles inscriptions nettes à large bande. Les abonnés à l'accès sans fil fixe ont augmenté pour atteindre près de 4,6 millions. Le nombre total de connexions à large bande a augmenté de 15 % par rapport à l'année précédente, dépassant les 12,3 millions. Pour 2025, Verizon prévoit une croissance des revenus des services sans fil de 2,0-2,8 % et une croissance de l'EBITDA ajusté de 2,0-3,5 %.
Verizon (VZ) hat im vierten Quartal 2024 und im gesamten Jahr starke Leistungen mit bemerkenswertem Kundenwachstum und Rentabilität gemeldet. Das Unternehmen hat im Q4 fast 1 Million Postpaid-Mobil- und Breitbandkunden hinzugewonnen und damit das beste Quartalsergebnis seit über einem Jahrzehnt erzielt. Wichtige finanzielle Highlights umfassen:
- Jahresergebnis 2024 EPS von $4.14 (bereinigt $4.59)
- Gesamte Betriebseinnahmen von $134,8 Milliarden, Anstieg um 0,6% im Jahresvergleich
- Q4-Wireless-Diensteinnahmen von $20,0 Milliarden, Anstieg um 3,1% im Jahresvergleich
- Freier Cashflow von $19,8 Milliarden für 2024
Das Unternehmen zeigte starke betriebliche Ergebnisse mit 568.000 Netto-Neukunden bei Postpaid-Telefonen im Q4 und 408.000 Netto-Neukunden bei Breitband. Die feste drahtlose Zugangs-Kunden wuchsen auf fast 4,6 Millionen. Die gesamten Breitbandverbindungen stiegen im Jahresvergleich um 15% auf über 12,3 Millionen. Für 2025 prognostiziert Verizon ein Wachstum der Einnahmen aus Wireless-Diensten von 2,0-2,8% und ein bereinigtes EBITDA-Wachstum von 2,0-3,5%.
- Added nearly 1M postpaid mobile and broadband subscribers in Q4 2024
- Wireless service revenue grew 3.1% YoY to $20.0B in Q4
- Free cash flow increased to $19.8B in 2024 from $18.7B in 2023
- Total broadband connections grew 15% YoY to 12.3M
- Reduced total unsecured debt by $10.6B YoY
- Operating revenue growth to 0.6% YoY
- Adjusted EPS declined to $4.59 in 2024 from $4.71 in 2023
- Cash flow from operations decreased to $36.9B from $37.5B in 2023
- Consumer segment operating income margin declined to 25.1% from 26.1% YoY
Insights
Verizon's Q4 2024 results reveal a compelling transformation story, with several noteworthy developments that signal improving business fundamentals. The addition of 968,000 postpaid phone and broadband subscribers in Q4 - the strongest quarterly performance in over a decade - demonstrates the company's renewed competitive vigor in the market.
Three key performance indicators stand out: First, the $20B wireless service revenue (+3.1% YoY) shows pricing power remains intact despite intense competition. Second, the Consumer segment's 5.5% increase in postpaid phone gross additions marks the best quarterly performance in five years, indicating successful customer acquisition strategies. Third, the $10.6B reduction in unsecured debt year-over-year strengthens the balance sheet, bringing the net debt to adjusted EBITDA ratio to a healthy 2.3x.
The 2025 guidance suggests continued momentum with projected wireless service revenue growth of
The pending Frontier acquisition, satellite partnerships and AI initiatives position Verizon for potential market share gains in both wireless and broadband segments. The fixed wireless access business continues to excel, adding 373K subscribers in Q4 and maintaining a trajectory toward the 8-9 million subscriber target by 2028.
Verizon's Q4 performance underscores the success of its network monetization strategy, particularly in fixed wireless access (FWA). The 373,000 FWA net adds in Q4 brought the total subscriber base to nearly 4.6 million, validating the company's network capacity utilization strategy. This rapid FWA growth represents an efficient use of existing network assets while capturing broadband market share.
The Business segment's resilience is notable, with 3.4% wireless service revenue growth despite wireline pressure. The segment added 142,000 postpaid phone and 157,000 fixed wireless customers, showing particular strength in small and medium businesses. This performance suggests successful penetration of an historically underleveraged market segment.
The myPlan and myHome initiatives demonstrate Verizon's evolution toward more personalized service offerings, a critical differentiator in a mature market. The strategic focus on network enhancement through satellite partnerships and AI enablement positions the company to potentially expand coverage and improve service delivery efficiency.
Company added nearly 1 million postpaid mobile and broadband
subscribers in fourth quarter, best quarterly result in more than a decade
Industry-leading total wireless service revenue
of
Key 2024 Highlights
- Delivered on financial guidance
- Revenue growth with strong operational results
- More than doubled wireless postpaid phone net additions compared to 2023
- Continued to take broadband market share with Fios and fixed wireless access
- Strong execution against capital allocation priorities, including strategic transactions
- Well-positioned with strong outlook for 2025
NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong operational and financial results for the fourth-quarter and full-year 2024, further extending its industry leadership with new products and services that continued to resonate with customers. With solid momentum on its strategy to grow connections and strengthen customer relationships, the company delivered on its 2024 financial guidance, demonstrating strong performance and success across its three priorities of growing wireless service revenue, expanding adjusted EBITDA and generating strong free cash flow.
"With innovations powered by the best network in the country, we are bringing the best experiences to our customers, in life and work. Customizable offerings like myPlan, myHome, Verizon Business Complete and Total Wireless feature the control, simplicity and value our customers expect," said Verizon Chairman and CEO Hans Vestberg. "It’s only going to get better this year and beyond, as we have continued to strengthen Verizon with the pending Frontier acquisition, new satellite partnerships, and ongoing AI enablement, which we expect will enhance and broaden our network for everybody we serve."
2024 Financial Highlights
Consolidated: Verizon delivers on 2024 financial guidance and extends industry leadership through operational excellence and customer focus
- Full-year 2024 earnings per share (EPS) of
$4.14 compared to$2.75 for full-year 2023; adjusted EPS1, excluding special items, of$4.59 compared to full-year 2023 adjusted EPS1 of$4.71 . - Total operating revenue of
$134.8 billion for full-year 2024, up 0.6 percent compared to full-year 2023. - Full-year 2024 cash flow from operations totaled
$36.9 billion compared to$37.5 billion in 2023. This result reflects higher cash taxes, as well as higher interest expense. Full-year cash flow from operations includes a one-time contribution of approximately$2.0 billion from Verizon’s tower transaction with Vertical Bridge and reflects fourth quarter severance payments related to our voluntary separation program of approximately$600 million . - Full-year 2024 capital expenditures were
$17.1 billion . - Full-year 2024 free cash flow1 of
$19.8 billion compared to$18.7 billion in full-year 2023.
4Q 2024 Highlights
Consolidated: Strong fourth-quarter performance results in revenue increases
- Earnings per share of
$1.18 in fourth-quarter 2024 compared to EPS of$(0.64) in fourth-quarter 2023; adjusted EPS1, excluding special items, of$1.10 compared to$1.08 in fourth-quarter 2023. - Fourth-quarter 2024 financial results reflected a pre-tax gain from special items of
$477 million . This includes a mark-to-market adjustment for our pension and other post-employment benefit (OPEB) liabilities of$668 million , partially offset by amortization of intangible assets related to Tracfone and other acquisitions of$191 million . - Total operating revenue of
$35.7 billion in fourth-quarter 2024, up 1.6 percent compared to fourth-quarter 2023. - Consolidated net income for fourth-quarter 2024 was
$5.1 billion compared to a net loss of$2.6 billion in fourth-quarter 2023. Consolidated adjusted EBITDA1 was$11.9 billion in fourth-quarter 2024 compared to$11.7 billion in fourth-quarter 2023. This result was driven by wireless service revenue growth, partially offset by the impact of higher upgrade volumes and continued declines in Business wireline revenue. - Verizon's total unsecured debt as of the end of fourth-quarter 2024 was
$117.9 billion , an$8.5 billion decrease compared to third-quarter 2024 and$10.6 billion lower year over year. The company's net unsecured debt1 at the end of fourth-quarter 2024 was$113.7 billion . At the end of fourth-quarter 2024, Verizon's ratio of unsecured debt to net income (LTM) was 6.6 times and net unsecured debt to consolidated adjusted EBITDA ratio1 was 2.3 times.
Mobility: Industry-leading wireless service revenue and double-digit growth in postpaid phone net adds
- Wireless service revenue2 grew sequentially for the 18th consecutive quarter. Total wireless service revenue2 in fourth-quarter 2024 was
$20.0 billion , up 3.1 percent year over year, driven primarily by pricing actions implemented in recent quarters, sales of perks and add-on services and growth in fixed wireless access. - Wireless equipment revenue of
$7.5 billion in fourth-quarter 2024, up 0.6 percent compared to fourth-quarter 2023, predominantly due to increased upgrade volumes in the quarter. - Total postpaid phone net additions of 568,000 in fourth-quarter 2024, up from 449,000 in fourth-quarter 2023.
Broadband: Verizon continued to take broadband market share with strong demand for best in class Fios and fixed wireless access offerings
- Broadband net additions of 408,000 in fourth-quarter 2024, continuing the quarterly pace of over 350,000 broadband net additions.
- Total fixed wireless access net additions of 373,000 in fourth-quarter 2024, growing the base to nearly 4.6 million fixed wireless subscribers. The company is well-positioned to achieve the next milestone of 8 to 9 million fixed wireless access subscribers by 2028.
- Fios internet net additions were 51,000 compared to 55,000 in fourth-quarter 2023.
- Total broadband connections grew to more than 12.3 million as of the end of fourth-quarter 2024, representing a 15.0 percent increase year over year.
Verizon Consumer: Positive net additions with strongest quarterly phone gross additions result in five years
- Total Verizon Consumer revenue in fourth-quarter 2024 was
$27.6 billion , an increase of 2.2 percent year over year, predominantly driven by gains in service revenue. - Wireless service revenue in fourth-quarter 2024 was
$16.5 billion , up 3.0 percent year over year, primarily driven by growth in Consumer wireless postpaid average revenue per account (ARPA) from pricing actions and continued fixed wireless access adoption. - Consumer wireless retail postpaid churn was 1.12 percent in fourth-quarter 2024, and wireless retail postpaid phone churn was 0.89 percent.
- Consumer ARPA of
$139.77 in fourth-quarter 2024, an increase of 4.2 percent compared to fourth-quarter 2023. - In fourth-quarter 2024, Consumer reported 426,000 wireless retail postpaid phone net additions, up 34.0 percent from fourth-quarter 2023. This improvement was driven by a 5.5 percent year over year increase in postpaid phone gross additions, which represented the strongest quarterly result for postpaid phone gross additions in five years.
- Excluding the contribution from the company's second number offering, Consumer reported 82,000 wireless retail postpaid phone net additions for the year, meeting the goal of positive net additions for 2024, and 367,000 wireless retail postpaid phone net additions for fourth-quarter 2024.
- Excluding SafeLink, Verizon's brand offering access to government-sponsored connectivity benefits and programs, in fourth-quarter 2024 Consumer reported 65,000 wireless retail prepaid net additions compared to 263,000 net losses in fourth-quarter 2023.
- Consumer reported 216,000 fixed wireless net additions and 47,000 Fios Internet net additions in fourth-quarter 2024. Consumer Fios revenue was
$2.9 billion in fourth-quarter 2024. - In fourth-quarter 2024, Consumer operating income was
$6.9 billion , a decrease of 1.9 percent year over year, and segment operating income margin was 25.1 percent, compared to 26.1 percent in fourth-quarter 2023. Segment EBITDA1 in fourth-quarter 2024 was$10.3 billion , a decrease of 0.4 percent year over year. Improvements in Consumer wireless service revenue were more than offset by increases in upgrade volumes and the impact of related promotions in the period. Segment EBITDA margin1 in fourth-quarter 2024 was 37.5 percent compared to 38.5 percent in fourth-quarter 2023.
Verizon Business: Strong wireless service revenue driven by continued wireless customer growth
- Business wireless service revenue in fourth-quarter 2024 was
$3.5 billion , an increase of 3.4 percent year over year. This result was driven by continued strong net additions for both mobility and fixed wireless access, as well as benefits from pricing actions implemented in recent quarters. - Total Verizon Business revenue was
$7.5 billion in fourth-quarter 2024, a decrease of 1.5 percent year over year, as increases in wireless service revenue were more than offset by decreases in wireline revenue. - Business reported 283,000 wireless retail postpaid net additions in fourth-quarter 2024. This result included 142,000 postpaid phone net additions. Our value proposition continued to resonate across all customer groups with particular strength in small and medium businesses.
- Business wireless retail postpaid churn was 1.45 percent in fourth-quarter 2024, and wireless retail postpaid phone churn was 1.09 percent.
- Business reported 157,000 fixed wireless net additions in fourth-quarter 2024.
- In fourth-quarter 2024, Verizon Business operating income was
$594 million , an increase of 34.1 percent year over year, resulting in segment operating income margin of 7.9 percent, an increase from 5.8 percent in fourth-quarter 2023. Segment EBITDA1 in fourth-quarter 2024 was$1.7 billion , an increase of 3.0 percent year over year. The result was driven by wireless service revenue growth partially offset by wireline revenue declines. Segment EBITDA margin1 in fourth-quarter 2024 was 22.1 percent, an increase from 21.1 percent in fourth-quarter 2023.
Outlook and guidance
The company does not provide a reconciliation for certain of the following adjusted (non-GAAP) forecasts because it cannot, without unreasonable effort, predict the special items that could arise, and the company is unable to address the probable significance of the unavailable information.
For 2025, Verizon expects the following:
- Total wireless service revenue growth2,3 of 2.0 percent to 2.8 percent.
- Adjusted EBITDA growth1 of 2.0 percent to 3.5 percent.
- Adjusted EPS1 growth of 0 to 3.0 percent.
- Cash flow from operations of
$35.0 billion to$37.0 billion . - Capital expenditures between
$17.5 billion and$18.5 billion . - Free cash flow1 of
$17.5 billion to$18.5 billion .
1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).
2 Total wireless service revenue represents the sum of Consumer and Business segments.
3 Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue beginning January 2025. Where applicable, historical results will be recast to conform to the updated presentation. Reclassified 2024 annual revenues were more than
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of
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Forward-looking statements
In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors' use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors' provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.
Media contacts:
Katie Magnotta
201-602-9235
katie.magnotta@verizon.com
Jamie Serino
201-401-5460
jamie.serino@verizon.com
Non-GAAP Reconciliations - Consolidated Verizon
| Consolidated EBITDA and Consolidated Adjusted EBITDA | |||||||||||||||||||||||||||||||
| (dollars in millions) | |||||||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 12/31/24 | 3 Mos. Ended 9/30/24 | 3 Mos. Ended 6/30/24 | 3 Mos. Ended 3/31/24 | 3 Mos. Ended 12/31/23 | 3 Mos. Ended 9/30/23 | 3 Mos. Ended 6/30/23 | 3 Mos. Ended 3/31/23 | |||||||||||||||||||||||
| Consolidated Net Income (Loss) | $ | 5,114 | $ | 3,411 | $ | 4,702 | $ | 4,722 | $ | (2,573 | ) | $ | 4,884 | $ | 4,766 | $ | 5,018 | ||||||||||||||
| Add: | |||||||||||||||||||||||||||||||
| Provision for income taxes | 1,454 | 891 | 1,332 | 1,353 | 756 | 1,308 | 1,346 | 1,482 | |||||||||||||||||||||||
| Interest expense | 1,644 | 1,672 | 1,698 | 1,635 | 1,599 | 1,433 | 1,285 | 1,207 | |||||||||||||||||||||||
| Depreciation and amortization expense(1) | 4,506 | 4,458 | 4,483 | 4,445 | 4,516 | 4,431 | 4,359 | 4,318 | |||||||||||||||||||||||
| Consolidated EBITDA | $ | 12,718 | $ | 10,432 | $ | 12,215 | $ | 12,155 | $ | 4,298 | $ | 12,056 | $ | 11,756 | $ | 12,025 | |||||||||||||||
| Add/(subtract): | |||||||||||||||||||||||||||||||
| Other (income) expense, net(2) | $ | (797 | ) | $ | (72 | ) | $ | 72 | $ | (198 | ) | $ | 807 | $ | (170 | ) | $ | (210 | ) | $ | (114 | ) | |||||||||
| Equity in (earnings) losses of unconsolidated businesses | 6 | 24 | 14 | 9 | 11 | 18 | 33 | (9 | ) | ||||||||||||||||||||||
| Severance charges | — | 1,733 | — | — | 296 | — | 237 | — | |||||||||||||||||||||||
| Asset and business rationalization | — | 374 | — | — | 325 | — | 155 | — | |||||||||||||||||||||||
| Legacy legal matter | — | — | — | 106 | — | — | — | — | |||||||||||||||||||||||
| Verizon Business Group goodwill impairment | — | — | — | — | 5,841 | — | — | — | |||||||||||||||||||||||
| Legal settlement | — | — | — | — | 100 | — | — | — | |||||||||||||||||||||||
| Business transformation costs | — | — | — | — | — | 176 | — | — | |||||||||||||||||||||||
| Non-strategic business shutdown | — | — | — | — | — | 158 | — | — | |||||||||||||||||||||||
| (791 | ) | 2,059 | 86 | (83 | ) | 7,380 | 182 | 215 | (123 | ) | |||||||||||||||||||||
| Consolidated Adjusted EBITDA | $ | 11,927 | $ | 12,491 | $ | 12,301 | $ | 12,072 | $ | 11,678 | $ | 12,238 | $ | 11,971 | $ | 11,902 | |||||||||||||||
| Footnotes: | |||||||||||||||||||||||||||||||
| (1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable. | |||||||||||||||||||||||||||||||
| (2) Includes Pension and benefits remeasurement adjustments, where applicable. | |||||||||||||||||||||||||||||||
| Consolidated EBITDA and Consolidated Adjusted EBITDA (LTM) | ||||||||
| (dollars in millions) | ||||||||
| Unaudited | 12 Mos. Ended 12/31/24 | 12 Mos. Ended 2/31/23 | ||||||
| Consolidated Net Income | $ | 17,949 | $ | 12,095 | ||||
| Add: | ||||||||
| Provision for income taxes | 5,030 | 4,892 | ||||||
| Interest expense | 6,649 | 5,524 | ||||||
| Depreciation and amortization expense(1) | 17,892 | 17,624 | ||||||
| Consolidated EBITDA | $ | 47,520 | $ | 40,135 | ||||
| Add/(subtract): | ||||||||
| Other (income) expense, net(2) | $ | (995 | ) | $ | 313 | |||
| Equity in losses of unconsolidated businesses | 53 | 53 | ||||||
| Severance charges | 1,733 | 533 | ||||||
| Asset and business rationalization | 374 | 480 | ||||||
| Legacy legal matter | 106 | — | ||||||
| Verizon Business Group goodwill impairment | — | 5,841 | ||||||
| Legal settlement | — | 100 | ||||||
| Business transformation costs | — | 176 | ||||||
| Non-strategic business shutdown | — | 158 | ||||||
| 1,271 | 7,654 | |||||||
| Consolidated Adjusted EBITDA | $ | 48,791 | $ | 47,789 | ||||
| Footnotes: | ||||||||
| (1) Includes Amortization of acquisition-related intangible assets and a portion of the Non-strategic business shutdown, where applicable. | ||||||||
| (2) Includes Pension and benefits remeasurement adjustments, where applicable. | ||||||||
| Net Unsecured Debt and Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio | |||||||||||
| (dollars in millions) | |||||||||||
| Unaudited | 12/31/24 | 9/30/24 | 12/31/23 | ||||||||
| Debt maturing within one year | $ | 22,633 | $ | 21,763 | $ | 12,973 | |||||
| Long-term debt | 121,381 | 128,878 | 137,701 | ||||||||
| Total Debt | 144,014 | 150,641 | 150,674 | ||||||||
| Less Secured debt | 26,138 | 24,272 | 22,183 | ||||||||
| Unsecured Debt | 117,876 | 126,369 | 128,491 | ||||||||
| Less Cash and cash equivalents | 4,194 | 4,987 | 2,065 | ||||||||
| Net Unsecured Debt | $ | 113,682 | $ | 121,382 | $ | 126,426 | |||||
| Consolidated Net Income (LTM) | $ | 17,949 | $ | 12,095 | |||||||
| Unsecured Debt to Consolidated Net Income Ratio | 6.6x | 10.6x | |||||||||
| Consolidated Adjusted EBITDA (LTM) | $ | 48,791 | $ | 47,789 | |||||||
| Net Unsecured Debt to Consolidated Adjusted EBITDA Ratio | 2.3x | 2.6x | |||||||||
| Adjusted Earnings per Common Share (Adjusted EPS) | ||||||||||||||||||||||||||||||||
| (dollars in millions, except per share amounts) | ||||||||||||||||||||||||||||||||
| Unaudited | 3 Mos. Ended 12/31/24 | 3 Mos. Ended 12/31/23 | ||||||||||||||||||||||||||||||
| Pre-tax | Tax | After-Tax | Pre-tax | Tax | After-Tax | |||||||||||||||||||||||||||
| EPS | $ | 1.18 | $ | (0.64 | ) | |||||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 191 | $ | (51 | ) | $ | 140 | 0.03 | $ | 227 | $ | (57 | ) | $ | 170 | 0.04 | ||||||||||||||||
| Severance, pension and benefits charges (credits) | (668 | ) | 165 | (503 | ) | (0.12 | ) | 1,288 | (319 | ) | 969 | 0.23 | ||||||||||||||||||||
| Asset rationalization | — | — | — | — | 325 | (80 | ) | 245 | 0.06 | |||||||||||||||||||||||
| Verizon Business Group goodwill impairment | — | — | — | — | 5,841 | (52 | ) | 5,789 | 1.37 | |||||||||||||||||||||||
| Legal settlement | — | — | — | — | 100 | (25 | ) | 75 | 0.02 | |||||||||||||||||||||||
| $ | (477 | ) | $ | 114 | $ | (363 | ) | $ | (0.09 | ) | $ | 7,781 | $ | (533 | ) | $ | 7,248 | $ | 1.72 | |||||||||||||
| Adjusted EPS | $ | 1.10 | $ | 1.08 | ||||||||||||||||||||||||||||
| Footnote: | ||||||||||||||||||||||||||||||||
| Adjusted EPS may not add due to rounding. | ||||||||||||||||||||||||||||||||
| (dollars in millions, except per share amounts) | ||||||||||||||||||||||||||||||||
| Unaudited | 12 Mos. Ended 12/31/24 | 12 Mos. Ended 12/31/23 | ||||||||||||||||||||||||||||||
| Pre-tax | Tax | After-Tax | Pre-tax | Tax | After-Tax | |||||||||||||||||||||||||||
| EPS | $ | 4.14 | $ | 2.75 | ||||||||||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ | 817 | $ | (208 | ) | $ | 609 | 0.14 | $ | 865 | $ | (219 | ) | $ | 646 | 0.15 | ||||||||||||||||
| Severance, pension and benefits charges | 1,201 | (298 | ) | 903 | 0.21 | 1,525 | (378 | ) | 1,147 | 0.27 | ||||||||||||||||||||||
| Asset and business rationalization | 374 | (90 | ) | 284 | 0.07 | 480 | (113 | ) | 367 | 0.09 | ||||||||||||||||||||||
| Legacy legal matter | 106 | (27 | ) | 79 | 0.02 | — | — | — | — | |||||||||||||||||||||||
| Verizon Business Group goodwill impairment | — | — | — | — | 5,841 | (52 | ) | 5,789 | 1.37 | |||||||||||||||||||||||
| Legal settlement | — | — | — | — | 100 | (25 | ) | 75 | 0.02 | |||||||||||||||||||||||
| Business transformation costs | — | — | — | — | 176 | (45 | ) | 131 | 0.03 | |||||||||||||||||||||||
| Non-strategic business shutdown | — | — | — | — | 179 | (83 | ) | 96 | 0.02 | |||||||||||||||||||||||
| $ | 2,498 | $ | (623 | ) | $ | 1,875 | $ | 0.44 | $ | 9,166 | $ | (915 | ) | $ | 8,251 | $ | 1.96 | |||||||||||||||
| Adjusted EPS | $ | 4.59 | $ | 4.71 | ||||||||||||||||||||||||||||
| Footnote: | ||||||||||||||||||||||||||||||||
| Adjusted EPS may not add due to rounding. | ||||||||||||||||||||||||||||||||
| Free Cash Flow | ||||||||
| (dollars in millions) | ||||||||
| Unaudited | 12 Mos. Ended 12/31/24 | 12 Mos. Ended 12/31/23 | ||||||
| Net Cash Provided by Operating Activities | $ | 36,912 | $ | 37,475 | ||||
| Capital expenditures (including capitalized software) | (17,090 | ) | (18,767 | ) | ||||
| Free Cash Flow | $ | 19,822 | $ | 18,708 | ||||
| Free Cash Flow Forecast | ||||
| (dollars in millions) | ||||
| Unaudited | 12 Mos. Ended 12/31/25 | |||
| Net Cash Provided by Operating Activities Forecast | $ | 35,000 - 37,000 | ||
| Capital expenditures forecast (including capitalized software) | (17,500 - 18,500 | ) | ||
| Free Cash Flow Forecast | $ | 17,500 - 18,500 | ||
Non-GAAP Reconciliations - Segments
| Segment EBITDA and Segment EBITDA Margin | ||||||||||||||||
| Consumer | ||||||||||||||||
| (dollars in millions) | ||||||||||||||||
| Unaudited | 3 Mos. Ended 12/31/24 | 3 Mos. Ended 12/31/23 | 12 Mos. Ended 12/31/24 | 12 Mos. Ended 12/31/23 | ||||||||||||
| Operating Income | $ | 6,904 | $ | 7,035 | $ | 29,484 | $ | 29,011 | ||||||||
| Add Depreciation and amortization expense | 3,438 | 3,344 | 13,552 | 13,077 | ||||||||||||
| Segment EBITDA | $ | 10,342 | $ | 10,379 | $ | 43,036 | $ | 42,088 | ||||||||
| Year over year change % | (0.4) | % | 2.3 | % | ||||||||||||
| Total operating revenues | $ | 27,560 | $ | 26,954 | $ | 102,904 | $ | 101,626 | ||||||||
| Operating Income Margin | 25.1 | % | 26.1 | % | 28.7 | % | 28.5 | % | ||||||||
| Segment EBITDA Margin | 37.5 | % | 38.5 | % | 41.8 | % | 41.4 | % | ||||||||
| Business | ||||||||||||||||
| (dollars in millions) | ||||||||||||||||
| Unaudited | 3 Mos. Ended 12/31/24 | 3 Mos. Ended 12/31/23 | 12 Mos. Ended 12/31/24 | 12 Mos. Ended 12/31/23 | ||||||||||||
| Operating Income | $ | 594 | $ | 443 | $ | 2,058 | $ | 2,066 | ||||||||
| Add Depreciation and amortization expense | 1,061 | 1,164 | 4,307 | 4,488 | ||||||||||||
| Segment EBITDA | $ | 1,655 | $ | 1,607 | $ | 6,365 | $ | 6,554 | ||||||||
| Year over year change % | 3.0 | % | (2.9) | % | ||||||||||||
| Total operating revenues | $ | 7,504 | $ | 7,618 | $ | 29,531 | $ | 30,122 | ||||||||
| Operating Income Margin | 7.9 | % | 5.8 | % | 7.0 | % | 6.9 | % | ||||||||
| Segment EBITDA Margin | 22.1 | % | 21.1 | % | 21.6 | % | 21.8 | % | ||||||||
FAQ
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