Verizon Communications Inc VZ

Communication ServicesTelecommunications ServicesUnited States of America

Last close 45.05 USD on Nov 2, 2026, +18.1% year to date

Quant rating

Quant rating B Rank 35 of 135 in Communication Services

Growth C 85 of 135
Valuation B 29 of 135
Quality B 43 of 135
Revisions C 61 of 135
Momentum C 61 of 135

Wall Street consensus Buy (2.42)Average target 50.92 USD +13.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 186.7B
Enterprise value: 349.8B
52-week range: 38.68 – 51.67
3-year range: 35.62 – 51.67
Dividend yield: 6.33%
Beta (5 years): 0.26
Shares outstanding: 4,145M
Next earnings: Jan 28, 2027

About the company

Verizon Communications Inc. is a holding company. The Company, through its subsidiaries, provides communications, technology, information and streaming products and services to consumers, businesses and government entities. Its Consumer segment provides wireless and wireline communications services. It also provides fixed wireless access (FWA) broadband through its 5G or 4G Long-Term Evolution (LTE) networks portfolio. The Company's Business segment provides wireless and wireline communications services and products, including FWA broadband, data, video and advanced communication services, corporate networking solutions, security and managed network services, local and long-distance voice services and network access to deliver various Internet of Things (IoT) services and products. It provides these products and services to businesses, public sector customers and wireless and wireline carriers across the U.S. and a subset of these products and services to customers around the world.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	138,191	134,788	133,974	136,835	133,613	–
Revenue growth	2.5%	0.6%	−2.1%	2.4%	4.1%	1.5%
EPS (basic, normalized)	4.71	4.59	4.71	5.18	5.39	–
EPS growth	2.6%	−2.5%	−9.1%	−3.9%	–	–
Gross margin	59.1%	60.0%	59.1%	56.8%	57.9%	58.6%
Net margin	12.4%	13.0%	8.7%	15.5%	16.5%	13.2%
ROE	16.9%	18.3%	12.7%	24.6%	29.5%	20.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	4,495
Current ratio	0.63x
Long-term debt (mil)	142,344
Net debt (mil)	163,044
Total equity (mil)	105,986
Net debt / equity	1.54x
Net debt / EBITDA	3.26x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	138,191	+2.5%	2.5x	49,997	+3.8%	7.0x	4.71	+2.6%	9.6x
2026	140,148	+1.4%	2.5x	53,321	+6.6%	6.6x	5.09	+8.1%	8.9x
2027	142,724	+1.8%	2.5x	55,425	+3.9%	6.3x	5.30	+4.2%	8.5x
2028	143,894	+0.8%	2.4x	56,631	+2.2%	6.2x	5.67	+7.0%	7.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	140,148	−0.6%	−0.7%	−1.8%	5.09	+0.8%	+0.8%	+2.6%
2027	142,724	−0.5%	−0.5%	−1.5%	5.30	+0.4%	+0.7%	+1.0%
2028	143,894	−0.7%	−0.8%	−2.0%	5.67	0.0%	+0.3%	+0.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	32,981	32,796	33,330	35,681	33,485	34,504	33,821	36,381	34,440	34,253
Sales mean (mil)	33,239	33,063	33,432	35,319	33,239	33,739	34,282	36,057	34,836	35,156
Surprise	−0.8%	−0.8%	−0.3%	+1.0%	+0.7%	+2.3%	−1.3%	+0.9%	−1.1%	−2.6%
EPS reported	1.15	1.15	1.19	1.10	1.19	1.22	1.21	1.09	1.28	1.30
EPS mean	1.12	1.15	1.18	1.10	1.15	1.18	1.19	1.05	1.20	1.26
Surprise	+2.7%	+0.3%	+1.2%	+0.5%	+3.7%	+3.0%	+1.8%	+3.4%	+6.9%	+2.8%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VZ Verizon Communications Inc	186.7B	3.26x	12.4%	1.76x	8.9x	8.5x	6.6x	6.3x
SPCX Space Exploration Technologies Corp	1.85T	–	−26.4%	10.48x	420.4x	39.0x	70.9x	15.4x
TMUS T-Mobile US Inc	169.6B	2.47x	12.4%	3.02x	14.3x	11.3x	6.8x	6.3x
T AT&T Inc.	144.4B	3.60x	17.4%	1.36x	8.9x	8.3x	6.5x	6.3x
CMCSA Comcast Corporation	84.8B	2.14x	16.2%	0.92x	6.8x	6.7x	5.0x	5.0x
ECHO EchoStar Corporation	28.6B	−1.05x	−96.6%	2.02x	4.0x	32.9x	19.6x	20.4x
Mean		2.08x	−10.8%	3.26x	77.2x	17.8x	19.2x	10.0x
Median		2.47x	12.4%	1.89x	8.9x	9.9x	6.7x	6.3x

Technical analysis

1M−0.2%
3M−2.1%
1Y+21.1%
3Y+52.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Verizon Communications Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	138,191	134,788	133,974	136,835	133,613	128,292
Cost of revenue	56,560	53,908	54,805	59,133	56,301	51,201
Gross profit	81,631	80,880	79,169	77,702	77,312	77,091
Selling, general & administrative expenses	31,634	32,089	31,380	29,832	28,932	30,031
Research & development	–	–	–	–	–	–
Depreciation/amortization	18,349	17,892	17,603	17,099	16,206	16,720
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2,481	1,296	6,009	−130	888	3,254
Other operating expenses	0	0	0	0	0	0
Operating income	29,167	29,603	24,177	30,901	31,286	27,086
Net interest income (expense)	−6,346	−6,366	−5,223	−3,423	−3,292	−4,254
Gain (loss) on sale of assets	–	–	–	–	–	7.0
Other non-operating income (expense)	−149	−258	−1,967	793	1,426	1,128
Net income before taxes	22,672	22,979	16,987	28,271	29,420	23,967
Provision for taxes	5,064	5,030	4,892	6,523	6,802	5,619
Minority interest	−434	−443	−481	−492	−553	−547
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	17,174	17,506	11,614	21,256	22,065	17,801
Extraordinary items	–	–	–	–	–	–
Net income	17,174	17,506	11,614	21,256	22,065	17,801
EBIT, normalized	31,648	30,899	30,186	30,771	32,174	30,340
EBITDA, normalized	49,997	47,974	46,924	47,870	48,380	47,060
Basic EPS, normalized	4.71	4.59	4.71	5.18	5.39	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Verizon Communications Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	19,048	4,194	2,065	2,605	2,921	22,171
Receivables	27,615	26,730	25,631	25,162	24,585	24,650
Total inventory	2,441	2,247	2,057	2,388	3,055	1,796
Prepaid expenses	3,132	1,983	1,655	1,444	2,641	2,310
Other current assets	4,686	5,369	5,406	6,258	3,526	3,667
Total current assets	56,922	40,523	36,814	37,857	36,728	54,594
Property, plant & equipment	132,965	132,994	133,036	133,564	127,579	117,364
Goodwill	22,841	22,841	22,843	28,671	28,603	24,773
Intangibles	167,497	167,742	166,724	161,257	159,296	105,510
Long-term investments	785	842	953	1,071	1,061	589
Note receivable	259	321	268	207	195	204
Other long-term assets	22,989	19,448	19,617	17,053	13,134	13,447
Total assets	404,258	384,711	380,255	379,680	366,596	316,481
Liabilities
Accounts payable	12,154	10,425	10,021	8,750	8,040	6,667
Payable/accrued	–	–	–	–	–	–
Accrued expenses	15,510	15,462	15,086	17,485	19,028	16,044
Short-term debt	0	0	0	150	0	320
Current portion of long-term debt	18,618	22,633	12,973	9,813	7,443	5,569
Other current liabilities	16,088	16,251	15,143	13,973	12,649	11,060
Total current liabilities	62,370	64,771	53,223	50,171	47,160	39,660
Long-term debt	139,532	121,381	137,701	140,676	143,425	123,173
Minority interest	1,281	1,338	1,369	1,319	1,410	1,430
Other liabilities	96,615	97,984	95,532	96,370	92,811	84,376
Total liabilities	299,798	285,474	287,825	288,536	284,806	248,639
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	429	429	429	429	429	429
Additional paid-in capital	13,372	13,466	13,631	13,420	13,861	13,404
Retained earnings (accumulated deficit)	94,744	89,110	82,915	82,380	71,993	60,464
Treasury stock	−3,255	−3,583	−3,821	−4,013	−4,104	−6,719
Other equity	−830	−185	−724	−1,072	−389	264
Total equity	104,460	99,237	92,430	91,144	81,790	67,842
Total liabilities & shareholders' equity	404,258	384,711	380,255	379,680	366,596	316,481

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Verizon Communications Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	17,608	17,949	12,095	21,748	22,618	18,348
Depreciation, depletion & amortization	18,349	17,892	17,624	17,099	16,206	16,720
Deferred taxes	2,340	815	2,388	2,973	4,264	1,553
Non-cash items	3,416	2,361	9,345	−445	−2,566	2,311
Changes in working capital	−4,576	−2,105	−3,977	−4,234	−983	2,836
Cash from operations	37,137	36,912	37,475	37,141	39,539	41,768
Investing activities
Capital expenditures	−17,461	−17,990	−24,563	−26,740	−67,882	−20,318
Other investing cash flows	801	−684	1,131	−1,922	729	−3,194
Cash from investing	−16,660	−18,674	−23,432	−28,662	−67,153	−23,512
Financing activities
Financing cash flow items	−1,949	−1,075	−1,470	−2,072	−3,832	−2,712
Cash dividends paid	−11,481	−11,249	−11,025	−10,805	−10,445	−10,232
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	7,817	−4,776	−2,162	4,348	22,554	14,269
Cash from financing	−5,613	−17,100	−14,657	−8,529	8,277	1,325
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	14,864	1,138	−614	−50.0	−19,337	19,581
Free cash flow	19,676	18,922	12,912	10,401	−28,343	21,450

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.