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VERIZON COMMUNICATIONS INC (VZ) USD

Wireless and fiber broadband communications for consumers, businesses, and government.

At a glance: strengths & risks
✓Margins improving (37%→40%, Q2 2026)✗Profit falling (-23% y/y, Q2 2026)✗High leverage (3.4x EBITDA)

Sector: Communication services

US_VZ

Price chart

44.66 USDDay -1.19%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
44.66 USD · -1.19%
Market cap
188.7 bn USD

Growth

Δ revenue y/y
-0.7%
Δ EBITDA y/y
7.0%

Multiples

P/E (LTM)
11.7x
3y avg: 12.0x
P/B (FY)
1.8x
P/E (ann.)
12.3x
EV/EBITDA (LTM)
7.6x
3y avg: 7.7x
EV/EBITDA (ann.)
6.9x

Cash return

Dividend yield
6.3%
FCF yield (LTM)
11.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
-2.2%
↓ details

Liquidity

Daily turnover (US listing)
2.3 bln USD

Shares: yahoo_fundamentals_timeseries/VZ

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK34.3
y/y -0.7%
7.2
y/y -12.2%
6.5
y/y 40.7%
13.7
y/y 7.0%
3.8
y/y -23.3%
10.4-5.1410.2
y/y 7.0%
105.2
y/y 0.8%
14.6%186.7SEC EDGAR
2026-03-31Q1 2026 (3M)OK34.4
y/y 2.9%
8.2
y/y 3.3%
4.9
y/y 6.9%
13.1
y/y 4.6%
5.0
y/y 3.4%
8.0-13.7417.9
y/y 9.9%
104.6
y/y 2.5%
19.2%187.5Link
2025-12-31Q4 2025 (3M)OK36.4
y/y 2.0%
5.0
y/y -32.6%
4.5
y/y 0.3%
9.5
y/y -20.2%
2.3
y/y -53.2%
9.1-4.7404.3
y/y 5.1%
105.7
y/y 5.1%
16.2%162.6Link
2025-09-30Q3 2025 (3M)OK33.8
y/y 1.5%
8.1
y/y 36.8%
4.6
y/y 3.6%
12.7
y/y 22.5%
5.0
y/y 49.7%
11.3-4.3388.3
y/y 1.9%
106.3
y/y 8.9%
6.3%162.7Link
2025-06-30Q2 2025 (3M)OK34.5
y/y 5.2%
8.2
y/y 4.5%
4.6
y/y 3.4%
12.8
y/y 4.1%
5.0
y/y 8.9%
9.0-3.8383.3
y/y 1.1%
104.4
y/y 7.0%
19.4%166.5Link
2025-03-31Q1 2025 (3M)OK33.5
y/y 1.5%
8.0
y/y 6.1%
4.6
y/y 3.0%
12.6
y/y 4.9%
4.9
y/y 6.0%
7.8-4.1380.4
y/y 0.1%
102.0
y/y 6.6%
19.3%165.5Link
2024-12-31Q4 2024 (3M)OK35.7
y/y 1.6%
7.4
y/y 1136.8%
4.5
y/y -0.2%
11.9
y/y 133.1%
5.0
y/y 285.0%
10.4-5.1384.7
y/y 1.2%
100.6
y/y 7.2%
17.7%164.2Link
2024-09-30Q3 2024 (3M)OK33.3
y/y -0.0%
5.9
y/y -20.7%
4.5
y/y 0.6%
10.4
y/y -12.8%
3.3
y/y -30.6%
9.9-3.9381.2
y/y -1.0%
97.7
y/y -1.4%
4.5%169.2Link
2024-06-30Q2 2024 (3M)OK32.8
y/y 0.6%
7.8
y/y 8.3%
4.5
y/y 2.8%
12.3
y/y 6.2%
4.6
y/y -1.2%
9.5-3.7379.1
y/y -0.2%
97.5
y/y 1.1%
19.0%170.5Link
2024-03-31Q1 2024 (3M)OK33.0
y/y 0.2%
7.5
y/y -0.8%
4.4
y/y 2.9%
12.0
y/y 0.5%
4.6
y/y -6.3%
7.1-4.4380.2
y/y 0.6%
95.7
y/y 1.6%
19.4%173.3Link
2023-12-31Q4 2023 (3M)OK35.1
y/y —
0.6
y/y —
4.5
y/y —
5.1
y/y —
-2.7
y/y —
8.7-4.6380.3
y/y —
93.8
y/y —
12.0%172.9Link
2023-09-30Q3 2023 (3M)OK33.3
y/y —
7.5
y/y —
4.4
y/y —
11.9
y/y —
4.8
y/y —
10.8-4.1384.8
y/y —
99.1
y/y —
6.5%167.9Link
2023-06-30Q2 2023 (3M)OK32.6
y/y —
7.2
y/y —
4.4
y/y —
11.6
y/y —
4.6
y/y —
9.7-4.1380.0
y/y —
96.5
y/y —
19.5%172.9Link
2023-03-31Q1 2023 (3M)OK32.9
y/y —
7.6
y/y —
4.3
y/y —
11.9
y/y —
4.9
y/y —
8.3-6.0377.7
y/y —
94.2
y/y —
—176.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)26 618
Long-term debt (incl. LT leases)161 840
− Cash & equivalents1 752
Net debt186 706

Net debt / LTM EBITDA: 3.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-7 500-5 000-2 50002 5005 0007 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

050 000100 000150 000200 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.11x of reported net profit; after capex, 1.15x.
year20212022202320242025
cash flow / profit1.79x1.75x3.23x2.11x2.16x
accruals, % of assets-4.8%-4.2%-6.8%-5.0%-4.9%
Last twelve months (to 2026-06-30): 2.40x of profit came back as operating cash flow.
net debt / EBITDA 3.4x · EBIT covers interest 4.4x · capex 0.9x of depreciation · dividends 76% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -2.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (13 700 − 12 807) × 3.58
800
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (188 733 + 186 706) ÷ 49 080
7.6x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (7.6 + 12) ÷ 2
9.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -20 250 + 5 767 + 2 500 − 0
-11 983
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (800 × 9.8 + -11 983) ÷ 188 733
-2.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +3% vs +1% the year before — a +1.9 pp move. 3-year CAGR +0%.
revenue growth by year: 2023 -2% · 2024 +1% · 2025 +3%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 7.6x · 3-year 75th pct 8.1x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Communication services. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
T-Mobile US, Inc.US179.66.6x
AT&T INC.US163.07.6x
Walt Disney CoUS204.110.3x
Meta Platforms, Inc.US1641.416.0x
NETFLIX INCUS291.318.8x
Alphabet Inc.US3928.222.0x
Group median13.2x
Group average13.6x
This companyUS191.07.6x

Group median 13.2x; this company 7.6x — a 42% discount.

Group average 13.6x; against the average this company is at a 44% discount.

At the adjusted group median the market cap would be +135% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-10-090.708 USDEx-dividend: 0.708 USD per sharePaidYahoo Finance (ex-div)
2026-07-100.708 USDEx-dividend: 0.708 USD per sharePaidYahoo Finance (ex-div)
2026-04-100.708 USDEx-dividend: 0.708 USD per sharePaidYahoo Finance (ex-div)
2026-01-120.69 USDEx-dividend: 0.69 USD per sharePaidYahoo Finance (ex-div)
2025-10-100.69 USDEx-dividend: 0.69 USD per sharePaidYahoo Finance (ex-div)
2025-07-100.678 USDEx-dividend: 0.678 USD per sharePaidYahoo Finance (ex-div)
2025-04-100.678 USDEx-dividend: 0.678 USD per sharePaidYahoo Finance (ex-div)
2025-01-100.678 USDEx-dividend: 0.678 USD per sharePaidYahoo Finance (ex-div)
2024-10-100.678 USDEx-dividend: 0.678 USD per sharePaidYahoo Finance (ex-div)
2024-07-100.665 USDEx-dividend: 0.665 USD per sharePaidYahoo Finance (ex-div)
2024-04-090.665 USDEx-dividend: 0.665 USD per sharePaidYahoo Finance (ex-div)
2024-01-090.665 USDEx-dividend: 0.665 USD per sharePaidYahoo Finance (ex-div)
2023-10-060.665 USDEx-dividend: 0.665 USD per sharePaidYahoo Finance (ex-div)
2023-07-070.653 USDEx-dividend: 0.653 USD per sharePaidYahoo Finance (ex-div)
2023-04-060.653 USDEx-dividend: 0.653 USD per sharePaidYahoo Finance (ex-div)
2023-01-090.653 USDEx-dividend: 0.653 USD per sharePaidYahoo Finance (ex-div)
2022-10-060.653 USDEx-dividend: 0.653 USD per sharePaidYahoo Finance (ex-div)
2022-07-070.64 USDEx-dividend: 0.64 USD per sharePaidYahoo Finance (ex-div)
2022-04-070.64 USDEx-dividend: 0.64 USD per sharePaidYahoo Finance (ex-div)
2022-01-070.64 USDEx-dividend: 0.64 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of VERIZON COMMUNICATIONS INC (VZ) — from primary filings.

Frequently asked questions

What is VERIZON COMMUNICATIONS INC (VZ)'s P/E ratio?
VERIZON COMMUNICATIONS INC (VZ) trades at a P/E of 11.7x (price to trailing 12-month earnings).
What is VERIZON COMMUNICATIONS INC (VZ)'s EV/EBITDA?
VERIZON COMMUNICATIONS INC (VZ) trades at 7.6x EV/EBITDA.
What is VERIZON COMMUNICATIONS INC (VZ)'s P/B ratio?
VERIZON COMMUNICATIONS INC (VZ) trades at a P/B of 1.8x.
What is VERIZON COMMUNICATIONS INC (VZ)'s dividend yield?
VERIZON COMMUNICATIONS INC (VZ)'s trailing 12-month dividend yield is 6.3%.
What is VERIZON COMMUNICATIONS INC (VZ)'s return on equity (ROE)?
VERIZON COMMUNICATIONS INC (VZ)'s ROE is 14.6%.
What is VERIZON COMMUNICATIONS INC (VZ)'s market capitalization?
VERIZON COMMUNICATIONS INC (VZ)'s market cap is 188.7 bn USD.

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