What Did VERIZON COMMUNICATIONS INC Last Report?
These are the starting values for the dashboard below, as VERIZON COMMUNICATIONS INC reported them for the fiscal year ended December 31, 2025 and the year before. At the next filing, compare each current value with these and write down the direction before reading management's explanation.
| Reported measure | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue | $138 billion | $135 billion | +2.5% |
| Operating margin | 21.2% | 21.3% | -0.1 points |
| Net margin | 12.7% | 13.3% | -0.6 points |
Free cash flow is operating cash flow minus capital expenditures. A change in a margin is stated in percentage points, so a margin moving from 20.0% to 23.0% is a gain of 3.0 points. "Not reported" or "n/a" means the company filed no value under the standard tag, not that the amount was zero. Source: SEC EDGAR: VERIZON COMMUNICATIONS INC Form 10-K filed February 17, 2026.
Core dashboard
For each measure, record the reported value, its direction, the source, management's explanation and what it means for the thesis.
- Postpaid phone net additions
- Postpaid phone churn
- Postpaid phone ARPU
- Fios and fixed wireless net additions
- Wireless service revenue
- Adjusted EBITDA
- Capital expenditures
- Free cash flow
- Net unsecured debt to adjusted EBITDA
- Dividends
Before earnings or a filing
Review the prior quarter's expectations, unresolved questions, and thesis breakers. Record what you expect to learn from the next filing without predicting a stock-price reaction. This prevents hindsight from rewriting the original thesis.
After the filing
Start with reported statements, notes, and reconciliations. Update the dashboard, then read management discussion. Separate changes caused by volume, price, mix, currency, acquisitions, accounting, and one-time items. Reconcile cash flow and share count, not just earnings per share.
Competitive check
Compare relevant evidence with AT&T, Alphabet Inc., AppLovin, Charter Communications, Comcast, EchoStar. Determine whether a trend is company-specific or industry-wide. Use comparable definitions and periods.
Macro check
Review advertising spending, consumer discretionary spending, broadband and wireless demand, interest rates, media consumption trends, regulatory policy. Only elevate a macro variable when there is a defensible channel into Verizon's demand, pricing, costs, financing, or asset values.
Change log
Maintain a dated log with four labels: fact, interpretation, scenario, and unknown. Link every time-sensitive factual change to a primary source. If a prior assumption is wrong, preserve the old entry and explain the revision rather than silently rewriting history.
References
The evergreen analysis above is anchored to verified index metadata and a filing-first research workflow. Time-sensitive financial figures are refreshed from the latest primary filings.
- S&P Dow Jones Indices: S&P 500
- SEC EDGAR company filings for Verizon
- SEC submissions JSON for CIK 732712
Source-review rule: Check any statement about current revenue, margins, management, products, segment mix, guidance, market share or capital allocation against the latest 10-K, 10-Q, 8-K, proxy statement, earnings release or official investor-relations material before relying on it.