Verizon Communications Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	17,174	17,506	11,614	21,256	22,065
Depreciation & Amortization	18,349	17,892	17,624	17,099	16,206
Asset Writedown & Restructuring Costs	-	-	5,841	-	-
Loss (Gain) on Equity Investments	42	75	84	-10	36
Provision & Write-off of Bad Debts	2,349	2,338	2,214	1,611	789
Other Operating Activities	1,543	1,379	365	-2,359	1,333
Change in Accounts Receivable	-2,513	-2,565	-2,198	-1,978	-1,592
Change in Inventory	-232	-196	287	627	-905
Change in Accounts Payable	1,819	1,109	2,079	-33	1,457
Change in Other Net Operating Assets	-1,394	-626	-435	928	150
Operating Cash Flow	37,137	36,912	37,475	37,141	39,539
Operating Cash Flow Growth	0.61%	-1.50%	0.90%	-6.07%	-5.34%
Capital Expenditures	-17,011	-17,090	-18,767	-23,087	-20,286
Cash Acquisitions	-	-	-30	248	-4,065
Divestitures	-	-	-	33	4,122
Sale (Purchase) of Intangibles	-450	-900	-5,796	-3,653	-47,596
Other Investing Activities	801	-684	1,161	-2,203	672
Investing Cash Flow	-16,660	-18,674	-23,432	-28,662	-67,153
Short-Term Debt Issued	-	-	-	106	-
Long-Term Debt Issued	27,606	15,568	8,612	17,806	41,417
Total Debt Issued	27,606	15,568	8,612	17,912	41,417
Long-Term Debt Repaid	-19,789	-20,344	-10,624	-13,564	-18,863
Total Debt Repaid	-19,789	-20,344	-10,624	-13,564	-18,863
Net Debt Issued (Repaid)	7,817	-4,776	-2,012	4,348	22,554
Common Dividends Paid	-11,481	-11,249	-11,025	-10,805	-10,445
Other Financing Activities	-1,949	-1,075	-1,620	-2,072	-3,832
Financing Cash Flow	-5,613	-17,100	-14,657	-8,529	8,277
Net Cash Flow	14,864	1,138	-614	-50	-19,337
Free Cash Flow	20,126	19,822	18,708	14,054	19,253
Free Cash Flow Growth	1.53%	5.96%	33.12%	-27.00%	-18.34%
Free Cash Flow Margin	14.56%	14.71%	13.96%	10.27%	14.41%
Free Cash Flow Per Share	4.76	4.69	4.44	3.34	4.64
Cash Interest Paid	5,772	5,505	4,384	3,316	3,435
Cash Income Tax Paid	3,581	5,632	2,343	2,736	3,040
Levered Free Cash Flow	17,241	16,012	9,421	6,810	-25,814
Unlevered Free Cash Flow	21,425	20,168	12,873	9,068	-23,635
Change in Working Capital	-2,320	-2,278	-267	-456	-890

Source: S&P Global Market Intelligence. Standard template. Financial Sources.