Verizon key statistics and ratios

In fiscal 2025, Verizon had return on equity of 16.6%, an operating margin of 21.2%, debt equal to 150.0% of equity and a current ratio of 0.91. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Verizon: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	58.6%	58.6%	58.6%	60.1%	62.8%	60.7%	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	14.8%	13.7%	11.6%	11.4%	26.5%	15.4%	25.1%	23.2%	21.8%	17.0%	23.0%	22.4%	24.3%	22.3%	17.1%	21.3%	21.2%	20.9%
Net margin	4.5%	2.4%	2.2%	0.8%	9.5%	7.6%	13.6%	10.4%	23.9%	11.9%	14.6%	13.9%	16.5%	15.5%	8.7%	13.0%	12.4%	11.8%
Free-cash-flow margin	13.5%	15.9%	12.2%	13.2%	18.4%	10.6%	16.1%	3.7%	5.6%	13.5%	27.1%	32.6%	29.6%	27.1%	28.0%	27.4%	26.9%	28.0%
Return on equity	5.8%	3.0%	2.8%	1.0%	12.7%	17.6%	113.5%	62.7%	87.6%	31.2%	32.8%	26.9%	28.9%	24.2%	12.5%	18.0%	16.6%	15.4%
Return on assets	2.2%	1.1%	1.1%	0.4%	4.6%	3.8%	7.5%	5.4%	12.0%	5.9%	6.9%	5.9%	6.5%	5.7%	3.1%	4.6%	4.4%	4.0%
Asset turnover	0.48	0.48	0.49	0.51	0.48	0.50	0.55	0.52	0.50	0.50	0.47	0.42	0.39	0.37	0.35	0.35	0.35	0.34
Current ratio	0.75	0.73	1.01	0.79	2.62	1.05	0.64	0.87	0.91	0.91	0.84	1.38	0.78	0.75	0.69	0.63	0.91	0.63
Debt to equity	74.0%	60.7%	64.2%	60.8%	98.1%	828.2%	615.0%	449.7%	262.0%	206.7%	177.4%	186.8%	181.3%	163.1%	160.6%	143.3%	150.0%	154.9%
Interest cover (operating income ÷ interest)	5.2x	5.8x	4.6x	5.1x	12.0x	4.0x	6.7x	6.7x	5.8x	4.6x	6.4x	6.8x	9.3x	8.4x	4.1x	4.3x	4.4x	3.8x
Effective tax rate	14.2%	19.4%	2.7%	−6.7%	19.6%	21.7%	34.9%	35.2%	−48.3%	18.3%	13.0%	23.4%	23.1%	23.1%	28.8%	21.9%	22.3%	23.1%
SG&A as % of revenue	28.5%	29.4%	32.1%	34.5%	22.5%	32.3%	22.8%	22.3%	22.7%	23.8%	22.7%	24.6%	21.4%	22.0%	24.4%	25.3%	24.5%	24.7%
Capital spending as % of revenue	15.7%	15.4%	14.7%	14.0%	13.8%	13.5%	13.5%	13.5%	13.7%	12.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	296.6%	663.2%	563.1%	>999%	193.2%	139.6%	118.9%	35.3%	23.5%	113.9%	185.5%	234.6%	179.2%	174.7%	322.7%	210.9%	216.2%	237.8%
Dividends ÷ net income	107.7%	212.3%	231.1%	597.7%	51.6%	81.1%	47.8%	70.6%	31.5%	62.9%	52.0%	57.5%	47.3%	50.8%	94.9%	64.3%	66.9%	71.4%
Dividends and buybacks ÷ free cash flow	36.3%	32.0%	41.0%	34.2%	27.4%	58.1%	64.3%	200.0%	134.0%	55.3%	28.0%	24.5%	26.4%	29.1%	29.4%	30.5%	30.9%	30.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Verizon: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	20.8%	23.8%	23.7%	24.0%	13.8%	23.9%	21.0%	25.2%
Net margin	14.0%	14.6%	14.5%	14.6%	6.4%	14.6%	11.2%	15.1%
Free-cash-flow margin	29.2%	23.2%	26.0%	33.3%	25.1%	23.2%	30.5%	33.6%
Current ratio	0.63	0.61	0.64	0.74	0.91	0.64	0.60	0.63
Debt to equity	143.2%	140.8%	139.9%	138.0%	149.6%	164.8%	157.1%	154.9%
SG&A as % of revenue	23.1%	23.5%	22.6%	22.9%	28.5%	22.2%	26.2%	21.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · September 30, 2026

What it owns · $415.5bn

Short-term assets $41.5bnLonger-term assets $374.0bn

What it owes, and who funded it · $173.6bn

Short-term liabilities $66.3bnShareholders' equity $107.3bn

Short-term assets cover short-term liabilities $41.5bn of assets due within a year against $66.3bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $4.5bn of cash against $166.2bn of debt.
Debt below 40% of shareholders' equity Debt is 155% of equity.
Debt burden no higher than five years ago Debt to equity moved from 164% to 155% over five years.
A year's operating cash flow covers at least 20% of debt $39.0bn of operating cash flow against $166.2bn of debt.
Operating profit covers interest at least five times over Operating income of $29.1bn against $7.6bn of interest.

From Verizon's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

79 /100

Strong moat

How hard Verizon's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 19 / 20

Cash operating profit has been a median 14.3% of total assets over 6 years.
Pricing power 20 / 20

Gross margin has been a median 60.4%, moving by 1.6 percentage points (standard deviation) across 7 years.
Durability 17 / 20

Operating margin has been a median 22.0%; its worst year was 16.3%.
Cash conversion 17 / 20

Free cash flow was positive in 10 of 10 years, at a median 14.2% of revenue.
Discipline 11 / 20

The diluted share count rose 1.2% over five years.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (84 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Verizon's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Verizon.