Verizon (VZ) FY2025 10-K Annual Report
Verizon (VZ) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Verizon FY2025 10-K Analysis
Business Overview
- • Core business: Telecommunications services including wireless, broadband, and enterprise solutions
- • New segment: Merger agreement dated September 4, 2024, with Frontier Communications Parent, Inc. introduced
- • Strategic shift: Corporate bylaws amended and restated effective December 5, 2024, signaling governance update
- • Notable metric: Allowance for credit losses increased to $2,045 million in 2025 from $1,769 million in 2024
- • Unusual fact: New executive employment and severance agreements signed in late 2025 and early 2026
Management Discussion & Analysis
- • Revenue $138.2B, up 2.5% YoY; Consumer up $3.9B (3.8%) to $106.8B, Business down $462M (1.6%) to $29.1B
- • Operating expenses increased 2.7% to $108.9B; Cost of wireless equipment rose 11.0% to $29.0B, Cost of services declined 0.7% to $27.8B
- • Consumer segment best performer: revenue $106.8B (+3.8% YoY); Business segment worst: revenue $29.1B (-1.6% YoY)
- • Capital expenditures $17.0B in 2025; no explicit buybacks or dividend amounts disclosed in provided text
- • Completed Frontier and Starry acquisitions in early 2026 to expand fiber broadband and fixed wireless access; focus on 5G, fiber, AI, network densification highlighted as growth drivers
Risk Factors
- • Regulatory risk: Impact of One Big Beautiful Bill legislation reducing cash tax payments, improving operating cash flow by $225 million in 2025 vs 2024
- • Geopolitical/macroeconomic threat: Foreign-denominated debt $38.2 billion (23.6% of total), primarily Euro and British Pound, requiring currency swap hedging
- • Operational vulnerability: Post-acquisition integration risk of Frontier purchase, $22.3 billion total consideration expanding fiber footprint to 31 states plus D.C.
- • Competitive risk: Declining video access line and DSL losses due to customer migration to wireless, VoIP, and cable services
- • Financial risk: High leverage with total debt $158.2 billion, including $17.3 billion maturing within 12 months and over $79 billion in related interest payments
Verizon FY2025 Key Financial MetricsXBRL
Revenue
$138.2B
▲ +2.5% YoY
Net Income
$17.2B
▼ -1.9% YoY
Operating Margin
21.2%
▼ -11bp YoY
Net Margin
12.4%
▼ -56bp YoY
ROE
16.2%
▼ -116bp YoY
Total Assets
$404.3B
▲ +5.1% YoY
EPS (Diluted)
$4.06
▼ -1.9% YoY
Operating Cash Flow
$37.1B
▲ +0.6% YoY
Source: XBRL data from Verizon FY2025 10-K filing on SEC EDGAR. All figures in USD.
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