Short answer
Verizon (VZ) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $138.2B (+2.5% year over year) and net income of $17.2B.
- Top risk flagged: Regulatory risk: Impact of One Big Beautiful Bill legislation reducing cash tax payments, improving operating cash flow by $225 million in 2025 vs 2024
FY2025 key financial metrics · XBRL
- Revenue
- $138.2B
- +2.5% YoY
- Net income
- $17.2B
- −1.9% YoY
- Operating margin
- 21.2%
- −0.1 pp YoY
- EPS (diluted)
- $4.06
- −1.9% YoY
- ROE
- 16.2%
- −1.2 pp YoY
- Operating cash flow
- $37.1B
- +0.6% YoY
Source: XBRL data from the Verizon (VZ) FY2025 10-K on SEC EDGAR. USD.
Verizon FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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