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Verizon Communications Inc. (VZ+1.26%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Verizon's operations, which are organized into two segments: Verizon Consumer Group and Verizon Business Group. The Consumer segment reported revenues of $102.9 billion, while the Business segment reported revenues of $29.5 billion for the year.
Verizon's total operating revenues increased to $134.8 billion, a 0.6% rise from the previous year. This increase was primarily driven by growth in the Consumer segment.
Operating expenses decreased by 4.5% to $106.1 billion, largely due to the absence of a goodwill impairment charge that was recorded in the previous year.
Net income for the year was $17.9 billion, up from $12.1 billion in 2023. This increase was attributed to higher operating income and a favorable pension and benefits remeasurement gain.
Verizon's capital expenditures for 2024 amounted to $17.1 billion, reflecting investments in network expansion and technology upgrades.
The company continues to focus on expanding its 5G network and enhancing its fiber infrastructure, with plans to acquire Frontier Communications to further bolster its broadband capabilities.
Verizon's total debt decreased to $144 billion from $150.7 billion at the end of 2023, with an effective interest rate of 5.1%.
The filing also outlines Verizon's competitive landscape, regulatory environment, and risk factors, including market competition and cybersecurity threats.
Verizon's Board of Directors increased the quarterly dividend by 1.9% to $0.6775 per share, marking the eighteenth consecutive year of dividend increases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Verizon Communications Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.