# Verizon Communications Inc. (VZ) FY2023 Annual P&L / Income Statement - Company: Verizon Communications Inc. (VZ) - Period: 2023-01-01 to 2023-12-31 - Filing: FY2023 10-K, filed 2024-02-09, accession number 0000732712-24-000010 - Page: https://plicit.ai/financials/vz/fy2023-annual-income-statement - Chart image: https://plicit.ai/charts/vz-fy2023-annual-income-statement-sankey.png ## Chart details: Revenue by Product and Service Income statement for 2023-01-01 through 2023-12-31. View: Product and service. Revenue uses this breakdown; costs and expenses retain the consolidated categories. - **Operating Revenues**: 133,974,000,000 US dollars - **Cost of revenue (calculated)**: 54,887,000,000 US dollars - **Gross profit (calculated)**: 79,087,000,000 US dollars - **Operating expenses (calculated)**: 56,210,000,000 US dollars - **Operating Income**: 22,877,000,000 US dollars - **Other income (expense), net (calculated)**: negative 5,890,000,000 US dollars - **Income Before Provision For Income Taxes**: 16,987,000,000 US dollars - **Provision for income taxes**: 4,892,000,000 US dollars - **Net Income**: 12,095,000,000 US dollars - **Service revenues and other**: 109,652,000,000 US dollars - **Wireless equipment**: 24,322,000,000 US dollars - **Cost of services and wireless equipment**: 54,887,000,000 US dollars - **Depreciation and amortization expense**: 17,624,000,000 US dollars - **Verizon Business Group goodwill impairment**: 5,841,000,000 US dollars - **Selling, general and administrative expense**: 32,745,000,000 US dollars ### Chart connections - Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income. - Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income. - Of which attributable to Verizon Communications Inc.: $11.61 B; to noncontrolling interests: $481.00 M. ## Chart details: Revenue by Business Segment - Page: https://plicit.ai/financials/vz/fy2023-annual-income-statement/revenue-by-business-segment - Chart image: https://plicit.ai/charts/vz-fy2023-annual-revenue-by-business-segment-sankey.png Income statement for 2023-01-01 through 2023-12-31. View: Business segment. Revenue uses this breakdown; costs and expenses retain the consolidated categories. - **Operating Revenues**: 133,974,000,000 US dollars - **Cost of revenue (calculated)**: 54,887,000,000 US dollars - **Gross profit (calculated)**: 79,087,000,000 US dollars - **Operating expenses (calculated)**: 56,210,000,000 US dollars - **Operating Income**: 22,877,000,000 US dollars - **Other income (expense), net (calculated)**: negative 5,890,000,000 US dollars - **Income Before Provision For Income Taxes**: 16,987,000,000 US dollars - **Provision for income taxes**: 4,892,000,000 US dollars - **Net Income**: 12,095,000,000 US dollars - **Consumer**: 101,626,000,000 US dollars - **Business**: 30,122,000,000 US dollars - **Cost of services and wireless equipment**: 54,887,000,000 US dollars - **Depreciation and amortization expense**: 17,624,000,000 US dollars - **Verizon Business Group goodwill impairment**: 5,841,000,000 US dollars - **Selling, general and administrative expense**: 32,745,000,000 US dollars - **Revenue before reconciliation (calculated)**: 131,748,000,000 US dollars. Sum of the reported revenue categories before the separately reported reconciliation. - **Eliminations**: negative 253,000,000 US dollars. Reported reconciliation to consolidated revenue. - **Corporate and other**: 2,479,000,000 US dollars. Reported reconciliation to consolidated revenue. - **Consumer costs**: 72,615,000,000 US dollars. Segment revenue less segment operating income; it includes cost of revenue and operating expenses. - **Business costs**: 28,056,000,000 US dollars. Segment revenue less segment operating income; it includes cost of revenue and operating expenses. - **Reconciling items (calculated)**: 10,426,000,000 US dollars. Segment revenue less segment operating income; it includes cost of revenue and operating expenses. ### Chart connections - Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income. - Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income. - Reported revenue categories plus the separately reported signed reconciliation equals consolidated revenue. - Of which attributable to Verizon Communications Inc.: $11.61 B; to noncontrolling interests: $481.00 M. ## Chart details: Revenue by Business Segment by Product and Service - Page: https://plicit.ai/financials/vz/fy2023-annual-income-statement/revenue-by-business-segment-by-product-and-service - Chart image: https://plicit.ai/charts/vz-fy2023-annual-revenue-by-business-segment-by-product-and-service-sankey.png Income statement for 2023-01-01 through 2023-12-31. View: Segments by Product and Service. Revenue uses this breakdown; costs and expenses retain the consolidated categories. - **Operating Revenues**: 133,974,000,000 US dollars - **Cost of revenue (calculated)**: 54,887,000,000 US dollars - **Gross profit (calculated)**: 79,087,000,000 US dollars - **Operating expenses (calculated)**: 56,210,000,000 US dollars - **Operating Income**: 22,877,000,000 US dollars - **Other income (expense), net (calculated)**: negative 5,890,000,000 US dollars - **Income Before Provision For Income Taxes**: 16,987,000,000 US dollars - **Provision for income taxes**: 4,892,000,000 US dollars - **Net Income**: 12,095,000,000 US dollars - **Business - Fios Revenues**: 1,235,000,000 US dollars - **Business - Wireless Service**: 13,372,000,000 US dollars - **Consumer - Fios Revenues**: 11,614,000,000 US dollars - **Consumer - Wireless Service**: 63,358,000,000 US dollars - **Undisclosed (calculated)**: 44,395,000,000 US dollars - **Cost of services and wireless equipment**: 54,887,000,000 US dollars - **Depreciation and amortization expense**: 17,624,000,000 US dollars - **Verizon Business Group goodwill impairment**: 5,841,000,000 US dollars - **Selling, general and administrative expense**: 32,745,000,000 US dollars ### Chart connections - Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income. - Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income. - Of which attributable to Verizon Communications Inc.: $11.61 B; to noncontrolling interests: $481.00 M.