Verizon Files Q2 2024 10-Q, Details Financials

TL;DR

Verizon's Q2 10-Q is in: financials and debt details for the period ending June 30, 2024.

AI Summary

Verizon Communications Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operations for the second quarter of 2024. Key financial instruments and debt obligations are listed, including various notes due in the coming years.

Why It Matters

This filing provides investors and analysts with a detailed look into Verizon's financial health and operational status for the second quarter, influencing investment decisions and market perception.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240725 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• VERIZON COMMUNICATIONS INC (company) — Filer
• 20240630 (date) — Reporting period end date
• 20240725 (date) — Filing date
• 0000732712 (company) — Central Index Key
• 1095 AVENUE OF THE AMERICAS (address) — Business and Mail Address
• NEW YORK (location) — City for Business and Mail Address
• NY (location) — State for Business and Mail Address
• 10036 (postal_code) — ZIP code for Business and Mail Address
• 212-395-1000 (phone_number) — Business Phone Number

FAQ

Key Financial Figures

• $0.10 — ich Registered Common Stock, par value $0.10 VZ New York Stock Exchange Common Stoc

Filing Documents

• vz-20240630.htm (10-Q) — 2350KB
• a2024q210-qxex311.htm (EX-31.1) — 9KB
• a2024q210-qxex312.htm (EX-31.2) — 9KB
• a2024q210-qxex321.htm (EX-32.1) — 5KB
• a2024q210-qxex322.htm (EX-32.2) — 5KB
• vz-20240630_g1.jpg (GRAPHIC) — 23KB
• vz-20240630_g10.jpg (GRAPHIC) — 17KB
• vz-20240630_g11.jpg (GRAPHIC) — 13KB
• vz-20240630_g12.jpg (GRAPHIC) — 17KB
• vz-20240630_g13.jpg (GRAPHIC) — 17KB
• vz-20240630_g2.jpg (GRAPHIC) — 21KB
• vz-20240630_g3.jpg (GRAPHIC) — 19KB
• vz-20240630_g4.jpg (GRAPHIC) — 22KB
• vz-20240630_g5.jpg (GRAPHIC) — 22KB
• vz-20240630_g6.jpg (GRAPHIC) — 19KB
• vz-20240630_g7.jpg (GRAPHIC) — 24KB
• vz-20240630_g8.jpg (GRAPHIC) — 21KB
• vz-20240630_g9.jpg (GRAPHIC) — 17KB
• 0000732712-24-000052.txt ( ) — 12778KB
• vz-20240630.xsd (EX-101.SCH) — 72KB
• vz-20240630_cal.xml (EX-101.CAL) — 92KB
• vz-20240630_def.xml (EX-101.DEF) — 441KB
• vz-20240630_lab.xml (EX-101.LAB) — 827KB
• vz-20240630_pre.xml (EX-101.PRE) — 617KB
• vz-20240630_htm.xml (XML) — 2419KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income 4 Three and six months ended June 30, 2024 and 2023 Condensed Consolidated Statements of Comprehensive Income 5 Three and six months ended June 30, 2024 and 2023 Condensed Consolidated Balance Sheets 6 At June 30, 2024 and December 31, 2023 Condensed Consolidated Statements of Cash Flows 7 Six months ended June 30, 2024 and 2023 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 54

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 54

Risk Factors

Item 1A. Risk Factors 54

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 56 Signature 57 Certifications Table of Contents

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries Three Months Ended Six Months Ended June 30, June 30, (dollars in millions, except per share amounts) (unaudited) 2024 2023 2024 2023 Operating Revenues Service revenues and other $ 27,798 $ 27,319 $ 55,418 $ 54,471 Wireless equipment revenues 4,998 5,277 10,359 11,037 Total Operating Revenues 32,796 32,596 65,777 65,508 Operating Expenses Cost of services (exclusive of items shown below) 6,904 6,986 13,871 14,064 Cost of wireless equipment 5,567 5,778 11,472 12,204 Selling, general and administrative expense 8,024 8,253 16,167 15,759 Depreciation and amortization expense 4,483 4,359 8,928 8,677 Total Operating Expenses 24,978 25,376 50,438 50,704 Operating Income 7,818 7,220 15,339 14,804 Equity in losses of unconsolidated businesses ( 14 ) ( 33 ) ( 23 ) ( 24 ) Other income (expense), net ( 72 ) 210 126 324 Interest expense ( 1,698 ) ( 1,285 ) ( 3,333 ) ( 2,492 ) Income Before Provision For Income Taxes 6,034 6,112 12,109 12,612 Provision for income taxes ( 1,332 ) ( 1,346 ) ( 2,685 ) ( 2,828 ) Net Income $ 4,702 $ 4,766 $ 9,424 $ 9,784 Net income attributable to noncontrolling interests $ 109 $ 118 $ 229 $ 227 Net income attributable to Verizon 4,593 4,648 9,195 9,557 Net Income $ 4,702 $ 4,766 $ 9,424 $ 9,784 Basic Earnings Per Common Share Net income attributable to Verizon $ 1.09 $ 1.10 $ 2.18 $ 2.27 Weighted-average shares outstanding (in millions) 4,215 4,208 4,215 4,207 Diluted Earnings Per Common Share Net income attributable to Verizon $ 1.09 $ 1.10 $ 2.18 $ 2.27 Weighted-average shares outstanding (in millions) 4,221 4,213 4,220 4,212 See Notes to Condensed Consolidated Financial Statements 4 Table of Contents Condensed Consolidated Statements of Comprehensive Income Verizon Communications Inc. and Subsidiaries Three Months Ended Six Months Ended June 30, June 30, (do

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View this 10-Q filing on SEC EDGAR