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Sankey diagram of Verizon Communications Inc.. A complete text table follows the diagram.
Recurring connectivity supports a 24% operating margin, while discounted devices, network depreciation and nearly $2 billion of quarterly interest reveal the capital intensity beneath wireless service
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Every flow is directly reported. Equity earnings and other income are combined as positive sources before interest expense.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Connectivity services & other | 1 | $28.8B | 84% of revenue |
| Wireless equipment | 1 | $5.7B | Devices and accessories |
| Operating revenue | 2 | $34.4B | Up 2.9% year over year |
| Operating income | 3 | $8.2B | 23.9% operating margin |
| Cost of services | 3 | $7.2B | Network operations |
| Cost of wireless equipment | 3 | $6.5B | $825M above equipment revenue |
| Selling, general & administrative | 3 | $7.6B | Customer and corporate operations |
| Depreciation & amortization | 3 | $4.9B | Network and spectrum assets |
| Equity & other income | 3 | $482M | Includes debt-extinguishment gains |
| Income before interest | 4 | $8.7B | Operating plus other income |
| Income before tax | 5 | $6.8B | 19.7% of revenue |
| Interest expense | 5 | $1.9B | 28.6% of pretax earnings |
| Net income before NCI | 6 | $5.1B | After income tax |
| Income tax | 6 | $1.6B | 24.1% effective rate |
| Verizon net income | 7 | $5.0B | Income attributable to Verizon |
| Noncontrolling interests | 7 | $101M | Minority claims |
| From | To | Value |
|---|---|---|
| Connectivity services & other | Operating revenue | $28.8B |
| Wireless equipment | Operating revenue | $5.7B |
| Operating revenue | Operating income | $8.2B |
| Operating revenue | Cost of services | $7.2B |
| Operating revenue | Cost of wireless equipment | $6.5B |
| Operating revenue | Selling, general & administrative | $7.6B |
| Operating revenue | Depreciation & amortization | $4.9B |
| Operating income | Income before interest | $8.2B |
| Equity & other income | Income before interest | $482M |
| Income before interest | Income before tax | $6.8B |
| Income before interest | Interest expense | $1.9B |
| Income before tax | Net income before NCI | $5.1B |
| Income before tax | Income tax | $1.6B |
| Net income before NCI | Verizon net income | $5.0B |
| Net income before NCI | Noncontrolling interests | $101M |