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Verizon Communications (VZ) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Verizon Communications (VZ) Q3 2026 earnings results →

Q3 2026 Revenue up 2% year over year to $34.3B · 15¢ of every $1 of revenue kept as net profit · operating margin 25.2%

Verizon Communications made $34.3B in Q3 2026 (+2% Y/Y): Service revenues and other $29.2B, Wireless equipment $5.1B. Operating margin 25.2%, net earnings $5.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$34.3B

Year over year+2%

Operating margin25.2%

Net earnings$5.2B

Operating cash flow$11.5B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $34.3B in Q3 2026, up 1% year over year and roughly flat from the previous quarter. Service revenues and other was the largest line at 85% of revenue. Service revenues and other added $1.0B year over year (up 4%), 202% of the total change. Wireless equipment declined 9%.

Operating profit was $8.7B, a 25.2% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 111% reached operating profit, above the 24% margin then. Total costs fell 0% while revenue rose 1%. Net earnings were $5.2B, up 5% year over year. The effective tax rate was 22.0%.

Operating cash flow was $11.5B (up 2% year over year), 216% of net income including minority interests. Non-cash charges added back $5.1B of depreciation and amortization. Working capital and other items added $1.1B. After capital expenditures (including capitalized software) ($3.7B), free cash flow as the company reports it was $7.8B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 29, 2026	$34.3B	+2%	25.2%	$5.2B	$11.5B
Q2 2026	10-Q	Jul 31, 2026	$34.3B	-0.7%	21.0%	$3.8B	$10.4B
Q1 2026	10-Q	May 1, 2026	$34.4B	+3%	23.9%	$5.0B	$8.0B
Q4 2025	10-K	Feb 17, 2026	$36.4B	+2%	13.8%	$2.3B	$9.1B
Q3 2025	10-Q	Oct 29, 2025	$33.8B	+2%	24.0%	$5.0B	$11.3B
Q2 2025	10-Q	Jul 25, 2025	$34.5B	+5%	23.7%	$5.0B	$9.0B
Q1 2025	10-Q	Apr 25, 2025	$33.5B	+2%	23.8%	$4.9B	$7.8B

Charts

Latest (Q3 2026): Y/Y +2%, Q/Q +0%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $5.3B, Operating cash flow $11.5B.

+2.1% since FY2020: more shares outstanding (issuance, stock pay).

Cash $19.0B, short-term investments —, long-term debt $157.7B at 2025-12-31.

Telephone Communications (No Radiotelephone); dot size is quarterly revenue; dashed lines are the industry's medians.