Verizon Reports $134.8 Billion Revenue and $17.9 Billion Net Income for Fiscal Year 2024

Verizon Communications Inc. reported a consolidated revenue of $134.8 billion for the fiscal year ending December 31, 2024, marking a slight increase of 0.6% from $134.0 billion in 2023. The company's net income rose significantly to $17.9 billion, compared to $12.1 billion in the previous year, driven by improved operational efficiencies and a favorable tax environment. The increase in net income was also supported by a reduction in operating expenses, which fell by 4.5% to $106.1 billion, primarily due to lower costs associated with wireless equipment and selling, general, and administrative expenses.

The Consumer segment generated $102.9 billion in revenue, a 1.3% increase from the prior year, while the Business segment's revenue decreased by 2.0% to $29.5 billion. The decline in the Business segment was attributed to a drop in Enterprise and Public Sector revenues, which fell by 5.7% due to ongoing market pressures and shifts in technology. In contrast, the Consumer segment benefited from a 45% increase in fixed wireless access (FWA) subscribers, contributing to a rise in service revenue.

Verizon's operational metrics showed a total of approximately 115 million wireless retail connections in the Consumer segment, with 83% being postpaid. The Business segment reported around 31 million wireless retail postpaid connections. The company also expanded its broadband offerings, achieving nearly 10 million total broadband connections, including Fios internet and FWA. The company’s workforce stood at approximately 99,600 employees, with a focus on enhancing employee skills and diversity.

Strategically, Verizon announced its agreement to acquire Frontier Communications Parent, Inc. in September 2024, a move expected to enhance its fiber broadband footprint and support future growth in the Fios segment. The acquisition is subject to regulatory approvals and is anticipated to close in 2025. Additionally, Verizon has been actively investing in its 5G network, with capital expenditures totaling $17.1 billion in 2024, aimed at expanding network capacity and improving service quality.

Looking ahead, Verizon anticipates continued growth in service revenue, particularly from wireless and broadband services, driven by targeted pricing actions and an increase in customer connections. The company expects to maintain its competitive edge through ongoing investments in technology and infrastructure, while also navigating the challenges posed by a highly competitive telecommunications market.