Verizon (VZ)财务
NYSE · Communication Services · Telecommunications Services · 员工89,900人 · CEO Daniel H. Schulman
- 股价
- $44.73 +2.45%
- 市值
- $1850亿
- 企业价值
- $3700亿
- 最近财报
- Q3 '26 2026-10-29提交
- 下次财报
- 2027-01-29 EPS预期 $1.15
营收(TTM)$1390亿+1.4% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)20.9%-2.2 百分点 对比去年同期营业利润 $291亿
净利润(TTM)$164亿-17.2% 对比去年同期税后,含营业外收益
自由现金流(TTM)$211亿+2.2% 对比去年同期资本支出 $179亿
稀释EPS(TTM)$3.92-16.2% 对比去年同期最近4个季度之和
净现金-$1840亿-13.4% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1850亿 EV $3700亿
- 营收
- $1390亿 过去12个月
- 营收增速
- +1% FY2026年一致预期
- 净利润率
- 11.8% 净利润 / 营收,TTM
- P/E
- 11.4× 预期 8.9×(FY2026)
- P/S
- 1.3× 股价 / 营收,TTM
- EV / EBITDA
- 7.6× TTM
- 自由现金流
- $211亿 过去12个月
- 净利润
- $164亿 过去12个月
- 营收预期
- $1400亿 FY2026年一致预期
- 盈利
- 2027-01-29 营收预期 $371亿
- 股息
- $2.81 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-26):营收低于预期1.3%,EPS 超预期3.1%营收$343亿,预期$348亿(-1.3%);EPS $1.31,预期$1.27(+3.1%)。
- 营收增长平稳:同比1.5%Q3 '26营收$343亿,此前四个季度的平均值为1.4%。
- 营业利润率20.9%(TTM),较去年同期-2.2 百分点营收增长1.4%,营业利润增长-8.2%。
- 税前利润的32.5%被营业外亏损吞噬税前利润$219亿,营业利润$291亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的12.9%(去年为13.0%)最近4个季度投入$179亿(同比+0.7%)。自由现金流$211亿,相当于净利润的128.6%。
- 股东回报$157亿 = 自由现金流的74.4%回购$40亿(去年为$0),股息$117亿,股权激励$0(TTM)。
- 稀释股数一年内减少1.7%Q3 '26稀释股数41.6亿,一年前为42.3亿。
- 净债务 $1840亿现金 + 短期投资 $45亿,含租赁债务 $1890亿;一年前净债务 $1630亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $343亿 | $338亿 | +1.5% |
| 毛利率 | 47.0% | 46.9% | +0.1 百分点 |
| 营业利润 | $86.5亿 | $81.1亿 | +6.7% |
| 营业利润率 | 25.2% | 24.0% | +1.2 百分点 |
| 净利润 | $52亿 | $49.5亿 | +5.0% |
| 稀释EPS | $1.25 | $1.17 | +6.8% |
| 经营现金流 | $115亿 | $113亿 | +2.2% |
| 资本支出 | $37.2亿 | $44.2亿 | -15.9% |
| 自由现金流 | $78亿 | $68.5亿 | +13.9% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $0 | $0 | – |
实际 vs 一致预期
2026-10-26| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $343亿 | $348亿 | -1.3% |
| EPS(一致预期口径) | $1.31 | $1.27 | +3.1% |
来自2026-10-26发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Verizon Consumer Group | $264亿 | +1.3% | 79.0% | $1080亿 | +1.5% | |
| Verizon Business Group | $70.2亿 | -1.7% | 21.0% | $290亿 | -0.8% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Verizon Consumer Group Segment | – | – | $80.9亿 | +5.6% | – | – | $307亿 |
| Verizon Business Group Segment | – | – | $8.55亿 | +19.4% | – | – | $31.6亿 |
| Corporate And Reconciling Items | – | – | -$2.13亿 | +0.9% | – | – | -$5.51亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $391亿
- 资本支出
- -$179亿
- 股票回购
- -$40亿
- 股息
- -$117亿
- 收购
- -$94.8亿
- 债务净发行
- $62.9亿
- 股权激励费用
- $0
- 自由现金流
- $211亿
- 股东回报 / FCF
- 74.4%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 11.4× | 10.2× | 7.8× – 13.7× |
| EV / EBITDA | 7.6× | 7.5× | 6.9× – 8.3× |
| EV / 营收 | 2.7× | 2.6× | 2.5× – 2.9× |
| 股价 / FCF | 8.8× | 10.7× | 8.5× – 15.9× |
| 股价 / 净资产 | 1.8× | 1.9× | 1.6× – 2.6× |
| FCF收益率 | 11.4% | 9.9% | 6.3% – 11.8% |
| 投入资本回报率 | 5.9% | 6.7% | 6.0% – 7.4% |
| 净资产收益率 | 15.7% | 19.4% | 12.6% – 27.0% |
分析师
一致目标价 $47.86 (+7.0%)
区间 $44.00 – $52.00 · 评级 Hold
强烈买入1
买入23
持有35
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1400亿 | +1.5% | $5.05 | +24.4% | 8.9× | 13 |
| FY2027 | $1430亿 | +1.8% | $5.28 | +4.6% | 8.5× | 14 |
| FY2028 | $1440亿 | +0.6% | $5.60 | +6.0% | 8.0× | 8 |
| FY2029 | $1440亿 | +0.5% | $5.70 | +1.8% | 7.8× | 5 |
| FY2030 | $1470亿 | +1.4% | $6.04 | +5.9% | 7.4× | 5 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Verizon Communications Inc.在近期10-Q / 10-K文件中标记的全部323项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $3.69亿 | – | – | – | – | – | |
| $250亿2026-01-30 | – | – | – | – | – | |
| Accounts and Financing Receivable, after Allowance for Credit Loss, Current | $264亿 | $259亿 | +1.7% | $271亿 | $261亿 | +3.8% |
| Accounts Payable and Accrued Liabilities, Current | $220亿 | $207亿 | +6.4% | $250亿 | $234亿 | +6.9% |
| Accounts Payable, Current | $122亿2025-12-31 | $104亿 | +16.6% | $122亿 | $104亿 | +16.6% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $4.6亿 | $4.78亿 | -3.8% | $23.5亿 | $23.4亿 | +0.5% |
| Accrued Employee Benefits, Current | $48.3亿2025-12-31 | $44.4亿 | +8.9% | $48.3亿 | $44.4亿 | +8.9% |
| Accrued Liabilities, Current | $45.3亿2025-12-31 | $50.6亿 | -10.4% | $45.3亿 | $50.6亿 | -10.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2340亿 | $2260亿 | +3.5% | $2290亿 | $2230亿 | +2.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$16.2亿 | -$16.5亿 | +1.6% | -$17.3亿 | -$9.23亿 | -87.1% |
| Additional Paid in Capital | $133亿 | $134亿 | -1.2% | $134亿 | $135亿 | -0.7% |
| Advertising Expense | – | – | – | $38.3亿 | $39.8亿 | -3.6% |
| Amortization of Debt Discount (Premium) | – | – | – | $1.43亿 | $2.3亿 | -37.8% |
| Amortization of Intangible Assets | $8.36亿2026-03-31 | $7.34亿 | +13.9% | $30亿 | $27.8亿 | +7.8% |
| Assets | $4160亿 | $3880亿 | +7.0% | $4040亿 | $3850亿 | +5.1% |
| Assets Held-for-sale, Not Part of Disposal Group, Current | $2.5亿 | – | – | – | – | – |
| Assets, Current | $415亿 | $440亿 | -5.7% | $569亿 | $405亿 | +40.5% |
| Assets, Fair Value Disclosure | $18.2亿 | $20.1亿 | -9.7% | $22.6亿 | $7.88亿 | +186.7% |
| Business Combination, Integration Related Costs | $5700万 | $5200万 | +9.6% | $9100万 | $0 | – |
| Business Exit Costs | – | – | – | $0 | $0 | – |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $38亿 | $33亿 | +15.2% |
| Capitalized Contract Cost, Amortization | $11亿 | $9.01亿 | +22.1% | $36亿 | $34亿 | +5.9% |
| Capitalized Contract Cost, Impairment Loss | $0 | $0 | – | $0 | $0 | – |
| Capitalized Contract Cost, Net | $64.6亿 | $59.8亿 | +8.1% | $61.6亿 | $57.4亿 | +7.4% |
| Capitalized Contract Cost, Net, Current | $34.4亿 | $31.5亿 | +9.4% | $33.2亿 | $29.3亿 | +13.1% |
| Capitalized Contract Cost, Net, Noncurrent | $30.2亿 | $28.3亿 | +6.6% | $28.5亿 | $28.1亿 | +1.4% |
| Cash and Cash Equivalents, at Carrying Value | $45亿 | $77.1亿 | -41.7% | $190亿 | $41.9亿 | +354.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $50.6亿 | $81.6亿 | -37.9% | $195亿 | $46.4亿 | +320.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $27.6亿 | $42.3亿 | -34.7% | $149亿 | $11.4亿 | +1,206.2% |
| Common Stock, Dividends, Per Share, Declared | $0.71 | $0.69 | +2.5% | $2.74 | $2.69 | +1.9% |
| Common Stock, Par or Stated Value Per Share | $0.10 | $0.10 | 0.0% | $0.10 | $0.10 | 0.0% |
| Common Stock, Shares Authorized | 62.5亿 | 62.5亿 | 0.0% | 62.5亿 | 62.5亿 | 0.0% |
| Common Stock, Shares, Issued | 42.9亿 | 42.9亿 | 0.0% | 42.9亿 | 42.9亿 | 0.0% |
| Common Stock, Value, Outstanding | $4.29亿 | $4.29亿 | 0.0% | $4.29亿 | $4.29亿 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $1.22亿 | $1.06亿 | +15.1% | $4.34亿 | $4.43亿 | -2.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $53.6亿 | $47.7亿 | +12.2% | $164亿 | $180亿 | -8.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $54.8亿 | $48.8亿 | +12.3% | $168亿 | $184亿 | -8.7% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $7.62亿 | $8.41亿 | -9.4% | $7.77亿 | $9.42亿 | -17.5% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $4.78亿 | $5.49亿 | -12.9% | $5.18亿 | $6.21亿 | -16.6% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent | $2.84亿 | $2.92亿 | -2.7% | $2.59亿 | $3.21亿 | -19.3% |
| Contract with Customer, Liability | $95.4亿 | $97.4亿 | -2.0% | $100亿 | $96.8亿 | +3.4% |
| Contract with Customer, Liability, Current | $74亿 | $75亿 | -1.4% | $75.8亿 | $74.9亿 | +1.1% |
| Contract with Customer, Liability, Noncurrent | $21.4亿 | $22.4亿 | -4.2% | $24.3亿 | $21.9亿 | +11.3% |
| Contract with Customer, Liability, Revenue Recognized | $1.59亿 | $1.45亿 | +9.7% | $52亿 | $50亿 | +4.0% |
| Costs and Expenses | $257亿 | $257亿 | -0.2% | $1090亿 | $1060亿 | +2.7% |
| Current Federal Tax Expense (Benefit) | – | – | – | $17.4亿 | $33.7亿 | -48.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $3.23亿 | $2.4亿 | +34.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $27.2亿 | $42.2亿 | -35.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $6.66亿 | $6.08亿 | +9.5% |
| Debt Instrument, Unamortized Discount (Premium), Net | $34.6亿2025-12-31 | $36亿 | -3.9% | $34.6亿 | $36亿 | -3.9% |
| Debt Instrument, Unamortized Premium | $4500万2025-12-31 | $6500万 | -30.8% | $4500万 | $6500万 | -30.8% |
| Debt Issuance Costs, Net | $6.19亿2025-12-31 | $5.58亿 | +10.9% | $6.19亿 | $5.58亿 | +10.9% |
| Debt, Current | $186亿2025-12-31 | $226亿 | -17.7% | $186亿 | $226亿 | -17.7% |
| Debt, Long-term and Short-term, Combined Amount | $1580亿2025-12-31 | $1440亿 | +9.8% | $1580亿 | $1440亿 | +9.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $21.2亿 | $8.07亿 | +162.1% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $1900万 | -$400万 | +575.0% |
| Deferred Income Tax Expense (Benefit) | $6.8亿 | $17.1亿 | -60.3% | $23.4亿 | $8.15亿 | +187.1% |
| Deferred Income Tax Liabilities, Net | $510亿 | $482亿 | +5.7% | $487亿 | $467亿 | +4.2% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $2.06亿 | $1200万 | +1,616.7% |
| Deferred Tax Assets, Gross | $115亿2025-12-31 | $123亿 | -5.9% | $115亿 | $123亿 | -5.9% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01