As of 2021, the Verizon CEO Hans Vestberg net worth was estimated to be upwards of 50 million USD. In 2020, reportedly received a total compensation of around 19.1 million USD. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. The company ended 2021 with $133.6 billion verizon networth in revenue, up 4% from 2020, and even exceeding 2019’s pre-pandemic total of $131.9 billion. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services.

Year over year, Verizon stock price almost stagnated and was traded around $28 in October 2009. On August 10th, 2010, the stock passed the mark of $30.00 to close at $30.02 and has not fallen beneath $30.00 since August 31th, 2010. The strong increase of more than 15% between October 2009 and October 2010 shows the strong post-stock market crisis performance of Verizon’s stock. Total wireless revenue grew 15.3% in 2007, to $43.9 billion for the whole year.

verizon networth

The company spent just under $20.3 billion on its capital expenditures in 2021 as it focused on building out its 5G and fiber optic networks, which both represent key strategic priorities yet are expensive tasks. Verizon’s strong cash flow generating abilities fully covered those outlays and then some, as it posted just over $39.5 billion in net operating cash flow in 2021. Last year, Verizon generated $19.3 billion in free cash flow which fully covered $10.4 billion in total dividend obligations. Verizon did not spend a significant amount of its capital buying back its common stock in 2021. After Lowell McAdam’s exit, Hans Vestberg has been appointed as the CEO of one of the largest American telecommunications conglomerate Verizon Communications Inc. .

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MCI was a global communications provider with revenues exceeding $20 billion. MCI and WorldCom Inc. had joined together in 1997 in what was the largest merger in U.S. corporate history at the time. WorldCom declared bankruptcy in 2002 during a highly publicized accounting scandal. By early 2004, Verizon was well positioned at the top of the telecommunications heap. It was facing staunch competition however, from the likes of cable companies that were expanding into voice services. According to a 2004 Fortune article, cable companies had collectively spent $75 billion in recent years to upgrade their systems to offer customers voice, high-speed Internet, and cable.

At the midpoint of its guidance and removing ‘amortization of acquisition-related intangible assets’ expenses from this picture, Verizon expects its non-GAAP adjusted EPS will move marginally lower year-over-year in 2022. The company expects strong organic growth at its wireless service businesses will continue into 2022, which we appreciate. Here we will caution that the cost of encouraging households to shift to 5G-capable devices is material and will take time to be positively reflected in Verizon’s financial performance . Activity ratio Description The company Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Business wireless service revenues were $3.1 billion in fourth-quarter 2021, a 1.5 percent increase year over year. Full-year 2021 Business wireless service revenues were $12.4 billion, an increase of 4.8 percent from full-year 2020.

Such data, information, or opinions are not an offer to sell or to buy, or a solicitation to buy or sell any securities. Any forward looking estimates presented by Quantalytics may prove to be incorrect and not be realized. Any data, information, or opinions expressed in any form may change without notice.

verizon networth

Business exited 2021 with strong momentum in business activity and demand for wireless products. Fourth-quarter 2021 was highlighted by strong phone gross additions in Small and Medium Business and the fourth consecutive quarter of wireless service revenue growth for Global Enterprise. Bell Atlantic changed its name to Verizon Communications in June 2000, when the Federal Communications Commission approved the US$64.7 billion merger with telephone company GTE, nearly two years after the deal was proposed in July 1998. The approval came with 25 stipulations to preserve competition between local phone carriers, including investing in new markets and broadband technologies. The new entity was headed by co-CEOs Charles Lee, former CEO of GTE, and Bell Atlantic CEO Ivan Seidenberg.

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Mr. Silliman owns 38,077 shares of Verizon Communications stock worth more than $1,841,784 as of May 4th. This net worth estimate does not reflect any other assets that Mr. Silliman may own. On the plus side, Verizon has a rock-solid investment grade credit rating (Baa1/BBB+/A-) from the ‘Big Three’ rating agencies with stable or positive outlooks. We expect that Verizon will be able to continue tapping capital markets for funds at attractive rates going forward , aided by its top-notch free cash flow generating abilities. Verizon has historically fully covered its total dividend obligations via its sizable free cash flows. Verizon generated over $19 billion in free cash flow in 2021 which easily covered its total dividend obligations during this period.

Verizon and Comcast have been actively lobbying for current changes in the FCC’s regulations that require internet service providers to offer all content at one internet speed regardless of the type of content since the early 2000s. Verizon has admitted to throttling content of its competitors including Netflix and YouTube. The campaign, originally conceived by New York agency Bozell, ran from early 2001 to September 2010. Data from the technology tracking firm The Yankee Group showed that, in the early years of the campaign, net customers grew 10% to 32.5 million in 2002 and 15% more to 37.5 million in 2003.

Bell Atlantic 1983

We are continuing on our mission to inspire and motivate people around the world. You can click on any of the buttons below to follow us on our social media channels; or to get in touch with the founder, Dan Western, head over to the ‘contact’ page. Sometimes, you have to get knocked down lower than you have ever been to stand back up taller than you ever were. “The competitive action has started in many markets, but will spread dramatically this year,” Kagan added. For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer.

verizon networth

As the home computer trend was ushered in, NJB began the first service to send and receive data via the home personal computer in 1986. The following year NJB’s new CLASS Calling Services were approved, which included call waiting, call forwarding, and three-way calling. In 1994 after nearly 70 years as the New Jersey Bell Telephone Company, NJB’s name was changed to Bell Atlantic-New Jersey (BA-NJ). Bell Atlantic Corp. acquired “Baby Bell” Nynex in 1997 to form the second largest telephone company in the United States behind AT&T. Another historic merger occurred the very next year, in 1998, when Bell Atlantic and GTE Corp. announced their merger, one of the largest corporate mergers ever in the United States, creating one of the largest communication companies in the world.

By 1935 the company resurfaced as General Telephone Corporation, operating 12 newly consolidated companies. In 1936 General Telephone created a new subsidiary, General Telephone Directory Company, to publish directories for the parent’s entire service area. A long-awaited ruling in the federal courts gave the company a sweet victory; a federal judge finally ruled in favor of the Baby Bells to offer long-distance services. Bell Atlantic wasted little time, becoming the first Baby Bell to jump into the longdistance market by recruiting customers in Florida, Illinois, North and South Carolina, and Texas in early 1996. S cost.) Bell Atlantic planned to succeed in spite of the access fee tangle and subsequently allotted more than half of its construction budget for improvement of the network. Although we estimate Verizon’s fair value at about $64 per share, every company has a range of probable fair values that’s created by the uncertainty of key valuation drivers .

Verizon Cash And Equivalents Analysis

The FCC approved the deal in October and Verizon completed the purchase in January 2006. The middle of the century saw more deals and acquisitions for GT&E, as well as some https://xcritical.com/ dangerous controversy. In March 1970 GT&E’s New York City headquarters was bombed by a radical antiwar group in protest of the company’s participation in defense work.

  • Also, proxies must disclose specific detailed information regarding the pay practices for certain executives.
  • Cash flow from operations totaled $39.5 billion in 2021, a decrease from $41.8 billion year over year.
  • After all, if the future were known with certainty, we wouldn’t see much volatility in the markets as stocks would trade precisely at their known fair values.
  • Before assuming his current position in July 2019, Silliman was executive vice president for public policy and general counsel, responsible for leading the company’s public policy, legal, regulatory, government affairs and security groups.
  • The company cut 16,000 full-time jobs and 13,000 part-time positions in 2001 and planned to cut another 10,000 in the year 2002.

The merger gave Sylvania, a leader in such industries as lighting, television and radio, and chemistry and metallurgy, the needed capital to expand. For General Telephone, the merger meant the added benefit of Sylvania’s extensive research and development capabilities in the field of electronics. Other acquisitions in the late 1950s included Peninsular Telephone Company in Florida, with 300,000 lines, and Lenkurt Electric Company, Inc., a leading producer of microwave and data transmissions system.

Department of Justice, the Bell System was forced to reorganize with final plans approved by U.S. After 100 years of providing telephone service, AT&T divested and the Bell System was officially dismembered in 1984. NJB became a subsidiary of the Bell Atlantic Corp., one of the seven “Baby Bell” holding companies. The Telecommunications Act allowed for any company to compete in any industry. The heart of the Telecommunications Act was to allow more competition among communications providers.

Total consolidated operating revenues in fourth-quarter 2021 were $34.1 billion, down 1.8 percent from fourth-quarter 2020. Adjusting for the sale of Verizon Media on September 1, operating revenue grew 4.8 percent year over year. Strong wireless service revenue growth and wireless equipment revenue were offset by continued declines in legacy wireline products. Full-year 2021 consolidated operating revenues were $133.6 billion, up 4.1 percent year over year.

In 1996, CEO and Chairman Raymond W. Smith orchestrated Bell Atlantic’s merger with NYNEX. When it merged, it moved its corporate headquarters from Philadelphia to New York City. In trading on Friday, shares of Verizon Communications crossed below their 200 day moving average of $57.82, changing hands as low as $57.69 per share. C-RATED STOCKS are those stocks our Big Data multi-factor models score as probable to have negligible return for the month. Verizon annual net income for 2019 was $19.265B, a 24.07% increase from 2018.

Full-year 2021 Fios revenues were approximately $12.7 billion, up 4.6 percent year over year. Verizon is easily one of the biggest telecommunications companies in the U.S., not to mention the rest of the world as well. With such a huge influence on this area of technology, it’s no wonder that they have huge net profit.

Media Services

The integrated AOL-Yahoo operation, housed under the newly created Oath division, would be organized around key content-based pillars. On May 12, 2015, Verizon announced it would acquire AOL at $50 per share, for a deal valued around $4.4 billion. The following year, Verizon announced it would acquire the core internet business of Yahoo! for $4.83 billion. Following the completion of the acquisitions, Verizon created a new division called Oath, which includes the AOL and Yahoo brands. On January 14, 2014, the DC Circuit Court of Appeals struck down the FCC’s net neutrality rules after Verizon filed suit against them in January 2010. In June 2016, in a 184-page ruling, the United States Court of Appeals for the District of Columbia Circuit upheld, by a 2–1 vote, the FCC’s net neutrality rules and the FCC’s determination that broadband access is a public utility rather than a luxury.

In addition, the company reported in the 10-K that most of the drop in employment since 2008 was due to a voluntary retirement offer. On January 27, 2011, Verizon acquired Terremark, an information technology services company, for $1.4 billion. Ivan Seidenberg retired as Verizon’s CEO on August 1, 2011, and was succeeded by Lowell McAdam. In June 2008, Verizon Wireless purchased wireless carrier Alltel for $28.1 billion.

Financials

If the purpose of the breakup was to promote maximum competition in the industry, the RHCs reasoned that they, the most likely competitors of industry leaders AT&T and IBM, should not be prohibited from fully competing. By the end of 1985 Bell Atlantic earnings were $1.1 billion on revenues of $9.1 billion. Rated against its competitors, Bell Atlantic was the only RHC close to turning a profit on its unregulated businesses, worth $600 million in revenues. While profits remained strong in Bell Atlantic’s local phone service, its Yellow Pages directory publishing division, due to a disagreement, began to compete with Reuben H. Donnelly Corporation, its previous publisher. Of all the unregulated businesses Bell Atlantic was just entering, competition threatened to be even stiffer in the private branch exchange market.

Verizon added approximately 20 million customers to its asset base by buying Tracfone. There is ample room for Verizon to take advantage of its increasing economies of scale to improve its cost structure around the margins over the coming years, though it will take time for the firm to realize meaningful operational synergies. Profitability ratio Description The company Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.

Businessweek

Revenues and Profits strive to provide the latest information from tech, business, and financial world. Data are provided ‘as is’ for informational purposes only and are not intended for trading purposes. Verizon accelerates wireless broadband rollout around the nation with 5G Home Internet and 5G Business Internet. “5G Ultra Show” highlights the massive transformative power of 5G Ultra Wideband. The Board of Directors of Verizon Communications Inc. today declared a quarterly dividend of 64 cents, unchanged from the previous quarter. Netcials reports section helps you with deep insights into the performance of various assets over the years.

Today, Verizon Wireless has approximately 2330 owned retail stores and employs over 136,000 employees in as many as 150 different locations. Great advances and investments have put Verizon Wireless in second place on the list of top telecommunications providers in the United States right behind AT&T Inc. The main goal of the company is to implement new technologies to make our lives easier. Leading people of the company are Hans Vestberg who is CEO of Verizon Communications, and Ronan Dunne, CEO of Verizon Customers. 106,000 total broadband net additions, defined as wireline and fixed wireless, an increase of 30,000 total broadband net additions year over year.

Cash flow from operations totaled $39.5 billion in 2021, a decrease from $41.8 billion year over year. Continued strong performance in the business was offset by higher working capital from device payments receivables, and higher cash taxes. The second approach to calculate net worth is to find the difference between total assets and total liabilities. However, we will be using the “market value” method stated in the first paragraph of this section. They have a stronghold over the telecommunications technology sector in the U.S., as more and more customers sign on to their books every day.