Selected Financial Data

(dollars in millions, except per share amounts)

 

2007

  

2006

  

2005

  

2004

  

2003

 

Results of Operations

Operating revenues

$

93,469

 

$

88,182

 

$

69,518

 

$

65,751

 

$

61,754

Operating income

 

15,578

 

 

13,373

 

 

12,581

 

 

10,870

 

 

5,312

Income before discontinued operations,

extraordinary item and cumulative effect of accounting change

 

5,510

 

 

5,480

 

 

6,027

 

 

5,899

 

 

2,168

Per common share – basic

 

1.90

 

 

1.88

 

 

2.18

 

 

2.13

 

 

.79

Per common share – diluted

 

1.90

 

 

1.88

 

 

2.16

 

 

2.11

 

 

.79

Net income available to common shareowners

 

5,521

 

 

6,197

 

 

7,397

 

 

7,831

 

 

3,077

Per common share – basic

 

1.91

 

 

2.13

 

 

2.67

 

 

2.83

 

 

1.12

Per common share – diluted

 

1.90

 

 

2.12

 

 

2.65

 

 

2.79

 

 

1.12

Cash dividends declared per common share

 

1.67

 

 

1.62

 

 

1.62

 

 

1.54

 

 

1.54

 

Financial Position

Total assets

$

186,959

 

$

188,804

 

$

168,130

 

$

165,958

 

$

165,968

Debt maturing within one year

 

2,954

 

 

7,715

 

 

6,688

 

 

3,476

 

 

5,883

Long-term debt

 

28,203

 

 

28,646

 

 

31,569

 

 

34,970

 

 

38,609

Employee benefit obligations

 

29,960

 

 

30,779

 

 

17,693

 

 

16,796

 

 

15,726

Minority interest

 

32,288

 

 

28,337

 

 

26,433

 

 

24,709

 

 

24,023

Shareowners’ investment

 

50,581

 

 

48,535

 

 

39,680

 

 

37,560

 

 

33,466
  • Significant events affecting our historical earnings trends in 2005 through 2007 are described in Management’s Discussion and Analysis of Results of Operations and Financial Condition.
  • 2004 data includes sales of business, severance, pension and benefit charges and other items.
  • 2003 data includes severance, pension and benefit charges and other items.

Stock Performance Graph

Comparison of Five-Year Total Return Among Verizon, S&P 500 Telecom Services Index and S&P 500 Stock Index

Stock Performance Chart

Data Points in Dollars

At December 31,

2002

2003

2004

2005

2006

2007

Verizon

100.0

94.5

113.6

88.5

119.1

145.4

S&P 500 Telecom Services

100.0

107.2

128.5

121.6

166.2

185.9

S&P 500

100.0

128.7

142.7

149.6

173.3

182.8

The graph compares the cumulative total returns of Verizon, the S&P 500 Telecommunications Services Index, and the S&P 500 Stock Index over a five-year period, adjusted for the spin-off of our domestic print and Internet yellow pages directories business. It assumes $100 was invested on December 31, 2002, with dividends reinvested.