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

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.