Selected Financial Data

(dollars in millions, except per share amounts)

 

2008

 

2007

 

2006

 

2005

 

2004

Results of Operations

Operating revenues

$

97,354

 

$

93,469

 

$

88,182

 

$

69,518

 

$

65,751

Operating income

 

16,884

 

 

15,578

 

 

13,373

 

 

12,581

 

 

10,870

Income before discontinued operations,

extraordinary item and cumulative effect of

accounting change

 

6,428

 

 

5,510

 

 

5,480

 

 

6,027

 

 

5,899

Per common share – basic

 

2.26

 

 

1.90

 

 

1.88

 

 

2.18

 

 

2.13

Per common share – diluted

 

2.26

 

 

1.90

 

 

1.88

 

 

2.16

 

 

2.11

Net income available to common shareowners

 

6,428

 

 

5,521

 

 

6,197

 

 

7,397

 

 

7,831

Per common share – basic

 

2.26

 

 

1.91

 

 

2.13

 

 

2.67

 

 

2.83

Per common share – diluted

 

2.26

 

 

1.90

 

 

2.12

 

 

2.65

 

 

2.79

Cash dividends declared per common share

 

1.78

 

 

1.67

 

 

1.62

 

 

1.62

 

 

1.54

 

Financial Position

Total assets

$

202,352

 

$

186,959

 

$

188,804

 

$

168,130

 

$

165,958

Debt maturing within one year

 

4,993

 

 

2,954

 

 

7,715

 

 

6,688

 

 

3,476

Long-term debt

 

46,959

 

 

28,203

 

 

28,646

 

 

31,569

 

 

34,970

Employee benefit obligations

 

32,512

 

 

29,960

 

 

30,779

 

 

17,693

 

 

16,796

Minority interest

 

37,199

 

 

32,288

 

 

28,337

 

 

26,433

 

 

24,709

Shareowners’ investment

 

41,706

 

 

50,581

 

 

48,535

 

 

39,680

 

 

37,560

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,

2003

2004

2005

2006

2007

2008

Verizon

100.0

120.2

93.7

126.0

153.9

126.1

S&P Telecom Services

100.0

119.9

113.5

155.0

173.4

120.6

S&P 500

100.0

110.9

116.3

134.7

142.1

89.5

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 local exchange and related business assets in Maine, New Hampshire and Vermont and our domestic print and Internet yellow pages directories business. It assumes $100 was invested on December 31, 2003, with dividends reinvested.