Selected Financial Data – As Adjusted*

(dollars in millions, except per share amounts)

 

2010

 

2009

 

2008

 

2007

 

2006

Results of Operations

Operating revenues

$

106,565

 

$

107,808

 

$

97,354

 

$

93,469

 

$

88,182

Operating income

 

14,645

 

 

15,978

 

 

2,612

 

 

17,816

 

 

17,137

Income (loss) before discontinued

operations, extraordinary item

and cumulative effect of accounting

change attributable to Verizon

 

2,549

 

 

4,894

 

 

(2,193

)

 

7,201

 

 

7,763

Per common share – basic

 

.90

 

 

1.72

 

 

(.77

)

 

2.48

 

 

2.67

Per common share – diluted

 

.90

 

 

1.72

 

 

(.77

)

 

2.48

 

 

2.64

Net income (loss) attributable to Verizon

 

2,549

 

 

4,894

 

 

(2,193

)

 

7,212

 

 

8,480

Per common share – basic

 

.90

 

 

1.72

 

 

(.77

)

 

2.49

 

 

2.91

Per common share – diluted

 

.90

 

 

1.72

 

 

(.77

)

 

2.49

 

 

2.89

Cash dividends declared per common share

 

1.925

 

 

1.870

 

 

1.780

 

 

1.670

 

 

1.620

Net income attributable to noncontrolling interest

 

7,668

 

 

6,707

 

 

6,155

 

 

5,053

 

 

4,038

 

Financial Position

Total assets

$

220,005

 

$

226,907

 

$

202,185

 

$

186,942

 

$

189,072

Debt maturing within one year

 

7,542

 

 

7,205

 

 

4,993

 

 

2,954

 

 

7,715

Long-term debt

 

45,252

 

 

55,051

 

 

46,959

 

 

28,203

 

 

28,646

Employee benefit obligations

 

28,164

 

 

32,622

 

 

32,512

 

 

29,960

 

 

30,779

Noncontrolling interest

 

48,343

 

 

42,761

 

 

37,199

 

 

32,266

 

 

28,310

Equity attributable to Verizon

 

38,569

 

 

41,382

 

 

41,592

 

 

50,580

 

 

48,830

*  During 2010, we retrospectively changed our method of accounting for benefit plans as described in Note 1 to the consolidated financial statements. As a result, all prior periods have been adjusted.

Stock Performance Graph

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

Stock Performance Chart

Data Points in Dollars

At December 31,

2005

2006

2007

2008

2009

2010

Verizon

100.0

134.6

164.3

134.6

139.8

172.1

S&P Telecom Services

100.0

136.7

152.9

106.3

115.8

137.8

S&P 500

100.0

115.8

122.1

77.0

97.3

112.0

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 business and related landline activities in predominantly rural areas in 14 states, completed in 2010, and in Maine, New Hampshire and Vermont, completed in 2008, and our domestic yellow pages directories business, completed in 2006. It assumes $100 was invested on December 31, 2005, with dividends reinvested.