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Slide 9 of 14 · leverage_walk_v3

Debt / EBITDA — figure, bridge, evidence

VZ

VZ

Debt / EBITDA — figure, bridge, evidence

Net debt
$120.9bn
FY25
EBITDA
$47.6bn
trailing FY
Leverage
2.54×
net debt / EBITDA
Change
+0.02×
vs FY24

Net debt / EBITDA — nested to source

×
2.517−0.7890.2440.623−0.0630.008−0.0002.540FY242.52×Op. cashflowDiv-idendsOther(FX/leas-es/M&A)VolumeCosts toEBITD&Aadd-backFY252.54×​

Build-up — debt, cash, earnings

$bn
$bnFY20FY21FY22FY23FY24FY25
Gross debt123.5143.4140.8137.7121.4140.0
− Cash and equivalents22.22.92.62.14.219.0
= Net debt101.3140.5138.2135.6117.3120.9
EBITDA45.548.747.640.546.647.6
Net debt / EBITDA2.23×2.89×2.91×3.35×2.52×2.54×
Gross debt / EBITDA2.71×2.95×2.96×3.40×2.61×2.94×
VZ · Source: SEC EDGAR companyfacts · filings 2009–2026 · leverage_walk_v3
leverage_walk_v3 · 11 / 16

Report an error or missing source

Use the result — then reproduce it

The report is the distribution artifact. These four actions are part of its manifest, not a marketing block added afterwards.

1 · Create this report for another object Primary handoff 2 · Built with Charts MCP Method, engine, provenance
3 · Improve this pack on GitHub Public pack repository — launch dependency
4 · Run privately in Charts Desk Private sources, persistent state