VERIZON COMMUNICATIONS INC (VZ) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
Revenues	133,613.0	128,292.0	131,868.0	130,863.0	126,034.0	125,980.0	131,620.0	127,079.0
Revenue growth	4.1%	-2.7%	0.8%	3.8%	0.0%	-4.3%	3.6%	5.4%
Cost of goods sold	56,301.0	51,201.0	54,726.0	55,508.0	52,793.0	52,559.0	52,557.0	49,931.0
Gross profit	77,312.0	77,091.0	77,142.0	75,355.0	73,241.0	73,421.0	79,063.0	77,148.0
Gross margin	57.9%	60.1%	58.5%	57.6%	58.1%	58.3%	60.1%	60.7%
Selling, general and administrative	28,658.0	31,573.0	29,896.0	31,083.0	28,592.0	28,102.0	29,986.0	41,016.0
EBITA	34,680.0	31,198.0	32,860.0	28,900.0	29,831.0	30,994.0	34,922.0	22,086.0
EBITA margin	26.0%	24.3%	24.9%	22.1%	23.7%	24.6%	26.5%	17.4%
Amortization of intangibles	2,087.0	2,445.0	2,311.0	2,217.0	2,213.0	1,701.0	1,694.0
EBIT	32,593.0	28,753.0	30,549.0	26,683.0	27,618.0	29,293.0	33,228.0	22,086.0
EBIT margin	24.4%	22.4%	23.2%	20.4%	21.9%	23.3%	25.2%	17.4%
Pre-tax income	29,420.0	23,967.0	22,733.0	19,623.0	20,594.0	20,986.0	28,240.0	15,270.0
Income taxes	6,802.0	5,619.0	2,945.0	3,584.0	-9,956.0	7,378.0	9,865.0	3,314.0
Tax rate	23.1%	23.4%	13.0%	18.3%		35.2%	34.9%	21.7%
Net income	22,065.0	17,801.0	19,265.0	15,528.0	30,101.0	13,127.0	17,879.0	9,625.0
Net margin	16.5%	13.9%	14.6%	11.9%	23.9%	10.4%	13.6%	7.6%

Diluted EPS	$5.32	$4.30	$4.65	$3.76	$7.36	$3.21	$4.37	$2.42
Shares outstanding (diluted)	4,150.0	4,142.0	4,140.0	4,132.0	4,089.0	4,086.0	4,093.0	3,981.0

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.