Verizon Communications Inc. reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total operating revenue of $32,340 million compared to $34,254 million, operating income of $8,023 million compared to $9,744 million, income before provision for income taxes of $6,949 million compared to $8,578 million, net income attributable to the company of $4,495 million or $1.10 per basic and diluted share compared to $5,391 million or $1.32 per basic and diluted share for the last year. EBITDA was $10,482 million compared to $11,544 million a year ago. Adjusted EBITDA was $10,421 million compared to $11,279 million a year ago. Adjusted earnings per common share were $0.86 compared to $0.89 a year ago.

For the year, the company reported total operating revenue of $125,980 million compared to $131,620 million, operating income of $27,059 million compared to $33,060 million, income before provision for income taxes of $20,986 million compared to $28,240 million, net income attributable to the company of $13,127 million or $3.21 per basic and diluted share compared to $17,879 million or $4.37 per basic and diluted share for the last year. Net cash provided by operating activities was $22,175 million compared to $38,930 million, capital expenditure (including capitalized software) was $17,059 million compared to $17,775 million for the last year. Net debt as on December 31, 2016 was $105,198. Adjusted earnings per share were $3.87 compared with $3.99 a year ago.

Full-year 2017 consolidated revenues, on an organic basis, to be fairly consistent with 2016, with improvement in wireless service revenue and equipment revenue trends, also, full-year 2017 consolidated adjusted EPS trends to be similar to consolidated revenue trends. Consolidated capital spending for 2017 in the range of $16.8 billion to $17.5 billion. The 2017 effective tax rate to be in the range of 34% to 36%, excluding impacts from potential tax reform.