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VEON Ltd (VEON) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

COMMUNICATION SERVICES · TELECOM SERVICES · DATA UPDATED 2026-09-12

VEON Ltd (VEON) operates in the TELECOM SERVICES industry and is headquartered in Dubai, United Arab Emirates with about 18,938 employees. Its market capitalization is roughly $5 billion. In the fiscal year ended 2025-12-31, VEON reported $4.5B in revenue and $541M in net income.

VEON Ltd. provides telecommunications and digital services in Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan.

Interactive charts & full statements → Open the VEON valuation workbench →

VEON Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$4.8B	$4.5B	$4.0B	$3.8B	$3.8B	$3.9B	$3.5B	$8.1B	$9.1B	$9.5B	$8.9B	$9.6B	$13.5B	$16.0B	$23.1B	$20.2B	$10.5B	$8.7B	$10.1B	$7.2B	$4.9B
Gross Profit	$3.7B	$3.1B	$3.5B	$3.3B	$3.8B	$3.4B	$3.0B	$6.2B	$7.0B	$7.3B	$6.9B	$7.4B	$10.3B	$11.9B	$16.9B	$14.6B	$8.0B	$6.7B	$7.8B	$5.9B	$4.0B
Gross Margin %	78.4%	69.8%	87.1%	87.3%	100.0%	87.4%	87.0%	77.1%	76.7%	77.4%	77.7%	77.4%	76.4%	74.7%	73.4%	72.2%	76.5%	77.1%	76.6%	81.7%	81.7%
Operating Income (EBIT)	$1.0B	$1.0B	$1.1B	$1.2B	$1.0B	$1.0B	$823M	$1.9B	$554M	$1.5B	$1.1B	$524M	$1.9B	$2.6B	$4.8B	$2.9B	$2.8B	$2.6B	$2.5B	$2.2B	$1.4B
Operating Margin %	21.2%	23.3%	27.7%	31.0%	27.7%	26.6%	23.6%	23.2%	6.1%	15.5%	12.2%	5.5%	13.9%	16.4%	20.6%	14.1%	26.6%	29.6%	25.1%	30.8%	28.7%
Net Income	$59M	$541M	$415M	($162M)	$737M	$674M	($349M)	$622M	$582M	($505M)	$2.3B	($655M)	($647M)	($2.0B)	$1.5B	$543M	$1.8B	$1.1B	$524M	$1.5B	$811M
Net Margin %	1.2%	12.1%	10.4%	-4.3%	19.6%	17.5%	-10.0%	7.7%	6.4%	-5.3%	26.2%	-6.8%	-4.8%	-12.5%	6.7%	2.7%	17.2%	12.9%	5.2%	20.4%	16.7%
EBITDA	$1.7B	$2.2B	$1.5B	$1.6B	$1.7B	$1.8B	$1.7B	$3.5B	$3.1B	$3.6B	$3.2B	$2.9B	$5.6B	$5.4B	$9.8B	$7.3B	$5.0B	$3.8B	$3.3B	$3.7B	$2.5B
Earnings Per Share (EPS)	$0.61	$7.54	$5.73	$-2.30	$10.51	$9.57	$-4.99	$8.89	$8.32	$-7.22	$33.28	$-9.36	$-9.25	$-28.49	$23.76	$8.91	$37.41	$27.67	$12.91	$36.03	$19.99
Shares Outstanding (M)	71M	72M	72M	70M	70M	70M	70M	70M	70M	70M	70M	70M	70M	70M	65M	61M	48M	41M	41M	41M	41M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VEON Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$1.3B	$1.2B	$1.2B	$1.1B	$1.1B	$1.0B	$998M	$1.0B
Gross Profit	$1.1B	$845M	$815M	$982M	$983M	$897M	—	$893M
Gross Margin %	86.6%	70.0%	68.9%	88.1%	90.4%	87.4%	—	86.1%
Operating Income (EBIT)	$327M	$309M	$319M	$59M	$820M	$239M	—	$401M
Operating Margin %	25.7%	25.7%	27.0%	5.3%	75.4%	23.3%	—	38.7%
Net Income	$122M	$99M	($31M)	($131M)	$595M	$99M	—	$209M
Net Margin %	9.6%	8.2%	-2.6%	-11.8%	54.7%	9.7%	—	20.2%
EBITDA	$592M	$544M	$407M	$122M	$520M	$439M	—	$437M
Earnings Per Share (EPS)	$1.72	$1.39	$-0.59	$-1.91	$8.49	$1.41	—	$2.95
Shares Outstanding (M)	71M	71M	53M	69M	70M	70M	—	71M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VEON Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.7B	$1.4B	$1.1B	$2.6B	$2.6B	$2.6B	$2.4B	$2.9B	$2.5B	$2.5B	$1.9B	$2.0B	$5.3B	$6.4B	$7.3B	$6.1B	$3.7B	$3.5B	$3.5B	$3.0B	$2.0B
Capital Expenditures (CapEx)	$824M	$746M	$627M	$634M	$634M	$699M	$1.8B	$1.7B	$2.0B	$2.0B	$1.7B	$2.2B	$4.5B	$4.0B	$3.9B	$6.3B	$1.8B	$691M	$2.0B	$1.6B	$1.5B
Free Cash Flow (FCF)	$829M	$631M	$523M	$1.9B	$1.9B	$1.9B	$665M	$1.3B	$569M	$439M	$227M	($173M)	$790M	$2.4B	$3.4B	($154M)	$1.9B	$2.8B	$1.4B	$1.4B	$425M
FCF Margin %	17.4%	14.1%	13.1%	51.2%	51.2%	50.4%	19.1%	15.7%	6.3%	4.6%	2.6%	-1.8%	5.9%	15.0%	14.6%	-0.8%	18.0%	32.4%	14.2%	20.0%	8.7%
Dividends Paid	—	—	—	—	$0M	$0M	$259M	$520M	$509M	$520M	$62M	$61M	$71M	$4.1B	$26M	$1.2B	$578M	$316M	$594M	$332M	$925M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VEON Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$464M	$398M	$468M	$323M	$136M	$428M	$363M	$324M
Capital Expenditures (CapEx)	$213M	$233M	$213M	$165M	$184M	$173M	$0M	$149M
Free Cash Flow (FCF)	$251M	$165M	$255M	$158M	($48M)	$255M	$363M	$175M
FCF Margin %	19.8%	13.7%	21.5%	14.2%	-4.4%	24.9%	36.4%	16.9%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

VEON Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$10.3B	$9.2B	$8.0B	$15.1B	$15.1B	$15.9B	$14.6B	$16.1B	$14.1B	$19.5B	$21.3B	$33.8B	$41.0B	$50.4B	$55.4B	$54.5B	$19.9B	$14.7B	$15.7B	$10.6B	$8.4B
Cash & Cash Equivalents	$2.2B	$1.7B	$1.7B	$3.1B	$3.1B	$2.3B	$1.7B	$1.2B	$1.8B	$1.3B	$2.9B	$3.6B	$6.3B	$4.5B	$4.9B	$2.3B	$885M	$1.4B	$915M	$1.0B	$344M
Total Liabilities	$8.3B	$7.6B	$6.8B	$14.3B	$14.3B	$14.4B	$13.5B	$13.8B	$11.3B	$15.6B	$15.2B	$30.0B	$37.1B	$39.1B	$40.0B	$39.0B	$9.1B	$9.7B	$11.1B	$4.9B	$4.2B
Total Debt (Short + Long-Term)	$1.4B	$1.1B	$1.7B	$2.8B	$7.6B	$1.2B	$1.3B	$10.3B	$6.7B	$11.1B	$10.5B	$9.6B	$27.1B	$27.1B	$29.1B	$28.8B	$5.7B	$7.4B	$8.4B	$2.8B	$2.1B
Total Shareholders' Equity	$1.5B	$1.3B	$1.1B	$569M	$776M	$586M	$163M	$1.2B	$2.8B	$3.9B	$6.1B	$3.9B	$5.0B	$11.3B	$14.9B	$14.0B	$10.7B	$4.5B	$4.4B	$5.4B	$4.2B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive VEON viewer.

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