VEON (VEON) financial statements
VEON reported revenue of $4.4B in fiscal 2025, down 7.5% a year over 9 years.
Net income was $591M and the operating margin 32.7%, against 12.2% in 2016.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VEON's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.9B | $9.5B | $9.1B | $8.1B | $3.5B | $3.9B | $3.8B | $3.7B | $4.0B | $4.4B |
| Selling, general and admin | $3.7B | $3.7B | $3.7B | $2.7B | $1.4B | $1.5B | $1.5B | $1.6B | $1.8B | $1.9B |
| Operating income | $1.1B | $1.5B | $554M | $1.9B | $823M | $1.0B | $1.2B | $929M | $1.1B | $1.4B |
| Interest expense | $830M | $935M | $816M | $876M | $569M | $591M | $583M | $531M | $495M | $535M |
| Pre-tax income | $288M | $328M | -$248M | $1.0B | $373M | $464M | $802M | $559M | $704M | $785M |
| Income tax | $635M | $472M | $369M | $462M | $279M | $344M | $69M | $179M | $217M | $194M |
| Net income | $2.4B | -$534M | $362M | $683M | -$316M | $801M | -$9M | -$2.5B | $487M | $591M |
| EPS (diluted) | -$0.25 | -$0.07 | -$0.23 | $0.36 | -$0.20 | $0.38 | -$0.09 | -$1.44 | $0.23 | $0.30 |
| Diluted shares | 1.75B | 1.75B | 1.75B | 1.75B | 1.76B | 1.78B | 1.76B | 1.78B | 1.81B | 1.79B |
| Operating margin | 12.2% | 15.5% | 6.1% | 23.1% | 23.6% | 26.6% | 31.0% | 25.1% | 27.7% | 32.7% |
| Net margin | 27.2% | -5.6% | 4.0% | 8.4% | -9.1% | 20.8% | -0.2% | -66.3% | 12.2% | 13.4% |
Balance sheet
Fiscal years, from VEON's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.9B | $1.3B | $1.8B | $1.2B | $1.7B | $2.3B | $3.1B | $1.9B | $1.7B | $1.7B |
| Receivables | $685M | $755M | $577M | $512M | $572M | $690M | $456M | $542M | $448M | $601M |
| Inventory | $125M | $72M | $141M | $169M | $111M | $111M | $18M | $23M | $15M | $32M |
| Total current assets | $4.5B | $3.9B | $3.1B | $2.5B | $2.9B | $3.6B | — | — | — | — |
| Property, plant and equipment | $6.7B | $6.2B | $4.9B | $7.3B | $6.9B | $6.7B | $2.8B | $2.9B | $3.0B | $3.8B |
| Goodwill | $4.7B | $4.6B | $3.8B | $4.0B | $2.7B | $1.5B | $394M | $349M | $338M | $399M |
| Total assets | $21.2B | $19.5B | $14.1B | $16.1B | $14.6B | $15.9B | $15.1B | $8.2B | $8.0B | $9.2B |
| Total current liabilities | $6.6B | $4.6B | $4.4B | $5.8B | $4.4B | $4.4B | $4.6B | $3.6B | $3.6B | $3.4B |
| Total liabilities | $15.2B | $15.5B | $11.3B | $13.8B | $13.5B | $14.4B | $14.3B | $7.1B | $6.8B | $7.6B |
| Shareholders' equity | $6.0B | $4.3B | $3.7B | $1.2B | $163M | $586M | $569M | $858M | $1.1B | $1.3B |
| Net debt | -$2.9B | -$1.3B | -$1.8B | -$1.2B | -$1.7B | -$2.3B | -$3.1B | -$1.9B | -$1.7B | -$1.7B |
Cash flow
Fiscal years, from VEON's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $2.5B | $2.5B | $2.9B | $2.4B | — | — | — | — | — |
| Capital spending | $1.7B | $2.0B | $1.9B | $1.6B | $682M | $858M | $1.0B | $766M | $907M | $949M |
| Free cash flow | $224M | $438M | $567M | $1.4B | $1.8B | — | — | — | — | — |
| Dividends paid | $167M | $704M | $602M | $633M | $349M | $89M | $14M | $45M | $83M | $67M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$8M | -$105M |
| Net borrowing | -$1.8B | -$5.9B | -$4.1B | -$2.9B | -$4.1B | -$2.0B | -$1.6B | -$951M | -$1.3B | -$1.3B |
| Free cash flow margin | 2.5% | 4.6% | 6.2% | 16.9% | 50.6% | — | — | — | — | — |
| Dividends per share | $0.10 | $0.40 | $0.34 | $0.36 | $0.20 | $0.05 | $0.01 | $0.03 | $0.05 | $0.04 |
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What was VEON's revenue in 2025?
$4.4B in fiscal 2025, from its 10-K filing.
From VEON's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.