VEON (VEON) revenue breakdown
By segment, Pakistan is the largest at 37% of fiscal 2025 revenue; Kazakhstan grew fastest, 9% a year over 8 years.
By product, Telecommunication and infrastructure is the largest at 83% of fiscal 2025 revenue; Other digital grew fastest, 85% a year over 2 years.
Revenue by segment
Fiscal years, as VEON reports them in its 10-K filings; fiscal 2025 total $4.4B.
| Segments | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pakistan | $1.3B | $1.5B | $1.5B | $1.3B | $1.2B | $1.4B | $1.3B | $1.1B | $1.4B | $1.6B | 37% |
| Ukraine | $566M | $622M | $688M | $870M | $933M | $1.1B | $971M | $919M | $925M | $1.2B | 27% |
| Kazakhstan | — | $416M | $441M | $486M | $479M | $569M | $636M | $774M | $854M | $816M | 19% |
| Bangladesh | $621M | $574M | $521M | $537M | $537M | $564M | $576M | $570M | $520M | $460M | 11% |
| Uzbekistan | $662M | $513M | $315M | $258M | $198M | $194M | $233M | $268M | $273M | $308M | 7% |
| Russia | $4.1B | $4.7B | $4.7B | $4.5B | — | — | — | — | — | — | — |
| Algeria | $1.0B | $915M | $813M | — | — | — | — | — | — | — | — |
| Others | $634M | — | — | — | — | — | — | — | — | — | — |
| Others | — | $180M | $201M | $172M | $125M | $81M | $66M | — | — | — | — |
| HQ | $10M | — | — | — | — | — | — | — | — | — | — |
Revenue by product
Fiscal years, as VEON reports them in its 10-K filings; fiscal 2025 total $4.4B.
| Products | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|
| Telecommunication and infrastructure | — | — | — | — | — | — | $3.4B | $3.5B | $3.6B | 83% |
| Digital financial services | — | — | — | — | — | — | $185M | $315M | $425M | 10% |
| Other digital | — | — | — | — | — | — | $99M | $151M | $337M | 8% |
| Service revenues | $9.1B | $8.5B | $7.5B | $3.4B | $3.7B | $3.6B | — | — | — | — |
| Other revenues | $125M | $133M | $154M | $105M | $125M | $127M | — | — | — | — |
| Sale of equipment and accessories | $244M | $427M | $463M | $22M | $35M | $28M | — | — | — | — |
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Where does VEON make its money?
In fiscal 2025, by segment: Pakistan $1.6B, Ukraine $1.2B, Kazakhstan $816M, Bangladesh $460M, Uzbekistan $308M.
From VEON's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.