NASDAQ : VEON
VEON Ltd. — Financial statements
Communication Services · Telecom Services · United Arab Emirates
Last price 82.54 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.68B
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Financial statements
VEON Ltd. (VEON) reported revenue of 4.76B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 4.76B | 4.40B | 4.00B | 3.70B | 3.63B | 3.73B |
| Other Revenue | 127.00M | 125.00M | ||||
| Revenue | 4.76B | 4.40B | 4.00B | 3.70B | 3.75B | 3.85B |
| Cost of Revenue | 615.00M | 526.00M | 515.00M | 441.00M | 476.00M | 484.00M |
| Gross Profit | 4.14B | 3.87B | 3.49B | 3.26B | 3.28B | 3.37B |
| Selling, General & Admin | 1.98B | 1.82B | 1.73B | 1.57B | 1.50B | 1.48B |
| Amortization of Goodwill & Intangibles | 235.00M | 224.00M | 199.00M | 208.00M | 221.00M | 194.00M |
| Other Operating Expenses | 38.00M | 39.00M | 67.00M | 73.00M | 29.00M | 50.00M |
| Operating Expenses | 2.86B | 2.67B | 2.53B | 2.38B | 2.31B | 2.33B |
| Operating Income | 1.28B | 1.21B | 963.00M | 877.00M | 969.00M | 1.04B |
| Interest Expense | -606.00M | -535.00M | -495.00M | -531.00M | -583.00M | -591.00M |
| Interest & Investment Income | 72.00M | 52.00M | 49.00M | 60.00M | 32.00M | 13.00M |
| Currency Exchange Gain (Loss) | 24.00M | -41.00M | 9.00M | 81.00M | 181.00M | -7.00M |
| Other Non Operating Income (Expenses) | -51.00M | -4.00M | -6.00M | -7.00M | -20.00M | 19.00M |
| EBT Excluding Unusual Items | 718.50M | 680.00M | 520.00M | 480.00M | 579.00M | 475.00M |
| Gain (Loss) on Sale of Investments | 23.00M | 23.00M | 37.00M | 27.00M | 29.00M | 7.00M |
| Gain (Loss) on Sale of Assets | -71.00M | 402.00M | 150.00M | 46.00M | 87.00M | 9.00M |
| Asset Writedown | -10.00M | -9.00M | -3.00M | 6.00M | 107.00M | -27.00M |
| Legal Settlements | -170.00M | -170.00M | ||||
| Other Unusual Items | -133.00M | -141.00M | ||||
| Pretax Income | 356.00M | 785.00M | 704.00M | 559.00M | 802.00M | 464.00M |
| Income Tax Expense | 228.00M | 194.00M | 217.00M | 179.00M | 69.00M | 344.00M |
| Earnings From Continuing Operations | 128.00M | 591.00M | 487.00M | 380.00M | 733.00M | 120.00M |
| Earnings From Discontinued Operations | -2.83B | -742.00M | 681.00M | |||
| Net Income to Company | 128.00M | 591.00M | 487.00M | -2.45B | -9.00M | 801.00M |
| Minority Interest in Earnings | -69.00M | -59.00M | -72.00M | -78.00M | -153.00M | -127.00M |
| Net Income | 59.00M | 532.00M | 415.00M | -2.53B | -162.00M | 674.00M |
| Net Income to Common | 59.00M | 532.00M | 415.00M | -2.53B | -162.00M | 674.00M |
| Shares Outstanding (Basic) | 69.44M | 69.84M | 70.80M | 70.24M | 70.12M | 70.24M |
| Shares Outstanding (Diluted) | 70.98M | 71.76M | 72.44M | 70.24M | 70.44M | 71.28M |
| EPS (Basic) | 0.85 | 7.62 | 5.86 | -35.99 | -2.31 | 9.60 |
| EPS (Diluted) | 0.85 | 7.50 | 5.75 | -36.04 | -2.31 | 9.60 |
| Free Cash Flow | 875.00M | 620.00M | 523.00M | 1.58B | 1.92B | 1.94B |
| Free Cash Flow Per Share | 12.33 | 8.64 | 7.22 | 22.49 | 27.30 | 27.20 |
| Gross Margin | 87.07% | 88.04% | 87.14% | 88.08% | 87.32% | 87.43% |
| Operating Margin | 26.89% | 27.46% | 24.05% | 23.72% | 25.81% | 27.04% |
| Profit Margin | 1.24% | 12.09% | 10.37% | -68.36% | -4.31% | 17.51% |
| Free Cash Flow Margin | 18.39% | 14.09% | 13.06% | 42.73% | 51.21% | 50.36% |
| EBITDA | 1.85B | 1.74B | 1.47B | 1.61B | 1.75B | 1.84B |
| EBITDA Margin | 38.87% | 39.51% | 36.79% | 43.59% | 46.52% | 47.79% |
| D&A For EBITDA | 570.00M | 530.00M | 510.00M | 735.00M | 778.00M | 799.00M |
| EBIT | 1.28B | 1.21B | 963.00M | 877.00M | 969.00M | 1.04B |
| EBIT Margin | 26.89% | 27.46% | 24.05% | 23.71% | 25.80% | 27.04% |
| Effective Tax Rate | 64.05% | 24.71% | 30.82% | 32.02% | 8.60% | 74.14% |
| Revenue as Reported | 3.75B | 3.85B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.19B | 1.73B | 1.69B | 1.90B | 3.08B | 2.25B |
| Short-Term Investments | 496.00M | 489.00M | 357.00M | 433.00M | 592.00M | 86.00M |
| Cash & Short-Term Investments | 2.69B | 2.22B | 2.05B | 2.33B | 3.67B | 2.34B |
| Accounts Receivable | 331.00M | 584.00M | 437.00M | 412.00M | 447.00M | 679.00M |
| Other Receivables | 53.00M | 60.00M | 74.00M | 188.00M | 184.00M | 81.00M |
| Receivables | 758.00M | 644.00M | 511.00M | 600.00M | 631.00M | 760.00M |
| Inventory | 32.00M | 32.00M | 15.00M | 23.00M | 18.00M | 111.00M |
| Prepaid Expenses | 51.00M | 49.00M | 51.00M | 50.00M | 24.00M | |
| Other Current Assets | 226.00M | 165.00M | 264.00M | 149.00M | 5.95B | 2.18B |
| Total Current Assets | 3.71B | 3.11B | 2.88B | 3.16B | 10.31B | 5.42B |
| Property, Plant & Equipment | 3.93B | 3.76B | 3.02B | 2.90B | 2.89B | 6.72B |
| Long-Term Investments | 84.00M | 144.00M | 65.00M | 53.00M | 1.43B | 99.00M |
| Goodwill | 399.00M | 338.00M | 349.00M | 394.00M | 1.54B | |
| Other Intangible Assets | 1.88B | 1.15B | 1.17B | 1.27B | 1.56B | 1.70B |
| Long-Term Deferred Tax Assets | 446.00M | 418.00M | 368.00M | 312.00M | 273.00M | 228.00M |
| Long-Term Deferred Charges | 94.00M | 87.00M | 98.00M | 126.00M | 149.00M | |
| Other Long-Term Assets | 169.00M | 109.00M | 90.00M | 80.00M | 31.00M | 67.00M |
| Total Assets | 10.27B | 9.21B | 8.04B | 8.22B | 17.02B | 15.92B |
| Accounts Payable | 1.72B | 328.00M | 334.00M | 1.20B | 1.13B | 2.03B |
| Accrued Expenses | 345.00M | 329.00M | 335.00M | 299.00M | 611.00M | |
| Current Portion of Long-Term Debt | 1.44B | 814.00M | 1.49B | 1.69B | 3.17B | 1.24B |
| Current Portion of Leases | 288.00M | 173.00M | ||||
| Current Income Taxes Payable | 95.00M | 88.00M | 179.00M | 154.00M | 179.00M | 228.00M |
| Current Unearned Revenue | 973.00M | 679.00M | 144.00M | 159.00M | 212.00M | |
| Other Current Liabilities | 582.00M | 600.00M | 467.00M | 59.00M | 4.29B | 450.00M |
| Total Current Liabilities | 3.83B | 3.44B | 3.65B | 3.58B | 9.23B | 4.77B |
| Long-Term Debt | 2.56B | 2.57B | 2.17B | 2.49B | 4.51B | 6.74B |
| Long-Term Leases | 1.86B | 1.47B | 857.00M | 977.00M | 875.00M | 2.67B |
| Long-Term Unearned Revenue | 7.00M | 8.00M | 13.00M | 10.00M | 20.00M | |
| Long-Term Deferred Tax Liabilities | 43.00M | 41.00M | 27.00M | 26.00M | 36.00M | 115.00M |
| Other Long-Term Liabilities | 59.00M | 54.00M | 62.00M | 60.00M | 57.00M | 103.00M |
| Total Liabilities | 8.35B | 7.58B | 6.78B | 7.15B | 14.71B | 14.42B |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 39.00M | 2.00M |
| Additional Paid-In Capital | 12.75B | 12.75B | 12.75B | 12.75B | 13.03B | 12.75B |
| Retained Earnings | -2.78B | -3.00B | -3.53B | -3.94B | -1.69B | -1.25B |
| Comprehensive Income & Other | -8.46B | -8.42B | -8.13B | -7.96B | -9.26B | -10.92B |
| Total Common Equity | 1.51B | 1.34B | 1.10B | 858.00M | 2.11B | 586.00M |
| Minority Interest | 408.00M | 294.00M | 158.00M | 213.00M | 198.00M | 919.00M |
| Shareholders' Equity | 1.92B | 1.63B | 1.26B | 1.07B | 2.31B | 1.50B |
| Total Liabilities & Equity | 10.27B | 9.21B | 8.04B | 8.22B | 17.02B | 15.92B |
| Total Debt | 5.85B | 5.14B | 4.69B | 5.16B | 8.55B | 10.65B |
| Net Cash (Debt) | -3.16B | -2.92B | -2.65B | -2.82B | -4.88B | -8.31B |
| Net Cash Per Share | -44.58 | -40.75 | -36.55 | -40.16 | -69.34 | -116.55 |
| Filing Date Shares Outstanding | 68.86M | 68.77M | 70.62M | 70.24M | 70.13M | 69.97M |
| Total Common Shares Outstanding | 68.86M | 68.77M | 70.62M | 70.24M | 70.13M | 69.97M |
| Working Capital | -124.00M | -323.00M | -769.00M | -426.00M | 1.09B | 643.00M |
| Book Value Per Share | 21.97 | 19.49 | 15.56 | 12.22 | 30.07 | 8.38 |
| Tangible Book Value | -371.00M | -209.00M | -411.00M | -761.00M | 156.00M | -2.66B |
| Tangible Book Value Per Share | -5.39 | -3.04 | -5.82 | -10.83 | 2.22 | -37.99 |
| Land | 210.00M | |||||
| Machinery | 5.47B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 59.00M | 532.00M | 415.00M | -2.53B | -162.00M | 674.00M |
| Depreciation & Amortization | 763.00M | 723.00M | 665.00M | 735.00M | 778.00M | 799.00M |
| Other Amortization | 79.00M | 79.00M | 63.00M | |||
| Loss (Gain) From Sale of Assets | 75.00M | -398.00M | -144.00M | -40.00M | -57.00M | -29.00M |
| Asset Writedown & Restructuring Costs | 10.00M | 9.00M | 3.00M | -6.00M | -107.00M | 27.00M |
| Loss (Gain) From Sale of Investments | -23.00M | -23.00M | -37.00M | -27.00M | -29.00M | -7.00M |
| Other Operating Activities | 505.00M | 354.00M | 72.00M | 2.78B | 576.00M | -407.00M |
| Change in Accounts Receivable | -130.00M | -145.00M | -81.00M | -1.00M | -154.00M | -141.00M |
| Change in Inventory | -13.00M | -16.00M | -9.00M | -19.00M | -12.00M | -4.00M |
| Change in Accounts Payable | 226.00M | 142.00M | 130.00M | 143.00M | 52.00M | 63.00M |
| Change in Other Net Operating Assets | 93.00M | 96.00M | 73.00M | 125.00M | 48.00M | -14.00M |
| Operating Cash Flow | 1.64B | 1.35B | 1.15B | 2.11B | 2.56B | 2.64B |
| Capital Expenditures | -769.00M | -733.00M | -627.00M | -531.00M | -634.00M | -699.00M |
| Sale of Property, Plant & Equipment | 41.00M | 10.00M | 102.00M | 14.00M | ||
| Cash Acquisitions | -250.00M | -157.00M | -2.00M | -16.00M | ||
| Divestitures | 281.00M | 441.00M | 36.00M | 40.00M | ||
| Sale (Purchase) of Intangibles | -233.00M | -216.00M | -280.00M | -235.00M | -376.00M | -159.00M |
| Investment in Securities | -54.00M | 23.00M | 92.00M | -147.00M | -14.00M | -48.00M |
| Other Investing Activities | -7.00M | -45.00M | -19.00M | -1.27B | -656.00M | -274.00M |
| Investing Cash Flow | -1.13B | -791.00M | -778.00M | -2.24B | -1.66B | -1.18B |
| Long-Term Debt Issued | 980.00M | 964.00M | 212.00M | 2.10B | 2.11B | |
| Long-Term Debt Repaid | -1.55B | -1.48B | -1.10B | -1.62B | -1.98B | |
| Lease Payments | -284.00M | -250.00M | -150.00M | -147.00M | ||
| Net Debt Issued (Repaid) | 332.00M | -566.00M | -519.00M | -886.00M | 479.00M | 136.00M |
| Repurchase of Common Stock | -99.00M | -105.00M | -8.00M | |||
| Other Financing Activities | 132.00M | 123.00M | -24.00M | -259.00M | -363.00M | -880.00M |
| Financing Cash Flow | 365.00M | -548.00M | -551.00M | -1.15B | 116.00M | -744.00M |
| Foreign Exchange Rate Adjustments | 23.00M | 16.00M | -21.00M | -80.00M | -116.00M | -23.00M |
| Miscellaneous Cash Flow Adjustments | 6.00M | 14.00M | -14.00M | 146.00M | -33.00M | -113.00M |
| Net Cash Flow | 911.00M | 44.00M | -214.00M | -1.21B | 868.00M | 578.00M |
| Free Cash Flow | 875.00M | 620.00M | 523.00M | 1.58B | 1.92B | 1.94B |
| Free Cash Flow Margin | 18.39% | 14.09% | 13.06% | 42.73% | 51.21% | 50.36% |
| Free Cash Flow Per Share | 12.33 | 8.64 | 7.22 | 22.49 | 27.30 | 27.20 |
| Levered Free Cash Flow | 460.94M | 579.62M | 212.50M | 1.85B | -1.02B | -1.38B |
| Unlevered Free Cash Flow | 839.69M | 914.00M | 521.88M | 2.19B | -658.38M | -1.01B |
| Free Cash Flow After Leases | 591.00M | 370.00M | 373.00M | 1.43B | 1.92B | 1.94B |
| Cash Interest Paid | 413.00M | 399.00M | 431.00M | 489.00M | 489.00M | 521.00M |
| Cash Income Tax Paid | 291.00M | 379.00M | 266.00M | 264.00M | 284.00M | 274.00M |
| Change in Working Capital | 176.00M | 77.00M | 113.00M | 248.00M | -66.00M | -96.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.55B | 3.63B | 2.84B | 1.38B | 858.38M | 2.99B |
| Enterprise Value | 8.72B | 7.01B | 5.75B | 4.03B | 9.74B | 12.30B |
| Last Close Price | 82.54 | 52.57 | 40.10 | 19.70 | 12.25 | 42.75 |
| PE Ratio | 94.91 | 6.82 | 6.83 | 4.44 | ||
| Forward PE | 10.82 | 7.36 | 9.73 | 3.33 | 1.01 | 4.28 |
| PS Ratio | 1.17 | 0.82 | 0.71 | 0.37 | 0.23 | 0.78 |
| PB Ratio | 3.76 | 2.22 | 2.26 | 1.29 | 0.37 | 1.99 |
| P/TBV Ratio | 5.50 | |||||
| P/FCF Ratio | 6.38 | 5.85 | 5.42 | 0.88 | 0.45 | 1.54 |
| P/OCF Ratio | 3.39 | 2.68 | 2.47 | 0.66 | 0.34 | 1.13 |
| PEG Ratio | 0.38 | 0.37 | 0.41 | 0.10 | 8.21 | 8.21 |
| EV/Sales Ratio | 1.84 | 1.59 | 1.44 | 1.09 | 2.59 | 3.19 |
| EV/EBITDA Ratio | 4.73 | 4.03 | 3.90 | 2.50 | 5.58 | 6.68 |
| EV/EBIT Ratio | 6.83 | 5.80 | 5.97 | 4.59 | 10.05 | 11.81 |
| EV/FCF Ratio | 9.99 | 11.30 | 10.99 | 2.55 | 5.07 | 6.34 |
| Debt / Equity Ratio | 3.05 | 3.15 | 3.73 | 4.81 | 3.71 | 7.07 |
| Debt / EBITDA Ratio | 2.87 | 2.66 | 2.88 | 3.20 | 4.90 | 5.79 |
| Debt / FCF Ratio | 6.69 | 8.30 | 8.97 | 3.26 | 4.45 | 5.49 |
| Net Debt / Equity Ratio | 1.65 | 1.79 | 2.11 | 2.63 | 2.12 | 5.52 |
| Net Debt / EBITDA Ratio | 1.71 | 1.68 | 1.80 | 1.75 | 2.80 | 4.51 |
| Net Debt / FCF Ratio | 3.62 | 4.72 | 5.06 | 1.78 | 2.54 | 4.29 |
| Asset Turnover | 0.51 | 0.51 | 0.49 | 0.29 | 0.23 | 0.25 |
| Inventory Turnover | 25.10 | 22.38 | 27.11 | 21.51 | 7.38 | 4.36 |
| Quick Ratio | 0.80 | 0.83 | 0.70 | 0.82 | 0.47 | 0.65 |
| Current Ratio | 0.97 | 0.91 | 0.79 | 0.88 | 1.12 | 1.14 |
| Return on Equity (ROE) | 7.49% | 40.89% | 41.84% | 22.50% | 38.46% | 9.53% |
| Return on Assets (ROA) | 8.54% | 8.75% | 7.41% | 4.34% | 3.68% | 4.27% |
| Return on Invested Capital (ROIC) | 9.03% | 21.49% | 17.09% | 10.76% | 10.42% | 2.81% |
| Return on Capital Employed (ROCE) | 19.90% | 20.90% | 22.00% | 18.90% | 12.40% | 9.30% |
| Earnings Yield | 1.05% | 14.67% | 14.63% | -182.72% | -18.87% | 22.53% |
| FCF Yield | 15.69% | 17.09% | 18.44% | 114.20% | 224.03% | 64.83% |
| Buyback Yield / Dilution | 2.70% | 0.94% | -3.13% | 0.28% | 1.18% | -1.19% |
| Total Shareholder Return | 2.70% | 0.94% | -3.13% | 0.28% | 1.18% | -1.19% |