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Telecom services · Communication Services · Fiscal year ends Dec 31
Kyivstar reported revenue of $1.2B in the fiscal year ended Dec 2025, up 25.9% from the year before. Operating income was $274M, an operating margin of 23.7%, and net income was $124M. Operating cash flow of $558M less capital expenditure of $247M left free cash flow of $311M.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 915 | 919 | 1,157 |
| Selling, general & admin | 284 | 305 | 393 |
| Operating income | 363 | 348 | 274 |
| Interest expense | 82.0 | 82.0 | 75.0 |
| Pre-tax income | 346 | 347 | 198 |
| Income tax | 65.0 | 64.0 | 74.0 |
| Net income | 281 | 283 | 124 |
| Diluted EPS | 1.36 | 1.37 | 0.57 |
| Diluted shares | 207 | 207 | 216 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 425 | 674 | 455 |
| Receivables | – | 40.0 | 37.0 |
| Inventory | – | 3.0 | 3.0 |
| Current assets | – | 1,208 | 692 |
| Goodwill | 15.0 | 14.0 | 128 |
| Total assets | – | 2,209 | 2,122 |
| Payables | – | 103 | 141 |
| Deferred revenue | – | 26.0 | 30.0 |
| Current liabilities | – | 887 | 498 |
| Total liabilities | – | 1,129 | 823 |
| Shareholders' equity | 887 | 1,080 | 1,299 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 413 | 430 | 558 |
| Capital expenditure | 96.0 | 162 | 247 |
| Free cash flow | 317 | 268 | 311 |
| Acquisitions | 0.0 | 2.0 | 157 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 0.4% | 25.9% |
| Operating income growth (YoY) | – | −4.1% | −21.3% |
| EPS growth (YoY) | – | 0.7% | −58.4% |
| Operating margin | 39.7% | 37.9% | 23.7% |
| Net margin | 30.7% | 30.8% | 10.7% |
| Return on equityBlank when equity is negative | 31.7% | 26.2% | 9.5% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 26.3% | 16.9% |
| Free cash flow margin | 34.6% | 29.2% | 26.9% |
| Cash conversion (CFO ÷ net income) | 1.47x | 1.52x | 4.50x |
| Receivable days | – | 16 | 12 |
| Interest cover | 4.43x | 4.24x | 3.65x |
| Current ratio | – | 1.36x | 1.39x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.