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Telecom services · Communication Services · Fiscal year ends Dec 31
VEON reported revenue of $4.4B in the fiscal year ended Dec 2025, up 9.9% from the year before. Operating income was $1.4B, an operating margin of 32.7%, and net income was $591M. Net debt was $1.4B.
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 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,850 | 3,755 | 3,698 | 4,004 | 4,399 |
| Selling, general & admin | 1,526 | 1,533 | 1,646 | 1,799 | 1,883 |
| Operating income | 1,023 | 1,163 | 929 | 1,110 | 1,439 |
| Interest expense | 591 | 583 | 531 | 495 | 535 |
| Pre-tax income | 464 | 802 | 559 | 704 | 785 |
| Income tax | 344 | 69.0 | 179 | 217 | 194 |
| Net income | 801 | −9.0 | −2,450 | 487 | 591 |
| Diluted EPS | 0.38 | −0.09 | −1.44 | 0.23 | 0.30 |
| Diluted shares | 1,782 | 1,761 | 1,782 | 1,811 | 1,794 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,252 | 3,107 | 1,902 | 1,689 | 1,732 |
| Receivables | – | 456 | 542 | 448 | 601 |
| Inventory | 111 | 18.0 | 23.0 | 15.0 | 32.0 |
| Current assets | 3,553 | – | – | – | – |
| Net PP&E | 6,717 | 2,848 | – | – | – |
| Goodwill | 1,542 | 394 | 349 | 338 | 399 |
| Total assets | 15,921 | 15,083 | 8,218 | 8,036 | 9,215 |
| Payables | 2,031 | 1,087 | 1,200 | 1,276 | 1,442 |
| Deferred revenue | 154 | 121 | 109 | 93.0 | 144 |
| Current liabilities | 4,383 | 4,645 | 3,584 | 3,626 | 3,432 |
| Long-term debt | 7,595 | 6,670 | 3,707 | 3,348 | 3,143 |
| Total liabilities | 14,416 | 14,316 | 7,147 | 6,779 | 7,581 |
| Shareholders' equity | 586 | 569 | 858 | 1,099 | 1,340 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Capital expenditure | 699 | 634 | 531 | 627 | 733 |
| Stock-based compensation | 9.0 | 8.0 | 21.0 | 36.0 | 31.0 |
| Acquisitions | 0.0 | 16.0 | 0.0 | 2.0 | 157 |
| Share buybacks | – | 0.0 | 0.0 | 8.0 | 105 |
| Dividends paid | 89.0 | 14.0 | 45.0 | 83.0 | 67.0 |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.5% | −1.5% | 8.3% | 9.9% |
| Operating income growth (YoY) | – | 13.7% | −20.1% | 19.5% | 29.6% |
| EPS growth (YoY) | – | −123.7% | – | – | 30.4% |
| Operating margin | 26.6% | 31.0% | 25.1% | 27.7% | 32.7% |
| Net margin | 20.8% | −0.2% | −66.3% | 12.2% | 13.4% |
| Return on equityBlank when equity is negative | 136.7% | −1.6% | −285.5% | 44.3% | 44.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.9% | 11.1% | 20.0% | 25.2% | 24.9% |
| Receivable days | – | 44 | 53 | 41 | 50 |
| Interest cover | 1.73x | 1.99x | 1.75x | 2.24x | 2.69x |
| Debt ÷ equity | 13.0x | 11.7x | 4.32x | 3.05x | 2.35x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 5,343 | 3,563 | 1,805 | 1,659 | 1,411 |
| Current ratio | 0.81x | – | – | – | – |
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.