Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VEON Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
8,885
9,474
9,086
8,089
3,482
3,850
3,755
3,698
4,004
4,399
Selling, general and administrative
3,668
3,748
3,697
2,736
1,403
1,526
1,533
1,646
1,799
1,883
Operating income
1,084
1,467
554
1,865
823
1,023
1,163
929
1,110
1,439
Interest expense
830
935
816
876
569
591
583
531
495
535
Interest income
69
95
67
52
19
13
32
60
49
52
Pre-tax income
288
328
-248
1,044
373
464
802
559
704
785
Income tax
635
472
369
462
279
344
69
179
217
194
Income from continuing operations
-347
-144
-617
582
94
120
733
380
487
591
Net income to minority interests
92
-29
-220
62
33
127
153
78
72
59
Net income
2,420
-534
362
683
-316
801
-9
-2,450
487
591
EPS, basic
1.33
-0.29
0.33
0.36
-0.20
0.38
-0.09
-1.44
0.23
0.30
EPS, diluted
1.33
-0.29
0.33
0.36
-0.20
0.38
-0.09
-1.44
0.23
0.30
Balance sheet
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
2,942
1,314
1,808
1,250
1,669
2,252
3,107
1,902
1,689
1,732
Receivables
685
755
577
456
542
448
601
Inventory
125
72
141
169
111
111
18
23
15
32
Total current assets
4,550
3,919
3,110
2,499
2,850
3,553
Property, plant and equipment
6,719
6,237
4,932
7,340
6,879
6,717
2,848
Lease right-of-use assets
2,023
1,985
1,734
1,833
706
821
861
Goodwill
4,696
4,618
3,816
3,959
2,682
1,542
394
349
338
399
Intangible assets
2,257
2,168
1,854
Total assets
21,193
19,484
14,102
16,059
14,551
15,921
15,083
8,218
8,036
9,215
Accounts payable
1,744
1,544
1,624
1,847
1,946
2,031
1,087
1,200
1,276
1,442
Total current liabilities
6,557
4,635
4,413
5,768
4,410
4,383
4,645
3,584
3,626
3,432
Lease liabilities
1,638
Total liabilities
15,150
15,537
11,327
13,839
13,538
14,416
14,316
7,147
6,779
7,581
Total debt
10,489
11,103
7,298
7,519
7,678
7,595
6,670
3,707
3,348
3,143
Shareholders' equity
5,960
4,331
3,670
1,226
163
586
569
858
1,099
1,340
Minority interests
83
-441
-891
994
850
919
198
213
158
294
Total equity
6,043
3,947
2,775
2,220
1,013
1,505
767
1,071
1,257
1,634
Total liabilities and equity
21,193
19,484
14,102
16,059
14,551
15,921
15,083
8,218
8,036
9,215
Cash flow statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
2,420
-534
362
683
-316
801
-9
-2,450
487
591
Cash from operations
1,875
2,475
2,515
2,949
2,443
Capital expenditures
-550
-699
-634
-531
-627
-733
Cash from investing
-2,671
-3,016
1,997
-1,888
-1,910
Debt repaid
-1,816
-5,948
-4,122
-2,891
-4,148
-1,977
-1,619
-951
-1,333
-1,296
Share buybacks
0
0
-8
-105
Dividends paid
-167
-704
-602
-633
-349
-89
-14
-45
-83
-67
Cash from financing
-126
-733
-3,916
-1,639
-103
Exchange rate effect
-64
-354
-119
-8
-51
-23
Free cash flow
1,893
Interest paid
789
834
736
708
534
521
489
489
431
399
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $73.52 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
32.7%
Operating income / revenue.
Pre-tax margin
17.8%
Pre-tax income / revenue.
Net margin
13.4%
Net income / revenue.
Effective tax rate
24.7%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
48.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
6.9%
Net income / average total assets.
Return on invested capital (ROIC)
39.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
42.8%
Selling, general and administrative expense / revenue.
Capex / revenue
16.7%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
9.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
5.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
4.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y
29.6%
Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y
7.4%
Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y
11.8%
Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y
21.4%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
30.4%
EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
21.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
33.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
52.4%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
14.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-15.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-8.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Quick ratio
0.68x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.50x
(Cash + short-term investments) / current liabilities.
Debt / equity
2.35x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
34.1%
Total debt / total assets.
Liabilities / assets
82.3%
Total liabilities / total assets.
Net debt
$1.41B
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$0.30
Net income per basic share, as reported (split-adjusted).
Payout ratio
11.3%
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$5.06B
Share price x shares outstanding.
Enterprise value
$6.47B
Market cap + total debt - cash - short-term investments.
P/E
8.57x
Market cap / net income. Only when net income is positive.
P/S
1.15x
Market cap / revenue.
P/B
3.78x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.38x
Market cap / tangible book value, when positive.
EV/Sales
1.47x
Enterprise value / revenue.
EV/EBIT
4.50x
Enterprise value / operating income, when both are positive.
Earnings yield
11.7%
Net income / market cap (the inverse of P/E).
Dividend yield
1.3%
Dividends paid over the period / market cap.
Shareholder yield
3.4%
(Dividends paid + share buybacks) / market cap.
What was VEON Ltd.'s revenue in fiscal 2025?
VEON Ltd. reported revenue of $4.40B for fiscal 2025, 9.9% higher than the year before.
Was VEON Ltd. profitable in fiscal 2025?
Yes. Net income was $591.0M, a net margin of 13.4%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.