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Array Digital Infrastructure vs VEON: revenue, profit, margins and growth compared

Array Digital Infrastructure brought in $163M of revenue in fiscal 2025, VEON $4.4B in fiscal 2025. Revenue changed by -95.6% at Array Digital Infrastructure and +9.9% at VEON on the year before, so VEON grew faster. Array Digital Infrastructure kept 29.9% of its revenue as net profit, VEON 13.4%.

Side by side, latest fiscal year

ADVEON
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$163M$4.4B
Revenue growth-95.6%+9.9%
Net income$48.8M$591M
Net margin29.9%13.4%
Free cash flow$173.6Mn/a
Free cash flow margin106.6%n/a
Earnings per share (diluted)$0.56$0.30
Cash$113.4M$1.7B
Debt$674.3M$3.1B
Price to earnings61.6n/a
Market value$3B$5.1B
Dividend yield66.69%n/a
Rank by revenue in sector#37 of 51 · Telecommunications#14 of 51 · Telecommunications

Over the years

Revenue
AD FY2018: $4BAD FY2019: $4BAD FY2020: $4BAD FY2021: $4.1BAD FY2022: $4.2BAD FY2023: $3.8BAD FY2024: $3.7BAD FY2025: $163MVEON FY2018: $9.1BVEON FY2019: $8.1BVEON FY2020: $3.5BVEON FY2021: $3.9BVEON FY2022: $3.8BVEON FY2023: $3.7BVEON FY2024: $4BVEON FY2025: $4.4BFY18FY19FY20FY21FY22FY23FY24FY25
AD $163MVEON $4.4B
Net income
AD FY2018: $150MAD FY2019: $127MAD FY2020: $229MAD FY2021: $155MAD FY2022: $30MAD FY2023: $54.5MAD FY2024: -$39.4MAD FY2025: $48.8MVEON FY2018: $362MVEON FY2019: $683MVEON FY2020: -$316MVEON FY2021: $801MVEON FY2022: -$9MVEON FY2023: -$2.5BVEON FY2024: $487MVEON FY2025: $591MFY18FY19FY20FY21FY22FY23FY24FY25
AD $48.8MVEON $591M
Net margin
AD FY2018: 3.8%AD FY2019: 3.2%AD FY2020: 5.7%AD FY2021: 3.8%AD FY2022: 0.7%AD FY2023: 1.4%AD FY2024: -1.1%AD FY2025: 29.9%VEON FY2018: 4.0%VEON FY2019: 8.4%VEON FY2020: -9.1%VEON FY2021: 20.8%VEON FY2022: -0.2%VEON FY2023: -66.3%VEON FY2024: 12.2%VEON FY2025: 13.4%FY18FY19FY20FY21FY22FY23FY24FY25
AD 29.9%VEON 13.4%
Revenue growth
AD FY2019: +1.4%AD FY2020: +0.4%AD FY2021: +2.1%AD FY2022: +1.1%AD FY2023: -8.7%AD FY2024: -3.6%AD FY2025: -95.6%VEON FY2019: -11.0%VEON FY2020: -57.0%VEON FY2021: +10.6%VEON FY2022: -2.5%VEON FY2023: -1.5%VEON FY2024: +8.3%VEON FY2025: +9.9%FY19FY20FY21FY22FY23FY24FY25
AD -95.6%VEON +9.9%
Free cash flow
AD FY2018: $197MAD FY2019: $74MAD FY2020: $248MAD FY2021: $78MAD FY2022: $230MAD FY2023: $826.2MAD FY2024: $864MAD FY2025: $173.6MVEON FY2020: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
AD $173.6MVEON $1.9B

Fiscal years as each company reports them; the two may end in different months.

Questions about Array Digital Infrastructure and VEON

Which is bigger by revenue, Array Digital Infrastructure or VEON?

VEON is bigger by revenue: $4.4B in fiscal 2025, against $163M for Array Digital Infrastructure in fiscal 2025.

Which keeps more of its revenue as profit, Array Digital Infrastructure or VEON?

Array Digital Infrastructure had a net margin of 29.9% in fiscal 2025; VEON had 13.4% in fiscal 2025.

Which grew revenue faster, Array Digital Infrastructure or VEON?

In their latest fiscal years revenue changed by -95.6% at Array Digital Infrastructure and +9.9% at VEON.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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