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Kyivstar vs VEON: revenue, profit, margins and growth compared

Kyivstar brought in $1.2B of revenue in fiscal 2025, VEON $4.4B in fiscal 2025. Revenue changed by +25.9% at Kyivstar and +9.9% at VEON on the year before, so Kyivstar grew faster. Kyivstar kept 10.7% of its revenue as net profit, VEON 13.4%.

Side by side, latest fiscal year

KYIVVEON
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.2B$4.4B
Revenue growth+25.9%+9.9%
Net income$124M$591M
Net margin10.7%13.4%
Free cash flow$311Mn/a
Free cash flow margin26.9%n/a
Earnings per share (diluted)$0.57$0.30
Cash$455M$1.7B
Debtn/a$3.1B
Price to earningsn/an/a
Market value$3B$5.1B
Dividend yieldn/an/a
Rank by revenue in sector#25 of 51 · Telecommunications#14 of 51 · Telecommunications

Over the years

Revenue
KYIV FY2023: $915MKYIV FY2025: $919MKYIV FY2025: $1.2BVEON FY2018: $9.1BVEON FY2019: $8.1BVEON FY2020: $3.5BVEON FY2021: $3.9BVEON FY2022: $3.8BVEON FY2023: $3.7BVEON FY2024: $4BVEON FY2025: $4.4BFY18FY19FY20FY21FY22FY23FY24FY25
KYIV $1.2BVEON $4.4B
Net income
KYIV FY2023: $281MKYIV FY2025: $283MKYIV FY2025: $124MVEON FY2018: $362MVEON FY2019: $683MVEON FY2020: -$316MVEON FY2021: $801MVEON FY2022: -$9MVEON FY2023: -$2.5BVEON FY2024: $487MVEON FY2025: $591MFY18FY19FY20FY21FY22FY23FY24FY25
KYIV $124MVEON $591M
Net margin
KYIV FY2023: 30.7%KYIV FY2025: 30.8%KYIV FY2025: 10.7%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
KYIV 10.7%VEON 13.4%
Revenue growth
KYIV FY2025: +0.4%KYIV FY2025: +25.9%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
KYIV +25.9%VEON +9.9%
Free cash flow
KYIV FY2023: $317MKYIV FY2025: $268MKYIV FY2025: $311MVEON FY2020: $1.9BFY20FY23FY25
KYIV $311MVEON $1.9B

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

Questions about Kyivstar and VEON

Which is bigger by revenue, Kyivstar or VEON?

VEON is bigger by revenue: $4.4B in fiscal 2025, against $1.2B for Kyivstar in fiscal 2025.

Which keeps more of its revenue as profit, Kyivstar or VEON?

Kyivstar had a net margin of 10.7% in fiscal 2025; VEON had 13.4% in fiscal 2025.

Which grew revenue faster, Kyivstar or VEON?

In their latest fiscal years revenue changed by +25.9% at Kyivstar 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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