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

Spok brought in $139.7M of revenue in fiscal 2025, VEON $4.4B in fiscal 2025. Revenue changed by +1.5% at Spok and +9.9% at VEON on the year before, so VEON grew faster. Spok kept 11.4% of its revenue as net profit, VEON 13.4%.

Side by side, latest fiscal year

SPOKVEON
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$139.7M$4.4B
Revenue growth+1.5%+9.9%
Net income$15.9M$591M
Net margin11.4%13.4%
Free cash flow$25.2Mn/a
Free cash flow margin18.0%n/a
Earnings per share (diluted)$0.75$0.30
Cash$25.3M$1.7B
Debtn/a$3.1B
Price to earnings13.9n/a
Market value$218.8M$5.1B
Dividend yield11.95%n/a
Rank by revenue in sector#39 of 51 · Telecommunications#14 of 51 · Telecommunications

Over the years

Revenue
SPOK FY2018: $169.5MSPOK FY2019: $160.3MSPOK FY2020: $148.2MSPOK FY2021: $142.2MSPOK FY2022: $134.5MSPOK FY2023: $139MSPOK FY2024: $137.7MSPOK FY2025: $139.7MVEON FY2018: $9.1BVEON FY2019: $8.1BVEON FY2020: $3.5BVEON FY2021: $3.9BVEON FY2022: $3.8BVEON FY2023: $3.7BVEON FY2024: $4BVEON FY2025: $4.4BFY18FY19FY20FY21FY22FY23FY24FY25
SPOK $139.7MVEON $4.4B
Net income
SPOK FY2018: -$1.5MSPOK FY2019: -$10.8MSPOK FY2020: -$44.2MSPOK FY2021: -$22.2MSPOK FY2022: $21.9MSPOK FY2023: $15.7MSPOK FY2024: $15MSPOK FY2025: $15.9MVEON FY2018: $362MVEON FY2019: $683MVEON FY2020: -$316MVEON FY2021: $801MVEON FY2022: -$9MVEON FY2023: -$2.5BVEON FY2024: $487MVEON FY2025: $591MFY18FY19FY20FY21FY22FY23FY24FY25
SPOK $15.9MVEON $591M
Net margin
SPOK FY2018: -0.9%SPOK FY2019: -6.7%SPOK FY2020: -29.8%SPOK FY2021: -15.6%SPOK FY2022: 16.2%SPOK FY2023: 11.3%SPOK FY2024: 10.9%SPOK FY2025: 11.4%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
SPOK 11.4%VEON 13.4%
Revenue growth
SPOK FY2019: -5.4%SPOK FY2020: -7.6%SPOK FY2021: -4.1%SPOK FY2022: -5.4%SPOK FY2023: +3.3%SPOK FY2024: -1.0%SPOK FY2025: +1.5%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
SPOK +1.5%VEON +9.9%
Free cash flow
SPOK FY2018: $4.4MSPOK FY2019: $6.9MSPOK FY2020: $22.7MSPOK FY2021: $3.6MSPOK FY2022: $2.7MSPOK FY2023: $22.8MSPOK FY2024: $25.7MSPOK FY2025: $25.2MVEON FY2020: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
SPOK $25.2MVEON $1.9B

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

Questions about Spok and VEON

Which is bigger by revenue, Spok or VEON?

VEON is bigger by revenue: $4.4B in fiscal 2025, against $139.7M for Spok in fiscal 2025.

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

Spok had a net margin of 11.4% in fiscal 2025; VEON had 13.4% in fiscal 2025.

Which grew revenue faster, Spok or VEON?

In their latest fiscal years revenue changed by +1.5% at Spok 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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