VEON Ltd. (VEON)

NASDAQ: VEON · Real-Time Price · USD

51.01

-0.97 (-1.87%)

At close: Jul 24, 2026, 4:00 PM EDT

51.26

+0.25 (0.49%)

After-hours: Jul 24, 2026, 7:34 PM EDT

VEON Ltd. Financials Overview

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	4,574	4,399	4,004	3,698	3,755	3,850
Revenue Growth	11.89%	9.87%	8.28%	-1.52%	-2.47%	10.57%
Gross Profit	4,337	3,873	3,489	3,257	3,279	3,366
Operating Income	4,727	1,439	1,110	929	1,163	1,023
Net Income	563	591	487	-2,835	-818	599
Earnings Per Share	7.55	7.50	5.75	-36.00	-2.25	9.50
EPS Growth	14.39%	30.44%	-	-	-	-

Revenue by Geography

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Pakistan	1,703	1,624	1,382	1,119	1,285	1,408
Ukraine	1,232	1,164	925	919	971	1,055
Kazakhstan	841	816	854	774	636	569
Uzbekistan	317	308	273	268	233	194
Bangladesh	465	460	520	570	576	564
HQ, Eliminations and Others	16	27	50	48	-	-
Total	4,574	4,399	4,004	3,698	3,755	3,850

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	1,751	1,732	1,689	1,902	3,107	2,252
Total Debt	5,423	5,145	4,694	5,156	8,180	10,646
Net Cash (Debt)	-3,672	-3,413	-3,005	-3,254	-5,073	-8,394
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-49.24	-47.56	-41.48	-45.65	-72.02	-117.76

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	396	1,353	1,150	2,111	2,557	2,638
Capital Expenditures	-	-733	-627	-531	-634	-699
Free Cash Flow	396	620	523	1,580	1,923	1,939
Free Cash Flow Growth	-24.57%	18.55%	-66.90%	-17.84%	-0.83%	2.43%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	94.82%	88.04%	87.14%	88.07%	87.32%	87.43%
Operating Margin	103.34%	32.71%	27.72%	25.12%	30.97%	26.57%
Pretax Margin	17.10%	17.84%	17.58%	15.12%	21.36%	12.05%
Profit Margin	11.83%	13.43%	12.16%	10.28%	19.52%	3.12%
FCF Margin	8.66%	14.09%	13.06%	42.73%	51.21%	50.36%

Dividends

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Dividend Yield	0.53%	1.08%	1.40%	0.57%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jul '26 Jul 26, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	6.80	7.01	6.97	-	-	4.50
Forward PE	7.00	7.36	9.73	3.33	1.01	4.28
P/FCF Ratio	6.74	6.27	5.41	0.88	0.45	1.54
PS Ratio	0.77	0.88	0.71	0.37	0.23	0.78