VEON Ltd. (VEON)

VEON Ltd. Financials Overview

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

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	4,758	4,399	4,004	3,698	3,755	3,850
Revenue Growth	14.71%	9.87%	8.28%	-1.52%	-2.47%	10.57%
Gross Profit Gross Profit Growth	4,143	3,873	3,489	3,257	3,279	3,366
Operating Income Operating Income Growth	1,280	1,208	963	877	969	1,041
Net Income Net Income Growth	59	532	415	-2,528	-162	674
Earnings Per Share EPS Growth	0.85	7.50	5.75	-36.04	-2.31	9.60
EPS Growth	-93.71%	30.44%	-	-	-	-

Revenue by Geography

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Pakistan Pakistan Growth	1,808	1,624	1,382	1,119	1,285	1,408
Ukraine Ukraine Growth	1,289	1,164	925	919	971	1,055
Kazakhstan Kazakhstan Growth	865	816	854	774	636	569
Uzbekistan Uzbekistan Growth	327	308	273	268	233	194
Bangladesh Bangladesh Growth	468	460	520	570	576	564
HQ, Eliminations and Others HQ, Eliminations and Others Growth	-	27	50	48	-	-
Total Total Growth	4,758	4,399	4,004	3,698	3,755	3,850

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	2,689	2,221	2,046	2,335	3,669	2,338
Total Debt Total Debt Growth	5,853	5,145	4,694	5,156	8,553	10,646
Net Cash (Debt) Net Cash Growth	-3,164	-2,924	-2,648	-2,821	-4,884	-8,308
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-44.58	-40.75	-36.55	-40.16	-69.34	-116.55

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	1,644	1,353	1,150	2,111	2,557	2,638
Capital Expenditures CapEx Growth	-769	-733	-627	-531	-634	-699
Free Cash Flow Free Cash Flow Growth	875	620	523	1,580	1,923	1,939
Free Cash Flow Growth	44.39%	18.55%	-66.90%	-17.84%	-0.83%	2.43%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	87.07%	88.04%	87.14%	88.08%	87.32%	87.43%
Operating Margin	26.89%	27.46%	24.05%	23.72%	25.81%	27.04%
Pretax Margin	7.48%	17.84%	17.58%	15.12%	21.36%	12.05%
Profit Margin	1.24%	12.09%	10.37%	-68.36%	-4.31%	17.51%
FCF Margin	18.39%	14.09%	13.06%	42.73%	51.21%	50.36%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug 15, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	67.18	6.82	6.84	-	-	4.44
Forward PE	7.59	7.36	9.73	3.33	1.01	4.28
P/FCF Ratio	4.49	5.85	5.42	0.88	0.45	1.54
PS Ratio	0.83	0.83	0.71	0.37	0.23	0.78

Data Source: S&P Global Market Intelligence Last updated: Jul 31, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 11, 2026

Data Sources Report a data error