VEON Ltd.

EDGAR

Annual consolidated revenue for 2025: about USD 4.399B, using the latest reported figures. The previous period, 2024, was about USD 4.004B.

Watchlist

Latest quarter

Revenue

1.27 billion USD

2026 Q2 · USD

Exact inputs and evidence
  • Revenue: 1271000000 USD Source

Operating margin

27.46%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: 349000000 USD Source
  • Revenue: 1271000000 USD Source
Cash and cash equivalents
2.19 billion USD Source
Exact value

2193000000 USD

Long-term debt including current maturities
Not available
Shares outstanding
Not available

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-09-23.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 10 of 11 periods available· newest 2025-12-31
  • Operating income: 10 of 11 periods available· newest 2025-12-31
  • net income: No compatible figures in this window
  • Operating cash flow: 5 of 11 periods available· newest 2020-12-31
  • Capital expenditure: 6 of 11 periods available· newest 2025-12-31
  • Total assets: 9 of 11 periods available· newest 2025-12-31
  • liabilities: No compatible figures in this window
  • Current assets: 6 of 11 periods available· newest 2025-12-31
  • Current liabilities: 9 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 9 of 11 periods available· newest 2025-12-31
  • long term debt: No compatible figures in this window
  • shares outstanding: No compatible figures in this window

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +9.9%

    Prior period

    USD 4 billion

    –

    Current period

    USD 4.4 billion

    –

    Exact inputs and evidence

    4399000000 − 4004000000 = 395000000 USD

    4004000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    4399000000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Capital expenditure

    +16.9%

    Prior period

    USD 627 million

    –

    Current period

    USD 733 million

    –

    Exact inputs and evidence

    733000000 − 627000000 = 106000000 USD

    627000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    733000000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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Comparable inputs unavailable for: Net income, Operating cash flow.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 4.4 billion 100% of revenue
  • Operating costs Derived USD 2.96 billion 67% of revenue
  • Operating income USD 1.44 billion 33% of revenue
  • Tax, interest and other Derived Unavailable An input is unavailable.
  • Net income Unavailable An input is unavailable.

Cash

  • Operating cash flow Unavailable An input is unavailable.
  • Capital expenditure USD 733 million 17% of revenue
  • Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 Not shown: operating income or net income is not reported.
  • 2017 Not shown: operating income or net income is not reported.
  • 2018 Not shown: operating income or net income is not reported.
  • 2019 Not shown: operating income or net income is not reported.
  • 2020 Not shown: operating income or net income is not reported.
  • 2021 Not shown: operating income or net income is not reported.
  • 2022 Not shown: operating income or net income is not reported.
  • 2023 Not shown: operating income or net income is not reported.
  • 2024 Not shown: operating income or net income is not reported.
  • 2025 Not shown: operating income or net income is not reported.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-318885000000 7801000000 Derived 1084000000 UnavailableUnavailable224000000 Derived Capital expenditure here includes intangible assets.
Source
2017 2017-01-01 – 2017-12-319474000000 8007000000 Derived 1467000000 UnavailableUnavailable438000000 Derived Capital expenditure here includes intangible assets.
Source
2018 2018-01-01 – 2018-12-319086000000 8532000000 Derived 554000000 UnavailableUnavailable567000000 Derived Capital expenditure here includes intangible assets.
Source
2019 2019-01-01 – 2019-12-318089000000 6224000000 Derived 1865000000 UnavailableUnavailable1367000000 Derived Capital expenditure here includes intangible assets.
Source
2020 2020-01-01 – 2020-12-313482000000 2659000000 Derived 823000000 UnavailableUnavailable1893000000 Derived
Source
2021 2021-01-01 – 2021-12-313850000000 2827000000 Derived 1023000000 UnavailableUnavailableUnavailable
Source
2022 2022-01-01 – 2022-12-313755000000 2592000000 Derived 1163000000 UnavailableUnavailableUnavailable
Source
2023 2023-01-01 – 2023-12-313698000000 2769000000 Derived 929000000 UnavailableUnavailableUnavailable
Source
2024 2024-01-01 – 2024-12-314004000000 2894000000 Derived 1110000000 UnavailableUnavailableUnavailable
Source
2025 2025-01-01 – 2025-12-314399000000 2960000000 Derived 1439000000 UnavailableUnavailableUnavailable
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 4.4B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.10.2B7.7B5.1B2.6B0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue8885000000
2017Revenue9474000000
2018Revenue9086000000
2019Revenue8089000000
2020Revenue3482000000
2021Revenue3850000000
2022Revenue3755000000
2023Revenue3698000000
2024Revenue4004000000
2025Revenue4399000000

Revenue growth

Change in revenue from the same financial period one year earlier.

9.9% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.16%-4%-23%-43%-62%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over yearNo prior comparable period
2017Year over year6.6%
2018Year over year-4.1%
2019Year over year-11%
2020Year over year-57%
2021Year over year10.6%
2022Year over year-2.5%
2023Year over year-1.5%
2024Year over year8.3%
2025Year over year9.9%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 32.7% 2025
Free cash flow margin 54.4% 2020
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.59%44%29%15%0%201620212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016Operating margin12.2%
2017Operating margin15.5%
2018Operating margin6.1%
2019Operating margin23.1%
2020Operating margin23.6%
2021Operating margin26.6%
2022Operating margin31%
2023Operating margin25.1%
2024Operating margin27.7%
2025Operating margin32.7%
2016-12-31Net marginNot reported
2017-12-31Net marginNot reported
2018-12-31Net marginNot reported
2019-12-31Net marginNot reported
2020-12-31Net marginNot reported
2021-12-31Net marginNot reported
2022-12-31Net marginNot reported
2023-12-31Net marginNot reported
2024-12-31Net marginNot reported
2025-12-31Net marginNot reported
2016Free cash flow margin2.5%
2017Free cash flow margin4.6%
2018Free cash flow margin6.2%
2019Free cash flow margin16.9%
2020Free cash flow margin54.4%
2021Free cash flow marginNot reported
2022Free cash flow marginNot reported
2023Free cash flow marginNot reported
2024Free cash flow marginNot reported
2025Free cash flow marginNot reported

Operating cash flow

Cash generated by the company’s normal business operations.

USD 2.4B 2020
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.3.2B2.4B1.6B796.2M0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow1875000000
2017Operating cash flow2475000000
2018Operating cash flow2515000000
2019Operating cash flow2949000000
2020Operating cash flow2443000000
2021Operating cash flowNot reportedNo source recorded
2022Operating cash flowNot reportedNo source recorded
2023Operating cash flowNot reportedNo source recorded
2024Operating cash flowNot reportedNo source recorded
2025Operating cash flowNot reportedNo source recorded

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 1.9B 2020
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.0B1.5B1.0B511.1M0.0201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow224000000
2017Free cash flow438000000
2018Free cash flow567000000
2019Free cash flow1367000000
2020Free cash flow1893000000
2021Free cash flowUnavailable
2022Free cash flowUnavailable
2023Free cash flowUnavailable
2024Free cash flowUnavailable
2025Free cash flowUnavailable

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

Not enough comparable data to show this history.
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Liabilities / assetsNot reportedNo source recorded
2017-12-31Liabilities / assetsNot reported
2018-12-31Liabilities / assetsNot reported
2019-12-31Liabilities / assetsNot reported
2020-12-31Liabilities / assetsNot reported
2021-12-31Liabilities / assetsNot reported
2022-12-31Liabilities / assetsNot reported
2023-12-31Liabilities / assetsNot reported
2024-12-31Liabilities / assetsNot reported
2025-12-31Liabilities / assetsNot reported

Current assets to current liabilities

Current assets divided by current liabilities.

0.91× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.0.98×0.73×0.49×0.24×0.00×2016-12-3120212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Current assets / current liabilitiesNot reportedNo source recorded
2017Current assets / current liabilities0.85×
2018Current assets / current liabilities0.7×
2019Current assets / current liabilities0.43×
2020Current assets / current liabilities0.65×
2021Current assets / current liabilities0.81×
2022-12-31Current assets / current liabilitiesNot reported
2023-12-31Current assets / current liabilitiesNot reported
2024-12-31Current assets / current liabilitiesNot reported
2025Current assets / current liabilities0.91×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
Unavailable Not reported for this period.
USD 1.88 billion
Exact value

Exact value: 1875000000 USD

2016-01-01 – 2016-12-31: 1875000000 USD Inspect Operating Cash Flow Open source
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USD 1.65 billion Capital expenditure here includes intangible assets.
Exact value

Exact value: 1651000000 USD

2016-01-01 – 2016-12-31: 1651000000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 224 million Capital expenditure here includes intangible assets.
Calculation and evidence

1875000000 − 1651000000 USD

Exact free cash flow: 224000000 USD

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2017 2017-01-01 – 2017-12-31
Unavailable Not reported for this period.
USD 2.48 billion
Exact value

Exact value: 2475000000 USD

2017-01-01 – 2017-12-31: 2475000000 USD Inspect Operating Cash Flow Open source
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USD 2.04 billion Capital expenditure here includes intangible assets.
Exact value

Exact value: 2037000000 USD

2017-01-01 – 2017-12-31: 2037000000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 438 million Capital expenditure here includes intangible assets.
Calculation and evidence

2475000000 − 2037000000 USD

Exact free cash flow: 438000000 USD

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2018 2018-01-01 – 2018-12-31
Unavailable Not reported for this period.
USD 2.52 billion
Exact value

Exact value: 2515000000 USD

2018-01-01 – 2018-12-31: 2515000000 USD Inspect Operating Cash Flow Open source
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USD 1.95 billion Capital expenditure here includes intangible assets.
Exact value

Exact value: 1948000000 USD

2018-01-01 – 2018-12-31: 1948000000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 567 million Capital expenditure here includes intangible assets.
Calculation and evidence

2515000000 − 1948000000 USD

Exact free cash flow: 567000000 USD

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2019 2019-01-01 – 2019-12-31
Unavailable Not reported for this period.
USD 2.95 billion
Exact value

Exact value: 2949000000 USD

2019-01-01 – 2019-12-31: 2949000000 USD Inspect Operating Cash Flow Open source
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USD 1.58 billion Capital expenditure here includes intangible assets.
Exact value

Exact value: 1582000000 USD

2019-01-01 – 2019-12-31: 1582000000 USD Inspect Capital Expenditure Including Intangibles Open source
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USD 1.37 billion Capital expenditure here includes intangible assets.
Calculation and evidence

2949000000 − 1582000000 USD

Exact free cash flow: 1367000000 USD

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2020 2020-01-01 – 2020-12-31
Unavailable Not reported for this period.
USD 2.44 billion
Exact value

Exact value: 2443000000 USD

2020-01-01 – 2020-12-31: 2443000000 USD Inspect Operating Cash Flow Open source
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USD 550 million
Exact value

Exact value: 550000000 USD

2020-01-01 – 2020-12-31: 550000000 USD Inspect Capital Expenditure Open source
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USD 1.89 billion
Calculation and evidence

2443000000 − 550000000 USD

Exact free cash flow: 1893000000 USD

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2021 2021-01-01 – 2021-12-31
Unavailable Not reported for this period.
Unavailable Not reported for this period.
USD 699 million
Exact value

Exact value: 699000000 USD

2021-01-01 – 2021-12-31: 699000000 USD Inspect Capital Expenditure Open source
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Unavailable

Free cash flow cannot be calculated because Operating cash flow is unavailable for this period.

2022 2022-01-01 – 2022-12-31
Unavailable Not reported for this period.
Unavailable Not reported for this period.
USD 634 million
Exact value

Exact value: 634000000 USD

2022-01-01 – 2022-12-31: 634000000 USD Inspect Capital Expenditure Open source
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Unavailable

Free cash flow cannot be calculated because Operating cash flow is unavailable for this period.

2023 2023-01-01 – 2023-12-31
Unavailable Not reported for this period.
Unavailable Not reported for this period.
USD 531 million
Exact value

Exact value: 531000000 USD

2023-01-01 – 2023-12-31: 531000000 USD Inspect Capital Expenditure Open source
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Unavailable

Free cash flow cannot be calculated because Operating cash flow is unavailable for this period.

2024 2024-01-01 – 2024-12-31
Unavailable Not reported for this period.
Unavailable Not reported for this period.
USD 627 million
Exact value

Exact value: 627000000 USD

2024-01-01 – 2024-12-31: 627000000 USD Inspect Capital Expenditure Open source
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Unavailable

Free cash flow cannot be calculated because Operating cash flow is unavailable for this period.

2025 2025-01-01 – 2025-12-31
Unavailable Not reported for this period.
Unavailable Not reported for this period.
USD 733 million
Exact value

Exact value: 733000000 USD

2025-01-01 – 2025-12-31: 733000000 USD Inspect Capital Expenditure Open source
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Unavailable

Free cash flow cannot be calculated because Operating cash flow is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

549 filings · 2,113 latest values · 2,113 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001468091, 1468091, VEON, edgar:1468091

Also known as VEON Ltd., VEON LTD., VimpelCom Ltd.