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Stocks · Communication · Radiotelephone Communications

VEON Ltd.

VEON Clue Score54
Bermuda Fiscal year ends December CIK 0001468091
$76.81 -0.34% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $76.81 +3,254.15% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue8.89Operating income1.08Net income2.42Fiscal year 2017Revenue9.47 +6.6%Operating income1.47Net income−0.53 −122.1%Fiscal year 2018Revenue9.09 −4.1%Operating income0.55Net income0.36Fiscal year 2019Revenue8.09 −11.0%Operating income1.87Net income0.68 +88.7%EPS, diluted0.36Fiscal year 2020Revenue3.48 −57.0%Operating income0.82Net income−0.32 −146.3%EPS, diluted−0.20 −155.6%Fiscal year 2021Revenue3.85 +10.6%Operating income1.02Net income0.80EPS, diluted0.38Fiscal year 2022Revenue3.76 −2.5%Operating income1.16Net income−0.01 −101.1%EPS, diluted−0.09 −123.7%Fiscal year 2023Revenue3.70 −1.5%Operating income0.93Net income−2.45EPS, diluted−1.44Fiscal year 2024Revenue4.00 +8.3%Operating income1.11Net income0.49EPS, diluted0.23Fiscal year 2025Revenue4.40 +9.9%Operating income1.44Net income0.59 +21.4%EPS, diluted0.30 +30.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 8.89 9.47 9.09 8.09 3.48 3.85 3.76 3.70 4.00 4.40
Growth +6.6% −4.1% −11.0% −57.0% +10.6% −2.5% −1.5% +8.3% +9.9%
Operating income 1.08 1.47 0.55 1.87 0.82 1.02 1.16 0.93 1.11 1.44
Net income 2.42 −0.53 0.36 0.68 −0.32 0.80 −0.01 −2.45 0.49 0.59
Growth −122.1% +88.7% −146.3% −101.1% +21.4%
EPS, diluted n/a n/a n/a 0.36 −0.20 0.38 −0.09 −1.44 0.23 0.30
Growth −155.6% −123.7% +30.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin12.2%Net margin27.2%Fiscal year 2017Operating margin15.5%Net margin−5.6%Fiscal year 2018Operating margin6.1%Net margin4.0%Fiscal year 2019Operating margin23.1%Net margin8.4%Fiscal year 2020Operating margin23.6%Net margin−9.1%Free cash flow margin54.4%Fiscal year 2021Operating margin26.6%Net margin20.8%Fiscal year 2022Operating margin31.0%Net margin−0.2%Fiscal year 2023Operating margin25.1%Net margin−66.3%Fiscal year 2024Operating margin27.7%Net margin12.2%Fiscal year 2025Operating margin32.7%Net margin13.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 12.2% 15.5% 6.1% 23.1% 23.6% 26.6% 31.0% 25.1% 27.7% 32.7%
Net margin 27.2% −5.6% 4.0% 8.4% −9.1% 20.8% −0.2% −66.3% 12.2% 13.4%
Free cash flow margin n/a n/a n/a n/a 54.4% n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.88Dividends paid−0.17Fiscal year 2017Operating cash flow2.48Dividends paid−0.70Fiscal year 2018Operating cash flow2.52Dividends paid−0.60Fiscal year 2019Operating cash flow2.95Dividends paid−0.63Fiscal year 2020Operating cash flow2.44Capital expenditure−0.55Free cash flow1.89Dividends paid−0.35Fiscal year 2021Capital expenditure−0.70Dividends paid−0.09Fiscal year 2022Capital expenditure−0.63Buybacks0.00Dividends paid−0.01Fiscal year 2023Capital expenditure−0.53Buybacks0.00Dividends paid−0.05Fiscal year 2024Capital expenditure−0.63Buybacks−0.01Dividends paid−0.08Fiscal year 2025Capital expenditure−0.73Buybacks−0.11Dividends paid−0.07
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.88 2.48 2.52 2.95 2.44 n/a n/a n/a n/a n/a
Capital expenditure n/a n/a n/a n/a −0.55 −0.70 −0.63 −0.53 −0.63 −0.73
Free cash flow n/a n/a n/a n/a 1.89 n/a n/a n/a n/a n/a
Growth
Buybacks n/a n/a n/a n/a n/a n/a 0.00 0.00 −0.01 −0.11
Dividends paid −0.17 −0.70 −0.60 −0.63 −0.35 −0.09 −0.01 −0.05 −0.08 −0.07

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash2.94Shareholders’ equity5.96Fiscal year 2017Cash1.31Shareholders’ equity4.33Fiscal year 2018Cash1.81Shareholders’ equity3.67Fiscal year 2019Cash1.25Shareholders’ equity1.23Fiscal year 2020Cash1.67Shareholders’ equity0.16Fiscal year 2021Cash2.25Shareholders’ equity0.59Fiscal year 2022Cash3.11Shareholders’ equity0.57Fiscal year 2023Cash1.90Shareholders’ equity0.86Fiscal year 2024Cash1.69Shareholders’ equity1.10Fiscal year 2025Cash1.73Shareholders’ equity1.34
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.94 1.31 1.81 1.25 1.67 2.25 3.11 1.90 1.69 1.73
Shareholders’ equity 5.96 4.33 3.67 1.23 0.16 0.59 0.57 0.86 1.10 1.34

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
8.89 9.47 9.09 8.09 3.48 3.85 3.76 3.70 4.00 4.40
Growth +6.6% −4.1% −11.0% −57.0% +10.6% −2.5% −1.5% +8.3% +9.9%
3.67 3.75 3.70 2.74 1.40 1.53 1.53 1.65 1.80 1.88
1.08 1.47 0.55 1.87 0.82 1.02 1.16 0.93 1.11 1.44
Growth +35.3% −62.2% +236.6% −55.9% +24.3% +13.7% −20.1% +19.5% +29.6%
0.29 0.33 −0.25 1.04 0.37 0.46 0.80 0.56 0.70 0.79
0.64 0.47 0.37 0.46 0.28 0.34 0.07 0.18 0.22 0.19
2.42 −0.53 0.36 0.68 −0.32 0.80 −0.01 −2.45 0.49 0.59
Growth −122.1% +88.7% −146.3% −101.1% +21.4%
Per share
n/a n/a n/a 0.36 −0.20 0.38 −0.09 −1.44 0.23 0.30
n/a n/a n/a 0.36 −0.20 0.38 −0.09 −1.44 0.23 0.30
Growth −155.6% −123.7% +30.4%
1,749 1,749 1,749 1,749 1,753 1,756 1,753 1,756 1,770 1,746
1,749 1,749 1,749 1,749 1,761 1,782 1,761 1,782 1,811 1,794
Growth +0.0% +0.0% +0.0% +0.7% +1.2% −1.2% +1.2% +1.6% −0.9%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.8% a year over five years.
  • The diluted share count rose 1.9% in five years, which is dilution.
  • Operating margin is up 9.1 points on five years ago, at 32.7%.
  • A net loss in 4 of 10 years on file.