Kyivstar maintains a robust 71.8% gross margin as of 2026Q1, reflecting strong pricing power that supports a 35.3% operating margin despite the high costs of maintaining infrastructure.
Kyivstar Group Ltd. Common Shares (KYIV) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Revenue | 1.28B | 1.16B | 919M | 915M |
| Revenue Growth % | - | 25.9% | 0.44% | - |
| Cost of Revenue | 490M | 412M | 329M | 304M |
| Gross Profit | 790M | 745M | 590M | 611M |
| Gross Margin % | 61.72% | 64.39% | 64.2% | 66.78% |
| Gross Profit Growth % | - | 26.27% | -3.44% | - |
| Operating Expenses | 318M | 299M | 242M | 248M |
| Other Operating Expenses | - | - | - | - |
| EBITDA | 713M | 659M | 511M | 539M |
| EBITDA Margin % | 55.7% | 56.96% | 55.6% | 58.91% |
| EBITDA Growth % | - | 28.96% | -5.19% | - |
| Depreciation & Amortization | 241M | 213M | 163M | 176M |
| D&A / Revenue % | 18.83% | 18.41% | 17.74% | 19.23% |
| Operating Income (EBIT) | 472M | 446M | 348M | 363M |
| Operating Margin % | 36.88% | 38.55% | 37.87% | 39.67% |
| Operating Income Growth % | - | 28.16% | -4.13% | - |
| Interest Expense | 4M | 75M | 82M | 82M |
| Interest Coverage | - | 3.64x | 5.23x | 5.22x |
| Interest / Revenue % | 0.31% | 6.48% | 8.92% | 8.96% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K |
| Pretax Income | 241M | 198M | 347M | 346M |
| Pretax Margin % | 18.83% | 17.11% | 37.76% | 37.81% |
| Income Tax | 78M | 74M | 64M | 65M |
| Effective Tax Rate % | 32.37% | 37.37% | 18.44% | 18.79% |
| Net Income | 163M | 124M | 283M | 281M |
| Net Margin % | 12.73% | 10.72% | 30.79% | 30.71% |
| Net Income Growth % | - | -56.18% | 0.71% | - |
| EPS (Diluted) | 0.71 | 0.57 | 1.23 | 1.22 |
| EPS Growth % | - | -53.66% | 0.82% | - |
| EPS (Basic) | - | 0.57 | 1.23 | 1.22 |
| Diluted Shares Outstanding | 230.88M | 216.12M | 230.86M | 230.86M |
Quick answers to the most common questions about buying KYIV stock.
For fiscal year 2025, Kyivstar Group Ltd. Common Shares (KYIV) reported total revenue of $1.16B. This represents a 26.4% increase compared to $915.0M in 2023.
Kyivstar Group Ltd. Common Shares (KYIV) is profitable, generating $124.0M in net income for the fiscal year ending 2025 with a net profit margin of 10.7%.
Kyivstar Group Ltd. Common Shares (KYIV) reported an operating income of $446.0M, resulting in an operating profit margin of 38.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Kyivstar Group Ltd. Common Shares (KYIV) generated $745.0M in gross profit for the year, representing a gross profit margin of 64.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical infrastructure disruption
Revenue Momentum Amidst Regional Volatility
As reported in recent financial filings, Kyivstar achieved a 26.7% year-over-year revenue growth in 2026Q1, signaling that the company's transition toward digital services and B2B solutions is successfully offsetting the inherent risks associated with operating within a high-conflict, geographically concentrated market environment.
The double-digit top-line expansion suggests that the company is effectively leveraging its infrastructure moat to capture higher-value digital service revenue. Investors should monitor whether this growth trajectory remains sustainable as the company continues to navigate the complexities of local currency volatility and potential population displacement.
Structural Margin Resilience Under Pressure
Based on the provided income statement data, Kyivstar maintains a robust 71.8% gross margin as of 2026Q1, demonstrating significant pricing power and operational efficiency despite the substantial costs required to maintain network uptime and physical infrastructure resilience in a challenging, high-risk operating environment.
The ability to sustain high gross margins indicates that the core connectivity business remains essential to the subscriber base. However, the spread between gross and operating margins suggests that overhead costs, likely tied to emergency repairs and power backup, remain a persistent drag on overall profitability.
Operating Efficiency Amidst High Overhead
According to the latest quarterly figures, Kyivstar's operating margin of 35.3% reflects a disciplined approach to managing SG&A expenses, which have scaled proportionally to revenue growth, allowing the firm to maintain profitability despite the extraordinary operational costs inherent in its current regional footprint.
The company appears to be successfully balancing the need for aggressive infrastructure maintenance with the requirement for bottom-line stability. This operational leverage suggests that management is prioritizing network reliability as a primary competitive advantage to ensure long-term subscriber retention.
Earnings Volatility and Accounting Nuance
Analysis of the income statement reveals significant quarterly fluctuations in net income, including a notable $89 million loss in 2025Q3, which highlights the impact of non-operating items and potential asset impairments that complicate the assessment of the company's underlying recurring earnings power.
The erratic nature of net income suggests that investors should focus more on operating income as a clearer proxy for core business performance. The lack of stock-based compensation and minimal debt interest further suggests that the reported earnings are not being artificially inflated by financial engineering.