VEON Ltd. (VEON) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 397.76M | 467.75M | 323M | 136M | 428M | 363M | 324M | 201M | 262M | 411M | 646M | 458M | 596M | 537M | 848M | 605M | 567M | 637M | 803M | 603M |
| Operating CF Margin % | 32.97% | 39.54% | 28.97% | 12.51% | 41.72% | 36.37% | 31.24% | 19.57% | 27.81% | 43.13% | 68.36% | 50% | 67.42% | 57.19% | 95.17% | 63.22% | 58.57% | 31.04% | 40.05% | 31.7% |
| Operating CF Growth % | -7.07% | 28.86% | -0.31% | -32.34% | 63.36% | -11.68% | -49.85% | -56.11% | -56.04% | -23.46% | -23.82% | -24.3% | 5.11% | -15.7% | 5.6% | 0.33% | -4.87% | 12.15% | 4.29% | 25.89% |
| Net Income | 99.44M | -31.32M | -131M | 595M | 102.3M | 80M | 209M | 68M | 57M | 73M | 119M | 250M | 19M | -411M | 135M | -36M | 968M | 270M | 114M | 188M |
| Depreciation & Amortization | 209.93M | 206.1M | 205M | 196M | 204.59M | 183M | 181M | 180M | 184M | 183M | 187M | 184M | 181M | 203M | 186M | 195M | 194M | 487M | 472M | 404M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 69.31M | 184.09M | 306.33M | -631M | 7.11M | -25M | -98M | 17M | 1M | -70M | 319M | 14M | 394M | 783M | 438M | 517M | -549M | -150M | 198M | 39M |
| Working Capital Changes | 19.08M | 108.88M | -57.33M | -24M | 114M | 125M | 32M | -64M | 20M | 225M | 21M | 10M | 2M | -38M | 89M | -71M | -46M | 30M | 19M | -28M |
| Change in Receivables | -40.18M | -16.11M | -30.45M | -49M | -49M | 12M | -30M | -19M | -44M | 33M | 17M | -24M | -27M | -23M | -71M | -2M | -58M | -89M | -14M | -26M |
| Change in Inventory | 3.01M | -6.09M | -7.09M | 2M | -5M | -3M | -1M | 0 | -5M | -3M | -7M | -2M | -7M | -6M | -4M | -2M | 0 | 1M | 6M | -13M |
| Change in Payables | 39.17M | 114.9M | -51.83M | 0 | 143M | 83M | 64M | -67M | 50M | 160M | -15M | 0 | 8M | -37M | 146M | -56M | -1M | 103M | 49M | 47M |
| Cash from Investing | -155.69M | -314.69M | -162.36M | -108M | -210M | -27M | -205M | -345M | -201M | -1.07B | -337M | -397M | -438M | -495M | 122M | -765M | -518M | 306M | -361M | -479M |
| Capital Expenditures | -265.17M | -432.63M | 69.01M | -184M | -209M | -226M | -224M | -345M | -212M | -1.07B | -337M | -397M | -438M | -495M | -133M | -765M | -518M | -469M | -280M | -408M |
| CapEx % of Revenue | 21.98% | 36.57% | 6.19% | 16.93% | 20.37% | 22.65% | 21.6% | 33.59% | 22.51% | 112.7% | 35.66% | 43.34% | 49.55% | 52.72% | 14.93% | 79.94% | 53.51% | 22.86% | 13.97% | 21.45% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 40.18M | -334.9M | 61.15M | 217M | -102M | -18M | -22M | -155M | -20M | -1.02B | -133M | -259M | -198M | -299M | 245M | -338M | -264M | -43M | -67M | -71M |
| Cash from Financing | -228.01M | -94M | 223.59M | -516M | -146M | 340M | 18M | 204M | -1.11B | 4M | -390M | -616M | -134M | -38M | -126M | 492M | -212M | -145M | -44M | -125M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -28.12M | -106.98M | 70.04M | -44M | -24M | -8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -28.12M | -106.8M | 70.04M | -44M | -24M | -8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -184.82M | -160.59M | 40.74M | -1M | 0 | 0 | -9M | -6M | 0 | -10M | -78M | -55M | -108M | -90M | -109M | -86M | -67M | -19M | -68M | -12M |
| Net Change in Cash | 19.29M | 68.86M | 380.61M | -491M | 84.09M | 670M | 157M | 30M | -1.07B | -347M | -208M | -583M | -66M | -186M | 954M | 362M | -274.62M | 754M | 306M | -2M |
| Free Cash Flow | 164.73M | 254.83M | 157.46M | -48M | 255M | 226M | 175M | -144M | 50M | -663M | 309M | 61M | 158M | 42M | 715M | -160M | 49M | 168M | 523M | 195M |
| FCF Margin % | 13.66% | 21.54% | 14.12% | -4.42% | 24.85% | 22.65% | 16.88% | -14.02% | 5.31% | -69.57% | 32.7% | 6.66% | 17.87% | 4.47% | 80.25% | -16.72% | 5.06% | 8.19% | 26.08% | 10.25% |
| FCF Growth % | -35.4% | 12.75% | -10.02% | 66.67% | 410% | 134.09% | -43.37% | -336.07% | -68.35% | -1678.57% | -56.78% | 138.13% | 222.45% | -75% | 36.71% | -182.05% | 113.04% | 118.18% | 15.2% | 457.14% |
| FCF per Share | 2.31 | 4.82 | 2.29 | -0.68 | 3.64 | 3.20 | 2.47 | -2.04 | 0.71 | -8.97 | 4.40 | 0.87 | 2.25 | 0.60 | 10.20 | -2.35 | 0.70 | 2.49 | 8.12 | 2.92 |
| FCF Conversion (FCF/Net Income) | 4.00x | -14.93x | -2.47x | 0.23x | 4.32x | 4.48x | 1.55x | 2.96x | 4.60x | -0.12x | 1.44x | 1.83x | 1.74x | 0.97x | -1.66x | 4.45x | -4.02x | 2.13x | 5.54x | 6.03x |
| Interest Paid | 0 | 0 | 0 | 133M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 177M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |