Revenue growth has accelerated to 17.6% as of 2026Q1, though gross margins remain susceptible to volatility, contracting from 90.4% in 2025Q2 to 70.0% in the most recent quarter.
VEON Ltd. (VEON) annual income statement — 19-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Revenue | 4.78B | 4.47B | 4B | 3.7B | 3.75B | 3.85B | 3.48B | 8.05B | 9.09B | 9.47B | 8.88B | 9.61B | 13.49B | 15.97B | 23.06B | 20.25B | 10.51B | 8.7B | 10.12B | 7.17B |
| Revenue Growth % | 15.13% | 11.75% | 8.27% | -1.52% | -2.47% | 10.57% | -56.75% | -11.39% | -4.1% | 6.63% | -7.51% | -28.77% | -15.53% | -30.77% | 13.88% | 92.62% | 20.8% | -13.98% | 41.08% | - |
| Cost of Revenue | 1.03B | 1.35B | 515M | 441M | 476M | 484M | 454M | 1.84B | 2.12B | 2.14B | 1.99B | 2.17B | 3.18B | 4.03B | 6.13B | 5.63B | 2.47B | 1.99B | 2.36B | 1.32B |
| Gross Profit | 3.74B | 3.12B | 3.49B | 3.26B | 3.28B | 3.37B | 3.03B | 6.21B | 6.97B | 7.33B | 6.9B | 7.44B | 10.3B | 11.93B | 16.93B | 14.62B | 8.04B | 6.71B | 7.75B | 5.86B |
| Gross Margin % | 78.36% | 69.81% | 87.14% | 88.07% | 87.32% | 87.43% | 86.96% | 77.12% | 76.71% | 77.42% | 77.66% | 77.43% | 76.4% | 74.74% | 73.41% | 72.19% | 76.52% | 77.14% | 76.63% | 81.66% |
| Gross Profit Growth % | - | -10.47% | 7.12% | -0.67% | -2.58% | 11.16% | -51.23% | -10.92% | -4.98% | 6.3% | -7.23% | -27.81% | -13.66% | -29.51% | 15.8% | 81.73% | 19.82% | -13.41% | 32.4% | - |
| Operating Expenses | 2.73B | 2.08B | 2.38B | 2.33B | 2.12B | 2.34B | 2.21B | 4.34B | 6.42B | 5.87B | 5.82B | 6.91B | 8.43B | 12.45B | 12.77B | 11.22B | 5.19B | 4.14B | 4.77B | 3.65B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 1.86B | 1.86B | 1.62B | 1.45B | 1.83B | 1.82B | 1.61B | 3.71B | 2.21B | 3.5B | 3.02B | 2.59B | 4.52B | 5.36B | 9.77B | 7.64B | 4.81B | 4.27B | 4.44B | 3.6B |
| EBITDA Margin % | 38.96% | 41.55% | 40.53% | 39.08% | 48.84% | 47.32% | 46.38% | 46.08% | 24.31% | 36.89% | 33.99% | 26.97% | 33.49% | 33.57% | 42.36% | 37.72% | 45.73% | 49.09% | 43.88% | 50.16% |
| EBITDA Growth % | -23.99% | 14.56% | 12.32% | -21.21% | 0.66% | 12.82% | -56.47% | 67.95% | -36.8% | 15.73% | 16.56% | -42.63% | -15.73% | -45.14% | 27.87% | 58.91% | 12.51% | -3.75% | 23.42% | - |
| Depreciation & Amortization | 846.03M | 815.77M | 513M | 516M | 671M | 799M | 792M | 1.84B | 1.66B | 2.03B | 1.94B | 2.07B | 2.64B | 2.73B | 5.01B | 4.79B | 2.01B | 1.69B | 1.9B | 1.39B |
| D&A / Revenue % | 17.72% | 18.23% | 12.81% | 13.95% | 17.87% | 20.75% | 22.75% | 22.92% | 18.21% | 21.41% | 21.79% | 21.52% | 19.6% | 17.13% | 21.71% | 23.63% | 19.15% | 19.47% | 18.81% | 19.39% |
| Operating Income (EBIT) | 1.01B | 1.04B | 1.11B | 929M | 1.16B | 1.02B | 823M | 1.86B | 554M | 1.47B | 1.08B | 524M | 1.87B | 2.62B | 4.76B | 2.85B | 2.79B | 2.58B | 2.54B | 2.21B |
| Operating Margin % | 21.25% | 23.32% | 27.72% | 25.12% | 30.97% | 26.57% | 23.64% | 23.16% | 6.1% | 15.48% | 12.2% | 5.45% | 13.89% | 16.43% | 20.65% | 14.09% | 26.58% | 29.63% | 25.07% | 30.77% |
| Operating Income Growth % | - | -5.98% | 19.48% | -20.12% | 13.69% | 24.3% | -55.87% | 236.64% | -62.24% | 35.33% | 106.87% | -72.02% | -28.62% | -44.9% | 66.85% | 2.15% | 8.36% | 1.67% | 14.95% | - |
| Interest Expense | 4M | 544.18M | 495M | 531M | 583M | 591M | 569M | 876M | 816M | 935M | 830M | 829M | 1.08B | 2.15B | 2.03B | 1.59B | 536M | 598.53M | 495.63M | 194.84M |
| Interest Coverage | - | 2.47x | 1.95x | 1.65x | 1.66x | 1.76x | 1.66x | 1.86x | 1.76x | 1.67x | 1.56x | 0.97x | 2.77x | 1.22x | 2.35x | 1.54x | 5.57x | 3.59x | 2.80x | 11.88x |
| Interest / Revenue % | 0.08% | 12.16% | 12.36% | 14.36% | 15.53% | 15.35% | 16.34% | 10.88% | 8.98% | 9.87% | 9.34% | 8.63% | 7.99% | 13.47% | 8.8% | 7.84% | 5.1% | 6.88% | 4.9% | 2.72% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 357.39M | 798.48M | 704M | 559M | 802M | 464M | 373M | 1.04B | -248M | 328M | 288M | -595M | 375M | -1.64B | 2.28B | 854M | 2.45B | 1.55B | 891.23M | 2.12B |
| Pretax Margin % | 7.48% | 17.84% | 17.58% | 15.12% | 21.36% | 12.05% | 10.71% | 12.97% | -2.73% | 3.46% | 3.24% | -6.19% | 2.78% | -10.28% | 9.9% | 4.22% | 23.28% | 17.84% | 8.81% | 29.57% |
| Income Tax | 228.93M | 197.33M | 217M | 179M | 69M | 344M | 279M | 462M | 369M | 472M | 635M | 220M | 598M | 1.81B | 906M | 585M | 574M | 435.03M | 303.93M | 593.93M |
| Effective Tax Rate % | 64.05% | 24.71% | 30.82% | 32.02% | 8.6% | 74.14% | 74.8% | 44.25% | -148.79% | 143.9% | 220.49% | -36.97% | 159.47% | -110.41% | 39.7% | 68.5% | 23.46% | 28.02% | 34.1% | 28.01% |
| Net Income | 59.12M | 541.13M | 415M | -2.53B | -162M | 674M | -349M | 622.01M | 582M | -505M | 2.33B | -655M | -647M | -1.99B | 1.54B | 543M | 1.81B | 1.12B | 524.33M | 1.46B |
| Net Margin % | 1.24% | 12.09% | 10.36% | -68.36% | -4.31% | 17.51% | -10.02% | 7.73% | 6.41% | -5.33% | 26.2% | -6.82% | -4.8% | -12.48% | 6.67% | 2.68% | 17.18% | 12.89% | 5.18% | 20.4% |
| Net Income Growth % | -93.99% | 30.39% | 116.42% | -1460.49% | -124.04% | 293.12% | -156.11% | 6.87% | 215.25% | -121.69% | 455.42% | -1.24% | 67.52% | -229.43% | 183.43% | -69.93% | 60.99% | 113.95% | -64.15% | - |
| EPS (Diluted) | 0.83 | 7.50 | 5.73 | -36.00 | -2.25 | 9.57 | -4.99 | 8.89 | -9.99 | -7.24 | 7.87 | -9.21 | -9.25 | -38.25 | 23.75 | 9.00 | 37.50 | 27.67 | 261.03 | 36.00 |
| EPS Growth % | -95.43% | 30.89% | 115.92% | -1500% | -123.51% | 291.78% | -156.13% | 188.99% | -37.98% | -191.99% | 185.45% | 0.43% | 75.82% | -261.05% | 163.89% | -76% | 35.53% | -89.4% | 625.08% | - |
| EPS (Basic) | - | 7.50 | 5.86 | -35.93 | -2.25 | 9.61 | -4.99 | 8.89 | -9.99 | -7.24 | 7.87 | -9.21 | -9.25 | -38.25 | 23.75 | 9.00 | 37.50 | 27.25 | 261.03 | 36.00 |
| Diluted Shares Outstanding | 70.92M | 71.76M | 72.44M | 71.28M | 70.44M | 70.44M | 69.96M | 69.96M | 69.96M | 69.96M | 69.96M | 69.96M | 69.94M | 69.93M | 64.76M | 60.96M | 48.28M | 40.54M | 40.6M | 40.6M |
Quick answers to the most common questions about buying VEON stock.
For fiscal year 2025, VEON Ltd. (VEON) reported total revenue of $4.47B. This represents a 37.6% decline compared to $7.17B in 2007.
VEON Ltd. (VEON) is profitable, generating $541.1M in net income for the fiscal year ending 2025 with a net profit margin of 12.1%.
VEON Ltd. (VEON) reported an operating income of $1.04B, resulting in an operating profit margin of 23.3%. This margin reflects the operational efficiency of the business before interest and taxes.
VEON Ltd. (VEON) generated $3.12B in gross profit for the year, representing a gross profit margin of 69.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical and currency volatility
Revenue Growth Momentum Remains Resilient
As reported in recent financial filings, VEON has demonstrated a clear upward trajectory in top-line performance, with revenue growth accelerating to 17.6% in 2026Q1, a notable improvement from the 1.5% growth observed in 2023Q4, suggesting successful execution of its digital-first strategy across frontier markets.
The acceleration in revenue appears to be driven by the successful migration of subscribers toward data-heavy digital services rather than traditional voice. Investors should monitor whether this growth is sustainable given the inherent volatility in the company's primary operating regions.
Gross Margin Volatility Warrants Caution
Based on the provided income statement data, VEON's gross margins have exhibited significant fluctuations, dropping from a peak of 90.4% in 2025Q2 to 70.0% in 2026Q1, which may indicate shifting cost structures or the impact of inflationary pressures on network maintenance expenses.
The sharp contraction in gross margin suggests that the company's cost of service is becoming increasingly sensitive to local macroeconomic conditions. This volatility implies that the firm's pricing power may be constrained by the need to maintain subscriber volume in highly competitive, price-sensitive markets.
Operating Leverage Remains Highly Variable
According to the latest quarterly data, VEON's operating income has shown extreme variance, ranging from a high of $820 million in 2025Q2 to $309.4 million in 2026Q1, reflecting an inconsistent ability to scale operating expenses relative to the company's gross profit generation.
The lack of a stable relationship between gross profit and operating income suggests that SG&A expenses are not yet fully optimized to support the digital operator transition. This inconsistency may indicate that the company is still incurring significant overhead to maintain its infrastructure footprint.
Net Income Subject to Anomalies
As evidenced by the historical income statements, VEON's net income has been highly erratic, swinging from a $3.6 billion loss in 2023Q4 to a $595 million profit in 2025Q2, which suggests that non-operating items and currency translation effects heavily distort the reported bottom line.
The extreme volatility in net income makes it difficult to assess the underlying profitability of the core business operations. Investors should look past these headline figures to focus on normalized EBITDA to better understand the true cash-generating capacity of the firm.