VEON Ltd. (VEON) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
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VEON Revenue Growth
Revenue Breakdown (FY 2024)
VEON's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
VEON Revenue Analysis (2013–2024)
As of May 6, 2026, VEON Ltd. (VEON) generated trailing twelve-month (TTM) revenue of $4.23 billion, reflecting solid growth of +7.5% year-over-year. The most recent quarter (Q3 2025) recorded $1.11 billion in revenue, up 2.6% sequentially.
Looking at the longer-term picture, VEON's 5-year compound annual growth rate (CAGR) stands at -13.0%, indicating revenue contraction over this period. The company achieved its highest annual revenue of $15.97 billion in 2013.
Revenue diversification analysis shows VEON's business is primarily driven by Mobile (94%), and Fixed (6%). With over half of revenue concentrated in Mobile, the company maintains significant focus in this area while developing other growth vectors.
When compared to Communication Services sector peers including TEF (-5.7% YoY), TKC (+20.6% YoY), and VIV (+7.1% YoY), VEON has underperformed the peer group in terms of revenue growth. Compare VEON vs TEF →
VEON Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| VEONCurrent | $4.2B | +7.5% | -13.0% | 27.7% | |
 TEF | $41.3B | -5.7% | -3.1% | 5.8% | |
 TKC | $166.7B | +20.6% | +46.0% | 21.1% | |
 VIV | $55.8B | +7.1% | +4.8% | 15.5% | |
 LILA | $4.4B | -0.3% | +3.4% | 16.2% | |
 T | $125.6B | +2.9% | -6.1% | 19.2% |
VEON Historical Revenue Data (2013–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $4.00B | +8.3% | $3.49B | 87.1% | $1.11B | 27.7% |
| 2023 | $3.70B | -1.5% | $3.26B | 88.1% | $929.0M | 25.1% |
| 2022 | $3.75B | -2.5% | $3.28B | 87.3% | $1.16B | 31.0% |
| 2021 | $3.85B | +10.6% | $3.37B | 87.4% | $1.02B | 26.6% |
| 2020 | $3.48B | -56.8% | $3.03B | 87.0% | $823.0M | 23.6% |
| 2019 | $8.05B | -11.4% | $6.21B | 77.1% | $1.86B | 23.2% |
| 2018 | $9.09B | -4.1% | $6.97B | 76.7% | $554.0M | 6.1% |
| 2017 | $9.47B | +6.6% | $7.33B | 77.4% | $1.47B | 15.5% |
| 2016 | $8.88B | -7.5% | $6.90B | 77.7% | $1.08B | 12.2% |
| 2015 | $9.61B | -28.8% | $7.44B | 77.4% | $524.0M | 5.5% |
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Start ComparisonVEON — Frequently Asked Questions
Quick answers to the most common questions about buying VEON stock.
Is VEON's revenue growth accelerating or slowing?
VEON maintains +7.5% revenue growth, in line with its 5-year CAGR of -13.0%. TTM revenue stands at $4.2B. Growth rate remains consistent with historical average.
What is VEON's long-term revenue growth rate?
VEON Ltd.'s 5-year revenue CAGR of -13.0% reflects the sustained expansion pattern. Current YoY growth of +7.5% is near this long-term average.
How is VEON's revenue distributed by segment?
VEON reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.