VEON Ltd. (VEON) Revenue History
Annual and quarterly revenue from 2007 to present
VEON Revenue Over Time (2007–2025)
VEON Revenue Growth History
8 of 18 years with positive growth- FY2007 revenue growth
- N/A
- FY2008 revenue growth
- +41.1%
- FY2009 revenue growth
- -14.0%
- FY2010 revenue growth
- +20.8%
- FY2011 revenue growth
- +92.6%
- FY2012 revenue growth
- +13.9%
- FY2013 revenue growth
- -30.8%
- FY2014 revenue growth
- -15.5%
- FY2015 revenue growth
- -28.8%
- FY2016 revenue growth
- -7.5%
- FY2017 revenue growth
- +6.6%
- FY2018 revenue growth
- -4.1%
- FY2019 revenue growth
- -11.4%
- FY2020 revenue growth
- -56.8%
- FY2021 revenue growth
- +10.6%
- FY2022 revenue growth
- -2.5%
- FY2023 revenue growth
- -1.5%
- FY2024 revenue growth
- +8.3%
- FY2025 revenue growth
- +11.8%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $1.21B | +17.6% |
| Q4 2025 | $1.18B | +18.5% |
| Q3 2025 | $1.11B | +7.5% |
| Q2 2025 | $1.09B | +5.8% |
| Q1 2025 | $1.03B | +8.9% |
| Q4 2024 | $998.0M | +4.7% |
| Q3 2024 | $1.04B | +9.7% |
| Q2 2024 | $1.03B | +12.1% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
VEON's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
VEON Revenue Analysis (2007–2025)
Current Revenue & Growth
As of June 21, 2026, VEON Ltd. (VEON) generated trailing twelve-month (TTM) revenue of $4.59 billion, reflecting strong growth of +17.6% year-over-year. The most recent quarter (Q1 2026) recorded $1.21 billion in revenue, up 2.0% sequentially.
Historical Growth Trajectory
VEON's 5-year compound annual growth rate (CAGR) stands at +5.1%, indicating steady revenue expansion. The 3-year CAGR of +6.0% exceeds the 5-year average, indicating an acceleration in the most recent period. VEON Ltd.'s highest annual revenue of $23.06 billion was recorded in 2012.
Revenue by Segment
VEON's revenue is primarily driven by Digital Financial Services (56%), and Other Digital (44%). With over half of revenue concentrated in Digital Financial Services, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Communication Services sector peers — including TEF (-5.7% YoY), TKC (-2.5% YoY), and VIV (+6.9% YoY) — VEON has outperformed the peer group in 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 | $4.6B | +17.6% | +5.1% | 23.3% | |
 TEF | $41.3B | -5.7% | -3.1% | 5.8% | |
 TKC | $6.1B | -2.5% | -38.5% | 17.0% | |
 VIV | $58.4B | +6.9% | +6.3% | 15.2% | |
 LILA | $4.4B | +0.0% | +3.4% | 16.2% | |
 T | $125.6B | +2.9% | -6.1% | 19.2% |
VEON Historical Revenue Data (2007–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $4.47B | +11.8% | $3.12B | 69.8% | $1.04B | 23.3% |
| 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% |
| 2014 | $13.49B | -15.5% | $10.30B | 76.4% | $1.87B | 13.9% |
| 2013 | $15.97B | -30.8% | $11.93B | 74.7% | $2.62B | 16.4% |
| 2012 | $23.06B | +13.9% | $16.93B | 73.4% | $4.76B | 20.6% |
| 2011 | $20.25B | +92.6% | $14.62B | 72.2% | $2.85B | 14.1% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
19+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
VEON — Frequently Asked Questions
Quick answers to the most common questions about buying VEON stock.
Is VEON's revenue growth accelerating or slowing?
VEON revenue growth is accelerating. TTM revenue reached $4.6B, up +17.6% year-over-year — ahead of the 5-year CAGR of +5.1%. This indicates the business is expanding faster than its historical baseline.
What is VEON's revenue history from 2007 to 2026?
VEON Ltd. (VEON) revenue history spans 2007 to 2026. TTM revenue as of 2026 is $4.6B, growing at +17.6% YoY. The 5-year CAGR is +5.1%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is VEON's long-term revenue growth rate (CAGR)?
VEON Ltd.'s 5-year revenue CAGR of +5.1% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +17.6% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for VEON.
Why does VEON's quarterly revenue fluctuate?
VEON quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. VEON Ltd.'s revenue data from 2007 to 2026 shows full historical quarterly detail on this page.
How is VEON's revenue distributed by segment?
VEON reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does VEON's revenue compare to industry peers?
VEON Ltd. (VEON) with TTM revenue of $4.6B and +17.6% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.