Revenue volatility remains high, with gross margins contracting from historical peaks near 40% to 30.5% in 2026Q4, reflecting intense competitive pressure.
Vodafone Group Public Limited Company (VOD) annual income statement — 30-year revenue, gross profit & net income history
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 40.73B | 37.45B | 36.72B | 37.67B | 37.01B | 43.81B | 45.92B | 44.98B | 46.57B | 47.63B | 51.96B | 57.74B | 46.39B | 45.13B | 46.59B | 52.22B | 49.92B | 44.29B | 44.58B | 45.83B | 42.09B | 38.89B | 50.28B | 44.02B | 37.36B | 24.27B | 13.12B | 5.03B | 3.84B | 2.47B |
| Revenue Growth % | 8.77% | 1.99% | -2.54% | 1.79% | -15.52% | -4.6% | 2.09% | -3.41% | -2.23% | -8.32% | -10.02% | 24.48% | 2.77% | -3.13% | -10.79% | 4.61% | 12.72% | -0.64% | -2.72% | 8.88% | 8.22% | -22.64% | 14.22% | 17.83% | 53.91% | 84.94% | 161.06% | 31.02% | 55.38% | 44.95% |
| Cost of Goods Sold | 27.91B | 24.93B | 24.46B | 24.36B | 23.95B | 30.09B | 33.58B | 33.22B | 32.77B | 34.58B | 38.59B | 42.23B | 33.8B | 31.52B | 32.65B | 35.07B | 33.05B | 27.9B | 27.5B | 27.59B | 24.48B | 23.03B | 29.11B | 25.89B | 21.99B | 14.07B | 6B | 2.26B | 0 | 1.07B |
| COGS % of Revenue | 68.53% | 66.57% | 66.61% | 64.66% | 64.71% | 68.68% | 73.12% | 73.84% | 70.37% | 72.59% | 74.28% | 73.13% | 72.87% | 69.84% | 70.07% | 67.16% | 66.2% | 63% | 61.7% | 60.2% | 58.16% | 59.22% | 57.91% | 58.81% | 58.86% | 57.99% | 45.73% | 44.98% | - | 43.52% |
| Gross Profit | 12.82B | 12.52B | 12.26B | 13.31B | 13.06B | 13.72B | 12.34B | 11.77B | 13.8B | 13.05B | 13.36B | 15.51B | 12.59B | 13.61B | 13.95B | 17.15B | 16.88B | 16.39B | 17.07B | 18.24B | 17.61B | 15.86B | 21.16B | 18.13B | 15.37B | 10.2B | 7.12B | 2.77B | 3.84B | 1.39B |
| Gross Margin % | 31.47% | 33.43% | 33.39% | 35.34% | 35.29% | 31.32% | 26.88% | 26.16% | 29.63% | 27.41% | 25.72% | 26.87% | 27.13% | 30.16% | 29.93% | 32.84% | 33.8% | 37% | 38.3% | 39.8% | 41.84% | 40.78% | 42.09% | 41.19% | 41.14% | 42.01% | 54.27% | 55.02% | 100% | 56.48% |
| Gross Profit Growth % | 2.39% | 2.13% | -7.92% | 1.92% | -4.82% | 11.18% | 4.92% | -14.74% | 5.71% | -2.3% | -13.86% | 23.26% | -7.55% | -2.38% | -18.69% | 1.64% | 2.99% | -4.02% | -6.39% | 3.57% | 11.04% | -25.07% | 16.72% | 17.97% | 50.72% | 43.18% | 157.47% | -27.91% | 175.1% | 44.12% |
| Operating Expenses | 9.31B | 12.93B | 8.59B | -1.14B | 7.32B | 8.59B | 7.5B | 7.52B | 9.47B | 9.09B | 11.1B | 12.74B | 17.95B | 16.23B | 3.7B | 3.78B | 3.88B | 10.06B | 7.97B | 7.41B | 7.57B | 6.34B | 57.3B | 50.83B | 32.34B | 18.79B | 11.88B | 3.85B | 2.87B | 1.81B |
| OpEx % of Revenue | 22.86% | 34.53% | 23.4% | -3.02% | 19.78% | 19.62% | 16.34% | 16.73% | 20.33% | 19.09% | 21.37% | 22.06% | 38.7% | 35.95% | 7.94% | 7.24% | 7.76% | 22.72% | 17.89% | 16.16% | 17.98% | 16.31% | 113.97% | 115.48% | 86.56% | 77.43% | 90.5% | 76.55% | 74.84% | 73.16% |
| Selling, General & Admin | 9.31B | 8.38B | 8.44B | 8.13B | 7.55B | 8.87B | 7.5B | 7.52B | 9.13B | 9.84B | 11.01B | 12.58B | 8.8B | 8.33B | 8.14B | 3.77B | 9.33B | 8.11B | 4.87B | 5.06B | 4.9B | 4.16B | 8.46B | 7.82B | 14.41B | 5.11B | 2.97B | 1.05B | 0 | 476.55M |
| SG&A % of Revenue | 22.86% | 22.38% | 22.99% | 21.58% | 20.4% | 20.25% | 16.34% | 16.73% | 19.6% | 20.66% | 21.18% | 21.79% | 18.98% | 18.45% | 17.48% | 7.21% | 18.68% | 18.31% | 10.93% | 11.05% | 11.64% | 10.71% | 16.83% | 17.76% | 38.58% | 21.04% | 22.65% | 20.97% | - | 19.3% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 294.02M | 0 | 295.39M | 288.65M | 256.18M | 0 | 179.99M | 116.47M | 76.68M | 55.06M | 52.18M | 47.02M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.66% | - | 0.7% | 0.74% | 0.51% | - | 0.48% | 0.48% | 0.58% | 1.1% | 1.36% | 1.9% |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 3.51B | -411M | 3.67B | 14.45B | 5.74B | 5.13B | 4.84B | 4.24B | 4.82B | 3.12B | 1.75B | 2.69B | 2.91B | -2.61B | 12.58B | 6.37B | 10.64B | 6.32B | 12.62B | -2.3B | -20.2B | 11.47B | -7.15B | -7.67B | -16.97B | -10.42B | 1.64B | 1.27B | 973.37M | 699.31M |
| Operating Margin % | 8.61% | -1.1% | 9.98% | 38.36% | 15.51% | 11.71% | 10.54% | 9.43% | 10.35% | 6.55% | 3.36% | 4.66% | 6.28% | -5.79% | 27.01% | 12.2% | 21.32% | 14.28% | 28.32% | -5.03% | -47.99% | 29.5% | -14.23% | -17.43% | -45.42% | -42.92% | 12.46% | 25.2% | 25.37% | 28.32% |
| Operating Income Growth % | 953.62% | -111.21% | -74.64% | 151.76% | 11.91% | 5.95% | 14.14% | -12.03% | 54.57% | 78.63% | -35.08% | -7.7% | 211.54% | -120.76% | 97.57% | -40.15% | 68.27% | -49.9% | 647.85% | 88.59% | -276.01% | 260.37% | 6.75% | 54.78% | -62.9% | -736.95% | 29.09% | 30.15% | 39.19% | 23.56% |
| EBITDA | 16.05B | 10.39B | 14.08B | 24.71B | 16.16B | 19.23B | 19.31B | 14.33B | 15.23B | 14.21B | 13.79B | 15.77B | 12.06B | 5.29B | 22.02B | 15.33B | 19.52B | 13.68B | 20.04B | 5.23B | -11.84B | 19.52B | 19B | 15.3B | 5.72B | -7.8B | 2.9B | 1.71B | 1.34B | 917.16M |
| EBITDA Margin % | 39.39% | 27.75% | 38.34% | 65.58% | 43.66% | 43.9% | 42.06% | 31.86% | 32.7% | 29.82% | 26.54% | 27.31% | 26% | 11.72% | 47.25% | 29.36% | 39.1% | 30.89% | 44.96% | 11.4% | -28.13% | 50.18% | 37.79% | 34.76% | 15.32% | -32.14% | 22.09% | 34.04% | 35% | 37.14% |
| EBITDA Growth % | 54.39% | -26.18% | -43.01% | 52.91% | -15.98% | -0.43% | 34.76% | -5.9% | 7.22% | 3.01% | -12.55% | 30.76% | 127.95% | -75.97% | 43.58% | -21.45% | 42.68% | -31.74% | 283.56% | 144.14% | -160.66% | 2.74% | 24.16% | 167.38% | 173.36% | -369.08% | 69.42% | 27.4% | 46.44% | 29.55% |
| D&A (Non-Cash Add-back) | 12.54B | 10.8B | 10.41B | 10.26B | 10.42B | 14.1B | 14.47B | 10.09B | 10.41B | 11.09B | 12.04B | 13.08B | 9.15B | 7.9B | 9.43B | 8.96B | 8.88B | 7.36B | 7.42B | 7.53B | 8.36B | 8.04B | 26.15B | 22.97B | 22.69B | 2.62B | 1.26B | 444.23M | 369.75M | 217.85M |
| EBIT | 3.51B | 810M | 4.37B | 15.53B | 6.44B | 6.91B | 6.19B | -92.71M | 5.08B | 4.5B | 1.04B | 3.1B | -4.79B | -2.67B | 6.7B | 11.67B | 10.62B | 6.33B | 13B | -2.3B | -20.21B | 11.49B | -7.15B | -7.66B | -16.97B | -10.42B | 2.9B | 1.27B | 1B | 812.82M |
| Net Interest Income | -986.58M | -1.93B | -2.35B | -1.9B | -1.86B | -2.07B | -2.18B | -1.47B | -1.19B | -1.71B | -1.23B | -1.37B | -1.59B | -1.46B | -1.72B | 10.24M | -742.03M | -2.61B | -1.37B | 0 | 0 | 0 | 886.88M | 0 | -823.05M | -1.38B | -555.11M | -114.01M | -76.71M | -23.15M |
| Interest Income | 1.4B | 356M | 395M | 561M | 428M | 485M | 354M | 139M | 452M | 1.17B | 0 | 1.21B | 1.01B | 109.15M | 10.8M | 1.32B | 720.7M | 281.83M | 320.4M | 0 | 0 | 0 | 886.88M | 0 | 765.78M | 495.01M | 91.69M | 21.55M | 25.47M | 28.52M |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.88B | -1.48B | 1.62B | 13.07B | 4.15B | 4.35B | 811.74M | -2.69B | 3.88B | 2.79B | -569.35M | 1.5B | -6.38B | -4.13B | 10.79B | 10.81B | 9.74B | 4.52B | 11.31B | -3.51B | -21.3B | 10.62B | -7.56B | -9.08B | -22.92B | -13.08B | 2.25B | 1.4B | 1.01B | 761.15M |
| Pretax Margin % | 4.61% | -3.95% | 4.41% | 34.7% | 11.21% | 9.92% | 1.77% | -5.98% | 8.33% | 5.86% | -1.1% | 2.59% | -13.74% | -9.16% | 23.15% | 20.7% | 19.5% | 10.21% | 25.37% | -7.66% | -50.61% | 27.31% | -15.04% | -20.62% | -61.35% | -53.89% | 17.13% | 27.83% | 26.32% | 30.82% |
| Income Tax | 1.82B | 2.25B | 50M | 492M | 1.56B | 3.86B | 1.28B | 1.54B | -879M | 4.76B | 4.27B | -6.52B | -20.06B | 564.75M | 2.39B | 1.85B | 62.86M | 1.2B | 2.82B | 3.57B | 3.41B | 2.72B | 4.73B | 4.28B | 3.5B | 2.31B | 1.14B | 377.2M | 315.55M | 242.7M |
| Effective Tax Rate % | 96.83% | -151.96% | 3.09% | 3.76% | 37.62% | 88.89% | 157.23% | -57.25% | -22.67% | 170.63% | -750.33% | -435.16% | 314.65% | -13.67% | 22.19% | 17.14% | 0.65% | 26.47% | 24.94% | -101.68% | -16.02% | 25.66% | -62.49% | -47.2% | -15.27% | -17.64% | 50.78% | 26.96% | 31.25% | 31.89% |
| Net Income | -399.66M | -4.17B | 1.14B | 11.84B | 2.24B | 59M | -939.37M | -4.74B | 4.41B | -2.19B | -5.1B | 7.88B | 13.48B | 490.01M | 8.34B | 9.07B | 9.7B | 3.32B | 8.37B | -7.99B | -31.43B | 9.34B | -13.51B | -14.31B | -26.42B | -15.99B | 811.83M | 952.66M | 650.37M | 513.64M |
| Net Margin % | -0.98% | -11.13% | 3.1% | 31.42% | 6.04% | 0.13% | -2.05% | -10.53% | 9.47% | -4.6% | -9.82% | 13.64% | 29.07% | 1.09% | 17.9% | 17.37% | 19.44% | 7.5% | 18.77% | -17.44% | -74.67% | 24.03% | -26.86% | -32.51% | -70.72% | -65.88% | 6.19% | 18.95% | 16.95% | 20.8% |
| Net Income Growth % | 90.41% | -465.7% | -90.37% | 429.19% | 3691.53% | 106.28% | 80.18% | -207.5% | 301.28% | 57.08% | -164.77% | -41.57% | 2651.62% | -94.12% | -8.05% | -6.55% | 191.99% | -60.28% | 204.68% | 74.56% | -436.31% | 169.19% | 5.61% | 45.84% | -65.21% | -2069.71% | -14.78% | 46.48% | 26.62% | 36.46% |
| Net Income (Continuing) | 59.4M | -3.72B | 1.57B | 12.58B | 2.59B | 483M | -464.58M | -4.23B | 4.76B | -1.97B | -5.13B | 7.8B | 13.69B | -4.7B | 4.13B | 8.96B | 9.67B | 3.33B | 8.49B | -7.27B | -24.86B | 7.74B | -13.49B | -14.2B | -26.42B | -15.8B | 1.11B | 953.09M | 649.96M | 518.44M |
| Discontinued Operations | -108.72M | -22M | 0 | -247M | 185M | 0 | 0 | -118.47M | 0 | 0 | 0 | 0 | 0 | 5.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.74B | 1.26B | 1.03B | 1.18B | 2.55B | 2.01B | 1.22B | 1.23B | 967M | 1.52B | 1.82B | 2.17B | 1.18B | 1.2B | 1.52B | 6.83M | 481.59M | -1.5B | -1.98B | 332.97M | -162.04M | -221.59M | 4.5B | 4.14B | 4.67B | 3.92B | 2.55B | 164.14M | 150.63M | 82.74M |
| EPS (Diluted) | -0.16 | -1.60 | 0.42 | 4.30 | 0.77 | 0.02 | -0.37 | -1.60 | 1.60 | -0.78 | -1.90 | 3.00 | 5.10 | 0.18 | 3.00 | 3.20 | 3.40 | 1.40 | 2.90 | -3.30 | -12.80 | 2.90 | -5.50 | -5.80 | -10.80 | -6.50 | 0.33 | 0.39 | 0.26 | 0.21 |
| EPS Growth % | 90% | -480.95% | -90.23% | 458.44% | 3750% | 105.41% | 76.88% | -200% | 305.13% | 58.95% | -163.33% | -41.18% | 2733.33% | -94% | -6.25% | -5.88% | 142.86% | -51.72% | 187.88% | 74.22% | -541.38% | 152.73% | 5.17% | 46.3% | -66.15% | -2069.7% | -15.38% | 50% | 23.81% | 40% |
| EPS (Basic) | -0.16 | -1.60 | 0.44 | 4.30 | 0.77 | 0.02 | -0.37 | -1.60 | 1.60 | -0.78 | -1.90 | 3.00 | 5.10 | 0.18 | 3.00 | 3.20 | 3.40 | 1.40 | 2.90 | -3.30 | -12.80 | 3.00 | -5.50 | -5.80 | -10.80 | -6.50 | 0.33 | 0.39 | 0.26 | 0.21 |
| Diluted Shares Outstanding | 2.4B | 2.62B | 2.72B | 2.78B | 2.45B | 2.45B | 2.45B | 2.76B | 2.79B | 2.8B | 2.67B | 2.66B | 2.67B | 2.73B | 2.78B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B |
| Basic Shares Outstanding | 2.4B | 2.65B | 2.71B | 2.77B | 2.45B | 2.45B | 2.45B | 2.76B | 2.78B | 2.8B | 2.67B | 2.65B | 2.65B | 2.72B | 2.76B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B | 2.45B |
| Dividend Payout Ratio | - | - | 213.16% | 20.98% | 110.59% | 4113.56% | - | - | 88.93% | - | - | 47.7% | 45.54% | 1163.68% | 95.61% | 56.07% | 47.88% | 130.38% | 54.92% | - | - | 31.06% | - | - | - | - | 64.44% | 18.62% | 29.7% | 35.77% |
Quick answers to the most common questions about buying VOD stock.
For fiscal year 2026, Vodafone Group Public Limited Company (VOD) reported total revenue of $40.73B. This represents a 1549.5% increase compared to $2.47B in 1997.
Vodafone Group Public Limited Company (VOD) reported a net loss of $399.7M for the fiscal year ending 2026.
Vodafone Group Public Limited Company (VOD) reported an operating income of $3.51B, resulting in an operating profit margin of 8.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Vodafone Group Public Limited Company (VOD) generated $12.82B in gross profit for the year, representing a gross profit margin of 31.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and structural churn
Revenue Volatility Masks Structural Shifts
According to the provided financial data, Vodafone's revenue trajectory remains highly inconsistent, with quarterly figures fluctuating between $14.2 billion and $23.1 billion, reflecting the ongoing impact of portfolio pruning and the deconsolidation of major European assets that complicates year-over-year organic growth assessments for investors.
The erratic revenue pattern suggests that the company is in a state of significant transition rather than steady-state growth. Investors should monitor whether the recent 10.3% revenue growth in 2026Q4 represents a sustainable recovery or merely a temporary fluctuation resulting from the complex divestment of regional operations.
Gross Margin Compression Remains Persistent
As reported in the income statement, Vodafone's gross margin has trended downward from historical peaks near 40% to approximately 30.5% in 2026Q4, indicating that the company is struggling to maintain pricing power amidst intense competitive pressures and rising network access costs across its core European markets.
The erosion of gross margins suggests that the company's convergence strategy is not yet providing the expected insulation from competitive pricing wars. This trend warrants further investigation into whether the current cost-to-serve model is fundamentally incompatible with the prevailing competitive landscape in Germany and the UK.
Operating Leverage Constrained by Overhead
Based on the latest quarterly figures, operating income has failed to scale proportionally with revenue, as evidenced by a thin 5.3% operating margin in 2026Q4, which highlights the difficulty of managing a massive, fixed-cost infrastructure base while simultaneously attempting to streamline the corporate cost structure.
The inability to consistently expand operating margins suggests that the company's SG&A expenses remain sticky despite efforts to simplify the organization. This lack of operating leverage implies that any further revenue deceleration could lead to disproportionate pressure on the company's bottom-line profitability.
Net Income Volatility Obscures Performance
Financial statements reveal extreme volatility in net income, ranging from a $10.5 billion profit in 2023Q4 to a $5.2 billion loss in 2025Q4, which appears to be driven by non-operating items, asset disposals, and significant accounting adjustments rather than core operational performance trends.
The wide swings in net income suggest that reported EPS figures may not be a reliable indicator of the company's underlying cash-generating capability. Analysts should focus on EBITDAaL and cash flow metrics to strip away the noise created by the company's aggressive portfolio restructuring and non-cash accounting charges.
Structural Risks to Profitability Narrative
While management emphasizes a transition to an asset-light model, the persistent negative net margin of -5.9% in 2026Q4 suggests that the company's debt-servicing requirements and legacy infrastructure costs may continue to outweigh the benefits of recent divestments, posing a significant risk to future dividend sustainability.
Short-sellers would likely focus on the company's inability to achieve consistent profitability despite years of restructuring efforts. The reliance on non-core asset sales to manage the balance sheet may be masking a fundamental deterioration in the core telecommunications business that could become more apparent as the portfolio shrinks.