VEON Ltd. ADR (VEON) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.59	$1.48	-6.9%	—	$1.3B	—
Q1 26	$1.3	$1.41	+8.5%	—	$1.2B	—
Q4 25	$1.87	-$0.41	-121.9%	—	$1.2B	—
Q3 25	$1.38	-$0.47	-134.1%	—	$1.1B	—
Q2 25	$0.95	$2.14	+125.3%	—	$1.1B	—
Q1 25	$0.83	$1.38	+66.3%	—	$1B	—
Q4 24	$0.92	$1.01	+9.8%	—	$998M	—
Q3 24	$0.57	$1.39	+143.9%	—	$1B	—
Q2 22	—	$0.06	—	—	$957M	—
Q1 22	$0.05	-$0.09	-280.0%	—	—	—
Q4 21	$0.08	$0.17	+112.5%	—	$2.1B	—
Q3 21	$2.75	$2.28	-17.1%	—	$2B	—
Q2 21	$1.78	$1.53	-14.0%	—	$1.9B	—
Q1 21	$1.75	$1.73	-1.1%	—	$2B	—
Q4 20	$0.5	$0.5	0.0%	—	$2B	—
Q3 20	$1.17	$2.44	+108.5%	—	$1.8B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.5	—	—	$4.4B	—
FY24	—	$5.86	—	—	$4B	—
FY23	—	-$36	—	—	$3.7B	—
FY22	—	-$4.52	—	—	$3.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$8.9B	$9.5B	$9.1B	$8.1B	$3.5B	$3.9B	$3.8B	$3.7B	$4B	$4.4B
YoY change	-7.51%	+6.63%	-4.1%	-11%	-57%	+10.6%	-2.47%	-1.52%	+8.27%	+9.87%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	8.9B	9.5B	9.1B	8.1B	3.5B	3.9B	3.8B	3.7B	4B	4.4B
Cost of revenue	2B	2.1B	2.1B	1.8B	454M	484M	476M	441M	515M	526M
Gross profit	6.9B	7.3B	7B	6.2B	3B	3.4B	3.3B	3.3B	3.5B	3.9B
Gross margin	77.7%	77.4%	76.7%	77.2%	87%	87.4%	87.3%	88.1%	87.1%	88%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.4B	3.5B	3.4B	2.5B	1.4B	1.5B	1.5B	1.6B	1.7B	1.8B
Operating expenses	5.2B	5.5B	5.5B	2.2B	1.4B	1.5B	1.5B	1.6B	1.7B	1.9B
Operating income	1.4B	1.6B	1.5B	2.1B	917M	1.1B	997M	891M	983M	1.1B
Operating margin	15.2%	17.1%	16.5%	25.6%	26.3%	27.4%	26.6%	24.1%	24.6%	24.4%
Non-operating income, net	-305M	-450M	-1B	-202M	6M	-13M	356M	139M	167M	196M
Pretax income	288M	328M	-248M	1B	373M	464M	802M	559M	704M	785M
Income tax	635M	472M	369M	462M	279M	344M	69M	179M	217M	194M
Net income	2.4B	-534M	362M	683M	-316M	801M	-9M	-2.5B	487M	591M
Net margin	27.2%	-5.64%	3.98%	8.44%	-9.08%	20.8%	-0.24%	-66.3%	12.2%	13.4%
EBITDA	3.6B	3.8B	4.3B	4.1B	1.8B	1.9B	1.8B	1.7B	1.8B	1.9B
EPS	34.5	-6.9	8.32	8.88	-5	9.5	-4.52	-36	5.86	7.5
Diluted EPS	34.5	-6.9	8.32	8.88	-5	9.5	-4.52	-36	5.73	7.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	916M	945M	953M	1B	1B	998M	1B	1.1B	1.1B	1.2B	1.2B	1.3B
Cost of revenue	110M	—	—	121M	—	—	129M	—	133M	160M	151M	171M
Gross profit	806M	—	—	906M	—	—	897M	—	982M	1B	1.1B	1.1B
Gross margin	88%	—	—	88.2%	—	—	87.4%	—	88.1%	86.3%	87.4%	86.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	391M	—	—	446M	—	—	458M	462M	633M	244M	533M	550M
Operating expenses	391M	—	—	446M	—	—	458M	462M	620M	399M	533M	548M
Operating income	231M	—	220M	280M	—	—	241M	820M	157M	349M	308M	327M
Operating margin	25.2%	—	23.1%	27.3%	—	—	23.5%	75.4%	14.1%	29.8%	25.6%	25.7%
Non-operating income, net	80M	—	—	-32M	—	—	-2M	—	-110M	-169M	7M	10M
Pretax income	188M	—	149M	142M	—	—	130M	682M	-83M	56M	183M	200M
Income tax	40M	—	57M	53M	—	—	12M	74M	44M	64M	60M	60M
Net income	271M	—	-3.5B	89M	—	—	118M	608M	-127M	-8M	123M	140M
Net margin	29.6%	—	-372%	8.67%	—	—	11.5%	55.9%	-11.4%	-0.68%	10.2%	11%
EBITDA	444M	—	400M	477M	—	—	481M	800M	360M	575M	529M	572M
EPS	3.5	—	-50.7	1	—	1.15	1.5	8.56	-1.91	—	1.5	1.75
Diluted EPS	3.5	—	-50.7	1	—	1.15	1.5	8.3	-1.91	—	1.5	1.75

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.7B	6.7B	4.1B	4.4B	2.6B	3B	859.1M	1.4B	2.8B	3.7B	4.8B
Enterprise value	11.7B	14.6B	10.1B	13.4B	11B	11.3B	5.8B	4.2B	5.5B	6.6B	8.6B
Shares outstanding	70M	70M	70M	70M	69.8M	70.2M	70.1M	70.2M	70.2M	69.8M	69.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	2.78	—	11.3	6.48	—	3.75	—	—	5.78	6.21	73.5
P/S	0.76	0.71	0.45	0.55	0.76	0.78	0.23	0.37	0.7	0.83	1.06
P/B	1.11	1.73	1.47	1.99	2.6	2	1.12	1.29	2.24	2.25	3.39
EV/EBITDA	3.28	3.83	2.35	3.3	6.06	5.99	3.27	2.5	3.11	3.42	4.67
EV/Sales	1.31	1.54	1.11	1.66	3.15	2.94	1.55	1.14	1.36	1.5	1.81
Earnings yield	35.9%	—	8.84%	15.4%	—	26.7%	—	—	17.3%	16.1%	1.36%
FCF yield	3.33%	6.52%	13.9%	30.9%	66.8%	59.3%	180.1%	97.2%	8.63%	11%	9.64%
PEG	—	—	—	—	—	—	—	—	—	—	-0.92

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	77.7%	77.4%	76.7%	77.2%	87%	87.4%	87.3%	88.1%	87.1%	88%	86.5%
Operating margin	15.2%	17.1%	16.5%	25.6%	26.3%	27.4%	26.6%	24.1%	24.6%	24.4%	25.8%
Net margin	27.2%	-5.64%	3.98%	8.44%	-9.08%	20.8%	-0.24%	-66.3%	12.2%	13.4%	1.24%
ROE	40%	-13.7%	13%	30.8%	-31.2%	53.2%	-1.17%	-228.8%	38.7%	36.2%	7.49%
ROA	11.4%	-2.74%	2.57%	4.25%	-2.17%	5.03%	-0.06%	-29.8%	6.06%	6.41%	8.54%
ROIC	0%	0%	17.2%	10.3%	2.47%	2.78%	15.9%	15.6%	17.4%	17.7%	8.07%
Return on tangible assets	33.2%	-9.03%	13.1%	14.6%	-5.06%	8.49%	-0.08%	-49.2%	9.71%	9.66%	1.53%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.69	0.85	0.7	0.43	0.65	1.13	1.1	0.88	0.79	0.91	0.97
Quick ratio	0.67	0.83	0.67	0.4	0.62	1.11	1.1	0.87	0.79	0.9	0.96
Debt / equity	1.34	2.66	2.83	4.66	9.96	7.07	10.7	4.81	3.73	3.15	3.05
Debt / assets	0.38	0.53	0.56	0.64	0.69	0.67	0.54	0.63	0.58	0.56	0.57
Net debt / EBITDA	1.39	2.07	1.4	2.21	4.61	4.4	2.79	1.68	1.51	1.51	1.55
Interest coverage	1.35	1.35	0.7	2.19	1.66	1.79	2.38	2.05	2.42	2.47	1.57
Effective tax rate	100%	100%	0%	44.3%	74.8%	74.1%	8.6%	32%	30.8%	24.7%	64%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	127	135.4	129.9	115.6	49.9	54.8	53.5	52.6	57	63	68.5
EPS (basic)	34.5	-6.9	8.32	8.88	-5	9.5	-4.52	-36	5.86	7.5	7.5
EPS (diluted)	34.5	-6.9	8.32	8.88	-5	9.5	-4.52	-36	5.73	7.5	1
Book value per share	86.4	55.6	39.7	31.7	14.5	21.4	10.9	15.2	17.9	23.4	21.7
FCF per share	3.2	6.26	8.1	19.5	25.2	25.3	22.1	19.1	3.46	5.78	3.09
Cash per share	44.8	34.9	27.1	19	25.2	33.3	46	33.2	29.1	31.8	39
Capex per share	23.4	29.1	27.8	22.6	7.88	9.95	9.04	7.36	7.47	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	18.4%	21.5%	21.4%	19.6%	15.8%	18.2%	16.9%	14%	13.1%	—	—
Capex / operating cash flow	69.2%	59.3%	54.4%	42%	32.6%	42.2%	31.6%	28%	28.6%	—	—
Payout ratio	2.52%	-97%	140.3%	76.1%	-82%	0%	0%	—	—	—	0%
Dividend yield	0.91%	7.71%	12.4%	11.8%	9.83%	0%	0%	—	—	—	0.43%

Yield

0.43%

trailing twelve months

Frequency

Semi-annual

Last dividend

$3.75

ex-dividend Feb 26, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Feb 26, 2020	$3.75
Aug 13, 2019	$3.25
Mar 7, 2019	$4.25
Aug 13, 2018	$3.00
Mar 2, 2018	$4.25
Aug 10, 2017	$2.75
Mar 28, 2017	$4.875
Nov 16, 2016	$0.875

Split history

Date	Ratio

Period	Q2 23	Q3 23	Q4 23	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$916M	$945M	$953M	$1B	$1B	$998M	$1B	$1.1B	$1.1B	$1.2B	$1.2B	$1.3B
YoY change	-4.28%	—	—	+12.1%	+9.84%	+4.72%	—	+5.84%	+7.42%	+17.3%	+17.1%	+16.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.1B	2.4B	1.9B	1.3B	1.8B	2.3B	3.2B	2.3B	2B	2.2B
Receivables	609M	629M	545M	610M	544M	679M	446M	412M	452M	249M
Inventory	125M	72M	141M	169M	111M	111M	18M	23M	15M	32M
Total current assets	4.5B	3.9B	3.1B	2.5B	2.9B	5.4B	9.8B	3.2B	2.9B	3.1B
Property, plant & equipment	6.7B	-2.1B	-3.1B	-2.1B	-2.1B	-3B	-1.1B	-821M	3B	3.8B
Goodwill & intangibles	13.9B	13.6B	11.3B	11.4B	8.3B	6.5B	3.9B	3.2B	3B	3.1B
Total assets	21.2B	19.5B	14.1B	16.1B	14.6B	15.9B	15.1B	8.2B	8B	9.2B
Accounts payable	1.7B	1.5B	1.6B	1.8B	1.9B	2B	1.1B	1.2B	1.3B	1.4B
Short-term debt	—	—	1.3B	2.6B	1.3B	1.2B	2.8B	1.7B	1.7B	1.1B
Total current liabilities	6.6B	4.7B	4.4B	5.8B	4.4B	4.8B	8.9B	3.6B	3.7B	3.4B
Long-term debt	8.1B	10.4B	6.6B	7.8B	8.8B	9.4B	5.3B	3.5B	3B	4B
Total liabilities	15.2B	15.6B	11.3B	13.8B	13.5B	14.4B	14.3B	7.1B	6.8B	7.6B
Shareholders' equity	6B	3.9B	2.8B	2.2B	1B	1.5B	767M	1.1B	1.3B	1.6B
Total debt	8.1B	10.4B	7.9B	10.3B	10.1B	10.6B	8.2B	5.2B	4.7B	5.1B
Net debt	5.1B	9B	6B	9.1B	8.4B	8.4B	5.1B	3.3B	3B	3.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 22	Q4 22	Q2 23	Q4 23	Q2 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.5B	4B	2.6B	2.3B	1.4B	2B	2.1B	1.3B	1.7B	2.2B	2.2B	2.7B
Receivables	783M	—	455M	412M	495M	452M	498M	516M	549M	249M	304M	331M
Inventory	115M	—	19M	23M	22M	15M	16M	—	—	32M	29M	32M
Total current assets	5.7B	9.8B	8.1B	3.2B	2.4B	2.9B	3B	2.6B	2.9B	3.1B	3.1B	3.7B
Property, plant & equipment	—	—	—	-821M	—	3B	—	—	—	3.8B	—	—
Goodwill & intangibles	3.1B	788M	1.7B	3.2B	1.5B	3B	1.5B	1.6B	1.5B	3.1B	1.9B	1.9B
Total assets	17.7B	15.1B	13B	8.2B	7.3B	8B	8.2B	8.5B	8.8B	9.2B	9.6B	10.3B
Accounts payable	1.9B	—	1B	1.2B	1.1B	1.3B	1.3B	1.3B	1.3B	1.4B	1.5B	1.7B
Short-term debt	3.1B	—	1.9B	1.7B	1.4B	1.7B	1.7B	1.1B	1.1B	1.1B	1.4B	1.4B
Total current liabilities	6.5B	6.6B	8.1B	3.6B	3.1B	3.7B	3.8B	3B	3B	3.4B	3.6B	3.8B
Long-term debt	9.4B	7.6B	3.8B	3.5B	3B	3B	3B	3.9B	4B	4B	4B	4.4B
Total liabilities	16.1B	14.3B	12B	7.1B	6.2B	6.8B	6.9B	7B	7.2B	7.6B	7.7B	8.3B
Shareholders' equity	1.6B	776M	988M	1.1B	1.1B	1.3B	1.4B	1.5B	1.6B	1.6B	1.9B	1.9B
Total debt	12.6B	7.6B	5.7B	5.2B	4.3B	4.7B	4.7B	4.9B	5.1B	5.1B	5.4B	5.9B
Net debt	10.2B	4.5B	3.2B	3.3B	3.5B	3B	2.9B	3.6B	3.5B	3.4B	3.7B	3.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	288M	328M	-248M	1B	373M	464M	802M	559M	704M	785M
Depreciation & amortization	2.1B	2.1B	2.7B	2B	792M	799M	778M	729M	731M	811M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-894M	78M	322M	-37M	57M	-159M	-118M	105M	-17M	-65M
Operating cash flow	2.4B	3.4B	3.6B	3.8B	1.7B	1.7B	2B	1.8B	1.8B	1.4B
Capital expenditure	-1.6B	-2B	-1.9B	-1.6B	-550M	-699M	-634M	-517M	-525M	—
Investing cash flow	-2B	-3B	1.9B	-1.8B	-676M	-760M	-667M	-638M	-590M	125M
Dividends paid	-61M	-518M	-508M	-520M	-259M	0	0	—	—	—
Share repurchases	—	—	—	—	—	—	—	0	-8M	-105M
Financing cash flow	-106M	-733M	-3.9B	-1.5B	174M	-192M	456M	-919M	-551M	-548M
Net change in cash	237M	-310M	1.6B	502M	1.2B	704M	1.8B	287M	692M	930M
Free cash flow	224M	438M	567M	1.4B	1.8B	1.8B	1.5B	1.3B	243M	404M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	121M	229M	188M	238M	253M	—	130M	—	—	—	183M	200M
Depreciation & amortization	461M	494M	404M	472M	503M	—	200M	—	—	—	209M	225M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	15M	-75M	3M	-72M	-73M	—	-29M	—	—	—	-20M	-18M
Operating cash flow	698M	807M	745M	802M	850M	—	380M	137M	323M	462M	396M	464M
Capital expenditure	-491M	-573M	-408M	-346M	-469M	—	-172M	—	—	—	—	—
Investing cash flow	-440M	-580M	-446M	-337M	-487M	—	-174M	—	—	—	-65M	-101M
Dividends paid	0	0	0	0	0	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	-24M	—	—	—	-28M	-34M
Financing cash flow	591M	-423M	-113M	1M	-141M	—	-151M	—	—	—	-87M	333M
Net change in cash	849M	-196M	186M	466M	222M	—	55M	137M	323M	462M	244M	696M
Free cash flow	77M	23M	195M	457M	168M	-544M	224M	137M	323M	-487M	132M	251M

VEON Ltd. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement