What is Veon Ltd's earnings per share (EPS)?

Veon Ltd (VEON) reported diluted earnings per share of $0.30 for fiscal year 2025. This represents a 30.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Veon Ltd Financials

VEON

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Veon Ltd (VEON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VEON FY2025 2026-04-22

VEON’s recent improvement is driven by balance-sheet repair and profit normalization, not by building a large liquidity cushion.

From FY2023 to FY2025, net income swung from -$2.45B to $591M. At the same time, debt to equity fell from 3.5x to 1.9x while cash was broadly flat, implying the recovery came more from restoring equity and reducing leverage than from building a bigger liquidity reserve.

The sales base looks steadier than the bottom line: revenue rose from $3.7B to $4.4B across FY2023-FY2025. Over the same span, net margin moved from -66.3% to 13.4%, so the decisive swing sat below the revenue line rather than in demand alone.

Even after that repair, liquidity remains tight: the current ratio stayed below 1.0x in every year shown and was 0.9x in FY2025. With cash of $1.7B against current liabilities of $3.4B, the company still appears to run on disciplined rollover and working-capital management rather than a large short-term buffer.

Financial Health Signals

Financial Profile 21/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Veon Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Veon Ltd's revenue grew 9.9% year-over-year to $4.4B, a solid pace of expansion. This earns a growth score of 48/100.

Leverage

Veon Ltd has a moderate D/E ratio of 1.92. This balance of debt and equity financing earns a leverage score of 63/100.

Liquidity

Veon Ltd's current ratio of 0.91 is below the typical benchmark, resulting in a score of 13/100. However, the company holds substantial cash reserves (50% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

Veon Ltd generates a 36.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 38.7% the prior year.

Piotroski F-Score Neutral

5/9

Veon Ltd passes 5 of 9 financial strength tests. All 2 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.4B

YoY+9.9%

5Y CAGR+4.8%

10Y CAGR-7.5%

Veon Ltd generated $4.4B in revenue in fiscal year 2025. This represents an increase of 9.9% from the prior year.

EBITDA

N/A

Net Income

$591.0M

YoY+21.4%

Veon Ltd reported $591.0M in net income in fiscal year 2025. This represents an increase of 21.4% from the prior year.

EPS (Diluted)

$0.30

YoY+30.4%

5Y CAGR+38.0%

Veon Ltd earned $0.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 30.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1.7B

YoY+2.5%

5Y CAGR+0.7%

10Y CAGR-7.1%

Veon Ltd held $1.7B in cash against $3.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

1.85B

YoY+0.0%

5Y CAGR+1.0%

Veon Ltd had 1.85B shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

13.4%

YoY+1.3pp

5Y CAGR+22.5pp

10Y CAGR+19.2pp

Veon Ltd's net profit margin was 13.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.3 percentage points from the prior year.

Return on Equity

36.2%

YoY-2.6pp

5Y CAGR+67.4pp

10Y CAGR+50.4pp

Veon Ltd's ROE was 36.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$733.0M

YoY+16.9%

5Y CAGR+5.9%

Veon Ltd invested $733.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 16.9% from the prior year.

VEON Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.4B+9.9%	$4.0B+8.3%	$3.7B-1.5%	$3.8B-2.5%	$3.9B+10.6%	$3.5B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$194.0M-10.6%	$217.0M+21.2%	$179.0M+159.4%	$69.0M-79.9%	$344.0M+23.3%	$279.0M
Net Income	$591.0M+21.4%	$487.0M+119.9%	-$2.5B-27122.2%	-$9.0M-101.1%	$801.0M+353.5%	-$316.0M
EPS (Diluted)	$0.30+30.4%	$0.23+35.3%	$0.17-54.1%	$0.37+825.0%	$0.04-33.3%	$0.06

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	$1.1B	N/A	$1.0B	N/A	$916.0M	N/A	$957.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$74.0M	N/A	$53.0M	N/A	$40.0M	N/A	$71.0M
Net Income	N/A	$608.0M	N/A	$89.0M	N/A	$271.0M	N/A	$184.0M
EPS (Diluted)	N/A	N/A	N/A	$0.04	N/A	$0.06	N/A	$-0.02

VEON Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$9.2B+14.7%	$8.0B-2.2%	$8.2B-45.5%	$15.1B-5.3%	$15.9B+9.4%	$14.6B
Current Assets	$3.1B+10.7%	$2.8B-10.9%	$3.2B-20.7%	$4.0B+12.0%	$3.6B+24.7%	$2.9B
Cash & Equivalents	$1.7B+2.5%	$1.7B-11.2%	$1.9B-38.8%	$3.1B+38.0%	$2.3B+34.9%	$1.7B
Inventory	$32.0M+113.3%	$15.0M-34.8%	$23.0M+27.8%	$18.0M-83.8%	$111.0M0.0%	$111.0M
Accounts Receivable	$601.0M+34.2%	$448.0M-17.3%	$542.0M+18.9%	$456.0M-33.9%	$690.0M+20.6%	$572.0M
Goodwill	$399.0M+18.0%	$338.0M-3.2%	$349.0M-11.4%	$394.0M-74.4%	$1.5B-42.5%	$2.7B
Total Liabilities	$7.6B+11.8%	$6.8B-5.1%	$7.1B-50.1%	$14.3B-0.7%	$14.4B+6.5%	$13.5B
Current Liabilities	$3.4B-5.4%	$3.6B+1.2%	$3.6B-22.8%	$4.6B+6.0%	$4.4B-0.6%	$4.4B
Long-Term Debt	$3.1B-6.1%	$3.3B-9.7%	$3.7B-44.4%	$6.7B-12.2%	$7.6B-1.1%	$7.7B
Total Equity	$1.6B+30.0%	$1.3B+17.4%	$1.1B+39.6%	$767.0M-49.0%	$1.5B+48.6%	$1.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$9.2B+8.9%	$8.5B+5.3%	$8.0B+9.6%	$7.3B-10.8%	$8.2B-36.8%	$13.0B-13.7%	$15.1B-14.8%	$17.7B
Current Assets	$3.1B+21.1%	$2.6B-8.6%	$2.8B+25.5%	$2.2B-29.0%	$3.2B-5.0%	$3.3B-16.5%	$4.0B+4.9%	$3.8B
Cash & Equivalents	$1.7B+35.1%	$1.3B-24.1%	$1.7B+95.9%	$862.0M-54.7%	$1.9B-22.6%	$2.5B-20.9%	$3.1B+32.8%	$2.3B
Inventory	$32.0M+88.2%	$17.0M+13.3%	$15.0M-31.8%	$22.0M-4.3%	$23.0M+21.1%	$19.0M+5.6%	$18.0M-84.3%	$115.0M
Accounts Receivable	$601.0M+16.5%	$516.0M+15.2%	$448.0M-9.5%	$495.0M-8.7%	$542.0M+19.1%	$455.0M-0.2%	$456.0M-41.8%	$783.0M
Goodwill	$399.0M+4.5%	$382.0M+13.0%	$338.0M-2.0%	$345.0M-1.1%	$349.0M0.0%	$349.0M-11.4%	$394.0M-68.6%	$1.3B
Total Liabilities	$7.6B+8.8%	$7.0B+2.8%	$6.8B+9.1%	$6.2B-13.1%	$7.1B-40.6%	$12.0B-16.0%	$14.3B-11.3%	$16.1B
Current Liabilities	$3.4B+14.7%	$3.0B-17.5%	$3.6B+18.0%	$3.1B-14.3%	$3.6B+1.9%	$3.5B-24.3%	$4.6B-24.3%	$6.1B
Long-Term Debt	$3.1B	N/A	$3.3B	N/A	$3.7B	N/A	$6.7B	N/A
Total Equity	$1.6B+9.2%	$1.5B+19.0%	$1.3B+12.4%	$1.1B+4.4%	$1.1B+8.4%	$988.0M+28.8%	$767.0M-50.9%	$1.6B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VEON Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	$2.4B
Capital Expenditures	$733.0M+16.9%	$627.0M+18.1%	$531.0M-16.2%	$634.0M-9.3%	$699.0M+27.1%	$550.0M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$1.9B
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$1.9B
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$103.0M
Dividends Paid	N/A	N/A	N/A	$0	$0-100.0%	$259.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VEON Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	13.4%+1.3pp	12.2%+78.4pp	-66.3%-66.0pp	-0.2%-21.1pp	20.8%+29.9pp	-9.1%
Return on Equity	36.2%-2.6pp	38.7%+267.5pp	-228.8%-227.6pp	-1.2%-54.4pp	53.2%+84.4pp	-31.2%
Return on Assets	6.4%+0.4pp	6.1%+35.9pp	-29.8%-29.8pp	-0.1%-5.1pp	5.0%+7.2pp	-2.2%
Current Ratio	0.91+0.1	0.78-0.1	0.88+0.0	0.86+0.0	0.81+0.2	0.65
Debt-to-Equity	1.92-0.7	2.66-0.8	3.46-5.2	8.70+3.6	5.05-2.5	7.58
FCF Margin	N/A	N/A	N/A	N/A	N/A	54.4%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	55.9%	N/A	8.7%	N/A	29.6%	N/A	19.2%
Return on Equity	N/A	40.6%	N/A	8.0%	N/A	27.4%	N/A	11.8%
Return on Assets	N/A	7.2%	N/A	1.2%	N/A	2.1%	N/A	1.0%
Current Ratio	0.91+0.0	0.86+0.1	0.78+0.0	0.73-0.2	0.88-0.1	0.95+0.1	0.86+0.2	0.62
Debt-to-Equity	1.92-2.7	4.66+2.0	2.66-2.9	5.56+2.1	3.46-8.7	12.17+3.5	8.70-1.6	10.32
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Veon Ltd's annual revenue?

Veon Ltd (VEON) reported $4.4B in total revenue for fiscal year 2025. This represents a 9.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Veon Ltd's revenue growing?

Veon Ltd (VEON) revenue grew by 9.9% year-over-year, from $4.0B to $4.4B in fiscal year 2025.

Is Veon Ltd profitable?

Yes, Veon Ltd (VEON) reported a net income of $591.0M in fiscal year 2025, with a net profit margin of 13.4%.

How much debt does Veon Ltd have?

As of fiscal year 2025, Veon Ltd (VEON) had $1.7B in cash and equivalents against $3.1B in long-term debt.

What is Veon Ltd's net profit margin?

Veon Ltd (VEON) had a net profit margin of 13.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Veon Ltd's return on equity (ROE)?

Veon Ltd (VEON) has a return on equity of 36.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What are Veon Ltd's total assets?

Veon Ltd (VEON) had $9.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Veon Ltd's capital expenditures?

Veon Ltd (VEON) invested $733.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Veon Ltd have outstanding?

Veon Ltd (VEON) had 1.85B shares outstanding as of fiscal year 2025.

What is Veon Ltd's current ratio?

Veon Ltd (VEON) had a current ratio of 0.91 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Veon Ltd's debt-to-equity ratio?

Veon Ltd (VEON) had a debt-to-equity ratio of 1.92 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Veon Ltd's return on assets (ROA)?

Veon Ltd (VEON) had a return on assets of 6.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Veon Ltd's Piotroski F-Score?

Veon Ltd (VEON) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

How financially healthy is Veon Ltd?

Veon Ltd (VEON) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.