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

FY2025 annual

Revenue $4.4B +9.9% YoY

Net Income $591.0M +21.4% YoY

EPS (Diluted) $0.30 +30.4% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 16, 2026 Currency USD FYE December

Veon Ltd (VEON) reported $4.4B in revenue for fiscal year 2025, up 9.9% from the prior fiscal year. This page shows its 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 2026-08-15

Deleveraging and earnings normalization now drive the story more than revenue growth, though short-term liquidity remains tight.

Between FY2023 and FY2025, net margin moved from -66.3% to 13.4%, while leverage nearly halved. Revenue only moved from $3.7B to $4.4B, so the recovery looks driven more by earnings normalization and balance-sheet repair than by a step-change in scale, with smaller sales gains now supporting a healthier capital structure.

Liquidity is still the constraint: the current ratio remained below 1.0x and was 0.9x in FY2025, so near-term obligations still outrun near-term resources. Even with $1.7B of cash, current liabilities of $3.4B show the business still depends on actively managing short-dated commitments rather than sitting on excess liquidity.

The balance sheet is less stretched because long-term debt fell to $3.1B as equity capital rose to $1.6B, reversing some of the earlier compression. That helps explain why return on equity stayed high at 36.2% while return on assets was 6.4%: profits are being earned on a still-thin equity base.

Financial Health Signals

Financial health score not available

Veon Ltd does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

5/6

Veon Ltd passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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.

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.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

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.

Shares Outstanding

1.85B

YoY0.0%

5Y CAGR+1.0%

Veon Ltd had 1.85B shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

VEON Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VEON quarterly income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	$4.4B+9.9%	$4.0B+8.3%	$3.7B-1.5%	$3.8B-2.5%	$3.9B+10.6%	$3.5B-57.0%	$8.1B-11.0%	$9.1B-4.1%	$9.5B+6.6%	$8.9B-7.5%	$9.6B
Income Tax	$194.0M-10.6%	$217.0M+21.2%	$179.0M+159.4%	$69.0M-79.9%	$344.0M+23.3%	$279.0M-39.6%	$462.0M+25.2%	$369.0M-21.8%	$472.0M-25.7%	$635.0M+188.6%	$220.0M
Net Income	$591.0M+21.4%	$487.0M+119.9%	-$2.5B-27122.2%	-$9.0M-101.1%	$801.0M+353.5%	-$316.0M-146.3%	$683.0M+88.7%	$362.0M+167.8%	-$534.0M-122.1%	$2.4B+537.6%	-$553.0M
EPS (Diluted)	$0.30+30.4%	$0.23+35.3%	$0.17-54.1%	$0.37+825.0%	$0.04-33.3%	$0.06-81.8%	$0.33+243.5%	-$0.23-228.6%	-$0.07+72.0%	-$0.25+51.9%	-$0.52

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
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

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense.

VEON Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VEON quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$9.2B+14.7%	$8.0B-2.2%	$8.2B-45.5%	$15.1B-5.3%	$15.9B+9.4%	$14.6B-9.4%	$16.1B+13.9%	$14.1B-27.6%	$19.5B-8.1%	$21.2B	N/A
Current Assets	$3.1B+10.7%	$2.8B-10.9%	$3.2B-20.7%	$4.0B+12.0%	$3.6B+24.7%	$2.9B+14.0%	$2.5B-19.6%	$3.1B-20.6%	$3.9B-13.9%	$4.5B	N/A
Cash & Equivalents	$1.7B+2.5%	$1.7B-11.2%	$1.9B-38.8%	$3.1B+38.0%	$2.3B+34.9%	$1.7B+33.5%	$1.3B-30.9%	$1.8B+37.6%	$1.3B-55.3%	$2.9B-18.6%	$3.6B
Inventory	$32.0M+113.3%	$15.0M-34.8%	$23.0M+27.8%	$18.0M-83.8%	$111.0M0.0%	$111.0M-34.3%	$169.0M+19.9%	$141.0M+95.8%	$72.0M-42.4%	$125.0M	N/A
Accounts Receivable	$601.0M+34.2%	$448.0M-17.3%	$542.0M+18.9%	$456.0M-33.9%	$690.0M+20.6%	$572.0M+11.7%	$512.0M-11.3%	$577.0M-23.6%	$755.0M+10.2%	$685.0M	N/A
Goodwill	$399.0M+18.0%	$338.0M-3.2%	$349.0M-11.4%	$394.0M-74.4%	$1.5B-42.5%	$2.7B-32.3%	$4.0B+3.7%	$3.8B-17.4%	$4.6B-1.7%	$4.7B+11.2%	$4.2B
Total Liabilities	$7.6B+11.8%	$6.8B-5.1%	$7.1B-50.1%	$14.3B-0.7%	$14.4B+6.5%	$13.5B-2.2%	$13.8B+22.2%	$11.3B-27.1%	$15.5B+2.6%	$15.2B	N/A
Current Liabilities	$3.4B-5.4%	$3.6B+1.2%	$3.6B-22.8%	$4.6B+6.0%	$4.4B-0.6%	$4.4B-23.5%	$5.8B+30.7%	$4.4B-4.8%	$4.6B-29.3%	$6.6B	N/A
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+2.1%	$7.5B+359.0%	$1.6B-85.2%	$11.1B+5.9%	$10.5B	N/A
Total Equity	$1.6B+30.0%	$1.3B+17.4%	$1.1B+39.6%	$767.0M-49.0%	$1.5B+48.6%	$1.0B-54.4%	$2.2B-20.0%	$2.8B-29.7%	$3.9B-34.7%	$6.0B+55.2%	$3.9B

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

Not reported in any period shown, so not listed: Retained Earnings.

VEON Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VEON quarterly cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	$2.4B-17.2%	$2.9B+17.3%	$2.5B+1.6%	$2.5B+32.0%	$1.9B-7.8%	$2.0B
Capital Expenditures	$733.0M+16.9%	$627.0M+18.1%	$531.0M-16.2%	$634.0M-9.3%	$699.0M+27.1%	$550.0M	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	$1.9B	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$1.9B-1.2%	-$1.9B-194.5%	$2.0B+166.2%	-$3.0B-12.9%	-$2.7B-1.4%	-$2.6B
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$103.0M+93.7%	-$1.6B+58.1%	-$3.9B-434.2%	-$733.0M-481.7%	-$126.0M+91.2%	-$1.4B
Dividends Paid	N/A	N/A	N/A	$0	$0-100.0%	$259.0M-50.2%	$520.0M+2.4%	$508.0M-1.9%	$518.0M+749.2%	$61.0M0.0%	$61.0M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22

Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

VEON Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VEON quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Net Margin	13.4%+1.3pp	12.2%+78.4pp	-66.3%-66.0pp	-0.2%-21.1pp	20.8%+29.9pp	-9.1%-17.5pp	8.4%+4.5pp	4.0%+9.6pp	-5.6%-32.9pp	27.2%+33.0pp	-5.8%
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%-62.0pp	30.8%+17.7pp	13.1%+26.6pp	-13.5%-53.6pp	40.1%+54.3pp	-14.2%
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%-6.4pp	4.3%+1.7pp	2.6%+5.3pp	-2.7%-14.2pp	11.4%	N/A
Current Ratio	0.91+0.1x	0.78-0.1x	0.880.0x	0.860.0x	0.81+0.2x	0.65+0.2x	0.43-0.3x	0.70-0.1x	0.85+0.2x	0.69	N/A
Debt-to-Equity	1.92-0.7x	2.66-0.8x	3.46-5.2x	8.70+3.6x	5.05-2.5x	7.58+4.2x	3.39+2.8x	0.59-2.2x	2.81+1.1x	1.74	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	54.4%	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
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	0.910.0x	0.86+0.1x	0.780.0x	0.73-0.2x	0.88-0.1x	0.95+0.1x	0.86+0.2x	0.62
Debt-to-Equity	1.92-2.7x	4.66+2.0x	2.66-2.9x	5.56+2.1x	3.46-8.7x	12.17+3.5x	8.70-1.6x	10.32

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.

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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Where Veon Ltd Ranks

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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.