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. (VEON) 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

Market Cap $5.3B as of Oct 10, 2026

Price / Sales 1.2x on $4.4B revenue, FY2025

Price / Earnings 8.9x on $591.0M net income, FY2025

Price / Book 3.2x on $1.6B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

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

Newest figures come from the 20-F for FY2025, filed Mar 16, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VEON SEC filings page.

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 2026-10-04

VEON’s recovery is paired with a much less leveraged balance sheet, but capital spending remains large relative to reported profit.

Revenue growth climbed from $3.7B in FY2023 to $4.4B in FY2025, yet the earnings profile changed far more sharply than sales. Net income moved from a $2.5B loss to a $591M profit, indicating the swing was driven by more than volume alone, though the figures do not identify the exact mechanism.

Debt-to-equity fell from 3.5x in FY2023 to 1.9x in FY2025, showing a less debt-dependent capital structure. Long-term debt also declined from $3.7B to $3.1B, so the balance-sheet improvement reflects deleveraging alongside the return to profit.

Capital spending reached $733M in FY2025 against $591M of net income, making reinvestment larger than reported earnings and emphasizing that accounting profit is not directly available after asset spending. The current ratio was 0.9x, meaning short-term liabilities still exceeded current assets despite the stronger long-term capital structure.

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

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$1.7B

YoY+2.5%

QoQ+35.1%

VEON Ltd. held $1.7B in cash against $3.1B in long-term debt as of Q4 2025.

Shares Outstanding

1.85B

YoY0.0%

VEON Ltd. had 1.85B shares outstanding in Q4 2025. That is unchanged from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

VEON quarterly income statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Interest Expense	$535.0M+8.1%	$495.0M-6.8%	$531.0M-8.9%	$583.0M-1.4%	$591.0M+3.9%	$569.0M-35.0%	$876.0M+7.4%	$816.0M-12.7%	$935.0M+12.7%	$830.0M+0.1%	$829.0M
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 (Basic)	$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
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
Diluted Shares (Avg)	1.79B-0.9%	1.81B+1.6%	1.78B+1.2%	1.76B-1.2%	1.78B+1.2%	1.76B+0.7%	1.75B0.0%	1.75B0.0%	1.75B0.0%	1.75B0.0%	1.75B

Metric	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Revenue	N/A	$1.1B+5.8%	N/A	$1.0B+12.1%	N/A	$916.0M-4.3%	N/A	$957.0M-49.7%
Interest Expense	N/A	$127.0M+8.5%	N/A	$117.0M-16.4%	N/A	$140.0M-1.4%	N/A	$142.0M-9.6%
Income Tax	N/A	$74.0M+39.6%	N/A	$53.0M+32.5%	N/A	$40.0M-43.7%	N/A	$71.0M-16.5%
Net Income	N/A	$608.0M+583.1%	N/A	$89.0M-67.2%	N/A	$271.0M+47.3%	N/A	$184.0M+44.9%
EPS (Basic)	N/A	N/A	N/A	$0.04-33.3%	N/A	$0.06+400.0%	N/A	-$0.02-133.3%
EPS (Diluted)	N/A	N/A	N/A	$0.04	N/A	$0.06+400.0%	N/A	-$0.02-133.3%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Diluted Shares (Avg).

VEON Balance Sheet

VEON quarterly balance sheet

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Non-Current Liabilities	$4.1B+32.6%	$3.1B-12.3%	$3.6B-34.5%	$5.4B-43.6%	$9.6B+5.6%	$9.1B+13.1%	$8.1B+16.8%	$6.9B-36.9%	$10.9B+27.4%	$8.6B	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	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Total Assets	$9.2B+14.7%	$8.5B+15.5%	$8.0B-2.2%	$7.3B-43.7%	$8.2B-45.5%	$13.0B-26.5%	$15.1B-5.3%	$17.7B+19.9%
Current Assets	$3.1B+10.7%	$2.6B+14.7%	$2.8B-10.9%	$2.2B-32.6%	$3.2B-20.7%	$3.3B-12.4%	$4.0B+12.0%	$3.8B+51.8%
Cash & Equivalents	$1.7B+2.5%	$1.3B+48.7%	$1.7B-11.2%	$862.0M-64.9%	$1.9B-38.8%	$2.5B+5.0%	$3.1B+38.0%	$2.3B+96.2%
Inventory	$32.0M+113.3%	$17.0M-22.7%	$15.0M-34.8%	$22.0M+15.8%	$23.0M+27.8%	$19.0M-83.5%	$18.0M-83.8%	$115.0M-6.5%
Accounts Receivable	$601.0M+34.2%	$516.0M+4.2%	$448.0M-17.3%	$495.0M+8.8%	$542.0M+18.9%	$455.0M-41.9%	$456.0M-33.9%	$783.0M+13.5%
Goodwill	$399.0M+18.0%	$382.0M+10.7%	$338.0M-3.2%	$345.0M-1.1%	$349.0M-11.4%	$349.0M-72.2%	$394.0M-74.4%	$1.3B-53.2%
Total Liabilities	$7.6B+11.8%	$7.0B+12.2%	$6.8B-5.1%	$6.2B-48.3%	$7.1B-50.1%	$12.0B-25.5%	$14.3B-0.7%	$16.1B+19.3%
Current Liabilities	$3.4B-5.4%	$3.0B-2.6%	$3.6B+1.2%	$3.1B-12.6%	$3.6B-22.8%	$3.5B-42.7%	$4.6B+6.0%	$6.1B+37.1%
Non-Current Liabilities	$4.1B+32.6%	$3.9B+27.8%	$3.1B-12.3%	$3.1B-20.7%	$3.6B-34.5%	$3.9B-59.6%	$5.4B-43.6%	$9.6B+6.3%
Long-Term Debt	$3.1B-6.1%	N/A	$3.3B-9.7%	N/A	$3.7B-44.4%	N/A	$6.7B-12.2%	N/A
Total Equity	$1.6B+30.0%	$1.5B+33.8%	$1.3B+17.4%	$1.1B+13.2%	$1.1B+39.6%	$988.0M-36.8%	$767.0M-49.0%	$1.6B+27.5%

Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Retained Earnings.

VEON Cash Flow Statement

VEON quarterly cash flow statement

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Depreciation & Amortization	$811.0M+10.9%	$731.0M+0.3%	$729.0M+8.6%	$671.0M-18.8%	$826.0M+4.3%	$792.0M-59.4%	$2.0B-27.5%	$2.7B+28.6%	$2.1B-1.6%	$2.1B	N/A
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	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

VEON quarterly financial ratios

Metric	FY2520-F	FY2420-F	FY2320-F	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Asset Turnover	0.480.0x	0.500.0x	0.45+0.2x	0.250.0x	0.240.0x	0.24-0.3x	0.50-0.1x	0.64+0.2x	0.49+0.1x	0.42	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	Q4'2520-F	Q2'256-K	Q4'2420-F	Q2'246-K	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Net Margin	N/A	55.9%+47.3pp	N/A	8.7%-20.9pp	N/A	29.6%+10.4pp	N/A	19.2%+12.6pp
Return on Equity	N/A	40.6%+32.7pp	N/A	8.0%-19.5pp	N/A	27.4%+15.7pp	N/A	11.8%+1.4pp
Return on Assets	N/A	7.2%+6.0pp	N/A	1.2%-0.9pp	N/A	2.1%+1.0pp	N/A	1.0%+0.2pp
Current Ratio	0.91+0.1x	0.86+0.1x	0.78-0.1x	0.73-0.2x	0.880.0x	0.95+0.3x	0.860.0x	0.62+0.1x
Debt-to-Equity	1.92-0.7x	4.66-0.9x	2.66-0.8x	5.56-6.6x	3.46-5.2x	12.17+1.8x	8.70+3.6x	10.32-0.7x
Asset Turnover	N/A	0.130.0x	N/A	0.14+0.1x	N/A	0.070.0x	N/A	0.05-0.1x

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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
VEON Ltd. VEON	FY2025	$4.4B	$591.0M	13.4%	$5.3B	—
Liberty Global Ltd. LBTYA	FY2025	$4.9B	-$7.1B	N/A	$3.0B	36/100
Liberty Global Ltd. LBTYB	FY2025	$4.9B	-$7.1B	N/A	$4.2B	36/100
Liberty Global Ltd. LBTYK	FY2025	$4.9B	-$7.1B	N/A	$2.9B	36/100
Telephone and Data Systems Inc. TDS	FY2025	$1.2B	$20.2M	1.7%	$3.9B	47/100

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 P/E ratio?

VEON Ltd. (VEON) trades at 8.9x earnings, its market capitalization divided by net income of $591.0M net income, FY2025. The market capitalization is $5.3B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is VEON Ltd.'s price-to-sales ratio?

VEON Ltd. (VEON) trades at 1.2x sales, its market capitalization divided by revenue of $4.4B revenue, FY2025. The market capitalization is $5.3B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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.