VEON

MKT CAP:$4B

VEON Ltd.

Market Cap

$4B

Communication Services·Telecommunications Services·🇳🇱 Netherlands·NASDAQ

Communication·Telecommunications·🇳🇱·NASDAQ

Stock Price

$55.50+$2.80 (+5.31%)

Apr 23, 2026

Company Details

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through...

CEO

Muhterem Kaan Terzioglu

IPO Date

Nov 15, 1996

Website

www.veon.com

Key Metrics TTM

Revenue

$4.4B

-7.4% YoY

Net Income

$642M

EPS (Diluted)

$8.95

Free Cash Flow

$539M

Revenue / Share

$83.66

Gross Margin

83.1%

Operating Margin

36.2%

Net Margin

14.5%

FCF Margin

12.2%

P/S

0.8x

P/E

5.7x

Earnings Reports

FY 2025

Mar 16, 2026

$4.5B+11.8%EPS $7.50

Q4 2025

Mar 16, 2026

$1.2BEPS -$0.59

Q3 2025

Nov 10, 2025

$1.1B+7.5%EPS -$1.91

Q2 2025

Aug 22, 2025

$1.1B+5.8%EPS $8.50

FY 2024

Apr 25, 2025

$4.0BEPS $5.73

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$2.2B	$1.7B	$283M
Q1 17	$2.3B	$1.8B	$345M
Q1 19	$2.1B	$1.7B	$788M
Q2 19	$2.3B	$1.8B	$464M
Q3 19	$2.2B	$1.7B	$384M
Q4 19	$2.2B	$1.7B	$383M
Q1 20	$2.1B	$1.6B	$407M
Q2 20	$1.9B	$1.5B	$327M
Q2 23	$916M	$806M	$242M
Q1 24	$942M	$823M	$201M
Q2 24	$1.0B	$906M	$278M
Q3 24	$1.0B	$893M	$401M
Q2 25	$1.1B	$983M	$820M
Q3 25	$1.1B	$982M	$59M
Q4 25	$1.2B	$815M	$319M

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q1 17	—	—
Q1 19	—	—
Q2 19	0.6x	7.0x
Q3 19	0.5x	7.1x
Q4 19	0.5x	6.9x
Q1 20	0.3x	11.3x
Q2 20	0.4x	9.6x
Q2 23	0.2x	2.6x
Q1 24	0.3x	2.9x
Q2 24	0.4x	3.5x
Q3 24	0.5x	3.7x
Q2 25	0.8x	3.5x
Q3 25	0.9x	5.1x
Q4 25	0.8x	5.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	$679M	$403M
Q1 17	$584M	$97M
Q1 19	$805M	$416M
Q2 19	$745M	$309M
Q3 19	$735M	$363M
Q4 19	$664M	$178M
Q1 20	$626M	$177M
Q2 20	$479M	$35M
Q2 23	$458M	$320M
Q1 24	$262M	$50M
Q2 24	$201M	$72M
Q3 24	$324M	$175M
Q2 25	$136M	-$48M
Q3 25	$323M	$157M
Q4 25	$468M	$255M

Capital Expenditures

Quarter	CapEx
Q2 16	$276M
Q1 17	$487M
Q1 19	$389M
Q2 19	$436M
Q3 19	$372M
Q4 19	$486M
Q1 20	$449M
Q2 20	$444M
Q2 23	$138M
Q1 24	$212M
Q2 24	$129M
Q3 24	$149M
Q2 25	$184M
Q3 25	$165M
Q4 25	$213M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 19	+3.3%	-1.6%
Q4 19	-2.8%	-5.3%
Q1 20	-1.3%	+26.5%
Q2 20	-16.3%	-12.9%
Q2 23	-58.8%	-63.4%
Q1 24	-57.5%	-59.6%
Q2 24	-51.0%	-55.7%
Q3 24	-45.2%	-59.4%
Q2 25	+18.7%	-60.4%
Q3 25	+18.4%	+42.5%
Q4 25	+15.2%	+15.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$0	0.0%
Q1 17	$0	0.0%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$10M	0.5%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q2 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q2 16	$887M
Q1 17	$921M
Q1 19	$718M
Q2 19	$761M
Q3 19	$723M
Q4 19	$606M
Q1 20	$706M
Q2 20	$646M
Q2 23	$391M
Q1 24	$437M
Q2 24	$446M
Q3 24	$457M
Q2 25	$464M
Q3 25	$633M
Q4 25	$496M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.0B	$91M	$2.1B
Q2 22	$2.3B	$113M	$2.5B
Q3 22	$3.3B	$119M	$3.4B
Q4 22	$3.1B	$120M	$3.2B
Q1 23	$3.0B	$145M	$3.2B
Q2 23	$2.5B	$137M	$2.6B
Q3 23	$2.2B	$159M	$2.4B
Q4 23	$1.9B	$433M	$2.3B
Q1 24	$832M	$483M	$1.3B
Q2 24	$862M	$571M	$1.4B
Q3 24	$1.0B	$606M	$1.6B
Q4 24	$1.7B	$357M	$2.0B
Q1 25	$1.8B	$358M	$2.1B
Q2 25	$1.3B	$504M	$1.8B
Q3 25	$1.7B	$365M	$2.0B
Q4 25	$1.7B	$0	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	69M	—	—
Q1 17	70M	+2.1%	—
Q1 19	71M	+1.1%	—
Q2 19	70M	-1.0%	—
Q3 19	70M	0.0%	+2.2%
Q4 19	68M	-2.2%	-2.2%
Q1 20	72M	+5.2%	+1.8%
Q2 20	69M	-3.7%	-1.0%
Q2 23	70M	+1.2%	+0.2%
Q1 24	70M	+0.1%	+2.6%
Q2 24	71M	+0.6%	-1.9%
Q3 24	71M	+0.1%	+2.0%
Q2 25	70M	-0.9%	-0.1%
Q3 25	69M	-1.9%	-2.1%
Q4 25	53M	-23.1%	-25.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	$43M	50
Q1 17	$243.8K	9K
Q1 19	$46.0K	46K
Q2 19	$49.0K	46K
Q3 19	$48.2K	46K
Q4 19	$47.7K	46K
Q1 20	$45.1K	46K
Q2 20	$40.7K	46K
Q2 23	$55.8K	16K
Q1 24	$54.7K	17K
Q2 24	$59.7K	17K
Q3 24	$60.3K	17K
Q2 25	$60.3K	18K
Q3 25	$61.9K	18K
Q4 25	$62.5K	19K

Revenue / Employee