VEON Ltd
NASDAQ: VEON · COMMUNICATION SERVICES · TELECOM SERVICES
Updated 2026-06-05
VEON Ltd (VEON) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.97B | $3.04B | $3.46B | $3.51B | $3.70B | $6.11B | $7.26B | $6.35B | $5.28B | $2.03B | $1.90B | $2.48B | $2.52B | $2.95B | $2.44B | $2.64B | $2.56B | $2.56B | $1.15B | $1.38B |
| Capital expenditures | $1.55B | $1.61B | $2.03B | $691.45M | $1.81B | $6.26B | $3.89B | $3.96B | $4.49B | $2.20B | $1.68B | $2.04B | $1.95B | $1.68B | $1.78B | $699.00M | $634.00M | $634.00M | $627.00M | $745.58M |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-based comp | $44.32M | $171.24M | $-121.89M | $2.32M | $2.24M | — | $1.00M | $11.00M | $2.00M | $3.00M | — | — | — | $3.00M | — | $9.00M | $9.00M | $9.00M | $11.00M | — |
| Free cash flow | $424.58M | $1.43B | $1.44B | $2.82B | $1.89B | $-154.00M | $3.37B | $2.40B | $790.00M | $-173.32M | $227.36M | $439.43M | $568.50M | $1.27B | $665.00M | $1.94B | $1.92B | $1.92B | $523.00M | $630.64M |
| Investing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | $925.18M | $331.88M | $594.19M | $315.64M | $578.00M | $1.22B | $26.00M | $4.05B | $71.00M | $60.76M | $61.91M | $519.70M | $509.35M | $520.00M | $259.00M | $0.00 | $0.00 | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Frequently asked questions
What is VEON Ltd's revenue?
VEON Ltd's trailing twelve-month revenue is $4.57B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is VEON?
In its most recent fiscal year, VEON ran a gross margin of 69.81%, an operating margin of 23.32%, and a net margin of 12.09%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does VEON generate?
VEON produced $630.64M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is VEON's balance sheet healthy?
VEON holds $1.73B in cash and equivalents against — in long-term debt, on $1.34B of shareholder equity. That debt is best read against the cash flow the business throws off each year.