VEON Ltd. balance sheet VEON

Annual Quarterly

As of Dec 31, 2025, VEON Ltd. had total assets of $9.2 billion. Total assets were up 14.7% from a year earlier. Stockholders' equity was $1.6 billion. It held $1.7 billion in cash and investments against $3.1 billion of total debt, net debt of $1.4 billion.

USD in millions, except ratios and per-share amounts. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017
Assets
Cash	1,732 +2.5%	1,689 -11.2%	1,902 -38.8%	3,107 +38.0%	2,252 +34.9%	1,669 +33.5%	1,250 -30.9%	1,808 +37.6%	1,314
Cash and investments	1,732 +2.5%	1,689 -11.2%	1,902 -38.8%	3,107 +38.0%	2,252 +34.9%	1,669 +33.5%	1,250 -30.9%	1,808 +37.6%	1,314
Receivables	601 +34.2%	448 -17.3%	542	—	—	—	—	577 -23.6%	755
Inventory	32 +113.3%	15 -34.8%	23 +27.8%	18 -83.8%	111 +0.0%	111 -34.3%	169 +19.9%	141 +95.8%	72
Total current assets	—	—	—	—	3,553 +24.7%	2,850 +14.0%	2,499 -19.6%	3,110 -20.6%	3,919
Property and equipment, net	—	—	—	2,848 -57.6%	6,717 -2.4%	6,879 +41.5%	—	4,932 -20.9%	6,237
Goodwill	399 +18.0%	338 -3.2%	349 -11.4%	394 -74.4%	1,542 -42.5%	2,682 -32.3%	3,959 +3.7%	3,816 -17.4%	4,618
Total assets	9,215 +14.7%	8,036 -2.2%	8,218 -45.5%	15,083 -5.3%	15,921 +9.4%	14,551 -9.4%	16,059 +13.9%	14,102 -27.6%	19,484
Liabilities and equity
Accounts payable	1,442 +13.0%	1,276 +6.3%	1,200 +10.4%	1,087 -46.5%	2,031 +4.4%	1,946 +5.4%	1,847 +13.7%	1,624 +5.2%	1,544
Total current liabilities	3,432 -5.4%	3,626 +1.2%	3,584 -22.8%	4,645 +6.0%	4,383 -0.6%	4,410 -23.5%	5,768 +30.7%	4,413 -4.8%	4,635
Stockholders' equity	1,634 +30.0%	1,257 +17.4%	1,071 +39.6%	767 -49.0%	1,505 +48.6%	1,013 -54.4%	2,220 -20.0%	2,775 -29.7%	3,947
Debt
Debt due within a year	3,143 -6.1%	3,348 -9.7%	3,707 -44.4%	6,670 -12.2%	7,595 -1.1%	7,678 +2.1%	7,519 +3.0%	7,298 -34.3%	11,103
Lease liabilities	—	—	—	—	—	—	—	2,003	—
Total debt	3,143 -6.1%	3,348 -9.7%	3,707 -44.4%	6,670 -12.2%	7,595 -1.1%	7,678 -19.4%	7,519 -19.2%	9,301 -16.2%	11,103
Net cash	-1,411 +14.9%	-1,659 +8.1%	-1,805 +49.3%	-3,563 +33.3%	-5,343 +11.1%	-6,009 +27.4%	-6,269 +16.3%	-7,493 +23.5%	-9,789
Ratios
Current ratio	—	—	—	—	0.81x	0.65x	0.43x	0.70x	0.85x
Debt to equity	1.92x	2.66x	3.46x	8.70x	5.05x	7.58x	3.39x	3.35x	2.81x
Return on equity	36.17%	38.74%	-228.76%	-1.17%	53.22%	-31.19%	30.77%	13.05%	-13.53%
Return on assets	6.41%	6.06%	-29.81%	-0.06%	5.03%	-2.17%	4.25%	2.57%	-2.74%

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except ratios and per-share amounts. Cash and investments adds short-term and long-term marketable securities to cash. Debt due within a year is the borrowings that are not already in long-term debt. Total debt is those borrowings plus lease liabilities. Net cash is cash and investments minus total debt. Return on equity and return on assets divide the trailing twelve months of net income by the balance on that date. Debt to EBITDA uses the trailing twelve months of EBITDA. More on our methodology.

Company profile

Industry: Radiotelephone Communications (SIC 4812)
Listed as: VEON (Nasdaq)
Fiscal year ends: December 31
Incorporated in: Bermuda
Headquarters: Dubai (Difc)
SEC filer status: Large accelerated filer
SEC CIK: 1468091
Former names: VimpelCom Ltd. (until Mar 28, 2017)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.