How VEON Ltd. ADS makes money

Period

FY2025

How does VEON Ltd. ADS make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

VEON Ltd. ADS · FY2025 · year ended 2025-12-31

Revenue$4.4BGross profit$4.4B · 100%Cost of revenue$0 · 0%Operating income$1.4B · 33%Operating expenses$3.0B · 67%Other opex$3.0B · 67%Pre-tax income$785M · 18%Other expense$654M · 15%Net income$591M · 13%Income tax$194M · 4%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.