Pakistan was Veon’s largest revenue line in fiscal 2025, bringing in $1.16B of $3.61B (32%).
| Products and services [axis] | FY 2015 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Russia | — | — | — | — | |||||
| Pakistan | $1.29B | $19.00M | $1.04B | $1.16B | |||||
| Pakistan** | — | — | — | — | |||||
| Ukraine | $971.00M | — | $903.00M | $1.04B | |||||
| Other | — | — | — | — | |||||
| Algeria | — | — | — | — | |||||
| Kazakhstan | $636.00M | — | $762.00M | $708.00M | |||||
| Bangladesh | $576.00M | — | $517.00M | $435.00M | |||||
| Uzbekistan | $233.00M | — | $262.00M | $272.00M | |||||
| Others | $66.00M | — | — | — | |||||
| Other Frontier Markets | — | — | — | — | |||||
| Hq & Eliminations | — | — | — | — | |||||
| Total | $3.77B | $19.00M | $3.49B | $3.61B |
Veon brought in $3.61B from its five revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 3.6% from $3.49B in fiscal 2024. Pakistan was the largest at $1.16B (32.1%), ahead of Ukraine at $1.04B (28.8%) and Kazakhstan at $708.00M (19.6%). The other two revenue lines brought in $707.00M combined.
Compared with fiscal 2024, Ukraine grew fastest, up 15.2% to $1.04B, while Bangladesh fell the most, down 15.9% to $435.00M.
Veon stopped reporting Others as a separate revenue line after fiscal 2022, when it brought in $66.00M.
Mobile was Veon’s largest revenue line in fiscal 2024, bringing in $1.24B of $1.46B (85%).
| Products And Services | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|---|
| Service Revenues | — | — | — | — | |||
| Mobile | $1.29B | $1.16B | — | $1.24B | |||
| Sale Of Equipment & Accessories | — | — | — | — | |||
| Fixed | $245.00M | $168.00M | $19.00M | $221.00M | |||
| Other Revenues / Other Income | — | — | — | — | |||
| Total | $1.53B | $1.33B | $19.00M | $1.46B |
Veon brought in $1.46B from its two revenue lines in fiscal 2024, the year ended December 31, 2024. Veon regrouped these revenue lines after fiscal 2023, so the total does not compare directly with that year's $19.00M. Mobile was the largest at $1.24B (84.9%), ahead of Fixed at $221.00M (15.1%).
From fiscal 2021 to 2024, combined revenue from these revenue lines fell from $1.53B to $1.46B, a compound annual decline of 1.5%. Mobile's share of the total rose from 84.0% to 84.9%.
Veon (VEON) reports its revenue by products and services [axis] and by products and services. In fiscal 2025, Pakistan was its largest revenue line, bringing in $1.16B (32.1% of the total), followed by Ukraine at $1.04B (28.8%).
Pakistan was Veon's largest revenue line in fiscal 2025, bringing in $1.16B, or 32.1% of the $3.61B total across its five revenue lines.
Among Veon's revenue lines that make up at least 2% of revenue, Ukraine grew fastest in fiscal 2025, up 15.2% from $903.00M to $1.04B.
Every figure comes from Veon's annual financial filings, as reported. Each line keeps the name Veon gives it, and years follow its fiscal calendar.
Veon's revenue by products and services [axis] goes back to fiscal 2015, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.