VEON Ltd (VEON) Balance Sheet

NASDAQ: VEONAssets, liabilities, debt and equity over 2 years.

VEON balance sheet, 2025

December 31, 2025 · U.S. dollars

$9.21B assets = $7.58B liabilities + $1.63B equity

Both columns are drawn to the same scale: what VEON owns equals what it owes plus shareholders’ equity. Hover a block for its value.

VEON financial health

Current ratio0.91

Tight · current assets cover current liabilities 0.91×

Debt / equity3.84

High leverage · $3.84 of debt for each $1 of equity

Equity / assets14.5%

Thin equity · of assets funded by shareholders

Cash / debt33.7%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles21.1%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

VEON balance sheet trends, 2024–2025

VEON Ltd balance sheet trends
Metric	Then	Latest	Change
Total assets	$8.04B2024	$9.21B2025	+14.7%/yr
Total liabilities	$6.78B2024	$7.58B2025	+11.8%/yr
Shareholders’ equity	$1.10B2024	$1.34B2025	+21.9%/yr
Cash & short-term investments	$2.05B2024	$1.73B2025	−15.4%/yr
Total debt	$4.69B2024	$5.14B2025	+9.6%/yr
Net cash (debt)	−$2.65B2024	−$3.41B2025	−$764.4M
Working capital	−$726.0M2024	−$318.9M2025	+$407.1M
Book value per share	$15.172024	$18.672025	+23.1%/yr
Current ratio	0.802024	0.912025	+0.11
Debt / equity	4.272024	3.842025	−0.43
Shares outstanding	72.4M2024	71.8M2025	−0.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

VEON assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

VEON liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

VEON debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

VEON balance sheet

VEON Ltd annual balance sheet
	2025	2024
Assets
Cash & short-term investments	$1.73B	$2.05B
Cash & equivalents	$1.73B	$1.69B
Short-term investments	$489.0M	$357.0M
Receivables	$643.9M	$572.0M
Inventory	$32.0M	$15.0M
Other current assets	$704.9M	$267.0M
Total current assets	$3.11B	$2.90B
Property, plant & equipment (net)	$3.76B	$3.02B
Goodwill & intangible assets	$1.95B	$1.51B
Long-term investments	$144.0M	$65.0M
Other non-current assets	$252.9M	$545.0M
Total assets	$9.21B	$8.04B
Liabilities
Accounts payable	$1.44B	$1.28B
Short-term debt	$1.10B	$1.67B
Deferred revenue	—	$129.0M
Total current liabilities	$3.43B	$3.63B
Long-term debt	$0	$0
Other long-term liabilities	$4.15B	$3.15B
Total liabilities	$7.58B	$6.78B
Shareholders' equity
Common stock & paid-in capital	$2.0M	$2.0M
Retained earnings (deficit)	−$3.00B	−$3.53B
Accumulated other comprehensive income	−$8.42B	−$8.13B
Minority interest	$294.0M	$158.0M
Total shareholders' equity	$1.34B	$1.10B
Key figures
Total debt	$5.14B	$4.69B
Net cash (debt)	−$3.41B	−$2.65B
Working capital	−$318.9M	−$726.0M
Tangible book value	−$608.0M	−$411.0M
Book value per share	$18.67	$15.17
Shares outstanding	71.8M	72.4M
Current ratio	0.91	0.80
Quick ratio	0.69	0.72
Debt / equity	3.84	4.27
Equity / assets	14.5%	13.7%

VEON Ltd quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24
Assets
Cash & short-term investments	$2.69B	$2.18B	$1.73B	$2.03B	$1.79B	$2.13B	$2.05B
Cash & equivalents	$2.19B	$1.75B	$1.73B	$1.66B	$1.28B	$1.77B	$1.69B
Short-term investments	$496.0M	$432.0M	$489.0M	$365.0M	$504.0M	$358.0M	$357.0M
Receivables	$705.0M	$693.0M	$643.9M	$597.9M	$516.0M	$569.0M	$177.0M
Inventory	$32.0M	$29.0M	$32.0M	$24.0M	$0	$16.0M	$15.0M
Other current assets	$279.0M	$215.0M	$704.9M	$233.0M	$343.0M	$258.0M	$647.0M
Total current assets	$3.71B	$3.12B	$3.11B	$2.88B	$2.65B	$2.97B	$2.88B
Property, plant & equipment (net)	$3.93B	$3.82B	$3.76B	$3.57B	$3.45B	$3.11B	$3.02B
Goodwill & intangible assets	$1.88B	$1.89B	$1.95B	$1.53B	$1.55B	$1.48B	$1.51B
Long-term investments	$84.0M	$108.0M	$144.0M	$0	$0	$62.0M	$65.0M
Other non-current assets	$668.0M	$656.0M	$252.9M	$828.9M	$819.0M	$624.0M	$560.0M
Total assets	$10.27B	$9.60B	$9.21B	$8.81B	$8.46B	$8.25B	$8.04B
Liabilities
Accounts payable	$1.72B	$1.49B	$1.44B	$1.26B	$1.33B	$1.35B	$1.28B
Short-term debt	$1.44B	$1.42B	$1.10B	$1.11B	$1.06B	$1.70B	—
Deferred revenue	—	—	—	—	—	$129.0M	—
Total current liabilities	$3.83B	$3.62B	$3.43B	$3.04B	$2.99B	$3.74B	$3.65B
Long-term debt	$0	$0	$0	$0	$0	$0	$0
Other long-term liabilities	$4.52B	$4.11B	$4.15B	$4.13B	$3.98B	$3.12B	$3.12B
Total liabilities	$8.35B	$7.74B	$7.58B	$7.17B	$6.97B	$6.86B	$6.78B
Shareholders' equity
Common stock & paid-in capital	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	$2.0M	—
Retained earnings (deficit)	−$2.78B	−$2.90B	−$3.00B	−$2.97B	−$2.84B	−$3.43B	−$3.53B
Accumulated other comprehensive income	−$8.46B	−$8.39B	−$8.42B	−$8.41B	−$8.61B	−$8.12B	—
Minority interest	$408.0M	$395.0M	$294.0M	—	—	—	—
Total shareholders' equity	$1.51B	$1.47B	$1.34B	$1.38B	$1.31B	$1.21B	$1.10B
Key figures
Total debt	$5.85B	$5.42B	$5.14B	$5.14B	$4.91B	$4.70B	—
Net cash (debt)	−$3.16B	−$3.24B	−$3.41B	−$3.12B	−$3.13B	−$2.57B	—
Working capital	−$124.0M	−$505.0M	−$318.9M	−$155.0M	−$347.5M	−$762.2M	−$769.0M
Tangible book value	−$371.0M	−$426.0M	−$608.0M	−$153.0M	−$247.0M	−$270.0M	−$411.0M
Book value per share	$21.33	$20.56	$25.35	$20.10	$18.63	$17.22	—
Shares outstanding	70.9M	71.4M	52.9M	68.8M	70.1M	70.1M	—
Current ratio	0.97	0.86	0.91	0.95	0.88	0.80	0.79
Quick ratio	0.89	0.79	0.69	0.86	0.77	0.72	0.61
Debt / equity	3.87	3.69	3.84	3.72	3.76	3.90	—
Equity / assets	14.7%	15.3%	14.5%	15.7%	15.4%	14.6%	13.7%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 16, 2026); data from EODHD.

VEON financial position

At the end of fiscal 2025 (December 31, 2025), VEON had total assets of $9.2 billion (up 14.7% from a year earlier), total liabilities of $7.6 billion and shareholders' equity of $1.3 billion. It held $1.7 billion in cash and short-term investments against $5.1 billion of debt, net debt of $3.4 billion. Its current ratio was 0.91. In the latest quarter (ended June 30, 2026) total assets were $10.3 billion and equity $1.5 billion.

Related: VEON income statement, VEON cash flow statement, VEON key metrics. See the VEON stock overview for the latest quote and news.

VEON balance sheet FAQ

What are VEON's total assets?

VEON reported total assets of $9.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.0 billion a year earlier.

How much debt does VEON have?

VEON had $5.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 3.84.

How much cash does VEON have?

VEON held $1.7 billion in cash and short-term investments at the end of fiscal 2025; with $5.1 billion of debt that is net debt of $3.4 billion.

What is VEON's book value?

VEON's shareholders' equity (book value) was $1.3 billion at the end of fiscal 2025, or $18.67 per share.

What is VEON's current ratio?

VEON had current assets of $3.1 billion and current liabilities of $3.4 billion, a current ratio of 0.91 (current liabilities exceed current assets).

How much goodwill does VEON have?

VEON carried $1.9 billion of goodwill and intangible assets, 21.1% of total assets, at the end of fiscal 2025.