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Vodafone Group Plc (VOD)
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Vodafone Group Plc Income Statement 2025-2011 | VOD
Brief overview of financial performance at Vodafone Group Plc
The figures are compared over a five-year interval. Revenue at Vodafone Group Plc moved from 45 billion euros in 2020 to 37.4 billion euros in 2025. Across the full period, sales moved by −16.7%; the average annual rate was −3.6%. The business finished the period with a smaller revenue base.
At the gross-profit level, the result moved from 14.3 billion euros to 12.5 billion euros, a change of −12.4%. Direct costs broadly followed the top-line trend. Comparing the endpoints gives gross margins of 31.8% and 33.4%. The economics of the core business remained steady.
Over the period, EBITDA shifted from 4.1 billion euros to −411 million euros, a change of −110%. EBITDA underperformed the top-line trend. EBITDA margin moved from 9.1% to −1.1%. The margin contraction indicates weaker operating efficiency.
The final result was −920 million euros initially and −3.7 billion euros in the final year. The period ended with a larger loss than it began with.
The five-year change in capitalization reached +449.6%: from 47.5 billion euros to 261 billion euros. The higher valuation contrasts with weaker financial performance.
Financial takeaway
The current trajectory does not yet confirm a sustainable recovery. The strongest signals are better sales economics. The weaker side of the profile includes declining net profitability, limited revenue growth and pressure on operating profitability. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement Vodafone Group Plc
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
261 B | 245 B | 253 B | 265 B | 518 B | 47.5 B | 48.3 B | 42.7 B | 71.2 B | 48.3 B | 102 B | 110 B | 90.2 B | 82 B | 85.8 B |
Shares |
26.1 B | 27.1 B | 27.7 B | 29 B | 29.6 B | 2.94 B | 2.76 B | 2.78 B | 2.8 B | 2.67 B | 2.89 B | 2.89 B | 2.89 B | 2.89 B | 2.89 B |
Historical Prices |
9.98 | 9.05 | 9.14 | 9.14 | 17.5 | 16.1 | 17.5 | 15.4 | 25.4 | 18.1 | 22.3 | 23.2 | 23.4 | 16.3 | 14.9 |
Net Income |
-3.75 B | 1.5 B | 12.3 B | 2.77 B | 483 M | -920 M | -8.02 B | 2.44 B | -6.3 B | 26.6 B | 26.3 B | 26.3 B | 21.2 B | 17 B | 16.7 B |
Revenue |
37.4 B | 36.7 B | 37.7 B | 37 B | 43.8 B | 45 B | 43.7 B | 46.6 B | 47.6 B | 49.8 B | 81 B | 81 B | 75.9 B | 70.2 B | 63.9 B |
Cost of Revenue |
24.9 B | 24.5 B | 24.4 B | 23.9 B | 30.1 B | 30.7 B | 30.2 B | 32.8 B | 34.6 B | 36.7 B | - | - | - | - | - |
Gross Profit |
12.5 B | 12.3 B | 13.3 B | 13.1 B | 13.7 B | 14.3 B | 13.5 B | 13.8 B | 13.1 B | 13.1 B | 57.4 B | 57.4 B | 51.4 B | 46.1 B | 44.2 B |
Operating Income |
-411 M | 3.66 B | 14.5 B | 5.74 B | 5.13 B | 4.1 B | -951 M | 4.3 B | 3.72 B | 1.32 B | - | - | - | - | - |
EBITDA |
-411 M | 3.66 B | 14.5 B | 5.74 B | 5.13 B | 4.1 B | -951 M | 4.3 B | 3.72 B | 1.32 B | 34.7 B | 34.7 B | 29.7 B | 26.4 B | 25.4 B |
Operating Expenses |
12.9 B | 8.59 B | -1.14 B | 7.32 B | 8.59 B | 43.6 B | 47.6 B | 56.1 B | 48.2 B | 11.1 B | 12.7 B | 9.68 B | 10 B | 5.52 B | 9.52 B |
General and Administrative Expenses |
- | - | - | - | - | 5.81 B | 5.41 B | 5.64 B | 6.08 B | 22.7 B | 22.7 B | 22.7 B | 21.7 B | 19.7 B | 18.7 B |
Annual performance
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All numbers in EUR currency
Quarterly Income Statement Vodafone Group Plc
| 2026-Q2 | 2025-Q4 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
24.5 B | - | 26.7 B | 26.1 B | - | 27 B | 27.1 B | - | 28 B | 27.7 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
1.05 B | - | 1.22 B | -3.75 B | - | -155 M | 1.5 B | - | 1.24 B | 12.3 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
19.6 B | - | 18.3 B | 37.4 B | - | 21.9 B | 36.7 B | - | 22.9 B | 37.7 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
13.2 B | - | 12.1 B | 24.9 B | - | 15.3 B | 24.5 B | - | 15.6 B | 24.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
6.38 B | - | 6.15 B | 12.5 B | - | 6.66 B | 12.3 B | - | 7.35 B | 13.3 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
2.16 B | - | 2.38 B | -411 M | - | 1.66 B | 3.66 B | - | 2.94 B | 14.5 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
2.16 B | - | 2.38 B | -411 M | - | 1.66 B | 3.66 B | - | 2.94 B | 14.5 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
4.22 B | - | 3.77 B | - | - | 5 B | - | - | 4.42 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in EUR currency
The income statement is one of the three key financial reports of a company Vodafone Group Plc (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.