Vodafone Group Public Limited Company

Communication Services

NASDAQ:VOD · NASDAQ Global Select

Market Cap $35.77B Beta 0.32 P/E (TTM) -75.8

$15.54 +1.80%

+$0.28 today

52W Low $9.92High $16.61

Vol 1.79M · Avg 3.90M

EPS (TTM)-$0.02

Div Yield3.45%

Telecommunications Services

Income Statement

Follow revenue through to earnings

Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.

Income Statement Balance Sheet Cash Flow

Earnings Waterfall

Revenue to Net Income

Income Statement

Key Ratios

EPS$-1.81

Gross Margin32.5%

Net Margin-5.8%

P/E Ratio1.5

P/S Ratio1.3

Analysis

$78.2B of revenue converted into -$4.6B of net income for the selected period. Gross margin is 32.5% and net margin is -5.8%, showing how much revenue survives after costs and taxes. EPS is $-1.81, tying the income statement back to per-share earnings.

Income Statement

Annual data · 5 periods

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Revenue	$40.7B +8.8%	$37.4B +2.0%	$36.7B -2.5%	$37.7B +1.8%	$37.0B	$1.0B	$809.6M	$921.6M
Cost of Revenue	$27.9B +12.0%	$24.9B +1.9%	$24.5B +0.4%	$24.4B +1.7%	$23.9B	$344.8M	$725.6M	$804.0M

Gross Profit	$12.8B +2.4%	$12.5B +2.1%	$12.3B -7.9%	$13.3B +1.9%	$13.1B	$10.3B	$8.9B	$7.6B

Gross Margin	31.5% -2.0pp	33.4% +0.0pp	33.4% -2.0pp	35.3% +0.0pp	35.3%	45.5%	9.8%	28.9%
Research & Development	$0	$0	$0	$0	$0	$378.4M	$983.2M	$1.3B
Selling, General & Admin	$9.3B +11.1%	$8.4B -0.7%	$8.4B +3.9%	$8.1B +7.6%	$7.6B	$1.4B	$620.6M	$923.0M

Operating Expenses	$9.3B -28.0%	$12.9B +50.5%	$8.6B +855.1%	-$1.1B -115.5%	$7.3B	$3.6B	$5.3B	$7.0B
Depreciation & Amortization	$12.5B +16.0%	$10.8B +3.7%	$10.4B +1.6%	$10.3B -1.6%	$10.4B	$1.2B	$374.2M	$1.2B

EBITDA	$16.8B +44.7%	$11.6B -21.4%	$14.8B -42.7%	$25.8B +53.0%	$16.9B	$12.6B	-$15.2B	$6.8B
EBITDA Margin	41.3% +10.2pp	31.0% -9.2pp	40.3% -28.2pp	68.5% +22.9pp	45.5%	10.0%	5.6%	46.3%

Operating Income	$3.5B +953.6%	-$411.0M -111.2%	$3.7B -74.6%	$14.5B +151.8%	$5.7B	$10.6B	$12.3B	$14.0B

Operating Margin	8.6% +9.7pp	-1.1% -11.1pp	10.0% -28.4pp	38.4% +22.9pp	15.5%	18.7%	16.6%	24.1%
Interest Income	$1.4B +294.5%	$356.0M -9.9%	$395.0M -29.6%	$561.0M +31.1%	$428.0M	$1.3B	-$1.5B	-$1.6B
Interest Expense	$2.4B +4.5%	$2.3B -16.7%	$2.7B +11.8%	$2.5B +7.3%	$2.3B	$969.2M	$1.1B	$1.0B
Other Income / Expenses	-$1.6B -52.9%	-$1.1B +47.8%	-$2.0B -48.5%	-$1.4B +13.5%	-$1.6B	-$1.6B	-$1.5B	$1.4B

Income Before Tax	$1.9B +227.0%	-$1.5B -191.2%	$1.6B -87.6%	$13.1B +215.1%	$4.1B	-$15.6B	$3.3B	$4.9B
Pre-Tax Margin	4.6% +8.6pp	-3.9% -8.4pp	4.4% -30.3pp	34.7% +23.5pp	11.2%	13.3%	20.8%	18.7%
Income Tax Expense	$1.8B -19.1%	$2.2B +4392.0%	$50.0M -89.8%	$492.0M -68.5%	$1.6B	$666.8M	$1.3B	-$1.6B

Net Income	-$399.7M +90.4%	-$4.2B -465.7%	$1.1B -90.4%	$11.8B +429.2%	$2.2B	$5.0B	$4.9B	$4.8B

Net Margin	-1.0% +10.2pp	-11.1% -14.2pp	3.1% -28.3pp	31.4% +25.4pp	6.0%	7.4%	12.4%	17.5%
EPS (Basic)	-$0 +90.0%	-$2 -463.6%	$0 -89.8%	$4 +458.4%	$1	$1.2B	$400.8M	$703.2M
EPS (Diluted)	-$0 +90.0%	-$2 -481.0%	$0 -90.2%	$4 +458.4%	$1	$620.6M	$766.2M	$609.4M
Weighted Avg Shares	$2.4B -9.3%	$2.6B -2.1%	$2.7B -2.3%	$2.8B +12.8%	$2.5B	$892.2M	$757.8M	$925.8M
Weighted Avg Shares (Diluted)	$2.4B -8.3%	$2.6B -3.5%	$2.7B -2.2%	$2.8B +13.2%	$2.5B	$319.6M	$1.2B	$924.4M