PerpEquities

Vodafone Group Public Limited Company (VOD) financials

NASDAQ · Communication Services · Telecommunications Services · 91,128 employees · CEO Margherita Della Valle

Price
$15.38
Market cap
$36.2B
Enterprise value
€84.7B Data as of 2026-11-14
Last report
Q2 '27 filed 2026-11-10
Next report
2027-05-18
Revenue (TTM)€43.2B+11.5% vs a year agoLast 2 half-years; bars = each half-year
Operating margin (TTM)8.0%+9.6 pp vs a year agoOperating income €3.44B
Net income (TTM)-€6.09B-38.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)€9.13B-2.5% vs a year agoCapex €5.68B
Diluted EPS (TTM)-€2.64-59.0% vs a year agoSum of the last 2 half-years
Net cash-€46.3B-22.2% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
$36.2B
Updated 19m ago
Revenue
€43.2B
Trailing 12 months
Revenue growth
+12%
FY2027 consensus
Profit margin
-14.1%
Net income / revenue, TTM
P/E
No P/E
Loss in the last twelve months
P/S
0.8×
Price / sales, TTM
EV / EBITDA
5.1×
TTM
Free cash flow
€9.13B
Trailing 12 months
Net income
-€6.09B
Trailing 12 months
Revenue estimate
€45.5B
FY2027 consensus
Earnings
2027-05-18
Revenue est. $25.5B · Updated 19m ago
Dividend
$0.24
Per payment · 2026-11-20

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth accelerating: 12.7% year on yearQ2 '27 revenue €22.1B, against an average of 7.6% over the four half-years before.
  • Operating margin 8.0% (TTM), +9.6 pp on a year agoOperating income grew 645.8% while revenue grew 11.5%.
  • Capex 13.1% of revenue (a year ago 12.0%)€5.68B invested in the last 2 half-years (+21.9% on a year earlier). Free cash flow €9.13B.
  • Returned €2.29B to shareholders = 25.1% of free cash flowBuybacks €1.19B (a year earlier €2B), dividends €1.1B, stock-based pay €0 (TTM).
  • Diluted share count down 6.3% in a year2.31B diluted shares in Q2 '27, 2.46B a year earlier.
  • Net debt €46.3BCash + short-term investments €11.4B, debt incl. leases €57.8B; a year ago net debt €37.9B.

Last quarter: Q2 '27

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q2 '27Year agoChange
Revenue€22.1B€19.6B+12.7%
Gross margin33.0%32.5%+0.4 pp
Operating income€2.32B€2.16B+7.1%
Operating margin10.5%11.0%-0.5 pp
Net income-€4.84B€829M-684.2%
Diluted EPS-€2.10€0.34-717.6%
Operating cash flow€5.81B€4.5B+29.0%
Capex€3.2B€2.45B+30.4%
Free cash flow€2.61B€2.05B+27.4%
R&D€0€0–
Stock-based compensation€0€0–

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 2 half-years

cash flow statement
Operating cash flow
€14.8B
Capex
-€5.68B
Buybacks
-€1.19B
Dividends
-€1.1B
Acquisitions
-€6.37B
Net debt issued
-€9.3B
Stock-based compensation
€0
Free cash flow
€9.13B
Returned to shareholders / FCF
25.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)–13.4× 3 of 5 years2.4× – 19.5×
EV / EBITDA5.1×5.0×3.4× – 6.3×
EV / Sales2.0×2.2×1.8× – 2.9×
Price / FCF3.6×2.8×2.2× – 4.5×
Price / Book0.7×0.5×0.4× – 0.6×
FCF yield27.8%37.5%22.3% – 46.5%
Return on invested capital3.0%2.9%-0.3% – 9.4%
Return on equity-12.9%2.9%-7.3% – 17.2%

Analysts

Consensus target $20.93 (+36.2%)
range $20.93 – $20.93 · rating Buy

Strong buy0
Buy12
Hold7
Sell6
Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2027€45.5B+11.6%€0.92+677.5%–1
FY2028€46.9B+3.1%€1.29+40.1%–3
FY2029€47.9B+2.1%€1.43+10.4%–5
FY2030€49.3B+3.1%€1.85+29.3%–1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-14 · Amounts in EUR as reported; price and market cap in USD.