Vodafone (ADR)
Runs mobile and broadband networks across Europe alongside a mobile-money service across Africa.
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Profile
Provides mobile, fixed broadband and enterprise connectivity across European markets, plus a mobile-money platform used widely across Africa. The current business took shape through decades of large-scale acquisitions and recent divestments, including a 2025 merger that combined the UK mobile business with a former rival to form the country's largest operator.
Runs mobile networks, fixed broadband and enterprise connectivity across Europe, plus a mobile-money platform, M-Pesa, across African markets. The footprint reflects decades of acquisition-led expansion and retreat rather than steady organic growth, most recently divesting the Spanish and Italian units.
The UK operation, previously standalone, now runs jointly with a former rival after a 2025 merger that made the combined business the country's largest mobile operator. Africa contributes through both network access and mobile-money payments used outside traditional banking.
A minority stake in an Indian mobile associate continues to weigh on results apart from the core European and African business, and changes in major shareholders face UK national-security review given the company's role as critical infrastructure.
Shares have traded in London since 1988, reaching US investors through a depositary-receipt structure.
Company facts
Categories
Key statistics
Year to date +20.2% · Average volume (30d) 3.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 10, 2026 | New Street | Upgrade | Buy | |||
| Jun 11, 2026 | Barclays | Downgrade | Overweight | Equal Weight | ||
| Feb 16, 2026 | Goldman Sachs | Target | $10.09 | $11.58 | ||
| Dec 8, 2025 | Barclays | Upgrade | Equal Weight | Overweight | ||
| Nov 3, 2025 | UBS | Downgrade | Neutral | Sell |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| May 12, 2026Q4 FY26 | $0.32 | −$0.62 | −295.8% | $10.29B | $24.36B | +136.7% | +2.72% |
| May 20, 2025Q4 FY25 | $0.23 | −$0.22 | −199.4% | $22.07B | $21.02B | −4.8% | +0.29% |
| Nov 12, 2024Q2 FY25 | $0.22 | $0.04 | −79.9% | $20.10B | $20.04B | −0.3% | +3.31% |
| Jul 25, 2024 | $0.54 | $0.06 | −89.1% | $23.60B | $15.88B | −32.7% | +2.16% |
Financial highlights
| 12 quarters | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $25.42B | $17.13B | $21.18B | $22.21B | $22.72B | $24.49B | |
| Gross profit | $7.72B | $6.49B | $7.13B | $7.38B | $7.39B | $7.46B | |
| Operating income | $1.92B | $2.33B | $2.76B | −$3.24B | $2.51B | $1.31B | |
| Net income | −$400.9M | $1.72B | $1.23B | −$6.06B | $960.5M | −$1.44B | |
| Diluted EPS | −$0.15 | $0.64 | $0.45 | −$2.32 | $0.39 | −$0.63 | |
| Gross margin | 30.4% | 37.9% | 33.7% | 33.2% | 32.5% | 30.5% | |
| Operating margin | 7.5% | 13.6% | 13.0% | -14.6% | 11.0% | 5.3% |
Balance sheet, Mar 31, 2026Cash & short-term investments $18.27B · Total debt $61.05B · Total assets $150.69B · Shareholders' equity $58.73B
Dividends
Last raised to $0.2695 from $0.2677 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 5, 2026 | Jun 5 | Jul 30 | $0.2695 | raised from $0.2677 |
| Nov 24, 2025 | Nov 24 | Feb 5 | $0.2677 | raised from $0.2639 |
| Jun 6, 2025 | Jun 6 | Aug 1 | $0.2639 | raised from $0.242 split-adjusted |
| Nov 22, 2024 | Nov 22 | Feb 7 | $0.2348 | cut from $0.469 split-adjusted |
| Jun 7, 2024 | Jun 7 | Aug 2 | $0.4887 | cut from $0.481 split-adjusted |
| Nov 22, 2023 | Nov 24 | Feb 2 | $0.4888 | cut from $0.4969 |
| Jun 8, 2023 | Jun 9 | Aug 4 | $0.4969 | raised from $0.4658 split-adjusted |
| Nov 23, 2022 | Nov 25 | Feb 3 | $0.448 | cut from $0.455 |
Ownership
Shares outstanding 2.30B · Float 2.30B · 100.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Acr Alpine Capital Research, LLC | 24.02M | 1.04% | 13F | Jul 29, 2026 |
| Arrowstreet Capital, Limited Partnership | 20.31M | 0.88% | 13F | Aug 13, 2026 |
| Goldman Sachs Group Inc | 15.95M | 0.69% | 13F | Aug 14, 2026 |
| Morgan Stanley | 12.70M | 0.55% | 13F | Aug 13, 2026 |
| Grantham, Mayo, van Otterloo & Co. LLC | 10.06M | 0.44% | 13F | Aug 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
Not reported.