Vodafone Group Plc

Name: Vodafone Group Plc financial statements and ratios
Creator: Annalist

VOD · LSE · Communication and media, telecommunications · United Kingdom · IFRS · Fiscal year ends March

Latest report: FY2026, the fiscal year ended 31 March 2026. Snapshot FY2026_b847b18a.

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Overview

Revenue, fiscal year

+8.0% year on year

Operating profit, fiscal year

n.m. year on year

Net income, fiscal year

n.m. year on year

Diluted EPS, fiscal year

n.m. year on year

Operating margin, fiscal year

+8.1pp year on year

Return on equity, fiscal year

+6.6pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 March 2026 was €40.5 billion, 8.0% higher than in the previous fiscal year.
Strengthenedin FY2026 · stated since FY2025
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 StrengthenedRevenue for the fiscal year ended 31 March 2026 was €40.5 billion, 8.0% higher than in the previous fiscal year.Recorded from FY2026_b847b18a · data update
2. FY2025 NewRevenue for the fiscal year ended 31 March 2025 was €37.4 billion, 2.0% higher than in the previous fiscal year.Reconstructed · data update
3. FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2024 NewRevenue for the fiscal year ended 31 March 2024 was €36.7 billion, 2.5% lower than in the previous fiscal year.Reconstructed · initial
The company reported a net loss of €397 million for fiscal 2026, against a net loss of €4.2 billion in the previous fiscal year.
Weakenedin FY2026 · stated since FY2025
Rule: Net income against the previous fiscal year · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 WeakenedThe company reported a net loss of €397 million for fiscal 2026, against a net loss of €4.2 billion in the previous fiscal year.Recorded from FY2026_b847b18a · data update
2. FY2025 NewThe company reported a net loss of €4.2 billion for fiscal 2025, against net income of €1.1 billion in the previous fiscal year.Reconstructed · data update
3. FY2025 RetiredThe finding changed to a loss.Reconstructed · data update
4. FY2024 NewNet income attributable to the company for fiscal 2024 was €1.1 billion, 90.4% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2026 was 7.0%, 8.1 percentage points higher than a year earlier.
Newin FY2026 · first stated
Rule: Operating margin against a year earlier · Sources Annual financial report 2026-03
History of this finding, 4 records
1. FY2026 NewThe operating margin for fiscal 2026 was 7.0%, 8.1 percentage points higher than a year earlier.Recorded from FY2026_b847b18a · data update
2. FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_b847b18a · data update
3. FY2025 WeakenedThe operating margin for fiscal 2025 was -1.1%, 11.1 percentage points lower than a year earlier.Reconstructed · data update
4. FY2024 NewThe operating margin for fiscal 2024 was 10.0%, 28.4 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2026 was -0.8%, against -7.4% a year earlier.
Newin FY2026 · first stated
Rule: Return on equity against a year earlier · Sources Annual financial report 2026-03, Annual financial report 2025-03
History of this finding, 4 records
1. FY2026 NewReturn on equity for fiscal 2026 was -0.8%, against -7.4% a year earlier.Recorded from FY2026_b847b18a · data update
2. FY2026 RetiredThe finding changed to higher than a year earlier.Recorded from FY2026_b847b18a · data update
3. FY2025 WeakenedReturn on equity for fiscal 2025 was -7.4%, against 1.8% a year earlier.Reconstructed · data update
4. FY2024 NewReturn on equity for fiscal 2024 was 1.8%, against 20.0% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2026 was €9.4 billion, and operating cash flow was -36.0 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin FY2026 · stated since FY2024
Rule: Free cash flow · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 WeakenedFree cash flow for fiscal 2026 was €9.4 billion, and operating cash flow was -36.0 times net income attributable to the company.Recorded from FY2026_b847b18a · data update
2. FY2025 WeakenedFree cash flow for fiscal 2025 was €11.0 billion, and operating cash flow was -3.7 times net income attributable to the company.Reconstructed · data update
3. FY2024 NewFree cash flow for fiscal 2024 was €12.3 billion, and operating cash flow was 14.5 times net income attributable to the company.Reconstructed · initial
Net debt was €43.7 billion at 31 March 2026.
Confirmedin FY2026 · stated since FY2024
Rule: Net debt or net cash · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 ConfirmedNet debt was €43.7 billion at 31 March 2026.Recorded from FY2026_b847b18a · data update
2. FY2025 WeakenedNet debt was €42.1 billion at 31 March 2025.Reconstructed · data update
3. FY2024 NewNet debt was €50.8 billion at 31 March 2024.Reconstructed · initial

Records before FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 March 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026_b847b18a

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, euros

Operating Profit

By fiscal year, euros

Profit Attributable to Owners of the Parent

By fiscal year, euros

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, euros

Net Debt

Total debt less cash and short-term investments, at fiscal year end, euros

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2026

Annual financial report for the year to 31 March 2026. Changes are against the previous report, and each figure shows its period.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

NewAltman Z'' Zone
The Altman Z'' score for fiscal 2022 was minus 1.97, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Borrowings	€0	€0	€0	€0	€0
Lease liabilities	€0	€0	€0	€0	€0
Borrowings and lease liabilities presented as one line	€70.1bn	€66.4bn	€57.0bn	€53.1bn	€52.6bn
Lease-adjusted debt	€70.1bn	€66.4bn	€57.0bn	€53.1bn	€52.6bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 1.78x, Debt due within 12 months €7.1bn · FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2026 equalled 1.8 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Weakenedin FY2026 · stated since FY2024
Rule: Liquidity cover · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 WeakenedCash, short-term investments and operating cash flow for fiscal 2026 equalled 1.8 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026_b847b18a · data update
2. FY2025 StrengthenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 2.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2024 NewCash, short-term investments and operating cash flow for fiscal 2024 equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2026

Sources	Amount
Cash and short-term investments	€9.0bn
Operating cash flow	€14.3bn
Sources	€23.3bn

Uses	Amount
Debt due within 12 months	€7.1bn
Capital expenditure	€4.9bn
Dividends paid	€1.1bn
Uses	€13.1bn

Liquidity cover 1.78x

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −11.4% · FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 11.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2026 · stated since FY2024
Rule: Cash backing of earnings · Sources Annual financial report 2026-03
History of this finding, 3 records
1. FY2026 WeakenedOperating cash flow for fiscal 2026 exceeded net income attributable to the company by an amount equal to 11.4% of average total assets.Recorded from FY2026_b847b18a · data update
2. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 14.3% of average total assets.Reconstructed · data update
3. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 10.3% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202231 Mar 2022	FY202331 Mar 2023	FY202431 Mar 2024	FY202531 Mar 2025	FY202631 Mar 2026
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company				n/a	n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' −1.97 · FY2022

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2022 was minus 1.97, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Newin FY2022 · first stated
Rule: Altman Z'' zone · Sources Annual financial report 2023-03, Annual financial report 2024-03
History of this finding, 1 record
1. FY2022 NewThe Altman Z'' score for fiscal 2022 was minus 1.97, below the distress threshold of 1.10.Reconstructed · initial

By Fiscal Year

Ratio

FY202231 Mar 2022

Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60

distress zone

Altman Z'' Score

fiscal 2022

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

−1.97Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of minus 1.97 is in the distress zone of the model, below 1.10. The largest part is equity against liabilities, at 0.62; working capital below zero lowers the score by 0.26 and an accumulated deficit by 2.58.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.039	6.560	−0.258
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	−0.792	3.260	−2.582
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.037	6.720	0.250
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.589	1.050	0.618
Score			−1.972

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 March 2026 Search page of the FCA National Storage Mechanism	25 Jun 2026, added to the index	AFR:213800TB53ELEUKM7Q61-2026-03-31-0
Annual financial report for the year to 31 March 2025 Search page of the FCA National Storage Mechanism	21 Aug 2025, added to the index	AFR:213800TB53ELEUKM7Q61-2025-03-31-0
Annual financial report for the year to 31 March 2024 Search page of the FCA National Storage Mechanism	16 Jul 2024, added to the index	AFR:213800TB53ELEUKM7Q61-2024-03-31-0
Annual financial report for the year to 31 March 2023 Search page of the FCA National Storage Mechanism	4 Jul 2023, added to the index	AFR:213800TB53ELEUKM7Q61-2023-03-31-0
Annual financial report for the year to 31 March 2022 Search page of the FCA National Storage Mechanism	27 Jul 2022, added to the index	AFR:213800TB53ELEUKM7Q61-2022-03-31-0

Checks

215206 of 215 checks passed, 9 warnings

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity2 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit6 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share4 of 5 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Earnings per share, basic, FY2023: €276.78

Agreement with the 20-F181 of 184 passedEach figure equals the figure of the annual report on Form 20-F that the company files with the SEC for the same fiscal year. A figure that differs is withheld. Checked at warning level.

Property, plant and equipment, Q4 FY2023: €37,992m against €25,894m

Property, plant and equipment, Q4 FY2024: €28,499m against €19,399m

Property, plant and equipment, Q4 FY2025: €30,712m against €20,402m

Withheld values5 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Earnings per share, basic, FY2023: withheld, out of line with the other years of the company

Earnings per share, diluted, FY2023: withheld, out of line with the other years of the company

Property, plant and equipment, Q4 FY2023: withheld, another official report of the company gives it differently

Property, plant and equipment, Q4 FY2024: withheld, another official report of the company gives it differently

Property, plant and equipment, Q4 FY2025: withheld, another official report of the company gives it differently

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	220
Proven by a check	84.5%, 186 values
Confirmed by a second document	82.3%, 181 values
Derived from reported figures	0.9%, 2 values
Values withheld	5
Restated figures tracked	49
Changes compared on one basis	3
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Vodafone Group Plc, snapshot vodafone/FY2026_b847b18a (as of FY2026); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026_b847b18a · dataset SHA-256 b847b18afbced8538454555198accd275821d63cc7bf586e74a25357efdc3834 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json