The earnings call presented a mix of positive developments, particularly in the U.K. and emerging markets, alongside challenges in Germany and the B2B segment. While Vodafone has successfully undergone significant transformation and restructuring, certain market-specific issues, especially in Germany, pose concerns.

Company Guidance

During the call, Vodafone provided detailed guidance and updates on their strategic priorities and financial outlook for fiscal year 2026 and beyond. CEO Margherita Della Valle highlighted the company's transformation over the past two years, focusing on customers, simplicity, and growth. Key actions included the sale of assets in Spain and Italy, a merger with Three U.K., and the further monetization of Vantage Towers. Financially, Vodafone delivered on its fiscal year 2025 guidance, achieving adjusted EBITDAaL between €11 billion and €11.3 billion and adjusted free cash flow between €2.6 billion and €2.8 billion for fiscal year 2026. The company also announced a new €2 billion share buyback program. Despite challenges in Germany, Vodafone expects to stabilize and improve its performance, while significant growth is anticipated in the U.K., Africa, and Turkey. The company emphasized its focus on customer experience, with notable improvements in Net Promoter Scores and reduced churn in key markets. CFO Luka Mucic reaffirmed Vodafone's commitment to underlying growth in adjusted EBITDAaL and adjusted free cash flow and highlighted the potential impacts of the U.K. merger, including €700 million in annual cost and CapEx synergies by the fifth year.

Strong Performance in the U.K.

Vodafone delivered strong EBITDA growth of 8% in the U.K. and achieved market-leading NPS, resulting in record low levels of customer churn.

Successful Transformation and Restructuring

Vodafone has reshaped its structure with the sales of Spain and Italy and the merger of Vodafone and Three U.K., leading to a strengthened balance sheet and €2 billion returned to shareholders via buybacks.

Growth in Africa and Turkey

Significant growth opportunities were identified in Africa and Turkey, with strong local positions and a focus on digital services.

Positive Financial Guidance for FY '26

Guidance for FY '26 expects continued underlying growth in adjusted EBITDAaL and free cash flow, with adjusted EBITDAaL projected to be between €11 billion and €11.3 billion.

Vodafone (VOD) Earnings, Revenues Date & History

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VOD Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2026 (Q2)	- / -	0.415	―	―	―
May 20, 2025	2025 (Q4)	0.23 / -2.22	0.407	-645.70% (-2.63)
Nov 12, 2024	2025 (Q2)	0.22 / 0.41	-0.139	398.56% (+0.55)
May 14, 2024	2024 (Q4)	0.54 / 0.41	4.204	-90.32% (-3.80)
Nov 14, 2023	2024 (Q2)	0.35 / -0.14	0.363	-138.29% (-0.50)
May 16, 2023	2023 (Q4)	0.71 / 4.20	0.316	1230.38% (+3.89)
Nov 15, 2022	2023 (Q2)	0.50 / 0.36	0.385	-5.71% (-0.02)
May 17, 2022	2022 (Q4)	0.44 / 0.32	-0.489	164.62% (+0.80)	―	―
Nov 16, 2021	2022 (Q2)	0.46 / 0.39	0.486	-20.78% (-0.10)	―	―
May 18, 2021	2021 (Q4)	- / -0.49	0.649	-175.35% (-1.14)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VOD Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 20, 2025	$9.42	$10.15	+7.75%
Nov 12, 2024	$8.88	$8.07	-9.12%
May 14, 2024	$7.95	$8.33	+4.78%
Nov 14, 2023	$8.19	$7.85	-4.15%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.