Vodafone (ADR) (VOD)
Runs mobile and broadband networks across Europe alongside a mobile-money service across Africa.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 4, 2026 | Goldman Sachs | Upgrade | Target: $11.58 | Target: $20.93 |
| Jul 10, 2026 | New Street | Upgrade | Rating: — | |
| Jun 11, 2026 | Barclays | Downgrade | ||
| Feb 16, 2026 | Goldman Sachs | Target | Target: $10.09 | Target: $11.58 |
| Dec 8, 2025 | Barclays | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Mar 31, 2026Cash & short-term investments $18.06B · Total debt $60.34B · Total assets $148.94B · Shareholders' equity $58.05B
- Revenue
- $24.21B
- Operating income
- $1.29B
- Net income
- −$1.42B
Reported in EUR, converted at the latest exchange rate
HistoryDividendAnnual yield
| Institutions | ≈ 7.84% | 190.81M ADS | |
|---|---|---|---|
| 595 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Other | ≈ 92.16% | 2.24B ADS | |
| remainder | |||
2.43B ADS (1 ADS = 10 ordinary shares) as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Acr Alpine Capital Research, LLCInstitution | 0.99% | 24.02M ADS | as of Jun 30, 2026 |
Arrowstreet Capital, Limited PartnershipInstitution | 0.83% | 20.31M ADS | as of Jun 30, 2026 |
Goldman Sachs Group IncInstitution | 0.66% | 15.95M ADS | as of Jun 30, 2026 |
Morgan StanleyInstitution | 0.52% | 12.70M ADS | as of Jun 30, 2026 |
Grantham, Mayo, van Otterloo & Co. LLCInstitution | 0.41% | 10.06M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
Not reported.