Banco Santander Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	16,154	14,101	12,574	11,076	9,605	8,124
Depreciation & Amortization	1,469	1,463	1,633	1,792	1,961	1,834
Other Amortization	1,715	1,715	1,546	1,294	1,024	922
Change in Trading Asset Securities	-25,312	-19,189	-70,835	-14,736	-1,396	39,834
Change in Other Net Operating Assets	-30,990	-37,539	10,455	-14,166	-134	-10,147
Other Operating Activities	21,546	24,614	20,472	19,755	16,646	16,124
Operating Cash Flow	-15,418	-14,835	-24,155	5,015	27,706	56,691
Operating Cash Flow Growth	-	-	-	-81.90%	-51.13%	-14.30%
Capital Expenditures	-4,896	-5,854	-8,494	-11,446	-9,066	-10,015
Sale of Property, Plant and Equipment	14,164	7,656	6,954	7,991	6,611	7,276
Cash Acquisitions	-	-187	-71	-1,274	-784	-140
Investment in Securities	472	670	-5	675	381	546
Divestitures	1	54	8	885	734	6
Purchase / Sale of Intangibles	-1,695	-1,805	-2,104	-2,197	-1,774	-1,388
Other Investing Activities	-2,554	-	-	-	-	-
Investing Cash Flow	5,492	534	-3,712	-5,366	-3,898	-3,715
Long-Term Debt Issued	-	2,287	7,001	7,007	119	5,340
Long-Term Debt Repaid	-	-8,822	-4,096	-2,931	-2,291	-2,684
Net Debt Issued (Repaid)	-4,747	-6,535	2,905	4,076	-2,172	2,656
Issuance of Common Stock	957	815	765	825	573	854
Repurchase of Common Stock	-6,272	-4,081	-4,789	-3,109	-2,050	-1,645
Total Dividends Paid	-3,341	-3,341	-3,017	-2,261	-1,848	-1,313
Other Financing Activities	-1,021	-1,061	-1,374	-1,589	-4,467	-1,874
Financing Cash Flow	-14,424	-14,203	-5,510	-2,058	-9,964	-1,322
Foreign Exchange Rate Adjustments	-5,282	-8,908	5,243	-322	-1,460	5,196
Net Cash Flow	-29,632	-37,412	-28,134	-2,731	12,384	56,850
Free Cash Flow	-20,314	-20,689	-32,649	-6,431	18,640	46,676
Free Cash Flow Growth	-	-	-	-	-60.07%	-20.57%
Free Cash Flow Margin	-42.88%	-44.17%	-68.29%	-14.87%	44.44%	119.66%
Free Cash Flow Per Share	-1.37	-1.38	-2.10	-0.40	1.10	2.69
Cash Interest Paid	57,737	57,737	61,091	50,954	23,390	-
Cash Income Tax Paid	5,042	4,954	5,880	5,214	5,498	4,012

Source: S&P Global Market Intelligence. Banks template. Financial Sources.