Telefónica Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	-4,318	-49	-892	2,011	8,137
Depreciation & Amortization	7,667	7,310	7,441	8,796	8,397
Other Amortization	-	-	1,356	-	-
Other Operating Activities	6,192	3,041	3,744	956	-6,266
Operating Cash Flow	9,722	10,994	11,649	11,763	10,268
Operating Cash Flow Growth	-11.57%	-5.62%	-0.97%	14.56%	-22.19%
Capital Expenditures	-5,446	-5,068	-6,161	-6,350	-6,728
Sale of Property, Plant & Equipment	391	217	310	842	564
Cash Acquisitions	-323	-189	-252	-1,628	-414
Divestitures	2,001	212	1,004	-115	13,369
Investment in Securities	-53	-29	256	-303	-98
Other Investing Activities	-1,160	-366	557	2,227	-797
Investing Cash Flow	-4,590	-5,223	-4,286	-5,327	5,896
Long-Term Debt Issued	2,442	2,904	2,674	2,585	3,646
Long-Term Debt Repaid	-5,862	-3,520	-5,489	-8,614	-11,775
Net Debt Issued (Repaid)	-3,420	-616	-2,815	-6,029	-8,129
Repurchase of Common Stock	-277	-1,243	-223	-365	-478
Common Dividends Paid	-1,697	-1,720	-1,701	-959	-617
Other Financing Activities	-1,018	-1,093	-2,447	-572	-3,766
Financing Cash Flow	-6,412	-4,672	-7,186	-7,925	-12,990
Foreign Exchange Rate Adjustments	-134	-191	-258	156	-179
Miscellaneous Cash Flow Adjustments	-84	3	-13	-2	-19
Net Cash Flow	-1,498	911	-94	-1,335	2,976
Free Cash Flow	4,276	5,926	5,488	5,413	3,540
Free Cash Flow Growth	-27.84%	7.98%	1.39%	52.91%	-37.53%
Free Cash Flow Margin	11.90%	16.26%	13.24%	13.28%	9.01%
Free Cash Flow Per Share	0.76	1.05	0.97	0.94	0.60
Cash Income Tax Paid	402	231	454	92	459
Levered Free Cash Flow	1,621	3,675	5,020	2,792	12,243
Unlevered Free Cash Flow	2,747	4,900	6,296	4,005	13,221

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.