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 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	13,602	12,574	11,076	9,605	8,124	-8,771
Depreciation & Amortization	1,700	1,748	1,890	1,961	1,834	2,018
Other Amortization	1,546	1,546	1,294	1,024	922	792
Change in Trading Asset Securities	-21,683	-70,835	-14,736	-1,396	39,834	-8,625
Change in Other Net Operating Assets	-3,199	10,455	-14,166	-134	-10,147	47,596
Other Operating Activities	23,189	20,357	19,657	16,646	16,124	33,143
Operating Cash Flow	15,155	-24,155	5,015	27,706	56,691	66,153
Operating Cash Flow Growth	-	-	-81.90%	-51.13%	-14.30%	1851.99%
Capital Expenditures	-6,763	-8,494	-11,446	-9,066	-10,015	-7,386
Sale of Property, Plant and Equipment	8,128	6,954	7,991	6,611	7,276	2,799
Cash Acquisitions	-198	-71	-1,274	-784	-140	-2,931
Investment in Securities	619	-5	675	381	546	-343
Divestitures	56	8	885	734	6	1,775
Purchase / Sale of Intangibles	-1,938	-2,104	-2,197	-1,774	-1,388	-1,134
Investing Cash Flow	-96	-3,712	-5,366	-3,898	-3,715	-7,220
Long-Term Debt Issued	-	7,001	7,007	119	5,340	4,095
Long-Term Debt Repaid	-	-4,096	-2,931	-2,291	-2,684	-3,780
Net Debt Issued (Repaid)	-6,097	2,905	4,076	-2,172	2,656	315
Issuance of Common Stock	760	765	825	573	854	721
Repurchase of Common Stock	-4,649	-4,789	-3,109	-2,050	-1,645	-758
Common Dividends Paid	-158	-	-	-	-	-
Total Dividends Paid	-3,175	-3,017	-2,261	-1,848	-1,313	-
Other Financing Activities	-1,272	-1,374	-1,589	-4,467	-1,874	-2,187
Financing Cash Flow	-14,433	-5,510	-2,058	-9,964	-1,322	-1,909
Foreign Exchange Rate Adjustments	-4,796	5,243	-322	-1,460	5,196	-4,252
Net Cash Flow	-4,170	-28,134	-2,731	12,384	56,850	52,772
Free Cash Flow	8,392	-32,649	-6,431	18,640	46,676	58,767
Free Cash Flow Growth	-	-	-	-60.07%	-20.57%	-
Free Cash Flow Margin	16.56%	-64.27%	-14.05%	44.44%	119.66%	184.57%
Free Cash Flow Per Share	0.56	-2.10	-0.40	1.10	2.69	3.39
Cash Interest Paid	61,091	61,091	50,954	23,390	-	-
Cash Income Tax Paid	5,215	5,880	5,214	5,498	4,012	2,946

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