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	14,916	13,744	12,183	10,764	9,653	-7,708
Depreciation & Amortization	3,246	3,294	3,184	2,985	2,756	2,810
Other Adjustments	36,206	47,548	45,498	39,457	14,595	69,916
Changes in Trading Assets	20,495	62,460	18,332	30,837	2,064	12,390
Changes in Trading Liabilities	16,051	34,256	5,450	29,533	-1,386	7,880
Changes in Other Operating Activities	271,091	254,508	218,342	371,666	83,525	263,212
Operating Cash Flow	385,994	-24,155	5,015	27,706	56,691	66,153
Operating Cash Flow Growth	49.63%	-	-81.90%	-51.13%	-14.30%	1851.99%
Net Change in Securities and Investments	709	1,367	953	685	798	707
Payments for Business Acquisitions	198	71	1,274	784	140	2,931
Proceeds from Business Divestments	82.5	8	885	734	6	1,775
Capital Expenditures	6,763	8,494	11,446	9,066	10,015	7,386
Purchases of Intangible Assets	1,938	2,104	2,197	1,774	1,388	1,134
Sale of Property, Plant & Equipment	5,801	5,966	7,074	5,558	6,382	2,014
Other Investing Activities	2,327	988	917	1,053	894	785
Investing Cash Flow	-96	-3,712	-5,366	-3,898	-3,715	-7,220
Long-Term Debt Issued	1,793	7,001	7,007	119	5,340	4,095
Long-Term Debt Repaid	7,890	4,096	2,931	2,291	2,684	3,780
Net Long-Term Debt Issued (Repaid)	9,683	11,097	9,938	2,410	8,024	7,875
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
Net Common Stock Issued (Repurchased)	5,409	5,554	3,934	2,623	2,499	1,479
Common Dividends Paid	3,175	3,017	2,261	1,848	1,313	-
Other Financing Activities	1,652	2,912	2,183	4,485	2,324	2,693
Financing Cash Flow	-3,723	-5,510	-2,058	-9,964	-1,322	-1,909
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-4,796	5,243	-322	-1,460	-	-4,252
Net Cash Flow	-4,170	-28,134	-2,731	12,384	51,654	52,772
Free Cash Flow	-11,351	-15,661	16,461	36,772	66,706	73,539
Free Cash Flow Growth	-	-	-55.23%	-44.88%	-9.29%	355.21%
FCF Margin	-26.68%	-8.90%	10.03%	28.11%	103.94%	162.77%
Free Cash Flow Per Share	-0.75	-1.01	1.01	2.18	3.85	4.25
Levered Free Cash Flow	342,245	387,853	278,875	457,261	114,651	293,845
Unlevered Free Cash Flow	317,646	363,012	256,754	444,087	96,974	293,678

Updated Sep 30, 2025. Data Source: Fiscal.ai. Banks template. Financial Sources.