Telefónica 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	-2,083	-49	-892	2,011	8,137	1,582
Depreciation & Amortization	7,190	7,389	7,441	8,796	8,397	9,359
Other Amortization	1,410	1,410	1,356	-	-	-
Other Operating Activities	3,865	2,244	3,744	956	-6,266	2,255
Operating Cash Flow	10,225	10,994	11,649	11,763	10,268	13,196
Operating Cash Flow Growth	-2.91%	-5.62%	-0.97%	14.56%	-22.19%	-12.16%
Capital Expenditures	-6,074	-5,790	-6,161	-6,350	-6,728	-7,529
Sale of Property, Plant & Equipment	269	269	310	842	564	509
Cash Acquisitions	-55	-189	-252	-1,628	-414	-79
Divestitures	753	220	1,004	-115	13,369	81
Investment in Securities	-901	-90	256	-303	-98	-25
Other Investing Activities	557	357	557	2,227	-797	-747
Investing Cash Flow	-5,451	-5,223	-4,286	-5,327	5,896	-7,790
Long-Term Debt Issued	-	3,547	2,674	2,585	3,646	8,527
Long-Term Debt Repaid	-	-4,406	-5,489	-8,614	-11,775	-11,367
Net Debt Issued (Repaid)	-3,206	-859	-2,815	-6,029	-8,129	-2,840
Issuance of Common Stock	952	-	-	-	-	-
Repurchase of Common Stock	-	-58	-223	-365	-478	-223
Common Dividends Paid	-1,666	-1,720	-1,701	-959	-617	-825
Other Financing Activities	-2,527	-2,035	-2,447	-572	-3,766	-1,550
Financing Cash Flow	-6,447	-4,672	-7,186	-7,925	-12,990	-5,438
Foreign Exchange Rate Adjustments	-314	-191	-258	156	-179	-402
Miscellaneous Cash Flow Adjustments	3	3	-13	-2	-19	-4
Net Cash Flow	-1,984	911	-94	-1,335	2,976	-438
Free Cash Flow	4,151	5,204	5,488	5,413	3,540	5,667
Free Cash Flow Growth	-13.48%	-5.17%	1.39%	52.91%	-37.53%	-14.29%
Free Cash Flow Margin	9.97%	12.35%	13.24%	13.28%	9.01%	12.89%
Free Cash Flow Per Share	0.74	0.92	0.97	0.94	0.60	0.95
Cash Income Tax Paid	906	668	454	92	459	509
Levered Free Cash Flow	3,324	4,153	5,020	2,792	12,243	-7,123
Unlevered Free Cash Flow	4,742	5,595	6,296	4,005	13,221	-6,177

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.