T 
Telefonica TEF.MC · EUR
Communication Services · Diversified Telecommunication Services · BME · 🇪🇸 Spain
3.41
+0.59%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€35.12bn
FY2016FY2025
Net income
−€4.32bn
FY2016FY2025
Free cash flow
€4.67bn
FY2016FY2025
Shareholders' equity
€14.26bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €35.12bn | €41.31bn | €40.65bn | €39.99bn | €39.28bn | €43.08bn | €48.42bn | €48.69bn | €52.01bn | €52.04bn |
| Research and development | — | €647.0m | €741.0m | €656.0m | €835.0m | €959.0m | €866.0m | €947.0m | €862.0m | €906.0m |
| Operating income | €1.47bn | €3.56bn | €2.59bn | €4.06bn | €13.59bn | €6.01bn | €2.74bn | €6.52bn | €6.79bn | €5.47bn |
| Net income | −€4.32bn | −€49.0m | −€892.0m | €2.01bn | €8.14bn | €1.58bn | €1.66bn | €3.33bn | €3.13bn | €2.37bn |
| Diluted earnings per share | -0.77 | -0.01 | -0.16 | 0.35 | 1.44 | 0.29 | 0.33 | 0.65 | 0.61 | 0.47 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €92.02bn | €100.50bn | €104.32bn | €109.64bn | €109.21bn | €105.05bn | €118.88bn | €114.05bn | €115.07bn | €123.64bn |
| Cash and short-term investments | €7.43bn | €9.26bn | €7.67bn | €9.69bn | €12.41bn | €8.10bn | €9.16bn | €7.90bn | €7.35bn | €6.69bn |
| Total liabilities | €74.21bn | €77.75bn | €77.23bn | €77.93bn | €80.53bn | €86.79bn | €93.43bn | €87.07bn | €88.45bn | €95.26bn |
| Debt | €34.01bn | €45.02bn | €44.12bn | €45.39bn | €48.17bn | €51.03bn | €56.90bn | €52.44bn | €52.77bn | €57.35bn |
| Shareholders' equity | €14.26bn | €19.35bn | €14.30bn | €25.09bn | €22.21bn | €11.23bn | €17.12bn | €17.95bn | €16.92bn | €18.16bn |
| Shares outstanding | 5,633m | 5,637m | 5,651m | 5,699m | 5,668m | 5,435m | 5,114m | 5,127m | 5,125m | 5,053m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €9.72bn | €10.99bn | €11.65bn | €10.81bn | €10.27bn | €13.20bn | €15.01bn | €13.31bn | €13.79bn | €13.36bn |
| Capital spending | −€5.05bn | −€5.79bn | −€6.16bn | −€5.51bn | −€6.16bn | −€7.02bn | −€8.41bn | −€8.78bn | −€8.99bn | −€9.19bn |
| Free cash flow | €4.67bn | €5.20bn | €5.49bn | €5.30bn | €4.10bn | €6.18bn | €6.59bn | €4.53bn | €4.80bn | €4.18bn |
| Dividends paid | −€1.86bn | −€1.76bn | −€1.70bn | −€1.40bn | −€3.63bn | −€1.30bn | −€2.74bn | −€2.79bn | −€2.46bn | −€2.91bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €8.27bn | €8.13bn | €9.17bn | €9.36bn | €8.79bn | €9.22bn | €10.90bn | €10.02bn |
| Operating income | €892.0m | €1.12bn | −€1.52bn | €952.0m | €1.00bn | €1.11bn | −€408.0m | €740.0m |
| Net income | €73.0m | −€412.0m | −€3.24bn | €276.0m | −€51.0m | −€1.30bn | −€1.04bn | €10.0m |
| Diluted earnings per share | 0.01 | -0.07 | -0.58 | 0.05 | -0.01 | -0.23 | -0.18 | 0.00 |
| Cash from operations | €2.12bn | €1.47bn | €3.26bn | €2.44bn | €2.61bn | €1.84bn | €3.87bn | €2.52bn |
| Capital spending | −€1.32bn | −€1.15bn | −€1.04bn | −€1.58bn | −€1.30bn | −€1.41bn | −€1.72bn | −€1.06bn |
| Free cash flow | €803.0m | €321.0m | €2.22bn | €864.0m | €1.31bn | €429.0m | €2.16bn | €1.46bn |
| Total assets | €88.60bn | €89.54bn | €92.02bn | €92.57bn | €94.37bn | €99.01bn | €100.50bn | €100.48bn |
| Cash and short-term investments | €5.86bn | €7.70bn | €7.43bn | €4.39bn | €8.19bn | €10.15bn | €9.26bn | €8.70bn |
| Debt | €6.20bn | €7.46bn | €36.22bn | €6.42bn | €10.35bn | €8.87bn | €38.94bn | €8.01bn |
| Shareholders' equity | €7.13bn | €14.52bn | €14.26bn | €17.61bn | €17.28bn | €19.72bn | €19.35bn | €20.56bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 4.2% | 8.6% | 6.4% | 10.1% | 34.6% | 13.9% | — |
| Net margin | -12.3% | -0.1% | -2.2% | 5.0% | 20.7% | 3.7% | — |
| Return on equity | -30.3% | -0.3% | -6.2% | 8.0% | 36.6% | 14.1% | — |
| Return on assets | -4.7% | -0.0% | -0.9% | 1.8% | 7.5% | 1.5% | — |
| Free cash flow yield | 76.1% | 86.4% | 91.4% | 83.0% | 84.1% | 107.9% | — |
| Revenue growth | -15.0% | 1.6% | 1.6% | 1.8% | -8.8% | -11.0% | — |
| Earnings growth | 8712.2% | -94.5% | -144.4% | -75.3% | 414.3% | -4.9% | — |
| Current ratio | 0.89x | 0.87x | 0.89x | 0.98x | 0.98x | 1.20x | — |
| Debt to equity | 2.39x | 2.01x | 2.63x | 1.40x | 1.58x | 3.51x | — |
| Equity ratio | 15.5% | 19.3% | 13.7% | 22.9% | 20.3% | 10.7% | — |
| Interest coverage | 0.77x | 1.19x | 0.86x | 1.34x | 6.70x | 2.49x | — |
| R&D as a share of sales | — | 1.6% | 1.8% | 1.6% | 2.1% | 2.2% | 1.8% |
| Buybacks as a share of market value | 0.1% | 0.2% | 0.8% | -0.5% | -4.3% | -6.3% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.2% | -4.0% | -2.9% |
| Operating income | -28.7% | -24.6% | -6.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 6.6% | 7.4% | 13.1% | 11.4% |
| Net margin | -5.7% | -2.1% | 2.7% | 4.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.6 | -452.9 | -22.4 | 9.6 | 2.7 | 11.2 | 19.1 | 11.3 | 13.3 | 18.8 |
| Price to sales | 0.6 | 0.5 | 0.5 | 0.5 | 0.6 | 0.4 | 0.7 | 0.8 | 0.8 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 23 years. Last went ex-dividend on 16 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.30 | 0.15 | 0.30 | 0.448 | 0.333 | 0.178 | 0.517 |
- 1-to-1 reverse split · 21 Jun 2005
- 1.02-for-1 split · 11 Mar 2003
- 1.02-for-1 split · 28 Jan 2003
- 1.02-for-1 split · 22 Mar 2002
- 1.02-for-1 split · 25 Jan 2002
- 1.02-for-1 split · 6 Mar 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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