Telefónica, S.A.

TEFNYSECommunication Services

$3.81

$-0.04(-0.91%)

Market Cap$21.5B

P/E Ratio—

52W High$5.72

52W Low$3.67

Avg Volume1.6M

Open$3.86

Beta0.28

Overview

Telefónica, S.A. (TEF) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

TEF · free cash flow · updated Jun 8, 2026

Core FCF metrics

TEF · FCF · TTM · margin & CAGR

Free cash flow was $5.20B for FY2024 (fiscal year ending 2024-12-31), down 12.3% year-over-year The FCF margin was 12.6%. Five-year CAGR stands at -4.6%.

FY2024 Free Cash Flow$5.20B▼ -12.3% YoY

Trailing 12M (TTM)$4.89Btrailing 4 quarters sum

FCF Margin12.6%$5.20B ÷ revenue

3-Year CAGR+7.5%FY2021 → FY2024

5-Year CAGR-4.6%FY2019 → FY2024

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

TEF · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2024Latest$10.99B(5.79B)$5.20B▼ 12.3%12.6%

FY2023$12.59B(6.66B)$5.93B▲ +9.6%14.6%

FY2022$11.76B(6.35B)$5.41B▲ +29.4%13.5%

FY2021$12.14B(7.95B)$4.18B▼ 32.3%10.7%

FY2020$13.20B(7.02B)$6.18B▼ 6.4%14.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

TEF · P/FCF · FCF yield · FCF per share

Telefónica, S.A. (TEF) trades at a FCF yield of 21.54% and a price-to-free-cash-flow ratio of 4.4x. FCF per share stands at $0.87, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

21.54%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.87

TTM FCF ÷ Shares Outstanding

Price / FCF

x4.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x12.2

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2024 · 2024-12-31

Cash flow statement summary

TEF · cash flow statement · operating / investing / financing

For FY2024, Telefónica, S.A. generated $10.99B in operating cash flow and spent 5.79B in capital expenditures, yielding $5.20B in free cash flow.

Operating Activities

+$10.99B

Cash from core business operations

2024-12-31

Investing Activities

−$5.22B

CapEx, acquisitions & investments

2024-12-31

Financing Activities

−$4.67B

Buybacks, dividends & debt

2024-12-31

FCF FormulaOperating CF ($10.99B) − |CapEx| (5.79B) = FCF ($5.20B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Communication Services)

TEF vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Telefónica, S.A.YOU

TEF

$5.20B-12.3%12.6%

About Free Cash Flow & Methodology

Telefónica, S.A. (TEF) reported free cash flow of $5.20B for FY2024 (fiscal year ending 2024-12-31), down 12.3% year-over-year. The FCF margin was 12.6%.

Based on available data, Telefónica, S.A. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $8.40B in FY2011. The 5-year CAGR stands at -4.6%.

Telefónica, S.A.'s FCF yield is 21.54% and price-to-FCF ratio is 4.4x for FY2024, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

TEF free cash flow · 8 questions

Telefónica, S.A. free cash flow was $5.20B for FY2024, down 12.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $4.89B.

TEF free cash flowTEF FCFTEF FCF 2024TEF free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Telefónica, S.A. · Telefónica, S.A. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026