Telefónica

TEF · BME · EUR

€3.31+1.07%+€0.04

Close · October 2, 2026

At a glance

Revenue growth: −1.36%; 2025 vs 2024
Net margin: -12.0%; 2024: -0.1%

Financial data

Amounts in millions of EUR; per-share values in EUR; shares in millions.

Balance sheet · Quarterly
Item	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023
Total assets	88,597	89,538	92,017	92,568	94,369	99,014	100,502	100,484	101,813	104,320	104,324	109,287
Current assets	19,834	19,456	22,005	18,989	21,261	23,550	22,369	21,602	20,652	20,988	20,756	22,486
Cash and equivalents	5,149	6,269	6,564	4,392	6,505	7,059	8,062	6,325	5,268	6,391	7,151	7,819
Short-term investments	532	—	207	1,962	45.0	3,092	139	—	—	—	209	—
Receivables	9,212	10,055	8,509	10,682	9,565	10,736	9,656	11,280	9,942	11,332	9,017	11,006
Inventory	892	895	862	890	879	906	954	958	986	999	929	1,776
Net property, plant and equipment	25,413	25,500	25,599	26,530	26,333	27,246	29,346	29,443	29,988	30,963	31,392	31,977
Goodwill	16,478	16,364	15,796	16,300	16,386	16,708	16,461	17,456	17,874	18,596	18,708	18,866
Other intangible assets	8,867	8,940	9,112	9,791	9,687	9,798	9,875	10,314	10,625	11,190	11,370	11,547
Long-term investments	6,855	6,813	7,770	7,729	8,585	8,159	9,971	8,921	9,566	8,778	10,022	10,930
Current liabilities	21,547	23,134	24,837	22,525	25,125	24,254	25,734	25,410	24,170	23,148	23,399	23,670
Accounts payable	5,607	—	6,490	13,301	6,755	13,154	7,783	—	7,450	—	7,612	—
Long-term debt	29,548	28,626	30,120	30,743	30,883	32,865	33,192	32,180	33,813	34,122	33,360	34,239
Total debt	7,923	—	39,653	7,700	7,546	7,792	—	—	—	—	—	—
Total liabilities	70,282	71,291	74,209	71,225	73,395	75,349	77,753	76,344	77,060	77,112	77,228	77,601
Total equity (incl. minority)	18,315	18,247	17,808	21,343	20,974	23,665	22,749	24,140	24,753	27,208	27,096	31,686
Retained earnings	16,237	—	17,655	—	20,620	—	23,759	—	25,057	—	25,954	—
Minority interest	3,640	3,726	3,550	3,729	3,691	3,948	3,402	3,578	3,737	4,241	5,244	6,073