Telecom Argentina S.A (TEO) Balance Sheet

NYSE: TEOAssets, liabilities, debt and equity over 10 years.

TEO balance sheet, 2025

December 31, 2025 · Argentine pesos

ARS 16.62T assets = ARS 9.64T liabilities + ARS 6.98T equity

Both columns are drawn to the same scale: what TEO owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TEO financial health

Current ratio0.48

Tight · current assets cover current liabilities 0.48×

Debt / equity0.63

Moderate leverage · ARS 0.63 of debt for each $1 of equity

Equity / assets41.3%

Equity-funded · of assets funded by shareholders

Cash / debt18.4%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles42.8%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TEO balance sheet trends, 2016–2025

Telecom Argentina S.A balance sheet trends
Metric	Then	Latest	Change
Total assets	ARS 47.91B2016	ARS 16.62T2025	+91.5%/yr
Total liabilities	ARS 28.04B2016	ARS 9.64T2025	+91.3%/yr
Shareholders’ equity	ARS 19.34B2016	ARS 6.86T2025	+92.0%/yr
Cash & short-term investments	ARS 5.70B2016	ARS 791.81B2025	+73.0%/yr
Total debt	ARS 11.91B2016	ARS 4.31T2025	+92.5%/yr
Net cash (debt)	−ARS 6.21B2016	−ARS 3.52T2025	ARS 3.5T
Working capital	−ARS 949.0M2016	−ARS 2.00T2025	ARS 2.0T
Current ratio	0.942016	0.482025	−0.46
Debt / equity	0.622016	0.632025	+0.01
Shares outstanding	193.8M2016	430.7M2025	+9.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TEO assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TEO liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TEO debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TEO balance sheet in Argentine pesos

Telecom Argentina S.A annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	ARS 791.81B	ARS 351.90B	ARS 617.89B	ARS 150.80B	ARS 59.67B	ARS 25.07B	ARS 26.17B	ARS 9.01B	ARS 6.32B	ARS 5.70B
Cash & equivalents	ARS 468.87B	ARS 318.32B	ARS 347.93B	ARS 124.72B	ARS 38.66B	ARS 18.53B	ARS 25.58B	ARS 6.89B	ARS 2.83B	ARS 3.94B
Short-term investments	ARS 322.94B	ARS 33.58B	ARS 269.96B	ARS 26.07B	ARS 21.01B	ARS 6.54B	ARS 592.0M	ARS 2.12B	ARS 3.49B	ARS 1.75B
Receivables	ARS 882.16B	ARS 317.26B	ARS 325.57B	ARS 157.50B	ARS 51.22B	ARS 24.47B	ARS 21.39B	ARS 21.74B	ARS 10.07B	ARS 7.96B
Inventory	ARS 87.90B	ARS 60.44B	ARS 68.66B	ARS 20.08B	ARS 6.07B	ARS 3.72B	ARS 3.21B	ARS 2.74B	ARS 1.85B	ARS 1.28B
Other current assets	ARS 71.24B	ARS 25.25B	ARS 37.89B	ARS 23.45B	ARS 9.94B	ARS 0	ARS 0	ARS 0	ARS 0	ARS 630.0M
Total current assets	ARS 1.83T	ARS 754.86B	ARS 1.05T	ARS 351.83B	ARS 126.91B	ARS 53.26B	ARS 50.78B	ARS 33.49B	ARS 18.24B	ARS 15.56B
Property, plant & equipment (net)	ARS 7.51T	ARS 4.82T	ARS 5.42T	ARS 2.66T	ARS 943.95B	ARS 338.63B	ARS 255.44B	ARS 150.48B	ARS 28.54B	ARS 23.16B
Goodwill & intangible assets	ARS 7.11T	ARS 5.27T	ARS 5.34T	ARS 2.33T	ARS 1.02T	ARS 355.93B	ARS 267.75B	ARS 180.32B	ARS 7.10B	ARS 11.63B
Long-term investments	ARS 14.70B	ARS 13.61B	ARS 23.81B	ARS 201.0M	ARS 3.23B	ARS 125.0M	ARS 2.12B	ARS 5.59B	ARS 2.66B	ARS 347.0M
Other non-current assets	ARS 142.05B	ARS 82.39B	ARS 101.46B	ARS 33.12B	ARS 8.54B	ARS 4.10B	ARS 2.06B	ARS 1.86B	ARS 1.05B	ARS 0
Total assets	ARS 16.62T	ARS 10.94T	ARS 11.93T	ARS 5.38T	ARS 2.10T	ARS 752.05B	ARS 578.15B	ARS 371.74B	ARS 57.59B	ARS 47.91B
Liabilities
Accounts payable	ARS 1.11T	ARS 444.69B	ARS 777.10B	ARS 277.95B	ARS 95.90B	ARS 39.36B	ARS 31.96B	ARS 22.85B	ARS 11.48B	ARS 3.03B
Short-term debt	ARS 1.33T	ARS 1.15T	ARS 1.29T	ARS 447.62B	ARS 137.94B	ARS 44.94B	ARS 37.92B	ARS 19.94B	ARS 3.19B	ARS 3.26B
Deferred revenue	ARS 62.04B	ARS 26.23B	ARS 21.08B	ARS 3.97B	ARS 5.44B	ARS 1.52B	ARS 880.0M	ARS 1.11B	ARS 515.0M	ARS 439.0M
Total current liabilities	ARS 3.84T	ARS 1.96T	ARS 2.41T	ARS 897.82B	ARS 322.54B	ARS 106.05B	ARS 85.98B	ARS 53.45B	ARS 21.99B	ARS 16.51B
Long-term debt	ARS 4.06T	ARS 1.94T	ARS 1.62T	ARS 354.52B	ARS 214.84B	ARS 226.75B	ARS 147.22B	ARS 91.18B	ARS 9.04B	ARS 8.65B
Lease obligations	ARS 388.30B	ARS 212.98B	ARS 88.64B	ARS 28.90B	ARS 18.92B	ARS 10.30B	ARS 6.31B	ARS 0	ARS 0	ARS 0
Other long-term liabilities	ARS 1.74T	ARS 1.50T	ARS 3.00T	ARS 1.60T	ARS 493.31B	ARS 30.40B	ARS 35.10B	ARS 0	ARS 2.68B	ARS 2.88B
Total liabilities	ARS 9.64T	ARS 5.41T	ARS 7.04T	ARS 2.85T	ARS 1.03T	ARS 363.20B	ARS 268.30B	ARS 142.82B	ARS 33.71B	ARS 28.04B
Shareholders' equity
Common stock & paid-in capital	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 45.30B	ARS 3.62B	ARS 3.62B
Retained earnings (deficit)	ARS 3.10T	ARS 1.01T	−ARS 561.24B	−ARS 647.21B	ARS 16.74B	−ARS 5.76B	−ARS 6.19B	ARS 26.92B	ARS 7.63B	ARS 3.98B
Treasury stock	—	—	—	—	—	—	ARS 0	−ARS 2.78B	−ARS 461.0M	−ARS 461.0M
Accumulated other comprehensive income	ARS 1.30T	−ARS 41.58B	ARS 659.32B	ARS 151.21B	ARS 52.28B	ARS 42.21B	ARS 47.03B	ARS 28.11B	ARS 12.25B	ARS 12.15B
Minority interest	ARS 119.45B	ARS 144.41B	ARS 168.88B	ARS 50.48B	—	—	ARS 0	ARS 0	ARS 0	ARS 0
Total shareholders' equity	ARS 6.86T	ARS 5.43T	ARS 4.72T	ARS 2.48T	ARS 1.05T	ARS 388.86B	ARS 309.85B	ARS 228.91B	ARS 23.88B	ARS 19.34B
Key figures
Total debt	ARS 4.31T	ARS 3.09T	ARS 4.83T	ARS 1.55T	ARS 556.43B	ARS 271.69B	ARS 185.14B	ARS 111.12B	ARS 12.23B	ARS 11.91B
Net cash (debt)	−ARS 3.52T	−ARS 2.74T	−ARS 4.21T	−ARS 1.40T	−ARS 496.75B	−ARS 246.62B	−ARS 158.97B	−ARS 102.11B	−ARS 5.91B	−ARS 6.21B
Working capital	−ARS 2.00T	−ARS 1.20T	−ARS 1.36T	−ARS 545.99B	−ARS 195.64B	−ARS 52.79B	−ARS 35.20B	−ARS 19.96B	−ARS 3.75B	−ARS 949.0M
Tangible book value	−ARS 251.57B	ARS 155.94B	−ARS 615.17B	ARS 145.66B	ARS 35.24B	ARS 32.92B	ARS 42.10B	ARS 48.59B	ARS 16.78B	ARS 7.70B
Shares outstanding	430.7M	430.7M	430.7M	430.7M	430.7M	430.7M	430.7M	430.7M	362.2M	193.8M
Current ratio	0.48	0.39	0.44	0.39	0.39	0.50	0.59	0.63	0.83	0.94
Quick ratio	0.44	0.34	0.39	0.34	0.34	0.47	0.55	0.58	0.75	0.83
Debt / equity	0.63	0.57	1.02	0.63	0.53	0.70	0.60	0.49	0.51	0.62
Equity / assets	41.3%	49.6%	39.6%	46.1%	50.2%	51.7%	53.6%	61.6%	41.5%	40.4%

Telecom Argentina S.A quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	ARS 956.69B	ARS 1.07T	ARS 791.81B	ARS 673.91B	ARS 368.76B	ARS 518.85B	ARS 351.90B	ARS 338.15B	ARS 371.94B	ARS 465.70B	ARS 617.89B	ARS 391.9M
Cash & equivalents	ARS 401.24B	ARS 675.48B	ARS 468.87B	ARS 382.86B	ARS 322.92B	ARS 412.35B	ARS 318.32B	ARS 175.32B	ARS 148.80B	ARS 150.60B	ARS 347.93B	ARS 280.5M
Short-term investments	ARS 555.45B	ARS 394.29B	ARS 322.94B	ARS 291.06B	ARS 45.84B	ARS 106.50B	ARS 33.58B	ARS 162.83B	ARS 223.14B	ARS 315.09B	ARS 269.96B	ARS 111.4M
Receivables	ARS 1.02T	ARS 1.02T	ARS 882.16B	ARS 960.03B	ARS 882.77B	ARS 859.88B	ARS 317.26B	ARS 291.50B	ARS 279.32B	ARS 233.70B	ARS 325.57B	ARS 257.8M
Inventory	ARS 87.74B	ARS 67.93B	ARS 87.90B	ARS 86.91B	ARS 120.50B	ARS 117.91B	ARS 60.44B	ARS 53.10B	ARS 42.19B	ARS 44.21B	ARS 68.66B	ARS 62.8M
Other current assets	ARS 27.97B	ARS 17.28B	ARS 71.24B	ARS 17.83B	ARS 8.52B	ARS 2.45B	ARS 25.25B	ARS 35.01B	ARS 46.50B	ARS 26.72B	ARS 37.89B	ARS 27.0M
Total current assets	ARS 2.10T	ARS 2.18T	ARS 1.83T	ARS 1.74T	ARS 1.38T	ARS 1.50T	ARS 754.86B	ARS 717.76B	ARS 739.95B	ARS 770.33B	ARS 1.05T	ARS 739.5M
Property, plant & equipment (net)	ARS 8.71T	ARS 8.15T	ARS 7.51T	ARS 6.69T	ARS 6.34T	ARS 6.06T	ARS 4.82T	ARS 4.53T	ARS 4.14T	ARS 3.61T	ARS 5.42T	ARS 4.59B
Goodwill & intangible assets	ARS 8.22T	ARS 7.72T	ARS 7.11T	ARS 6.74T	ARS 6.37T	ARS 6.03T	ARS 5.27T	ARS 4.89T	ARS 4.37T	ARS 3.69T	ARS 5.34T	ARS 4.27B
Long-term investments	ARS 124.11B	ARS 121.03B	ARS 14.70B	ARS 13.02B	ARS 17.30B	ARS 21.70B	ARS 13.61B	ARS 12.76B	ARS 114.0M	ARS 271.0M	ARS 23.81B	ARS 449.0M
Other non-current assets	ARS 115.35B	ARS 108.17B	ARS 142.05B	ARS 452.58B	ARS 454.56B	ARS 425.21B	ARS 82.39B	ARS 44.31B	ARS 85.88B	ARS 70.65B	ARS 101.46B	ARS 0
Total assets	ARS 19.26T	ARS 18.28T	ARS 16.62T	ARS 15.63T	ARS 14.56T	ARS 14.04T	ARS 10.94T	ARS 10.19T	ARS 9.34T	ARS 8.14T	ARS 11.93T	ARS 9.67B
Liabilities
Accounts payable	ARS 1.09T	ARS 998.62B	ARS 1.11T	ARS 961.99B	ARS 938.48B	ARS 846.00B	ARS 444.69B	ARS 392.70B	ARS 391.42B	ARS 418.00B	ARS 777.10B	ARS 491.8M
Short-term debt	ARS 1.26T	ARS 1.45T	ARS 1.33T	ARS 1.57T	ARS 1.50T	ARS 1.35T	ARS 1.15T	ARS 1.12T	ARS 877.64B	ARS 894.93B	ARS 1.29T	ARS 715.9M
Deferred revenue	—	—	ARS 62.04B	—	—	—	ARS 26.23B	ARS 21.28B	ARS 15.35B	ARS 12.09B	ARS 21.08B	ARS 19.8M
Total current liabilities	ARS 3.63T	ARS 3.74T	ARS 3.84T	ARS 3.33T	ARS 3.22T	ARS 3.11T	ARS 1.96T	ARS 1.79T	ARS 1.52T	ARS 1.53T	ARS 2.41T	ARS 1.63B
Long-term debt	ARS 4.50T	ARS 4.19T	ARS 4.06T	ARS 3.69T	ARS 3.25T	ARS 2.92T	ARS 1.94T	ARS 1.75T	ARS 1.83T	ARS 1.59T	ARS 1.57T	ARS 672.58B
Lease obligations	ARS 410.77B	ARS 402.81B	ARS 388.30B	ARS 365.91B	ARS 325.65B	ARS 320.42B	ARS 212.98B	ARS 178.01B	ARS 132.94B	ARS 113.53B	ARS 88.64B	ARS 49.32B
Other long-term liabilities	ARS 2.20T	ARS 2.13T	ARS 1.74T	ARS 2.08T	ARS 1.79T	ARS 1.91T	ARS 1.50T	ARS 1.42T	ARS 1.26T	ARS 1.04T	ARS 3.06T	ARS 0
Total liabilities	ARS 10.33T	ARS 10.06T	ARS 9.64T	ARS 9.09T	ARS 8.26T	ARS 7.94T	ARS 5.41T	ARS 4.96T	ARS 4.61T	ARS 4.17T	ARS 7.04T	ARS 4.92B
Shareholders' equity
Common stock & paid-in capital	—	—	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 2.15B	ARS 6.2M
Retained earnings (deficit)	—	—	ARS 3.10T	−ARS 289.16B	ARS 100.76B	ARS 3.46T	ARS 1.01T	ARS 938.64B	ARS 851.68B	ARS 281.49B	−ARS 561.24B	ARS 2.59B
Accumulated other comprehensive income	—	—	ARS 1.30T	ARS 1.40T	ARS 3.25T	−ARS 244.21B	−ARS 41.58B	ARS 76.76B	ARS 106.70B	ARS 385.76B	ARS 659.32B	ARS 467.7M
Minority interest	ARS 96.22B	ARS 124.54B	ARS 119.45B	ARS 101.59B	ARS 76.43B	—	—	—	—	—	—	—
Total shareholders' equity	ARS 8.83T	ARS 8.09T	ARS 6.86T	ARS 6.44T	ARS 6.22T	ARS 6.02T	ARS 5.43T	ARS 5.14T	ARS 4.64T	ARS 3.89T	ARS 4.72T	ARS 4.66B
Key figures
Total debt	ARS 6.01T	ARS 5.89T	ARS 4.31T	ARS 5.49T	ARS 4.74T	ARS 4.44T	ARS 3.09T	ARS 2.87T	ARS 2.70T	ARS 2.56T	ARS 4.83T	ARS 2.45B
Net cash (debt)	−ARS 5.06T	−ARS 4.82T	−ARS 3.52T	−ARS 4.81T	−ARS 4.37T	−ARS 3.92T	−ARS 2.74T	−ARS 2.53T	−ARS 2.33T	−ARS 2.10T	−ARS 4.21T	−ARS 2.06B
Working capital	−ARS 1.54T	−ARS 1.57T	−ARS 2.00T	−ARS 1.59T	−ARS 1.84T	−ARS 1.61T	−ARS 1.20T	−ARS 1.07T	−ARS 783.39B	−ARS 763.41B	−ARS 1.36T	−ARS 895.5M
Tangible book value	ARS 614.17B	ARS 374.06B	−ARS 251.57B	−ARS 298.48B	−ARS 145.43B	−ARS 11.51B	ARS 155.94B	ARS 251.87B	ARS 261.06B	ARS 193.20B	−ARS 615.17B	ARS 391.1M
Shares outstanding	430.7M	430.7M	430.7M	430.7M	430.7M	430.7M	430.7M	430.6M	258.4M	86.1M	430.7M	430.7M
Current ratio	0.58	0.58	0.48	0.52	0.43	0.48	0.39	0.40	0.49	0.50	0.44	0.45
Quick ratio	0.55	0.56	0.44	0.49	0.39	0.44	0.34	0.35	0.43	0.46	0.39	0.40
Debt / equity	0.68	0.73	0.63	0.85	0.76	0.74	0.57	0.56	0.58	0.66	1.02	0.53
Equity / assets	45.9%	44.3%	41.3%	41.2%	42.8%	42.9%	49.6%	50.4%	49.7%	47.7%	39.6%	48.1%

Quarterly columns are labeled by the month the quarter ended. Figures in Argentine pesos as reported (latest annual report filed March 11, 2026); data from EODHD.

TEO financial position

At the end of fiscal 2025 (December 31, 2025), Telecom Argentina S.A had total assets of ARS 16.62 trillion (up 51.9% from a year earlier), total liabilities of ARS 9.64 trillion and shareholders' equity of ARS 6.86 trillion. It held ARS 791.8 billion in cash and short-term investments against ARS 4.31 trillion of debt, net debt of ARS 3.52 trillion. Its current ratio was 0.48. In the latest quarter (ended June 30, 2026) total assets were ARS 19.26 trillion and equity ARS 8.83 trillion.

Related: TEO income statement, TEO cash flow statement, TEO key metrics. See the TEO stock overview for the latest quote and news.

TEO balance sheet FAQ

What are Telecom Argentina S.A's total assets?

Telecom Argentina S.A reported total assets of ARS 16.62 trillion at the end of fiscal 2025 (December 31, 2025), compared with ARS 10.94 trillion a year earlier.

How much debt does Telecom Argentina S.A have?

Telecom Argentina S.A had ARS 4.31 trillion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.63.

How much cash does Telecom Argentina S.A have?

Telecom Argentina S.A held ARS 791.8 billion in cash and short-term investments at the end of fiscal 2025; with ARS 4.31 trillion of debt that is net debt of ARS 3.52 trillion.

What is Telecom Argentina S.A's book value?

Telecom Argentina S.A's shareholders' equity (book value) was ARS 6.86 trillion at the end of fiscal 2025.

What is Telecom Argentina S.A's current ratio?

Telecom Argentina S.A had current assets of ARS 1.83 trillion and current liabilities of ARS 3.84 trillion, a current ratio of 0.48 (current liabilities exceed current assets).

How much goodwill does Telecom Argentina S.A have?

Telecom Argentina S.A carried ARS 7.11 trillion of goodwill and intangible assets, 42.8% of total assets, at the end of fiscal 2025.