Ferrovial SE (FER) Cash Flow Statement
Where FER’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €1.61B +24.9% vs 2024
- Capital expenditures
- €187.0M 1.9% of revenue
- Free cash flow
- €1.43B 14.8% margin
- Returned to shareholders
- €657.0M 46% of free cash flow
- Change in cash
- −€557.0M cash at year-end €4.27B
Drawn to scale: where the cash came from and how it was used. Hover for values.
FER operating cash flow, capex and free cash flow
FER cash flow trends, 2015–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €1.13B2015 | €1.61B2025 | +5.2%/yr | |
| Capital expenditures | €177.0M2015 | €187.0M2025 | +0.8%/yr | |
| Free cash flow | €953.0M2015 | €1.43B2025 | +5.9%/yr | |
| Free cash flow margin | 9.8%2015 | 14.8%2025 | +5.0 pts | |
| Operating cash flow / net income | 1.572015 | 1.822025 | +0.25 | |
| Stock-based compensation | €18.0M2015 | €14.0M2025 | −3.5%/yr | |
| Dividends paid | €267.0M2015 | €156.0M2025 | −7.4%/yr | |
| Share buybacks (net) | €265.0M2015 | €501.0M2025 | +9.5%/yr | |
| Capex / revenue | 1.8%2015 | 1.9%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FER cash flow by activity
FER net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FER cash flow statement in euros
| 2025 | 2024 | 2023 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | €888.0M | €3.24B | €444.0M | €268.0M | −€448.0M | €454.0M | €376.0M | €720.0M |
| Depreciation & amortization | €490.0M | €441.0M | €401.0M | €180.0M | €127.0M | €375.0M | €342.0M | €256.0M |
| Stock-based compensation | €14.0M | €13.0M | €11.0M | €7.0M | €12.0M | €14.0M | €17.0M | €18.0M |
| Change in working capital | €63.0M | −€220.0M | €118.0M | €206.0M | −€255.0M | −€53.0M | −€52.0M | −€234.0M |
| Other non-cash items | €160.0M | −€2.18B | €289.0M | €517.0M | €1.41B | €490.0M | €489.0M | €370.0M |
| Cash from operating activities | €1.61B | €1.29B | €1.26B | €1.18B | €845.0M | €1.28B | €1.17B | €1.13B |
| Investing activities | ||||||||
| Capital expenditures | −€187.0M | −€226.0M | −€86.0M | −€202.0M | −€182.0M | −€135.0M | −€177.0M | −€177.0M |
| Investments (net) | — | €1.31B | −€425.0M | — | — | — | — | — |
| Acquisitions & other investing | −€847.0M | €226.0M | €86.0M | −€45.0M | −€20.0M | −€333.0M | −€796.0M | −€503.0M |
| Cash from investing activities | −€1.03B | €1.31B | −€425.0M | −€247.0M | −€202.0M | −€468.0M | −€973.0M | −€680.0M |
| Financing activities | ||||||||
| Dividends paid | −€156.0M | −€130.0M | −€136.0M | −€238.0M | −€240.0M | −€218.0M | −€226.0M | −€267.0M |
| Share repurchases & issuance (net) | −€501.0M | −€973.0M | −€114.0M | −€282.0M | −€280.0M | −€302.0M | −€317.0M | −€265.0M |
| Net borrowing (repayment) | −€20.0M | −€611.0M | €130.0M | — | — | — | — | — |
| Shares issued | €0 | €0 | €0 | €70.0M | €0 | €0 | €0 | €0 |
| Other financing | −€352.0M | −€877.0M | −€1.19B | €309.0M | −€172.0M | €844.0M | €658.0M | −€12.0M |
| Cash from financing activities | −€1.03B | −€2.59B | −€1.30B | −€141.0M | −€692.0M | €324.0M | €115.0M | −€544.0M |
| Summary | ||||||||
| Net change in cash | −€557.0M | €39.0M | −€341.0M | €730.0M | −€596.0M | €1.02B | €299.0M | −€160.0M |
| Cash at end of period | €4.27B | €4.83B | €4.79B | €4.74B | €4.00B | €4.60B | €3.58B | €3.28B |
| Free cash flow | €1.43B | €1.07B | €1.18B | €976.0M | €663.0M | €1.15B | €995.0M | €953.0M |
| Free cash flow margin | 14.8% | 11.7% | 13.8% | 16.1% | 11.6% | 22.2% | 9.2% | 9.8% |
| Capex / revenue | 1.9% | 2.5% | 1.0% | 3.3% | 3.2% | 2.6% | 1.6% | 1.8% |
| Operating cash flow / net income | 1.82 | 0.40 | 2.84 | 4.40 | — | 2.82 | 3.12 | 1.57 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | €251.0M | €129.0M | €341.0M | €174.0M | €540.0M | €270.0M | €2.83B | €1.41B | €414.0M | €207.0M | €173.0M |
| Depreciation & amortization | €255.0M | €127.5M | €266.0M | €133.0M | €224.0M | €112.0M | €223.0M | €111.5M | €218.0M | €109.0M | €100.0M |
| Stock-based compensation | — | — | €7.0M | €7.0M | — | — | €13.0M | €6.5M | — | — | €5.5M |
| Change in working capital | €73.0M | €36.5M | €385.0M | €192.5M | −€322.0M | −€161.0M | €85.0M | €42.5M | −€305.0M | −€152.5M | €113.0M |
| Other non-cash items | €207.0M | €173.0M | €418.0M | €271.5M | −€72.0M | −€36.0M | −€2.05B | −€1.02B | −€229.5M | −€66.0M | €99.0M |
| Cash from operating activities | €786.0M | €466.0M | €1.42B | €778.0M | €370.0M | €185.0M | €1.10B | €549.0M | €97.5M | €97.5M | €490.5M |
| Investing activities | |||||||||||
| Capital expenditures | −€53.0M | −€113.0M | −€85.0M | −€191.0M | −€271.0M | −€135.5M | −€272.0M | −€136.0M | −€70.0M | −€70.0M | −€108.5M |
| Acquisitions & other investing | −€98.0M | €101.0M | €269.0M | €318.0M | −€301.5M | −€437.0M | €1.13B | €990.5M | −€128.0M | −€128.0M | −€166.0M |
| Cash from investing activities | −€151.0M | −€12.0M | €184.0M | €127.0M | −€572.5M | −€572.5M | €854.5M | €854.5M | −€198.0M | −€198.0M | −€274.5M |
| Financing activities | |||||||||||
| Dividends paid | −€98.0M | — | −€116.0M | −€78.0M | — | — | −€130.0M | −€65.0M | — | — | −€68.0M |
| Share repurchases & issuance (net) | −€300.0M | −€150.0M | −€207.0M | −€103.5M | −€294.0M | −€147.0M | −€507.0M | −€253.5M | −€466.0M | −€233.0M | −€31.0M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€651.0M | −€511.0M | €104.0M | −€32.5M | −€233.5M | −€380.5M | −€182.5M | −€501.0M | −€10.0M | −€243.0M | −€62.5M |
| Cash from financing activities | −€1.05B | −€661.0M | −€219.0M | −€214.0M | −€527.5M | −€527.5M | −€819.5M | −€819.5M | −€476.0M | −€476.0M | −€161.5M |
| Summary | |||||||||||
| Net change in cash | −€395.0M | — | €1.42B | −€2.85B | €2.85B | — | €1.17B | −€3.66B | −€564.5M | −€4.79B | −€4.68B |
| Cash at end of period | €3.88B | €4.27B | €4.27B | €2.85B | €2.85B | — | €4.83B | — | −€564.5M | −€564.5M | €4.74B |
| Free cash flow | €733.0M | €353.0M | €1.33B | €587.0M | €99.0M | €49.5M | €826.0M | €413.0M | €27.5M | €27.5M | €382.0M |
| Free cash flow margin | 15.6% | 16.8% | 25.8% | 22.8% | 2.2% | 2.2% | 16.9% | 16.9% | 0.6% | 1.3% | 16.7% |
| Capex / revenue | 1.1% | 5.4% | 1.6% | 7.4% | 6.1% | 6.1% | 5.6% | 5.6% | 1.6% | 3.3% | 4.7% |
| Operating cash flow / net income | 3.13 | 3.61 | 4.16 | 4.47 | 0.69 | 0.69 | 0.39 | 0.39 | 0.24 | 0.47 | 2.84 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
FER cash generation
In fiscal 2025 (ended December 31, 2025), Ferrovial generated €1.6 billion of cash from operations (up 24.9%) and spent €187.0 million on capital expenditures, leaving free cash flow of €1.4 billion, 14.8% of revenue. It returned €657.0 million to shareholders through dividends (€156.0 million) and net share buybacks (€501.0 million). Cash and equivalents fell by €557.0 million over the year.
Related: FER income statement, FER balance sheet, FER dividend history. See the FER stock overview for the latest quote and news.
FER cash flow FAQ
What is Ferrovial's free cash flow?
Ferrovial's free cash flow was €1.4 billion in fiscal 2025: €1.6 billion of operating cash flow minus €187.0 million of capital expenditures It was €1.1 billion a year earlier..
How much cash does Ferrovial generate from operations?
Ferrovial generated €1.6 billion of cash from operating activities in fiscal 2025, 1.82 times its net income of €888.0 million.
How much does Ferrovial spend on capital expenditures?
Ferrovial spent €187.0 million on capital expenditures in fiscal 2025, 1.9% of revenue, compared with €226.0 million the year before.
How much stock does Ferrovial buy back?
Ferrovial spent €501.0 million on net share repurchases in fiscal 2025.
How much does Ferrovial pay in dividends?
Ferrovial paid €156.0 million in dividends in fiscal 2025, 10.9% of free cash flow.