Banco Santander, S.A. (SAN) Cash Flow Statement
Where SAN’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- −€14.84B
- Capital expenditures
- €7.66B 6.4% of revenue
- Free cash flow
- −€22.49B −18.8% margin
- Returned to shareholders
- €7.42B
- Change in cash
- −€37.41B cash at year-end €154.80B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SAN operating cash flow, capex and free cash flow
SAN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €21.82B2016 | −€14.84B2025 | — | |
| Capital expenditures | €8.34B2016 | €7.66B2025 | −0.9%/yr | |
| Free cash flow | €13.48B2016 | −€22.49B2025 | — | |
| Free cash flow margin | 19.3%2016 | −18.8%2025 | −38.1 pts | |
| Operating cash flow / net income | 2.922016 | −0.962025 | −3.87 | |
| Dividends paid | €2.31B2016 | €3.34B2025 | +4.2%/yr | |
| Share buybacks (net) | €1.38B2016 | €4.08B2025 | +12.8%/yr | |
| Capex / revenue | 12.0%2016 | 6.4%2025 | −5.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SAN cash flow by activity
SAN 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).
SAN cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €15.50B | €12.57B | €11.08B | €10.76B | €9.65B | −€7.71B | €8.12B | €9.31B | €8.21B | €7.49B |
| Depreciation & amortization | €3.18B | €3.29B | €3.18B | €2.98B | €2.76B | €2.81B | €3.00B | €2.42B | €2.59B | €2.36B |
| Change in working capital | −€56.73B | €10.46B | −€28.90B | −€1.53B | €29.69B | €38.97B | −€26.12B | −€24.27B | €12.19B | −€4.82B |
| Other non-cash items | €23.21B | −€50.48B | €19.66B | €15.49B | €14.60B | €32.08B | €18.40B | €15.95B | €17.20B | €16.80B |
| Cash from operating activities | −€14.84B | −€24.16B | €5.01B | €27.71B | €56.69B | €66.15B | €3.39B | €3.42B | €40.19B | €21.82B |
| Investing activities | ||||||||||
| Capital expenditures | −€7.66B | −€8.49B | −€13.64B | −€10.84B | −€11.40B | −€8.52B | −€14.14B | −€12.20B | −€8.99B | −€8.34B |
| Investments (net) | €670.0M | −€3.71B | −€5.37B | −€3.90B | €546.0M | −€7.22B | €623.0M | €2.32B | €962.0M | −€13.76B |
| Acquisitions & other investing | €7.52B | €8.49B | €13.64B | €10.84B | €7.14B | €8.52B | €6.29B | €13.03B | €4.02B | €8.34B |
| Cash from investing activities | €534.0M | −€3.71B | −€5.37B | −€3.90B | −€3.71B | −€7.22B | −€7.23B | €3.15B | −€4.01B | −€13.76B |
| Financing activities | ||||||||||
| Dividends paid | −€3.34B | −€3.02B | −€2.26B | −€1.85B | −€1.31B | −€4.09B | −€3.77B | −€3.12B | −€2.67B | −€2.31B |
| Share repurchases & issuance (net) | −€4.08B | −€4.79B | −€3.11B | −€2.05B | −€1.65B | −€758.0M | −€928.0M | −€1.03B | −€1.31B | −€1.38B |
| Net borrowing (repayment) | −€6.54B | €2.90B | €4.08B | −€2.17B | €2.66B | €315.0M | −€4.03B | €779.0M | €987.0M | −€2.72B |
| Shares issued | €815.0M | €765.0M | €825.0M | €573.0M | €854.0M | €721.0M | €947.0M | €989.0M | €0 | €0 |
| Other financing | −€1.06B | −€1.37B | −€1.59B | −€4.47B | −€1.87B | €1.91B | −€2.33B | −€925.0M | €7.19B | €661.0M |
| Cash from financing activities | −€14.20B | −€5.51B | −€2.06B | −€9.96B | −€1.32B | −€1.91B | −€10.12B | −€3.30B | €4.21B | −€5.75B |
| Summary | ||||||||||
| Net change in cash | −€37.41B | −€28.13B | −€2.73B | €12.38B | €56.85B | €52.77B | −€12.60B | €2.67B | €34.54B | −€1.30B |
| Cash at end of period | €154.80B | €192.21B | €220.34B | €223.07B | €210.69B | €153.84B | €101.07B | €113.66B | €111.00B | €76.45B |
| Free cash flow | −€22.49B | −€32.65B | −€8.63B | €16.87B | €45.29B | €57.63B | −€10.75B | −€8.78B | €31.20B | €13.48B |
| Free cash flow margin | −18.8% | −25.1% | −7.1% | 19.4% | 73.6% | 95.3% | −14.8% | −12.6% | 43.7% | 19.3% |
| Capex / revenue | 6.4% | 6.5% | 11.2% | 12.5% | 18.5% | 14.1% | 19.5% | 17.5% | 12.6% | 12.0% |
| Operating cash flow / net income | −0.96 | −1.92 | 0.45 | 2.57 | 5.87 | — | 0.42 | 0.37 | 4.90 | 2.92 |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €5.46B | €3.76B | €3.07B | €3.43B | €3.40B | €3.27B | €3.25B | €3.21B | €2.93B | €3.16B |
| Depreciation & amortization | €828.0M | €756.0M | €796.0M | €772.0M | €854.0M | €824.0M | €814.0M | €828.0M | €779.0M | €799.0M |
| Change in working capital | −€6.30B | −€5.02B | −€8.26B | −€5.02B | −€12.85B | €24.34B | €29.58B | −€18.38B | −€24.83B | €18.46B |
| Other non-cash items | −€18.68B | €21.21B | −€4.50B | €21.53B | −€9.52B | −€5.46B | −€20.60B | €1.08B | €29.89B | −€14.28B |
| Cash from operating activities | −€18.70B | €20.72B | −€8.90B | €20.72B | −€18.11B | €22.97B | €13.04B | −€13.26B | €8.77B | €8.14B |
| Investing activities | ||||||||||
| Capital expenditures | −€1.01B | −€1.23B | −€1.09B | −€1.23B | −€1.97B | −€2.28B | −€1.47B | −€2.15B | −€4.37B | −€2.37B |
| Acquisitions & other investing | €5.45B | €1.19B | €1.84B | €1.19B | €1.45B | €1.88B | €467.0M | €988.0M | €2.51B | €1.37B |
| Cash from investing activities | €4.44B | −€42.0M | €745.4M | −€42.0M | −€521.0M | −€406.0M | −€1.00B | −€1.16B | −€1.87B | −€1.00B |
| Financing activities | ||||||||||
| Dividends paid | — | — | −€18.4M | — | — | −€1.53B | — | — | −€1.30B | — |
| Share repurchases & issuance (net) | −€3.05B | −€1.16B | −€504.6M | −€1.16B | −€859.0M | −€2.04B | −€593.0M | −€1.23B | −€1.21B | −€175.0M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€1.08B | −€2.98B | −€1.58B | −€2.98B | −€3.06B | −€346.0M | €3.17B | −€2.86B | €1.17B | €1.82B |
| Cash from financing activities | −€4.13B | −€4.14B | −€2.10B | −€4.14B | −€3.91B | −€3.92B | €2.58B | −€4.09B | −€1.34B | €1.64B |
| Summary | ||||||||||
| Net change in cash | −€17.48B | −€165.21B | €141.05B | −€166.95B | −€25.26B | €22.83B | €169.38B | −€174.16B | €3.29B | €9.51B |
| Cash at end of period | €137.32B | €165.21B | €141.05B | €231.9M | €166.95B | €192.21B | €169.38B | −€174.16B | €220.34B | €11.14B |
| Free cash flow | −€19.71B | €19.49B | −€9.99B | €19.49B | −€20.08B | €20.69B | €11.57B | −€15.41B | €4.40B | €5.77B |
| Free cash flow margin | −66.4% | 130.1% | −82.5% | 136.0% | −63.6% | 130.8% | 77.5% | −99.5% | 30.6% | 39.3% |
| Capex / revenue | 3.4% | 8.2% | 9.0% | 8.6% | 6.2% | 14.4% | 9.9% | 13.9% | 30.4% | 16.1% |
| Operating cash flow / net income | −3.43 | 5.50 | −2.90 | 6.04 | −5.32 | 7.04 | 4.01 | −4.13 | 2.99 | 2.58 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
SAN cash generation
In fiscal 2025 (ended December 31, 2025), Banco Santander generated -€14.8 billion of cash from operations and spent €7.7 billion on capital expenditures, leaving free cash flow of -€22.5 billion, −18.8% of revenue. It returned €7.4 billion to shareholders through dividends (€3.3 billion) and net share buybacks (€4.1 billion). Cash and equivalents fell by €37.4 billion over the year.
Related: SAN income statement, SAN balance sheet, SAN dividend history. See the SAN stock overview for the latest quote and news.
SAN cash flow FAQ
What is Banco Santander's free cash flow?
Banco Santander's free cash flow was -€22.5 billion in fiscal 2025: -€14.8 billion of operating cash flow minus €7.7 billion of capital expenditures It was -€32.6 billion a year earlier..
How much cash does Banco Santander generate from operations?
Banco Santander generated -€14.8 billion of cash from operating activities in fiscal 2025, −0.96 times its net income of €15.5 billion.
How much does Banco Santander spend on capital expenditures?
Banco Santander spent €7.7 billion on capital expenditures in fiscal 2025, 6.4% of revenue, compared with €8.5 billion the year before.
How much stock does Banco Santander buy back?
Banco Santander spent €4.1 billion on net share repurchases in fiscal 2025.
How much does Banco Santander pay in dividends?
Banco Santander paid €3.3 billion in dividends in fiscal 2025.