SK Telecom Co.,Ltd (SKM) Cash Flow Statement
Where SKM’s cash came from and went, 2025
December 31, 2025 · South Korean won- Cash from operations
- ₩3.96T −22.2% vs 2024
- Capital expenditures
- ₩2.24T 13.1% of revenue
- Free cash flow
- ₩1.72T 10.1% margin
- Returned to shareholders
- ₩636.88B 37% of free cash flow
- Change in cash
- −₩490.24B cash at year-end ₩1.49T
Cash from operations
₩3.96T
Capital expenditures
−₩2.24T
Investments (net)
+₩760.50B
Acquisitions & other
−₩284.58B
Dividends
−₩636.88B
Net borrowing (repayment)
−₩601.53B
Other financing
−₩1.49T
Currency & other
+₩41.91B
Change in cash
−₩490.24B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SKM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SKM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ₩4.24T2016 | ₩3.96T2025 | −0.8%/yr | |
| Capital expenditures | ₩3.13T2016 | ₩2.24T2025 | −3.7%/yr | |
| Free cash flow | ₩1.12T2016 | ₩1.72T2025 | +4.9%/yr | |
| Free cash flow margin | 6.5%2016 | 10.1%2025 | +3.5 pts | |
| Operating cash flow / net income | 2.562016 | 10.052025 | +7.49 | |
| Stock-based compensation | −₩1.21T2016 | ₩6.70B2024 | — | |
| Dividends paid | ₩706.09B2016 | ₩636.88B2025 | −1.1%/yr | |
| Share buybacks (net) | ₩02016 | ₩02025 | — | |
| Capex / revenue | 18.3%2016 | 13.1%2025 | −5.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SKM cash flow by activity
OperatingInvestingFinancingChange in cash
SKM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SKM cash flow statement in South Korean won
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ₩393.88B | ₩1.25T | ₩1.15T | ₩947.83B | ₩2.42T | ₩1.50T | ₩861.94B | ₩3.13T | ₩2.66T | ₩1.66T |
| Depreciation & amortization | ₩3.33T | ₩3.70T | ₩3.75T | ₩3.76T | ₩4.11T | ₩4.17T | ₩3.94T | ₩3.28T | ₩3.25T | ₩3.07T |
| Stock-based compensation | — | ₩6.70B | ₩18.89B | ₩84.46B | ₩91.65B | ₩4.31B | ₩2.07B | ₩789.0M | ₩414.0M | −₩1.21T |
| Change in working capital | −₩146.16B | ₩48.99B | −₩174.77B | ₩197.22B | −₩453.80B | ₩379.44B | −₩752.24B | ₩89.91B | −₩200.59B | ₩69.11B |
| Other non-cash items | ₩375.43B | ₩81.56B | ₩206.35B | ₩174.49B | −₩1.14T | −₩232.42B | −₩61.54B | −₩2.17T | −₩1.85T | ₩650.49B |
| Cash from operating activities | ₩3.96T | ₩5.09T | ₩4.95T | ₩5.16T | ₩5.03T | ₩5.82T | ₩3.99T | ₩4.33T | ₩3.86T | ₩4.24T |
| Investing activities | ||||||||||
| Capital expenditures | −₩2.24T | −₩2.56T | −₩3.08T | −₩3.05T | −₩3.31T | −₩3.69T | −₩3.52T | −₩3.30T | −₩2.86T | −₩3.13T |
| Investments (net) | ₩760.50B | −₩2.71T | −₩3.04T | −₩2.81T | −₩135.00B | −₩4.25T | −₩3.58T | −₩4.05T | −₩3.07T | −₩2.46T |
| Acquisitions & other investing | −₩284.58B | ₩2.56T | ₩2.76T | ₩3.05T | −₩42.74B | ₩3.69T | ₩3.52T | ₩3.30T | ₩2.86T | ₩3.13T |
| Cash from investing activities | −₩1.76T | −₩2.71T | −₩3.35T | −₩2.81T | −₩3.49T | −₩4.25T | −₩3.58T | −₩4.05T | −₩3.07T | −₩2.46T |
| Financing activities | ||||||||||
| Dividends paid | −₩636.88B | −₩824.12B | −₩773.81B | −₩904.02B | −₩1.03T | −₩742.14B | −₩718.70B | −₩706.09B | −₩706.09B | −₩706.09B |
| Share repurchases & issuance (net) | ₩0 | −₩15.79B | −₩285.49B | −₩3.13B | −₩76.11B | −₩426.66B | ₩1.62T | ₩0 | ₩0 | ₩0 |
| Net borrowing (repayment) | −₩601.53B | −₩483.12B | −₩704.60B | −₩462.65B | −₩733.26B | −₩321.95B | −₩327.69B | ₩373.38B | ₩345.24B | −₩235.07B |
| Shares issued | ₩0 | ₩0 | ₩398.51B | ₩0 | ₩0 | ₩0 | ₩300.00B | ₩0 | ₩0 | ₩0 |
| Other financing | −₩1.49T | −₩486.83B | −₩655.61B | ₩19.91B | −₩215.72B | ₩33.18B | −₩1.51T | ₩94.40B | −₩465.77B | −₩103.67B |
| Cash from financing activities | −₩2.73T | −₩1.81T | −₩2.02T | −₩1.35T | −₩2.05T | −₩1.46T | −₩636.83B | −₩238.31B | −₩826.62B | −₩1.04T |
| Summary | ||||||||||
| Net change in cash | −₩490.24B | ₩568.74B | −₩427.31B | ₩1.01T | −₩496.92B | ₩98.83B | −₩235.88B | ₩48.96B | −₩47.51B | ₩736.32B |
| Cash at end of period | ₩1.49T | ₩2.02T | ₩1.45T | ₩1.88T | ₩872.73B | ₩1.37T | ₩1.27T | ₩1.51T | ₩1.46T | ₩1.51T |
| Free cash flow | ₩1.72T | ₩2.53T | ₩1.87T | ₩2.11T | ₩1.72T | ₩2.13T | ₩469.19B | ₩1.04T | ₩994.22B | ₩1.12T |
| Free cash flow margin | 10.1% | 14.1% | 10.6% | 12.2% | 10.3% | 13.3% | 3.0% | 6.1% | 5.7% | 6.5% |
| Capex / revenue | 13.1% | 14.3% | 17.5% | 17.6% | 19.8% | 22.9% | 22.8% | 19.5% | 16.3% | 18.3% |
| Operating cash flow / net income | 10.05 | 4.07 | 4.32 | 5.44 | 2.08 | 3.88 | 4.62 | 1.38 | 1.45 | 2.56 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | ₩470.60B | ₩326.93B | ₩107.05B | −₩166.73B | ₩83.25B | ₩361.57B | ₩394.81B | ₩280.18B | ₩350.17B | ₩361.94B | ₩176.00B | ₩263.54B |
| Depreciation & amortization | ₩876.30B | ₩878.63B | ₩865.16B | ₩897.73B | ₩894.97B | ₩896.96B | ₩928.00B | ₩922.05B | ₩918.31B | ₩931.52B | ₩940.41B | ₩1.39T |
| Stock-based compensation | ₩2.48B | ₩5.41B | — | −₩463.0M | ₩212.0M | −₩248.0M | ₩1.24B | ₩5.71B | −₩3.33B | ₩3.08B | ₩16.06B | ₩2.14B |
| Change in working capital | −₩247.24B | −₩300.49B | ₩77.72B | −₩458.13B | ₩539.91B | −₩129.11B | ₩177.96B | ₩140.20B | ₩1.69B | −₩270.85B | −₩40.09B | ₩126.84B |
| Other non-cash items | ₩133.19B | ₩180.48B | ₩22.86B | −₩106.11B | −₩113.89B | ₩122.85B | −₩231.11B | ₩79.38B | ₩3.31B | ₩93.04B | ₩121.50B | ₩34.19B |
| Cash from operating activities | ₩1.24T | ₩1.09T | ₩1.07T | ₩166.30B | ₩1.40T | ₩1.25T | ₩1.27T | ₩1.43T | ₩1.27T | ₩1.12T | ₩1.21T | ₩1.82T |
| Investing activities | ||||||||||||
| Capital expenditures | −₩461.29B | −₩372.09B | −₩729.57B | −₩650.87B | −₩322.64B | −₩553.36B | −₩939.50B | −₩501.90B | −₩527.30B | −₩590.52B | −₩917.88B | −₩1.14T |
| Investments (net) | −₩668.16B | −₩94.20B | ₩101.78B | ₩147.78B | ₩131.88B | −₩463.68B | −₩1.15T | −₩558.43B | −₩357.19B | −₩643.65B | −₩763.38B | −₩1.49T |
| Acquisitions & other investing | −₩5.12B | −₩24.98B | ₩227.64B | −₩489.83B | ₩322.64B | ₩553.36B | ₩939.50B | ₩501.90B | ₩527.30B | ₩590.52B | ₩917.88B | ₩45.65B |
| Cash from investing activities | −₩1.13T | −₩491.27B | −₩400.15B | −₩992.92B | ₩131.88B | −₩463.68B | −₩1.15T | −₩558.43B | −₩357.19B | −₩643.65B | −₩763.38B | −₩2.59T |
| Financing activities | ||||||||||||
| Dividends paid | −₩183.21B | −₩8.20B | −₩8.20B | −₩176.76B | −₩451.61B | −₩177.09B | −₩177.09B | −₩176.30B | −₩450.93B | −₩179.65B | −₩134.04B | −₩231.88B |
| Share repurchases & issuance (net) | — | — | ₩0 | ₩0 | ₩0 | −₩265.5M | −₩15.79B | ₩2.47B | −₩2.09B | −₩15.79B | −₩186.63B | −₩98.86B |
| Net borrowing (repayment) | ₩227.70B | −₩605.37B | −₩577.74B | ₩33.06B | ₩454.81B | −₩511.67B | ₩236.45B | −₩288.04B | −₩235.16B | — | — | −₩996.48B |
| Shares issued | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 | ₩0 |
| Other financing | −₩415.97B | −₩9.90B | ₩28.78B | −₩4.84B | −₩1.47T | ₩173.37B | −₩104.57B | −₩7.42B | −₩374.28B | −₩21.68B | ₩166.70B | ₩879.71B |
| Cash from financing activities | −₩371.48B | −₩623.48B | −₩557.16B | −₩148.54B | −₩1.46T | −₩515.65B | −₩60.99B | −₩469.29B | −₩1.06T | −₩217.11B | −₩153.97B | −₩447.50B |
| Summary | ||||||||||||
| Net change in cash | −₩284.76B | −₩107.97B | ₩68.29B | −₩968.44B | ₩55.92B | ₩273.52B | ₩57.39B | ₩392.80B | −₩145.46B | ₩264.01B | ₩290.71B | ₩548.47B |
| Cash at end of period | ₩1.19T | ₩1.45T | ₩1.49T | ₩1.38T | ₩2.35T | ₩2.30T | ₩2.02T | ₩1.97T | ₩1.57T | ₩1.72T | ₩1.45T | ₩1.16T |
| Free cash flow | ₩774.04B | ₩718.88B | ₩343.21B | −₩484.57B | ₩1.08T | ₩698.67B | ₩331.39B | ₩925.62B | ₩742.85B | ₩528.21B | ₩296.01B | ₩671.26B |
| Free cash flow margin | 17.8% | 16.4% | 7.9% | −12.2% | 24.9% | 15.7% | 7.3% | 20.4% | 16.8% | 11.8% | 6.5% | 15.2% |
| Capex / revenue | 10.6% | 8.5% | 16.9% | 16.4% | 7.4% | 12.4% | 20.8% | 11.1% | 11.9% | 13.2% | 20.3% | 26.0% |
| Operating cash flow / net income | 2.63 | 3.34 | 10.02 | — | 16.87 | 3.46 | 3.22 | 5.10 | 3.63 | 3.09 | 6.90 | 6.89 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in South Korean won as reported; data from EODHD.
SKM cash generation
In fiscal 2025 (ended December 31, 2025), SK Telecom Co.,Ltd generated ₩3.96 trillion of cash from operations (down 22.2%) and spent ₩2.24 trillion on capital expenditures, leaving free cash flow of ₩1.72 trillion, 10.1% of revenue. It returned ₩636.9 billion to shareholders through dividends (₩636.9 billion) and net share buybacks (₩0). Cash and equivalents fell by ₩490.2 billion over the year.
Related: SKM income statement, SKM balance sheet, SKM dividend history. See the SKM stock overview for the latest quote and news.
SKM cash flow FAQ
What is SK Telecom Co.,Ltd's free cash flow?
SK Telecom Co.,Ltd's free cash flow was ₩1.72 trillion in fiscal 2025: ₩3.96 trillion of operating cash flow minus ₩2.24 trillion of capital expenditures It was ₩2.53 trillion a year earlier..
How much cash does SK Telecom Co.,Ltd generate from operations?
SK Telecom Co.,Ltd generated ₩3.96 trillion of cash from operating activities in fiscal 2025, 10.05 times its net income of ₩393.9 billion.
How much does SK Telecom Co.,Ltd spend on capital expenditures?
SK Telecom Co.,Ltd spent ₩2.24 trillion on capital expenditures in fiscal 2025, 13.1% of revenue, compared with ₩2.56 trillion the year before.
How much does SK Telecom Co.,Ltd pay in dividends?
SK Telecom Co.,Ltd paid ₩636.9 billion in dividends in fiscal 2025, 37.0% of free cash flow.