Telecom Argentina S.A (TEO) Cash Flow Statement
Where TEO’s cash came from and went, 2025
December 31, 2025 · Argentine pesos- Cash from operations
- ARS 2.18T +168.7% vs 2024
- Capital expenditures
- ARS 1.58T 19.0% of revenue
- Free cash flow
- ARS 601.69B 7.2% margin
- Returned to shareholders
- ARS 41.12B 7% of free cash flow
- Change in cash
- ARS 20.88B cash at year-end ARS 468.87B
Cash from operations
ARS 2.18T
Capital expenditures
−ARS 1.58T
Acquisitions & other
−ARS 1.93T
Dividends
−ARS 23.63B
Share buybacks (net)
−ARS 17.49B
Net borrowing (repayment)
+ARS 1.17T
Other financing
+ARS 189.26B
Currency & other
+ARS 35.81B
Change in cash
ARS 20.88B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TEO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TEO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ARS 25.98B2016 | ARS 2.18T2025 | +63.6%/yr | |
| Capital expenditures | ARS 19.43B2016 | ARS 1.58T2025 | +63.0%/yr | |
| Free cash flow | ARS 6.56B2016 | ARS 601.69B2025 | +65.2%/yr | |
| Free cash flow margin | 10.9%2016 | 7.2%2025 | −3.6 pts | |
| Operating cash flow / net income | 2.462016 | 0.792024 | −1.68 | |
| Stock-based compensation | ARS 686.0M2016 | −ARS 3.73T2023 | — | |
| Dividends paid | ARS 3.00B2016 | ARS 23.63B2025 | +25.8%/yr | |
| Share buybacks (net) | ARS 02016 | ARS 17.49B2025 | — | |
| Capex / revenue | 32.2%2016 | 19.0%2025 | −13.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TEO cash flow by activity
OperatingInvestingFinancingChange in cash
TEO 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).
TEO cash flow statement in Argentine pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −ARS 198.07B | ARS 1.03T | −ARS 715.27B | −ARS 205.64B | ARS 9.94B | −ARS 5.10B | −ARS 3.89B | ARS 11.59B | ARS 15.17B | ARS 10.55B |
| Depreciation & amortization | ARS 2.05T | ARS 1.31T | ARS 2.02T | ARS 249.19B | ARS 134.27B | ARS 82.22B | ARS 58.73B | ARS 69.16B | ARS 15.08B | ARS 7.88B |
| Stock-based compensation | — | — | −ARS 3.73T | — | ARS 9.51B | ARS 9.64B | ARS 11.24B | ARS 120.0M | ARS 884.0M | ARS 686.0M |
| Change in working capital | −ARS 474.76B | −ARS 186.75B | ARS 527.23B | −ARS 11.20B | −ARS 9.12B | −ARS 19.36B | −ARS 15.02B | −ARS 35.40B | −ARS 3.92B | −ARS 1.16B |
| Other non-cash items | ARS 804.76B | −ARS 1.35T | ARS 3.67T | ARS 181.68B | −ARS 14.57B | ARS 33.94B | ARS 30.87B | ARS 24.91B | ARS 7.88B | ARS 8.03B |
| Cash from operating activities | ARS 2.18T | ARS 811.50B | ARS 1.77T | ARS 214.02B | ARS 130.03B | ARS 101.33B | ARS 81.93B | ARS 70.38B | ARS 35.10B | ARS 25.98B |
| Investing activities | ||||||||||
| Capital expenditures | −ARS 1.58T | −ARS 394.21B | −ARS 1.33T | −ARS 122.47B | −ARS 76.13B | −ARS 54.36B | −ARS 50.80B | −ARS 70.72B | −ARS 30.65B | −ARS 19.43B |
| Investments (net) | ARS 0 | −ARS 383.42B | −ARS 125.16B | −ARS 165.87B | −ARS 39.38B | −ARS 28.91B | −ARS 44.79B | −ARS 31.29B | −ARS 14.29B | −ARS 11.34B |
| Acquisitions & other investing | −ARS 1.93T | ARS 394.21B | −ARS 178.73B | ARS 122.47B | ARS 391.0M | ARS 133.0M | ARS 34.61B | ARS 54.73B | ARS 18.89B | ARS 6.85B |
| Cash from investing activities | −ARS 3.51T | −ARS 383.42B | −ARS 1.63T | −ARS 165.87B | −ARS 115.12B | −ARS 83.14B | −ARS 60.98B | −ARS 47.28B | −ARS 26.05B | −ARS 23.92B |
| Financing activities | ||||||||||
| Dividends paid | −ARS 23.63B | −ARS 9.60B | −ARS 4.02B | −ARS 1.23B | −ARS 744.0M | −ARS 367.0M | −ARS 35.53B | −ARS 71.25B | −ARS 4.01B | −ARS 3.00B |
| Share repurchases & issuance (net) | −ARS 17.49B | — | −ARS 2.26B | — | −ARS 59.0M | ARS 0 | −ARS 125.0M | ARS 0 | ARS 0 | ARS 0 |
| Net borrowing (repayment) | ARS 1.17T | −ARS 43.16B | ARS 251.35B | ARS 11.13B | ARS 7.32B | −ARS 14.60B | ARS 25.02B | ARS 48.71B | −ARS 552.0M | ARS 2.63B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | ARS 189.26B | −ARS 352.86B | −ARS 520.53B | −ARS 55.70B | −ARS 26.82B | −ARS 20.85B | −ARS 14.41B | −ARS 7.80B | −ARS 1.99B | −ARS 1.83B |
| Cash from financing activities | ARS 1.31T | −ARS 405.62B | −ARS 275.46B | −ARS 45.80B | −ARS 20.30B | −ARS 35.81B | −ARS 25.04B | −ARS 30.34B | −ARS 6.55B | −ARS 2.21B |
| Summary | ||||||||||
| Net change in cash | ARS 20.88B | −ARS 29.61B | ARS 100.40B | ARS 38.66B | −ARS 8.12B | −ARS 16.30B | ARS 14.98B | ARS 783.0M | ARS 2.58B | ARS 775.0M |
| Cash at end of period | ARS 468.87B | ARS 318.32B | ARS 457.70B | ARS 40.05B | ARS 19.85B | ARS 18.53B | ARS 25.58B | ARS 14.43B | ARS 10.03B | ARS 4.84B |
| Free cash flow | ARS 601.69B | ARS 417.29B | ARS 441.70B | ARS 91.55B | ARS 53.91B | ARS 46.97B | ARS 31.14B | −ARS 339.0M | ARS 4.45B | ARS 6.56B |
| Free cash flow margin | 7.2% | 10.1% | 7.5% | 1.9% | 2.1% | 5.3% | 6.4% | −0.1% | 4.3% | 10.9% |
| Capex / revenue | 19.0% | 9.5% | 22.5% | 2.5% | 2.9% | 6.1% | 10.4% | 20.1% | 29.9% | 32.2% |
| Operating cash flow / net income | — | 0.79 | — | — | 13.08 | — | — | 6.07 | 2.31 | 2.46 |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | ARS 174.15B | ARS 642.98B | ARS 120.30B | −ARS 199.15B | ARS 123.59B | ARS 81.34B | ARS 56.28B | ARS 184.19B | ARS 675.03B | −ARS 776.2M | −ARS 61.24B |
| Depreciation & amortization | ARS 619.02B | ARS 523.83B | ARS 684.35B | ARS 471.41B | ARS 450.19B | ARS 382.76B | ARS 447.58B | ARS 324.36B | ARS 233.20B | ARS 355.69B | ARS 132.50B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | −ARS 1.08T | −ARS 158.78B |
| Change in working capital | ARS 22.44B | −ARS 135.32B | ARS 142.54B | −ARS 141.24B | −ARS 248.50B | ARS 13.94B | −ARS 157.16B | −ARS 58.95B | −ARS 17.98B | ARS 593.7M | −ARS 12.13B |
| Other non-cash items | ARS 131.44B | −ARS 266.19B | ARS 33.08B | ARS 423.53B | ARS 37.46B | −ARS 199.13B | −ARS 173.79B | −ARS 258.39B | −ARS 623.25B | ARS 721.54B | ARS 545.21B |
| Cash from operating activities | ARS 947.05B | ARS 765.30B | ARS 980.28B | ARS 554.56B | ARS 362.74B | ARS 278.91B | ARS 172.91B | ARS 191.22B | ARS 267.00B | ARS 598.2M | ARS 445.55B |
| Investing activities | |||||||||||
| Capital expenditures | −ARS 633.09B | −ARS 465.81B | −ARS 744.09B | −ARS 365.16B | −ARS 251.60B | −ARS 158.41B | −ARS 46.99B | −ARS 148.27B | −ARS 115.42B | −ARS 384.8M | −ARS 205.15B |
| Investments (net) | — | −ARS 75.65B | ARS 134.97B | −ARS 251.26B | −ARS 1.26T | −ARS 133.62B | −ARS 14.98B | −ARS 67.36B | −ARS 224.22B | −ARS 362.86B | −ARS 112.09B |
| Acquisitions & other investing | −ARS 132.82B | −ARS 41.31B | −ARS 382.21B | ARS 269.04B | −ARS 158.60B | ARS 126.46B | ARS 59.10B | ARS 239.00B | −ARS 9.98B | ARS 362.24B | ARS 97.25B |
| Cash from investing activities | −ARS 765.92B | −ARS 582.77B | −ARS 991.33B | −ARS 347.39B | −ARS 1.67T | −ARS 165.57B | −ARS 2.87B | ARS 23.37B | −ARS 349.62B | −ARS 1.01B | −ARS 219.99B |
| Financing activities | |||||||||||
| Dividends paid | −ARS 54.59B | ARS 0 | −ARS 23.90B | −ARS 11.15B | ARS 0 | −ARS 9.60B | −ARS 8.89B | −ARS 7.93B | ARS 0 | −ARS 11.3M | −ARS 2.62B |
| Share repurchases & issuance (net) | — | — | −ARS 459.9M | — | — | ARS 23.13B | −ARS 21.68B | — | — | −ARS 7.7M | −ARS 6.20B |
| Net borrowing (repayment) | −ARS 283.97B | ARS 212.87B | ARS 99.03B | −ARS 395.69B | ARS 1.51T | ARS 8.29B | −ARS 55.85B | — | — | — | ARS 14.76B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | −ARS 143.44B | −ARS 148.03B | −ARS 46.05B | ARS 42.94B | −ARS 104.50B | −ARS 8.94B | −ARS 103.75B | −ARS 256.87B | ARS 43.12B | ARS 202.2M | −ARS 186.84B |
| Cash from financing activities | −ARS 482.00B | ARS 64.84B | ARS 28.63B | −ARS 363.90B | ARS 1.40T | ARS 12.87B | −ARS 190.17B | −ARS 264.80B | ARS 43.12B | ARS 183.2M | −ARS 180.90B |
| Summary | |||||||||||
| Net change in cash | −ARS 274.24B | ARS 162.14B | ARS 48.22B | −ARS 594.11B | ARS 88.51B | ARS 123.84B | ARS 10.81B | ARS 14.40B | −ARS 91.65B | −ARS 82.9M | −ARS 128.09B |
| Cash at end of period | ARS 401.24B | ARS 675.48B | ARS 468.87B | −ARS 47.31B | ARS 546.80B | ARS 318.32B | ARS 240.87B | ARS 165.01B | ARS 150.60B | ARS 197.6M | ARS 98.17B |
| Free cash flow | ARS 313.96B | ARS 299.50B | ARS 236.19B | ARS 189.39B | ARS 111.14B | ARS 174.08B | ARS 125.92B | ARS 42.95B | ARS 151.57B | ARS 213.4M | ARS 240.40B |
| Free cash flow margin | 12.3% | 12.7% | 8.7% | 9.9% | 6.2% | 13.5% | 12.8% | 5.4% | 14.2% | 0.0% | 23.3% |
| Capex / revenue | 24.7% | 19.8% | 27.5% | 19.1% | 13.9% | 12.3% | 4.8% | 18.5% | 10.8% | 0.0% | 19.9% |
| Operating cash flow / net income | 5.44 | 1.19 | 8.15 | — | 2.93 | 3.43 | 3.07 | 1.04 | 0.40 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Argentine pesos as reported; data from EODHD.
TEO cash generation
In fiscal 2025 (ended December 31, 2025), Telecom Argentina S.A generated ARS 2.18 trillion of cash from operations (up 168.7%) and spent ARS 1.58 trillion on capital expenditures, leaving free cash flow of ARS 601.7 billion, 7.2% of revenue. It returned ARS 41.1 billion to shareholders through dividends (ARS 23.6 billion) and net share buybacks (ARS 17.5 billion). Cash and equivalents rose by ARS 20.9 billion over the year.
Related: TEO income statement, TEO balance sheet, TEO dividend history. See the TEO stock overview for the latest quote and news.
TEO cash flow FAQ
What is Telecom Argentina S.A's free cash flow?
Telecom Argentina S.A's free cash flow was ARS 601.7 billion in fiscal 2025: ARS 2.18 trillion of operating cash flow minus ARS 1.58 trillion of capital expenditures It was ARS 417.3 billion a year earlier..
How much cash does Telecom Argentina S.A generate from operations?
Telecom Argentina S.A generated ARS 2.18 trillion of cash from operating activities in fiscal 2025.
How much does Telecom Argentina S.A spend on capital expenditures?
Telecom Argentina S.A spent ARS 1.58 trillion on capital expenditures in fiscal 2025, 19.0% of revenue, compared with ARS 394.2 billion the year before.
How much stock does Telecom Argentina S.A buy back?
Telecom Argentina S.A spent ARS 17.5 billion on net share repurchases in fiscal 2025.
How much does Telecom Argentina S.A pay in dividends?
Telecom Argentina S.A paid ARS 23.6 billion in dividends in fiscal 2025, 3.9% of free cash flow.