Telefônica Brasil S.A (VIV) Cash Flow Statement
Where VIV’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$20.72B +4.2% vs 2024
- Capital expenditures
- R$9.46B 16.2% of revenue
- Free cash flow
- R$11.26B 19.3% margin
- Returned to shareholders
- R$5.88B 52% of free cash flow
- Change in cash
- R$341.2M cash at year-end R$7.03B
Drawn to scale: where the cash came from and how it was used. Hover for values.
VIV operating cash flow, capex and free cash flow
VIV cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$11.44B2016 | R$20.72B2025 | +6.8%/yr | |
| Capital expenditures | R$7.47B2016 | R$9.46B2025 | +2.7%/yr | |
| Free cash flow | R$3.97B2016 | R$11.26B2025 | +12.3%/yr | |
| Free cash flow margin | 9.3%2016 | 19.3%2025 | +9.9 pts | |
| Operating cash flow / net income | 2.232016 | 2.852025 | +0.62 | |
| Stock-based compensation | R$22.0M2016 | R$57.4M2023 | +14.7%/yr | |
| Dividends paid | R$2.97B2016 | R$2.19B2025 | −3.3%/yr | |
| Share buybacks (net) | R$164,0002016 | R$3.69B2025 | +204.5%/yr | |
| Capex / revenue | 17.6%2016 | 16.2%2025 | −1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VIV cash flow by activity
VIV 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).
VIV cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$7.27B | R$6.76B | R$5.57B | R$4.83B | R$5.96B | R$6.01B | R$6.39B | R$11.28B | R$5.73B | R$5.13B |
| Depreciation & amortization | R$14.94B | R$14.20B | R$13.39B | R$12.66B | R$12.04B | R$11.23B | R$10.92B | R$8.37B | R$7.85B | R$7.65B |
| Stock-based compensation | — | — | R$57.4M | R$38.5M | −R$441.0M | R$584.4M | R$341.6M | R$10.4M | R$344.8M | R$22.0M |
| Change in working capital | −R$2.97B | −R$1.81B | −R$1.12B | −R$309.9M | −R$2.29B | −R$138.0M | −R$1.72B | −R$10.35B | −R$3.21B | −R$3.65B |
| Other non-cash items | R$1.48B | R$722.7M | R$888.1M | R$1.72B | R$2.80B | R$1.66B | R$1.78B | R$2.64B | R$1.92B | R$2.28B |
| Cash from operating activities | R$20.72B | R$19.88B | R$18.79B | R$18.94B | R$18.07B | R$19.34B | R$17.72B | R$11.94B | R$12.64B | R$11.44B |
| Investing activities | ||||||||||
| Capital expenditures | −R$9.46B | −R$9.32B | −R$8.81B | −R$9.89B | −R$9.30B | −R$8.29B | −R$8.84B | −R$8.52B | −R$8.37B | −R$7.47B |
| Investments (net) | −R$1.15B | −R$8.91B | −R$8.80B | −R$14.20B | R$244.1M | −R$6.41B | −R$7.93B | −R$5.68B | −R$8.44B | −R$6.89B |
| Acquisitions & other investing | R$593.5M | R$9.32B | R$9.76B | R$9.89B | R$923.6M | R$8.29B | R$8.84B | R$8.52B | R$8.37B | R$7.47B |
| Cash from investing activities | −R$10.02B | −R$8.91B | −R$7.85B | −R$14.20B | −R$8.13B | −R$6.41B | −R$7.93B | −R$5.68B | −R$8.44B | −R$6.89B |
| Financing activities | ||||||||||
| Dividends paid | −R$2.19B | −R$2.53B | −R$3.83B | −R$5.71B | −R$4.90B | −R$5.26B | −R$6.18B | −R$4.14B | −R$3.67B | −R$2.97B |
| Share repurchases & issuance (net) | −R$3.69B | −R$2.76B | −R$488.8M | −R$607.4M | −R$496.0M | −R$22.7M | R$0 | R$0 | −R$32,000 | −R$164,000 |
| Net borrowing (repayment) | −R$5.21B | −R$3.41B | −R$4.42B | −R$2.49B | −R$3.90B | −R$5.30B | −R$3.70B | −R$2.89B | −R$1.43B | −R$1.70B |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | R$734.9M | R$76.3M | −R$107.2M | −R$110.6M | R$40.0M | R$15.2M | R$91.5M | R$96.0M | −R$159.4M | −R$107.0M |
| Cash from financing activities | −R$10.36B | −R$8.63B | −R$8.85B | −R$8.91B | −R$9.26B | −R$10.56B | −R$9.78B | −R$6.93B | −R$5.26B | −R$4.78B |
| Summary | ||||||||||
| Net change in cash | R$341.2M | R$2.33B | R$2.08B | −R$4.17B | R$686.4M | R$2.37B | R$12.0M | −R$669.0M | −R$1.05B | −R$231.7M |
| Cash at end of period | R$7.03B | R$6.69B | R$4.36B | R$2.27B | R$6.45B | R$5.76B | R$3.39B | R$3.38B | R$4.05B | R$5.11B |
| Free cash flow | R$11.26B | R$10.55B | R$9.97B | R$9.05B | R$8.78B | R$11.05B | R$8.88B | R$3.42B | R$4.27B | R$3.97B |
| Free cash flow margin | 19.3% | 18.9% | 19.1% | 18.8% | 19.9% | 25.6% | 20.1% | 7.9% | 9.9% | 9.3% |
| Capex / revenue | 16.2% | 16.7% | 16.9% | 20.6% | 21.1% | 19.2% | 20.0% | 19.6% | 19.4% | 17.6% |
| Operating cash flow / net income | 2.85 | 2.94 | 3.37 | 3.92 | 3.03 | 3.22 | 2.77 | 1.06 | 2.21 | 2.23 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | R$1.61B | R$1.60B | R$2.20B | R$1.85B | R$1.88B | R$2.09B | R$1.76B | R$1.69B | R$1.22B | R$1.62B | R$1.55B |
| Depreciation & amortization | R$3.98B | R$3.88B | R$3.82B | R$3.72B | R$3.71B | R$3.76B | R$3.66B | R$3.41B | R$3.37B | R$3.50B | R$3.42B |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | R$57.4M | −R$557.0M |
| Change in working capital | −R$952.3M | −R$794.7M | −R$1.10B | −R$1.25B | −R$594.4M | −R$708.3M | −R$848.9M | R$15.6M | −R$270.7M | R$966.8M | −R$321.4M |
| Other non-cash items | R$714.1M | R$605.2M | R$227.0M | R$291.5M | R$90.1M | −R$571.3M | R$86.3M | R$601.9M | R$605.9M | −R$2.31B | R$651.6M |
| Cash from operating activities | R$5.35B | R$5.30B | R$5.14B | R$4.61B | R$5.09B | R$4.57B | R$4.66B | R$5.72B | R$4.93B | R$3.83B | R$4.74B |
| Investing activities | |||||||||||
| Capital expenditures | −R$2.35B | −R$2.41B | −R$2.44B | −R$2.36B | −R$2.42B | −R$2.70B | −R$2.40B | −R$2.22B | −R$2.00B | −R$2.66B | −R$2.34B |
| Investments (net) | R$8.5M | −R$13.0M | −R$1.07B | −R$2.16B | −R$2.38B | −R$2.68B | −R$2.17B | −R$2.15B | −R$1.91B | −R$2.25B | R$161.1M |
| Acquisitions & other investing | R$19.8M | R$182.6M | R$188.2M | R$2.36B | R$2.42B | R$2.70B | R$2.40B | R$2.22B | R$2.00B | R$2.66B | R$106.5M |
| Cash from investing activities | −R$2.32B | −R$2.24B | −R$3.32B | −R$2.16B | −R$2.38B | −R$2.68B | −R$2.17B | −R$2.15B | −R$1.91B | −R$2.25B | −R$2.07B |
| Financing activities | |||||||||||
| Dividends paid | −R$2.53B | −R$384,000 | −R$317.9M | −R$380,000 | −R$137,000 | −R$710.8M | −R$219,000 | −R$1.82B | −R$164,000 | −R$329.0M | −R$1.78B |
| Share repurchases & issuance (net) | −R$407,000 | −R$280,000 | −R$344.1M | −R$3.62B | −R$326.5M | −R$326.0M | −R$2.18B | −R$257.0M | R$0 | −R$202.2M | −R$73.2M |
| Net borrowing (repayment) | −R$968.8M | −R$971.3M | −R$913.2M | −R$2.41B | −R$849.7M | −R$996.9M | −R$882.4M | — | — | — | −R$1.67B |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$64.3M | −R$51.5M | −R$11.3M | R$930.2M | −R$36.9M | R$40.0M | R$13.1M | −R$891.3M | −R$618.2M | −R$1.25B | R$1.6M |
| Cash from financing activities | −R$3.56B | −R$1.02B | −R$1.59B | −R$5.10B | −R$1.21B | −R$1.99B | −R$3.05B | −R$2.97B | −R$618.3M | −R$1.78B | −R$3.52B |
| Summary | |||||||||||
| Net change in cash | −R$470.8M | R$2.03B | R$235.8M | −R$2.66B | R$1.49B | −R$107.6M | −R$556.2M | R$599.2M | R$2.40B | −R$197.2M | −R$849.3M |
| Cash at end of period | R$8.62B | R$9.06B | R$7.03B | R$6.80B | R$8.19B | R$6.69B | R$6.80B | R$7.35B | R$6.76B | R$4.36B | R$4.56B |
| Free cash flow | R$3.00B | R$2.88B | R$2.71B | R$2.25B | R$2.67B | R$1.87B | R$2.26B | R$3.50B | R$2.92B | R$1.17B | R$2.40B |
| Free cash flow margin | 19.1% | 19.0% | 17.1% | 15.1% | 18.6% | 12.8% | 16.1% | 25.6% | 21.6% | 8.7% | 18.3% |
| Capex / revenue | 14.9% | 15.9% | 15.4% | 15.8% | 16.8% | 18.5% | 17.1% | 16.2% | 14.8% | 19.7% | 17.8% |
| Operating cash flow / net income | 3.33 | 3.30 | 2.34 | 2.49 | 2.71 | 2.19 | 2.64 | 3.39 | 4.02 | 2.37 | 3.06 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported; data from EODHD.
VIV cash generation
In fiscal 2025 (ended December 31, 2025), Telefônica Brasil S.A generated R$20.7 billion of cash from operations (up 4.2%) and spent R$9.5 billion on capital expenditures, leaving free cash flow of R$11.3 billion, 19.3% of revenue. It returned R$5.9 billion to shareholders through dividends (R$2.2 billion) and net share buybacks (R$3.7 billion). Cash and equivalents rose by R$341.2 million over the year.
Related: VIV income statement, VIV balance sheet, VIV dividend history. See the VIV stock overview for the latest quote and news.
VIV cash flow FAQ
What is Telefônica Brasil S.A's free cash flow?
Telefônica Brasil S.A's free cash flow was R$11.3 billion in fiscal 2025: R$20.7 billion of operating cash flow minus R$9.5 billion of capital expenditures It was R$10.6 billion a year earlier..
How much cash does Telefônica Brasil S.A generate from operations?
Telefônica Brasil S.A generated R$20.7 billion of cash from operating activities in fiscal 2025, 2.85 times its net income of R$7.3 billion.
How much does Telefônica Brasil S.A spend on capital expenditures?
Telefônica Brasil S.A spent R$9.5 billion on capital expenditures in fiscal 2025, 16.2% of revenue, compared with R$9.3 billion the year before.
How much stock does Telefônica Brasil S.A buy back?
Telefônica Brasil S.A spent R$3.7 billion on net share repurchases in fiscal 2025.
How much does Telefônica Brasil S.A pay in dividends?
Telefônica Brasil S.A paid R$2.2 billion in dividends in fiscal 2025, 19.4% of free cash flow.