Vodafone Group Plc (VOD) Cash Flow Statement
Where VOD’s cash came from and went, FY2026
March 31, 2026 · euros- Cash from operations
- €13.49B −12.3% vs FY2025
- Capital expenditures
- €4.90B 12.0% of revenue
- Free cash flow
- €8.58B 21.1% margin
- Returned to shareholders
- €3.16B 37% of free cash flow
- Change in cash
- −€1.33B cash at year-end €8.99B
Drawn to scale: where the cash came from and how it was used. Hover for values.
VOD operating cash flow, capex and free cash flow
VOD cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €14.22BFY2017 | €13.49BFY2026 | −0.6%/yr | |
| Capital expenditures | €6.29BFY2017 | €4.90BFY2026 | −2.7%/yr | |
| Free cash flow | €7.94BFY2017 | €8.58BFY2026 | +0.9%/yr | |
| Free cash flow margin | 16.7%FY2017 | 21.1%FY2026 | +4.4 pts | |
| Operating cash flow / net income | 5.58FY2018 | 228.59FY2026 | +223.02 | |
| Stock-based compensation | €95.0MFY2017 | €11.0MFY2026 | −21.3%/yr | |
| Dividends paid | €3.71BFY2017 | €1.10BFY2026 | −12.6%/yr | |
| Share buybacks (net) | €0FY2017 | €2.05BFY2026 | — | |
| Capex / revenue | 13.2%FY2017 | 12.0%FY2026 | −1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VOD cash flow by activity
VOD 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).
VOD cash flow statement in euros
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €59.0M | −€3.72B | €1.14B | €12.34B | €2.62B | €536.0M | −€455.0M | −€8.02B | €2.44B | −€6.30B |
| Depreciation & amortization | €12.54B | €10.80B | €10.41B | €13.62B | €13.85B | €14.10B | €14.17B | €9.79B | €10.41B | €11.09B |
| Stock-based compensation | €11.0M | €68.0M | €125.0M | €73.0M | €173.0M | €146.0M | €146.0M | €147.0M | €128.0M | €95.0M |
| Change in working capital | −€297.0M | €70.0M | €114.0M | €741.0M | −€416.0M | −€216.0M | −€70.0M | −€162.0M | −€1.14B | €425.0M |
| Other non-cash items | €1.18B | €8.15B | €4.76B | −€8.71B | €1.85B | €2.65B | €3.58B | €11.22B | €1.77B | €8.91B |
| Cash from operating activities | €13.49B | €15.37B | €16.56B | €18.05B | €18.08B | €17.21B | €17.38B | €12.98B | €13.60B | €14.22B |
| Investing activities | ||||||||||
| Capital expenditures | −€4.90B | −€6.70B | −€6.86B | −€9.21B | −€9.06B | −€8.64B | −€7.61B | −€5.05B | −€4.92B | −€6.29B |
| Investments (net) | €2.54B | €4.76B | −€6.12B | −€379.0M | €1.27B | −€1.61B | −€8.09B | −€9.22B | −€9.84B | −€8.42B |
| Acquisitions & other investing | −€3.18B | €6.70B | €6.86B | €9.21B | €918.0M | €993.0M | €7.61B | €5.05B | €4.92B | €6.29B |
| Cash from investing activities | −€5.54B | €4.76B | −€6.12B | −€379.0M | −€6.87B | −€9.26B | −€8.09B | −€9.22B | −€9.84B | −€8.42B |
| Financing activities | ||||||||||
| Dividends paid | −€1.10B | −€1.79B | −€2.43B | −€2.48B | −€2.47B | −€2.43B | −€2.30B | −€4.06B | −€3.92B | −€3.71B |
| Share repurchases & issuance (net) | −€2.05B | −€1.87B | €0 | −€1.87B | −€2.09B | −€62.0M | −€821.0M | −€475.0M | −€1.77B | €7.01B |
| Net borrowing (repayment) | −€6.34B | −€8.21B | −€9.07B | −€6.29B | −€2.70B | −€10.67B | −€3.51B | €7.96B | −€758.0M | −€648.0M |
| Shares issued | €2.0M | €3.0M | €3.0M | €10.0M | €8.0M | €5.0M | €7.0M | €7.0M | €0 | €0 |
| Other financing | −€215.7M | −€3.42B | −€4.36B | −€2.79B | −€2.46B | −€2.04B | −€2.73B | €1.01B | −€790.0M | −€11.75B |
| Cash from financing activities | −€9.71B | −€15.28B | −€15.86B | −€13.43B | −€9.71B | −€15.20B | −€9.35B | €4.44B | −€7.23B | −€9.10B |
| Summary | ||||||||||
| Net change in cash | −€1.33B | €4.78B | −€5.51B | €4.26B | €1.58B | −€7.50B | −€317.0M | €8.21B | −€3.91B | −€3.61B |
| Cash at end of period | €8.99B | €10.89B | €6.11B | €11.63B | €7.37B | €5.79B | €13.29B | €13.61B | €5.39B | €9.30B |
| Free cash flow | €8.58B | €8.67B | €9.70B | €8.84B | €9.02B | €8.57B | €9.77B | €7.93B | €8.68B | €7.94B |
| Free cash flow margin | 21.1% | 23.2% | 26.4% | 23.5% | 24.4% | 19.6% | 21.3% | 17.6% | 18.6% | 16.7% |
| Capex / revenue | 12.0% | 17.9% | 18.7% | 24.5% | 24.5% | 19.7% | 16.6% | 11.2% | 10.6% | 13.2% |
| Operating cash flow / net income | 228.59 | — | 14.52 | 1.46 | 6.89 | 32.12 | — | — | 5.58 | — |
| Mar '26 | Sep '25 | Mar '25 | Sep '24 | Mar '24 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −€770.0M | €829.0M | −€5.50B | €1.14B | €1.49B | −€346.0M | −€173.0M | €10.85B | €5.43B | €945.0M | €472.5M | €1.24B |
| Depreciation & amortization | €6.58B | €5.83B | €5.70B | €5.27B | €3.54B | €5.10B | €3.40B | €3.31B | €2.17B | €6.78B | €3.43B | €6.88B |
| Stock-based compensation | — | — | −€68.0M | €68.0M | €71.0M | €54.0M | — | €141.0M | €70.5M | −€15.68B | — | €119.0M |
| Change in working capital | €1.84B | −€759.0M | €2.52B | −€2.44B | €798.0M | −€1.22B | −€601.0M | €918.0M | €459.0M | −€1.56B | −€778.0M | €495.0M |
| Other non-cash items | €1.35B | −€1.39B | €6.88B | €1.02B | €5.11B | €1.95B | €145.0M | −€3.44B | −€2.24B | €15.79B | €19.0M | €2.89B |
| Cash from operating activities | €9.00B | €4.50B | €9.52B | €5.06B | €11.01B | €5.54B | €2.77B | €11.77B | €5.89B | €6.28B | €3.14B | €11.63B |
| Investing activities | ||||||||||||
| Capital expenditures | −€2.49B | −€2.45B | −€2.21B | −€2.37B | −€1.87B | −€2.35B | −€1.44B | −€2.79B | −€1.40B | −€3.46B | −€1.73B | −€2.68B |
| Investments (net) | — | — | — | — | — | €150.5M | €150.5M | €612.0M | €612.0M | €99.0M | €99.0M | −€14.5M |
| Acquisitions & other investing | −€803.7M | €204.8M | €4.03B | €4.46B | −€447.0M | −€1.61B | −€610.5M | €5.89B | €2.64B | −€732.0M | −€415.5M | −€1.36B |
| Cash from investing activities | −€3.29B | −€2.25B | €1.82B | €2.08B | −€2.31B | −€3.81B | −€1.90B | €3.71B | €1.85B | −€4.09B | −€2.04B | −€4.06B |
| Financing activities | ||||||||||||
| Dividends paid | −€550.1M | −€558.0M | −€587.5M | −€1.31B | −€1.22B | −€1.21B | −€605.0M | −€1.22B | −€610.5M | −€1.26B | −€631.5M | −€1.22B |
| Share repurchases & issuance (net) | −€1.10B | −€973.0M | −€1.02B | −€955.9M | — | — | — | −€777.0M | −€388.5M | −€1.09B | −€545.0M | −€987.0M |
| Net borrowing (repayment) | — | — | — | — | — | −€2.01B | −€2.01B | −€3.56B | −€3.56B | €416.0M | €416.0M | −€1.19B |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 |
| Other financing | −€2.14B | −€4.36B | −€5.43B | −€4.03B | −€8.26B | −€3.16B | −€573.0M | −€4.88B | −€656.0M | −€1.06B | −€736.0M | −€2.52B |
| Cash from financing activities | −€3.79B | −€5.89B | −€7.04B | −€6.29B | −€9.48B | −€6.38B | −€3.19B | −€10.44B | −€5.22B | −€2.99B | −€1.50B | −€5.91B |
| Summary | ||||||||||||
| Net change in cash | €1.76B | −€3.04B | €4.06B | €1.14B | −€890.3M | −€4.60B | −€2.30B | −€4.46B | €2.39B | −€520.0M | −€260.0M | −€4.79B |
| Cash at end of period | €8.99B | €7.11B | €11.88B | €7.82B | €6.68B | €7.03B | −€2.30B | €2.39B | €9.24B | €6.85B | −€260.0M | €860.5M |
| Free cash flow | €6.52B | €2.05B | €7.31B | €2.68B | €9.15B | €3.19B | €1.33B | €8.98B | €4.49B | €2.82B | €1.41B | €8.95B |
| Free cash flow margin | 30.8% | 10.4% | 38.1% | 14.7% | 61.9% | 14.6% | 12.1% | 63.3% | — | — | — | — |
| Capex / revenue | 11.8% | 12.5% | 11.5% | 13.0% | 12.6% | 10.7% | 13.2% | 19.7% | — | — | — | — |
| Operating cash flow / net income | — | 5.43 | — | 4.44 | 7.41 | — | — | 1.08 | 1.08 | 6.65 | 6.65 | 9.37 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
VOD cash generation
In fiscal 2026 (ended March 31, 2026), Vodafone Group Plc generated €13.5 billion of cash from operations (down 12.3%) and spent €4.9 billion on capital expenditures, leaving free cash flow of €8.6 billion, 21.1% of revenue. It returned €3.2 billion to shareholders through dividends (€1.1 billion) and net share buybacks (€2.1 billion). Cash and equivalents fell by €1.3 billion over the year.
Related: VOD income statement, VOD balance sheet, VOD dividend history. See the VOD stock overview for the latest quote and news.
VOD cash flow FAQ
What is Vodafone Group Plc's free cash flow?
Vodafone Group Plc's free cash flow was €8.6 billion in fiscal 2026: €13.5 billion of operating cash flow minus €4.9 billion of capital expenditures It was €8.7 billion a year earlier..
How much cash does Vodafone Group Plc generate from operations?
Vodafone Group Plc generated €13.5 billion of cash from operating activities in fiscal 2026, 228.59 times its net income of €59.0 million.
How much does Vodafone Group Plc spend on capital expenditures?
Vodafone Group Plc spent €4.9 billion on capital expenditures in fiscal 2026, 12.0% of revenue, compared with €6.7 billion the year before.
How much stock does Vodafone Group Plc buy back?
Vodafone Group Plc spent €2.1 billion on net share repurchases in fiscal 2026.
How much does Vodafone Group Plc pay in dividends?
Vodafone Group Plc paid €1.1 billion in dividends in fiscal 2026, 12.8% of free cash flow.