TELECOM ARGENTINA SA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TELECOM ARGENTINA SA files with the SEC in its annual reports.

In ARS millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	60,405	102,531	351,948	487,067	886,765	2,581,043	4,944,819	5,898,611	5,442,958	8,328,814
General and administrative	2,453	3,306
Operating income	12,316	22,013	44,521	32,457	59,669	-16,906	-2,000,091	-358,269	-192,676	450,047
Interest expense	595	334	71,150	34,229	72,619	-174,096	-201,704	1,817,071	-1,914,786	748,840
Interest income	1,006	3,115
Pre-tax income	16,561	23,653	5,651	21,127	9,253	262,399	-1,574,245	-1,684,256	1,897,467	-191,736
Income tax	6,015	8,486	-5,943	29,116	24,260	202,105	-179,733	-968,990	538,237	-46,432
Net income to minority interests	89	198	505	1,045	1,796	7,735	14,871	23,040	27,425	24,702
Net income	10,457	14,969	11,089	-9,034	-16,803	52,559	-1,409,383	-738,306	1,331,805	-170,006
EBITDA	18,514	28,941
EPS, basic	153.13	472.08	89.31	-72.66	-69.54	69.90	-860.84	-342.81	618.38	-78.94
EPS, diluted	153.13	0.00	0.00	-72.66	-69.54	69.90	-860.84	-342.81	618.38	-78.94

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7,446	13,649	14,432	34,827	18,527	262,205	357,294	457,698	418,745	469,050
Short-term investments	1,751	162	2,109	584	7,804	21,010	26,074	269,959	44,179	323,064
Inventory	1,278	136	4,210	4,373	5,618	6,068	20,079	68,659	79,513	79,530
Total current assets	15,562	10,626	51,516	69,129	80,396	126,908	351,829	1,050,011	993,009	1,833,812
Property, plant and equipment	23,165	45,701	231,236	334,903	484,316	878,856	2,468,820	4,947,233	5,696,731	6,789,118
Lease right-of-use assets			873	12,932	26,825	65,090	195,975	469,698	646,324	727,288
Goodwill		31,954	185,295	252,052	380,234	2,299,612	3,355,071	4,422,870	4,436,736	4,443,998
Intangible assets	7,592	4,635	91,474	112,388	157,019	280,724	793,489	1,973,865	2,494,659	2,671,525
Total assets	47,914	94,070	571,873	787,097	1,135,163	2,101,802	5,384,152	11,928,224	14,393,744	16,622,552
Short-term debt							418,411	1,227,050	1,411,178	1,616,544
Total current liabilities	16,511	18,621	82,219	117,056	160,074	322,544	897,822	2,410,028	2,576,266	3,838,300
Lease liabilities				4,999	10,515	24,906	61,331	130,460	182,123	239,266
Total liabilities	28,036	39,042	219,723	365,270	548,219	1,030,688	2,853,801	7,038,495	7,112,817	9,639,244
Total debt	11,912	16,009	122,012	312,340	588,636	1,619,141	3,181,724	6,096,182	3,785,980	5,436,615
Retained earnings		7,630
Shareholders' equity	19,336	54,182	347,186	415,335	577,285	1,054,417	2,479,866	4,720,851	7,136,514	6,863,861
Minority interests	542	846	4,964	6,492	9,659	16,697	50,485	168,878	144,413	119,447
Total equity	84,108	84,654	723,639	1,240,268	3,560,403	7,263,574	7,248,567	6,432,367	7,280,927	6,983,308
Total liabilities and equity	47,914	94,070	571,873	787,097	1,135,163	2,101,802	5,384,152	11,928,224	14,393,744	16,622,552

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	10,546	15,167	11,594	-7,989	-15,007	60,294	-1,394,512	-715,266	1,359,230	-145,304
Depreciation and amortization	6,198	6,928
Cash from operations	25,984	35,096	70,383	168,361	293,882	788,796	1,451,363	1,769,491	1,067,513	2,385,858
Capital expenditures	-19,404	-29,408	-64,635	-101,040	-153,739	-446,375	-795,144	-756,094	-457,953	-1,355,061
Cash from investing	-23,920	-26,051	-47,277	-91,913	-240,417	-698,306	-1,124,788	-1,631,680	-504,380	-3,011,630
Debt issued	15,305	1,945	58,158	120,228	164,737	389,534	577,871	1,111,970	1,573,995	3,959,692
Debt repaid	-12,679	-2,497	-9,449	-75,010	-192,271	-305,095	-463,253	-654,722	-1,474,844	-2,583,267
Dividends paid	-3,005	-4,014	-71,255	-73,007	-1,079	-1,449	-1,229			-20,286
Cash from financing	-2,213	-6,553	-30,344	-51,584	-105,301	-123,117	-310,578	-275,457	-533,590	612,957
Exchange rate effect	924	88	8,021	5,920	3,911	-16,601	-3,029	83,098
Net change in cash	3,075	-1,114
Free cash flow	6,580	5,688	5,748	67,321	140,143	342,421	656,219	1,013,397	609,560	1,030,797

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Operating margin	5.4%	Operating income / revenue.
Pre-tax margin	-2.3%	Pre-tax income / revenue.
Net margin	-2.0%	Net income / revenue.
FCF margin	12.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.6%	Cash from operations / revenue.
Return on equity (ROE)	-2.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.1%	Net income / average total assets.
Return on invested capital (ROIC)	3.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	16.3%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	53.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	56.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	49.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-112.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-112.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	123.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	52.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	69.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	49.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	40.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	64.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	45.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	71.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.48x	Current assets / current liabilities.
Quick ratio	0.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.21x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.79x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.7%	Total debt / total assets.
Liabilities / assets	58.0%	Total liabilities / total assets.
Net debt	ARS 4.64T	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	0.60x	Operating income / interest expense.
Working capital	-ARS 2.00T	Current assets - current liabilities.
Goodwill and intangibles / assets	42.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-ARS 251.66B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	1.33x	Revenue / average property, plant and equipment.
Capex / operating cash flow	56.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-ARS 78.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-ARS 78.94	Net income per basic share, as reported (split-adjusted).
Dividends / FCF	2.0%	Dividends paid / free cash flow, when free cash flow is positive.

What was TELECOM ARGENTINA SA's revenue in fiscal 2025?

TELECOM ARGENTINA SA reported revenue of ARS 8.33T for fiscal 2025, 53% higher than the year before.

Was TELECOM ARGENTINA SA profitable in fiscal 2025?

No. It reported a net loss of ARS 170.01B.

How much free cash flow did TELECOM ARGENTINA SA generate in fiscal 2025?

Cash from operations of ARS 2.39T minus capital expenditures of ARS 1.36T left free cash flow of ARS 1.03T.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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