TELEFONICA BRASIL S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TELEFONICA BRASIL S.A. files with the SEC in its annual reports.

In BRL 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
Cost of revenue	20,823	20,273	21,026	22,159	22,693	24,781	27,432	29,415	31,352	32,925
Gross profit	21,685	22,934	22,437	22,109	20,433	19,251	20,609	22,685	24,493	26,670
Selling and marketing	12,455	13,136	12,833	12,701	11,872	-11,594	11,839	12,439	12,954	13,348
Operating income	6,368	6,632	9,456	7,215	6,582	7,086	6,598	7,918	8,674	9,859
Interest expense	4,016	2,659	2,285	1,953	1,925	2,437	3,983	4,386	3,454	4,429
Interest income	2,781	1,756	4,113	1,133	1,352	1,311	2,216	2,042	1,544	1,841
Pre-tax income	5,135	5,731	11,277	6,395	6,008	5,960	4,832	5,574	6,764	7,271
Income tax	1,049	1,122	2,349	1,394	1,238	-270	774	534	1,206	1,093
Net income to minority interests						-10	-27.1	10.6	9.38	9.64
Net income	4,085	4,609	8,928	5,001	4,771	6,239	4,085	5,029	5,548	6,168
EBITDA	14,022	14,486	17,825	18,134	17,809	19,124	19,258	21,307	22,876	24,804
EPS, basic						1.86	1.22	1.52	1.69	1.91
EPS, diluted						1.86	1.22	1.52	1.69	1.91

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,105	4,050	3,381	3,393	5,762	6,448	2,274	4,358	6,691	7,032
Short-term investments						30.1	1.02	1.15	0	99.1
Receivables	8,702	8,588	8,304	8,719	8,183	8,100	8,691	9,318	9,472	10,620
Inventory	410	349	462	578	633	640	790	823	1,097	1,476
Total current assets	18,399	16,732	18,363	18,645	19,061	21,060	17,284	19,245	22,814	25,220
Property, plant and equipment	31,925	33,222	34,115	42,847	44,353	44,408	45,898	46,318	46,812	47,357
Goodwill		23,062	23,062	23,059	23,026
Total assets	102,066	101,383	102,561	108,290	108,738	115,664	119,121	120,738	124,941	128,072
Accounts payable	7,611	7,447	7,643	6,872	6,613	7,132	7,416	8,170	9,231	9,861
Total current liabilities	20,439	17,863	17,161	17,732	17,875	22,459	22,171	20,084	24,258	25,246
Total liabilities	32,822	31,921	30,954	37,834	39,182	45,657	50,666	51,111	55,141	59,069
Total debt	9,224	8,462	6,139	13,825	13,239	16,934	19,302	18,737	20,747	20,347
Shareholders' equity						69,927	68,404	69,567	69,730	68,722
Minority interests						79	52.1	60.5	69.9	281
Total equity	69,244	73,781	71,607	70,456	69,557	70,006	68,456	69,627	69,799	69,003
Total liabilities and equity	102,066	101,383	102,561	108,290	108,738	115,664	119,121	120,738	124,941	128,072

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4,085	4,609	8,928	5,001	4,771	6,229	4,058	5,040	5,557	6,178
Depreciation and amortization	7,654	7,854	8,369	10,920	11,227	12,038	12,660	13,390	14,202	14,944
Cash from operations	11,441	12,641	11,941	17,721	19,342	18,073	18,942	18,786	19,877	20,717
Capital expenditures	-7,471	-8,368	-8,517	-8,839	-8,289	-9,295	-9,894	-8,811	-9,324	-9,458
Cash from investing	-6,895	-8,438	-5,676	-7,927	-6,408	-8,128	-14,203	-7,851	-8,915	-10,018
Debt issued	467	3,056				0	4,500	30	83.1	20
Debt repaid	-2,171	-4,485	-2,893	-3,697	-5,298	-3,901	-6,986	-4,452	-3,495	-5,232
Share buybacks					-22.7	-496	-607	-489	-1,300	-1,746
Dividends paid	-2,966	-3,669	-4,137	-6,177	-5,259	-4,901	-5,709	-3,833	-2,532	-2,187
Cash from financing	-4,778	-5,258	-6,934	-9,782	-10,565	-9,258	-8,914	-8,850	-8,629	-10,359
Net change in cash	-232	-1,055	-669	12	2,369	686	-4,175	2,084	2,333	341
Free cash flow	3,970	4,273	3,424	8,883	11,052	8,777	9,048	9,975	10,552	11,260
Interest paid	926	860	495	747	781	854	1,532	2,054	2,078	2,309
Income taxes paid	568	689	677	102	95.2	97.4	1,114	902	862	896

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
Effective tax rate	15.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.9%	Net income / average total assets.
Return on invested capital (ROIC)	10.1%	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%.

Growth

Metric	Value	How it is calculated
Gross profit growth, 1y	8.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	16.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.0%	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	1.4%	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	6.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.6%	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	0.4%	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	-1.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	2.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.4%	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	3.3%	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	1.00x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.28x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.30x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.9%	Total debt / total assets.
Liabilities / assets	46.1%	Total liabilities / total assets.
Net debt	R$13.22B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.53x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.23x	Operating income / interest expense.
Working capital	-R$25.9M	Current assets - current liabilities.
Tangible book value	R$68.72B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Inventory turnover	25.6x	Cost of revenue / average inventory.
Days inventory	14 days	365 x average inventory / cost of revenue.
Days payables	106 days	365 x average accounts payable / cost of revenue.
FCF conversion	182.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	45.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	R$1.91	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	R$1.91	Net income per basic share, as reported (split-adjusted).
Payout ratio	35.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	19.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	15.5%	Share buybacks / free cash flow, when free cash flow is positive.

Was TELEFONICA BRASIL S.A. profitable in fiscal 2025?

Yes. Net income was R$6.17B, a net margin of -.

How much free cash flow did TELEFONICA BRASIL S.A. generate in fiscal 2025?

Cash from operations of R$20.72B minus capital expenditures of R$9.46B left free cash flow of R$11.26B.

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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