Ferrovial (FER) Cash Flow: Operating & Free Cash Flow

Ferrovial (FER) Cash Flow Statement

In fiscal 2026 (fiscal year ended Dec 31, 2025), Ferrovial generated EUR 1.93B of operating cash flow and spent EUR 187.00M on capital expenditures. That left free cash flow of EUR 1.74B, or 18.1% of revenue. It returned EUR 657.00M to shareholders through EUR 156.00M in dividends and EUR 501.00M in share buybacks.

Ferrovial Cash Flow Statement Analysis

Values in billions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Ferrovial N.V. (FER) - Annual data in billions EUR
Breakdown	FY 2026	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	0.89	3.24	0.44	0.19	1.20	-0.42	0.27	-0.45	0.45
Depreciation & Amortization	0.49	0.44	0.40	0.30	0.27	0.23	0.18	0.13	0.38
Deferred Income Tax	-0.06	0.15	0.00	0.03	-0.01	-0.07	0.00	0.01	0.06
Stock Based Compensation	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Change in Working Capital	0.06	-0.22	0.12	-0.08	-0.25	0.31	0.21	-0.26	-0.05
Change in Accounts Receivable	0.00	-0.22	0.00	-0.08	-0.25	0.31	0.00	0.00	0.00
Change in Other Working Capital	0.61	-0.15	0.12	0.53	-0.27	0.00	0.00	0.00	0.00
Other Operating Activities	0.61	-2.34	0.29	0.53	-0.53	0.67	0.52	1.42	0.50
Net Cash from Operating Activities	1.93	1.29	1.26	1.00	0.78	1.12	1.18	0.85	1.28
Investing Activities
Capital Expenditures	-0.19	-0.41	-0.09	-0.10	-0.41	-0.24	-0.20	-0.18	-0.14
Acquisitions	-1.64	1.30	0.13	-0.35	1.62	0.50	0.48	0.23	0.25
Purchases of Investments	0.00	-1.29	0.00	-0.35	-0.92	-0.13	-0.69	-0.38	-0.44
Sales/Maturities of Investments	0.00	0.00	0.04	0.45	1.74	0.75	0.60	0.37	0.25
Other Investing Activities	-0.37	0.26	-0.30	0.02	0.12	0.13	-0.44	-0.25	-0.58
Net Cash from Investing Activities	-0.89	1.31	-0.53	-0.73	0.46	0.38	-0.25	-0.20	-0.47
Financing Activities
Debt Repayment	-1.08	-0.66	0.13	-0.74	-1.72	1.41	0.74	0.06	0.63
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.08	0.04
Common Stock Repurchased	-0.50	-0.97	-0.11	-0.45	-0.43	-0.26	-0.28	-0.28	-0.30
Dividends Paid	-0.16	-0.96	-0.14	-0.13	-0.03	-0.12	-0.24	-0.24	-0.22
Other Financing Activities	-0.35	-0.88	-1.19	0.12	-0.59	-0.63	-0.36	-0.31	0.18
Net Cash from Financing Activities	-1.48	-2.59	-1.31	-0.32	-2.22	0.43	-0.14	-0.69	0.32
Summary
Effect of Forex Changes on Cash	-0.10	0.06	0.16	-0.28	0.10	-0.13	0.02	-0.05	-0.07
Net Change in Cash	-0.56	0.04	-0.34	-0.41	-0.99	1.79	0.73	-0.60	1.02
Cash at Beginning of Period	4.83	4.79	5.13	5.54	6.53	4.74	4.01	4.60	3.58
Cash at End of Period	4.27	4.83	4.79	5.13	5.54	6.43	4.74	4.01	4.60
Free Cash Flow	1.74	0.88	1.18	0.91	0.38	0.87	0.98	0.66	1.15
Supplemental Disclosures
Interest Paid	-	0.46	0.43	0.33	0.30	0.27	-	-	-
Income Taxes Paid	-	0.19	0.17	0.08	0.16	0.10	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Ferrovial Cash Flow

What is Ferrovial's free cash flow?

Ferrovial generated free cash flow of EUR 1.74B in fiscal 2026 (fiscal year ended Dec 31, 2025), operating cash flow of EUR 1.93B minus EUR 187.00M of capital expenditures. Free cash flow equaled 18.1% of revenue.

How much does Ferrovial spend on capital expenditures?

Ferrovial spent EUR 187.00M on capital expenditures in fiscal 2026. That equals 9.7% of operating cash flow.

Does Ferrovial pay dividends or buy back shares?

Yes. In fiscal 2026 Ferrovial returned EUR 156.00M in dividends and EUR 501.00M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition