Banco Santander (SAN) Cash Flow: Operating & Free Cash Flow

Banco Santander (SAN) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Banco Santander used EUR 14.84B of cash in operating activities and spent EUR 5.85B on capital expenditures. That left free cash flow of −EUR 20.69B. It returned EUR 7.42B to shareholders through EUR 3.34B in dividends and EUR 4.08B in share buybacks.

Banco Santander Cash Flow Statement Analysis

Values in billions EUR

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

Cash flow statement showing operating, investing, and financing activities for Banco Santander, S.A. (SAN) - Annual data in billions EUR
Breakdown	FY 2025	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	15.50	13.74	11.08	10.76	9.65	-7.71	8.12	9.32	8.21
Depreciation & Amortization	3.18	3.18	3.18	2.99	2.76	2.81	3.00	2.43	2.59
Change in Working Capital	-56.73	-60.38	-28.90	-1.53	29.69	38.97	-26.12	-24.27	12.19
Change in Other Working Capital	-61.68	25.18	-28.90	20.99	29.69	38.97	-26.12	-24.27	12.19
Other Operating Activities	28.17	25.18	19.66	20.99	14.60	32.08	18.40	15.95	17.20
Net Cash from Operating Activities	-14.84	-24.16	5.02	27.71	56.69	66.15	3.39	3.42	40.19
Investing Activities
Capital Expenditures	-5.85	-10.60	-13.64	-10.84	-11.40	-8.52	-14.14	-12.20	-8.99
Acquisitions	-0.19	-0.07	-0.39	-0.78	-0.13	-1.16	0.14	-0.30	-0.58
Purchases of Investments	-0.08	-0.69	-0.14	-0.15	-0.13	-0.53	-0.06	-0.01	-0.31
Sales/Maturities of Investments	0.75	0.68	0.81	0.53	0.67	0.18	0.69	2.33	1.27
Other Investing Activities	2.45	0.99	5.79	1.05	5.89	1.67	4.78	11.86	3.06
Net Cash from Investing Activities	0.53	-3.71	-5.37	-3.90	-3.72	-7.22	-7.23	3.15	-4.01
Financing Activities
Debt Repayment	-10.32	-4.10	4.08	-2.29	2.66	0.32	-4.03	0.78	0.99
Common Stock Issued	0.82	0.77	0.83	0.57	0.85	0.72	0.95	0.99	8.40
Common Stock Repurchased	-4.08	-4.79	-3.11	-2.05	-1.65	-0.76	-0.93	-1.03	-1.31
Dividends Paid	-3.34	-3.02	-2.26	-1.85	-1.31	0.00	-3.77	-3.12	-2.67
Other Financing Activities	-1.06	-1.37	-1.59	-4.47	-1.87	-2.19	-2.34	-0.93	-1.21
Net Cash from Financing Activities	-14.20	-5.51	-2.06	-9.96	-1.32	-1.91	-10.12	-3.30	4.21
Summary
Effect of Forex Changes on Cash	-8.91	5.24	-0.32	-1.46	5.20	-4.25	1.37	-0.60	-5.85
Net Change in Cash	-37.41	-28.13	-2.73	12.38	56.85	52.77	-12.60	2.67	34.54
Cash at Beginning of Period	192.21	220.34	223.07	210.69	153.84	101.07	113.66	111.00	76.45
Cash at End of Period	154.80	192.21	220.34	223.07	210.69	153.84	101.07	113.66	111.00
Free Cash Flow	-20.69	-34.75	-8.63	16.87	45.29	57.63	-10.75	-8.78	31.20
Supplemental Disclosures
Interest Paid	-	61.09	50.95	23.39	-	-	-	-	-
Income Taxes Paid	-	5.88	5.21	5.50	4.01	-	-	-	-

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

Frequently Asked Questions About Banco Santander Cash Flow

What is Banco Santander's free cash flow?

Banco Santander had negative free cash flow of EUR 20.69B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −EUR 14.84B minus EUR 5.85B of capital expenditures.

How much does Banco Santander spend on capital expenditures?

Banco Santander spent EUR 5.85B on capital expenditures in fiscal 2025, compared with EUR 10.60B a year earlier.

Does Banco Santander pay dividends or buy back shares?

Yes. In fiscal 2025 Banco Santander returned EUR 3.34B in dividends and EUR 4.08B 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