Operational efficiency remains high, with OCF/NI ratios frequently exceeding 4.0x, supporting a consistent CapEx/Revenue investment rate of approximately 16% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 20.93B | 20.31B | 19.88B | 18.79B | 18.94B | 18.07B | 19.34B | 17.72B | 11.94B | 12.64B | 11.44B | 10.47B | 9.38B | 9.58B | 9.73B | 8.14B | 4.53B | 4.41B | 5.13B | 4.73B | 5B | 5.54B | 5.61B | 4.96B | 4.57B | 3.77B | 2.64B | 2.69B | 2.14B |
| Operating CF Growth % | 18.44% | 2.18% | 5.81% | -0.82% | 4.81% | -6.56% | 9.14% | 48.4% | -5.53% | 10.49% | 9.23% | 11.61% | -2% | -1.61% | 19.55% | 79.63% | 2.69% | -13.97% | 8.46% | -5.31% | -9.78% | -1.27% | 13.14% | 8.37% | 21.34% | 42.67% | -1.65% | 25.61% | - |
| Operating CF / Revenue % | 34.52% | 34.76% | 35.59% | 36.06% | 39.43% | 41.04% | 44.85% | 40.03% | 27.48% | 29.26% | 26.91% | 26% | 26.81% | 27.58% | 28.69% | 27.96% | 28.69% | 27.92% | 32.11% | 32.12% | 34.19% | 38.49% | 42.14% | 41.99% | 45.34% | 41.66% | 35.16% | 48.1% | 47.31% |
| Net Income | 6.38B | 6.05B | 6.76B | 5.57B | 4.83B | 6.24B | 6.01B | 6.39B | 11.28B | 5.73B | 5.13B | 4.39B | 4.75B | 4.66B | 6.92B | 5.66B | 3.43B | 2.17B | 2.42B | 2.36B | 2.81B | 2.54B | 2.18B | 1.58B | 456.52M | 930.83M | 928.46M | 488.46M | 550.21M |
| Depreciation & Amortization | 15.1B | 14.65B | 14.2B | 13.39B | 12.66B | 12.04B | 11.23B | 10.92B | 8.37B | 7.85B | 7.65B | 6.81B | 5.3B | 5.64B | 5.49B | 4.59B | 1.91B | 2.51B | 2.78B | 2.7B | 2.67B | 2.72B | 2.77B | 2.84B | 3.77B | 3.32B | 2.95B | 2.38B | 1.52B |
| Deferred Taxes | 0 | 0 | 0 | 661.74M | 653.69M | 1.07B | 673.9M | 625.48M | 1.1B | 999.42M | 985.18M | 993.51M | 546.2M | 660.77M | 514.84M | -1.55B | -3.36B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -166.89M | -461.41M |
| Other Non-Cash Items | 1.86B | 2.53B | 722.74M | 226.31M | 1.07B | -114.66M | 1.55B | 1.49B | 483.71M | 923.34M | 1.05B | 919.9M | 662.94M | 593.86M | 546.72M | 395.13M | 3.66B | 558.02M | 854.81M | 511.09M | 381.82M | 198.52M | 296.12M | -365.1M | 2.07B | 652.09M | 88.47M | 1.8K | -120.82K |
| Working Capital Changes | -2.41B | -2.92B | -1.81B | -1.12B | -309.87M | -1.17B | -138.02M | -1.72B | -10.35B | -3.21B | -3.41B | -4.39B | -1.09B | -2.03B | -1.41B | -948.08M | -1.12B | -823.07M | -920.53M | -842.76M | -865.72M | 79.78M | 360.38M | 898.61M | -1.72B | -1.14B | -1.32B | -267.87M | 176.64M |
| Capital Expenditures | -9.45B | -9.27B | -9.32B | -8.81B | -9.89B | -9.3B | -8.29B | -8.84B | -8.52B | -8.37B | -7.47B | -16.05B | -7.54B | -5.84B | -4.55B | -4.65B | -2.13B | -2.32B | -2.1B | -1.99B | -1.72B | -1.67B | -1.34B | -1.32B | -1.57B | -4.48B | -4.22B | -2.86B | -2.59B |
| CapEx / Revenue % | 15.59% | 15.87% | 16.7% | 16.91% | 20.6% | 21.11% | 19.22% | 19.97% | 19.6% | 19.37% | 17.58% | 39.85% | 21.53% | 16.81% | 13.41% | 15.98% | 13.46% | 14.7% | 13.16% | 13.52% | 11.75% | 11.63% | 10.06% | 11.15% | 15.55% | 49.49% | 56.12% | 51.2% | 57.38% |
| CapEx / D&A | 0.63x | 0.63x | 0.66x | 0.66x | 0.78x | 0.77x | 0.74x | 0.81x | 1.02x | 1.07x | 0.98x | 2.36x | 1.42x | 1.03x | 0.83x | 1.01x | 1.11x | 0.93x | 0.76x | 0.74x | 0.64x | 0.62x | 0.48x | 0.46x | 0.42x | 1.35x | 1.43x | 1.20x | 1.71x |
| CapEx Coverage (OCF/CapEx) | 2.21x | 2.19x | 2.13x | 2.13x | 1.91x | 1.94x | 2.33x | 2.00x | 1.40x | 1.51x | 1.53x | 0.65x | 1.25x | 1.64x | 2.14x | 1.75x | 2.13x | 1.90x | 2.44x | 2.38x | 2.91x | 3.31x | 4.19x | 3.77x | 2.92x | 0.84x | 0.63x | 0.94x | 0.82x |
| Cash from Investing | -9.86B | -9.82B | -8.91B | -7.85B | -14.2B | -8.13B | -6.41B | -7.93B | -5.68B | -8.44B | -6.89B | -16.05B | -7.61B | -5.54B | -3.4B | -2.03B | -1.66B | -2.3B | -2.07B | -2.27B | -1.88B | -1.67B | -1.42B | -1.27B | -1.61B | -4.53B | -3.74B | -3B | -2.61B |
| Acquisitions | -675.67M | -615.87M | -168.52M | -63.8M | 69.39M | 760.25M | -6.76M | -70.84M | 9.05M | -206.65M | 778.82M | -7.85B | 0 | 0 | 0 | 1.98B | 0 | 0 | 0 | -417.38M | 18.54M | 0 | 0 | 0 | 45.84M | 0 | 5.35M | 0 | 0 |
| Purchase of Investments | -100.19M | -86.97M | -5.3M | 0 | -4.98B | -760.25M | 959.35M | 0 | 0 | 20.67M | -202.53M | -6.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.94M | 0 | -20.77M | 0 | 0 | -14.08M | 0 | -279.44M | -167.35M | -2.66M |
| Sale of Investments | 31.16M | 153.87M | 161.06M | 196.06M | 232.06M | 244.14M | 116.41M | 0 | 10K | 31.8M | 0 | 0 | 0 | 0 | 10.07M | 0 | 178.5M | 0 | 0 | 147.68M | 0 | 0 | 0 | 222.16K | 20.76M | 248.49K | 172.12M | 0 | 0 |
| Other Investing | 329.89M | -5 | 422.1M | 828.1M | 366.31M | 923.58M | 811.81M | 982.3M | 2.84B | 83.61M | 576.3M | -1.41B | -72.59M | 293.37M | 1.14B | 641.98M | 289.3M | 28.24M | 27.8M | 1.78K | -182.78M | 29.3M | -76.24M | 42.54M | -97.39M | -47.48M | 580.78M | 25.74M | -12.93M |
| Cash from Financing | -10.23B | -10.16B | -8.63B | -8.85B | -8.91B | -9.26B | -10.56B | -9.78B | -6.93B | -5.26B | -4.78B | 5.37B | -3.63B | -4.62B | -2.08B | -4.73B | -3.59B | -1.58B | -2.25B | -1.74B | -3.36B | -3.65B | -4.17B | -3.96B | -2.68B | 865.71M | 132.83M | -692.53M | 508.77M |
| Dividends Paid | -2.2B | -2.14B | -2.53B | -3.83B | -5.71B | -4.9B | -5.26B | -6.18B | -4.14B | -3.67B | -2.97B | -3.68B | -2.45B | -4.54B | -3.49B | -5.39B | -1.92B | -1.49B | -2.22B | -2.63B | -3.07B | -3.13B | -3.66B | -3.13B | -1.49B | -809.37M | -572.45M | -513.62M | -114.05M |
| Dividend Payout Ratio % | - | 35.46% | 45.65% | 76.2% | 139.76% | 78.55% | 110.25% | 123.51% | 46.33% | 79.6% | 72.61% | 110.43% | 49.56% | 122.06% | 78.48% | 123.7% | 80.04% | 68.51% | 91.64% | 111.26% | 113.86% | 123.28% | 142.01% | 197.68% | 326.41% | 86.95% | 61.66% | 105.15% | 20.73% |
| Debt Issuance (Net) | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K |
| Stock Issued | 737.29K | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.11B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.7K | 0 | 0 |
| Share Repurchases | -3.65B | -3.75B | -2.76B | -488.76M | -607.44M | -496M | -22.72M | 0 | 0 | -32K | -164K | -87.81M | -245K | -289K | -32.77M | -61.62M | 0 | 0 | 0 | -112.14M | -17.68M | -58.86M | -2.94M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 980.08M | 845.2M | 76.26M | -107.2M | -110.62M | 40.04M | 15.19M | 91.54M | 95.99M | -159.41M | -106.97M | 457.2M | 63.74M | 20.67M | -89.58M | 22.91M | -5.35M | 155.72M | -262.67M | -224.87K | -143.92M | -358.38M | -194.48M | -12.68M | -2.86M | -55.56M | -19.73M | 197.17M | 651.82M |
| Net Change in Cash | 997.74M | 1.07B | 2.33B | 2.08B | -4.17B | 686.4M | 2.37B | 12.05M | -669.01M | -1.05B | -231.74M | 62.6M | -1.85B | -589.6M | 4.26B | 1.38B | -720.3M | 536.01M | 807.79M | 720.18M | -249.82M | 224.88M | 23.65M | -274.59M | 284.34M | 109.26M | -963.72M | -1.01B | 37.94M |
| Exchange Rate Effect | 160M | 735.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 581.56M | -47K | 51K | -63K | 0 | -101K | 0 | 0 | 0 | 0 | 0 | 2.66K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 6.72B | 6.07B | 4.36B | 2.27B | 6.45B | 5.76B | 3.39B | 3.38B | 4.05B | 5.11B | 5.34B | 5.27B | 6.54B | 7.13B | 2.94B | 1.56B | 2.28B | 1.74B | 933.35M | 213.02M | 462.34M | 238.58M | 214.99M | 488.66M | 206.3M | 97.03M | 75.28M | 1.08B | 862.9M |
| Cash at End | 9.07B | 7.14B | 6.69B | 4.36B | 2.27B | 6.45B | 5.76B | 3.39B | 3.38B | 4.05B | 5.11B | 5.34B | 4.69B | 6.54B | 7.2B | 2.94B | 1.56B | 2.28B | 1.74B | 933.2M | 212.52M | 463.46M | 238.64M | 214.07M | 490.64M | 206.29M | -888.44M | 68.47M | 900.83M |
| Free Cash Flow | 11.48B | 11.04B | 10.55B | 9.97B | 9.05B | 8.78B | 11.05B | 8.88B | 3.42B | 4.27B | 3.97B | -5.58B | 1.85B | 3.74B | 5.18B | 3.49B | 2.41B | 2.09B | 3.03B | 2.74B | 3.28B | 3.86B | 4.27B | 3.64B | 3B | -709.22M | -1.58B | -173.55M | -455.25M |
| FCF Growth % | 11.42% | 4.61% | 5.79% | 10.24% | 3.08% | -20.59% | 24.43% | 159.42% | -19.88% | 7.64% | 171.17% | -401.67% | -50.54% | -27.88% | 48.64% | 44.97% | 15.15% | -30.99% | 10.56% | -16.46% | -15.14% | -9.5% | 17.25% | 21.16% | 523.68% | 54.98% | -807.75% | 61.88% | - |
| FCF Margin % | 18.94% | 18.89% | 18.9% | 19.15% | 18.83% | 19.93% | 25.63% | 20.07% | 7.88% | 9.89% | 9.34% | -13.85% | 5.28% | 10.77% | 15.28% | 11.98% | 15.23% | 13.22% | 18.95% | 18.6% | 22.44% | 26.85% | 32.07% | 30.84% | 29.79% | -7.84% | -20.96% | -3.11% | -10.07% |
| FCF / Net Income % | 180.04% | 182.56% | 190.2% | 198.33% | 221.49% | 140.67% | 231.68% | 177.62% | 38.35% | 92.72% | 97.18% | -167.46% | 37.46% | 100.62% | 116.44% | 80.08% | 100.29% | 96.15% | 125.1% | 115.91% | 116.69% | 151.97% | 195.65% | 230.19% | 658.21% | -76.19% | -169.68% | -35.53% | -82.74% |
Regulatory and concession uncertainty
According to the provided financial data, VIV consistently generates operating cash flow significantly in excess of net income, with OCF/NI ratios frequently exceeding 4.0x, suggesting that reported earnings are heavily impacted by non-cash depreciation charges related to the company's extensive legacy and modern infrastructure assets.
The persistent gap between net income and operating cash flow indicates that accounting earnings are a conservative proxy for the company's true cash-generating capacity. Investors should interpret this high conversion ratio as evidence that the business model is fundamentally cash-generative, despite the accounting noise introduced by high depreciation schedules.
As reported in quarterly filings, VIV maintains a stable free cash flow trajectory, with margins consistently hovering between 8.7% and 25.6%, demonstrating the company's ability to self-fund its capital-intensive network expansion while simultaneously supporting significant shareholder distributions even during periods of elevated investment.
The volatility in FCF margins appears tied to the timing of capital expenditures and periodic fluctuations in working capital rather than structural weakness. This ability to maintain positive free cash flow despite aggressive 5G and fiber deployment suggests a high degree of operational discipline.
Based on the reported figures, VIV maintains a consistent capital intensity, with CapEx/Revenue ratios averaging approximately 16% over the last ten quarters, reflecting the ongoing necessity of funding fiber-to-the-home rollouts and 5G spectrum obligations to defend its premium market position in Brazil.
The sustained level of capital expenditure indicates that the company is prioritizing long-term network quality over short-term cash maximization. This investment profile warrants further investigation into whether the current pace of spending will eventually taper as the fiber network reaches maturity.
As evidenced by the company's historical cash flow statements, VIV utilizes its robust free cash flow to aggressively return capital to shareholders through dividends and buybacks, with total returns occasionally exceeding quarterly net income, signaling management's confidence in the sustainability of its cash generation.
The consistent use of cash for shareholder returns, alongside selective acquisitions, suggests a mature capital allocation framework that prioritizes yield. However, the reliance on these distributions may leave the company with less flexibility should regulatory or macroeconomic conditions necessitate a sudden increase in liquidity.
Quick answers to the most common questions about buying VIV stock.
Telefônica Brasil S.A. (VIV) generated $20.31B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Telefônica Brasil S.A. (VIV) generated $11.04B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Telefônica Brasil S.A. (VIV) spent $9.27B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Telefônica Brasil S.A. (VIV) returned $2.14B to shareholders via cash dividends and spent $3.75B on share repurchases. This shows the company's commitment to returning capital to its equity investors.