Telefonica/€TEF

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About Telefonica

Telefonica SA, operating under the ticker TEF, is a multinational telecommunications company headquartered in Madrid, Spain. Founded in 1924, the company offers a wide array of services including fixed and mobile telephony, broadband, and digital television to customers across Europe and Latin America. Telefonica is also engaged in digital services such as cybersecurity, IoT, big data, and cloud solutions, catering to both individual consumers and business clients.
Ticker
€TEF
Sector
Communication
Primary listing
BME
Employees
74,427
Headquarters
Madrid, Spain
Website
www.telefonica.com

Telefonica Metrics

BasicAdvanced
€19B
-
-€0.73
0.29
€0.24
7.32%

What the Analysts think about Telefonica

Analyst ratings (Buy, Hold, Sell) for Telefonica stock.
Analyst projections of the future price of Telefonica stock.

Bulls say / Bears say

Spain and Brazil are driving a better operating trend: first-half adjusted EBITDA rose 3.8% to €5.768 billion, prompting Telefónica to raise its 2026 adjusted operating cash flow growth target from above 2% to above 3%. (Telefónica, Reuters)
The balance sheet is moving in the right direction: net financial debt fell 8.4% year on year to €25.278 billion by June, while leverage declined to 2.68 times. Management still targets about €3 billion of 2026 free cash flow and leverage of 2.5 times by 2028. (Telefónica, Reuters)
Customer and business momentum provides a stronger base for recurring revenue: B2B revenue grew 5.7% in the first quarter, while Spain and Brazil reported historically low churn in the second quarter. Fibre accesses also rose 8.3% year on year to 14.2 million in the first half. (WebWire, TelecomLead)
Germany remains a material drag: handset weakness and the 1&1 customer migration pushed revenue and adjusted EBITDA down by more than 8% in the first quarter, while a €265 million restructuring provision hit second-quarter profit. (Reuters, Reuters)
Operating improvements have not yet translated into statutory profit: Telefónica reported a €338 million first-half net loss after the Chile disposal and restructuring costs. Adjusted operating cash flow is useful, but it remains different from cash available after interest, tax, working capital and exceptional items. (Reuters, BTW Media)
Top-line growth still looks modest, with management expecting 2026 revenue growth at the low end of its 1.5%–2.5% range because of weaker handset sales. That leaves limited room for further competitive pressure or an execution miss. (Reuters)
Data summarised monthly by Lightyear AI. Last updated on 18 Sept 2026.

Telefonica Financial Performance

Revenues and expenses
Income statement
QuarterlyAnnual
Q3 24
QoQ growth
Revenue
Net income
Profit margin

Telefonica Earnings Performance

Company profitability
Earnings per share
QuarterlyAnnual
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Actual
Expected
Surprise

Funds containing Telefonica

AllEURGBPUSD
Funds
Fund name
Fund size
€TEF weighting
iShares STOXX Europe 600 Telecommunications€EXV2
€268M3.75%
Xtrackers Spain€XESD
€269M1.54%
SPDR MSCI World Telecommunications€WTEL
€86M0.29%
iShares MSCI Europe ESG Enhanced€EMNU
€5B0.21%
iShares MSCI Europe ESG Enhanced£EEUD
£4.3B0.21%
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.