NYSE$TELFY
Telefonica SA (US)-ADR · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Telefónica Q2 organic revenue grows 1.5% as Hispam divestitures accelerate and 2025 guidance reaffirmed
Telefónica reported Q2 2025 revenue of €8.95 billion, down 3.7% reported but up 1.5% organically, with service revenue of €8.10 billion also up 1.6% organically. Adjusted EBITDA was €2.92 billion (up 1.2% organic) and EBITDAaL minus CapEx reached €1.21 billion. EPS from continuing operations was €0.07 for Q2 and €0.15 for H1. Free cash flow from continuing operations was €505 million in Q2, up €718 million quarter-over-quarter. The company signed or closed Hispam divestitures totaling ~€3 billion firm value across Argentina, Peru, Colombia, Uruguay, and Ecuador, and reaffirmed 2025 guidance for organic revenue growth, EBITDAaL-CapEx growth, CapEx/sales below 12.5%, and €0.30 DPS.
- Q2 revenue €8.95B (-3.7% reported, +1.5% organic); adjusted EBITDA €2.92B (+1.2% organic)
- Brazil delivered record EBITDA growth (+8.6% organic); Spain improved with best net adds since Q3 2018
- Hispam portfolio transformation accelerated with ~€3B in transaction value across five Latin American markets
- Q2 FCF from continuing operations €505M; net financial debt €27.6B with leverage 2.78x ND/EBITDAaL
- 2025 guidance confirmed: organic revenue +1.5%, EBITDAaL-CapEx +0.8%, CapEx/sales <12.5%, €0.30 DPS
Headline financials
Revenue & EPS history
Telefonica · Revenue · Quarterly
€8.95B
Revenue by segment
Telefonica · €8.95B total across 3 segments · Q2 2025
- B2C Revenue€5.32B—59.5%
- B2B Revenue€2.02B—22.6%
- Wholesales & Others€1.61B—18.0%
Forward guidance
Telefónica reaffirmed 2025 guidance: organic revenue growth of approximately +1.5%, organic EBITDAaL-CapEx growth of +0.8%, CapEx/sales below 12.5% organic, and total dividend of €0.30 per share (€0.15 cash in Dec-25 and €0.15 in Jun-26). FCF phasing weighted to H2 2025 as main deleveraging lever.
Tailwinds
- Accelerating Hispam divestitures reduce debt and simplify portfolio toward Europe and Brazil priorities
- Brazil record EBITDA growth and Spain commercial momentum with improved net adds
Headwinds
- Reported revenue and EBITDA still declining on FX headwinds (-4.9pp on revenue in H1)
- Germany weighed by 1&1 partner migration; VMO2 revenue decline from price rise phasing
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2025
-0.1%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+1.1%
Avg return
30 days after
53%
31 / 58 earnings
Positive
+5.6%
Q3 2022
Best reaction
-6.7%
Q3 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | -1.5% | +0.4% | +1.3% | |
| Q2 2024 | -1.3% | -3.1% | -0.9% | |
| Q4 2023 | +2.3% | +3.8% | +7.5% | |
| Q3 2023 | -0.8% | +1.3% | +10.2% | |
| Q2 2023 | +1.7% | -1.2% | -6.4% | |
| Q1 2023 | -5.5% | -3.4% | -5.5% | |
| Q4 2022 | +1.7% | +1.5% | -0.7% | |
| Q3 2022 | +5.6% | +5.6% | +8.8% | |
| Q2 2022 | -1.1% | -3.3% | -10.1% | |
| Q1 2022 | +2.9% | +5.6% | -0.6% | |
| Q4 2021 | +0.2% | -1.7% | -2.3% | |
| Q3 2021 | -0.9% | +0.7% | -5.5% | |
| Q2 2021 | +1.3% | +6.6% | +11.5% | |
| Q1 2021 | +4.2% | +7.1% | +5.0% | |
| Q4 2020 | -5.7% | -1.5% | +4.6% | |
| Q3 2020 | -4.9% | -1.4% | +28.9% | |
| Q2 2020 | -6.4% | -2.9% | -10.7% | |
| Q1 2020 | -0.9% | +0.2% | +17.2% | |
| Q4 2019 | -6.3% | -11.3% | -35.0% | |
| Q3 2019 | -2.1% | -1.4% | -2.1% | |
| Q2 2019 | -2.7% | +3.6% | +0.1% | |
| Q1 2019 | -2.1% | +0.4% | +5.1% | |
| Q4 2018 | +0.8% | -0.5% | -1.4% | |
| Q3 2018 | +5.2% | +6.0% | +12.2% | |
| Q2 2018 | +3.1% | +3.8% | -2.0% | |
| Q1 2018 | -1.5% | +0.7% | +2.8% | |
| Q4 2017 | +1.7% | +3.6% | +6.1% | |
| Q3 2017 | -3.5% | +0.4% | -2.2% | |
| Q2 2017 | +3.6% | +3.7% | -1.2% | |
| Q1 2017 | -3.0% | -1.5% | -1.8% | |
| Q4 2016 | +3.2% | +2.9% | +14.5% | |
| Q3 2016 | +0.7% | +1.1% | -16.2% | |
| Q2 2016 | +3.9% | -0.8% | +5.5% | |
| Q1 2016 | -5.2% | — | — | |
| Q4 2015 | -4.3% | — | — | |
| Q3 2015 | -0.6% | — | — | |
| Q2 2015 | -1.0% | — | — | |
| Q1 2015 | -0.2% | — | — | |
| Q4 2014 | -0.6% | — | — | |
| Q3 2014 | -0.5% | — | — | |
| Q2 2014 | +0.5% | — | — | |
| Q1 2014 | +0.7% | — | — | |
| Q4 2013 | -3.0% | — | — | |
| Q3 2013 | +1.2% | — | — | |
| Q2 2013 | +1.6% | — | — | |
| Q1 2013 | -1.2% | — | — | |
| Q4 2012 | +3.9% | — | — | |
| Q3 2012 | +0.1% | — | — | |
| Q2 2012 | +0.3% | — | — | |
| Q1 2012 | +0.4% | — | — | |
| Q4 2011 | +3.1% | — | — | |
| Q3 2011 | -6.7% | — | — | |
| Q2 2011 | +3.9% | — | — | |
| Q1 2011 | +1.1% | — | — | |
| Q4 2010 | +0.4% | — | — | |
| Q3 2010 | +1.3% | — | — | |
| Q2 2010 | +4.1% | — | — | |
| Q1 2010 | +0.9% | — | — |
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