NYSE : VIV
Telefônica Brasil S.A. — Financial statements
Communication Services · Telecom Services · Brazil
Last price 11.28 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 18.07B
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Financial statements
Telefônica Brasil S.A. (VIV) reported revenue of 61.77B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 61.77B | 59.59B | 55.85B | 52.10B | 48.04B | 44.03B |
| Cost of Revenue | 31.96B | 30.93B | 29.32B | 27.36B | 25.53B | 23.08B |
| Gross Profit | 29.81B | 28.67B | 26.52B | 24.75B | 22.52B | 20.96B |
| Selling, General & Admin | 17.69B | 17.03B | 16.08B | 15.33B | 14.49B | 14.13B |
| Other Operating Expenses | 869.73M | 1.03B | 1.45B | 828.05M | 1.15B | 453.35M |
| Operating Expenses | 18.55B | 18.06B | 17.52B | 16.15B | 15.64B | 14.58B |
| Operating Income | 11.26B | 10.61B | 9.00B | 8.59B | 6.88B | 6.37B |
| Interest Expense | -3.22B | -3.12B | -2.72B | -2.65B | -2.20B | -924.22M |
| Interest & Investment Income | 1.14B | 1.17B | 866.08M | 701.63M | 726.05M | 424.56M |
| Earnings From Equity Investments | -16.66M | -18.23M | -4.35M | -10.71M | -23.74M | 117.26M |
| Currency Exchange Gain (Loss) | 94.44M | 159.76M | -9.24M | 420.94M | 846.23M | 658.06M |
| Other Non Operating Income (Expenses) | -138.37M | -89.58M | 33.35M | -29.67M | -1.96B | -1.89B |
| EBT Excluding Unusual Items | 9.12B | 8.71B | 7.17B | 7.02B | 4.27B | 4.76B |
| Legal Settlements | -1.33B | -1.44B | -403.23M | -1.45B | 559.08M | 1.20B |
| Pretax Income | 7.79B | 7.27B | 6.76B | 5.57B | 4.83B | 5.96B |
| Income Tax Expense | 1.18B | 1.09B | 1.21B | 533.94M | 773.69M | -269.83M |
| Earnings From Continuing Operations | 6.61B | 6.18B | 5.56B | 5.04B | 4.06B | 6.23B |
| Minority Interest in Earnings | -7.70M | -9.64M | -9.38M | -10.59M | 27.11M | 10.01M |
| Net Income | 6.60B | 6.17B | 5.55B | 5.03B | 4.09B | 6.24B |
| Net Income to Common | 6.60B | 6.17B | 5.55B | 5.03B | 4.09B | 6.24B |
| Shares Outstanding (Basic) | 3.20B | 3.22B | 3.29B | 3.32B | 3.34B | 3.37B |
| Shares Outstanding (Diluted) | 3.20B | 3.22B | 3.29B | 3.32B | 3.34B | 3.37B |
| EPS (Basic) | 2.06 | 1.91 | 1.69 | 1.52 | 1.22 | 1.85 |
| EPS (Diluted) | 2.06 | 1.91 | 1.69 | 1.52 | 1.22 | 1.85 |
| Free Cash Flow | 10.74B | 11.26B | 10.55B | 9.97B | 9.05B | 8.78B |
| Free Cash Flow Per Share | 3.36 | 3.49 | 3.21 | 3.01 | 2.71 | 2.61 |
| Dividend Per Share | 0.54 | 0.89 | 0.81 | 0.83 | 0.83 | 1.74 |
| Gross Margin | 48.26% | 48.10% | 47.49% | 47.49% | 46.87% | 47.59% |
| Operating Margin | 18.22% | 17.80% | 16.12% | 16.49% | 14.32% | 14.48% |
| Profit Margin | 10.68% | 10.35% | 9.93% | 9.65% | 8.50% | 14.17% |
| Free Cash Flow Margin | 17.39% | 18.89% | 18.90% | 19.14% | 18.83% | 19.93% |
| EBITDA | 20.14B | 19.35B | 17.41B | 18.93B | 14.64B | 14.05B |
| EBITDA Margin | 32.60% | 32.48% | 31.17% | 36.33% | 30.46% | 31.91% |
| D&A For EBITDA | 8.88B | 8.74B | 8.41B | 10.34B | 7.76B | 7.68B |
| EBIT | 11.26B | 10.61B | 9.00B | 8.59B | 6.88B | 6.37B |
| EBIT Margin | 18.22% | 17.80% | 16.12% | 16.49% | 14.32% | 14.48% |
| Effective Tax Rate | 15.15% | 15.04% | 17.84% | 9.58% | 16.01% |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 8.48B | 7.03B | 6.69B | 4.36B | 2.27B | 6.45B |
| Short-Term Investments | 99.10M | 1.15M | 1.02M | 30.11M | ||
| Cash & Short-Term Investments | 8.58B | 7.13B | 6.69B | 4.36B | 2.27B | 6.48B |
| Accounts Receivable | 10.50B | 10.62B | 9.47B | 9.32B | 8.69B | 8.10B |
| Other Receivables | 2.98B | 3.04B | 3.16B | 2.69B | 3.19B | 4.10B |
| Receivables | 13.47B | 13.66B | 12.63B | 12.01B | 11.88B | 12.20B |
| Inventory | 1.78B | 1.48B | 1.10B | 822.81M | 789.72M | 639.83M |
| Prepaid Expenses | 3.42B | 2.41B | 1.87B | 1.43B | 1.14B | 1.01B |
| Other Current Assets | 687.68M | 534.57M | 526.66M | 620.19M | 1.19B | 736.50M |
| Total Current Assets | 27.94B | 25.22B | 22.81B | 19.24B | 17.28B | 21.06B |
| Property, Plant & Equipment | 45.94B | 47.36B | 46.81B | 46.32B | 45.90B | 44.41B |
| Long-Term Investments | 413.00M | 420.88M | 566.38M | 438.87M | 368.19M | 356.29M |
| Goodwill | 27.24B | 27.24B | 26.57B | 26.39B | 26.36B | 22.87B |
| Other Intangible Assets | 20.10B | 20.73B | 21.70B | 22.57B | 23.36B | 21.24B |
| Long-Term Accounts Receivable | 489.49M | 283.50M | 370.15M | 351.04M | 399.03M | 470.88M |
| Long-Term Deferred Tax Assets | 221.70M | 314.28M | 158.22M | 177.25M | 379.09M | 121.75M |
| Other Long-Term Assets | 6.58B | 6.51B | 5.96B | 5.24B | 5.07B | 5.14B |
| Total Assets | 128.91B | 128.07B | 124.94B | 120.74B | 119.12B | 115.66B |
| Accounts Payable | 10.02B | 9.86B | 9.23B | 8.17B | 7.42B | 7.13B |
| Accrued Expenses | 2.96B | 2.89B | 2.86B | 2.84B | 2.16B | 2.39B |
| Current Portion of Long-Term Debt | 593.15M | 518.73M | 1.93B | 605.52M | 2.60B | 4.00B |
| Current Portion of Leases | 4.70B | 4.88B | 4.52B | 3.88B | 3.50B | 2.91B |
| Current Income Taxes Payable | 225.87M | 130.87M | 9.90M | 3.52M | 3.06M | 3.07M |
| Current Unearned Revenue | 1.29B | 1.08B | 1.02B | 960.08M | 845.64M | 604.65M |
| Other Current Liabilities | 9.58B | 5.89B | 4.69B | 3.63B | 5.64B | 5.41B |
| Total Current Liabilities | 29.38B | 25.25B | 24.26B | 20.08B | 22.17B | 22.46B |
| Long-Term Debt | 4.47B | 4.49B | 3.58B | 4.63B | 4.83B | 1.77B |
| Long-Term Leases | 10.08B | 10.55B | 10.73B | 9.72B | 8.53B | 8.32B |
| Long-Term Unearned Revenue | 224.43M | 226.37M | 126.91M | 126.53M | 137.78M | 153.86M |
| Pension & Post-Retirement Benefits | 790.93M | 759.22M | 697.53M | 1.05B | 742.44M | 629.87M |
| Long-Term Deferred Tax Liabilities | 4.10B | 4.23B | 4.02B | 3.42B | 3.83B | 4.17B |
| Other Long-Term Liabilities | 14.16B | 13.57B | 11.73B | 12.09B | 10.42B | 8.15B |
| Total Liabilities | 63.21B | 59.07B | 55.14B | 51.11B | 50.67B | 45.66B |
| Common Stock | 56.07B | 60.07B | 62.07B | 63.57B | 63.57B | 63.57B |
| Retained Earnings | 10.91B | 8.74B | 7.52B | 5.89B | 4.63B | 5.53B |
| Treasury Stock | -1.02B | -164.00K | -194.00K | -194.00K | -607.44M | -606.54M |
| Comprehensive Income & Other | -336.08M | -84.86M | 135.14M | 110.00M | 809.03M | 1.43B |
| Total Common Equity | 65.63B | 68.72B | 69.73B | 69.57B | 68.40B | 69.93B |
| Minority Interest | 73.96M | 280.98M | 69.91M | 60.52M | 52.11M | 79.00M |
| Shareholders' Equity | 65.70B | 69.00B | 69.80B | 69.63B | 68.46B | 70.01B |
| Total Liabilities & Equity | 128.91B | 128.07B | 124.94B | 120.74B | 119.12B | 115.66B |
| Total Debt | 19.85B | 20.44B | 20.76B | 18.83B | 19.47B | 17.01B |
| Net Cash (Debt) | -11.27B | -13.31B | -14.07B | -14.47B | -17.19B | -10.53B |
| Net Cash Per Share | -3.52 | -4.13 | -4.28 | -4.36 | -5.14 | -3.13 |
| Filing Date Shares Outstanding | 3.20B | 3.20B | 3.25B | 3.31B | 3.33B | 3.35B |
| Total Common Shares Outstanding | 3.20B | 3.20B | 3.25B | 3.31B | 3.33B | 3.35B |
| Working Capital | -1.45B | -25.85M | -1.44B | -839.22M | -4.89B | -1.40B |
| Book Value Per Share | 20.54 | 21.51 | 21.43 | 21.05 | 20.56 | 20.85 |
| Tangible Book Value | 18.30B | 20.75B | 21.47B | 20.60B | 18.68B | 25.82B |
| Tangible Book Value Per Share | 5.73 | 6.49 | 6.60 | 6.23 | 5.61 | 7.70 |
| Land | 238.08M | 238.08M | 239.26M | 249.54M | 252.09M | 266.95M |
| Machinery | 137.25B | 139.64B | 135.34B | 124.29B | 118.93B | 112.63B |
| Construction In Progress | 1.65B | 2.10B | 1.64B | 1.54B | 2.59B | 1.67B |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.60B | 6.17B | 5.55B | 5.03B | 4.09B | 6.24B |
| Depreciation & Amortization | 12.75B | 12.47B | 11.86B | 13.39B | 10.81B | 10.41B |
| Other Amortization | 2.65B | 2.48B | 2.34B | 1.85B | 1.62B | |
| Asset Writedown & Restructuring Costs | -942.28M | -594.24M | -405.09M | -403.33M | -708.48M | -847.87M |
| Loss (Gain) From Sale of Investments | -134.90M | -134.90M | -358.44M | |||
| Loss (Gain) on Equity Investments | 16.66M | 18.23M | 4.35M | 10.71M | 23.74M | -117.26M |
| Provision & Write-off of Bad Debts | 1.54B | 1.49B | 1.52B | 1.36B | 1.32B | 1.44B |
| Other Operating Activities | 1.52B | 1.80B | 816.07M | 519.88M | 1.88B | 1.97B |
| Change in Accounts Receivable | -2.90B | -2.45B | -1.66B | -1.94B | -854.32M | -1.40B |
| Change in Inventory | -796.89M | -423.20M | -311.24M | -100.84M | -179.61M | -45.17M |
| Change in Accounts Payable | 84.51M | 507.94M | 1.10B | 800.25M | 231.89M | 1.05B |
| Change in Income Taxes | 1.16B | 1.10B | 443.77M | 2.05B | 1.51B | -1.76B |
| Change in Other Net Operating Assets | -1.36B | -1.71B | -1.38B | -1.92B | -1.01B | -119.28M |
| Operating Cash Flow | 20.21B | 20.72B | 19.88B | 18.79B | 18.94B | 18.07B |
| Capital Expenditures | -9.47B | -9.46B | -9.32B | -8.81B | -9.89B | -9.30B |
| Sale of Property, Plant & Equipment | 949.11M | 436.54M | 376.59M | 434.45M | 778.00M | 760.25M |
| Cash Acquisitions | -1.02B | -1.06B | -168.52M | -63.80M | -4.91B | |
| Investment in Securities | -94.24M | -88.71M | 155.75M | 196.06M | 232.06M | 244.14M |
| Other Investing Activities | 128.98M | 156.96M | 45.51M | 393.65M | -411.68M | 163.32M |
| Investing Cash Flow | -9.51B | -10.02B | -8.91B | -7.85B | -14.20B | -8.13B |
| Long-Term Debt Issued | 20.00M | 83.08M | 30.02M | 4.50B | ||
| Long-Term Debt Repaid | -5.23B | -3.50B | -4.45B | -6.99B | -3.90B | |
| Net Debt Issued (Repaid) | -5.25B | -5.21B | -3.41B | -4.42B | -2.49B | -3.90B |
| Repurchase of Common Stock | -3.97B | -3.82B | -2.76B | -488.76M | -607.44M | -496.00M |
| Common Dividends Paid | -2.82B | -2.19B | -2.53B | -3.83B | -5.71B | -4.90B |
| Other Financing Activities | 363.26M | 859.52M | 76.26M | -107.20M | -110.62M | 40.04M |
| Financing Cash Flow | -11.67B | -10.36B | -8.63B | -8.85B | -8.91B | -9.26B |
| Net Cash Flow | -969.74M | 341.24M | 2.33B | 2.08B | -4.17B | 686.40M |
| Free Cash Flow | 10.74B | 11.26B | 10.55B | 9.97B | 9.05B | 8.78B |
| Free Cash Flow Margin | 17.39% | 18.89% | 18.90% | 19.14% | 18.83% | 19.93% |
| Free Cash Flow Per Share | 3.36 | 3.49 | 3.21 | 3.01 | 2.71 | 2.61 |
| Levered Free Cash Flow | 12.59B | 10.24B | 9.77B | 7.95B | 5.82B | 6.25B |
| Unlevered Free Cash Flow | 14.60B | 12.19B | 11.47B | 9.61B | 7.19B | 6.83B |
| Cash Interest Paid | 2.44B | 2.31B | 2.08B | 2.05B | 1.53B | 853.80M |
| Cash Income Tax Paid | 1.07B | 896.21M | 862.06M | 901.69M | 1.11B | 97.38M |
| Change in Working Capital | -3.81B | -2.97B | -1.81B | -1.12B | -309.87M | -2.29B |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 18.07B | 19.26B | 12.16B | 18.12B | 12.10B | 14.52B |
| Enterprise Value | 20.16B | 21.33B | 14.19B | 20.87B | 14.73B | 15.26B |
| Last Close Price | 11.23 | 11.25 | 6.81 | 9.47 | 5.79 | 6.76 |
| PE Ratio | 14.87 | 17.20 | 13.56 | 17.48 | 15.65 | 12.97 |
| PS Ratio | 1.52 | 1.78 | 1.35 | 1.69 | 1.33 | 1.84 |
| PB Ratio | 1.42 | 1.54 | 1.08 | 1.26 | 0.93 | 1.16 |
| P/TBV Ratio | 5.12 | 5.11 | 3.50 | 4.27 | 3.42 | 3.13 |
| P/FCF Ratio | 9.18 | 9.42 | 7.13 | 8.82 | 7.07 | 9.22 |
| P/OCF Ratio | 4.88 | 5.12 | 3.79 | 4.68 | 3.38 | 4.48 |
| EV/Sales Ratio | 1.69 | 1.97 | 1.57 | 1.94 | 1.62 | 1.93 |
| EV/EBITDA Ratio | 5.19 | 6.07 | 5.04 | 5.35 | 5.32 | 6.05 |
| EV/EBIT Ratio | 9.28 | 11.07 | 9.76 | 11.79 | 11.32 | 13.34 |
| EV/FCF Ratio | 10.24 | 10.43 | 8.32 | 10.15 | 8.61 | 9.69 |
| Debt / Equity Ratio | 0.30 | 0.30 | 0.30 | 0.27 | 0.28 | 0.24 |
| Debt / EBITDA Ratio | 0.83 | 0.89 | 1.00 | 0.86 | 1.10 | 1.01 |
| Debt / FCF Ratio | 1.85 | 1.82 | 1.97 | 1.89 | 2.15 | 1.94 |
| Net Debt / Equity Ratio | 0.17 | 0.19 | 0.20 | 0.21 | 0.25 | 0.15 |
| Net Debt / EBITDA Ratio | 0.56 | 0.69 | 0.81 | 0.77 | 1.18 | 0.75 |
| Net Debt / FCF Ratio | 1.05 | 1.18 | 1.33 | 1.45 | 1.90 | 1.20 |
| Asset Turnover | 0.48 | 0.47 | 0.46 | 0.43 | 0.41 | 0.39 |
| Inventory Turnover | 23.03 | 24.04 | 30.54 | 33.93 | 35.71 | 36.26 |
| Quick Ratio | 0.75 | 0.82 | 0.80 | 0.81 | 0.64 | 0.83 |
| Current Ratio | 0.95 | 1.00 | 0.94 | 0.96 | 0.78 | 0.94 |
| Return on Equity (ROE) | 9.87% | 8.90% | 7.97% | 7.30% | 5.86% | 8.93% |
| Return on Assets (ROA) | 5.51% | 5.24% | 4.58% | 4.48% | 3.66% | 3.55% |
| Return on Invested Capital (ROIC) | 12.12% | 10.85% | 8.80% | 9.15% | 6.95% | 8.09% |
| Return on Capital Employed (ROCE) | 11.30% | 10.30% | 8.90% | 8.50% | 7.10% | 6.80% |
| Earnings Yield | 6.73% | 5.81% | 7.37% | 5.72% | 6.39% | 7.71% |
| FCF Yield | 10.89% | 10.61% | 14.03% | 11.34% | 14.15% | 10.85% |
| Dividend Yield | 7.09% | 2.68% | 3.48% | 3.12% | 4.31% | 7.22% |
| Payout Ratio | 104.96% | 35.46% | 45.65% | 76.20% | 139.76% | 78.55% |
| Buyback Yield / Dilution | 1.67% | 1.91% | 0.93% | 0.73% | 0.73% | -145.52% |
| Total Shareholder Return | 8.76% | 4.59% | 4.42% | 3.85% | 5.04% | -138.29% |