Banco Santander S.A. (SAN) — Free Cash Flow Generation Index
Banco Santander S.A. (SAN) has a Free Cash Flow Generation Index of 0.97x as of December 2025. Free cash flow of €78.28 Billion represents 1% of operating cash flow (€80.93 Billion). See Banco Santander S.A. working capital to net assets to evaluate short-term liquidity relative to the company's equity base.
FCF Generation Index
Free Cash Flow
Operating Cash Flow
Capital Expenditures
Banco Santander S.A. Free Cash Flow Generation Index (1991–2025)
Historical FCF Generation Index trend for Banco Santander S.A. across 21 annual periods. Explore cash flow to debt ratio of Banco Santander S.A. to assess how comfortably operating cash covers total debt obligations.
Annual Free Cash Flow Generation for Banco Santander S.A. (1991–2025)
Year-by-year Free Cash Flow Generation Index for Banco Santander S.A.. For the full company profile including market capitalisation, see SAN stock market capitalisation.
| Year | FCG Index | Free Cash Flow (EUR) | Operating CF | Capital Expenditures | YoY Change |
|---|---|---|---|---|---|
| 2025 | 0.93x | €77.68 Billion | €83.53 Billion | €5.85 Billion | ▲ +12.0% |
| 2023 | 0.83x | €66.92 Billion | €80.56 Billion | €13.64 Billion | ▲ +36.5% |
| 2022 | 0.61x | €16.87 Billion | €27.71 Billion | €10.84 Billion | ▼ -23.8% |
| 2021 | 0.80x | €45.29 Billion | €56.69 Billion | €11.40 Billion | ▼ -8.3% |
| 2020 | 0.87x | €57.63 Billion | €66.15 Billion | €8.52 Billion | ▲ +127.5% |
| 2019 | -3.17x | €-10.75 Billion | €3.39 Billion | €14.14 Billion | ▼ -23.5% |
| 2018 | -2.57x | €-8.78 Billion | €3.42 Billion | €12.20 Billion | ▼ -431.0% |
| 2017 | 0.78x | €31.20 Billion | €40.19 Billion | €8.99 Billion | ▲ +25.7% |
| 2016 | 0.62x | €13.48 Billion | €21.82 Billion | €8.34 Billion | ▲ +119.4% |
| 2015 | 0.28x | €3.62 Billion | €12.86 Billion | €9.24 Billion | ▼ -66.5% |
| 2012 | 0.84x | €20.43 Billion | €24.32 Billion | €3.89 Billion | ▼ -7.2% |
| 2011 | 0.91x | €32.60 Billion | €35.99 Billion | €3.40 Billion | ▲ +0.5% |
| 2010 | 0.90x | €46.73 Billion | €51.87 Billion | €5.14 Billion | ▲ +15.6% |
| 2008 | 0.78x | €12.34 Billion | €15.83 Billion | €3.49 Billion | ▲ +350.0% |
| 2007 | -0.31x | €-9.87 Billion | €31.65 Billion | €4.66 Billion | ▼ -178.7% |
| 1996 | 0.40x | €617.15 Million | €1.56 Billion | €939.66 Million | ▲ +29.2% |
| 1995 | 0.31x | €327.25 Million | €1.07 Billion | €739.20 Million | ▲ +112.9% |
| 1994 | -2.38x | €-2.04 Billion | €856.23 Million | €2.90 Billion | ▼ -427.7% |
| 1993 | 0.73x | €1.14 Billion | €1.57 Billion | €427.31 Million | ▲ +55.5% |
| 1992 | 0.47x | €413.86 Million | €884.32 Million | €470.46 Million | ▼ -53.2% |
| 1991 | 1.00x | €1.10 Billion | €1.10 Billion | €0.00 | — |