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). Read SAN total debt and obligations for a breakdown of total debt and financial obligations.
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 Banco Santander S.A. capital spending ratio to see what proportion of operating cash flow is directed to capital expenditures.
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 Banco Santander S.A. (SAN) total market value.
| 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 | — |