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). Explore how much does Banco Santander S.A. reinvest in capital to see what proportion of operating cash flow is directed to capital expenditures.
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. For the full cash flow conversion analysis, see Banco Santander S.A. (SAN) cash conversion ratio.
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.. Check Banco Santander S.A. (SAN) reinvestment rate to assess the company's total reinvestment commitment from operating cash flow.
| 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 | — |