Detailed financial statements for Telefônica Brasil S.A. (VIV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Telefônica Brasil S.A. operates as a prominent telecommunications provider in Brazil, offering an extensive range of mobile and fixed-line services to both individual consumers and business clients. Its landline telephony services include local, domestic long-distance, and international long-distance calling.
Analysis Summary
Telefônica Brasil S.A. reported revenue of 58.42B BRL in the most recent fiscal year, growing at a 5-year CAGR of 6.3%. Net income reached 6.05B BRL, with a 4.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 31.5%, operating margin 15.7%, net margin 10.7%. Free cash flow grew at 0.4% CAGR over 5 years.
At $11.28 (closing price, October 30, 2026), VIV trades at a P/E of 12.99 and an ROE of 9.70%. Market capitalisation stands at $18.0B, placing it among large-cap names.
Balance sheet quality for VIV: current ratio of 1.0, net debt of 13.11B BRL. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 11.26B BRL represents 186% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 42.51B BRL | 43.21B BRL | 43.46B BRL | 44.27B BRL | 43.13B BRL | 44.03B BRL | 48.04B BRL | 52.10B BRL | 55.85B BRL | 58.42B BRL |
| Cost of Revenue | 20.82B BRL | 20.27B BRL | 21.03B BRL | 22.16B BRL | 22.69B BRL | 24.78B BRL | 27.43B BRL | 29.42B BRL | 31.35B BRL | 34.80B BRL |
| Gross Profit | 21.69B BRL | 22.93B BRL | 22.44B BRL | 22.11B BRL | 20.43B BRL | 19.25B BRL | 20.61B BRL | 22.68B BRL | 24.49B BRL | 23.62B BRL |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 11.72B BRL | 15.07B BRL | 14.82B BRL | 14.34B BRL | 13.44B BRL | 10.34B BRL | 12.03B BRL | 11.57B BRL | 12.06B BRL | 14.26B BRL |
| Operating Expenses | 15.32B BRL | 16.30B BRL | 12.98B BRL | 14.89B BRL | 13.85B BRL | 12.17B BRL | 14.01B BRL | 14.77B BRL | 15.82B BRL | 14.72B BRL |
| Operating Income | 6.37B BRL | 6.63B BRL | 9.46B BRL | 7.21B BRL | 6.58B BRL | 7.09B BRL | 6.60B BRL | 7.92B BRL | 8.67B BRL | 8.90B BRL |
| EBITDA | 13.07B BRL | 13.72B BRL | 19.83B BRL | 17.46B BRL | 17.36B BRL | 18.19B BRL | 17.84B BRL | 19.52B BRL | 21.54B BRL | 24.53B BRL |
| Interest Expense | 361.4M BRL | 1.07B BRL | 510.4M BRL | 247.3M BRL | 777.8M BRL | 924.0M BRL | 2.20B BRL | 451.7M BRL | 577.2M BRL | 2.46B BRL |
| Pre-tax Income | 5.13B BRL | 5.73B BRL | 11.28B BRL | 6.39B BRL | 6.01B BRL | 5.96B BRL | 4.83B BRL | 5.57B BRL | 6.76B BRL | 7.13B BRL |
| Income Tax | 1.05B BRL | 1.12B BRL | 2.35B BRL | 1.39B BRL | 1.24B BRL | -269.8M BRL | 773.7M BRL | 533.9M BRL | 1.21B BRL | 1.07B BRL |
| Net Income | 4.09B BRL | 4.61B BRL | 8.93B BRL | 5.00B BRL | 4.77B BRL | 6.24B BRL | 4.09B BRL | 5.03B BRL | 5.55B BRL | 6.05B BRL |
| EPS | $2.27 | $2.56 | $5.29 | $2.96 | $2.83 | $3.71 | $2.44 | $3.03 | $3.38 | $3.78 |
| EPS (Diluted) | $2.27 | $2.56 | $5.29 | $2.96 | $2.83 | $3.71 | $2.44 | $3.03 | $3.38 | $3.78 |
| Shares Outstanding (Diluted) | 1,688.7 M | 1,688.7 M | 1,688.7 M | 1,688.7 M | 1,688.6 M | 1,683.1 M | 1,670.9 M | 1,658.6 M | 1,641.4 M | 1,611.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 14.95B BRL | 15.85B BRL | 15.17B BRL | 15.76B BRL |
| Gross Profit | 6.80B BRL | 6.34B BRL | 6.17B BRL | 12.81B BRL |
| Operating Income | 2.77B BRL | 2.47B BRL | 2.24B BRL | 2.60B BRL |
| EBITDA | 6.01B BRL | 6.67B BRL | 6.10B BRL | 6.58B BRL |
| Net Income | 1.89B BRL | 1.91B BRL | 1.24B BRL | 1.57B BRL |
| EPS | $1.18 | $1.20 | $0.77 | $0.98 |
| EPS (Diluted) | $1.18 | $1.20 | $0.77 | $0.98 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.11B BRL | 4.05B BRL | 3.38B BRL | 3.39B BRL | 5.76B BRL | 6.45B BRL | 2.27B BRL | 4.36B BRL | 6.69B BRL | 7.14B BRL |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 1.0M BRL | 1.1M BRL | 0 | 99.1M BRL |
| Receivables | 11.98B BRL | 11.32B BRL | 13.25B BRL | 13.31B BRL | 8.18B BRL | 12.50B BRL | 12.14B BRL | 12.27B BRL | 12.63B BRL | 13.68B BRL |
| Inventory | 410.4M BRL | 348.8M BRL | 462.1M BRL | 578.0M BRL | 633.0M BRL | 640.0M BRL | 789.7M BRL | 822.8M BRL | 1.10B BRL | 1.48B BRL |
| Total Current Assets | 18.40B BRL | 16.73B BRL | 18.36B BRL | 18.64B BRL | 19.06B BRL | 21.06B BRL | 17.28B BRL | 19.24B BRL | 22.81B BRL | 25.21B BRL |
| Property, Plant & Equipment | 31.92B BRL | 33.22B BRL | 34.12B BRL | 42.85B BRL | 44.35B BRL | 44.41B BRL | 45.90B BRL | 46.32B BRL | 46.81B BRL | 47.33B BRL |
| Goodwill | 23.06B BRL | 23.06B BRL | 23.06B BRL | 23.06B BRL | 23.03B BRL | 22.87B BRL | 26.36B BRL | 26.39B BRL | 26.57B BRL | 27.22B BRL |
| Intangible Assets | 21.42B BRL | 20.27B BRL | 19.16B BRL | 18.22B BRL | 17.56B BRL | 21.24B BRL | 23.36B BRL | 22.57B BRL | 21.70B BRL | 20.72B BRL |
| Total Assets | 102.07B BRL | 101.38B BRL | 102.56B BRL | 108.29B BRL | 108.74B BRL | 115.74B BRL | 119.12B BRL | 120.74B BRL | 124.94B BRL | 128.01B BRL |
| Accounts Payable | 7.61B BRL | 7.45B BRL | 7.64B BRL | 6.87B BRL | 6.61B BRL | 7.13B BRL | 7.42B BRL | 8.17B BRL | 9.23B BRL | 9.86B BRL |
| Short-term Debt | 4.62B BRL | 2.98B BRL | 1.41B BRL | 2.10B BRL | 1.42B BRL | 4.00B BRL | 2.52B BRL | 598.6M BRL | 1.93B BRL | 465.7M BRL |
| Total Current Liabilities | 20.44B BRL | 17.86B BRL | 17.16B BRL | 17.73B BRL | 17.88B BRL | 22.46B BRL | 22.17B BRL | 20.08B BRL | 24.48B BRL | 25.23B BRL |
| Long-term Debt | 4.23B BRL | 5.09B BRL | 4.34B BRL | 2.54B BRL | 1,000.0M BRL | 1.70B BRL | 4.75B BRL | 4.54B BRL | 3.57B BRL | 4.45B BRL |
| Total Liabilities | 32.82B BRL | 31.92B BRL | 30.95B BRL | 37.83B BRL | 39.18B BRL | 45.66B BRL | 50.67B BRL | 51.11B BRL | 55.36B BRL | 59.04B BRL |
| Retained Earnings | 2.48B BRL | 2.52B BRL | 2.47B BRL | 5.69B BRL | 1.59B BRL | 5.53B BRL | 1.04B BRL | 5.89B BRL | 7.52B BRL | 4.31B BRL |
| Total Equity | 69.24B BRL | 69.46B BRL | 71.61B BRL | 70.46B BRL | 69.56B BRL | 70.01B BRL | 68.40B BRL | 69.57B BRL | 69.73B BRL | 68.69B BRL |
| Total Debt | 9.22B BRL | 8.46B BRL | 6.14B BRL | 13.82B BRL | 13.24B BRL | 16.93B BRL | 19.30B BRL | 18.74B BRL | 20.75B BRL | 20.35B BRL |
| Net Debt | 4.12B BRL | 4.41B BRL | 2.76B BRL | 10.43B BRL | 7.48B BRL | 10.48B BRL | 17.03B BRL | 14.38B BRL | 14.06B BRL | 13.11B BRL |
| Working Capital | -2.04B BRL | -1.13B BRL | 1.20B BRL | 913.0M BRL | 1.19B BRL | -1.40B BRL | -4.89B BRL | -839.2M BRL | -1.66B BRL | -25.8M BRL |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 6.80B BRL | 7.03B BRL | 9.07B BRL | 8.48B BRL |
| Total Assets | 123.90B BRL | 128.07B BRL | 128.88B BRL | 128.91B BRL |
| Total Liabilities | 55.40B BRL | 59.07B BRL | 59.96B BRL | 63.21B BRL |
| Total Equity | 68.44B BRL | 68.72B BRL | 68.65B BRL | 65.43B BRL |
| Total Debt | 18.08B BRL | 20.35B BRL | 19.63B BRL | 19.72B BRL |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 5.13B BRL | 5.73B BRL | 11.28B BRL | 6.39B BRL | 6.01B BRL | 5.96B BRL | 4.83B BRL | 5.57B BRL | 6.76B BRL | 7.27B BRL |
| Depreciation & Amortization | 7.65B BRL | 7.85B BRL | 8.37B BRL | 10.92B BRL | 11.23B BRL | 12.04B BRL | 12.66B BRL | 13.39B BRL | 14.20B BRL | 14.94B BRL |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -3.65B BRL | -3.21B BRL | -10.35B BRL | -1.72B BRL | -261.6M BRL | -1.17B BRL | -309.9M BRL | -1.12B BRL | -1.81B BRL | -2.97B BRL |
| Operating Cash Flow | 11.44B BRL | 12.64B BRL | 11.94B BRL | 17.72B BRL | 19.34B BRL | 18.09B BRL | 18.94B BRL | 18.79B BRL | 19.88B BRL | 20.72B BRL |
| Capital Expenditure | -7.47B BRL | -8.37B BRL | -8.52B BRL | -8.84B BRL | -8.29B BRL | -9.30B BRL | -9.89B BRL | -8.81B BRL | -9.32B BRL | -9.46B BRL |
| Acquisitions | 0 | -206.6M BRL | 0 | -65.1M BRL | -6.8M BRL | 0 | -4.91B BRL | -63.8M BRL | -168.5M BRL | 0 |
| Stock Repurchased | -164,000 BRL | -32,000 BRL | 0 | 0 | -22.7M BRL | -496.0M BRL | -607.4M BRL | -488.8M BRL | -2.76B BRL | -3.69B BRL |
| Dividends Paid | -2.97B BRL | -3.67B BRL | -4.14B BRL | -6.18B BRL | -5.26B BRL | -4.90B BRL | -5.71B BRL | -3.83B BRL | -2.53B BRL | -2.19B BRL |
| Free Cash Flow | 3.97B BRL | 4.27B BRL | 3.42B BRL | 8.88B BRL | 11.05B BRL | 8.79B BRL | 9.05B BRL | 9.97B BRL | 10.55B BRL | 11.26B BRL |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 4.61B BRL | 5.14B BRL | 5.30B BRL | 5.35B BRL |
| Capital Expenditure | -2.36B BRL | -2.44B BRL | -2.41B BRL | -2.35B BRL |
| Free Cash Flow | 2.25B BRL | 2.71B BRL | 2.88B BRL | 3.00B BRL |
| Dividends Paid | -380,000 BRL | -317.9M BRL | -384,000 BRL | -2.53B BRL |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.6% | +0.6% | +1.9% | -2.6% | +2.1% | +9.1% | +8.4% | +7.2% | +4.6% | |
| Net Income Growth (YoY) | +12.8% | +93.7% | -44.0% | -4.6% | +30.8% | -34.5% | +23.1% | +10.3% | +9.0% | |
| EPS Growth (YoY) | +12.8% | +106.6% | -44.0% | -4.4% | +31.1% | -34.2% | +24.2% | +11.6% | +11.8% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | -0.0% | -0.3% | -0.7% | -0.7% | -1.0% | -1.8% | |
| FCF Growth (YoY) | +7.6% | -19.9% | +159.4% | +24.4% | -20.4% | +2.9% | +10.2% | +5.8% | +6.7% | |
| Gross Margin | 51.0% | 53.1% | 51.6% | 49.9% | 47.4% | 43.7% | 42.9% | 43.5% | 43.9% | 40.4% |
| Operating Margin | 15.0% | 15.3% | 21.8% | 16.3% | 15.3% | 16.1% | 13.7% | 15.2% | 15.5% | 15.2% |
| EBITDA Margin | 30.7% | 31.8% | 45.6% | 39.4% | 40.3% | 41.3% | 37.1% | 37.5% | 38.6% | 42.0% |
| Net Margin | 9.6% | 10.7% | 20.5% | 11.3% | 11.1% | 14.2% | 8.5% | 9.7% | 9.9% | 10.3% |
| FCF Margin | 9.3% | 9.9% | 7.9% | 20.1% | 25.6% | 20.0% | 18.8% | 19.1% | 18.9% | 19.3% |
| Effective Tax Rate | 20.4% | 19.6% | 20.8% | 21.8% | 20.6% | -4.5% | 16.0% | 9.6% | 17.8% | 15.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.35 | $2.53 | $2.03 | $5.26 | $6.55 | $5.23 | $5.42 | $6.01 | $6.43 | $6.99 |
| Dividends Per Share | $1.76 | $2.17 | $2.45 | $3.66 | $3.11 | $2.91 | $3.42 | $2.31 | $1.54 | $1.36 |
| Shares Outstanding (Basic) | 1,688.7 M | 1,688.7 M | 1,688.7 M | 1,688.7 M | 1,688.6 M | 1,683.1 M | 1,670.9 M | 1,658.6 M | 1,641.4 M | 1,611.8 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 9.70% |
| Return on Invested Capital | 7.88% |
| Return on Assets | 5.12% |
| Gross Margin | 31.54% |
| Operating Margin | 15.75% |
| Net Margin | 10.68% |
Financial Health
| Debt / Equity | 0.30 |
| Current Ratio | 0.95 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.80 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.18 | 19.16 | 8.75 | 19.37 | 16.23 | 12.98 | 15.48 | 17.52 | 13.85 | 17.18 |
| P/B | 1.06 | 1.19 | 1.09 | 1.37 | 1.12 | 1.16 | 0.92 | 1.27 | 1.10 | 1.52 |
| P/S | 1.73 | 1.92 | 1.80 | 2.19 | 1.80 | 1.84 | 1.31 | 1.69 | 1.38 | 1.79 |
| Gross Margin | 51.0% | 53.1% | 51.6% | 49.9% | 47.4% | 43.7% | 42.9% | 43.5% | 43.9% | 40.4% |
| Operating Margin | 15.0% | 15.3% | 21.8% | 16.3% | 15.3% | 16.1% | 13.7% | 15.2% | 15.5% | 15.2% |
| Net Margin | 9.6% | 10.7% | 20.5% | 11.3% | 11.1% | 14.2% | 8.5% | 9.7% | 9.9% | 10.3% |
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