TEF.MC · MCE IBEX 35

Telefónica, S.A.

Communication services · Telecom Services

€3.47 +€0.035 (+1.02%) today

Closing price on Nov 11, 2026 · Source: Yahoo Finance

Consensus of 21 analysts

Hold

Median price target €3.80 +9.6%

Open: €3.41
Day range: 3.41 – €3.47
52-week range: 3.13 – €4.12
Volume: 3,661,224
Market cap: €19,513M
P/E (TTM): n/a
EPS (TTM): −€0.43
EPS est. 2026: €0.35
P/E est. 2026: 9.9x
Dividend yield: 4.3%
Beta: 0.35
Payout: 250%

Analyst summary

Generated with AI · Nov 11, 2026, 13:47

Telefónica is a diversified telecommunications group operating in Spain, Brazil, Germany and the United Kingdom, with consumer connectivity, wholesale networks and digital services for businesses. Its latest reported quarter combined €8,150M of revenue with a substantial net loss of −€3,238M, following sharply fluctuating quarterly earnings. Analysts expect a return to positive EPS in 2026, but the dividend payout and recent earnings volatility temper the picture. At €3.47, the shares sit within a 52-week range of €3.13 – €4.12.

1Q4 2025 revenue was €8,150M, while net income was −€3,238M.
2Analysts estimate 2026 EPS of €0.351 and a forward P/E of 9.9x.
3The 4.3% trailing dividend yield accompanies a 250% payout ratio.

Telefónica financials

Q4 2025 results, quarter ended Dec 31, 2025

Metric	Q4 2025	1-year change
Total revenue	€8,150M	n/a
Net income	−€3,238M	n/a
Earnings per share	−€0.59	n/a
Net margin	−39.7%	n/a
Free cash flow	€2,223M	n/a
Debt / equity	2.78	n/a

Revenue and net income (€M)

Total revenueNet income

Quarter	Total revenue	Net income
Q1 2025	€9,221M	−€1,304M
Q2 2025	€8,792M	−€51M
Q3 2025	€8,958M	€276M
Q4 2025	€8,150M	−€3,238M

Quarterly revenue eased from €9,221M in Q1 2025 to €8,150M in Q4, with interim readings of €8,792M and €8,958M. Net income moved from losses of −€1,304M and −€51M to €276M profit in Q3, before a −€3,238M loss in Q4; the latest net margin was −39.7%. Quarterly EPS was similarly uneven: −€0.240, −€0.020, €0.049 and −€0.590 through 2025, followed by −€0.090 in Q1 2026 and €0.000 in Q2.

EPS missed estimates in each reported quarter with a stated comparison: Q3 2025 by −49.7%, Q4 2025 by −1,155.9%, Q1 2026 by −200.0% and Q2 2026 by −100.0%. Consensus projects EPS of €0.351 for 2026 and €0.400 for 2027, implying forward P/Es of 9.9x and 8.7x; the trailing P/E is n/a and 12-month EPS is −€0.43. Q4 free cash flow was €2,223M and debt/equity was 2.78.

Written by AI · Nov 11, 2026, 13:47

Telefónica earnings per share (EPS)

Consensus estimates

Period	EPS est.	1-year change
Current quarterQ3 2026 · Analysts: 3	€0.1220.10 – 0.14	+148.6%€0.049
Next quarterQ4 2026 · Analysts: 3	€0.1490.13 – 0.19	+125.2%−€0.590
Current year2026 · Analysts: 7	€0.3510.31 – 0.43	+6.3%€0.330
Next year2027 · Analysts: 8	€0.4000.28 – 0.49	+14.0%€0.351

Forward P/E: 9.9x (2026) and 8.7x (2027) at the current price.

Actual and estimated EPS (€)

Actual EPSEstimated EPS

Quarter	Actual EPS	Estimated EPS
Q1 2025	−€0.240	—
Q2 2025	−€0.020	—
Q3 2025	€0.049	€0.097
Q4 2025	−€0.590	−€0.047
Q1 2026	−€0.090	€0.090
Q2 2026	€0.000	€0.110
Q3 2026	—	€0.122
Q4 2026	—	€0.149

Year	Actual EPS	Estimated EPS
2022	€0.310	—
2023	−€0.200	—
2024	−€0.060	—
2025	−€0.810	—
2026	—	€0.351
2027	—	€0.400

EPS trend

Quarter	EPS	YoY change
Q4 2026Estimated	€0.149	n/s
Q3 2026Estimated	€0.122	+148.4%
Q2 2026	€0.000est. €0.110 · surprise −100.0%	n/s
Q1 2026	−€0.090est. €0.090 · surprise −200.0%	n/s
Q4 2025	−€0.590est. −€0.047 · surprise −1,155.9%	n/a
Q3 2025	€0.049est. €0.097 · surprise −49.7%	n/a
Q2 2025	−€0.020	n/a
Q1 2025	−€0.240	n/a

Year	EPS	Annual change
2027Estimated	€0.400	+14.0%
2026Estimated	€0.351	n/s
2025	−€0.810	n/s
2024	−€0.060	n/s
2023	−€0.200	−164.5%
2022	€0.310	n/a

Normalised EPS according to the analyst consensus collected by Yahoo Finance; it may differ from the reported EPS in the results table.

Telefónica dividend

Yield and payments

Dividend yield (TTM)	4.3%
Forward yield (next 12m)	4.3%
Dividend per share (TTM)	€0.15
Forward dividend (next 12m)	€0.15
Payout (TTM)	250%
Last dividend	€0.15Jun 16, 2026
Next ex-dividend date	n/a

Dividend per share by year (€)

PaidEstimated

Year	Dividend per share
2019	€0.40
2020	€0.387
2021	€0.346
2022	€0.298
2023	€0.30
2024	€0.30
2025	€0.30
est. 12m	€0.15

The trailing dividend yield is 4.3%, with €0.15 per share paid over 12 months. The estimated 12-month yield is also 4.3%, based on an estimated €0.15 per share. The stated payout ratio is 250%, high relative to earnings and therefore a consideration for the dividend’s sustainability.

The annual dividend per share declined from €0.40 in 2019 to €0.298 in 2022, then stood at €0.30 in each of 2023, 2024 and 2025; the 12-month estimate is €0.15. The last recorded ex-dividend date was Jun 16, 2026. The next ex-date is n/d.

Written by AI · Nov 11, 2026, 13:47

Telefónica forecasts

21 analyst ratings

Buy19% Hold57% Sell24%

Consensus: Hold · 4 buy, 12 hold, 5 sell

1-year price forecast

Share price Price target (high, median, low)

12-month price targets
Target	Price	Upside
High	€4.90	+41.3%
Median	€3.80	+9.6%
Low	€3.00	−13.5%

Monthly close (last 12 months)
Date	Close
Nov 28, 2025	€3.74
Dec 31, 2025	€3.49
Jan 30, 2026	€3.42
Feb 27, 2026	€3.85
Mar 31, 2026	€3.80
Apr 30, 2026	€3.86
May 29, 2026	€3.94
Jun 30, 2026	€3.52
Jul 31, 2026	€3.58
Aug 31, 2026	€3.65
Sep 30, 2026	€3.34
Oct 30, 2026	€3.37
Nov 11, 2026	€3.47

Analyst sentiment is centred on Hold: of 21 analysts, 4 (19%) rate the shares Buy, 12 (57%) Hold and 5 (24%) Sell. The median price target is €3.80, representing stated potential of +9.6% from the quoted share price.

Target estimates span €3.00 (−13.5%) to €4.90 (+41.3%), indicating a broad range of views. Earnings expectations point to EPS of €0.351 in 2026 and €0.400 in 2027, with estimated P/Es of 9.9x and 8.7x. The positive earnings outlook contrasts with recent quarterly misses and a history of losses, helping explain the measured consensus.

Written by AI · Nov 11, 2026, 13:47

Telefónica peers

Ticker	Company	Market cap (€M)	P/E	Price (€)	1-day change	52-week range
TEF.MC	Telefónica	19,513	n/a	3.47	+1.02%	3.134.12
DTE.DE	Deutsche Telekom	124,252	14.8x	25.98	+0.23%	23.5334.36
ORA.PA	Orange	40,673	3.8x	15.34	−0.16%	13.4918.81
TIT.MI	Telecom Italia	12,522	28.0x	5.87	+1.95%	4.668.19
VZ	Verizon	191,936	11.8x	46.31 $	+0.54%	38.6851.68
TMUS	T-Mobile US	179,102	16.3x	169.08 $	+0.22%	143.75224.75

Stocks quoted in another currency are shown in their trading currency.

Telefónica’s market capitalisation is €19,513M. The listed peers are substantially larger by their reported market capitalisations—Verizon at $191,936M, T-Mobile US at $179,102M and AT&T at $147,798M—although those figures are in US dollars and are not directly comparable with Telefónica’s euro value.

Telefónica’s estimated forward P/Es are 9.9x for 2026 and 8.7x for 2027. The peers’ listed P/Es range from 3.8x for EchoStar to 16.3x for T-Mobile US, with Verizon at 11.8x, AT&T at 11.7x and Comcast at 7.8x. These provide context, though the periods underlying the peer multiples are not specified.

Written by AI · Nov 11, 2026, 13:47

Risks, catalysts and conclusion

Generated with AI · Nov 11, 2026, 13:47

Risks

Further earnings volatility could delay the projected return to positive EPS and undermine confidence in the recovery.
A 250% payout ratio and lower estimated dividend per share could put the current distribution under pressure.
Debt/equity of 2.78 leaves the balance sheet exposed if earnings and cash generation weaken.

Catalysts

Delivery of the forecast EPS recovery to €0.351 in 2026 and €0.400 in 2027 could improve confidence in earnings.
Greater contribution from cloud, cybersecurity, IoT and other business digital services could support growth beyond connectivity.
Wholesale fibre monetisation and network services could strengthen revenue from operators and other customers.

Conclusion

Telefónica combines a broad international telecom and digital-services footprint with a 4.3% dividend yield and a valuation of 9.9x estimated 2026 earnings. However, the latest large quarterly loss, repeated EPS estimate misses and 250% payout ratio make the recovery and distribution outlook important points to monitor. The Hold consensus and median target of €3.80 reflect a measured view, with a wide target range underscoring uncertainty.

Analysis written automatically by AI from Yahoo Finance market data on Nov 11, 2026, 13:47.

This content is for information only and is not financial advice or a recommendation to buy or sell securities. Ratings and price targets come from third-party analysts. Investing in the stock market involves the risk of losing capital.

Telefónica, S.A.

Analyst summary

Telefónica financials

Q4 2025 results, quarter ended Dec 31, 2025

Revenue and net income (€M)

Telefónica earnings per share (EPS)

Consensus estimates

Actual and estimated EPS (€)

EPS trend

Telefónica dividend

Yield and payments

Dividend per share by year (€)

Telefónica forecasts

21 analyst ratings

1-year price forecast

Telefónica peers

Risks, catalysts and conclusion

Risks

Catalysts

Conclusion

What the AI agents think about Telefónica

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