Telecom Argentina (NYSE: TEO) financial statements

The consolidated income statement, balance sheet and cash flow statement of Telecom Argentina for its last 10 fiscal years, as filed with the regulator, in millions of Argentine pesos. At the end of fiscal 2025 it had ARS 16,622,552m in total assets and ARS 6,863,861m in equity.

Income statement

Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	ARS 8,328,814m	ARS 5,442,958m	ARS 5,898,611m	ARS 4,944,819m	ARS 2,581,043m	ARS 886,765m	ARS 487,067m	ARS 351,948m	ARS 102,531m	ARS 60,405m
Operating profit	ARS 450,047m	−ARS 192,676m	−ARS 358,269m	−ARS 2,000,091m	−ARS 16,906m	ARS 59,669m	ARS 32,457m	ARS 44,521m	ARS 22,013m	ARS 12,316m
Finance costs	ARS 386,126m	ARS 132,146m	ARS 58,478m	ARS 46,559m	ARS 93,276m	ARS 24,698m	ARS 16,657m	ARS 33,972m	ARS 3,601m	ARS 3,250m
Profit before tax	−ARS 191,736m	ARS 1,897,467m	−ARS 1,684,256m	−ARS 1,574,245m	ARS 262,399m	ARS 9,253m	ARS 21,127m	ARS 5,651m	ARS 23,653m	ARS 16,561m
Income tax	ARS 46,432m	ARS 538,237m	ARS 968,990m	ARS 179,733m	ARS 202,105m	ARS 24,260m	ARS 29,116m	ARS 5,943m	ARS 8,486m	ARS 6,015m
Net profit	−ARS 170,006m	ARS 1,331,805m	−ARS 738,306m	−ARS 1,409,383m	ARS 52,559m	−ARS 16,803m	−ARS 9,034m	ARS 11,089m	ARS 14,969m	ARS 10,457m
Earnings per share	−ARS 78.94	ARS 618.38	−ARS 342.81	−ARS 654.40	ARS 24.40	−ARS 7.80	−ARS 4.19	—	—	—
Diluted earnings per share	−ARS 78.94	ARS 618.38	−ARS 342.81	−ARS 654.40	ARS 24.40	−ARS 7.80	−ARS 4.19	ARS 0.00	ARS 0.00	—
Depreciation and amortisation	ARS 1,533,091m	ARS 1,312,898m	ARS 1,559,899m	ARS 1,348,046m	ARS 657,448m	ARS 193,206m	ARS 96,535m	ARS 57,815m	ARS 6,928m	ARS 6,198m

Balance sheet

Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Total assets	ARS 16,622,552m	ARS 14,393,744m	ARS 11,928,224m	ARS 5,384,152m	ARS 2,101,802m	ARS 1,135,163m	ARS 787,097m	ARS 571,873m	ARS 94,070m	ARS 47,914m
Current assets	ARS 1,833,812m	ARS 993,009m	ARS 1,280,656m	ARS 351,829m	ARS 126,908m	ARS 80,396m	ARS 69,129m	ARS 51,516m	ARS 10,626m	ARS 15,562m
Inventories	ARS 79,530m	ARS 79,513m	ARS 83,741m	ARS 20,079m	ARS 6,068m	ARS 5,618m	ARS 4,373m	ARS 4,210m	ARS 136.0m	ARS 1,278m
Property, plant and equipment	ARS 6,789,118m	ARS 5,696,731m	ARS 6,033,942m	ARS 2,468,820m	ARS 878,856m	ARS 484,316m	ARS 334,903m	ARS 231,236m	ARS 45,701m	ARS 23,165m
Goodwill	ARS 4,443,998m	ARS 4,436,736m	ARS 4,422,870m	ARS 4,092,046m	ARS 2,299,612m	ARS 380,234m	ARS 252,052m	ARS 185,295m	ARS 31,954m	—
Cash	ARS 469,050m	ARS 418,745m	ARS 457,698m	ARS 357,294m	ARS 319,801m	ARS 169,636m	ARS 34,827m	ARS 10,601m	ARS 6,517m	ARS 4,840m
Total liabilities	ARS 9,639,244m	ARS 7,112,817m	ARS 7,038,495m	ARS 2,853,801m	ARS 1,030,688m	ARS 548,219m	ARS 365,270m	ARS 219,723m	ARS 39,042m	ARS 28,036m
Current liabilities	ARS 3,838,300m	ARS 2,576,266m	ARS 2,939,416m	ARS 897,822m	ARS 322,544m	ARS 160,074m	ARS 117,056m	ARS 82,219m	ARS 18,621m	ARS 16,511m
Equity	ARS 6,863,861m	ARS 7,136,514m	ARS 4,720,851m	ARS 2,479,866m	ARS 1,054,417m	ARS 577,285m	ARS 415,335m	ARS 347,186m	ARS 54,182m	ARS 19,336m
Equity including minorities	ARS 6,983,308m	ARS 7,280,927m	ARS 6,432,367m	ARS 2,530,351m	ARS 1,071,114m	ARS 586,944m	ARS 421,827m	ARS 352,150m	ARS 55,028m	ARS 19,878m
Minority interests	ARS 119,447m	ARS 144,413m	ARS 205,972m	ARS 50,485m	ARS 16,697m	ARS 9,659m	ARS 6,492m	ARS 4,964m	ARS 846.0m	ARS 542.0m

Cash flow statement

Item	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Operating cash flow	ARS 2,385,858m	ARS 1,067,513m	ARS 1,769,491m	ARS 1,451,363m	ARS 788,796m	ARS 293,882m	ARS 168,361m	ARS 70,383m	ARS 35,096m	ARS 25,984m
Investing cash flow	−ARS 3,011,630m	−ARS 504,380m	−ARS 1,631,680m	−ARS 1,124,788m	−ARS 698,306m	−ARS 240,417m	−ARS 91,913m	−ARS 47,277m	−ARS 26,051m	−ARS 23,920m
Financing cash flow	ARS 612,957m	−ARS 533,590m	−ARS 275,457m	−ARS 310,578m	−ARS 123,117m	−ARS 105,301m	−ARS 51,584m	−ARS 30,344m	−ARS 6,553m	−ARS 2,213m
Capital expenditure	−ARS 1,355,061m	−ARS 457,953m	−ARS 756,094m	−ARS 795,144m	−ARS 446,375m	−ARS 153,739m	−ARS 101,040m	−ARS 64,635m	−ARS 29,408m	−ARS 19,404m
Dividends paid	−ARS 20,286m	—	—	−ARS 1,229m	−ARS 1,449m	−ARS 1,079m	−ARS 34,934m	−ARS 60,365m	−ARS 4,151m	−ARS 2,000m

Where each figure comes from

From the annual report (Form 20-F) that Telecom Argentina files with the SEC. The filing for each fiscal year: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016. If an item is not tagged in the filing, it is not in the table. The summary of the last fiscal year is on the Telecom Argentina page.

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Information prepared from the accounts the company files with the regulator, for information purposes only. It is not financial advice or a recommendation to buy or sell. Updated on 12 November 2026.