TIM S.a. cash flow statement

In fiscal 2025, TIM S.a.'s operations generated $2.41bn of cash; it spent $814m on capital projects, leaving free cash flow of $1.59bn. It returned $960m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

TIM S.a.: cash flow statement, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	1,690	1,794	1,697	1,839	1,779	2,489	2,299	2,408
Depreciation and amortisation	—	1,303	32	1,056	1,326	1,426	1,310	1,268
Stock-based pay	−0	1	1	3	1	−5	4	3
Capital spending	1,056	979	761	981	918	903	848	814
Free cash flow	633	816	936	858	860	1,586	1,451	1,594
Free cash flow after stock pay	634	815	935	855	859	1,591	1,447	1,591
Dividends paid	162	196	226	194	233	436	507	960

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from TIM S.a.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to TIM S.a.