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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Telefónica
Telefónica (TEF) investor relations material
Telefónica Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary29 Jul, 2026
Executive summary
Delivered strong Q2 and H1 2026 results, accelerating growth in adjusted EBITDA and operating cash flow after leases, with Spain and Brazil outperforming and Germany progressing on transformation.
Upgraded 2026 adjusted OpCFaL guidance to over 3% growth, reflecting operational leverage and efficiency gains.
Free cash flow reached €611 million in Q2 and €944 million in H1 2026, with further acceleration expected in H2.
Net financial debt reduced to €25.3 billion as of June 2026, with leverage at 2.68x.
Confirmed €0.15 per share dividend for 2026, payable in June 2027.
Financial highlights
H1 2026 revenue reached €16,392 million (+1.7% y-o-y); Q2 revenue €8,265 million (+3.0% y-o-y).
Adjusted EBITDA for H1 2026 was €5,768 million (+3.8% y-o-y); Q2 adjusted EBITDA €2,933 million (+6.4% y-o-y).
Adjusted OpCFaL for H1 2026 was €2,654 million (+4.0% y-o-y); Q2 adjusted OpCFaL €1,279 million (+6.7% y-o-y).
CapEx-to-revenue ratio at 11.6% for H1 2026, flat year-on-year.
Adjusted net income from continuing operations was €954 million in H1 2026.
Outlook and guidance
Upgraded 2026 adjusted OpCFaL growth target to over 3% year-over-year.
Revenue and adjusted EBITDA expected to grow 1.5%-2.5% year-over-year at constant exchange rates.
Free cash flow guidance for 2026 is approximately €3,000 million, with H2 acceleration expected.
CapEx-to-revenue ratio forecasted at around 12% for 2026.
Target leverage reduction to 2.5x EBITDAAL by 2028.
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Latest events from Telefónica
- Revenue and EBITDA grew, debt fell, and 2026 guidance and dividend are reaffirmed.TEF
Q1 2026 - 2025 targets exceeded with revenue and EBITDA growth, strong FCF, and upgraded 2026 outlook.TEFQ4 2025
- 2026–2030 plan targets growth, efficiency, digital expansion, and European consolidation upside.TEFCMD 2025
- Organic growth led by Spain and Brazil; Hispam exits and 2025 guidance reaffirmed.TEFQ3 2025
- Q2 2025 saw organic growth, positive FCF, Hispam divestments, and €0.30/share dividend.TEFQ2 2025
- Free cash flow and net income surged, with 5G rollout and 2024 guidance reaffirmed.TEFQ3 2024
- Q2 2024 delivered revenue and EBITDA growth, strong FCF, and confirmed 2024 guidance.TEFQ2 2024
- Organic growth and Hispam divestments drove margin gains and confirmed 2025 guidance.TEFQ1 2025
- Revenue, EBITDA, and free cash flow grew, debt fell, and all targets were met despite impairments.TEFQ4 2024
Next Telefónica earnings date
Q3 202612 Nov, 2026
Telefónica
Next Telefónica earnings date
Q3 202612 Nov, 2026
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Frequently asked questions
Telefónica, S.A. provides telecommunications services in Europe and Latin America. It offers mobile and fixed voice services, including call origination, termination, and transit; and messaging services comprising SMS, MMS, e-mail, and instant messaging. The company also provides data transmission services comprising EDGE/GPRS networks to support data transmission services through mobile devices in the handset market; UMTS/HSPA and LTE networks for the provision of third generation mobile voice and multimedia data services; broadband access through cable modems and DSL technologies; access networks by connecting its subscribers to the internet; public payphone aimed at individuals with limited resources who want to make calls on a not frequent basis; international traffic; Telefonica TV Digital+ servicie that offers programming through a set top box connected to the television network; national communications infrastructure consisting of fiber optic networks; IT solutions industry; and wholesale capabilities.