Telefónica has decided to remove its American Depositary Shares from the New York Stock Exchange, a move aimed at cutting the administrative burden and costs that come with maintaining a U.S. listing. The decision reflects the company’s broader strategy to streamline its capital‑market footprint and concentrate on core operations.
Shareholders holding Telefónica ADS will no longer trade on the NYSE, but the shares will remain available on other U.S. exchanges that support the underlying Spanish shares, such as Nasdaq. In addition, holders can exchange their ADS for ordinary shares listed in Spain, giving them a direct stake in the parent company without the extra layer of depositary structure.
The delisting comes after a period of mixed financial performance. In the third quarter of 2025, Telefónica reported revenue of €8,958 million, a 1.6% decline from €9,104 million a year earlier, while net income surged to €276 million from €3 million in the same quarter last year. The sharp rise in earnings is largely attributable to disciplined cost management and a favorable shift in the mix toward higher‑margin core markets, offsetting the revenue dip caused by macro headwinds in legacy segments.
CEO Marc Murtra highlighted that the move is part of a broader effort to focus on four high‑margin markets—Spain, Brazil, Germany, and the United Kingdom—after divesting non‑core Latin American operations. The simplification of the capital structure is expected to reduce regulatory compliance costs and improve operational flexibility, positioning Telefónica to invest more aggressively in its core businesses.
By eliminating the NYSE listing, Telefónica reduces the complexity of its cross‑border reporting and frees up resources that can be redirected toward growth initiatives in its core markets. The change is intended to enhance long‑term shareholder value by lowering costs and sharpening strategic focus, while still providing U.S. investors with access to the company’s shares through other exchanges or direct ownership of the underlying Spanish shares.
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