Banco Santander, S.A.(SAN)Earnings, Financials & Key Ratios

SAN•NYSE•Banking & Credit

13.5× P/E·Price updated Jun 19, 2026

SectorFinancial Services IndustryDiversified Banks Sub-IndustryEuropean universal banks

AboutBanco Santander, S.A. provides various retail and commercial banking products and services to individuals, small and medium-sized enterprises, and large companies worldwide. It offers demand and time deposits, and current and savings accounts; mortgages, consumer finance, syndicated corporate loans, structured financing, cash management, export and agency finance, trade and working capital solutions, and corporate finance; and insurance products. The company also provides cash, asset, and wealth management; and private banking services. In addition, it is involved in the corporate banking; treasury, risk hedging, foreign trade, confirming, custody, and investment banking activities. The company operates through a network of 9,879 branches. The company was formerly known as Banco Santander Central Hispano S.A. and changed its name to Banco Santander, S.A. in June 2007. Banco Santander, S.A. was founded in 1856 and is headquartered in Madrid, Spain.Show more

Net Interest Income$42.35B-9.3%
Total Revenue$119.89B-7.7%
Net Income$14.1B+12.1%
Return on Equity12.81%+7.8%
Net Interest Margin2.27%-10.7%
Efficiency Ratio24.47%-1.2%
ROA0.76%+10.0%
Equity / Assets6.04%+3.3%
Book Value per Share7.08+2.7%

SAN Key Insights

Banco Santander, S.A. (SAN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Efficient operations: 24.5% efficiency ratio
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 4.4x
✗Weak Piotroski F-Score: 3/9

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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SAN Price & Volume

Banco Santander, S.A. (SAN) stock price & volume — 10-year historical chart

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SAN Growth Metrics

Banco Santander, S.A. (SAN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years5.28%

5 Years14.66%

3 Years11.27%

TTM-

Profit CAGR

10 Years8.98%

5 Years-

3 Years13.65%

TTM12.14%

EPS CAGR

10 Years8.64%

5 Years-

3 Years17.23%

TTM15.58%

Return on Capital

10 Years1.32%

5 Years1.92%

3 Years1.36%

Last Year1.56%

SAN Recent Earnings

Banco Santander, S.A. (SAN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 3/12 qtrs (25%)●Beat Revenue 8/12 qtrs (67%)

Q2 2026Latest

Apr 29, 2026

Metric

Actual

Est

EPS

$0.27-6.9%

$0.29

Rev

$17.7B+0.3%

$17.7B

Q1 2026

Feb 4, 2026

Metric

Actual

Est

EPS

$0.25+0.0%

$0.25

Rev

$19.0B+3.0%

$18.4B

Q1 2026

Feb 3, 2026

Metric

Actual

Est

EPS

$0.28+16.7%

$0.24

Rev

$15.0B+2.7%

$14.6B

Q4 2025

Oct 29, 2025

Metric

Actual

Est

EPS

$0.23-8.0%

$0.25

Rev

$14.2B-10.8%

$15.9B

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 29, 2026	$0.27vs $0.29-6.9%	$17.7Bvs $17.7B+0.3%
Q1 2026	Feb 4, 2026	$0.25vs $0.25+0.0%	$19.0Bvs $18.4B+3.0%
Q1 2026	Feb 3, 2026	$0.28vs $0.24+16.7%	$15.0Bvs $14.6B+2.7%
Q4 2025	Oct 29, 2025	$0.23vs $0.25-8.0%	$14.2Bvs $15.9B-10.8%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
BBVABanco Bilbao Vizcaya Argentaria, S.A.Direct Competitor	137.49B	24.48	12.59	4.08%	22.98%	17.25%	1.32
DBDeutsche Bank AGDirect Competitor	67.48B	35.27	9.92	-8.25%	12.79%	8.7%	3.18
INGING Groep N.V.Direct Competitor	90.21B	31.36	12.85	-65.31%	15.23%	12.38%	3.32
BCSBarclays PLCDirect Competitor	90.29B	26.31	12.07	-52.96%	25.26%	9.19%	2.81
UBSUBS Group AGDirect Competitor	157.65B	50.80	27.17	-20.43%	10.48%	7%	3.94
ITUBItaú Unibanco Holding S.A.Direct Competitor	85.86B	7.79	10.15	18.03%	11.66%	20.64%	4.71
JPMJPMorgan Chase & Co.Product Competitor	908.57B	325.22	16.22	3.31%	20.35%	15.95%	2.60
BACBank of America CorporationProduct Competitor	424.14B	56.20	14.71	-0.45%	15.93%	10.15%	1.21

Compare SAN vs Peers

Banco Santander, S.A. (SAN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BBVA

Most directly comparable listed peer for SAN.

Scale Benchmark

vs JPM

Larger-name benchmark to compare SAN against a more recognizable public peer.

Peer Set

Compare Top 5

vs BBVA, DB, ING, BCS

SAN Income Statement

Banco Santander, S.A. (SAN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Net Interest Income	34.3B	34.34B	35.28B	31.99B	33.37B	38.62B	43.26B	46.67B	42.35B
NII Growth %	10.32%	0.13%	2.74%	-9.32%	4.3%	15.73%	12.02%	7.88%	-9.26%
Net Interest Margin %	2.37%	2.35%	2.32%	2.12%	2.09%	2.23%	2.41%	2.54%	2.27%
Interest Income	56.04B	54.33B	56.78B	45.74B	46.46B	71.43B	105.25B	112.73B	101.71B
Interest Expense	21.75B	19.98B	21.5B	13.75B	13.09B	32.81B	61.99B	66.07B	59.36B
Loan Loss Provision	9.24B	8.98B	9.34B	12.36B	7.39B	10.86B	12.91B	12.64B	12.52B
Non-Interest Income	15.3B	15.34B	15.78B	14.76B	15.04B	15.6B	16.62B	17.17B	18.18B
Non-Interest Income %	21.45%	22.02%	21.75%	24.4%	24.45%	17.92%	13.64%	13.22%	15.17%
Total Revenue	71.34B▲ 0%	69.67B▼ 2.4%	72.56B▲ 4.2%	60.5B▼ 16.6%	61.5B▲ 1.6%	87.03B▲ 41.5%	121.87B▲ 40.0%	129.91B▲ 6.6%	119.89B▼ 7.7%
Revenue Growth %	2.27%	-2.35%	4.16%	-16.62%	1.64%	41.51%	40.04%	6.6%	-7.71%
Non-Interest Expense	28.27B	26.5B	29.18B	36.47B	26.47B	28.11B	30.51B	32.17B	29.33B
Efficiency Ratio	39.62%	38.03%	40.21%	60.28%	43.04%	32.3%	25.03%	24.76%	24.47%
Operating Income	12.09B▲ 0%	14.2B▲ 17.5%	12.54B▼ 11.7%	-2.08B▼ 116.6%	14.55B▲ 800.7%	15.25B▲ 4.8%	16.46B▲ 7.9%	19.03B▲ 15.6%	18.68B▼ 1.8%
Operating Margin %	16.95%	20.38%	17.29%	-3.43%	23.65%	17.52%	13.51%	14.65%	15.58%
Operating Income Growth %	12.29%	17.45%	-11.68%	-116.55%	800.72%	4.83%	7.93%	15.6%	-1.82%
Pretax Income	12.09B▲ 0%	14.2B▲ 17.5%	12.54B▼ 11.7%	-2.08B▼ 116.6%	14.55B▲ 800.7%	15.25B▲ 4.8%	16.46B▲ 7.9%	19.03B▲ 15.6%	18.68B▼ 1.8%
Pretax Margin %	16.95%	20.38%	17.29%	-3.43%	23.65%	17.52%	13.51%	14.65%	15.58%
Income Tax	3.88B	4.89B	4.43B	5.63B	4.89B	4.49B	4.28B	5.28B	4.72B
Effective Tax Rate %	32.12%	34.41%	35.29%	-271.29%	33.64%	29.42%	25.98%	27.77%	25.28%
Net Income	6.62B▲ 0%	7.81B▲ 18.0%	6.51B▼ 16.6%	-8.77B▼ 234.6%	8.12B▲ 192.6%	9.61B▲ 18.2%	11.08B▲ 15.3%	12.57B▲ 13.5%	14.1B▲ 12.1%
Net Margin %	9.28%	11.21%	8.98%	-14.5%	13.21%	11.04%	9.09%	9.68%	11.76%
Net Income Growth %	6.69%	17.99%	-16.58%	-234.63%	192.62%	18.23%	15.31%	13.52%	12.14%
Net Income (Continuing)	8.21B	9.31B	8.12B	-7.71B	9.65B	10.76B	12.18B	13.74B	13.96B
EPS (Diluted)	0.39▲ 0%	0.43▲ 10.3%	0.35▼ 18.6%	-0.54▼ 254.3%	0.44▲ 181.5%	0.54▲ 22.7%	0.65▲ 20.4%	0.77▲ 18.5%	0.87▲ 13.0%
EPS Growth %	0%	10.26%	-18.6%	-254.29%	181.48%	22.73%	20.37%	18.46%	12.99%
EPS (Basic)	0.39	0.43	0.35	-0.54	0.44	0.54	0.65	0.77	0.88
Diluted Shares Outstanding	16.12B	16.9B	17.1B	17.32B	17.32B	16.9B	16.25B	15.57B	15.93B

SAN Balance Sheet

Banco Santander, S.A. (SAN) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash & Short Term Investments	111B	113.66B	332.8B	269.54B	264.01B	334.02B	268.41B	237.41B	318.2B
Cash & Due from Banks	111B	113.66B	128.46B	173.02B	234.81B	259.02B	246.9B	217.89B	179.3B
Short Term Investments	0	0	204.34B	96.52B	29.21B	75.01B	21.51B	19.52B	138.91B
Total Investments	232.61B	213.58B	1.31T	1.27T	1.21T	1.28T	293.25B	333.76B	1.54T
Investments Growth %	7.35%	-8.18%	515.09%	-3%	-5.01%	5.41%	-77.02%	13.82%	360.75%
Long-Term Investments	232.61B	213.58B	1.11T	1.18T	1.18T	1.2T	271.74B	314.24B	1.4T
Accounts Receivables	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles	28.68B	28.56B	27.69B	15.91B	16.58B	18.64B	19.87B	19.26B	17.31B
Goodwill	25.77B	25.47B	24.25B	12.47B	12.71B	13.74B	14.02B	13.44B	11.96B
Intangible Assets	2.91B	3.09B	3.44B	3.44B	3.87B	4.9B	5.85B	5.82B	5.35B
PP&E (Net)	20.65B	24.59B	34.26B	31.77B	32.34B	33.04B	32.93B	31.21B	26.42B
Other Assets	1.05T	1.08T	-14.14B	-14.2B	73.76B	124.19B	1.52T	1.22T	84.61B
Total Current Assets	111B	113.66B	342.75B	277.69B	272.38B	337.03B	416.84B	251.85B	321.32B
Total Non-Current Assets	1.33T	1.35T	1.18T	1.23T	1.32T	1.4T	1.85T	1.59T	1.55T
Total Assets	1.44T▲ 0%	1.46T▲ 1.0%	1.52T▲ 4.3%	1.51T▼ 0.9%	1.6T▲ 5.8%	1.73T▲ 8.7%	1.8T▲ 3.6%	1.84T▲ 2.2%	1.87T▲ 1.7%
Asset Growth %	7.85%	1.04%	4.35%	-0.95%	5.81%	8.7%	3.6%	2.23%	1.66%
Return on Assets (ROA)	0.48%	0.54%	0.44%	-0.58%	0.52%	0.58%	0.63%	0.69%	0.76%
Accounts Payable	2.62B	2.02B	1.85B	2B	2.4B	3.02B	3.32B	2.45B	2.52B
Total Debt	217.97B	246.62B	375.65B	322.17B	334.39B	425.75B	310.98B	483.38B	496.64B
Net Debt	106.97B	132.96B	247.19B	149.15B	99.58B	166.73B	64.08B	265.48B	317.34B
Long-Term Debt	217.97B	246.62B	261.98B	235.27B	246.16B	280.34B	262.41B	288.23B	283.58B
Short-Term Debt	0	0	108.56B	83.85B	85.37B	142.79B	46.17B	192.95B	211.23B
Other Liabilities	1.17T	1.16T	131.65B	181.98B	209.12B	134.04B	1.47T	1.43T	168.84B
Total Current Liabilities	15.37B	15.18B	1.01T	991.29B	1.03T	1.21T	70.76B	11.72B	1.3T
Total Non-Current Liabilities	1.38T	1.41T	404.49B	425.63B	463.91B	422.72B	1.73T	1.72T	459.68B
Total Liabilities	1.34T	1.35T	1.41T	1.42T	1.5T	1.64T	1.69T	1.73T	1.75T
Total Equity	106.83B▲ 0%	107.36B▲ 0.5%	110.66B▲ 3.1%	91.32B▼ 17.5%	97.05B▲ 6.3%	97.58B▲ 0.5%	104.24B▲ 6.8%	107.33B▲ 3.0%	112.75B▲ 5.1%
Equity Growth %	4.03%	0.49%	3.07%	-17.47%	6.28%	0.55%	6.82%	2.96%	5.05%
Equity / Assets (Capital Ratio)	7.4%	7.36%	7.27%	6.05%	6.08%	5.63%	5.8%	5.84%	6.04%
Return on Equity (ROE)	6.32%	7.29%	5.98%	-8.69%	8.63%	9.87%	10.98%	11.89%	12.81%
Book Value per Share	6.63	6.35	6.47	5.27	5.60	5.77	6.42	6.89	7.08
Tangible BV per Share	4.85	4.66	4.85	4.36	4.65	4.67	5.19	5.66	5.99
Common Stock	8.07B	8.12B	8.31B	8.67B	8.67B	8.4B	8.09B	7.58B	7.34B
Additional Paid-in Capital	51.05B	50.99B	52.45B	52.01B	47.98B	46.27B	44.37B	40.08B	36.79B
Retained Earnings	55.7B	59.77B	67.54B	56.81B	68.4B	76.31B	85.19B	94.9B	106.06B
Accumulated OCI	-20.31B	-22.35B	-28.94B	-36.74B	-38.03B	-42.06B	-42.07B	-44.1B	-47.2B
Treasury Stock	-22M	-59M	-31M	-69M	-894M	-675M	-1.08B	-68M	-96M
Preferred Stock	0	0	0	0	0	0	0	0	0

SAN Cash Flow Statement

Banco Santander, S.A. (SAN) cash flow — operating, investing & free cash flow history

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	40.19B	3.42B	3.39B	66.15B	56.69B	27.71B	5.01B	-24.16B	0
Operating CF Growth %	84.15%	-91.5%	-0.79%	1851.99%	-14.3%	-51.13%	-81.9%	-581.66%	100%
Net Income	8.21B	9.31B	8.12B	-7.71B	9.65B	10.76B	11.08B	12.57B	14.1B
Depreciation & Amortization	2.59B	2.42B	3B	2.81B	2.76B	2.98B	3.18B	3.29B	0
Deferred Taxes	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	17.2B	15.95B	18.4B	32.08B	14.6B	15.49B	19.66B	-50.48B	-14.1B
Working Capital Changes	12.19B	-24.27B	-26.12B	38.97B	29.69B	-1.53B	-28.9B	10.46B	0
Cash from Investing	-4.01B	3.15B	-7.23B	-7.22B	-3.71B	-3.9B	-5.37B	-3.71B	0
Purchase of Investments	-308M	-11M	-63M	-525M	-126M	-152M	-139M	0	0
Sale/Maturity of Investments	1.27B	2.33B	686M	182M	672M	533M	814M	0	0
Net Investment Activity	962M	2.32B	623M	-343M	546M	381M	675M	0	0
Acquisitions	-575M	-299M	135M	-1.16B	-134M	-50M	-389M	-63M	0
Other Investing	3.06B	11.86B	4.78B	1.67B	5.89B	4.84B	5.79B	4.84B	0
Cash from Financing	4.21B	-3.3B	-10.12B	-1.91B	-1.32B	-9.96B	-2.06B	-5.51B	0
Dividends Paid	-2.67B	-3.12B	-3.77B	0	-1.31B	-1.85B	-2.26B	-3.02B	0
Share Repurchases	-1.31B	-1.03B	-928M	-758M	-1.65B	-2.05B	-3.11B	-4.79B	0
Stock Issued	8.4B	989M	947M	721M	854M	573M	825M	765M	0
Net Stock Activity	7.09B	-37M	19M	-37M	-791M	-1.48B	-2.28B	-4.02B	0
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	0
Other Financing	-1.21B	64M	-2.33B	-1.47B	-1.02B	-4.47B	-1.59B	-609M	0
Net Change in Cash	34.54B▲ 0%	2.67B▼ 92.3%	-12.6B▼ 572.1%	52.77B▲ 519.0%	56.85B▲ 7.7%	12.38B▼ 78.2%	-2.73B▼ 122.1%	-28.13B▼ 930.2%	-192.21B▼ 583.2%
Exchange Rate Effect	-5.84B	-595M	1.37B	-4.25B	5.2B	-1.46B	-322M	5.24B	0
Cash at Beginning	76.45B	111B	113.66B	101.07B	153.84B	210.69B	223.07B	220.34B	192.21B
Cash at End	111B	113.66B	101.07B	153.84B	210.69B	223.07B	220.34B	192.21B	0
Interest Paid	0	0	0	0	0	0	0	61.09B	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0
Free Cash Flow	31.2B▲ 0%	-8.78B▼ 128.1%	-10.75B▼ 22.5%	57.63B▲ 635.9%	45.29B▼ 21.4%	16.87B▼ 62.8%	-8.63B▼ 151.2%	-32.65B▼ 278.4%	0▲ 100.0%
FCF Growth %	131.4%	-128.14%	-22.5%	635.92%	-21.42%	-62.76%	-151.16%	-278.41%	100%

SAN Banking Ratios

Banco Santander, S.A. (SAN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	6.16%	6.32%	7.29%	5.98%	-8.69%	8.63%	9.87%	10.98%	11.89%	12.81%
Return on Assets (ROA)	0.46%	0.48%	0.54%	0.44%	-0.58%	0.52%	0.58%	0.63%	0.69%	0.76%
Net Interest Margin	2.32%	2.37%	2.35%	2.32%	2.12%	2.09%	2.23%	2.41%	2.54%	2.27%
Efficiency Ratio	36.37%	39.62%	38.03%	40.21%	60.28%	43.04%	32.3%	25.03%	24.76%	24.47%
Equity / Assets	7.67%	7.4%	7.36%	7.27%	6.05%	6.08%	5.63%	5.8%	5.84%	6.04%
Book Value / Share	6.69	6.63	6.35	6.47	5.27	5.6	5.77	6.42	6.89	7.08
NII Growth	-5.25%	10.32%	0.13%	2.74%	-9.32%	4.3%	15.73%	12.02%	7.88%	-9.26%
Dividend Payout	37.22%	40.26%	39.92%	57.91%	-	16.16%	19.24%	20.41%	23.99%	-

SAN Frequently Asked Questions

Banco Santander, S.A. (SAN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Banco Santander, S.A. (SAN) saw revenue decline by 7.7% over the past year.

Yes, Banco Santander, S.A. (SAN) is profitable, generating $14.10B in net income for fiscal year 2025 (11.8% net margin).

Dividend & Returns

Banco Santander, S.A. (SAN) has a return on equity (ROE) of 12.8%. This is reasonable for most industries.

Industry Metrics

Banco Santander, S.A. (SAN) has a net interest margin (NIM) of 2.3%. NIM has been under pressure due to interest rate environment.

Banco Santander, S.A. (SAN) has an efficiency ratio of 24.5%. This is excellent, indicating strong cost control.

What if you invested $1,000 in SAN back in 1991?

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Banco Santander, S.A.(SAN)Earnings, Financials & Key Ratios

SAN•NYSE•Banking & Credit

13.5× P/E·Price updated Jun 19, 2026

SectorFinancial Services IndustryDiversified Banks Sub-IndustryEuropean universal banks

Net Interest Income$42.35B-9.3%
Total Revenue$119.89B-7.7%
Net Income$14.1B+12.1%
Return on Equity12.81%+7.8%
Net Interest Margin2.27%-10.7%
Efficiency Ratio24.47%-1.2%
ROA0.76%+10.0%
Equity / Assets6.04%+3.3%
Book Value per Share7.08+2.7%