Itaú Unibanco Holding S.A. (ITUB) Income Statement

25Y historyFree accessUpdated daily

Revenue grew 18% YoY to $99.1B in 2026Q2, but NII volatility (from $1.4B in 2025Q2 to $21.7B in 2026Q2) and NIM recovery to 0.7% highlight rate-cycle sensitivity.

Annual statement

ITUB Income Statement

Itaú Unibanco Holding S.A. (ITUB) annual income statement — 25-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01

Net Interest Income	61.01B	35.45B	74.98B	64.14B	72.42B	59.95B	40.81B	42.19B	62.56B	67.31B	67.28B	72.72B	47.14B	47.77B	48.3B	41.75B	40.98B	40.69B	21.14B	21.33B	16.88B	12.6B	9.86B	9.74B	7.64B	6.28B
NII Growth %	1488.28%	-52.72%	16.91%	-11.44%	20.8%	46.89%	-3.28%	-32.56%	-7.05%	0.05%	-7.49%	54.28%	-1.31%	-1.1%	15.67%	1.89%	0.71%	92.47%	-0.9%	26.35%	33.97%	27.82%	1.22%	27.45%	21.71%	-
Net Interest Margin %	1.91%	1.15%	2.63%	2.52%	3.12%	2.9%	2.02%	2.58%	4.03%	4.69%	4.98%	5.7%	4.18%	4.65%	5.05%	5.1%	5.64%	6.79%	5.27%	7.62%	8.78%	9.04%	8.53%	9.39%	9.08%	8.69%
Interest Income	274.65B	254.79B	242.26B	222.38B	189.16B	129.25B	114.37B	118.15B	133.18B	145.64B	162.41B	147.79B	120.11B	94.13B	96.36B	97.35B	77.82B	72.57B	47.65B	34.6B	27.8B	21.33B	16.44B	16.36B	14.56B	10.77B
Interest Expense	213.65B	219.34B	167.28B	158.25B	116.75B	69.31B	73.56B	75.96B	70.61B	78.33B	95.13B	75.06B	72.98B	46.36B	48.07B	55.6B	36.84B	31.88B	26.51B	13.27B	10.91B	8.72B	6.58B	6.62B	6.92B	4.49B
Loan Loss Provision	32.75B	32.62B	29.47B	31.56B	28.15B	14B	24.45B	18.3B	10.59B	18.38B	22.47B	19.74B	13.78B	12.79B	19.32B	14.56B	11.35B	15.37B	9.36B	5.54B	5.14B	2.64B	868.53M	1.69B	2.12B	1.08B
Non-Interest Income	108.72B	129.79B	83.59B	84.25B	63.96B	62.24B	59.21B	70.23B	37.56B	38.57B	47.3B	14.86B	39.96B	28.63B	28.27B	29.77B	25.68B	40.45B	15.3B	16.54B	14.41B	11.95B	10B	8.3B	8.35B	6.02B
Non-Interest Income %	64.05%	78.55%	52.71%	56.78%	46.9%	50.94%	59.2%	62.47%	37.51%	36.43%	41.28%	16.96%	45.88%	37.48%	36.92%	41.62%	38.53%	49.85%	41.99%	43.67%	46.04%	48.67%	50.35%	46.02%	52.21%	48.93%
Total Net Revenue	169.72B	165.24B	158.57B	148.38B	136.38B	122.19B	100.03B	112.43B	100.13B	105.88B	114.58B	87.58B	87.09B	76.4B	76.57B	71.52B	66.66B	81.14B	36.44B	37.87B	31.29B	24.55B	19.86B	18.04B	15.99B	12.3B
Revenue Growth %	11.12%	4.21%	6.87%	8.8%	11.61%	22.15%	-11.03%	12.29%	-5.44%	-7.59%	30.83%	0.56%	14%	-0.22%	7.06%	7.29%	-17.84%	122.64%	-3.77%	21.03%	27.44%	23.65%	10.05%	12.82%	30.06%	-
Non-Interest Expense	82.4B	82.38B	81.54B	77.12B	71.53B	65.95B	70.34B	62.89B	58.93B	56.92B	56.44B	49.58B	44.51B	42.74B	39.83B	38.71B	37.28B	42.3B	23.54B	20.55B	17.89B	14.53B	12.68B	11.61B	11.11B	9.2B
Efficiency Ratio	48.55%	49.85%	51.43%	51.97%	52.45%	53.98%	70.33%	55.94%	58.86%	53.76%	49.25%	56.61%	51.1%	55.94%	52.02%	54.12%	55.92%	52.14%	64.59%	54.27%	57.17%	59.17%	63.87%	64.36%	69.48%	74.84%
Operating Income	54.57B	50.25B	47.56B	39.7B	36.69B	42.23B	5.23B	31.24B	30.61B	30.58B	35.68B	18.27B	28.81B	20.86B	17.42B	18.25B	18.03B	23.46B	3.54B	11.78B	8.27B	7.39B	6.31B	4.74B	2.76B	2.02B
Operating Margin %	32.15%	30.41%	29.99%	26.76%	26.91%	34.56%	5.23%	27.79%	30.57%	28.88%	31.14%	20.85%	33.08%	27.31%	22.75%	25.52%	27.05%	28.92%	9.73%	31.1%	26.42%	30.09%	31.75%	26.29%	17.24%	16.39%
Operating Income Growth %	-	5.66%	19.79%	8.19%	-13.11%	707.48%	-83.26%	2.07%	0.08%	-14.29%	95.34%	-36.6%	38.07%	19.8%	-4.58%	1.23%	-23.15%	561.99%	-69.91%	42.49%	11.88%	17.17%	32.94%	72.01%	36.8%	-
Pretax Income	54.57B	50.25B	47.56B	39.7B	36.69B	42.23B	5.23B	31.24B	30.61B	30.58B	35.68B	18.27B	28.81B	20.86B	17.42B	18.25B	18.03B	23.46B	3.54B	11.78B	8.27B	7.39B	6.31B	4.74B	2.76B	2.02B
Pretax Margin %	32.15%	30.41%	29.99%	26.76%	26.91%	34.56%	5.23%	27.79%	30.57%	28.88%	31.14%	20.85%	33.08%	27.31%	22.75%	25.52%	27.05%	28.92%	9.73%	31.1%	26.42%	30.09%	31.75%	26.29%	17.24%	16.39%
Income Tax	6.79B	4.4B	5.43B	5.82B	6.45B	13.85B	-9.83B	3.43B	4.97B	7.36B	13.66B	-7.89B	6.95B	4.34B	4.22B	3.64B	5.54B	8.85B	-1.33B	4.15B	2.38B	1.94B	1.67B	1.47B	-60.18M	171.85M
Effective Tax Rate %	12.44%	8.76%	11.41%	14.67%	17.58%	32.79%	-188.03%	10.98%	16.23%	24.06%	38.29%	-43.2%	24.11%	20.81%	24.26%	19.95%	30.7%	37.72%	-37.64%	35.21%	28.84%	26.26%	26.54%	31.08%	-2.18%	8.53%
Net Income	47.1B	44.86B	41.09B	33.1B	29.21B	26.76B	18.9B	27.11B	24.91B	23.19B	21.63B	25.74B	21.55B	16.42B	12.63B	13.84B	11.71B	14.09B	4.85B	7.66B	5.88B	5.45B	4.63B	3.27B	2.83B	1.84B
Net Margin %	27.75%	27.15%	25.91%	22.31%	21.42%	21.9%	18.89%	24.12%	24.88%	21.9%	18.88%	29.39%	24.75%	21.5%	16.5%	19.35%	17.56%	17.36%	13.31%	20.23%	18.8%	22.2%	23.34%	18.12%	17.68%	15%
Net Income Growth %	9.93%	9.18%	24.11%	13.35%	9.14%	41.62%	-30.31%	8.86%	7.39%	7.24%	-15.98%	19.42%	31.24%	30%	-8.69%	18.18%	-16.88%	190.47%	-36.71%	30.27%	7.92%	17.59%	41.78%	15.58%	53.39%	-
Net Income (Continuing)	47.78B	45.85B	42.13B	33.88B	30.24B	28.38B	15.06B	27.81B	25.64B	23.23B	22.02B	26.16B	21.86B	16.52B	13.19B	14.61B	12.49B	14.61B	4.88B	7.63B	5.88B	5.45B	4.63B	3.27B	2.82B	1.84B
EPS (Diluted)	4.23	3.93	3.78	3.05	2.96	2.72	1.54	2.77	2.55	2.43	2.36	2.59	2.16	1.65	1.27	1.39	1.17	1.02	0.67	1.05	0.85	0.80	0.67	0.48	0.42	0.27
EPS Growth %	1.5%	3.97%	23.93%	3.04%	8.82%	76.62%	-44.4%	8.63%	4.94%	2.97%	-8.88%	19.91%	30.91%	29.92%	-8.63%	18.8%	14.71%	52.24%	-36.19%	23.53%	6.25%	19.4%	39.58%	14.29%	55.56%	-
EPS (Basic)	-	3.97	3.82	3.05	2.98	2.74	1.54	2.78	2.56	2.45	2.38	2.61	2.17	1.66	1.27	1.39	1.17	1.02	0.68	1.06	0.86	0.80	0.68	0.48	0.42	0.27
Diluted Shares Outstanding	11.15B	11.19B	10.86B	10.85B	9.86B	9.83B	9.8B	9.79B	9.77B	9.82B	9.85B	9.93B	9.97B	9.95B	9.95B	9.98B	9.99B	9.92B	7.2B	7.29B	6.9B	6.83B	6.88B	6.88B	6.76B	6.82B

Key Metrics

Growth RegimeMixed

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

JCP tax deduction changes

NII Volatility Masks Underlying Growth

Net interest income swung from $1.4B in 2025Q2 to $21.7B in 2026Q2, reflecting extreme quarter-to-quarter volatility, though total revenue grew 18% YoY, per reported figures.

The erratic NII pattern, with a -93.2% YoY plunge in 2025Q2 followed by a 54.9% surge in 2026Q1, suggests accounting reclassifications or one-off items rather than core lending trends. Excluding these swings, the underlying loan book appears to be expanding, as total revenue consistently exceeded $90B in recent quarters. Investors should focus on the stable fee income and provision trends to gauge true earnings power.

NIM Compression Signals Rate Cycle Pressure

Net interest margin fell from 0.7% in 2024Q1 to 0.2% in 2025Q4, recovering to 0.7% by 2026Q2, indicating sensitivity to Brazilian rate cycles, as per financial statements.

The NIM's collapse to near-zero in 2025Q2 and Q4 aligns with a period of falling SELIC rates, compressing spreads on the bank's large deposit float. The recovery to 0.7% in 2026Q2 suggests a stabilizing rate environment, but the margin remains thin relative to historical levels. This highlights the bank's vulnerability to monetary policy shifts, though its low-cost funding base provides some cushion.

Efficiency Ratio Holds Despite Revenue Mix Shift

Efficiency ratio improved to 21.5% in 2026Q2 from 24.4% in 2024Q1, though it spiked to 30.7% in 2024Q3, reflecting cost discipline amid revenue volatility, based on reported data.

The efficiency ratio's improvement to the low-20s indicates successful cost management, likely driven by digital automation and branch optimization. However, the 2024Q3 spike to 30.7% suggests that revenue disruptions can quickly inflate the ratio, underscoring the importance of stable income streams. The bank's ability to maintain sub-25% efficiency despite NII swings demonstrates structural cost advantages.

Provisions Remain Elevated but Stable

Provision expense ranged from $4.9B to $8.9B over the past ten quarters, with 2026Q2 at $8.8B, indicating sustained credit costs, as reported in financial statements.

Provisions have hovered around $8B per quarter, reflecting a high-risk consumer portfolio in Brazil's volatile economy. The 2024Q3 dip to $4.9B appears anomalous, possibly due to recoveries or portfolio adjustments, but the subsequent rise back to $8B suggests normalization. This stability implies the bank has priced credit risk adequately, though any deterioration in asset quality could pressure earnings.

Fee Income Dominates as NII Fluctuates

Non-interest income reached $37.0B in 2025Q2, representing 36.4% of revenue, while fee income as a percentage of revenue averaged 28% over the period, per company filings.

The fee income share has been volatile, peaking at 37.9% in 2025Q4, which suggests a growing reliance on service fees, wealth management, and insurance commissions to offset NII volatility. This diversification is a positive, as fee income is less rate-sensitive, but it also exposes the bank to competitive pressures in digital banking. The sustained fee growth indicates successful cross-selling, though investors should monitor the impact of regulatory changes on interchange fees.

Earnings Quality Questioned by NII Swings

The extreme NII volatility, including a -93.2% YoY drop in 2025Q2, raises concerns about earnings quality, as reported figures show, warranting scrutiny of accounting treatments.

The dramatic swings in NII, from $1.4B to $21.7B, are atypical for a bank of ITUB's size and suggest possible reclassifications, hedging gains/losses, or one-off items that may not recur. If these are not core lending operations, the reported net income may overstate sustainable profitability. Additionally, the high debt-to-equity ratio of 4.71 and the potential elimination of JCP tax benefits could further pressure returns, making the current ROE of 20.6% potentially unsustainable.

ITUB — Frequently Asked Questions

Quick answers to the most common questions about buying ITUB stock.

What was Itaú Unibanco Holding S.A.'s (ITUB) revenue in 2025?

For fiscal year 2025, Itaú Unibanco Holding S.A. (ITUB) reported total revenue of $165.24B. This represents a 1243.8% increase compared to $12.30B in 2001.

Is Itaú Unibanco Holding S.A. (ITUB) profitable?

Itaú Unibanco Holding S.A. (ITUB) is profitable, generating $44.86B in net income for the fiscal year ending 2025 with a net profit margin of 11.7%.

What is Itaú Unibanco Holding S.A.'s operating profit margin?

Itaú Unibanco Holding S.A. (ITUB) reported an operating income of $50.25B, resulting in an operating profit margin of 13.1%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Itaú Unibanco Holding S.A.'s gross profit and gross margin?

Itaú Unibanco Holding S.A. (ITUB) generated $132.63B in gross profit for the year, representing a gross profit margin of 34.5%. This demonstrates the company's core pricing power and production efficiency.