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

SAN•NYSE•Banking & Credit
$12.40
$182.01B mkt cap·12.1× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryDiversified BanksSub-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%
  • Tangible BV/Share5.99+5.9%
  • Debt/Equity4.40-2.2%
Analysis→Technical→

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 at only 1.5x book value

✗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.

SAN Price & Volume

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

Loading chart...

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
EPS
$0.27
Est $0.29
-6.9%
Revenue
$17.7B
Est $17.7B
+0.3%
Q1 2026
Feb 4, 2026
EPS
$0.25
Est $0.25
+0.0%
Revenue
$19.0B
Est $18.4B
+3.0%
Q1 2026
Feb 3, 2026
EPS
$0.28
Est $0.24
+16.7%
Revenue
$15.0B
Est $14.6B
+2.7%
Q4 2025
Oct 29, 2025
EPS
$0.23
Est $0.25
-8.0%
Revenue
$14.2B
Est $15.9B
-10.8%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.27vs $0.29-6.9%
$17.7Bvs $17.7B+0.3%
Q1 2026Feb 4, 2026
$0.25vs $0.25+0.0%
$19.0Bvs $18.4B+3.0%
Q1 2026Feb 3, 2026
$0.28vs $0.24+16.7%
$15.0Bvs $14.6B+2.7%
Q4 2025Oct 29, 2025
$0.23vs $0.25-8.0%
$14.2Bvs $15.9B-10.8%
Based on last 12 quarters of dataView full earnings history →

SAN Peer Comparison

Banco Santander, S.A. (SAN) competitors in European universal banks — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BBVA logoBBVABanco Bilbao Vizcaya Argentaria, S.A.Direct Competitor124.46B22.1611.174.08%17.25%1.32
DB logoDBDeutsche Bank AGDirect Competitor61.26B32.028.83-8.25%8.7%3.18
ING logoINGING Groep N.V.Direct Competitor86.18B29.9612.04-65.31%12.38%3.32
BCS logoBCSBarclays PLCDirect Competitor82.43B24.0210.78-52.96%9.19%2.81
UBS logoUBSUBS Group AGDirect Competitor140.31B45.2124.18-20.43%7%3.94
ITUB logoITUBItaú Unibanco Holding S.A.Direct Competitor93.13B8.4510.6218.03%20.64%4.71
JPM logoJPMJPMorgan Chase & Co.Product Competitor849.03B314.9015.9414.61%16.11%2.18
BAC logoBACBank of America CorporationProduct Competitor407.94B53.6014.03-1.91%10.1%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
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Net Interest Income34.3B34.34B35.28B31.99B33.37B38.62B43.26B46.67B42.35B
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 Income56.04B54.33B56.78B45.74B46.46B71.43B105.25B112.73B101.71B
Interest Expense21.75B19.98B21.5B13.75B13.09B32.81B61.99B66.07B59.36B
Loan Loss Provision9.24B8.98B9.34B12.36B7.39B10.86B12.91B12.64B12.52B
Non-Interest Income15.3B15.34B15.78B14.76B15.04B15.6B16.62B17.17B18.18B
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 Expense28.27B26.5B29.18B36.47B26.47B28.11B30.51B32.17B29.33B
Efficiency Ratio39.62%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 Tax3.88B4.89B4.43B5.63B4.89B4.49B4.28B5.28B4.72B
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)8.21B9.31B8.12B-7.71B9.65B10.76B12.18B13.74B13.96B
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)0.390.430.35-0.540.440.540.650.770.88
Diluted Shares Outstanding16.12B16.9B17.1B17.32B17.32B16.9B16.25B15.57B15.93B

SAN Balance Sheet

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash & Short Term Investments111B113.66B332.8B269.54B264.01B334.02B268.41B237.41B318.2B
Cash & Due from Banks111B113.66B128.46B173.02B234.81B259.02B246.9B217.89B179.3B
Short Term Investments00204.34B96.52B29.21B75.01B21.51B19.52B138.91B
Total Investments232.61B213.58B1.31T1.27T1.21T1.28T293.25B333.76B1.54T
Investments Growth %7.35%-8.18%515.09%-3%-5.01%5.41%-77.02%13.82%360.75%
Long-Term Investments232.61B213.58B1.11T1.18T1.18T1.2T271.74B314.24B1.4T
Accounts Receivables000000000
Goodwill & Intangibles28.68B28.56B27.69B15.91B16.58B18.64B19.87B19.26B17.31B
Goodwill25.77B25.47B24.25B12.47B12.71B13.74B14.02B13.44B11.96B
Intangible Assets2.91B3.09B3.44B3.44B3.87B4.9B5.85B5.82B5.35B
PP&E (Net)20.65B24.59B34.26B31.77B32.34B33.04B32.93B31.21B26.42B
Other Assets1.05T1.08T-14.14B-14.2B73.76B124.19B1.52T1.22T84.61B
Total Current Assets111B113.66B342.75B277.69B272.38B337.03B416.84B251.85B321.32B
Total Non-Current Assets1.33T1.35T1.18T1.23T1.32T1.4T1.85T1.59T1.55T
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 Payable2.62B2.02B1.85B2B2.4B3.02B3.32B2.45B2.52B
Total Debt217.97B246.62B375.65B322.17B334.39B425.75B310.98B483.38B496.64B
Net Debt106.97B132.96B247.19B149.15B99.58B166.73B64.08B265.48B317.34B
Long-Term Debt217.97B246.62B261.98B235.27B246.16B280.34B262.41B288.23B283.58B
Short-Term Debt00108.56B83.85B85.37B142.79B46.17B192.95B211.23B
Other Liabilities1.17T1.16T131.65B181.98B209.12B134.04B1.47T1.43T168.84B
Total Current Liabilities15.37B15.18B1.01T991.29B1.03T1.21T70.76B11.72B1.3T
Total Non-Current Liabilities1.38T1.41T404.49B425.63B463.91B422.72B1.73T1.72T459.68B
Total Liabilities1.34T1.35T1.41T1.42T1.5T1.64T1.69T1.73T1.75T
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 Share6.636.356.475.275.605.776.426.897.08
Tangible BV per Share4.854.664.854.364.654.675.195.665.99
Common Stock8.07B8.12B8.31B8.67B8.67B8.4B8.09B7.58B7.34B
Additional Paid-in Capital51.05B50.99B52.45B52.01B47.98B46.27B44.37B40.08B36.79B
Retained Earnings55.7B59.77B67.54B56.81B68.4B76.31B85.19B94.9B106.06B
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 Stock000000000

SAN Cash Flow Statement

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations40.19B3.42B3.39B66.15B56.69B27.71B5.01B-24.16B0
Operating CF Growth %84.15%-91.5%-0.79%1851.99%-14.3%-51.13%-81.9%-581.66%100%
Net Income8.21B9.31B8.12B-7.71B9.65B10.76B11.08B12.57B14.1B
Depreciation & Amortization2.59B2.42B3B2.81B2.76B2.98B3.18B3.29B0
Deferred Taxes000000000
Other Non-Cash Items17.2B15.95B18.4B32.08B14.6B15.49B19.66B-50.48B-14.1B
Working Capital Changes12.19B-24.27B-26.12B38.97B29.69B-1.53B-28.9B10.46B0
Cash from Investing-4.01B3.15B-7.23B-7.22B-3.71B-3.9B-5.37B-3.71B0
Purchase of Investments-308M-11M-63M-525M-126M-152M-139M00
Sale/Maturity of Investments1.27B2.33B686M182M672M533M814M00
Net Investment Activity962M2.32B623M-343M546M381M675M00
Acquisitions-575M-299M135M-1.16B-134M-50M-389M-63M0
Other Investing3.06B11.86B4.78B1.67B5.89B4.84B5.79B4.84B0
Cash from Financing4.21B-3.3B-10.12B-1.91B-1.32B-9.96B-2.06B-5.51B0
Dividends Paid-2.67B-3.12B-3.77B0-1.31B-1.85B-2.26B-3.02B0
Share Repurchases-1.31B-1.03B-928M-758M-1.65B-2.05B-3.11B-4.79B0
Stock Issued8.4B989M947M721M854M573M825M765M0
Net Stock Activity7.09B-37M19M-37M-791M-1.48B-2.28B-4.02B0
Debt Issuance (Net)1000K1000K-1000K1000K1000K-1000K1000K1000K0
Other Financing-1.21B64M-2.33B-1.47B-1.02B-4.47B-1.59B-609M0
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-595M1.37B-4.25B5.2B-1.46B-322M5.24B0
Cash at Beginning76.45B111B113.66B101.07B153.84B210.69B223.07B220.34B192.21B
Cash at End111B113.66B101.07B153.84B210.69B223.07B220.34B192.21B0
Interest Paid000000061.09B0
Income Taxes Paid000000000
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

Metric2016201720182019202020212022202320242025
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 Margin2.32%2.37%2.35%2.32%2.12%2.09%2.23%2.41%2.54%2.27%
Efficiency Ratio36.37%39.62%38.03%40.21%60.28%43.04%32.3%25.03%24.76%24.47%
Equity / Assets7.67%7.4%7.36%7.27%6.05%6.08%5.63%5.8%5.84%6.04%
Book Value / Share6.696.636.356.475.275.65.776.426.897.08
NII Growth-5.25%10.32%0.13%2.74%-9.32%4.3%15.73%12.02%7.88%-9.26%
Dividend Payout37.22%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.

Explore More SAN

Banco Santander, S.A. (SAN) financial analysis — history, returns, DCA and operating performance tools

Full SAN Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

→

DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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