Banco Santander, S.A. (SAN) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Banco Santander, S.A. (SAN) stock price & volume — 10-year historical chart
Banco Santander, S.A. (SAN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Banco Santander, S.A. (SAN) EPS & revenue vs analyst estimates — last 4 quarters
| 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% |
Banco Santander, S.A. (SAN) competitors in European universal banks — business model, growth, and fundamentals comparison
Banco Santander, S.A. (SAN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Banco Santander, S.A. (SAN) annual income statement — 10-year revenue, gross profit & net income history
| Line item | 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 |
Banco Santander, S.A. (SAN) balance sheet — assets, liabilities & shareholders' equity
| Line item | 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 |
Banco Santander, S.A. (SAN) cash flow — operating, investing & free cash flow history
| Line item | 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% |
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% | - |
Banco Santander, S.A. (SAN) stock FAQ — growth, dividends, profitability & financials explained
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).
Banco Santander, S.A. (SAN) has a return on equity (ROE) of 12.8%. This is reasonable for most industries.
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.
Banco Santander, S.A. (SAN) financial analysis — history, returns, DCA and operating performance tools
Analyst verdict, bull/bear case, risk factors and peer comparison
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates