Banco Santander's 2026Q1 results show a 71.4% YoY surge in diluted EPS to $0.36, signaling a potential inflection in profitability, yet this is clouded by a flat net interest margin of 0.6% for five consecutive quarters and elevated provisioning above $3.0B fo...
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Start with the evidence for owning the stock and the risks that can break the thesis.
Net interest income declined 3.2% YoY to $11.0B in 2026Q1, with NIM stagnant at 0.6%, while EPS surged 71.4% to $0.36, suggesting non-operating gains may be masking underlying revenue weakness.
Wall Street analysts have a consensus rating of 'Moderate Buy', indicating optimism about SAN's growth potential.
Banco Santander reported an EPS of $0.28, exceeding expectations, with a profit of €10.34 billion in the first nine months of 2025, up 11% year-on-year.
SAN offers a dividend yield of 254.0%, with a dividend of $0.110 expected on May 4, 2026.
Banco Santander has a debt-to-equity ratio of 3.15, raising concerns about financial leverage and risk exposure.
The bank's quick and current ratios are both at 0.33, indicating potential liquidity problems.
SAN's return on equity stands at 12.14%, suggesting inefficiency in generating profits from equity.
Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q3 2026Latest Jul 22, 2026 | $0.27-6.9% vs $0.29 | $17.9B+0.1% vs $17.9B |
Q2 2026 Apr 29, 2026 | $0.41+42.9% vs $0.29 | $17.7B+0.3% vs $17.7B |
Q1 2026 Feb 4, 2026 | $0.25+0.0% vs $0.25 | $19.0B+3.0% vs $18.4B |
Q1 2026 Feb 3, 2026 | $0.28+16.7% vs $0.24 | $15.0B+2.7% vs $14.6B |
Santander won its appeal on Tuesday against a London court ruling that had ordered it to pay about £677 million ($912 million) to French insurer AXA for costs arising from the mis-selling of payment protection insurance in the U.S.
BOSTON--(BUSINESS WIRE)--Santander Holdings USA, Inc. (“SHUSA”) today announced that, on October 15, 2026, it will redeem all of the 135,000 outstanding shares of its Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I (“Series I Preferred Stock”), and the corresponding 5,400,000 depositary shares, NYSE: SNUS PF I, CUSIP 80282 K809 (“Depositary Shares”), each representing a 1/40th interest in a share of the Series I Preferred Stock. The Depositary Shares will be redeemed at a red.
Banco Santander (SAN) continues its transformation, focusing on technological integration, efficiency, and mitigating disruption risks, including stablecoin initiatives. Despite a 34% total return since the last analysis, SAN's long-term thesis remains intact, supported by record profits, growing NII, and expanding customer base. Operational improvements, M&A activity, and the ONE transformation drive efficiency gains, with potential for a 20% ROTE by 2028.
European banks have outperformed U.S. rivals by a wide margin over five years. Here is whether that advantage is worth the higher fee.
Benchmark SAN against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Banco Santander, S.A. (SAN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $14.49 | $212.69B | 14.52 | -5.18% | 11.76% | 12.81% | 1.66% | |
| $28.67 | $158.41B | 14.79 | 4149.34% | 27.29% | 17.91% | — | |
| $37.56 | $70.58B | 10.60 | 6.86% | 27.87% | 9.38% | — | |
| $36.41 | $105.23B | 14.98 | 2.26% | 16.53% | 13.08% | — | |
| $24.97 | $84.19B | 10.38 | -6.28% | 19.76% | 10.1% | — | |
| $49.19 | $161.24B | 20.84 | 13.72% | 12.2% | 10.03% | — |
Banco Santander, S.A. (SAN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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Banco Santander, S.A. (SAN) stock FAQ — growth, dividends, profitability & financials explained
Banco Santander, S.A. (SAN) saw revenue decline by 5.2% over the past year.
Yes, Banco Santander, S.A. (SAN) is profitable, generating $15.64B in net income for fiscal year 2025 (11.8% net margin).
Yes, Banco Santander, S.A. (SAN) pays a dividend with a yield of 1.66%. This makes it attractive for income-focused investors.
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.
