Banco Santander, S.A. (SAN) Revenue History
Annual and quarterly revenue from 1991 to present
SAN Revenue Over Time (1991–2025)
SAN Revenue Growth History
18 of 27 years with positive growth- FY1991 revenue growth
- N/A
- FY1992 revenue growth
- -5.9%
- FY1993 revenue growth
- +10.1%
- FY1994 revenue growth
- +19.3%
- FY1995 revenue growth
- +39.7%
- FY1996 revenue growth
- +10.2%
- FY2004 revenue growth
- +102.6%
- FY2005 revenue growth
- +78.8%
- FY2006 revenue growth
- +8.6%
- FY2007 revenue growth
- +20.4%
- FY2008 revenue growth
- +17.3%
- FY2009 revenue growth
- -1.0%
- FY2010 revenue growth
- -1.1%
- FY2011 revenue growth
- +11.6%
- FY2012 revenue growth
- -0.8%
- FY2013 revenue growth
- -10.8%
- FY2014 revenue growth
- +4.9%
- FY2015 revenue growth
- +3.5%
- FY2016 revenue growth
- -2.7%
- FY2017 revenue growth
- +2.3%
- FY2018 revenue growth
- -2.4%
- FY2019 revenue growth
- +4.2%
- FY2020 revenue growth
- -16.6%
- FY2021 revenue growth
- +1.6%
- FY2022 revenue growth
- +41.5%
- FY2023 revenue growth
- +40.0%
- FY2024 revenue growth
- +6.6%
- FY2025 revenue growth
- -7.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $14.98B | — |
| Q3 2025 | $14.18B | — |
| Q2 2025 | $14.33B | — |
| Q1 2025 | $31.58B | — |
| Q4 2024 | $15.81B | — |
| Q3 2024 | $14.94B | — |
| Q2 2024 | $15.49B | — |
| Q1 2024 | $33.74B | — |
Multi-year avg. share of annual revenue by fiscal quarter
SAN Revenue Analysis (1991–2025)
Current Revenue & Growth
As of June 21, 2026, Banco Santander, S.A. (SAN) generated trailing twelve-month (TTM) revenue of $75.06 billion, reflecting moderate decline in growth of -5.3% year-over-year. The most recent quarter (Q4 2025) recorded $14.98 billion in revenue, up 5.6% sequentially.
Historical Growth Trajectory
SAN's 5-year compound annual growth rate (CAGR) stands at +14.7%, indicating consistent double-digit revenue growth. The 3-year CAGR of +11.3% is below the 5-year average, signalling a growth deceleration in recent years. Banco Santander, S.A.'s highest annual revenue of $129.91 billion was recorded in 2024.
Peer Comparison
Compared to Financial Services sector peers — including BBVA, DB, and ING. Compare SAN vs BBVA →
SAN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| SANCurrent | $75.1B | -5.3% | +14.7% | 15.6% | |
 BBVA | $36.9B | - | - | 43.9% | |
 DB | $60.9B | - | - | 16.0% | |
 ING | $23.0B | - | - | 39.7% | |
 BCS | $26.8B | - | - | 37.3% | |
 UBS | $59.1B | - | - | 11.9% |
SAN Historical Revenue Data (1991–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $119.89B | - | $48.02B | 40.0% | $18.68B | 15.6% |
| 2024 | $129.91B | - | $51.20B | 39.4% | $19.03B | 14.6% |
| 2023 | $121.87B | - | $46.97B | 38.5% | $16.46B | 13.5% |
| 2022 | $87.03B | - | $43.36B | 49.8% | $15.25B | 17.5% |
| 2021 | $61.50B | - | $41.02B | 66.7% | $14.55B | 23.7% |
| 2020 | $60.50B | - | $34.39B | 56.8% | $-2,076,000,000 | -3.4% |
| 2019 | $72.56B | - | $41.72B | 57.5% | $12.54B | 17.3% |
| 2018 | $69.67B | - | $40.70B | 58.4% | $14.20B | 20.4% |
| 2017 | $71.34B | - | $40.36B | 56.6% | $12.09B | 16.9% |
| 2016 | $69.76B | - | $36.14B | 51.8% | $10.77B | 15.4% |
| 2015 | $71.68B | - | $37.10B | 51.8% | $9.55B | 13.3% |
| 2014 | $69.27B | - | $33.64B | 48.6% | $10.68B | 15.4% |
| 2013 | $66.03B | - | $29.54B | 44.7% | $7.38B | 11.2% |
| 2012 | $74.00B | - | $26.61B | 36.0% | $3.56B | 4.8% |
| 2011 | $74.60B | - | $34.45B | 46.2% | $7.86B | 10.5% |
Full Stock Analysis
Deep dive into SAN consensus models and risk factors.
Should I Buy SAN?
Wall Street verdict, signals, and target summaries.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
35+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
SAN — Frequently Asked Questions
Quick answers to the most common questions about buying SAN stock.
Is SAN's revenue growth accelerating or slowing?
SAN revenue is declining -5.3% year-over-year. TTM revenue fell to $75.1B, contrasting with the 5-year CAGR of +14.7%. The reversal reflects either macro headwinds or company-specific challenges.
What is SAN's revenue history from 1991 to 2026?
Banco Santander, S.A. (SAN) revenue history spans 1991 to 2026. TTM revenue as of 2026 is $75.1B, growing at -5.3% YoY. The 5-year CAGR is +14.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is SAN's long-term revenue growth rate (CAGR)?
Banco Santander, S.A.'s 5-year revenue CAGR of +14.7% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -5.3% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for SAN.
Why does SAN's quarterly revenue fluctuate?
SAN quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Banco Santander, S.A.'s revenue data from 1991 to 2026 shows full historical quarterly detail on this page.
How is SAN's revenue distributed by segment?
SAN reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does SAN's revenue compare to industry peers?
Banco Santander, S.A. (SAN) with TTM revenue of $75.1B and -5.3% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.