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Itau Unibanco Holding S.A.

ITUB Financial Banks Regional

Itau Unibanco Holding S.A.’s revenue for fiscal 2025 (year ended December 2025) was $69.3 billion, up 23.4% from fiscal 2024.

Revenue
+9.19%
EPS
+25.9%
Free cash flow
+584.7%
Total debt
+19.6%

Quarter to June 2026, against a year earlier

7.31 0.03 +0.41%
Market cap
$39.4B
P/E
9.3×
Fwd P/E
—
Dividend yield
5.94%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 3.77
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 4 — — 1 — 1 — —
Insider Ownership 51.01%

Capital & Financial Ratios $m

Size
Market Cap 39,400.00
Revenue ttm 73,088.96
Net income ttm 9,099.01
Free cash flow ttm 29,037.62
Net debt Q 5,639.00
Valuation
P/E 9.32
Forward P/E —
Price / sales 1.10
Forward P/S Powerpack
Price / FCF 2.77
Price / book 1.79
Financial health
Current ratio Q 1.08
Debt / equity Q 2.44
Interest coverage Q —
Growth
Revenue growth Q +9.19% (above 0%: growing)
Operating income growth Q +65.71% (above 0%: growing)
EPS, this year +16.19% (at or above 15%: strong)
EPS, next year A +9.38%
Revenue, next year A —
EPS, past 5 yrs +17.13% (at or above 15%: strong)
EPS, next 5 yrs A +12.24%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 53.21%
10-year low 10-year high
P/S against its own 10 years 50.90%
10-year low 10-year high
P/B against its own 10 years 74.92%
10-year low 10-year high

Dividends

Yield
5.94%
Annual rate
0.43
Payout ratio
56.8%
Growth, 2018–26
+4.35%/yr
  1. 0.03 ’18
  2. 0.41 ’19 +1317
  3. 0.23 ’20 −44
  4. 0.09 ’21 −61
  5. 0.18 ’22 +100
  6. 0.24 ’23 +37
  7. 0.03 ’24 −87
  8. 0.43 ’25 +1293
  9. 0.04 ’26 −91
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 145,713 276,001 225,032 104,619
Receivables — — — —
Inventory — — — —
Other — — — —
344,161 482,619 439,729 344,663
2023 2024 2025 Q'26
Payables 190,556 195,549 199,604 224,515
ST’ Debt — — — —
Other 795 809 1,153 1,151
264,953 269,622 279,428 318,525

Compound Annual Growth %

10y 5y 3y
Sales 3.12% 15.52% 8.10%
Cash Flow 0.00% (11.76%) (37.41%)
Earnings 0.22% 16.99% 11.77%
Book Value 1.01% 5.14% 3.89%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 0.22 Actual 0.21

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 0.20 0.17 Miss by 0.03
Mar 2026 0.22 0.20 Miss by 0.02
Jun 2026 0.22 0.21 Miss by 0.01
Sep 2026 0.22 0.21 Miss by 0.01
Dec 2026 0.23 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.20 0.21 — — —
’25 0.17 0.17 0.18 0.17 0.72
’24 0.18 0.18 0.17 0.17 0.68
’23 0.12 0.16 0.15 0.17 0.59
’22 0.11 0.13 0.14 0.12 0.51
’21 0.10 0.14 0.11 0.11 0.44
’20 0.07 0.06 0.08 0.15 0.33
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 17,099 19,804 — — —
’25 15,010 18,137 17,881 18,305 69,333
’24 16,146 16,514 13,092 10,428 56,179
’23 14,573 14,986 16,421 16,759 62,738
’22 12,505 12,448 14,550 15,385 54,889
’21 7,980 7,769 8,777 11,733 36,259
’20 9,875 8,359 7,007 8,468 33,709
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 10,557 14,519 — — —
’25 (2,000) 2,385 13,915 (8,127) 6,173
’24 9,687 (621) (7,008) (747) 1,311
’23 8,658 2,993 7,211 (3,340) 15,522
’22 5,697 12,357 5,584 1,536 25,174
’21 (2,359) 4,450 3,146 5,900 11,138
’20 6,828 6,076 (874) (488) 11,541
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 9,754 14,150 — — —
’25 (2,301) 2,066 13,598 (8,464) 4,899
’24 9,387 (928) (7,286) (1,071) 101
’23 8,238 2,633 6,870 (3,995) 13,746
’22 5,373 11,910 5,282 1,064 23,630
’21 (2,557) 4,136 2,338 5,587 9,504
’20 6,590 5,885 (1,079) (760) 10,636
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 61,293 59,312 41,576 48,916 33,709 36,259 54,889 62,738 56,179 69,333 73,089 +1.4% — — — —
Gross margin, % 55.50 58.64 53.53 60.65 57.67 64.58 51.12 49.48 44.80 43.34 44.92 (12.2) pt
EBT 10,950 10,088 8,374 7,917 1,015 7,825 7,270 7,952 8,817 9,000 10,334 (2.2%)
EBT margin, % 17.86 17.01 20.14 16.18 3.01 21.58 13.25 12.67 15.69 12.98 14.14 (4.9) pt
Net income 6,761 7,601 8,263 7,048 2,922 5,260 5,954 6,786 7,811 8,212 9,099 +2.2%
Per share, $
Per share, $ Revenue 5.53 5.37 3.78 4.43 3.05 3.27 4.94 5.65 5.07 6.26 6.63 +1.4%
Earnings 0.56 0.68 0.59 0.60 0.34 0.45 0.52 0.60 0.69 0.73 0.78 +2.9%
Cash flow 0.78 0.24 0.56 0.81 1.04 1.01 2.27 1.40 0.12 0.56 2.80 (3.7%)
Capex (0.05) (0.10) (0.07) (0.09) (0.08) (0.15) (0.14) (0.16) (0.11) (0.11) (0.17) +9.6%
Free cash flow 0.73 0.15 0.50 0.71 0.96 0.86 2.13 1.24 0.01 0.44 2.63 (5.5%)
Book value 3.49 4.19 3.74 3.43 2.71 2.75 3.09 3.59 3.70 3.48 4.09 0.0%
Shares, m 11,086 11,053 11,011 11,036 11,058 11,077 11,102 11,102 11,090 11,078 11,051 0.0%
Valuation, ×
Valuation, × P/E 8.57 9.52 10.48 10.59 12.02 7.35 7.48 10.01 6.36 10.17 9.32 9.3
P/S 0.92 1.20 1.73 1.48 1.43 1.01 0.77 1.06 0.86 1.14 1.10 1.2
P/B 1.46 1.54 1.75 1.91 1.60 1.20 1.24 1.67 1.18 2.06 1.79 1.6
EV/Sales (0.77) (1.08) 0.06 (0.34) (2.21) (1.80) (0.03) 0.17 (2.36) (0.65) — (0.9)
EV/FCF (5.83) (38.58) 0.45 (2.14) (7.01) (6.85) (0.08) 0.79 (1,307.37) (9.26) — (137.6)
Cash, $m
Cash, $m Operating cash flow 8,690 2,707 6,213 8,926 11,541 11,138 25,174 15,522 1,311 6,173 30,864 (3.7%)
Capex (558) (1,054) (725) (1,048) (905) (1,633) (1,544) (1,775) (1,209) (1,274) (1,826) +9.6%
Free cash flow 8,132 1,653 5,488 7,877 10,636 9,504 23,630 13,746 101 4,899 29,038 (5.5%)
Balance, $m
Balance, $m Working capital 123,523 145,581 72,913 129,168 101,640 99,624 87,645 79,208 212,998 160,301 26,139 +2.9%
Net debt (104,961) (136,278) (70,737) (90,361) (123,497) (101,777) (44,388) (55,872) (180,920) (124,660) 5,639 +1.9%
Shareholders’ equity 38,651 46,355 41,168 37,874 29,978 30,477 34,351 39,870 41,026 38,520 45,126 0.0%
Returns, %
Returns, % ROA 1.72 1.79 1.56 1.64 0.91 1.28 1.38 1.38 1.47 1.49 1.55 (0.2) pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12.72 0.0 pt
ROE 18.15 17.61 15.57 17.38 10.81 16.40 17.75 17.87 18.83 20.20 21.16 +2.1 pt
People
People Employees 94,779 99,332 100,335 94,881 96,540 99,598 99,598 95,702 96,219 92,470 — (0.3%)
Revenue/emp, $m 0.65 0.60 0.41 0.52 0.35 0.36 0.55 0.66 0.58 0.75 — +1.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Itau Unibanco Holding S.A. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FITB Fifth Third Bancorp $48.3B 18.1× 17.7× +36.55% (above 0%: growing) 0.00% −26.19% (below 0%: shrinking) 72.77% 0.00% Compare
KB KB Financial Group Inc $39.5B 9.7× — +25.89% (above 0%: growing) +12.12% (above 0%: growing) +482.05% (above 0%: growing) 61.64% 0.00% Compare
ITUB Itau Unibanco Holding S.A. $39.4B 9.3× — +9.19% (above 0%: growing) +25.86% (above 0%: growing) +584.73% (above 0%: growing) 46.42% 0.00%
MTB M&T Bank Corporation $31.7B 11.4× 11.3× −0.64% (below 0%: shrinking) +4.74% (above 0%: growing) +52.44% (above 0%: growing) 74.37% 0.00% Compare
HBAN Huntington Bancshares Incorporated $31.5B 12.5× 12.1× +27.35% (above 0%: growing) −17.07% (below 0%: shrinking) +53.14% (above 0%: growing) 67.89% 0.00% Compare
SHG Shinhan Financial Group Co Ltd $29.2B 8.5× 7.3× +27.14% (above 0%: growing) +10.37% (above 0%: growing) +120.93% (above 0%: growing) 63.24% 0.00% Compare
BBDO Banco Bradesco SA $28.5B 5.2× — +16.65% (above 0%: growing) +44.44% (above 0%: growing) +1,455.10% (above 0%: growing) 34.57% 0.00% Compare
BAP Credicorp Ltd. $27.6B 12.9× 11.7× +12.23% (above 0%: growing) +16.83% (above 0%: growing) +76.09% (above 0%: growing) 82.34% 0.00% Compare
CFG Citizens Financial Group, Inc. $26.8B 12.8× 12.0× +5.83% (above 0%: growing) +33.96% (above 0%: growing) −75.86% (below 0%: shrinking) 71.05% 0.00% Compare
Median of peers $30.4B 12.0× 11.9× +21.27% +11.25% +64.62% 69.47% 0.00%

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