Saturday 17 October 2026 Export SAN’s income statement to Excel — free account

Banco Santander, S.A.

Banco Santander, S.A.’s revenue for fiscal 2025 (year ended December 2025) was $133.5 billion, down 3.54% from fiscal 2024. In the quarter to June 2026, revenue grew 4.44%, EPS grew 8.00% and free cash flow fell 105.7%, each against the same quarter a year earlier.

13.30 0.16 −1.19%

Follow SAN

Alert me

Market cap: $195.8B
P/E: 10.7×
Fwd P/E: 10.1×
Dividend yield: 3.17%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 195,780.00

Revenue 135,392.88

Net Income 20,010.36

Free Cash Flow (44,363.67)

Net Debt 30,114.00

Current Ratio 0.24

Debt/Equity 3.89

P/E ratio 10.73

Fwd P/E 10.10

P/S ratio 1.38

P/B ratio 1.39

Past 5Y EPS Growth —

This Y EPS Growth 10.61%

Next Y EPS Growth 21.09%

Next Y revenue growth (46.31%)

Next 5Y EPS Growth 15.67%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 69.93%

10-year low 10-year high

P/S against its own 10 years 67.71%

10-year low 10-year high

P/B against its own 10 years 92.89%

10-year low 10-year high

Dividends

Payout Ratio 0.34

Annual Dividend Rate 0.42

Annual Dividend Yield 3.17%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.29	0.15 0.14
2025	0.26	0.12 0.13
2024	0.21	0.10 0.11
2023	0.15	0.07 0.09
2022	0.11	0.05 0.06
2021	0.09	0.03 0.06
2020	0.11	0.11
2019	0.25	0.07 0.07 0.11
2018	0.25	0.07 0.07 0.07 0.04
2017	0.33	0.06 0.06 0.10 0.07 0.04
2016	0.21	0.05 0.06 0.06 0.05

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	418,010	457,145	463,592	494,088
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	437,524	457,145	463,592	494,088

	2023	2024	2025	Q'26
Payables	1,133,351	1,142,628	1,298,787	2,070,304
ST’ Debt	—	—	—	—
Other	110,863	144,100	108,595	121,262
	1,244,214	1,286,728	1,407,382	2,070,304

Compound Annual Growth %

	10y	5y	3y
Sales	5.52%	15.04%	14.28%
Cash Flow	0.00%	0.00%	0.00%
Earnings	9.71%	0.00%	18.60%
Book Value	1.52%	4.11%	7.45%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	34,378	4,639	—	—	—
’25	32,724	4,442	16,744	79,631	133,541
’24	35,074	4,519	—	—	138,447
’23	29,455	3,886	3,964	91,936	129,242
’22	19,551	3,464	3,454	63,012	89,480
’21	17,104	3,693	14,069	35,525	70,391
’20	18,236	13,856	3,874	15,884	66,283

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(21,883)	(509)	—	—	—
’25	(19,083)	22,039	(12,095)	(7,646)	(16,784)
’24	(50,932)	(13,867)	12,977	—	(26,138)
’23	(18,316)	5,346	8,879	9,519	5,428
’22	(10,032)	17,893	35,226	(13,895)	29,191
’21	44,514	(10,723)	9,870	23,410	67,071
’20	29,192	—	69,882	—	75,567

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(21,868)	(1,214)	—	—	—
’25	(19,751)	21,473	(12,993)	(8,289)	(19,560)
’24	(52,441)	(15,218)	11,927	—	(31,150)
’23	(19,734)	3,578	7,224	7,251	(1,682)
’22	(11,167)	16,790	34,029	(16,027)	23,626
’21	42,802	(11,762)	8,841	21,249	61,131
’20	27,512	—	64,186	—	68,135

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.42	0.27	—	—	—
’25	0.22	0.25	0.26	0.28	1.03
’24	0.18	0.22	—	—	0.10
’23	0.16	0.17	0.19	0.18	0.70
’22	0.16	0.14	0.14	0.14	0.57
’21	0.10	0.13	0.14	0.14	0.52
’20	0.01	(0.72)	0.10	0.02	(0.51)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	3.60	5.25	4.21	3.65	1.78	2.92	2.26	2.97	3.83	4.43	Analyst estimates 2026–2028 Powerpack
	High	5.25	6.99	7.57	5.25	4.32	4.38	4.01	4.24	5.27	11.93
People
People	Employees	188,492	202,251	202,713	196,419	191,189	197,070	206,462	212,764	199,958	198,403
	Revenue/emp, $m	0.40	0.39	0.40	0.40	0.35	0.36	0.43	0.61	0.69	0.67
Income, $m
Income, $m	Revenue	75,580	79,234	80,790	79,219	66,283	70,391	89,480	129,242	138,447	133,541
	Gross margin, %	64.76	68.98	70.79	69.60	76.31	77.99	61.37	48.09	48.36	49.71
	EBT	11,916	13,666	16,771	14,048	(2,371)	17,211	16,067	17,814	20,589	21,136
	EBT margin, %	15.77	17.25	20.76	17.73	(3.58)	24.45	17.96	13.78	14.87	15.83
	Net income	8,284	9,276	11,001	9,090	(8,805)	11,420	11,341	13,186	14,872	17,537
	Depreciation	2,616	2,931	2,864	3,361	3,210	3,261	3,145	3,446	3,564	3,596
Per share, $
Per share, $	Revenue	4.95	4.86	4.72	4.58	3.83	3.80	5.31	7.99	0.89	8.97
	Earnings	0.43	0.43	0.50	0.39	(0.51)	0.52	0.57	0.70	0.10	1.03
	Cash flow	1.58	2.79	0.24	0.22	4.36	3.62	1.73	0.34	(0.17)	(1.13)
	Capex	(0.38)	(0.40)	(0.59)	(0.65)	(0.43)	(0.32)	(0.33)	(0.44)	(0.03)	(0.19)
	Free cash flow	1.20	2.39	(0.35)	(0.43)	3.93	3.30	1.40	(0.10)	(0.20)	(1.31)
	Book value	7.45	7.41	7.41	7.16	6.02	6.19	6.10	6.98	0.75	8.57
	Shares, m	15,263	16,300	17,100	17,310	17,316	18,548	16,848	16,172	154,976	14,890
Valuation, ×
Valuation, ×	P/E	12.78	15.42	8.95	8.11	0.00	6.45	5.17	5.96	5.92	11.50
	P/S	1.07	1.35	0.95	0.96	1.02	0.87	0.56	0.52	0.54	1.31
	P/B	0.71	0.88	0.60	0.72	0.53	0.53	0.49	0.60	0.63	1.37
	EV/Sales	12.87	3.36	3.49	3.19	1.24	(0.04)	1.08	0.99	(0.15)	0.84
	EV/FCF	31.78	5.46	(46.70)	1,519.90	0.75	(0.05)	4.10	(75.70)	0.42	(5.75)
Cash, $m
Cash, $m	Operating cash flow	24,149	45,425	4,034	3,796	75,567	67,071	29,191	5,428	(26,138)	(16,784)
	Capex	(5,835)	(6,530)	(10,068)	(11,258)	(7,432)	(5,940)	(5,565)	(7,110)	(5,012)	(2,775)
	Free cash flow	18,314	38,895	(6,034)	(7,463)	68,135	61,131	23,626	(1,682)	(31,150)	(19,560)
Balance, $m
Balance, $m	Working capital	1,036,308	353,394	(696,860)	(730,612)	(745,266)	(982,463)	(782,532)	(806,690)	(829,583)	(943,790)
	Total debt	1,144,935	460,830	513,178	464,740	510,512	323,509	452,596	477,891	480,251	401,455
	Net debt	891,983	159,247	205,196	160,810	192,894	(64,124)	46,288	59,880	23,106	(62,138)
	Shareholders’ equity	113,647	120,753	126,793	123,938	104,317	114,823	102,816	112,820	116,139	127,563
Returns, %
Returns, %	ROA	0.44	0.45	0.51	0.39	(0.62)	0.53	0.51	0.61	0.66	0.78
	ROIC	1.41	5.71	5.20	5.78	5.00	32.36	11.64	11.61	15.69	34.02
	ROE	5.82	6.00	6.92	5.29	(9.33)	8.77	8.79	10.62	11.30	13.09

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
BAC Bank of America Corporation	$361.5B	11.9×	12.0×	−0.94% (below 0%: shrinking)	−8.97% (below 0%: shrinking)	+418.04% (above 0%: growing)	62.72%	0.00%	Compare
HSBC HSBC Holdings plc	$324.0B	13.3×	—	−18.77% (below 0%: shrinking)	−24.07% (below 0%: shrinking)	+75.40% (above 0%: growing)	100.00%	0.00%	Compare
SMFG Sumitomo Mitsui Financial Group Inc	$311.3B	9.3×	—	+17.73% (above 0%: growing)	+85.19% (above 0%: growing)	−63.80% (below 0%: shrinking)	58.44%	0.00%	Compare
WFC Wells Fargo & Company	$248.4B	11.5×	11.7×	+4.25% (above 0%: growing)	+17.18% (above 0%: growing)	+160.40% (above 0%: growing)	65.75%	0.00%	Compare
MUFG Mitsubishi UFJ Financial Group, Inc.	$246.1B	17.0×	—	+21.62% (above 0%: growing)	+32.35% (above 0%: growing)	−145.30% (below 0%: shrinking)	61.56%	0.00%	Compare
C Citigroup Inc.	$206.7B	12.1×	12.2×	+4.08% (above 0%: growing)	+52.35% (above 0%: growing)	+33.24% (above 0%: growing)	52.26%	0.00%	Compare
SAN Banco Santander, S.A.	$195.8B	10.7×	10.1×	+4.44% (above 0%: growing)	+8.00% (above 0%: growing)	−105.65% (below 0%: shrinking)	100.00%	0.00%
UBS UBS Group AG	$146.3B	15.5×	14.4×	−40.29% (below 0%: shrinking)	+21.33% (above 0%: growing)	−53.01% (below 0%: shrinking)	100.00%	0.00%	Compare
BBVA Banco Bilbao Viscaya Argentaria S.A.	$141.0B	11.7×	7.7×	+23.54% (above 0%: growing)	+19.23% (above 0%: growing)	+439.38% (above 0%: growing)	100.00%	0.00%	Compare
Median of peers	$247.2B	12.0×	12.0×	+4.17%	+20.28%	+54.32%	64.24%	0.00%

All 14 Banks Diversified stocks →

Banco Santander, S.A. (SAN) key facts

Concern: Banco Santander, S.A.’s revenue for fiscal 2025 (year ended December 2025) was $133.5 billion, down 3.54% from fiscal 2024.
Banco Santander, S.A. (SAN) is a Banks Diversified company in the Financial sector, traded in the US as an ADR.
As of October 16, 2026, SAN traded at $13.30, a market capitalization of $195.8 billion.
Banco Santander, S.A. pays an annual dividend of $0.42 per share, a yield of 3.17%, with a payout ratio of 34.3%.
Return on equity was 13.1% and debt-to-equity 3.89.
Its Piotroski F-score is 5 out of 9 for fiscal 2025.