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Banco Santander SAN

US equityMarket cap rank #72Banks - Diversified
$14.44
+$0.16 (+1.09%)
Market open · Sep 25, 3:00 pm ET
After hours $14.35 +0.46%
Open$14.36
Prev close$14.28
Day range$14.24 – $14.45
Volume6.10M
Market cap$209.26B
P/E (TTM)11.9
Dividend yield–

Fundamentals

Latest reported quarter: Q2, ended Jun 2026 · reported in EUR

Revenue€15.52B+8.3% YoY
Net profit€3.74B+0.5% YoY
Free cash flow-€10.76B-161.7% YoY
Operating cash flow-€8.88B

Revenue, last 8 quarters

€14.9BSep '24€15.8BDec '24€15.0BMar '25€14.3BJun '25€14.2BSep '25€15.0BDec '25€15.4BMar '26€15.5BJun '26

Net profit, last 8 quarters

€3.6BSep '24€3.6BDec '24€3.7BMar '25€3.7BJun '25€3.9BSep '25€4.1BDec '25€5.7BMar '26€3.7BJun '26

Diluted EPS by quarter

0.20Sep '240.20Dec '240.21Mar '250.22Jun '250.22Sep '250.24Dec '250.36Mar '26

Free cash flow by quarter

€4.2BSep '18€-334.0MDec '18€-11.9BMar '19€5.7BJun '19€24.5BMar '20€17.4BJun '20€34.9BMar '21€-10.8BJun '21

Annual revenue

€46.8BFY20€48.4BFY21€54.2BFY22€56.7BFY23€60.3BFY24€60.0BFY25

Profitability & balance sheet

Net margin27.3%
Return on equity16.1%
Return on assets0.9%
Liabilities / assets94.1%
Cash & investments€267.56B
Total debt€348.07B
Net cash (debt)-€80.51B

Where the revenue comes from

Quarter 2026/Q1

By business line

  • Retail & Commercial Banking€8.28B 54.1%
  • Openbank€3.26B 21.3%
  • Corporate & Investment Banking€2.38B 15.6%
  • Wealth Management & Insurance€1.00B 6.5%
  • Payment Solutions€383.00M 2.5%

This company reports in its own local currency, not U.S. dollars. Every figure below is labeled with its real currency, not automatically converted.

Income statement

Line item 2026 Q2
(EUR)
2026 Q1
(EUR)
2025 ANNUAL
(EUR)
2025 Q4
(EUR)
2025 Q3
(EUR)
Total Operating Revenue €15.52B €15.44B €60.02B €14.98B €14.18B
Net Interest Income €11.69B €11.02B €42.35B €10.79B €10.35B
-Interest Income €11.69B €25.25B €101.71B €10.79B €10.35B
Non-Interest Income €3.83B €4.43B €17.68B €4.19B €3.83B
-Fees and Commissions €3.49B €3.36B €12.37B €3.48B €3.16B
-Dividend Income €534.00M €90.00M €715.00M €156.00M €88.00M
-Other Non-Interest Income -€282.00M €312.00M €1.58B -€151.00M -€39.00M
-Gain Loss on Sale of Assets €81.00M €600.00M €886.00M €709.00M €621.00M
Credit Losses Provision -€3.37B -€3.19B -€12.52B -€3.17B -€2.85B
Non-Interest Expense €7.05B €7.52B €29.51B €7.04B €6.78B
Selling and Admin Expenses €5.57B €5.00B €21.47B €5.58B €5.22B
-General & Admin Expense €5.57B €4.88B €20.95B €5.58B €5.22B
Depreciation & Amortization & Depletion €839.00M €828.00M €3.18B €756.00M €796.00M
-Depreciation & Amortization €839.00M €828.00M €3.18B €756.00M €796.00M
Other Non-Interest Expenses €648.00M €1.53B €4.86B €710.00M €769.00M
Other Income (Expense) -€161.00M €295.00M €685.00M €158.00M €112.00M
Income from Associates & Other Participating Interests €163.00M €313.00M €665.00M €185.00M €148.00M
Special Income (Charges) -€324.00M -€18.00M €20.00M -€27.00M -€36.00M
-Less:Restructuring and Mergern & Acquisition €332.00M €0.00 -€22.00M €0.00 €0.00
-Less:Other Special Charges -€16.00M -€4.00M -€90.00M -€36.00M -€5.00M
-Less:Write Off €8.00M €5.00M €10.00M €63.00M €41.00M
Pretax Profit €4.93B €5.03B €18.68B €4.92B €4.66B
Tax €1.19B €1.25B €4.72B €1.16B €1.19B
Net Profit €3.74B €5.67B €15.50B €4.15B €3.89B
Profit from Continuing Operations €3.74B €3.78B €13.96B €3.76B €3.46B
Net Income from Discontinuous Operations €0.00 €1.90B €1.54B €390.00M €426.00M
Minority Interests €222.00M €219.00M €1.40B €383.00M €386.00M
Net Income to Parent Company €3.52B €5.46B €14.10B €3.76B €3.50B
Net Income to Common Stockholders €3.52B €5.46B €14.72B €3.76B €3.50B
-Interest Expense – €14.23B €59.36B – –
-Total Premiums Earned – €26.00M €91.00M – –
-Trading Gain Loss – €81.00M €1.02B – –
-Foreign Exchange Trading Gains – -€41.00M €407.00M – –
Occupancy and Equipment – €162.00M – – –
-Selling & Marketing Expense – €121.00M €517.00M – –
-Less:Impairment of Capital Assets – €17.00M €313.00M – –
Basic EPS – €0.36 €0.91 €0.24 €0.23
Diluted EPS – €0.36 €0.90 €0.24 €0.22
Dividend Per Share – €0.00 €0.22 €0.11 €0.00
-Investment Banking Profit – – €602.00M – –
-Gain on Sale of Business – – €231.00M – –
Preferred Stock Dividends – – -€622.00M – –

Balance sheet

Line item 2026 Q2
(EUR)
2026 Q1
(EUR)
2025 ANNUAL
(EUR)
2025 Q4
(EUR)
2025 Q3
(EUR)
Total Assets €1.95T €1.86T €1.87T €1.87T €1.84T
Cash, Cash Equivalents & Federal Funds Sold €267.56B €271.40B €246.29B €246.29B €281.37B
-Cash and Cash Equivalents €267.56B €271.40B €179.30B €179.30B €281.37B
Securities Investment €374.64B €350.27B €330.15B €330.15B €308.67B
-Trading Securities €136.79B €132.09B €120.60B €120.60B €109.89B
-Available for Sale Securities €175.28B €159.09B €191.25B €191.25B €136.69B
-Short Term Investments €62.57B €59.08B €18.31B €18.31B €62.09B
Long Term Equity Investment €7.72B €7.65B €7.05B €7.05B €7.35B
Derivative Assets €63.75B €68.41B €62.34B €62.34B €62.92B
Net Loan €1.15T €1.07T €1.06T €1.06T €1.07T
-Gross Loan €1.17T €1.09T €1.08T €1.08T €1.09T
-Allowance for Loans and Lease Losses €22.80B €22.22B €21.16B €21.16B €22.18B
Receivables €11.14B €9.72B €11.13B €11.13B €9.90B
-Other Receivables €11.14B €9.72B €11.13B €11.13B €9.90B
Net PPE €25.52B €25.76B €26.42B €26.42B €27.61B
-Gross PPE €25.52B €25.76B €43.19B €43.19B €27.61B
Goodwill and Other Intangible Assets €18.77B €17.53B €17.31B €17.31B €17.29B
-Goodwill €13.14B €12.25B €11.96B €11.96B €12.03B
-Other Intangible Assets €5.63B €5.28B €5.35B €5.35B €5.26B
Defined Pension Benefit €63.00M €65.00M €851.00M €851.00M €71.00M
Deferred Assets €20.34B €19.65B €18.94B €18.94B €18.92B
Assets Held for Sale €2.87B €2.86B €75.01B €75.01B €69.37B
Other Assets €12.93B €12.51B €5.63B €5.63B -€28.08B
Total Liabilities €1.84T €1.74T €1.75T €1.75T €1.73T
Total Deposits €1.13T €1.06T €992.40B €992.40B €1.03T
Derivative Product Liabilities €56.76B €63.91B €56.27B €56.27B €55.93B
Trading Liabilities €91.70B €95.13B €69.52B €69.52B €81.65B
Payables €3.82B €3.92B €12.46B €12.46B €3.54B
-Total Tax Payable €3.82B €3.92B €9.94B €9.94B €3.54B
Long Term Debt and Capital Lease Obligation €348.07B €328.62B €284.94B €284.94B €316.62B
-Long Term Debt €348.07B €328.62B €283.58B €283.58B €316.62B
Non-Current Liabilities €3.24B €3.00B €2.72B €2.72B €2.38B
Employee Benefits €2.67B €2.58B €2.65B €2.65B €2.58B
Non-Current Deferred Liabilities €5.97B €5.78B €5.90B €5.90B €5.92B
Liabilities of Discontinued Operations €0.00 €0.00 €63.00B €63.00B €59.06B
Other Liabilities €192.59B €181.88B €44.21B €44.21B €176.95B
Total Equity €115.90B €112.55B €112.75B €112.75B €109.91B
Stockholders' Equity €109.35B €106.03B €103.17B €103.17B €101.08B
Capital Stock €7.35B €7.35B €7.35B €7.35B €7.44B
-Common Stock €7.35B €7.35B €7.35B €7.35B €7.44B
Additional Paid-In Capital €36.79B €36.79B €36.79B €36.79B €38.49B
Retained Earnings €111.43B €107.94B €106.06B €106.06B €102.29B
Less: Treasury Stock €3.82B €2.68B €96.00M €96.00M €532.00M
Gains/Losses Not Affecting Retained Earnings -€42.76B -€43.71B -€47.20B -€47.20B -€46.89B
Other Equity Interests €355.00M €337.00M €273.00M €273.00M €271.00M
Minority Interests €6.55B €6.52B €9.58B €9.58B €8.84B
-Money Market Investments – – €67.00B €67.00B –
-Accumulated Depreciation – – -€16.78B -€16.78B –
Prepaid Assets – – €3.12B €3.12B –
Federal Funds Purchased and Securities Sold Under Agreement to Repurchase – – €170.43B €170.43B –
Short-Term Debt and Capital Lease Obligation – – €41.27B €41.27B –
-Current Debt – – €40.81B €40.81B –
-Current Capital Lease Obligation – – €466.00M €466.00M –
-Accounts Payable – – €2.52B €2.52B –
Current Accrued Expenses – – €9.02B €9.02B –
-Long Term Capital Lease Obligation – – €1.36B €1.36B –

Cash flow

Line item 2025 ANNUAL
(EUR)
2024 ANNUAL
(EUR)
2023 ANNUAL
(EUR)
2022 ANNUAL
(EUR)
2021 ANNUAL
(EUR)
Operating Cash Flow -€14.84B -€24.16B €5.02B €27.71B €56.69B
Net cash flow from continuing operations -€14.84B -€24.16B €5.02B €27.71B €56.69B
Net Income from Continuing Operations €15.50B €13.74B €12.18B €10.76B €9.65B
Depreciation & Depletion & Amortization €3.18B €3.18B €3.09B €2.99B €2.76B
Other Non-Cash Items €28.17B €25.18B €23.86B €20.99B €18.61B
Change in Working Capital -€56.73B -€60.38B -€28.90B -€1.53B €29.69B
-Change in Other Current Assets -€237.00M -€1.14B €565.00M -€1.54B €7.06B
-Change in Other Current Liabilities €298.00M -€6.95B €503.00M -€5.59B -€9.26B
-Change in Other Working Capital -€56.79B -€52.30B -€29.97B €5.60B €31.88B
Net cash flow from investing €534.00M -€3.71B -€5.37B -€3.90B -€3.72B
Net Cash Flow from Continuing Investing Activities €534.00M -€3.71B -€5.37B -€3.90B -€3.72B
Net PPE Purchase and Sale -€648.00M -€2.53B -€4.37B -€3.51B -€3.63B
Net Intangibles Purchase and Sale -€1.81B -€2.10B -€2.20B -€1.77B -€1.39B
Net Business Purchase and Sale -€133.00M -€63.00M -€389.00M -€50.00M -€134.00M
Net Investment Purchase and Sale €670.00M -€5.00M €675.00M €381.00M €546.00M
Net Other Investing Changes €2.45B €988.00M €917.00M €1.05B €894.00M
Financing Cash Flow -€14.20B -€5.51B -€2.06B -€9.96B -€1.32B
Net Cash Flow from Continuing Financing Activities -€14.20B -€5.51B -€2.06B -€9.96B -€1.32B
Net Issuance Payments of Debt -€6.54B €2.91B €4.08B -€2.17B €2.66B
Net Common Stock Issuance -€3.27B -€4.02B -€2.28B -€1.48B -€791.00M
Cash Dividends Paid -€3.34B -€3.02B -€2.26B -€1.85B -€1.31B
Net Other Financing Activities -€1.06B -€1.37B -€1.59B -€4.47B -€1.87B
Ending Cash Balance €154.80B €192.21B €220.34B €223.07B €210.69B
Net Change in Cash -€28.50B -€33.38B -€2.41B €13.84B €51.65B
Beginning Cash Balance €192.21B €220.34B €223.07B €210.69B €153.84B
Effect of Exchange Rate Changes -€8.91B €5.24B -€322.00M -€1.46B €5.20B
Free Cash Flow -€22.49B -€34.75B -€8.63B €16.87B €45.29B
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