NYSE : SAN
Banco Santander, S.A. — Financial statements
Financials · Banks - Diversified · Spain
Last price 11.19 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 162.26B
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Financial statements
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 78.93B | 76.25B | 80.99B | 74.80B | 59.21B | 40.47B |
| Interest Income on Investments | 27.80B | 26.18B | 28.73B | 27.51B | 12.70B | 6.50B |
| Total Interest Income | 106.72B | 102.42B | 109.72B | 102.31B | 71.92B | 46.98B |
| Interest Paid on Deposits | 60.48B | 59.36B | 65.22B | 61.09B | 32.81B | 13.09B |
| Net Interest Income | 46.25B | 43.06B | 44.50B | 41.22B | 39.11B | 33.88B |
| Income From Trading Activities | 278.00M | 1.02B | 1.34B | 2.32B | 842.00M | 1.14B |
| Gain (Loss) on Sale of Assets | 77.00M | 226.00M | 341.00M | 292.00M | 19.00M | 10.00M |
| Gain (Loss) on Sale of Investments | 1.59B | 986.00M | 1.26B | 181.00M | 1.24B | 922.00M |
| Gain (Loss) on Sale of Equity Investments | 907.00M | 665.00M | 687.00M | 591.00M | 702.00M | 432.00M |
| Other Non-Interest Income | 13.84B | 13.48B | 12.01B | 10.94B | 10.86B | 9.92B |
| Total Non-Interest Income | 16.53B | 16.29B | 15.45B | 14.32B | 13.70B | 12.51B |
| Revenues Before Loan Losses | 62.78B | 59.35B | 59.95B | 55.53B | 52.80B | 46.40B |
| Provision for Loan Losses | 13.15B | 12.52B | 12.14B | 12.27B | 10.86B | 7.39B |
| Revenue | 49.63B | 46.84B | 47.81B | 43.26B | 41.95B | 39.01B |
| Salaries and Employee Benefits | 14.09B | 13.63B | 13.82B | 13.28B | 12.55B | 11.22B |
| Occupancy Expenses | 3.21B | 3.18B | 3.18B | 3.09B | 2.98B | 2.76B |
| Selling, General & Administrative | 7.41B | 7.36B | 7.59B | 7.70B | 7.81B | 6.88B |
| Other Non-Interest Expense | 4.01B | 3.28B | 4.03B | 3.01B | 2.46B | 2.85B |
| Total Non-Interest Expense | 28.72B | 27.45B | 28.62B | 27.07B | 25.81B | 23.71B |
| EBT Excluding Unusual Items | 20.92B | 19.39B | 19.18B | 16.19B | 16.14B | 15.30B |
| Asset Writedown | -565.00M | -237.00M | -609.00M | -188.00M | -215.00M | -215.00M |
| Other Unusual Items | -638.00M | -464.00M | -1.23B | -977.00M | -674.00M | |
| Pretax Income | 19.71B | 18.68B | 17.35B | 15.01B | 15.25B | 14.55B |
| Income Tax Expense | 4.80B | 4.72B | 4.84B | 3.88B | 4.49B | 4.89B |
| Earnings From Continuing Operations | 14.91B | 13.96B | 12.50B | 11.12B | 10.76B | 9.65B |
| Earnings From Discontinued Operations | 2.29B | 1.54B | 1.24B | 1.06B | ||
| Minority Interest in Earnings | -1.03B | -1.40B | -1.17B | -1.11B | -1.16B | -1.53B |
| Net Income | 16.17B | 14.10B | 12.57B | 11.08B | 9.61B | 8.12B |
| Preferred Dividends & Other Adjustments | 655.00M | 622.00M | 620.00M | 492.00M | 529.00M | 566.00M |
| Net Income to Common | 15.51B | 13.48B | 11.95B | 10.58B | 9.08B | 7.56B |
| Basic Shares Outstanding | 14.50B | 14.89B | 15.50B | 16.17B | 16.85B | 17.27B |
| Diluted Shares Outstanding | 14.59B | 14.98B | 15.57B | 16.25B | 16.90B | 17.32B |
| EPS (Basic) | 1.07 | 0.91 | 0.77 | 0.65 | 0.54 | 0.44 |
| EPS (Diluted) | 1.06 | 0.90 | 0.77 | 0.65 | 0.54 | 0.44 |
| Dividend Per Share | 0.25 | 0.24 | 0.21 | 0.18 | 0.12 | 0.10 |
| Effective Tax Rate | 24.34% | 25.28% | 27.92% | 25.86% | 29.42% | 33.64% |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 19.48B | 16.95B | 21.29B | 20.41B | 22.24B | 17.59B |
| Investment Securities | 266.25B | 218.31B | 216.00B | 195.54B | 166.45B | 184.92B |
| Trading Asset Securities | 326.47B | 261.45B | 240.24B | 188.11B | 166.88B | 135.56B |
| Total Investments | 592.72B | 479.76B | 456.24B | 383.64B | 333.33B | 320.49B |
| Gross Loans | 1.27T | 1.10T | 1.12T | 1.12T | 1.10T | 999.55B |
| Allowance for Loan Losses | -24.22B | -21.16B | -22.12B | -22.79B | -22.68B | -22.96B |
| Net Loans | 1.25T | 1.08T | 1.09T | 1.10T | 1.08T | 976.59B |
| Property, Plant & Equipment | 25.59B | 26.42B | 31.21B | 32.93B | 33.04B | 32.34B |
| Goodwill | 18.92B | 11.96B | 13.44B | 14.02B | 13.74B | 12.71B |
| Other Intangible Assets | 7.21B | 5.35B | 5.82B | 5.85B | 4.90B | 3.87B |
| Investments in Real Estate | 889.00M | 1.02B | 875.00M | 956.00M | 1.03B | 979.00M |
| Other Receivables | 11.44B | 11.13B | 11.43B | 10.62B | 9.20B | 5.76B |
| Restricted Cash | 142.85B | 135.33B | 170.91B | 199.93B | 200.83B | 193.10B |
| Other Current Assets | 373.00M | 75.65B | 4.40B | 3.16B | 3.37B | 3.05B |
| Long-Term Deferred Tax Assets | 20.94B | 18.94B | 19.17B | 20.77B | 20.79B | 19.44B |
| Other Real Estate Owned & Foreclosed | 2.46B | 2.49B | 2.62B | 2.77B | 3.10B | 3.65B |
| Other Long-Term Assets | 11.45B | 5.81B | 5.76B | 6.17B | 7.38B | 6.26B |
| Total Assets | 2.10T | 1.87T | 1.84T | 1.80T | 1.73T | 1.60T |
| Accounts Payable | 1.45B | 1.45B | 1.78B | 1.56B | 1.48B | |
| Accrued Expenses | 811.00M | 9.74B | 9.73B | 9.88B | 10.52B | 9.08B |
| Interest Bearing Deposits | 1.30T | 413.90B | 447.83B | 462.96B | 428.36B | 376.70B |
| Non-Interest Bearing Deposits | 688.93B | 707.42B | 697.34B | 718.37B | 711.38B | |
| Total Deposits | 1.30T | 1.10T | 1.16T | 1.16T | 1.15T | 1.09T |
| Short-Term Borrowings | 68.92B | 56.54B | 62.72B | 58.57B | 74.26B | 59.55B |
| Current Portion of Long-Term Debt | 89.59B | 85.53B | 93.44B | 81.85B | 61.91B | |
| Current Portion of Leases | 466.00M | 526.00M | 586.00M | 707.00M | 690.00M | |
| Current Income Taxes Payable | 4.09B | 3.66B | 3.32B | 3.85B | 3.04B | 2.19B |
| Other Current Liabilities | 156.53B | 190.94B | 102.70B | 79.31B | 57.75B | 32.41B |
| Long-Term Debt | 354.32B | 234.80B | 239.99B | 215.14B | 198.49B | 184.25B |
| Long-Term Leases | 1.36B | 1.68B | 1.81B | 1.92B | 2.17B | |
| Pension & Post-Retirement Benefits | 2.59B | 2.65B | 2.65B | 3.10B | 3.34B | 4.43B |
| Long-Term Deferred Tax Liabilities | 5.65B | 5.90B | 6.28B | 6.09B | 6.43B | 6.46B |
| Other Long-Term Liabilities | 94.36B | 54.85B | 57.94B | 58.95B | 50.48B | 46.09B |
| Total Liabilities | 1.98T | 1.75T | 1.73T | 1.69T | 1.64T | 1.50T |
| Common Stock | 7.28B | 7.34B | 7.58B | 8.09B | 8.40B | 8.67B |
| Additional Paid-In Capital | 35.16B | 36.79B | 40.08B | 44.37B | 46.27B | 47.98B |
| Retained Earnings | 104.57B | 95.19B | 85.56B | 76.38B | 68.32B | 61.51B |
| Treasury Stock | -1.53B | -96.00M | -68.00M | -1.08B | -675.00M | -894.00M |
| Comprehensive Income & Other | -33.96B | -36.06B | -34.55B | -32.34B | -33.21B | -30.34B |
| Total Common Equity | 111.51B | 103.17B | 98.60B | 95.42B | 89.10B | 86.93B |
| Minority Interest | 6.89B | 9.58B | 8.73B | 8.82B | 8.48B | 10.12B |
| Shareholders' Equity | 118.40B | 112.75B | 107.33B | 104.24B | 97.58B | 97.05B |
| Total Liabilities & Equity | 2.10T | 1.87T | 1.84T | 1.80T | 1.73T | 1.60T |
| Total Debt | 423.24B | 382.75B | 390.44B | 369.55B | 357.23B | 308.57B |
| Net Cash (Debt) | -77.29B | -104.35B | -128.91B | -161.03B | -168.10B | -122.16B |
| Net Cash Per Share | -5.30 | -6.97 | -8.28 | -9.91 | -9.94 | -7.05 |
| Filing Date Shares Outstanding | 14.17B | 14.68B | 15.14B | 15.89B | 16.55B | 17.06B |
| Total Common Shares Outstanding | 14.17B | 14.68B | 15.14B | 15.89B | 16.55B | 17.06B |
| Book Value Per Share | 7.87 | 7.03 | 6.51 | 6.01 | 5.38 | 5.09 |
| Tangible Book Value | 85.38B | 85.86B | 79.34B | 75.55B | 70.46B | 70.35B |
| Tangible Book Value Per Share | 6.02 | 5.85 | 5.24 | 4.76 | 4.26 | 4.12 |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 16.17B | 14.10B | 12.57B | 11.08B | 9.61B | 8.12B |
| Depreciation & Amortization | 1.50B | 1.46B | 1.63B | 1.79B | 1.96B | 1.83B |
| Other Amortization | 1.72B | 1.72B | 1.55B | 1.29B | 1.02B | 922.00M |
| Change in Trading Asset Securities | -57.02B | -19.19B | -70.83B | -14.74B | -1.40B | 39.83B |
| Change in Other Net Operating Assets | 24.57B | -37.54B | 10.46B | -14.17B | -134.00M | -10.15B |
| Other Operating Activities | 18.98B | 24.61B | 20.47B | 19.75B | 16.65B | 16.12B |
| Operating Cash Flow | 5.91B | -14.84B | -24.16B | 5.01B | 27.71B | 56.69B |
| Capital Expenditures | -5.86B | -5.85B | -8.49B | -11.45B | -9.07B | -10.02B |
| Sale of Property, Plant and Equipment | 13.86B | 7.66B | 6.95B | 7.99B | 6.61B | 7.28B |
| Cash Acquisitions | -10.27B | -187.00M | -71.00M | -1.27B | -784.00M | -140.00M |
| Investment in Securities | 252.00M | 670.00M | -5.00M | 675.00M | 381.00M | 546.00M |
| Divestitures | 8.04B | 54.00M | 8.00M | 885.00M | 734.00M | 6.00M |
| Purchase / Sale of Intangibles | -1.64B | -1.80B | -2.10B | -2.20B | -1.77B | -1.39B |
| Other Investing Activities | -2.52B | |||||
| Investing Cash Flow | 1.87B | 534.00M | -3.71B | -5.37B | -3.90B | -3.71B |
| Long-Term Debt Issued | 2.29B | 7.00B | 7.01B | 119.00M | 5.34B | |
| Long-Term Debt Repaid | -8.82B | -4.10B | -2.93B | -2.29B | -2.68B | |
| Net Debt Issued (Repaid) | -1.24B | -6.54B | 2.90B | 4.08B | -2.17B | 2.66B |
| Issuance of Common Stock | 1.22B | 815.00M | 765.00M | 825.00M | 573.00M | 854.00M |
| Repurchase of Common Stock | -8.92B | -4.08B | -4.79B | -3.11B | -2.05B | -1.65B |
| Common Dividends Paid | -157.00M | |||||
| Total Dividends Paid | -3.50B | -3.34B | -3.02B | -2.26B | -1.85B | -1.31B |
| Other Financing Activities | -620.00M | -1.06B | -1.37B | -1.59B | -4.47B | -1.87B |
| Financing Cash Flow | -13.07B | -14.20B | -5.51B | -2.06B | -9.96B | -1.32B |
| Foreign Exchange Rate Adjustments | 2.42B | -8.91B | 5.24B | -322.00M | -1.46B | 5.20B |
| Net Cash Flow | -2.87B | -37.41B | -28.13B | -2.73B | 12.38B | 56.85B |
| Free Cash Flow | 49.00M | -20.69B | -32.65B | -6.43B | 18.64B | 46.68B |
| Free Cash Flow Margin | 0.10% | -44.17% | -68.29% | -14.87% | 44.44% | 119.66% |
| Free Cash Flow Per Share | 0.00 | -1.38 | -2.10 | -0.40 | 1.10 | 2.69 |
| Cash Interest Paid | 57.74B | 57.74B | 61.09B | 50.95B | 23.39B | |
| Cash Income Tax Paid | 6.27B | 4.95B | 5.88B | 5.21B | 5.50B | 4.01B |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 161.97B | 173.55B | 69.99B | 66.35B | 49.57B | 57.09B |
| Last Close Price | 11.19 | 11.52 | 4.38 | 3.86 | 2.67 | 2.90 |
| PE Ratio | 9.45 | 10.97 | 5.66 | 5.67 | 5.11 | 6.64 |
| PS Ratio | 2.87 | 3.16 | 1.41 | 1.39 | 1.11 | 1.29 |
| PB Ratio | 1.20 | 1.31 | 0.63 | 0.58 | 0.47 | 0.52 |
| P/FCF Ratio | 2,960.30 | 2.49 | 1.07 | |||
| P/OCF Ratio | 24.55 | 11.97 | 1.67 | 0.89 | ||
| Debt / Equity Ratio | 3.58 | 3.40 | 3.64 | 3.54 | 3.66 | 3.18 |
| Debt / FCF Ratio | 8,637.61 | 19.16 | 6.61 | |||
| Net Debt / Equity Ratio | 0.65 | 0.93 | 1.20 | 1.54 | 1.72 | 1.26 |
| Net Debt / FCF Ratio | 1,577.43 | -5.04 | -3.95 | -25.04 | 9.02 | 2.62 |
| Return on Equity (ROE) | 13.06% | 12.68% | 11.82% | 11.02% | 11.06% | 10.25% |
| Return on Assets (ROA) | 0.76% | 0.75% | 0.69% | 0.63% | 0.65% | 0.62% |
| Earnings Yield | 10.58% | 9.54% | 18.60% | 18.45% | 20.71% | 16.18% |
| FCF Yield | 0.03% | -14.00% | -48.30% | -10.71% | 40.19% | 92.98% |
| Dividend Yield | 1.88% | 2.38% | 4.70% | 4.66% | 4.20% | 3.40% |
| Payout Ratio | 17.56% | 23.69% | 23.99% | 20.41% | 19.24% | 16.16% |
| Buyback Yield / Dilution | 3.33% | 3.80% | 4.18% | 3.88% | 2.41% | -0.03% |
| Total Shareholder Return | 5.20% | 6.19% | 8.88% | 8.54% | 6.61% | 3.37% |