Banco Santander, S.A. Sponsored ADR (SAN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.29	$0.29	0.0%	—	$15.5B	—
Q1 26	$0.29	$0.27	-6.9%	—	$15.4B	—
Q2 25	$0.25	$0.25	0.0%	—	$14.3B	—
Q1 25	$0.23	$0.24	+4.3%	—	$16.1B	—
Q4 24	$0.19	$0.21	+10.5%	—	$18.7B	—
Q3 24	$0.22	$0.22	0.0%	—	$17.3B	—
Q2 24	$0.22	$0.22	0.0%	—	$15.5B	—
Q1 24	$0.19	$0.18	-5.3%	—	$16.5B	—
Q4 23	$0.19	$0.2	+5.3%	—	$14.4B	—
Q3 23	$0.17	$0.18	+5.9%	—	$14.7B	—
Q2 23	$0.17	$0.18	+5.9%	—	$13.9B	—
Q1 23	—	$0.16	—	—	$14.8B	—
Q4 22	—	$0.13	—	—	$13.3B	—
Q3 22	—	$0.14	—	—	$13.3B	—
Q2 22	—	$0.14	—	—	$12.6B	—
Q1 22	—	$0.16	—	—	$12.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.91	—	—	$60B	—
FY24	—	$0.77	—	—	$75.5B	—
FY23	—	$0.65	—	—	$59.9B	—
FY22	—	$0.54	—	—	$54.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$45.7B	$49.6B	$49.7B	$51.1B	$46.8B	$48.4B	$54.2B	$59.9B	$75.5B	$60B
YoY change	-3.38%	+8.54%	+0.17%	+2.78%	-8.43%	+3.53%	+12%	+10.4%	+26%	-20.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	45.7B	49.6B	49.7B	51.1B	46.8B	48.4B	54.2B	59.9B	75.5B	60B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	18.3B	19.8B	19.8B	19.8B	17.8B	18.1B	20.4B	21.7B	26.2B	21.5B
Operating expenses	18.3B	19.8B	19.8B	19.8B	17.8B	18.1B	20.4B	21.7B	26.2B	21.5B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	10.8B	12.1B	14.2B	12.5B	-2.1B	14.5B	15.3B	16.5B	22.5B	18.7B
Income tax	3.3B	3.9B	4.9B	4.4B	5.6B	4.9B	4.5B	4.3B	6.2B	4.7B
Net income	7.5B	8.2B	9.3B	8.1B	-7.7B	9.7B	10.8B	12.2B	16.2B	15.5B
Net margin	16.4%	16.5%	18.7%	15.9%	-16.5%	19.9%	19.9%	20.3%	21.5%	25.8%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	0.39	0.39	0.43	0.35	-0.54	0.44	0.54	0.65	0.77	0.91
Diluted EPS	0.39	0.39	0.43	0.35	-0.54	0.44	0.54	0.65	0.77	0.9

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	14.7B	14.4B	16.5B	15.5B	17.3B	18.7B	16.1B	14.3B	14.2B	15B	15.4B	15.5B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.3B	5.4B	5.4B	5.2B	6B	6.6B	5.3B	5.3B	5.2B	5.6B	5B	5.6B
Operating expenses	5.3B	5.4B	5.4B	5.2B	6B	6.6B	5.3B	5.3B	5.2B	5.6B	5B	5.6B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	4.4B	3.9B	4.6B	4.9B	5.7B	5.4B	5.2B	4.4B	4.7B	4.9B	5B	4.9B
Income tax	1.3B	724M	1.5B	1.4B	1.5B	1.2B	1.4B	1B	1.2B	1.2B	1.3B	1.2B
Net income	3.2B	3.2B	3.1B	3.5B	4.2B	4.2B	3.7B	3.7B	3.9B	4.1B	5.7B	3.7B
Net margin	21.6%	22.2%	18.9%	22.4%	24%	22.5%	23.3%	26%	27.4%	27.7%	36.7%	24.1%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	0.17	0.18	0.17	0.2	0.2	0.2	0.21	0.22	0.23	0.24	0.36	—
Diluted EPS	0.17	0.17	0.17	0.2	0.2	0.2	0.21	0.22	0.22	0.24	0.36	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	75.2B	101.4B	—	68.2B	51B	54.8B	48B	64.5B	—	—	—
Enterprise value	76.1B	32B	—	85.5B	98.3B	39.8B	60.2B	107B	—	—	—
Shares outstanding	14.5B	15.5B	17.5B	16.5B	16.7B	16.7B	16.3B	15.6B	18.3B	14.9B	14.9B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10	12.4	—	8.4	—	5.68	4.46	5.29	—	—	—
P/S	1.65	2.04	—	1.33	1.09	1.13	0.88	1.08	—	—	—
P/B	0.73	0.95	—	0.62	0.56	0.57	0.49	0.62	—	—	—
EV/Sales	1.67	0.65	—	1.67	2.1	0.82	1.11	1.79	—	—	—
Earnings yield	9.96%	8.1%	—	11.9%	—	17.6%	22.4%	18.9%	—	—	—
FCF yield	17.9%	30.8%	—	-15.8%	113.1%	82.6%	35.2%	-13.4%	—	—	—

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Net margin	16.4%	16.5%	18.7%	15.9%	-16.5%	19.9%	19.9%	20.3%	21.5%	25.8%	25.8%
ROE	7.29%	7.68%	8.68%	7.33%	-8.44%	9.95%	11%	11.7%	12.8%	13.7%	13.7%
ROA	—	—	—	—	—	—	—	—	0.75%	0.83%	0.83%
Return on tangible assets	—	—	—	—	—	—	—	—	0.76%	0.85%	0.85%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	2.23	2.04	2.3	2.41	2.61	2.57	2.9	2.98	3.05	2.89	2.89
Debt / assets	—	—	—	—	—	—	—	—	0.18	0.17	0.17
Effective tax rate	30.5%	32.1%	34.4%	35.3%	0%	33.6%	29.4%	26%	27.8%	25.3%	25.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.15	3.2	2.84	3.1	2.8	2.9	3.33	3.85	4.12	4.03	4.03
EPS (basic)	0.39	0.39	0.43	0.35	-0.54	0.44	0.54	0.65	0.77	0.91	0.91
EPS (diluted)	0.39	0.39	0.43	0.35	-0.54	0.44	0.54	0.65	0.77	0.9	0.9
Book value per share	7.08	6.89	6.13	6.72	5.47	5.82	6	6.7	6.93	7.57	7.57
FCF per share	0.93	2.01	-0.5	-0.65	3.45	2.72	1.04	-0.55	-2.24	-1.51	-1.51
Cash per share	15.7	18.5	14.8	15.2	11.4	15.8	16.7	17.2	15.3	13.3	13.3
Capex per share	0.27	0.27	0.4	0.53	0.32	0.22	0.22	0.28	0.16	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	8.67%	8.55%	14.2%	17%	11.5%	7.51%	6.47%	7.3%	3.96%	—	—
Capex / operating cash flow	7.53%	5.53%	104.4%	145%	7.77%	5.98%	10.6%	42.7%	-13.8%	—	—
Payout ratio	30.8%	32.5%	33.5%	46.5%	0%	13.6%	17.2%	18.6%	22%	21.6%	21.6%
Dividend yield	3.07%	2.63%	—	5.54%	0%	2.39%	3.85%	3.51%	—	—	—

Yield

—

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.147

ex-dividend May 4, 2026

Payout ratio

22%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 4, 2026	$0.147
Apr 30, 2025	$0.1152
Oct 31, 2024	$0.1116

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$14.7B	$14.4B	$16.5B	$15.5B	$17.3B	$18.7B	$16.1B	$14.3B	$14.2B	$15B	$15.4B	$15.5B
YoY change	+10.6%	+8.1%	+11.3%	+11.3%	+17.6%	+29.8%	-2.6%	-7.48%	-18%	-19.9%	-3.79%	+8.28%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	227.9B	287.5B	259.7B	249.7B	190.9B	264B	270.8B	268.4B	280.6B	197.6B
Receivables	636M	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	20.8B	20.6B	24.6B	34.3B	31.8B	32.3B	33B	32.9B	36.9B	26.4B
Goodwill & intangibles	58.8B	57.4B	57.1B	55.4B	31.8B	33.2B	37.3B	39.7B	45.5B	34.6B
Total assets	—	—	—	—	—	—	—	—	2.2T	1.9T
Accounts payable	2.1B	2.6B	2B	1.9B	2B	2.4B	3B	3.3B	2.9B	2.5B
Short-term debt	—	—	—	766M	594M	690M	707M	46.8B	44.7B	41.3B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	228.9B	218.2B	246.8B	266.3B	237.7B	248.3B	282.3B	264.2B	342.6B	284.9B
Total liabilities	—	—	—	—	—	—	—	—	2T	1.8T
Shareholders' equity	102.7B	106.8B	107.4B	110.7B	91.3B	97.1B	97.6B	104.2B	126.9B	112.7B
Total debt	228.9B	218.2B	246.8B	267.1B	238.3B	249B	283B	311B	387.3B	326.2B
Net debt	131B	81.4B	106.6B	138.6B	65.3B	14.2B	35.7B	64.1B	129.8B	146.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	419.9B	268.4B	368.7B	342.6B	419.6B	280.6B	376.1B	272.3B	343.5B	197.6B	330.5B	330.1B
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	33.4B	32.9B	33.3B	32.8B	36.6B	36.9B	30B	28.2B	27.6B	26.4B	25.8B	25.5B
Goodwill & intangibles	39.3B	39.7B	39.8B	38.7B	44.1B	45.5B	38.3B	34.5B	34.6B	34.6B	35.1B	37.5B
Total assets	—	—	1.8T	1.8T	2.1T	2.2T	1.8T	1.8T	1.8T	1.9T	1.9T	2T
Accounts payable	—	3.3B	—	—	—	2.9B	—	—	—	2.5B	—	—
Short-term debt	—	46.8B	—	—	—	44.7B	—	—	—	41.3B	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	301.3B	264.2B	316.6B	311.9B	372.4B	342.6B	318.2B	312B	316.6B	284.9B	328.6B	348.1B
Total liabilities	—	—	—	1.7T	2T	2T	1.7T	1.7T	1.7T	1.8T	1.7T	1.8T
Shareholders' equity	102.9B	104.2B	105B	103.6B	121.5B	126.9B	110.5B	109B	109.9B	112.7B	112.5B	115.9B
Total debt	301.3B	311B	316.6B	311.9B	372.4B	387.3B	318.2B	312B	316.6B	326.2B	328.6B	348.1B
Net debt	-40.6B	64.1B	23.4B	42.3B	34.7B	129.8B	25.7B	102.9B	35.3B	146.9B	57.2B	80.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	7.5B	8.2B	9.3B	8.1B	-7.7B	9.7B	10.8B	12.2B	16.2B	15.5B
Depreciation & amortization	2.4B	2.6B	2.4B	3B	2.8B	2.8B	3B	3.2B	3.9B	3.2B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	23.1B	44.6B	-24.3B	-26.1B	39B	29.7B	-1.5B	-28.9B	-71.4B	-56.7B
Operating cash flow	52.6B	76.7B	6.8B	6B	69.1B	60.7B	33.2B	10.2B	-21.6B	-14.8B
Capital expenditure	-4B	-4.2B	-7.1B	-8.7B	-5.4B	-3.6B	-3.5B	-4.4B	-3B	—
Investing cash flow	-12B	-2.5B	4.6B	-5.9B	-6.1B	-2.3B	-2.1B	-3.2B	-1.9B	3B
Dividends paid	-2.3B	-2.7B	-3.1B	-3.8B	0	-1.3B	-1.8B	-2.3B	-3.6B	-3.3B
Share repurchases	-1.4B	-1.3B	-1B	-928M	-758M	-1.6B	-2B	-3.1B	-5.7B	-4.1B
Financing cash flow	-5.7B	4.2B	-3.3B	-10.1B	-1.9B	-1.3B	-10B	-2.1B	-6.5B	-14.2B
Net change in cash	34.9B	78.4B	8.1B	-10B	61.1B	57.1B	21.1B	5B	-30B	-26.1B
Free cash flow	13.5B	31.2B	-8.8B	-10.8B	57.6B	45.3B	16.9B	-8.6B	-41.1B	-22.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21
Net income	2.1B	2.4B	2.4B	2.2B	1.8B	647M	-11B	2B	583M	2B	2.5B	2.6B
Depreciation & amortization	604M	557M	651M	747M	730M	729M	690M	681M	710M	683M	698M	683M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	4.3B	-404M	-2B	-16.8B	-171M	20.6B	10.5B	7.8B	-5M	29.7B	-16B	2.3B
Operating cash flow	12.3B	7.9B	4.8B	-9.3B	8.6B	27.1B	18.2B	16B	7.8B	37.2B	-7.9B	10.2B
Capital expenditure	-1.6B	-2.3B	-2.3B	-1.3B	-1.9B	-1.3B	-407M	-2.4B	-1.3B	-1.1B	-579M	-636M
Investing cash flow	-669M	-2B	-471M	641M	-1.8B	-1.8B	-424M	-2.9B	-968M	-882M	-203M	-417M
Dividends paid	-968M	-1B	-133M	-1.1B	-1.1B	0	0	0	0	0	-477M	0
Share repurchases	-227M	-198M	-204M	-317M	-205M	-313M	-141M	-102M	-202M	-209M	-195M	-146M
Financing cash flow	-2B	-1.5B	-976M	-2.8B	-3.5B	-1.4B	-462M	-459M	408M	-617M	331M	-901M
Net change in cash	9.6B	4.4B	3.4B	-11.5B	3.3B	23.9B	17.3B	12.7B	7.2B	35.7B	-7.7B	8.9B
Free cash flow	8.5B	4.2B	-334M	-11.9B	5.7B	24.5B	17.4B	11.5B	4.2B	34.9B	-10.8B	7.2B

Date	Ratio
Nov 12, 2020	1:1
Jan 11, 2012	47:46
Jun 21, 1999	2:1
Aug 18, 1998	102:100
Jul 6, 1998	2:1
Jun 23, 1997	3:1

Banco Santander, S.A. Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history