Banco Santander S.A. (SAN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 6-K for FY2025, filed Apr 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SAN SEC filings page.
This page shows Banco Santander S.A. (SAN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Banco Santander S.A. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Banco Santander S.A. passes 3 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass.
Key Financial Metrics
Earnings & Revenue
Banco Santander S.A. reported $16.5B in net income in fiscal year 2025. This represents an increase of 27.1% from the prior year.
Banco Santander S.A. earned $1.06 per diluted share (EPS) in fiscal year 2025. This represents an increase of 32.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Banco Santander S.A. recorded an outflow of $24.3B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Banco Santander S.A. held $178.7B in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
Banco Santander S.A.'s ROE was 12.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Banco Santander S.A. spent $4.8B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 14.6% from the prior year.
Banco Santander S.A. invested $6.9B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.9% from the prior year.
Not reported for fiscal year 2025.
SAN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY256-K | FY246-K | FY236-K | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $89.2B+14.0% | $78.3B+0.2% | $78.1B |
| Gross Profit | $68.4B+13.9% | $60.1B+0.7% | $59.7B+7.0% | $55.8B+6.2% | $52.5B-3.0% | $54.2B-2.0% | $55.3B-0.4% | $55.5B | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | $28.3B-0.1% | $28.3B-2.8% | $29.1B-0.8% | $29.4B-3.6% | $30.5B+24.9% | $24.4B | N/A |
| EBITDA | N/A | N/A | N/A | N/A | $31.4B-1.1% | $31.7B-2.3% | $32.5B+1.1% | $32.2B-4.3% | $33.6B+24.9% | $26.9B | N/A |
| Interest Expense | $69.7B+3.2% | $67.5B-0.1% | $67.6B+92.5% | $35.1B+136.9% | $14.8B-11.9% | $16.8B-30.4% | $24.1B+5.4% | $22.9B-12.4% | $26.1B+2.9% | $25.4B-4.1% | $26.5B |
| Income Tax | $5.5B+10.5% | $5.0B+16.8% | $4.3B-10.6% | $4.8B-13.4% | $5.5B-19.6% | $6.9B+38.6% | $5.0B-11.2% | $5.6B+19.9% | $4.7B+34.8% | $3.5B+44.1% | $2.4B |
| Net Income | $16.5B+27.1% | $13.0B+6.2% | $12.3B+19.2% | $10.3B+11.8% | $9.2Bn/m | -$10.7B-246.7% | $7.3B-18.2% | $8.9B+12.4% | $8.0B+21.6% | $6.5B+1.0% | $6.5B |
| EPS (Basic) | $1.06+33.1% | $0.80+10.3% | $0.72+25.5% | $0.58+16.3% | $0.50n/m | -$0.66-268.9% | $0.39-20.9% | $0.49+1.4% | $0.49+14.8% | $0.42-1.9% | $0.43 |
| EPS (Diluted) | $1.06+32.9% | $0.80+10.4% | $0.72+25.3% | $0.57+16.4% | $0.49n/m | -$0.66-269.4% | $0.39-21.0% | $0.49+1.4% | $0.48+15.1% | $0.42-2.1% | $0.43 |
| Diluted Shares (Avg) | 14.98B-3.8% | 15.57B-4.2% | 16.25B-3.9% | 16.90B-2.4% | 17.32B0.0% | 17.32B+1.5% | 17.06B+1.2% | 16.85B+9.1% | 15.45B+5.1% | 14.70B+2.3% | 14.38B |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses, SG&A Expenses.
SAN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY256-K | FY246-K | FY236-K | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.2T+15.3% | $1.9T-4.3% | $2.0T+7.1% | $1.9T+2.7% | $1.8T-2.1% | $1.8T+7.9% | $1.7T+2.3% | $1.7T-3.7% | $1.7T+22.9% | $1.4T-2.9% | $1.5T |
| Cash & Equivalents | $178.7B-10.2% | $199.0B-18.4% | $243.7B+2.1% | $238.6B+0.1% | $238.5B+26.7% | $188.1B+65.8% | $113.5B-12.9% | $130.2B-2.4% | $133.4B+65.4% | $80.7B-4.4% | $84.4B |
| Inventory | $8.2M+32.3% | $6.2M-19.8% | $7.7M-34.2% | $11.8M+73.3% | $6.8M+11.1% | $6.1M+8.9% | $5.6M-96.7% | $168.4M-92.9% | $2.4B+100.5% | $1.2B+7.1% | $1.1B |
| Goodwill | $14.0B+0.9% | $13.9B-10.3% | $15.5B+5.5% | $14.7B+2.2% | $14.4B-5.7% | $15.3B-44.0% | $27.2B-6.7% | $29.2B-5.8% | $31.0B+9.9% | $28.2B-3.7% | $29.3B |
| Total Liabilities | $2.1T+15.0% | $1.8T-4.4% | $1.9T+6.9% | $1.8T+3.2% | $1.7T-2.1% | $1.7T+9.3% | $1.6T+2.4% | $1.5T-3.7% | $1.6T+23.2% | $1.3T-3.2% | $1.3T |
| Total Equity | $132.3B+19.1% | $111.1B-3.7% | $115.3B+10.5% | $104.4B-5.0% | $109.8B-1.6% | $111.7B-18.5% | $137.1B+0.9% | $135.9B-2.8% | $139.8B+25.0% | $111.8B+4.3% | $107.2B |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt, Retained Earnings.
SAN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY256-K | FY246-K | FY236-K | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$17.4Bn/m | -$25.0B-550.7% | $5.5B-81.3% | $29.6B-53.8% | $64.2B-20.7% | $80.9B+2026.4% | $3.8B-2.8% | $3.9B-91.9% | $48.3B+109.8% | $23.0B+273.5% | $6.2B |
| Depreciation & Amortization | $3.7B+13.3% | $3.3B-3.6% | $3.4B+6.9% | $3.2B+2.4% | $3.1B-9.2% | $3.4B+2.0% | $3.4B+21.3% | $2.8B-10.9% | $3.1B+25.0% | $2.5B-5.0% | $2.6B |
| Capital Expenditures | $6.9B-21.9% | $8.8B-30.6% | $12.7B+30.5% | $9.7B-14.4% | $11.3B+25.5% | $9.0B-37.0% | $14.3B+16.6% | $12.3B+37.2% | $9.0B+29.2% | $6.9B-16.7% | $8.3B |
| Free Cash Flow | -$24.3Bn/m | -$33.8Bn/m | -$7.1B-135.7% | $19.9B-62.3% | $52.8B-26.5% | $71.9Bn/m | -$10.5Bn/m | -$8.4B-121.3% | $39.4B+144.6% | $16.1Bn/m | -$2.2B |
| Investing Cash Flow | $626.7Mn/m | -$3.8Bn/m | -$5.9Bn/m | -$4.2Bn/m | -$4.2Bn/m | -$8.8Bn/m | -$8.1B-325.0% | $3.6Bn/m | -$4.8Bn/m | -$14.5Bn/m | -$6.8B |
| Financing Cash Flow | -$16.7Bn/m | -$5.7Bn/m | -$2.3Bn/m | -$10.7Bn/m | -$1.5Bn/m | -$2.3Bn/m | -$11.4Bn/m | -$3.8B-174.8% | $5.1Bn/m | -$6.1B-162.3% | $9.7B |
| Dividends Paid | $3.9B+25.6% | $3.1B+24.9% | $2.5B+26.5% | $2.0B+33.0% | $1.5Bn/m | $0-100.0% | $4.2B+18.6% | $3.6B+11.5% | $3.2B+31.5% | $2.4B+49.8% | $1.6B |
| Share Buybacks | $4.8B+14.6% | $4.2B+21.5% | $3.4B+56.8% | $2.2B+17.8% | $1.9B+100.8% | $927.0M-11.0% | $1.0B-11.4% | $1.2B-25.3% | $1.6B+8.1% | $1.5B-58.4% | $3.5B |
Not reported in any period shown, so not listed: Stock-Based Compensation.
SAN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY256-K | FY246-K | FY236-K | FY2220-F | FY2120-F | FY2020-F | FY1920-F | FY1820-F | FY1720-F | FY1620-F | FY1520-F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 34.2%+3.0pp | 31.2% | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.9%+0.6pp | 8.4%+0.1pp | 8.3% |
| Return on Equity | 12.5%+0.8pp | 11.7%+1.1pp | 10.6%+0.8pp | 9.8%+1.5pp | 8.4%+18.0pp | -9.6%-14.9pp | 5.3%-1.2pp | 6.6%+0.9pp | 5.7%-0.2pp | 5.9%-0.2pp | 6.0% |
| Return on Assets | 0.8%+0.1pp | 0.7%+0.1pp | 0.6%+0.1pp | 0.5%0.0pp | 0.5%+1.1pp | -0.6%-1.0pp | 0.4%-0.1pp | 0.5%+0.1pp | 0.5%0.0pp | 0.5%0.0pp | 0.4% |
| Liabilities-to-Equity | 15.56-0.6x | 16.12-0.1x | 16.24-0.5x | 16.78+1.3x | 15.44-0.1x | 15.52+4.0x | 11.56+0.2x | 11.40-0.1x | 11.50-0.2x | 11.67-0.9x | 12.57 |
| Asset Turnover | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.050.0x | 0.060.0x | 0.05 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 44.1%+23.6pp | 20.6%+23.3pp | -2.8% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, Debt-to-Equity.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Banco Santander S.A. SAN | FY2025 | N/A | $16.5B | N/A | $192.1B | — |
| Toronto Dominion Bank TD | FY2025 | $48.4B | $14.7B | 30.3% | $203.6B | 41/100 |
| Citigroup Inc. C | FY2025 | $85.2B | $14.3B | 16.8% | $207.7B | 31/100 |
| Mitsubishi UFJ Financial Group, Inc. MUFG | FY2026 | $43.6B | $10.9B | 24.9% | $245.0B | 32/100 |
| UBS Group AG UBS | FY2025 | $49.6B | $7.8B | 15.7% | $146.7B | 31/100 |
| Sumitomo Mitsui Financial Group, Inc. SMFG | FY2025 | N/A | $3.2B | N/A | $153.8B | — |
Where Banco Santander S.A. Ranks
Frequently Asked Questions
Is Banco Santander S.A. profitable?
Yes, Banco Santander S.A. (SAN) reported a net income of $16.5B in fiscal year 2025.
What is Banco Santander S.A.'s return on equity (ROE)?
Banco Santander S.A. (SAN) has a return on equity of 12.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Banco Santander S.A.'s free cash flow?
Banco Santander S.A. (SAN) recorded an outflow of $24.3B in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Banco Santander S.A.'s operating cash flow?
Banco Santander S.A. (SAN) recorded an outflow of $17.4B in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Banco Santander S.A.'s total assets?
Banco Santander S.A. (SAN) had $2.2T in total assets as of fiscal year 2025, including both current and long-term assets.
What are Banco Santander S.A.'s capital expenditures?
Banco Santander S.A. (SAN) invested $6.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Banco Santander S.A.'s liabilities-to-equity ratio?
Banco Santander S.A. (SAN) had a liabilities-to-equity ratio of 15.56 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Banco Santander S.A.'s return on assets (ROA)?
Banco Santander S.A. (SAN) had a return on assets of 0.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Banco Santander S.A.'s P/E ratio?
Banco Santander S.A. (SAN) trades at 11.6x earnings, its market capitalization divided by $16.5B net income, FY2025. The market capitalization is $192.1B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Banco Santander S.A.'s price-to-sales ratio?
Banco Santander S.A. (SAN) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $192.1B as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Banco Santander S.A.'s Piotroski F-Score?
Banco Santander S.A. (SAN) has a Piotroski F-Score of 3 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.