Itaú Unibanco Holding S.A. (ITUB) Earnings
Itaú Unibanco Holding S.A. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $0.22. ITUB has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -4.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.22 | $0.20 | -9.1% | $8.9B | -5.6% |
| Feb 4, 2026 | $0.20 | $0.17 | -15.0% | $16.7B | +85.9% |
| May 8, 2025 | $0.16 | $0.18 | +12.5% | $16.3B | +113.5% |
| Feb 7, 2023 | $0.16 | $0.15 | -6.3% | $15.9B | +120.4% |
| Nov 10, 2022 | $0.16 | $0.16 | +0.0% | $12.5B | +81.5% |
| Feb 10, 2022 | $0.12 | $0.13 | +8.3% | $10.4B | +80.6% |
| Nov 4, 2021 | $0.13 | $0.13 | +0.0% | $5.4B | -13.8% |
| May 4, 2021 | $0.11 | $0.12 | +9.1% | $27.5B | +16.1% |
| Feb 1, 2021 | $0.11 | $0.13 | +18.2% | $35.1B | +17.9% |
| Nov 3, 2020 | $0.10 | $0.10 | +0.0% | $24.3B | -0.3% |
| May 4, 2020 | $0.13 | $0.08 | -38.5% | $11.8B | -56.6% |
| Feb 10, 2020 | $0.18 | $0.22 | +22.2% | $32.0B | +27.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2025 · February 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Client centricity, cultural and digital transformation ongoing. • Risk management as competitive advantage, integrated across business areas. • Strict capital allocation discipline. • Technology platform modernization with decommissioning of legacy systems and cloud-based data mesh. • Strategic cost management with efficiency ratio improving. • Stakeholder satisfaction: eNPS 83, consolidated NPS record highs. • Retail banking: migrated 15M clients to Super App, strong product launches. • Insurance: recurring results up 130% from 2021. • Corporate: BRL 1T transaction volume in acquiring, market leadership in fixed income. • Wholesale: leadership in various areas, Infrastructure and Energy segment growth. • Wealth Management: BRL 4.1T assets under management, open platform growth.
Guidance
• 2026 total credit portfolio growth expected 5.5%-9.5%, Brazil 6.5%-10.5%. • Net interest income with clients growth 5%-9%, market NII BRL 2.5B-BRL 5.5B. • Cost of credit BRL 38.5B-BRL 43.5B. • Commissions, fees and insurance growth 5%-9%. • Noninterest expenses growth 1.5%-5.5%. • Effective tax rate 29.5%-32.5%.
Segment performance
The loan portfolio grew by 40% during the period. ROE rose from 19.3% in 2021 to 23.4% in 2025. Efficiency ratio improved from 44% to 38.8%. Net income was BRL 46.8 billion in 2025 with value creation of BRL 18.5 billion. Loan portfolio reached BRL 1,490.8 billion. Net interest margin with clients grew 8.6% year-over-year. Services and insurance totaled BRL 15.6 billion. Efficiency ratio was 38.9% consolidated and 36.9% in Brazil.
Risks & headwinds
• Macroeconomic uncertainties, including election-related volatility. • Interest rate changes impacting portfolio and margins. • Competition from incumbent peers and fintechs. • Potential impact on delinquency if interest rates don't adjust as expected.
Analyst Q&A
Q: Concerns about profitability and capital leverage.
A: ROI expected to remain strong, capital allocation disciplined with buffer for flexibility.
Q: Efficiency and future investments.
A: Investments in technology to drive productivity and growth, mix of investments in new businesses and process improvement.
Q: Credit growth guidance and segments.
A: Growth guidance reflects uncertainty, segments expected to grow with quality and discipline.
Q: Delinquency and 2026 outlook.
A: Delinquency indicators well behaved, no major concerns but dynamic scenario possible.
Q: AI impact on costs and revenues.
A: AI to drive efficiency and revenue growth through improved client experience and scalability.
Q: Government programs and AI potential.
A: Government programs like FGI impact, AI as key enabler for future growth.