Banco Santander, S.A. (SAN) Earnings
Banco Santander, S.A. is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $0.29. SAN has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -11.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.29 | $0.27 | -6.9% | $17.7B | +0.3% |
| Feb 4, 2026 | $0.25 | $0.21 | -16.0% | $15.0B | +2.4% |
| Oct 29, 2025 | $0.25 | $0.23 | -8.0% | $14.2B | -10.8% |
| Jul 30, 2025 | $0.26 | $0.22 | -15.4% | $16.9B | +10.6% |
| Apr 30, 2025 | $0.22 | $0.22 | +0.0% | $13.7B | -12.6% |
| Feb 5, 2025 | $0.21 | $0.21 | +1.7% | $16.4B | +5.5% |
| Jul 24, 2024 | $0.22 | $0.22 | +0.0% | $16.3B | -2.6% |
| Jan 31, 2024 | $0.19 | $0.18 | -5.6% | $15.8B | +0.1% |
| Oct 25, 2023 | $0.17 | $0.18 | +6.2% | $15.5B | +0.3% |
| Jul 26, 2023 | $0.17 | $0.18 | +6.7% | $15.2B | -1.4% |
| Feb 2, 2023 | $0.13 | $0.14 | +7.7% | $14.4B | -0.5% |
| Oct 26, 2022 | $0.12 | $0.14 | +16.7% | $13.0B | +1.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · October 29, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Management Statement and Operational Highlights - **Record Performance**: Q3 was a record quarter with quarterly profit at EUR 3.5 billion, 9 months '25 being the best ever, driven by strong revenue growth across global businesses. - **ONE Transformation**: Making progress towards a simpler and more integrated model, enabling efficiency gains, RoTE at 16.1%, balance sheet solid with CET1 ratio at 13.1%. - **Customer Base**: Customer base increased by 7 million y-o-y to 178 million, driven by enhanced customer experience via global platforms. - **Share Buybacks**: Accelerated share buybacks with target to distribute at least EUR 10 billion through 2025-2026.
Guidance
### Guidance - **RoTE**: Target of around 16.5% post-AT1, with Q3 RoTE at 16.1% and expecting strong Q4 performance to reach the target. - **Revenue**: Reiterates guidance of around EUR 62 billion in revenue for 2025. - **Share Buybacks**: Upgraded target to distribute at least EUR 10 billion to shareholders through share buybacks for 2025-2026, subject to regulatory approvals.
Segment performance
### Segment Performance - **Retail**: Profit grew high single-digit year-on-year. Revenue rose in most countries, NII grew year-on-year excluding Argentina, fees up 5% supported by higher customer activity, digitalization, and improved customer journeys. - **Consumer**: Profit grew 6% year-on-year in a challenging context, driven by NII growth and solid cost of risk performance, especially in the U.S. Integration of Santander Consumer Finance and Openbank in Europe, Zinia growth. - **CIB**: Profit up 10% year-on-year, supported by solid fee growth across business lines and 27% revenue growth in Global Markets. RoTE around 20%. - **Wealth**: Profit rose 21% with double-digit fee growth across businesses, efficiency improved 1.3 percentage points, RoTE close to 70%. - **Payments**: Revenue up double-digit, profit growth over 60%, PagoNxt EBITDA margin to 32%, already above 2025 Investor Day target.
Risks & headwinds
### Risks - **Litigation**: Uncertainties around U.K. AXA and U.K. motor finance provisions, with ongoing legal matters and lack of certainty on final scope and timing. - **Brazil Economy**: Challenging rate environment and potential impacts on credit quality despite derisking efforts. - **Argentina**: Hyperinflation, high real rates, and FX challenges affecting lending and potential bond portfolio impacts. - **Regulatory**: Regulatory and supervisory charges, some postponed to 2026 with mixed impacts on capital.
Analyst Q&A
Q: Looking to the RoTE target of 16.5% for 2025, what are the main drivers for acceleration in Q4?
A: Driven by seasonality higher fees, increased momentum from ONE Transformation execution, and expectations of strong performance with revenue around EUR 62 billion, lower cost, and cost of risk around 1.15%.
Q: On credit quality in Brazil, how should we think about cost of risk?
A: Cost of risk in Brazil was 4.5% in Q3, back to normalized levels, with expectations to finish the year within the range of 4.7% to 4.8%.
Q: On capital, are regulatory headwinds still on track for around 20 basis points for the rest of the year?
A: Regulatory and supervisory charges are expected to be around 20-25 basis points for the year, with some charges postponed to 2026 and technical notes more favorable than anticipated.
Q: On NII in Spain, can you update the guidance and margin dynamics?
A: NII in Spain is better than expected, with expectations of continued growth in Q4 and positive outlook for 2026 as rates start to come down.
Q: On litigation provisions, any additional details on U.K. AXA and U.K. motor finance?
A: U.K. AXA case is ongoing with no material impact expected, and U.K. motor finance has uncertain redress scheme implications with no material impact foreseen for the group.
Q: On net interest income outlook in Brazil, what about volume growth and rate sensitivity?
A: Interest rates expected to come down, with positive impact on NII over medium term, and Brazil loan book diversification mitigating some risks.
Q: On costs, pipeline of countries for Gravity platform rollout and cost outlook for 2026?
A: Mexico migrated in Q3, with other large markets to follow, and 2026 expected to be challenging but with costs expected to be flat or down due to ONE Transformation simplification and automation efforts.
Q: On corporate tax rate, what should we expect for the full year?
A: Group tax rate expected to be around 27% for the year, with lower rates in the U.S. and Brazil but not significantly deviating from initial expectations.
Q: On credit in Mexico and Brazil, details on model updates and corporate exposure?
A: Mexico portfolios performing well with model updates having no material impact, Brazil corporates under control with no material risks foreseen, and Argentina facing significant economic challenges.
Q: On capital and share buybacks, details on Q4 capital benefit and payout mix?
A: Q4 expected to have net risk-weighted asset growth close to 0, and share buybacks remain a good value proposition for shareholders given improving profitability and capital productivity.