SAN

MKT CAP:$175B

Banco Santander, S.A.

Market Cap

$175B

Financial Services·Banks - Diversified·🇪🇸 Spain·NYSE

Financials·Banks·🇪🇸·NYSE

Stock Price

$11.92-$0.15 (-1.24%)

Apr 24, 2026

Company Details

Banco Santander, S.A. provides various retail and commercial banking products and services to individuals, small and medium-sized enterprises, and large companies worldwide. It offers demand and time deposits, and current and savings accoun...

CEO

Hector Blas Grisi Checa

IPO Date

Jul 30, 1987

Website

www.santander.com

Key Metrics TTM

Revenue

$89.7B

-2.4% YoY

Net Income

$16.2B

EPS (Diluted)

$1.02

Free Cash Flow

$23.5B

Revenue / Share

$5.72

Gross Margin

63.0%

Operating Margin

24.9%

Net Margin

18.1%

FCF Margin

26.2%

P/S

2.0x

P/E

10.8x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 27, 2026

$140.2B-7.7%EPS $1.02

Q4 2025

Feb 27, 2026

$17.5B-5.3%EPS $0.28

Q2 2025

Jul 30, 2025

$16.8B-7.5%EPS $0.26

Q1 2025

Apr 30, 2025

$36.9B-6.4%EPS $0.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$17.5B	$9.7B	-$9.7B
Q4 21	$19.3B	$12.8B	$4.5B
Q1 22	$20.7B	$12.3B	$4.9B
Q2 22	$14.8B	$3.1B	$4.4B
Q3 22	$15.5B	$11.9B	$4.5B
Q4 22	$15.6B	-$769M	$4.1B
Q1 23	$33.1B	$13.4B	$4.5B
Q2 23	$16.3B	$12.8B	$5.0B
Q4 23	$16.8B	$12.8B	$4.6B
Q1 24	$39.4B	$15.6B	$5.4B
Q2 24	$18.1B	$14.1B	$5.8B
Q3 24	$17.5B	$14.0B	$5.8B
Q4 24	$18.5B	$14.8B	$5.4B
Q1 25	$36.9B	$15.1B	$6.1B
Q2 25	$16.8B	$12.7B	$5.2B
Q4 25	$17.5B	$13.8B	$5.8B

Valuation

Quarter	P/S	P/E
Q2 20	0.5x	—
Q4 21	0.8x	—
Q1 22	0.8x	—
Q2 22	0.8x	—
Q3 22	0.8x	4.9x
Q4 22	0.8x	4.9x
Q1 23	0.9x	6.0x
Q2 23	0.8x	5.5x
Q4 23	0.9x	5.9x
Q1 24	0.7x	6.0x
Q2 24	0.9x	5.7x
Q3 24	0.9x	5.8x
Q4 24	0.8x	5.0x
Q1 25	1.2x	7.1x
Q2 25	1.5x	8.7x
Q4 25	1.9x	10.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$21.8B	$20.4B
Q4 21	$0	$0
Q1 22	$0	$0
Q2 22	$0	$0
Q3 22	$1.9B	$1.9B
Q4 22	$1.8B	$1.8B
Q1 23	$1.8B	$1.8B
Q2 23	$1.9B	$1.9B
Q4 23	$10.3B	$5.1B
Q1 24	-$54.8B	-$57.9B
Q2 24	-$15.5B	-$18.0B
Q3 24	$15.3B	$13.5B
Q4 24	$26.9B	$24.2B
Q1 25	-$21.2B	-$23.5B
Q2 25	$24.2B	$22.8B
Q4 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q2 20	$1.4B
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q4 23	$5.1B
Q1 24	$3.0B
Q2 24	$2.5B
Q3 24	$1.7B
Q4 24	$2.7B
Q1 25	$2.3B
Q2 25	$1.4B
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	-17.9%	+59.1%
Q4 21	-8.1%	-19.7%
Q1 22	-1.9%	-4.8%
Q2 22	-25.2%	-40.7%
Q3 22	-11.1%	-59.4%
Q4 22	-19.3%	-22.5%
Q1 23	+59.5%	+80.3%
Q2 23	+10.1%	+8.6%
Q4 23	+8.4%	+11.0%
Q1 24	+153.3%	+196.5%
Q2 24	-45.3%	-56.8%
Q3 24	+7.4%	+3.7%
Q4 24	+9.8%	+7.0%
Q1 25	-6.4%	-9.5%
Q2 25	-7.5%	-6.1%
Q4 25	+0.2%	+0.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 20	$5.6B	—
Q4 21	$6.0B	$171M
Q1 22	$5.1B	$141M
Q2 22	$5.5B	$168M
Q3 22	$5.7B	$166M
Q4 22	$6.0B	$178M
Q1 23	$5.7B	$159M
Q2 23	$5.9B	$191M
Q4 23	$6.1B	$171M
Q1 24	$6.1B	$163M
Q2 24	$6.0B	$160M
Q3 24	$5.9B	$145M
Q4 24	$6.4B	$164M
Q1 25	$6.0B	$159M
Q2 25	$6.2B	—
Q4 25	$6.5B	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$343.0B	$161.9B	$505.0B
Q2 22	$355.7B	$160.4B	$516.1B
Q3 22	$407.9B	$148.6B	$556.5B
Q4 22	$260.8B	$0	$260.8B
Q1 23	$237.8B	$0	$237.8B
Q2 23	$368.0B	$171.8B	$539.7B
Q3 23	$399.8B	$171.1B	$570.8B
Q4 23	$288.7B	$25.2B	$313.8B
Q1 24	$203.6B	$88.3B	$292.0B
Q2 24	$315.2B	$85.4B	$400.6B
Q3 24	$341.3B	$82.8B	$424.1B
Q4 24	$254.8B	$22.8B	$277.6B
Q1 25	$341.9B	$97.8B	$439.8B
Q2 25	$337.2B	$73.9B	$411.1B
Q3 25	$281.4B	$62.1B	$343.5B
Q4 25	$178.0B	$162.4B	$340.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	17.33B	-0.2%	+2.1%
Q4 21	18.35B	+5.9%	+5.9%
Q1 22	17.06B	-7.0%	-6.0%
Q2 22	18.08B	+6.0%	+4.1%
Q3 22	16.52B	-8.7%	-4.7%
Q4 22	17.61B	+6.6%	-4.0%
Q1 23	17.14B	-2.7%	+0.5%
Q2 23	16.69B	-2.6%	-7.7%
Q4 23	17.25B	+3.4%	+4.5%
Q1 24	16.78B	-2.8%	-4.7%
Q2 24	16.04B	-4.4%	-6.4%
Q3 24	16.25B	+1.3%	-2.6%
Q4 24	16.32B	+0.5%	-5.4%
Q1 25	16.20B	-0.8%	-3.4%
Q2 25	14.87B	-8.2%	-7.3%
Q4 25	15.69B	+5.5%	-3.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$89.0K	196K
Q4 21	$98.0K	197K
Q1 22	$105.2K	197K
Q2 22	$75.0K	197K
Q3 22	$78.8K	197K
Q4 22	$75.4K	206K
Q1 23	$160.2K	206K
Q2 23	$78.8K	206K
Q4 23	$79.1K	213K
Q1 24	$185.4K	213K
Q2 24	$85.1K	213K
Q3 24	$82.1K	213K
Q4 24	$109.1K	169K
Q1 25	$217.9K	169K
Q2 25	$98.9K	169K
Q4 25	$88.3K	198K

Revenue / Employee