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Banco Santander SA ADR (SAN) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · BANKS - DIVERSIFIED · DATA UPDATED 2026-07-19

Banco Santander SA ADR (SAN) operates in the BANKS - DIVERSIFIED industry and is headquartered in Madrid, Spain with about 185,279 employees. Its market capitalization is roughly $194 billion. In the fiscal year ended 2025-12-31, SAN reported $119.9B in revenue and $14.1B in net income.

Banco Santander, S.A. provides various financial products and services to individuals, small and medium-sized enterprises, large corporations, and public entities worldwide.

Interactive charts & full statements → Open the SAN valuation workbench →

SAN Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$71.1B	$119.9B	$129.9B	$121.9B	$87.0B	$61.5B	$60.5B	$72.6B	$69.7B	$71.3B	$69.8B	$71.7B	$69.3B	$66.0B	$74.0B	$74.6B	$66.8B	$67.6B	$68.3B	$58.2B	$44.5B
Gross Profit	$44.6B	$48.0B	$51.2B	$47.0B	$43.4B	$41.0B	$34.4B	$41.7B	$40.7B	$40.4B	$36.1B	$37.1B	$33.6B	$29.5B	$26.6B	$34.5B	$32.9B	$29.6B	$24.9B	$23.7B	$20.0B
Gross Margin %	62.8%	40.1%	39.4%	38.5%	49.8%	66.7%	56.9%	57.5%	58.4%	56.6%	51.8%	51.8%	48.6%	44.7%	36.0%	46.2%	49.2%	43.8%	36.4%	40.7%	44.9%
Operating Income (EBIT)	$18.3B	$18.7B	$19.0B	$16.5B	$15.2B	$14.5B	($2.1B)	$12.5B	$14.2B	$12.1B	$10.8B	$9.5B	$10.7B	$7.4B	$3.6B	$7.9B	$12.1B	$10.6B	$10.8B	$11.0B	$7.7B
Operating Margin %	25.8%	15.6%	14.6%	13.5%	17.5%	23.6%	-3.4%	17.3%	20.4%	17.0%	15.4%	13.3%	15.4%	11.2%	4.8%	10.5%	18.0%	15.7%	15.9%	18.9%	17.2%
Net Income	$15.6B	$14.1B	$12.6B	$11.1B	$9.6B	$8.1B	($8.8B)	$6.5B	$7.8B	$6.6B	$6.2B	$6.0B	$5.8B	$4.2B	$2.3B	$5.3B	$8.2B	$8.9B	$8.9B	$9.1B	$6.2B
Net Margin %	22.0%	11.8%	9.7%	9.1%	11.0%	13.2%	-14.5%	9.0%	11.2%	9.3%	8.9%	8.3%	8.4%	6.3%	3.1%	7.1%	12.2%	13.2%	13.0%	15.6%	14.0%
EBITDA	$21.4B	$21.9B	$22.3B	$19.6B	$18.2B	$17.3B	$734M	$15.5B	$16.6B	$14.7B	$13.1B	$12.0B	$13.0B	$9.8B	$5.7B	$10.0B	$14.0B	$12.2B	$12.1B	$12.2B	$8.7B
Earnings Per Share (EPS)	$1.02	$0.89	$0.81	$0.68	$0.57	$0.47	$-0.51	$0.38	$0.46	$0.41	$0.40	$0.40	$0.46	$0.36	$0.22	$0.55	$0.85	$0.94	$1.10	$1.19	$0.84
Shares Outstanding (M)	15,153M	15,927M	15,568M	16,247M	16,904M	17,321M	17,316M	17,097M	16,897M	16,117M	15,342M	15,002M	12,613M	11,551M	10,432M	9,709M	9,672M	9,527M	8,092M	7,602M	7,431M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SAN Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$29.7B	$15.0B	$12.1B	$14.3B	$31.6B	$15.8B	$14.9B	$15.5B
Gross Profit	$12.3B	$11.8B	$9.7B	$10.9B	$12.9B	$12.7B	$12.0B	$12.0B
Gross Margin %	41.3%	78.8%	79.9%	75.9%	40.9%	80.3%	80.3%	77.8%
Operating Income (EBIT)	$5.0B	$4.9B	$4.0B	$4.4B	$5.2B	$4.6B	$4.9B	$4.9B
Operating Margin %	17.0%	32.9%	32.9%	30.8%	16.4%	29.1%	32.9%	31.8%
Net Income	$5.5B	$3.8B	$3.0B	$3.4B	$3.4B	$3.3B	$3.2B	$3.2B
Net Margin %	18.4%	25.1%	24.7%	23.9%	10.8%	20.6%	21.8%	20.7%
EBITDA	$5.9B	$5.7B	$4.7B	$5.2B	$6.0B	$5.4B	$5.7B	$5.8B
Earnings Per Share (EPS)	$0.36	$0.24	$0.19	$0.23	$0.21	$0.20	$0.20	$0.20
Shares Outstanding (M)	15,153M	15,686M	15,927M	14,869M	16,200M	16,325M	16,250M	16,035M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SAN Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$13.8B	($14.8B)	($24.2B)	$5.0B	$27.7B	$56.7B	$66.2B	$3.4B	$3.4B	$40.2B	$21.8B	$5.7B	($7.2B)	($34.9B)	$24.3B	$35.9B	$51.9B	($18.0B)	$15.8B	$31.6B	($34.3B)
Capital Expenditures (CapEx)	$4.6B	$7.7B	$8.5B	$13.6B	$10.8B	$11.4B	$8.5B	$14.1B	$12.2B	$9.0B	$8.3B	$9.2B	$7.9B	$3.1B	$3.9B	$3.4B	$5.1B	$5.1B	$3.5B	$4.7B	$2.4B
Free Cash Flow (FCF)	$9.3B	($22.5B)	($32.6B)	($8.6B)	$16.9B	$45.3B	$57.6B	($10.8B)	($8.8B)	$31.2B	$13.5B	($3.6B)	($15.1B)	($38.0B)	$20.4B	$32.5B	$46.7B	($23.1B)	$12.3B	$27.0B	($36.7B)
FCF Margin %	13.1%	-18.8%	-25.1%	-7.1%	19.4%	73.6%	95.2%	-14.8%	-12.6%	43.7%	19.3%	-5.0%	-21.8%	-57.5%	27.6%	43.6%	69.9%	-34.2%	18.1%	46.4%	-82.5%
Dividends Paid	$18M	$3.3B	$3.0B	$2.3B	$1.8B	$1.3B	$4.1B	$3.8B	$3.1B	$2.7B	$2.3B	$1.5B	$909M	$818M	$1.3B	$3.5B	$4.1B	$4.4B	$4.2B	$3.5B	$2.2B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SAN Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	($18.7B)	$20.7B	($8.9B)	$20.7B	($18.1B)	$23.0B	$13.0B	($13.3B)
Capital Expenditures (CapEx)	$1.0B	$1.2B	$1.1B	$1.2B	$2.0B	$2.3B	$1.5B	$2.1B
Free Cash Flow (FCF)	($19.7B)	$19.5B	($10.0B)	$19.5B	($20.1B)	$20.7B	$11.6B	($15.4B)
FCF Margin %	-66.4%	130.1%	-82.5%	136.0%	-63.6%	130.8%	77.5%	-99.5%
Dividends Paid	—	—	$18M	—	—	$1.5B	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SAN Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$1.86T	$1.87T	$1.84T	$1.80T	$1.73T	$1.60T	$1.51T	$1.52T	$1.46T	$1.44T	$1.34T	$1.34T	$1.27T	$1.12T	$1.27T	$1.25T	$1.22T	$1.11T	$1.05T	$912.9B	$808.5B
Cash & Cash Equivalents	$137.5B	$179.3B	$217.9B	$246.9B	$247.2B	$234.8B	$173.0B	$128.5B	$113.7B	$111.0B	$76.5B	$77.8B	$69.9B	$6.7B	$7.2B	$97.1B	$78.1B	$35.3B	$46.0B	$31.2B	$16.2B
Total Liabilities	$1.75T	$1.75T	$1.73T	$1.69T	$1.64T	$1.50T	$1.42T	$1.41T	$1.35T	$1.34T	$1.24T	$1.24T	$1.18T	$1.04T	$1.19T	$1.17T	$1.14T	$1.04T	$989.6B	$855.4B	$754.6B
Total Debt (Short + Long-Term)	$328.6B	$536.1B	$519.0B	$355.3B	$324.1B	$272.7B	$257.3B	$294.6B	$369.4B	$366.5B	$409.8B	$321.3B	$475.3B	$448.3B	$484.0B	$451.0B	$521.3B	$567.9B	$616.0B	$625.7B	$523.6B
Total Shareholders' Equity	$106.1B	$103.2B	$98.6B	$95.4B	$97.6B	$97.1B	$91.3B	$110.7B	$96.5B	$94.5B	$90.9B	$88.0B	$80.8B	$70.6B	$71.8B	$76.4B	$75.0B	$68.7B	$57.6B	$55.2B	$39.8B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive SAN viewer.

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