Banco Santander

Banco Santander is a Spanish bank group with 189 million customers and 186,000 employees in Europe and the Americas. It has five global businesses: Retail & Commercial Banking, Openbank (digital banking and consumer finance, which includes auto loans), Corporate & Investment Banking (CIB), Wealth Management & Insurance, and Payments, which includes Getnet and Ebury. Its main markets are Spain, the United Kingdom, the United States, Brazil, Mexico, Portugal, Chile and Argentina. In 2026 it sold its Polish bank and bought TSB in the United Kingdom and Webster Financial in the United States.

Total income was €46.8 billion in the first nine months of 2026. The shares trade in Madrid, and each American depositary share (ADS) on the New York Stock Exchange is one share. The bank reports in euros.

The market doubts that Santander can keep its higher returns. Many investors still see a bank with large risk in Latin America, where Brazil and Argentina have high credit costs and weak currencies, and with a history of low returns. In 2026 Santander also took on two large purchases. TSB and Webster add integration costs and lowered the CET1 ratio to 12.7% at September 30, 2026.

UK motor finance complaints added provisions in the first half of 2026. The results now point the other way. Underlying profit rose 16% to €11.2 billion in the first nine months of 2026, underlying RoTE was 16.0%, and costs fell 1% without the two purchases. For the gap to close, four things must be true.

Profit for 2026 must be above the €14.1 billion of 2025, and the CET1 ratio must reach 12.8% to 13% at year end, as the targets say. TSB and Webster must deliver their cost savings and add to profit. Credit costs in Latin America must stay under control. RoTE must move toward the 2028 target of above 20%, with profit above €20 billion.

The full-year 2026 results, expected in late January or early February 2027, give the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a shock in Latin America or a fall in interest rates that lowers net interest income.

1. Jan 28, 2027 · est.Pending

   Full-year 2026 results and capitalProfit above €14.1 billion without M&A, a CET1 ratio of 12.8% to 13% and stable Latin American credit costs pass; a lower CET1 ratio or a sharp rise in provisions fail.
2. 2028 · est.Pending

   2028 targets: RoTE above 20%RoTE that rises each year toward above 20%, with profit toward above €20 billion, passes; RoTE that stays near 16% fails.

Every passed and failed checkpoint across all picks

• October 28, 2026Santander reported results for the first nine months of 2026. Underlying profit rose 16% to €11,176 million, and attributable profit rose 20% to €12,405 million, with a €1.9 billion gain from the sale of Santander Bank Polska. Total income rose 8% to €46,807 million, and costs fell 1% without TSB and Webster. Underlying RoTE was 16.0%, and the CET1 ratio was 12.7%. Santander kept its 2026 targets.
• October 28, 2026Santander completed its buyback of up to €1,825 million against first half 2026 profit. It bought 150,595,100 shares, about 1.03% of its share capital, and it will cancel them.
• October 28, 2026The European Central Bank set Santander's minimum CET1 requirement at 9.92% from January 1, 2027, against a CET1 ratio of 12.69% at September 30, 2026.

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 6-KInterim report for the period ended Jun 30, 2026Filed July 24, 2026 · san-20260630
• 6-KInterim report for the period ended Dec 31, 2025Filed April 1, 2026 · san-20251231
• 20-FAnnual report for the period ended Dec 31, 2025Filed February 27, 2026 · san-20251231
• 6-KInterim report for the period ended Jun 30, 2025Filed July 31, 2025 · san-20250630

Every filing on SEC EDGAR (CIK 891478)

• A large part of profit comes from Latin America. In the first nine months of 2026, loan-loss provisions rose 13%, mainly because of Argentina. A recession, high interest rates or a weaker currency in Brazil, Mexico or Argentina can lower profit in euros.
• Santander must integrate TSB and Webster at the same time. Integration costs were part of €666 million of charges in the first nine months of 2026. Delays or lost customers can lower the expected savings.
• The CET1 ratio was 12.7% at September 30, 2026, after the Webster purchase. If profit falls or new purchases use capital, buybacks can become smaller.
• UK motor finance complaints added a provision of €207 million in Q1 2026, and Santander added more in Q2 2026. The final cost depends on the UK regulator's redress scheme.
• Net interest income was 74% of total income in the first nine months of 2026. Lower interest rates in Europe or the Americas can lower it.

Santander is a bank group, so capital and credit quality matter more than net debt. Total assets were €2,102 billion and total equity was €118.4 billion at September 30, 2026. Read more

Dividend yield

2.3% (last 12 months, at today’s price of $12.46)

Paid per share

$0.291 in the last 12 months (2 payments)

Current annual rate

$0.288 ($0.144 × 2 a year)

Latest ex-dividend date

October 30, 2026, $0.144 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 26.7% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.