Banco Santander, S.A. (SAN) Balance Sheet
SAN balance sheet, 2025
December 31, 2025 · euros€1.87T assets = €1.75T liabilities + €112.75B equity
Both columns are drawn to the same scale: what SAN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SAN financial health
Descriptive bands, not a rating. Fiscal 2025.
SAN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | €1.34T2016 | €1.87T2025 | +3.8%/yr | |
| Total liabilities | €1.24T2016 | €1.75T2025 | +4.0%/yr | |
| Shareholders’ equity | €90.94B2016 | €103.17B2025 | +1.4%/yr | |
| Cash & short-term investments | €76.45B2016 | €318.20B2025 | +17.2%/yr | |
| Total debt | €228.87B2016 | €496.64B2025 | +9.0%/yr | |
| Net cash (debt) | −€152.41B2016 | −€178.44B2025 | −€26.0B | |
| Working capital | €62.39B2016 | −€973.76B2025 | −€1.0T | |
| Debt / equity | 2.522016 | 4.812025 | +2.30 | |
| Shares outstanding | 15.34B2016 | 15.93B2025 | +0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SAN assets
SAN liabilities and equity
SAN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SAN balance sheet in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | €318.20B | €237.41B | €268.41B | €390.76B | €335.18B | €284.71B | €249.72B | €113.66B | €111.00B | €76.45B |
| Cash & equivalents | €179.30B | €217.89B | €246.90B | €247.23B | €234.81B | €173.02B | €128.46B | €113.66B | €111.00B | €76.45B |
| Short-term investments | €138.91B | €19.52B | €21.51B | €77.02B | €100.38B | €111.69B | €121.27B | €119.49B | €150.81B | €130.01B |
| Receivables | €0 | €11.43B | €10.62B | €9.20B | €5.76B | €5.34B | €6.83B | €6.99B | €7.03B | €6.41B |
| Inventory | €0 | €0 | −€232.59B | −€357.19B | −€319.27B | −€281.08B | −€223.50B | −€228.99B | −€285.31B | −€234.29B |
| Other current assets | €3.12B | €3.02B | €370.41B | €357.19B | €319.27B | €281.08B | €223.50B | €222.00B | €278.28B | €227.88B |
| Total current assets | €321.32B | €251.85B | €416.84B | €399.96B | €340.94B | €290.05B | €256.55B | €113.66B | €111.00B | €76.45B |
| Property, plant & equipment (net) | €26.42B | €31.21B | €32.93B | €33.04B | €32.34B | €31.77B | €34.26B | €24.59B | €20.65B | €20.77B |
| Goodwill & intangible assets | €17.31B | €19.26B | €19.87B | €18.64B | €16.58B | €15.91B | €27.69B | €28.56B | €28.68B | €29.42B |
| Long-term investments | €337.20B | €314.24B | €271.74B | €217.05B | €192.95B | €1.26T | €339.09B | €327.44B | €330.73B | €329.11B |
| Other non-current assets | €1.17T | €1.22T | €1.06T | €1.07T | €1.01T | €0 | €865.10B | €965.01B | €953.25B | €883.37B |
| Total assets | €1.87T | €1.84T | €1.80T | €1.73T | €1.60T | €1.51T | €1.52T | €1.46T | €1.44T | €1.34T |
| Liabilities | ||||||||||
| Accounts payable | €2.52B | €2.45B | €3.32B | €3.02B | €2.40B | €2.00B | €1.85B | €2.02B | €2.62B | €2.09B |
| Short-term debt | €211.70B | €193.47B | €46.76B | €43.73B | €26.55B | €22.01B | €32.64B | €122.77B | €148.58B | €180.95B |
| Deferred revenue | — | — | −€2.06B | — | — | — | — | −€790.82B | −€813.81B | −€759.37B |
| Total current liabilities | €1.30T | €11.72B | €70.76B | €46.76B | €28.95B | €24.00B | €34.50B | €122.77B | €15.37B | €14.06B |
| Long-term debt | €324.39B | €325.52B | €308.58B | €280.34B | €246.16B | €235.27B | €261.98B | €246.62B | €217.97B | €228.87B |
| Lease obligations | €1.82B | €2.20B | €2.40B | €2.62B | €2.86B | €5.08B | €5.11B | €0 | €0 | €0 |
| Other long-term liabilities | €135.29B | €1.39T | €1.42T | €0 | €0 | €0 | €0 | €1.16T | €1.17T | €1.07T |
| Total liabilities | €1.75T | €1.73T | €1.69T | €1.64T | €1.50T | €1.42T | €1.41T | €1.35T | €1.34T | €1.24T |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | €7.34B | €7.58B | €8.09B | €8.40B | €8.67B | €8.67B | €8.31B | €8.12B | €8.07B | €7.29B |
| Retained earnings (deficit) | €106.06B | €94.90B | €85.19B | €76.31B | €68.40B | €56.81B | €67.54B | €59.77B | €55.70B | €53.08B |
| Treasury stock | — | — | — | — | −€894.0M | −€69.0M | −€31.0M | −€59.0M | −€22.0M | −€7.0M |
| Accumulated other comprehensive income | −€47.20B | −€44.10B | −€42.07B | −€42.06B | −€38.03B | −€36.74B | −€28.94B | −€22.35B | −€20.31B | −€14.33B |
| Minority interest | €9.58B | €8.73B | €8.82B | €8.48B | — | — | €0 | €0 | €0 | €0 |
| Total shareholders' equity | €103.17B | €98.60B | €95.42B | €97.58B | €97.05B | €91.32B | €110.66B | €96.47B | €94.49B | €90.94B |
| Key figures | ||||||||||
| Total debt | €496.64B | €483.38B | €310.98B | €324.07B | €272.72B | €257.27B | €294.62B | €246.62B | €217.97B | €228.87B |
| Net cash (debt) | −€178.44B | −€245.96B | −€42.57B | €66.69B | €62.46B | €27.43B | −€44.90B | −€132.96B | −€106.97B | −€152.41B |
| Working capital | −€973.76B | €240.13B | €346.08B | €353.20B | €311.98B | €266.04B | €222.05B | −€9.11B | €95.62B | €62.39B |
| Tangible book value | €85.86B | €79.34B | €75.55B | €78.94B | €80.47B | €75.41B | €82.97B | €67.91B | €65.81B | €61.52B |
| Shares outstanding | 15.93B | 15.57B | 16.25B | 16.90B | 17.32B | 17.32B | 17.10B | 16.90B | 16.12B | 15.34B |
| Current ratio | 0.25 | 21.49 | 5.89 | 8.55 | 11.78 | 12.08 | 7.44 | 0.93 | 7.22 | 5.44 |
| Quick ratio | 0.25 | 21.23 | 3.94 | 8.55 | 11.78 | 12.08 | 7.44 | 0.98 | 7.68 | 5.89 |
| Debt / equity | 4.81 | 4.90 | 3.26 | 3.32 | 2.81 | 2.82 | 2.66 | 2.56 | 2.31 | 2.52 |
| Equity / assets | 5.5% | 5.4% | 5.3% | 5.6% | 6.1% | 6.1% | 7.3% | 6.6% | 6.5% | 6.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | €137.95B | €137.46B | €318.20B | €293.24B | €351.61B | €376.15B | €237.41B | €362.75B | €342.61B | €174.16B | €268.41B | €488.22B |
| Cash & equivalents | €137.95B | €137.46B | €179.30B | €240.23B | €288.38B | €292.47B | €217.89B | €291.95B | €269.60B | €293.16B | €246.90B | €341.91B |
| Short-term investments | €62.57B | €59.08B | €138.91B | €53.01B | €63.23B | €83.68B | €19.52B | €70.79B | €73.00B | €75.55B | €21.51B | €146.30B |
| Receivables | €0 | €0 | €9.52B | €8.45B | €9.52B | €9.88B | €11.43B | €9.47B | €10.02B | €9.23B | €10.62B | €9.62B |
| Inventory | €0 | €0 | €0 | €0 | €6.0M | €0 | €0 | €0 | €146.22B | −€183.39B | −€367.50B | −€377.85B |
| Other current assets | €0 | €0 | €0 | €0 | €0 | €0 | €3.02B | €0 | €0 | €338.10B | €505.31B | €377.85B |
| Total current assets | €137.95B | €137.46B | €321.32B | €301.69B | €361.13B | €386.03B | €251.85B | €372.22B | €352.62B | €338.10B | €416.84B | €497.84B |
| Property, plant & equipment (net) | €11.99B | €11.76B | €26.42B | €23.57B | €28.17B | €29.99B | €31.21B | €31.61B | €32.76B | €13.32B | €32.93B | €33.40B |
| Goodwill & intangible assets | €18.76B | €17.55B | €17.31B | €14.76B | €17.25B | €19.15B | €19.26B | €19.08B | €19.36B | €19.91B | €19.87B | €19.64B |
| Long-term investments | €382.37B | €357.91B | €337.20B | €316.02B | €299.46B | €334.71B | €314.24B | €288.74B | €292.16B | €295.61B | €271.74B | €263.86B |
| Other non-current assets | €1.40T | €1.33T | €1.17T | €915.50B | €1.11T | €1.08T | €1.22T | €1.09T | €1.09T | €1.13T | €1.06T | €1.00T |
| Total assets | €1.95T | €1.86T | €1.87T | €1.57T | €1.82T | €1.85T | €1.84T | €1.80T | €1.79T | €1.80T | €1.80T | €1.82T |
| Liabilities | ||||||||||||
| Accounts payable | — | — | €2.52B | €15.0M | — | — | €2.45B | — | — | — | €3.32B | €1.16T |
| Short-term debt | — | — | €211.70B | — | — | — | €193.47B | — | — | — | €46.76B | — |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | −€2.06B | — |
| Total current liabilities | — | — | €1.30T | €945.81B | €1.09T | €1.17T | €11.72B | €1.12T | €1.11T | €134.38B | €70.76B | €1.11T |
| Long-term debt | €348.07B | €328.62B | €324.39B | €316.62B | €311.96B | €318.22B | €325.52B | €321.93B | €311.86B | €316.56B | €308.58B | €301.27B |
| Lease obligations | — | — | €1.82B | — | — | — | €2.20B | — | — | — | €2.40B | — |
| Other long-term liabilities | €1.49T | €1.42T | €135.29B | €215.27B | €307.94B | €250.38B | €1.39T | €256.39B | €260.54B | €1.24T | €1.42T | €307.53B |
| Total liabilities | €1.84T | €1.75T | €1.75T | €1.48T | €1.71T | €1.73T | €1.73T | €1.70T | €1.68T | €1.70T | €1.69T | €1.71T |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | €7.34B | €7.35B | €7.34B | €6.35B | €7.44B | €7.58B | €7.58B | €7.75B | €7.75B | €7.91B | €8.09B | €8.09B |
| Retained earnings (deficit) | €111.38B | €108.05B | €106.06B | €87.34B | €98.79B | €98.27B | €94.90B | €91.63B | €88.38B | €85.19B | €85.19B | €82.26B |
| Accumulated other comprehensive income | −€42.39B | −€43.42B | −€47.20B | −€40.03B | −€44.49B | −€44.16B | −€44.10B | −€44.88B | −€42.78B | −€40.20B | −€42.07B | −€41.41B |
| Minority interest | €6.55B | €6.52B | €9.58B | €8.84B | €8.48B | — | — | — | — | — | — | — |
| Total shareholders' equity | €109.30B | €106.14B | €103.17B | €86.30B | €100.50B | €101.39B | €98.60B | €96.60B | €95.87B | €95.53B | €95.42B | €94.20B |
| Key figures | ||||||||||||
| Total debt | €450.66B | €434.25B | €496.64B | €270.33B | €311.96B | €318.22B | €483.38B | €321.93B | €311.86B | €441.81B | €310.98B | €301.27B |
| Net cash (debt) | −€312.71B | −€296.79B | −€178.44B | €22.91B | €39.65B | €57.93B | −€245.96B | €40.81B | €30.74B | −€267.65B | −€42.57B | €186.95B |
| Working capital | — | — | −€973.76B | −€644.12B | −€725.87B | −€780.04B | €240.13B | −€746.65B | −€757.59B | €203.73B | €346.08B | −€607.32B |
| Tangible book value | €90.54B | €88.59B | €85.86B | €71.54B | €83.25B | €82.23B | €79.34B | €77.52B | €76.51B | €75.62B | €75.55B | €74.56B |
| Shares outstanding | 14.68B | 15.15B | 15.69B | 15.93B | 14.87B | 16.20B | 16.32B | 16.25B | 16.04B | 16.78B | 17.25B | 15.94B |
| Current ratio | — | — | 0.25 | 0.32 | 0.33 | 0.33 | 21.49 | 0.33 | 0.32 | 2.52 | 5.89 | 0.45 |
| Quick ratio | — | — | 0.25 | 0.32 | 0.33 | 0.33 | 21.23 | 0.33 | 0.32 | 1.36 | 3.94 | 0.45 |
| Debt / equity | 4.12 | 4.09 | 4.81 | 3.13 | 3.10 | 3.14 | 4.90 | 3.33 | 3.25 | 4.62 | 3.26 | 3.20 |
| Equity / assets | 5.6% | 5.7% | 5.5% | 5.5% | 5.5% | 5.5% | 5.4% | 5.4% | 5.4% | 5.3% | 5.3% | 5.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed February 27, 2026); data from EODHD.
SAN financial position
At the end of fiscal 2025 (December 31, 2025), Banco Santander had total assets of €1.87 trillion (up 1.7% from a year earlier), total liabilities of €1.75 trillion and shareholders' equity of €103.2 billion. It held €318.2 billion in cash and short-term investments against €496.6 billion of debt, net debt of €178.4 billion. Its current ratio was 0.25. In the latest quarter (ended June 30, 2026) total assets were €1.95 trillion and equity €109.3 billion.
Related: SAN income statement, SAN cash flow statement, SAN key metrics. See the SAN stock overview for the latest quote and news.
SAN balance sheet FAQ
What are Banco Santander's total assets?
Banco Santander reported total assets of €1.87 trillion at the end of fiscal 2025 (December 31, 2025), compared with €1.84 trillion a year earlier.
How much debt does Banco Santander have?
Banco Santander had €496.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 4.81.
How much cash does Banco Santander have?
Banco Santander held €318.2 billion in cash and short-term investments at the end of fiscal 2025; with €496.6 billion of debt that is net debt of €178.4 billion.
What is Banco Santander's book value?
Banco Santander's shareholders' equity (book value) was €103.2 billion at the end of fiscal 2025.
What is Banco Santander's current ratio?
Banco Santander had current assets of €321.3 billion and current liabilities of €1.30 trillion, a current ratio of 0.25 (current liabilities exceed current assets).
How much goodwill does Banco Santander have?
Banco Santander carried €17.3 billion of goodwill and intangible assets, 0.9% of total assets, at the end of fiscal 2025.