Banco Santander, S.A. (SAN) Income Statement

NYSE: SANRevenue, profits, margins and EPS over 10 years.

SAN 2025 at a glance

Fiscal year ended December 31, 2025 · euros
Revenue−7.7%
€119.89B
2025 · hover or tap a bar for each year
2016: €69.76B (−2.7%)2017: €71.34B (+2.3%)2018: €69.67B (−2.4%)2019: €72.56B (+4.2%)2020: €60.50B (−16.6%)2021: €61.50B (+1.6%)2022: €87.03B (+41.5%)2023: €121.87B (+40.0%)2024: €129.91B (+6.6%)2025: €119.89B (−7.7%)
20162025
Gross profit−6.2%
€48.02B
2025 · hover or tap a bar for each year
2016: €36.14B (−2.6%)2017: €40.36B (+11.7%)2018: €40.70B (+0.8%)2019: €41.72B (+2.5%)2020: €34.39B (−17.6%)2021: €41.02B (+19.3%)2022: €43.36B (+5.7%)2023: €46.97B (+8.3%)2024: €51.20B (+9.0%)2025: €48.02B (−6.2%)
20162025
Operating income−1.8%
€18.68B
2025 · hover or tap a bar for each year
2016: €10.77B (+12.8%)2017: €12.09B (+12.3%)2018: €14.20B (+17.5%)2019: €12.54B (−11.7%)2020: −€2.08B (−116.6%)2021: €14.55B2022: €15.25B (+4.8%)2023: €16.46B (+7.9%)2024: €19.03B (+15.6%)2025: €18.68B (−1.8%)
20162025
Net income+12.1%
€14.10B
2025 · hover or tap a bar for each year
2016: €6.20B (+4.0%)2017: €6.62B (+6.7%)2018: €7.81B (+18.0%)2019: €6.51B (−16.6%)2020: −€8.77B (−234.6%)2021: €8.12B2022: €9.61B (+18.2%)2023: €11.08B (+15.3%)2024: €12.57B (+13.5%)2025: €14.10B (+12.1%)
20162025
Net profit margin+2.1 pts
11.8%
2025 · hover or tap a point for each year
2016: 8.9% (+0.6 pts)2017: 9.3% (+0.4 pts)2018: 11.2% (+1.9 pts)2019: 9.0% (−2.2 pts)2020: −14.5% (−23.5 pts)2021: 13.2% (+27.7 pts)2022: 11.0% (−2.2 pts)2023: 9.1% (−1.9 pts)2024: 9.7% (+0.6 pts)2025: 11.8% (+2.1 pts)
20162025

SAN revenue and net income

RevenueNet incomeNet margin (right axis)

Where SAN's revenue goes

2025
Revenue
€119.89B100.0%
Cost of revenue
−€71.88B−60.0%
Gross profit
€48.02B40.0%
Sales, general & admin
−€21.53B−18.0%
Other operating expenses
−€7.80B−6.5%
Operating income
€18.68B15.6%
Income taxes
−€4.72B−3.9%
Net income
€14.10B11.8%

Each bar shows an amount and its share of revenue. SAN kept 11.8% of revenue as net income.

SAN profit margins

GrossOperatingNet

SAN growth rates

to 2025
1 year3 years5 years10 years
Revenue−7.7%+11.3%+14.7%+5.3%
Gross profit−6.2%+3.5%+6.9%+2.6%
Operating income−1.8%+7.0%—+6.9%
Net income+12.1%+13.7%—+9.0%

1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.

SAN income statement in euros

2025202420232022202120202019201820172016
Revenue€119.89B€129.91B€121.87B€87.03B€61.50B€60.50B€72.56B€69.67B€71.34B€69.76B
Cost of revenue€71.88B€78.71B€74.90B€43.67B€20.48B€26.11B€30.84B€28.97B€30.99B€33.62B
Gross profit€48.02B€51.20B€46.97B€43.36B€41.02B€34.39B€41.72B€40.70B€40.36B€36.14B
Research & development——————€0€0€0€0
Sales, general & admin€21.53B€22.18B€21.67B€20.36B€18.10B€17.78B€19.76B€19.80B€19.82B€18.25B
Total operating expenses€29.33B€32.17B€30.51B€28.11B€26.47B€36.47B€29.18B€26.50B€28.27B€25.37B
Operating income€18.68B€19.03B€16.46B€15.25B€14.55B−€2.08B€12.54B€14.20B€12.09B€10.77B
Interest income€101.71B€112.73B€105.25B€71.43B€46.46B€45.74B€56.78B€54.33B€56.04B€55.16B
Interest expense€59.36B€66.07B€61.99B€32.81B€13.09B€13.75B€21.50B€19.98B€21.75B€24.07B
Income before taxes€18.68B€19.03B€16.46B€15.25B€14.55B−€2.08B€12.54B€14.20B€12.09B€10.77B
Income taxes€4.72B€5.28B€4.28B€4.49B€4.89B€5.63B€4.43B€4.89B€3.88B€3.28B
Net income€14.10B€12.57B€11.08B€9.61B€8.12B−€8.77B€6.51B€7.81B€6.62B€6.20B
EBITDA€21.86B€22.32B€19.64B€18.23B€17.30B€734.0M€15.54B€16.63B€14.68B€13.13B
Gross margin40.0%39.4%38.5%49.8%66.7%56.8%57.5%58.4%56.6%51.8%
Operating margin15.6%14.6%13.5%17.5%23.7%−3.4%17.3%20.4%16.9%15.4%
Net margin11.8%9.7%9.1%11.0%13.2%−14.5%9.0%11.2%9.3%8.9%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported in SAN's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.

SAN financial results

In fiscal year 2025 (ended December 31, 2025), Banco Santander reported revenue of €119.9 billion, down 7.7% from the year before. It had net income of €14.1 billion (up 12.1%), a net profit margin of 11.8%. Over five years revenue grew at an average rate of 14.7% a year. Figures are in euros, the currency of its financial statements.

See the SAN stock overview for the latest quote and news, or the SAN chart for price history and technical indicators.

SAN income statement FAQ

What is Banco Santander's annual revenue?

Banco Santander reported total revenue of €119.9 billion for fiscal year 2025, which ended on December 31, 2025. That was down 7.7% from €129.9 billion the previous year.

Is Banco Santander profitable?

Yes. Banco Santander reported net income of €14.1 billion in fiscal 2025, a net profit margin of 11.8%; its operating margin was 15.6%.

What is Banco Santander's gross margin?

Banco Santander's gross margin was 40.0% in fiscal 2025: for every $100 of revenue, Banco Santander kept $40 after the direct cost of its products and services.

How fast is Banco Santander growing?

Revenue grew 14.7% a year on average over the last five fiscal years, from €60.5 billion to €119.9 billion.

When will Banco Santander report its next earnings?

Banco Santander is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.

When does Banco Santander's fiscal year end?

Banco Santander's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.

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