Analyst Consensus ?
ConsensusHold25 ratings
Bullish1560.0%
Neutral728.0%
Bearish312.0%
Banco Santander, S.A. · SAN · FY2025 Q3 · Calendar Q4 2025
Santander paired strong operating momentum with EPS and revenue shortfalls
Santander's Q3 2025 call supports a constructive operating picture: management described record results, rising fees and customer growth, and maintained guidance. However, the supplied scorecard shows both EPS and revenue below estimates, while execution, regional credit conditions and legal exposures remain important counterweights.
Reported Before market openNYSEFinancial Services
$164.43B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.23
Consensus $0.25
EPS surprise
-8.0%
Reported versus consensus
Reported revenue
$14.18B
Consensus $15.89B
Revenue surprise
-10.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.9%
Event window
SPY move
+0.0%
Same window
Abnormal move
+2.8%
Stock minus SPY
Volume
0.9×
Versus trailing sessions
Subsequent drift
+3.2%
Up to 20 sessions
SANSPY benchmark
Ask FN2 about SAN FY2025 Q3
Transcript, numbers and history already loaded
Why did SAN rise 2.9% after missing EPS estimates in FY2025 Q3?What changed in SAN's guidance and outlook in FY2025 Q3?Give me the bull and bear case for SAN after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The supplied Q3 analysis describes record quarterly profit and improved return on tangible equity, alongside continued fee growth and customer additions. At the same time, the scorecard shows actual EPS and revenue below estimates. Management maintained guidance, and outlined ongoing platform integration, digital expansion and shareholder returns.
Guidance delta
Maintained, according to the supplied transcript analysis. Management reiterated 2025 revenue and RoTE targets; no change was indicated in the supplied materials.
Key takeaways
- The transcript analysis points to strong operating momentum in fees, customer growth and efficiency.
- The earnings scorecard records EPS and revenue below estimates, tempering the positive operating narrative.
- Management maintained guidance and emphasized digital platforms, integration and capital returns.
Management priorities
- Continue the ONE Transformation, Gravity rollout and digital-channel development.
- Expand fee-generating products and Openbank deposits across markets.
- Maintain shareholder returns while integrating acquisitions and pursuing the Poland disposal.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$11.19Previous close
$3Low
$3Average
$3High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Jefferies | Hold | Buy | Downgrade | Oct 20, 2026 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Mar 23, 2026 |
| RBC Capital Mkts | Outperform | Sector Perform | Upgrade | Feb 23, 2026 |
| Kepler | Buy | Hold | Upgrade | Jan 13, 2026 |
| Barclays | Overweight | Equal Weight | Upgrade | Mar 25, 2024 |
| UBS | Neutral | Buy | Downgrade | Aug 8, 2022 |
| Credit Suisse | Outperform | Neutral | Upgrade | Apr 1, 2022 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Sep 20, 2021 |
| Roth Capital | Buy | Buy | Maintain | Apr 7, 2021 |
| HSBC | Buy | Hold | Upgrade | Jan 20, 2021 |
| B of A Securities | Underperform | Neutral | Downgrade | Jul 21, 2020 |
| B. Riley FBR | Buy | Buy | Maintain | Jun 16, 2020 |
| Keefe, Bruyette & Woods | Outperform | Market Perform | Upgrade | Mar 23, 2018 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Mar 23, 2018 |
| Goldman Sachs | Buy | Neutral | Upgrade | Nov 24, 2017 |
| RBC Capital | Sector Perform | Underperform | Upgrade | Oct 19, 2016 |
| Natixis | Buy | Reduce | Upgrade | Oct 11, 2016 |
| Deutsche Bank | Buy | Hold | Upgrade | Aug 31, 2016 |
| JP Morgan | Overweight | Neutral | Upgrade | Apr 25, 2016 |
| Bernstein | Perform | Market Perform | Maintain | Sep 2, 2014 |
| Nomura | Neutral | Reduce | Upgrade | Oct 4, 2013 |
| Bankhaus Lampe | Sell | Hold | Downgrade | Aug 19, 2013 |
| Citigroup | Sell | Neutral | Downgrade | Jul 1, 2013 |
| Bank of America | Neutral | Neutral | Maintain | Oct 29, 2012 |
| Ahorro Corporacion | Buy | Hold | Upgrade | Mar 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $11.19. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $3 | $1.24 | -73.2% | Jul 27, 2022 |
Track every rating change on SAN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationBanco Santander, S.A. operates as a global financial institution, delivering a comprehensive suite of retail and commercial banking products and services. It caters to a diverse clientele, including individual consumers, small and medium-sized enterprises (SMEs), and major corporations across the world. The bank's extensive offerings encompass various deposit options, such as checking, savings, and fixed-term accounts. Its lending solutions span mortgages, consumer finance, syndicated corporate loans, and structured financing.…
Historical context
All SAN earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CBOE Cboe Global Markets, Inc. | FY2026 Q3 · Calendar Q4 2026 | +5.8% | +6.8% | Cboe posts strong Q3 as options growth and new products advance |
| NWG NatWest Group plc | FY2026 Q3 · Calendar Q4 2026 | +2.0% | -9.0% | NatWest maintains guidance as Q3 growth and capital remain strong |
| ERIE Erie Indemnity Company | FY2026 Q3 · Calendar Q4 2026 | +2.1% | +5.3% | Erie pairs resilient demand initiatives with thin underwriting margins |
| COIN Coinbase Global, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1189.2% | -10.6% | Coinbase offsets lower spot trading with prediction markets and AI agents |
| TPG TPG Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.3% | +7.5% | TPG raises FRE margin outlook as capital formation accelerates |
| AJG Arthur J. Gallagher & Co. | FY2026 Q3 · Calendar Q4 2026 | +0.3% | +2.9% | AJG: Q3 growth and AssuredPartners synergies support outlook |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the SAN recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-02T07:00:42.123957+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T07:00:42.121188+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.