The completed Webster and TSB acquisitions materially expand Santander's US and UK deposit bases and create cost synergy potential. Monitor integration progress and the impact of the EUR 1,825 billion buyback on share count. The pending tender offer for the remaining 10% of Santander Brasil (max EUR 1,908 million) could further simplify the group structure.
Price Chart
Executive Summary
Banco Santander reported strong Q3 2026 results with net attributable profit of EUR 3,432 million for the quarter and EUR 12,405 million for the first nine months, up 20% YoY. The results reflect the completed acquisitions of Webster Financial Corporation and TSB Banking Group, which added significant scale in the US and UK, and the EUR 1,895 million gain from the sale of Santander Bank Polska. The bank also announced a new EUR 1,825 billion share buyback program and an interim dividend of EUR 0.127 per share.
Key Financial Metrics
Key Facts
- Q3 2026 net profit attributable to the parent: EUR 3,432 million (vs EUR 3,504 million in Q3 2025)
- 9M 2026 net profit attributable to the parent: EUR 12,405 million, up 20% from EUR 10,337 million in 9M 2025
- 9M 2026 basic EPS: EUR 0.83, up from EUR 0.66 in 9M 2025
- 9M 2026 total income: EUR 46,713 million, up 8% from EUR 43,248 million in 9M 2025
- 9M 2026 net interest income: EUR 34,545 million, up 9.5% from EUR 31,559 million in 9M 2025
- Completed acquisition of Webster Financial Corporation on 20 August 2026 for total consideration of USD 12,509 million (EUR 10,724 million)
- Completed acquisition of TSB Banking Group Limited on 30 April 2026 for GBP 2,867 million (EUR 3,318 million)
- Completed sale of 49% of Santander Bank Polska on 9 January 2026 for EUR 7,035 million, generating a EUR 1,895 million gain
- New EUR 1,825 billion share buyback program announced on 5 August 2026, running until 8 January 2027
- Interim dividend of EUR 0.127 per share approved on 29 September 2026, payable from 2 November 2026
- Underlying profit before tax for 9M 2026: EUR 15,771 million, up 12.6% from EUR 14,010 million in 9M 2025
- Integration costs related to acquired businesses: EUR 934 million gross (EUR 666 million net of tax and non-controlling interests)
Financial Impact
9M 2026 net profit up 20% YoY to EUR 12,405 million; underlying profit before tax up 12.6% to EUR 15,771 million; EPS up 25.8% to EUR 0.83
Risk Factors
- Integration costs for Webster and TSB totaled EUR 934 million gross in 9M 2026, with further costs expected
- Motor finance commission redress scheme in the UK carries a GBP 616 million (EUR 720 million) provision, with final costs uncertain pending legal challenges
- Ongoing litigation including the Banco Popular criminal case (plaintiffs seeking EUR 2,277.65 million) and the German cum-ex investigation could result in material financial penalties
- Currency exposure to Brazilian real, Mexican peso, and other emerging market currencies could impact reported earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000891478-26-000098 |
| Document: 0000891478-26-000098-index-headers.html | 0000891478-26-000098 |
| Document: 0000891478-26-000098-index.html | 0000891478-26-000098 |
| Document: 0000891478-26-000098.txt | 0000891478-26-000098 |
| Earnings Context (Synthetic; results releases only) | 0000891478-26-000098 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 6-K | $11.50 | awaiting T+20 | awaiting T+20 | $11.19 (−2.70%) |
Oct 28, 2026 4d ago | 6-K | $11.69 | awaiting T+20 | awaiting T+20 | $11.19 (−4.28%) |
Oct 28, 2026 4d ago | 6-K | $11.69 | awaiting T+20 | awaiting T+20 | $11.19 (−4.28%) |
Oct 28, 2026 4d ago | 6-K | $11.69 | awaiting T+20 | awaiting T+20 | $11.19 (−4.28%) |
Oct 28, 2026 4d ago | 6-K | $11.69 | awaiting T+20 | awaiting T+20 | $11.19 (−4.28%) |
Oct 28, 2026 4d ago | 6-K | $11.69 | awaiting T+20 | awaiting T+20 | $11.19 (−4.28%) |
Oct 22, 2026 10d ago | 6-K | $12.90 | awaiting T+20 | awaiting T+20 | $11.19 (−13.26%) |
Oct 21, 2026 11d ago | 6-K | $13.29 | awaiting T+20 | awaiting T+20 | $11.19 (−15.80%) |
Oct 15, 2026 17d ago | 6-K | $13.46 | awaiting T+20 | awaiting T+20 | $11.19 (−16.86%) |
Oct 15, 2026 17d ago | 6-K | $13.46 | awaiting T+20 | awaiting T+20 | $11.19 (−16.86%) |
US Market Status
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