Equity Profile

ITUB

ItaÃº Unibanco Holding S.A.

FinancialsDiversified Banks$86.9B

May5Tue

Pre-Earnings Brief

UpcomingQ1-2026After Close9:00 AM EDT

Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well the bank has managed its costs and revenues.

$0.21

Revenue

Revenue growth is essential to assess the bank's overall performance and its ability to attract and retain customers.

$46.8B

Wall Street expectations, options signals, track record, and call prep available with Pro.

ITUB Q1-2026 Earnings Preview

Context

Company Snapshot

Itaú Unibanco Holding S.A. is a major Brazilian financial institution that provides a wide range of banking services, including retail and corporate banking, asset management, and investment services. With a market cap of $87 billion, it plays a significant role in the financial sector, particularly in Brazil, where consumer spending and economic growth are key themes.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-14.08%

Avg Stock Reaction

-2.99%

Last Quarter Recap

In the last quarter, Itaú Unibanco reported mixed results, with some analysts expressing concerns about rising costs and competition in the banking sector. The stock reacted negatively, reflecting investor caution.

Management Promises & Guidance

Focus on improving digital banking services.
Commitment to cost management and efficiency.
Plans to expand customer base in key markets.

Expectations

Wall Street Expectations

Analysts expect Itaú Unibanco to report stable earnings and revenue, reflecting ongoing challenges in the banking sector. However, there is cautious optimism about its digital transformation efforts.

Bull Case

If Itaú can exceed EPS expectations and demonstrate strong revenue growth, it could signal effective management and a robust strategy for navigating market challenges.

Bear Case

On the other hand, if the bank fails to meet expectations due to rising costs or competitive pressures, it could lead to a significant decline in stock price.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.21

EPS is a critical measure of profitability and will indicate how well the bank has managed its costs and revenues.

Revenue

$46.8B

Revenue growth is essential to assess the bank's overall performance and its ability to attract and retain customers.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS exceed the consensus estimate of $0.21?

A beat on EPS could indicate strong cost management and profitability, which is crucial for investor confidence.

What are the revenue expectations compared to the consensus of $46.8B?

Revenue performance will be a key indicator of the bank's growth and ability to attract customers in a competitive market.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the impact of Itaú's digital transformation initiatives, which could drive higher customer engagement and revenue growth.

Supporting Evidence

Options pricing indicates a potential for greater volatility than historical averages suggest.

Recent insider selling could reflect concerns about short-term performance but does not necessarily indicate long-term outlook.

The bank's focus on cost management may yield better-than-expected results despite market challenges.

Key Risk

If revenue growth significantly outpaces expectations, it could challenge the current cautious consensus.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it reflects the bank's ability to navigate economic challenges and competition.

Bull Confirmed If

Earnings exceeding $0.21 per share alongside revenue above $46.8B would confirm the bull case.

Bear Confirmed If

Earnings below $0.21 per share and revenue falling short of $46.8B would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±7.07%

Historical Avg

±4.2%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±7.1% while ITUB has averaged ±4.2% over the last 8 prints — setup is pricing rich.

Detail

30d HV

35.5%

Calls (10K)P/C Ratio: 1.48Puts (2K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$1.0M

109,477 sh

1 insider

Net

$1.0M

Net selling

Most Active Insiders· 3 open-market trades

Chief People and MKT OfficerGuillinet Fajerman Sergio
$1.0M

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Mixed flows

Institutional

33.14%

of float

Insider

0.00%

of float

Holders

533

institutions

Top Holders· as of Dec 2025

GQG Partners LLC
96,959,405 sh · $858.1M
1.79%
3.2%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Itaú beats expectations, history suggests the stock could rise, confirming effective management strategies.

In-Line / Cautious

An in-line report may lead to a muted reaction, with investors focusing on management's commentary for future guidance.

Miss

A miss could result in a decline, with history suggesting an average drop of around 2.8% when expectations are not met.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on digital banking initiatives and their impact on customer acquisition.
2Any changes in cost management strategies and their expected outcomes.
3Insights into competitive pressures in the Brazilian banking sector.
4Management's outlook on economic conditions affecting consumer spending.
5Details on any new products or services launched in the last quarter.

See the full picture

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how well the bank has managed its costs and revenues.

$0.21

Revenue

Revenue growth is essential to assess the bank's overall performance and its ability to attract and retain customers.

$46.8B

Wall Street expectations, options signals, track record, and call prep available with Pro.

ITUB Q1-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

25%

Avg EPS Surprise

-14.08%

Avg Stock Reaction

-2.99%

Last Quarter Recap

Management Promises & Guidance

Focus on improving digital banking services.
Commitment to cost management and efficiency.
Plans to expand customer base in key markets.

Expectations

Wall Street Expectations

Bull Case

If Itaú can exceed EPS expectations and demonstrate strong revenue growth, it could signal effective management and a robust strategy for navigating market challenges.

Bear Case

On the other hand, if the bank fails to meet expectations due to rising costs or competitive pressures, it could lead to a significant decline in stock price.

Key Metrics to Watch

Earnings Per Share (EPS)

$0.21

EPS is a critical measure of profitability and will indicate how well the bank has managed its costs and revenues.

Revenue

$46.8B

Revenue growth is essential to assess the bank's overall performance and its ability to attract and retain customers.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS exceed the consensus estimate of $0.21?

A beat on EPS could indicate strong cost management and profitability, which is crucial for investor confidence.

What are the revenue expectations compared to the consensus of $46.8B?

Revenue performance will be a key indicator of the bank's growth and ability to attract customers in a competitive market.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the impact of Itaú's digital transformation initiatives, which could drive higher customer engagement and revenue growth.

Supporting Evidence

Options pricing indicates a potential for greater volatility than historical averages suggest.

Recent insider selling could reflect concerns about short-term performance but does not necessarily indicate long-term outlook.

The bank's focus on cost management may yield better-than-expected results despite market challenges.

Key Risk

If revenue growth significantly outpaces expectations, it could challenge the current cautious consensus.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it reflects the bank's ability to navigate economic challenges and competition.

Bull Confirmed If

Earnings exceeding $0.21 per share alongside revenue above $46.8B would confirm the bull case.

Bear Confirmed If

Earnings below $0.21 per share and revenue falling short of $46.8B would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±7.07%

Historical Avg

±4.2%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±7.1% while ITUB has averaged ±4.2% over the last 8 prints — setup is pricing rich.

Detail

30d HV

35.5%

Calls (10K)P/C Ratio: 1.48Puts (2K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$1.0M

109,477 sh

1 insider

Net

$1.0M

Net selling

Most Active Insiders· 3 open-market trades

Chief People and MKT OfficerGuillinet Fajerman Sergio
$1.0M

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Mixed flows

Institutional

33.14%

of float

Insider

0.00%

of float

Holders

533

institutions

Top Holders· as of Dec 2025

GQG Partners LLC
96,959,405 sh · $858.1M
1.79%
3.2%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Itaú beats expectations, history suggests the stock could rise, confirming effective management strategies.

In-Line / Cautious

An in-line report may lead to a muted reaction, with investors focusing on management's commentary for future guidance.

Miss

A miss could result in a decline, with history suggesting an average drop of around 2.8% when expectations are not met.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on digital banking initiatives and their impact on customer acquisition.
2Any changes in cost management strategies and their expected outcomes.
3Insights into competitive pressures in the Brazilian banking sector.
4Management's outlook on economic conditions affecting consumer spending.
5Details on any new products or services launched in the last quarter.