Equity Profile

SAN

Banco Santander, S.A.

FinancialsDiversified Banks$179.7B

Jul22Wed

Pre-Earnings Brief

UpcomingQ2-2026Pre-Market9:00 AM EDT

Company Snapshot

Banco Santander, S.A. is a major global bank that provides a wide range of financial services, including retail and commercial banking....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the bank's profitability and performance this quarter.

N/A

Net Interest Margin

This metric reflects the bank's efficiency in earning income from its loans compared to its interest expenses.

N/A

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

SAN Q2-2026 Earnings Preview

Context

Company Snapshot

Banco Santander, S.A. is a major global bank that provides a wide range of financial services, including retail and commercial banking. With a market cap of $180 billion, it plays a significant role in the financial sector, particularly in Europe and Latin America, where consumer spending and economic conditions can greatly impact its performance.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+7.32%

Avg Stock Reaction

+0.29%

Last Quarter Recap

In Q1 2026, Banco Santander reported an EPS of $0.27, which was below the expected $0.29, resulting in a slight decline in stock price the following day. The bank's revenue figures were not disclosed, leaving investors uncertain about overall performance.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Banco Santander's upcoming earnings report, especially after a mixed performance in the previous quarter. The lack of analyst estimates adds to the uncertainty surrounding expectations.

Bull Case

If the bank can show strong loan growth and improved net interest margins, it could signal a recovery in profitability, leading to a positive market reaction.

Bear Case

Conversely, if the bank reports disappointing earnings or continued weakness in key metrics, it could further dampen investor sentiment and lead to a significant drop in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected EPS for Q2 2026?

The EPS figure will be crucial in determining the bank's profitability and could significantly influence investor sentiment.

How has loan growth performed in the last quarter?

Loan growth is a key indicator of the bank's health and demand for credit, which will be closely watched by investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for Banco Santander to rebound from its recent earnings miss, especially if loan growth exceeds expectations.

Supporting Evidence

The options market is pricing in a significant move of 13.82%, indicating that investors expect volatility and potential surprises.

Historical data shows that the bank has a 50% EPS beat rate, suggesting that there is a reasonable chance of a positive surprise.

Key Risk

If loan growth comes in significantly above expectations, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter, the focus will be on the bank's ability to meet or exceed earnings expectations and demonstrate growth in its lending activities.

Bull Confirmed If

A reported EPS of $0.30 or higher would confirm a bullish outlook.

Bear Confirmed If

An EPS below $0.25 would reinforce bearish sentiment.

Pre-Earnings Positioning

Options Market

Implied Move

±13.82%

Historical Avg

±3.7%

Pricing rich

The options market is pricing in a significant potential move, suggesting that investors expect volatility around the earnings announcement.

Options are pricing ±13.8% while SAN has averaged ±3.7% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

36.0%

Calls (12K)P/C Ratio: 0.43Puts (60K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Financials

n=30

Fade rate: 11 of 30 (37%)

This setup has occurred 30 times across Financials in the last 2 years. 19 of 30 (63%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 2.7%, with a raw directional average of +0.1% (roughly flat historical bias).

Edge

Institutional Ownership

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

Mixed flows

Institutional

3.11%

of float

Insider

0.00%

of float

Holders

666

institutions

Top Holders· as of Dec 2025

Fisher Asset Management, LLC
96,865,591 sh · $1.2B
0.66%
-10.0%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Banco Santander beats expectations, history suggests the stock could rise by about 0.26% on the first day, confirming a positive trend.

In-Line / Cautious

If results are in line with expectations but management provides cautious commentary, the stock may see muted movement as investors reassess future growth.

Miss

A miss on earnings could lead to a decline of around 0.31% on the first day, as investors react negatively to disappointing results.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

1 buy·0 sells

Members

House only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on loan growth and demand for credit.
2Details on net interest margins and how they are being impacted by current economic conditions.
3Management's outlook on consumer spending and its effect on banking operations.
4Insights into cost management strategies and their impact on profitability.
5Any commentary on regulatory changes that could affect the bank's operations.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

No charge today · Auto-bills $8/mo after 7 days · Cancel anytime

More Earnings This Week

5 Reports

Domino's Pizza, Inc.

Company Snapshot

Banco Santander, S.A. is a major global bank that provides a wide range of financial services, including retail and commercial banking....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the bank's profitability and performance this quarter.

N/A

Net Interest Margin

This metric reflects the bank's efficiency in earning income from its loans compared to its interest expenses.

N/A

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

SAN Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+7.32%

Avg Stock Reaction

+0.29%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If the bank can show strong loan growth and improved net interest margins, it could signal a recovery in profitability, leading to a positive market reaction.

Bear Case

Conversely, if the bank reports disappointing earnings or continued weakness in key metrics, it could further dampen investor sentiment and lead to a significant drop in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the expected EPS for Q2 2026?

The EPS figure will be crucial in determining the bank's profitability and could significantly influence investor sentiment.

How has loan growth performed in the last quarter?

Loan growth is a key indicator of the bank's health and demand for credit, which will be closely watched by investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for Banco Santander to rebound from its recent earnings miss, especially if loan growth exceeds expectations.

Supporting Evidence

The options market is pricing in a significant move of 13.82%, indicating that investors expect volatility and potential surprises.

Historical data shows that the bank has a 50% EPS beat rate, suggesting that there is a reasonable chance of a positive surprise.

Key Risk

If loan growth comes in significantly above expectations, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter, the focus will be on the bank's ability to meet or exceed earnings expectations and demonstrate growth in its lending activities.

Bull Confirmed If

A reported EPS of $0.30 or higher would confirm a bullish outlook.

Bear Confirmed If

An EPS below $0.25 would reinforce bearish sentiment.

Pre-Earnings Positioning

Options Market

Implied Move

±13.82%

Historical Avg

±3.7%

Pricing rich

The options market is pricing in a significant potential move, suggesting that investors expect volatility around the earnings announcement.

Options are pricing ±13.8% while SAN has averaged ±3.7% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

36.0%

Calls (12K)P/C Ratio: 0.43Puts (60K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Financials

n=30

Fade rate: 11 of 30 (37%)

Edge

Institutional Ownership

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

Mixed flows

Institutional

3.11%

of float

Insider

0.00%

of float

Holders

666

institutions

Top Holders· as of Dec 2025

Fisher Asset Management, LLC
96,865,591 sh · $1.2B
0.66%
-10.0%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Banco Santander beats expectations, history suggests the stock could rise by about 0.26% on the first day, confirming a positive trend.

In-Line / Cautious

If results are in line with expectations but management provides cautious commentary, the stock may see muted movement as investors reassess future growth.

Miss

A miss on earnings could lead to a decline of around 0.31% on the first day, as investors react negatively to disappointing results.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

1 buy·0 sells

Members

House only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on loan growth and demand for credit.
2Details on net interest margins and how they are being impacted by current economic conditions.
3Management's outlook on consumer spending and its effect on banking operations.
4Insights into cost management strategies and their impact on profitability.
5Any commentary on regulatory changes that could affect the bank's operations.