Banco Santander, S.A. (NYSE: SAN) shares closed lower on Wednesday as the Spanish banking group’s stock eased amid heavy trading, even after the release of its full-year 2025 financial results and announcement of a major U.S. acquisition. SAN closed near recent highs before retreating in late trading. As of market close, the New York-listed ADR was trading around $12.68, moving modestly on the session. The intraday change reflected broader banking sector flows. Current market data show Banco Santander’s market capitalization at about $190 billion.
Banco Santander, one of the largest global lenders, reported consolidated full-year and quarterly results earlier in the session, with revenue and profit data covering 2025. In parallel, the company disclosed a definitive agreement to acquire U.S. regional bank Webster Financial in a cash-and-stock deal valued near $12.3 billion.
Market Capitalization
Banco Santander’s ADR market capitalization stood around $190 billion at Wednesday’s close, based on NYSE trading data.
Latest Quarterly and Full-Year Results
For the full year ending Dec. 31, 2025, Banco Santander reported an attributable profit of €14,101 million, up 12% year-on-year (or +16% in constant euros), according to the company’s earnings release. Total income was flat in nominal euros at €62,390 million but increased 4% in constant euros. The bank added eight million customers during the year, reaching a total of 180 million. Fourth-quarter attributable profit reached €3,764 million, up 15% year-on-year, marking a seventh consecutive higher quarterly result.
Revenue for 2025 was €62,390 million (flat in euros), while net profit increased 12% compared with 2024.
Segment Highlights
Santander’s results were driven by key business lines:
Net interest income remained resilient and contributed to total income, offsetting adverse rate environments in some regions.
Net fee income reached €13,661 million, up 5% (+9% in constant euros), contributing to overall income growth.
Customer funds grew 6% in constant euros, with deposits up 5% and mutual funds up 14%.
Loans expanded about 4% in constant euros to near €1 trillion.
Global Business Performance
Santander’s global footprint spans Europe, Latin America, the United States and the UK. Regional growth was supported by broad commercial banking activities across Retail & Commercial Banking and Payments & Wealth divisions. Deposits and customer activity contributed to fee growth, while cross-market net interest income demonstrated geographic diversification effects.
Full-Year Results Context
The bank delivered a record full-year net profit in 2025, continuing growth from prior periods. Total customers expanded by eight million. Income and net profit trends showed sustained expansion in most major markets. The results reflect Santander’s ongoing digital transformation and global integration strategy.
Business & Operations Update
Santander announced a definitive agreement to acquire Webster Financial (NYSE: WBS) for approximately $12.3 billion in cash and stock, creating a larger U.S. retail and commercial banking platform with combined assets approaching $327 billion. Under the agreement, Webster stockholders will receive $48.75 in cash and 2.0548 Santander ADS per Webster share.
M&A or Strategic Moves
The definitive Webster acquisition expands Santander’s U.S. presence. The transaction, expected to close later in 2026 subject to regulatory approval, positions the bank among the top ten U.S. retail and commercial banks by assets.
Equity Analyst Commentary
Institutional research coverage noted Santander’s strategic move into the U.S. market and record earnings, with market reactions reflecting deal-related capital and valuation considerations. Analyst commentary focused on deal dynamics and earnings trajectory. (Institutional research widely reported.)
Guidance & Outlook
Santander highlighted areas to watch, including regulatory approvals for the Webster transaction and continued integration of global business platforms. The bank also reaffirmed its shareholder return policy, including dividends and buybacks linked to capital surplus and profit performance.
Performance Summary
Banco Santander shares fluctuated on Wednesday as the company reported record annual profit and agreed to a significant acquisition. 2025 results showed higher net profit and growth in key revenue segments. Strategic expansion in the U.S. and global banking developments remained central themes. Ending trading, SAN reflected these key financial and strategic developments.