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Tax matters (Tables) | 12 Months Ended
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Dec. 31, 2025
Major components of tax expense (income) [abstract] |
Schedule of reconciliation of income tax expense | The reconciliation of the income tax expense calculated at the tax rate applicable in Spain (30%) to the income tax expense recognised and the detail of the effective tax rate are as follows:
EUR million
| 2025 | 2024 | 2023
Consolidated profit (loss) before tax: |  |  |
From continuing operations | 18,681 | 17,347 |  | 15,005 |
From discontinued operations | 1,950 | 1,680 |  | 1,454 |
| 20,631 | 19,027 |  | 16,459 |
Income tax at tax rate applicable in Spain (30%) | 6,189 | 5,708 |  | 4,938 |
By the effect of application of the various tax rates applicable in each country A | (103) | 115 |  | (100) |
Of which: |  |  |
Brazil | 264 | 413 |  | 198 |
United Kingdom | (42) | (53) |  | (51) |
United States | (60) | (25) |  | (28) |
Chile | (36) | (33) |  | (28) |
Poland | (224) | (183) |  | (164) |
Effect of profit or loss of associates and joint ventures | (207) | (213) |  | (184) |
USA electric vehicle leasing incentives | (203) | (258) |  | (259) |
Global minimum tax Pillar Two | 6 | 14 |  | — |
Effect of reassessment of deferred taxes | (101) | 68 |  | — |
Permanent differences and other | (450) | (151) |  | (119) |
Income tax | 5,131 | 5,283 |  | 4,276 |
Effective tax rate | 24.87% | 27.77 | % | 25.98 | %
Of which: |  |  |
Continuing operations | 4,723 | 4,844 |  | 3,880 |
Discontinued operations (Note 37) | 408 | 439 |  | 396 |
Of which: |  |  |
Current taxes | 5,666 | 4,855 |  | 5,568 |
Deferred taxes | (535) | 428 |  | (1,292) |
Income tax (receipts)/payments | 4,954 | 5,880 |  | 5,214 |
A. Calculated by applying the difference between the tax rate applicable in Spain and the tax rate applicable in each jurisdiction to the profit or loss contributed to the Group by the entities which operate in each jurisdiction.
Schedule of tax recognized in equity | In addition to the income tax recognised in the consolidated income statement, the Group recognised the following amounts in consolidated equity in 2025, 2024 and 2023:
EUR million
| 2025 | 2024 | 2023
Other comprehensive income |  |  |
Items not reclassified to profit or loss | 115 |  | 85 |  | 358 |
Actuarial gains or (-) losses on defined benefit pension plans | 63 |  | 172 |  | 302 |
Changes in the fair value of equity instruments measured at fair value through other comprehensive income | 4 |  | (4) |  | 20 |
Financial liabilities at fair value with changes in results attributable to changes in credit risk | 48 |  | (83) |  | 36 |
Items that may be reclassified to profit or loss | (440) |  | 54 |  | (919) |
Cash flow hedges | (207) |  | (205) |  | (732) |
Changes in the fair value of debt instruments through other comprehensive income | (204) |  | 261 |  | (214) |
Hedging instruments (items not designated) | 3 |  | — |  | — |
Non-current assets held for sale | (32) |  | — |  | — |
Other recognised income and expense of investments in subsidiaries, joint ventures and associates | — |  | (2) |  | 27 |
Total | (325) |  | 139 |  | (561) |
Schedule of deferred tax assets and liabilities | The detail of deferred tax assets, by classification as monetizable or non-monetizable assets, and of deferred tax liabilities at 31 December 2025, 2024 and 2023 is as follows:
EUR million
| 2025 |  | 2024 |  | 2023
| Monetizable A | Other |  | Monetizable A | Other |  | Monetizable A | Other
Tax assets | 10,725 |  | 8,219 |  |  | 10,309 |  | 8,861 |  |  | 11,099 |  | 9,668 |
Tax losses and tax credits | — |  | 2,354 |  |  | — |  | 2,367 |  |  | — |  | 2,393 |
Temporary differences | 10,725 |  | 5,865 |  |  | 10,309 |  | 6,494 |  |  | 11,099 |  | 7,275 |
Of which: |  |  |  |  |  |  |  |
Non-deductible provisions | — |  | 1,970 |  |  | — |  | 1,784 |  |  | — |  | 1,965 |
Valuation of financial instruments | — |  | 810 |  |  | — |  | 1,486 |  |  | — |  | 1,543 |
Loan losses | 8,471 |  | 1,341 |  |  | 7,880 |  | 1,103 |  |  | 8,248 |  | 1,577 |
Pensions | 2,254 |  | 426 |  |  | 2,429 |  | 423 |  |  | 2,851 |  | 665 |
Valuation of tangible and intangible assets | — |  | 832 |  |  | — |  | 885 |  |  | — |  | 1,060 |
Tax liabilities | — |  | 5,904 |  |  | — |  | 6,276 |  |  | — |  | 6,086 |
Temporary differences | — |  | 5,904 |  |  | — |  | 6,276 |  |  | — |  | 6,086 |
Of which: |  |  |  |  |  |  |  |
Valuation of financial instruments | — |  | 1,980 |  |  | — |  | 2,412 |  |  | — |  | 2,059 |
Valuation of tangible and intangible assets | — |  | 2,714 |  |  | — |  | 2,797 |  |  | — |  | 2,594 |
Investments in Group companies | — |  | 427 |  |  | — |  | 403 |  |  | — |  | 378 |
A. In 2023, the Spanish Economic Administrative Court ruled that in 2017 the requirements for the conversion of part of the monetizable assets of Popular Group into a credit against the Tax Administration were met, allowing the conversion to EUR 995 million. Banco Santander was refunded without impact on results. The favourable Economic Administrative Court decision was declared harmful to the public interests and challenged at the National Appellate Court by the Tax Administration. The estimation of this appeal, which is pending at the National Appellate Court, would imply that Grupo Santander should repay the amount refunded and would, once again, credit these monetizable assets with no impact on results except for late payment interests. However, it is considered that there are strong defense arguments in relation to this appeal.
Schedule of changes in deferred tax assets and liabilities | The changes in Tax assets - Deferred and Tax liabilities - Deferred in the last three years were as follows:
EUR million |  |  |  |  |  |  |
| Balance at 1 January 2025 | (Charge)/Credit to income | Foreign currency balance translation differences and other items | (Charge)/Credit to asset and liability valuation adjustments | Reclassification no-current asset held for sale | Acquisition for the year (net) | Balance at 31 December 2025
Deferred tax assets | 19,170 |  | 1,107 |  | (102) |  | (132) |  | (1,130) |  | 31 |  | 18,944 |
Tax losses and tax credits | 2,367 |  | 82 |  | (107) |  | — |  | — |  | 12 |  | 2,354 |
Temporary differences | 16,803 |  | 1,025 |  | 5 |  | (132) |  | (1,130) |  | 19 |  | 16,590 |
Of which monetizable | 10,309 |  | 455 |  | (39) |  | — |  |  | — |  | 10,725 |
Deferred tax liabilities | (6,276) |  | (572) |  | 108 |  | (232) |  | 1,064 |  | — |  | (5,904) |
Temporary differences | (6,276) |  | (572) |  | 108 |  | (232) |  | 1,064 |  | 4 |  | (5,904) |
| 12,894 |  | 535 |  | 6 |  | (364) |  | (66) |  | 31 |  | 13,040 |
EUR million
| Balance at 1 January 2024 | (Charge)/Credit to income | Foreign currency balance translation differences and other items | (Charge)/Credit to asset and liability valuation adjustments | Acquisition for the year (net) | Balance at 31 December 2024
Deferred tax assets | 20,767 |  | 119 |  | (1,670) |  | (41) |  | (5) |  | 19,170 |
Tax losses and tax credits | 2,393 |  | 114 |  | (139) |  | — |  | (1) |  | 2,367 |
Temporary differences | 18,374 |  | 5 |  | (1,531) |  | (41) |  | (4) |  | 16,803 |
Of which monetizable | 11,099 |  | 147 |  | (937) |  | — |  | — |  | 10,309 |
Deferred tax liabilities | (6,086) |  | (547) |  | 142 |  | 215 |  | — |  | (6,276) |
Temporary differences | (6,086) |  | (547) |  | 142 |  | 215 |  | — |  | (6,276) |
| 14,681 |  | (428) |  | (1,528) |  | 174 |  | (5) |  | 12,894 |
EUR million
| Balance at 1 January 2023 | (Charge)/Credit to income | Foreign currency balance translation differences and other items | (Charge)/Credit to asset and liability valuation adjustments | Acquisition for the year (net) | Balance at 31 December 2023
Deferred tax assets | 20,787 |  | 629 |  | (130) |  | (422) |  | (97) |  | 20,767 |
Tax losses and tax credits | 1,778 |  | 392 |  | 224 |  | — |  | (1) |  | 2,393 |
Temporary differences | 19,009 |  | 237 |  | (354) |  | (422) |  | (96) |  | 18,374 |
Of which monetizable | 10,660 |  | 1,232 |  | (787) |  | — |  | (6) |  | 11,099 |
Deferred tax liabilities | (6,428) |  | 663 |  | 3 |  | (338) |  | 14 |  | (6,086) |
Temporary differences | (6,428) |  | 663 |  | 3 |  | (338) |  | 14 |  | (6,086) |
| 14,359 |  | 1,292 |  | (127) |  | (760) |  | (83) |  | 14,681 |

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