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Banco Santander, S.A. vs ING Groep NV: SAN and ING compared
Banco Santander, S.A. is the larger company: $14.3B of revenue in its latest quarter (Q3 2025) against $11.7B for ING Groep NV (H1 2026). ING Groep NV is more profitable, with an operating margin of 100.0% against 32.5%.
Where the money goes: SAN and ING
Banco Santander, S.A. (SAN) · Q3 2025
Banco Santander, S.A., Q3 2025: revenue $14.3B, operating margin 32.5%, net earnings $3.5B. The chart follows the revenue to costs, profit and cash.
ING Groep NV (ING) · H1 2026
ING Groep NV, H1 2026: revenue $11.7B (-6% year over year), operating margin 100.0%, net earnings $3.2B, operating cash flow $15.2B. The chart follows the revenue to costs, profit and cash.
| Banco Santander, S.A. (SAN) | ING Groep NV (ING) | |
|---|---|---|
| Latest quarter | Q3 2025 | H1 2026 |
| Revenue | $14.3B | $11.7B |
| Revenue growth, Y/Y | — | -6% |
| Operating margin | 32.5% | 100.0% |
| Net earnings | $3.5B | $3.2B |
| Net margin | 24.5% | 27.3% |
| Operating cash flow | — | $15.2B |
| Free cash flow | — | $14.9B |
Where the revenue comes from
Banco Santander, S.A.
- Spain: $5.5B (38%)
- US: $4.2B (30%)
- Poland: $2.1B (15%)
- Chile: $1.3B (9%)
Questions
Which is bigger, Banco Santander, S.A. or ING Groep NV?
Banco Santander, S.A. is the larger company: $14.3B of revenue in its latest quarter (Q3 2025) against $11.7B for ING Groep NV (H1 2026).
Is Banco Santander, S.A. or ING Groep NV growing faster?
ING Groep NV is more profitable, with an operating margin of 100.0% against 32.5%.
More: Banco Santander, S.A. earnings · how Banco Santander, S.A. makes money · ING Groep NV earnings · how ING Groep NV makes money
From the companies' latest 10-Q, 10-K or earnings release (6-K filed Oct 29, 2025; 6-K filed Jul 30, 2026). Fiscal quarters can end on different dates. Not investment advice.