Itau Unibanco Banco Holding (ITUB)
NYSE:ITUB
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Itau Unibanco
(NYSE:ITUB)
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Rating:68Neutral
Price Target:
$9.00
▼(-4.05% Downside)
Action:Downgraded
Date:05/09/26
The score is driven mainly by solid underlying financial performance and a constructive earnings outlook, supported by attractive valuation (low P/E and high dividend yield). These positives are partially offset by weak near-term technical momentum and financial risks tied to higher leverage and cash-flow volatility.
Positive Factors
High and consistent ROE
Sustained ROE in the mid-20% range and large 2025 net income indicate durable profitability. High returns support internal capital generation, recurring shareholder distributions and funding for strategic investments (digital, product rollout), giving the franchise resilience across credit cycles.
Negative Factors
Elevated leverage
A relatively high debt-to-equity ratio increases sensitivity to rising funding costs and adverse market moves. Elevated leverage limits flexibility for aggressive capital returns or large balance-sheet shocks, raises regulatory scrutiny risk, and can amplify earnings volatility if credit or funding conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
High and consistent ROE
Sustained ROE in the mid-20% range and large 2025 net income indicate durable profitability. High returns support internal capital generation, recurring shareholder distributions and funding for strategic investments (digital, product rollout), giving the franchise resilience across credit cycles.
Read all positive factors
Itau Unibanco (ITUB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$87.96B
Dividend Yield9.77%
Average Volume (3M)22.77M
Price to Earnings (P/E)10.5
Beta (1Y)0.68
Revenue Growth19.64%
EPS Growth12.10%
CountryUS
Employees99,600
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)4.18
Shares Outstanding5,409,126,000
10 Day Avg. Volume32,403,478
30 Day Avg. Volume22,771,341
Financial Highlights & Ratios
PEG Ratio2.47
Price to Book (P/B)2.13
Price to Sales (P/S)1.13
P/FCF Ratio3.39
Enterprise Value/Market Cap13.92
Enterprise Value/Revenue3.18
Enterprise Value/Gross Profit9.33
Enterprise Value/Ebitda22.51
Forecast
1Y Price Target
$9.00Price Target Upside-4.05% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.93
Revenue Forecast (FY)$39.52B
Itau Unibanco Business Overview & Revenue Model
Company Description
Itaú Unibanco Holding S.A. offers a range of financial products and services to individuals and corporate customers in Brazil and internationally. The company operates through three segments: Retail Banking, Wholesale Banking, and Activities with ...
How the Company Makes Money
Itaú Unibanco primarily makes money by earning net interest income and collecting fees and commissions from a broad range of financial services.
1) Net interest income (spread business): The bank generates interest revenue from loans and other in...
Itau Unibanco Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call communicated broadly positive, high-quality results: strong profitability and returns, multiple leadership positions across businesses, rapid digital/operational improvements (large drops in incidents and unit costs), robust asset-gathering and recurring revenue growth, and disciplined capital allocation with substantial shareholder distributions. Management noted a few manageable issues — modest NIM pressure from product mix, nominally higher credit costs (but stable as a ratio), a one-off corporate delinquency that was resolved, reclassifications that complicate comparability, and a prudent tone on 2026 credit growth due to election-year macro uncertainty and hedging/capital consumption — but emphasized risk management, scalability and the ability to react if conditions change. Overall, highlights significantly outweigh the lowlights.Positive Updates
Strong Profitability and Net Income
Consolidated net income of BRL 46.8 billion for 2025; Q4 net income BRL 12.3 billion (+3.7% QoQ, +13.2% YoY). Consolidated ROE 24.4% (Brazil 26.0%); adjusted ROE (11.5% capital) consolidated 25.4% and Brazil 27.3%.
Negative Updates
Slight Margin and NIM Pressures
Quarterly NIM dipped modestly: consolidated from 9.0% to 8.9% (risk-adjusted 6.2%→6.1%); Brazil NIM 9.8%→9.7% (risk-adjusted 6.7%→6.6%). Management attributed decline mainly to business/product mix (growth in mortgages, private payroll and corporate lending) and some calendar/hedge effects.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Profitability and Net Income
Consolidated net income of BRL 46.8 billion for 2025; Q4 net income BRL 12.3 billion (+3.7% QoQ, +13.2% YoY). Consolidated ROE 24.4% (Brazil 26.0%); adjusted ROE (11.5% capital) consolidated 25.4% and Brazil 27.3%.
Read all positive updates
Company Guidance
Management’s 2026 guidance assumes consolidated credit growth of 5.5–9.5% (Brazil 6.5–10.5%), net interest income with clients up 5–9%, market NII BRL 2.5–5.5bn, cost of credit BRL 38.5–43.5bn, commissions/fees/insurance growth 5–9%, noninterest expenses up 1.5–5.5% (midpoint below projected inflation), and an effective tax rate of 29.5–32.5%. Macro assumptions underpinning the plan are GDP +1.9%, year‑end Selic 12.75% (rate cuts beginning in March), IPCA converging to ~4%, unemployment ~5.7% (from 5.4%) and FX ~BRL5.50. Management said the guidance already incorporates the announced P&L reclassifications (card fees and Rede items moved into commissions, discounts on receivables reclassified into cost of credit — a reclassification that added ~BRL2.8bn to NII with clients and ~BRL1.5bn to cost of credit, lifting 2025 cost of credit from BRL36.6bn to BRL38.1bn) and the full consolidation of Avenue from 2026; they noted 2025 outturns were close to midpoints (loan portfolio +6%, financial margin with clients +12.1%, market NII BRL3.3bn, commissions/fees/insurance +6.3%, noninterest expenses +7.5%, and tax rate 29.7%).Itau Unibanco Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 384.43B | 384.58B | 325.85B | 306.63B | 253.12B | 191.49B |
| Gross Profit | 131.20B | 132.63B | 129.10B | 116.82B | 108.23B | 108.18B |
| EBITDA | 54.38B | 57.64B | 54.00B | 45.35B | 41.49B | 46.46B |
| Net Income | 45.77B | 44.86B | 41.09B | 33.10B | 29.21B | 26.76B |
Balance Sheet | ||||||
| Total Assets | 3.14T | 3.08T | 2.85T | 2.54T | 2.32T | 2.07T |
| Cash, Cash Equivalents and Short-Term Investments | 212.78B | 427.12B | 637.43B | 615.43B | 577.22B | 517.40B |
| Total Debt | 1.08T | 1.01T | 905.63B | 814.62B | 721.40B | 574.07B |
| Total Liabilities | 2.92T | 2.86T | 2.63T | 2.34T | 2.14T | 1.90T |
| Stockholders Equity | 217.32B | 204.40B | 211.09B | 190.18B | 167.72B | 152.86B |
Cash Flow | ||||||
| Free Cash Flow | 125.26B | 128.23B | -98.15B | 68.30B | 121.14B | 51.02B |
| Operating Cash Flow | 129.61B | 129.38B | -96.32B | 77.49B | 129.63B | 60.11B |
| Investing Cash Flow | -215.39B | -210.16B | 6.97B | -31.23B | -73.27B | -4.84B |
| Financing Cash Flow | 101.68B | 88.60B | 81.69B | -22.45B | -31.71B | -31.46B |
Itau Unibanco Technical Analysis
Neutral
9.38
Price Trends
8.44
Negative
8.36
Negative
7.50
Positive
Market Momentum
-0.23
Positive
41.19
Neutral
17.88
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ITUB, the sentiment is Neutral. The current price of 9.38 is above the 20-day moving average (MA) of 8.34, above the 50-day MA of 8.44, and above the 200-day MA of 7.50, indicating a neutral trend. The MACD of -0.23 indicates Positive momentum. The RSI at 41.19 is Neutral, neither overbought nor oversold. The STOCH value of 17.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ITUB.
Itau Unibanco Risk Analysis
Itau Unibanco disclosed 50 risk factors in its most recent earnings report. Itau Unibanco reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Itau Unibanco Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $87.96B | 10.47 | 21.64% | 9.77% | 19.64% | 12.10% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $14.70B | 13.38 | 20.90% | 4.29% | -3.09% | 2.72% | |
60 Neutral | $35.13B | 8.83 | 13.55% | 2.80% | 27.54% | 26.59% | |
58 Neutral | $19.33B | 15.60 | 20.11% | 5.56% | -7.31% | -7.03% | |
58 Neutral | $20.53B | 17.87 | 11.11% | 4.98% | 17.17% | -1.33% | |
54 Neutral | $35.13B | 9.65 | 13.55% | 2.48% | 27.54% | 28.12% |
* Financial Sector Average
ITUB
Itau Unibanco
7.94
1.95
32.49%
BBD
Banco Bradesco SA
3.57
0.98
37.68%
BCH
Banco De Chile
37.95
7.84
26.03%
BSBR
Banco Santander Brasil
5.53
0.57
11.38%
BSAC
Banco Santander Chile
31.26
6.95
28.56%
BBDO
Banco Bradesco
3.12
0.79
33.68%
Itau Unibanco Corporate Events
Itaú Unibanco Updates Global Policy on Disclosure of Material Information
May 8, 2026
On May 8, 2026, Itaú Unibanco Holding S.A. filed a Form 6-K in the United States to publish an updated global Policy for the Disclosure of Material Acts or Facts, aligning its practices with Brazil’s CVM Resolution No. 44 of August 23, ...
Itaú Unibanco Shifts Material Disclosures to New News Portal
May 8, 2026
Itaú Unibanco Holding S.A. announced on May 8, 2026 that it has changed the online news portal used to disclose its material acts and facts to the market, moving these communications to a freely accessible section of the MZ Group website. The...
Itaú Unibanco Reports Strong Q1 2026 Capital and Risk Metrics in Pillar 3 Disclosure
May 7, 2026
On May 5, 2026, Itaú Unibanco filed a Form 6-K in the U.S. disclosing its “Risk and Capital Management – Pillar 3” report for the first quarter of 2026, prepared under Brazilian Central Bank Resolution BCB No. 54 to align lo...
Itaú Unibanco Posts Strong 1Q26 Profit and Stable Asset Quality
May 6, 2026
In the first quarter of 2026, Itaú Unibanco reported a recurring managerial result of R$12.3 billion, with recurring return on equity of 24.8% at the consolidated level and 26.4% in Brazil, reflecting the new managerial reclassifications and ...
Itaú Unibanco Showcases 1Q26 Performance and Digital-Efficiency Gains in New Institutional Deck
May 6, 2026
On May 5, 2026, Itaú Unibanco filed a Form 6-K in the U.S. disclosing its institutional presentation for the first quarter of 2026, highlighting a recurring managerial result of BRL 12.3 billion, a 24.8% recurring ROE and BRL 3.2 trillion in ...
Itaú Unibanco Posts R$12.3 Billion Q1 2026 Profit as Asset Quality and Efficiency Hit New Highs
May 6, 2026
Itaú Unibanco reported first‑quarter 2026 recurring managerial profit of R$12.3 billion and an annualized ROE of 24.8% on May 5, 2026, supported by a R$1.5 trillion credit portfolio and a stable 90‑day NPL ratio of 1.9%. Credit gr...
Itaú Unibanco Posts Strong 1Q 2026 Results and Publishes Full Financial Disclosures
May 6, 2026
On May 5, 2026, Itaú Unibanco announced that its complete financial statements for the period ended March 31, 2026 and its management discussion and analysis for the first quarter of 2026 had been released on its investor relations website. T...
Itaú Unibanco Fiscal Council Backs Q1 2026 Financial Statements
May 6, 2026
On May 5, 2026, Itaú Unibanco’s Fiscal Council met in São Paulo with all elected members present, in accordance with its internal charter. The session was chaired by Gilberto Frussa and focused on reviewing the company’s fina...
Itaú Unibanco Board Clears Q1 2026 Results With Unqualified Audit Opinion
May 6, 2026
On May 5, 2026, Itaú Unibanco’s Board of Directors met in São Paulo and reviewed the bank’s financial statements for the period from January to March 2026. The documents came with a favorable opinion from the Supervisory Coun...
Itaú Unibanco Refreshes Audit Committee with Appointment of Veteran Banker
May 1, 2026
On April 30, 2026, Itaú Unibanco’s board of directors approved the election of independent member Antonio Francisco de Lima Neto to the bank’s statutory Audit Committee, for a term lasting until the post‑AGM 2027 board meeti...
Itaú Unibanco Files 2025 Integrated Annual and ESG Reports With Brazilian Regulator
May 1, 2026
Itaú Unibanco Holding S.A., one of Brazil’s largest banking groups, operates across retail and wholesale banking, asset management, and other financial services, with a strategic focus on sustainable finance and robust disclosure standa...
Itaú Unibanco Files 2025 Form 20-F with U.S. SEC and Brazil’s CVM
Apr 30, 2026
Itaú Unibanco Holding S.A. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission and Brazil’s securities regulator. The filing, completed on April 29, 2026,...
Itaú Unibanco Publishes Final Voting Map from April 28, 2026 Online AGM
Apr 29, 2026
Itaú Unibanco Holding S.A. has filed a Form 6-K with the U.S. Securities and Exchange Commission for April 2026, reporting on its corporate governance events and regulatory disclosures as a foreign issuer. The filing confirms the bank continu...
Itaú Unibanco Shareholders Approve Banco Itaucard Merger and Bylaw Changes
Apr 29, 2026
On April 28, 2026, Itaú Unibanco held an exclusively online Extraordinary General Stockholders’ Meeting that approved, with virtually unanimous votes, the merger of its subsidiary Banco Itaucard S.A. into the holding company based on a ...
Itaú Unibanco AGM Approves 2025 Profit Allocation and Board Slate
Apr 29, 2026
On April 28, 2026, Itaú Unibanco held its Annual General Stockholders’ Meeting online, with a high turnout representing 92.27% of common shares and 45.25% of preferred shares, to approve 2025 financial statements and key governance matt...
Itaú Unibanco Shareholders Strongly Back Governance and Pay at April 28 AGM
Apr 29, 2026
Itaú Unibanco Holding S.A. reported to the U.S. Securities and Exchange Commission in April 2026 the results of its Annual General Stockholders’ Meeting, held exclusively online on April 28, 2026. The filing confirms the company continu...
Itaú Unibanco Shareholders Approve Merger of Banco Itaucard and Bylaw Changes
Apr 29, 2026
On April 28, 2026, Itaú Unibanco Holding S.A. held an extraordinary general stockholders’ meeting online with a quorum representing 92.28% of its common shares, alongside management, supervisory council members and the external auditor....
Itaú Unibanco Publishes Final Voting Map from April 28 Extraordinary Shareholders’ Meeting
Apr 29, 2026
Itaú Unibanco Holding S.A. reported to the U.S. Securities and Exchange Commission via a Form 6-K for April 2026 that it held an Extraordinary General Stockholders’ Meeting on April 28, 2026, conducted exclusively online from São P...
Itaú Unibanco Updates Bylaws, Detailing Capital Structure and Governance on April 28, 2026
Apr 29, 2026
On April 28, 2026, Itaú Unibanco Holding S.A. filed a Form 6-K in the United States disclosing an updated version of its corporate bylaws, which detail its capital structure, governance framework, and shareholder rights. The document confirms...
Itaú Unibanco Publishes Consolidated Remote Voting Map Ahead of April 28, 2026 AGM
Apr 28, 2026
Itaú Unibanco Holding S.A. disclosed the consolidated summarized remote voting map for its Annual General Stockholders’ Meeting, in line with Brazilian securities regulator CVM Resolution 81/22. The document compiles voting instructions...
Itaú Unibanco Publishes Remote Voting Summary Ahead of April 28 Extraordinary Meeting
Apr 28, 2026
On April 27, 2026, Itaú Unibanco filed a Form 6-K with the U.S. Securities and Exchange Commission detailing formalities around its upcoming Extraordinary General Stockholders’ Meeting. The disclosure includes a consolidated summarized ...
Itaú Unibanco Sets May 5 Release and Interactive Meeting for 1Q26 Results
Apr 14, 2026
Itaú Unibanco Holding S.A., one of Latin America’s largest private-sector banks, provides a wide range of retail, corporate, and investment banking services to individuals and institutions in Brazil and abroad. The group emphasizes inve...
Itaú Unibanco Details BRL 441 Million 2026 Related-Party Insurance Agreement With Porto Seguro
Apr 2, 2026
Itaú Unibanco Holding S.A. disclosed on April 1, 2026, that it and its controlled bank Itaú Unibanco S.A. have an operating agreement with affiliates Porto Seguro S.A., Porto Seguro Seguros del Uruguay S/A and Azul Companhia de Seguros G...
Itaú Unibanco Files Q4 2025 Pillar 3 Risk and Capital Report With Strong Capital Ratios
Apr 2, 2026
Itaú Unibanco has published its Risk and Capital Management – Pillar 3 report for the fourth quarter of 2025, filed with the U.S. Securities and Exchange Commission on April 1, 2026. The disclosure complies with Brazilian Central Bank R...
Itaú Unibanco Sets April 28, 2026 Online Shareholder Meetings to Vote on 2025 Results and Itaucard Merger
Mar 30, 2026
On March 27, 2026, Itaú Unibanco released its manual for the Annual and Extraordinary General Stockholders’ Meetings, detailing agenda items and participation procedures. The 2026 meetings will be held online on April 28, reflecting the...
Itaú Unibanco Sets April 28, 2026 Online Meetings to Approve 2025 Results and Itaucard Merger
Mar 30, 2026
Itaú Unibanco has called an Annual General Stockholders’ Meeting and an Extraordinary General Stockholders’ Meeting for April 28, 2026, to be held exclusively online, to review 2025 financial statements, allocate profits, elect th...
Itaú Unibanco Fiscal Council Backs Merger of Itaucard Into Holding Company
Mar 30, 2026
On February 23, 2026, Itaú Unibanco’s Fiscal Council met in São Paulo to evaluate a proposed merger of its card-issuing subsidiary Banco Itaucard S.A. into the holding company, using December 31, 2025 as the base date for the trans...
Itaú Unibanco Plans Merger of Itaucard Unit in Intragroup Restructuring
Mar 30, 2026
Itaú Unibanco Holding S.A. announced that its board has approved an intragroup corporate reorganization to merge its wholly owned subsidiary Banco Itaucard S.A. into the parent company, as disclosed on March 27, 2026. Itaucard currently has n...
Itaú Unibanco Issues R$3.3 Billion in Tier 2 Subordinated Financial Bills
Mar 27, 2026
Itaú Unibanco Holding S.A. announced on March 26, 2026, that it issued Tier 2 subordinated financial bills totaling R$3.3 billion in a transaction with professional investors. The instruments mature in 2036 and include a call option from 2031...
Itaú Unibanco Discloses R$50 Million-Plus Related-Party Tech Services with Innovation Institute
Mar 10, 2026
Itaú Unibanco Holding S.A. disclosed a related-party transaction involving services provided by Instituto Itaú de Ciência, Tecnologia e Inovação (ICTi), a private association founded by the group to promote research, innov...
Itaú Unibanco to Distribute Cash From Fractional Share Auction After Bonus Issue
Mar 4, 2026
Itaú Unibanco Holding S.A. informed shareholders that fractions of shares arising from its bonus share distribution, previously disclosed on December 18, 2025, were consolidated and sold on B3 in an auction held on February 24, 2026. A total ...
Itaú Unibanco Board Approves Interest on Capital Distribution for 2026
Feb 26, 2026
On February 26, 2026, Itaú Unibanco’s board of directors met in São Paulo and unanimously approved the payment of interest on capital to shareholders, subject to ratification by the general shareholders’ meeting. The decision...
Itaú Unibanco Approves BRL 3.85 Billion Interest on Capital Payout
Feb 26, 2026
Itaú Unibanco Holding S.A., a major Brazilian banking and financial services group listed with common (ITUB3) and preferred (ITUB4) shares, serves retail and corporate clients and reports as a foreign issuer to the U.S. Securities and Exchang...
Itaú Unibanco Files February Form 6-K Detailing 4Q25 MTN Program and Risk Disclosures
Feb 26, 2026
On February 26, 2026, Itaú Unibanco Holding S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission for February 2026, providing an update tied to its fourth-quarter 2025 medium-term note program documentation. The filing, sign...
Itaú Unibanco Files Updated 2024 Reference Form and Sets 2026 Guidance Framework
Feb 10, 2026
On February 9, 2026, Itaú Unibanco filed a Form 6-K with the U.S. Securities and Exchange Commission to furnish its updated 2024 Reference Form, effective as of December 31, 2024, and last revised on February 4, 2026. The document consolidate...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.