Itau Unibanco Banco Holding (ITUB)
NYSE:ITUB
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Itau Unibanco
(NYSE:ITUB)
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Rating:74Outperform
Price Target:
$9.00
▲(12.78% Upside)
Action:ReiteratedDate:02/09/26
The score is driven primarily by solid financial performance (growth and ROE) but held back by leverage and cash-flow volatility. Technicals are supportive with a strong uptrend, though momentum looks somewhat stretched. Valuation is favorable given the moderate P/E and high dividend yield, and the latest earnings call reinforced constructive fundamentals with cautious but reasonable 2026 guidance.
Positive Factors
Market Leadership & Scale
Large-scale franchise and leading market shares across acquiring and fixed-income distribution create durable competitive advantages. Scale supports fee income, underwriting leadership, and cross-sell, making revenue streams more resilient versus smaller rivals and enabling efficient investment in products and compliance.
Negative Factors
Elevated Leverage
Above-average leverage increases sensitivity to credit losses and macro stress, reducing capital flexibility. High debt-to-equity can amplify funding and RWA shocks, constrain dividend/buyback capacity under adverse scenarios and raise the bar for regulatory buffer maintenance during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Market Leadership & Scale
Large-scale franchise and leading market shares across acquiring and fixed-income distribution create durable competitive advantages. Scale supports fee income, underwriting leadership, and cross-sell, making revenue streams more resilient versus smaller rivals and enabling efficient investment in products and compliance.
Read all positive factors
Itau Unibanco (ITUB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$96.78B
Dividend Yield9.77%
Average Volume (3M)28.30M
Price to Earnings (P/E)9.1
Beta (1Y)0.70
Revenue Growth11.82%
EPS Growth3.41%
CountryUS
Employees99,600
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.19
Shares Outstanding5,409,126,000
10 Day Avg. Volume23,361,234
30 Day Avg. Volume28,298,555
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 Cap12.64
Enterprise Value/Revenue3.18
Enterprise Value/Gross Profit9.23
Enterprise Value/Ebitda21.23
Forecast
1Y Price Target
$9.00Price Target Upside12.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.9
Revenue Forecast (FY)$37.51B
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:May 05, 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
78
Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 384.58B | 325.85B | 306.63B | 253.12B | 191.49B |
| Gross Profit | 132.63B | 129.10B | 116.82B | 108.23B | 108.18B |
| EBITDA | 57.64B | 54.00B | 45.35B | 41.49B | 46.46B |
| Net Income | 44.86B | 41.09B | 33.10B | 29.21B | 26.76B |
Balance Sheet | |||||
| Total Assets | 3.08T | 2.85T | 2.54T | 2.32T | 2.07T |
| Cash, Cash Equivalents and Short-Term Investments | 427.12B | 637.43B | 615.43B | 577.22B | 517.40B |
| Total Debt | 1.01T | 905.63B | 814.62B | 721.40B | 574.07B |
| Total Liabilities | 2.86T | 2.63T | 2.34T | 2.14T | 1.90T |
| Stockholders Equity | 204.40B | 211.09B | 190.18B | 167.72B | 152.86B |
Cash Flow | |||||
| Free Cash Flow | 128.23B | -98.15B | 68.30B | 121.14B | 51.02B |
| Operating Cash Flow | 129.38B | -96.32B | 77.49B | 129.63B | 60.11B |
| Investing Cash Flow | -210.16B | 6.97B | -31.23B | -73.27B | -4.84B |
| Financing Cash Flow | 88.60B | 81.69B | -22.45B | -31.71B | -31.46B |
Itau Unibanco Technical Analysis
Positive
7.98
Price Trends
8.58
Positive
7.87
Positive
7.09
Positive
Market Momentum
0.02
Negative
60.58
Neutral
80.82
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ITUB, the sentiment is Positive. The current price of 7.98 is below the 20-day moving average (MA) of 8.17, below the 50-day MA of 8.58, and above the 200-day MA of 7.09, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 60.58 is Neutral, neither overbought nor oversold. The STOCH value of 80.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $96.78B | 9.08 | 21.64% | 9.77% | 11.82% | 3.41% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $19.15B | 14.56 | 21.25% | 5.56% | -11.64% | -8.75% | |
64 Neutral | $38.85B | 7.99 | 13.55% | 2.48% | 5.89% | 34.68% | |
61 Neutral | $38.85B | 8.13 | 13.55% | 2.80% | 5.89% | 34.01% | |
57 Neutral | $23.09B | 9.97 | 11.15% | 4.98% | 1.13% | -11.93% | |
56 Neutral | $16.28B | 12.58 | 21.37% | 4.29% | 12.43% | 56.30% |
* Financial Sector Average
ITUB
Itau Unibanco
8.82
3.86
77.64%
BBD
Banco Bradesco SA
3.90
1.86
90.71%
BCH
Banco De Chile
37.89
13.00
52.22%
BSBR
Banco Santander Brasil
6.21
1.88
43.42%
BSAC
Banco Santander Chile
34.54
13.12
61.25%
BBDO
Banco Bradesco
3.46
1.62
87.64%
Itau Unibanco Corporate Events
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...
Itaú Unibanco Posts Strong 4Q25 and 2025 Results with Higher Profitability and Credit Growth
Feb 6, 2026
On February 4, 2026, Itaú Unibanco filed a Form 6-K with the U.S. Securities and Exchange Commission presenting its Management Discussion Analysis and complete BRGAAP financial statements for the fourth quarter and full year of 2025. The ban...
Itaú Unibanco Discloses Strong Q4 2025 Pillar 3 Capital and Risk Metrics
Feb 6, 2026
On February 4, 2026, Itaú Unibanco filed a Form 6-K in the United States to publish its Pillar 3 Risk and Capital Management report for the fourth quarter of 2025, as required by the Central Bank of Brazil’s Resolution BCB No. 54 and re...
Itaú Unibanco Posts Strong 2025 Results and Expands Digital, ESG-Framed Banking Offer
Feb 6, 2026
On February 4, 2026, Itaú Unibanco filed a Form 6-K with the U.S. Securities and Exchange Commission disclosing its complete IFRS financial statements for the year ended December 31, 2025, showing a solid improvement in profitability and asse...
Itaú Unibanco Launches New Stock Buyback Program Authorizing Repurchase of Up to 200 Million Preferred Shares
Feb 5, 2026
On February 4, 2026, Itaú Unibanco’s board of directors voted to terminate ahead of schedule its stock buyback program that had been approved in February 2025 and was originally set to run until February 5, 2026. At the same meeting, th...
Itaú Unibanco Publishes 2025 Results and Showcases Scale of Latin America’s Largest Bank
Feb 5, 2026
On February 4, 2026, Itaú Unibanco Holding S.A. announced that its complete financial statements for the year ended December 31, 2025 and the management discussion and analysis for the fourth quarter of 2025 had been published on its investor...
Itaú Unibanco Updates Audit Committee Regulations to Strengthen Governance
Feb 5, 2026
In a Form 6-K dated February 4, 2026, Itaú Unibanco Holding S.A. filed updated regulations for its Audit Committee, which oversees internal controls, risk management, internal audit activities, and the work of independent auditors across the ...
Itaú Unibanco Reshapes Board Committees and Updates Governance Charter
Feb 5, 2026
At a board meeting held on January 29, 2025, Itaú Unibanco’s board of directors approved a reshuffle of leadership across several key board committees, formalized in a Form 6-K report dated January 29, 2026. Pedro Moreira Salles resigne...
Itaú Unibanco Board Clears 2025 Accounts and Confirms March Interest-on-Capital Payout
Feb 5, 2026
At a board meeting held on February 4, 2026, Itaú Unibanco’s directors unanimously approved the company’s financial statements for the year ended December 31, 2025, after review by the Audit Committee, Supervisory Council and inde...
Itaú Unibanco Fiscal Council Clears 2025 Financial Statements for Shareholder Approval
Feb 5, 2026
On 4 February 2026, Itaú Unibanco’s Fiscal Council met in São Paulo and unanimously approved an opinion on the bank’s financial statements for the year ended 31 December 2025, following review of the accounts and consideratio...
Itaú Unibanco Posts 13% Profit Growth and Record Asset Quality in 2025
Feb 5, 2026
In 2025, Itaú Unibanco delivered strong financial results, reporting a recurring managerial profit of R$46.8 billion, up 13.1% year-on-year, and a return on equity of 23.4%, as disclosed on February 4, 2026. The bank’s total adjusted lo...
Itaú Unibanco Updates Internal Charter to Strengthen Board Governance
Feb 5, 2026
On February 4, 2026, Itaú Unibanco Holding S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission disclosing an updated Internal Charter of its Board of Directors, which sets out the structure, powers and operating rules of th...
Itaú Unibanco Releases 2026 Financial Guidance and Assumed Cost of Equity
Feb 5, 2026
On February 4, 2026, Itaú Unibanco Holding S.A. released its guidance for the year 2026, formally communicating the projections to shareholders and the broader market in line with Brazilian securities regulations. The bank stated that its 202...
Itaú Unibanco Sets March 6, 2026 Payment Date for Interest on Capital
Feb 5, 2026
On February 4, 2026, Itaú Unibanco Holding S.A. announced to shareholders that it will pay interest on capital (IoC) of BRL 0.369750 per share gross (BRL 0.3142875 net) on March 6, 2026, as previously disclosed in a material fact on November ...
Itaú Unibanco Launches New Share Buyback Program After Early Termination of Prior Plan
Feb 5, 2026
On February 4, 2026, Itaú Unibanco’s board of directors met in São Paulo and unanimously decided to terminate ahead of schedule the stock buyback program that had been approved on February 5, 2025 and was originally set to run unti...
Itaú Unibanco Raises Gross Interest on Capital to Offset Higher IoC Tax in 2026
Jan 27, 2026
On January 26, 2026, Itaú Unibanco announced an adjustment to the gross amount of its monthly Interest on Capital (IoC) distributions for fiscal year 2026, following the enactment of Supplementary Law No. 224/2025, effective January 1, 2026, ...
Itaú Unibanco Formalizes Shareholder Remuneration Policy With Monthly Payout Rules
Jan 26, 2026
On January 26, 2026, Itaú Unibanco’s board of directors approved and publicly detailed a Stockholder Remuneration Policy that formalizes how the bank determines dividends, interest on capital (IoC), and share repurchases with cancellati...
Itaú Unibanco Publishes Global Policy Governing Trading of Its Securities
Jan 26, 2026
On January 26, 2026, Itaú Unibanco Holding S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission to publicly disclose an updated global Policy for Trading Itaú Unibanco securities. The policy formalizes detailed rules an...
Itaú Unibanco Updates 2024 Reference Form and Shareholding Structure in New SEC Filing
Jan 14, 2026
On January 13, 2026, Itaú Unibanco Holding S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission to furnish its updated 2024 Reference Form as of the base date December 31, 2024. The filing, signed by Investor Relations Offic...
Itaú Unibanco Schedules 2026 Annual General Stockholders’ Meeting for April 28
Jan 13, 2026
On January 13, 2026, Itaú Unibanco Holding S.A. announced that its Annual General Stockholders’ Meeting is scheduled to be held on April 28, 2026, in line with the corporate events calendar previously disclosed on November 25, 2025. The...
Itaú Unibanco Schedules Interactive Investor Meeting for 4Q25 Results in Early February 2026
Jan 12, 2026
On January 12, 2026, Itaú Unibanco filed a Form 6-K with the U.S. Securities and Exchange Commission announcing an interactive results meeting to discuss its fourth-quarter 2025 performance. The bank will publish its 4Q25 results on its inves...
Itaú Unibanco Discloses BRL 50 Million Related-Party Call Center Agreement with Porto Seguro Affiliate
Jan 5, 2026
On January 5, 2026, Itaú Unibanco Holding S.A. disclosed a related-party transaction involving a long-standing service agreement between its controlled entity Itaú Corretora de Seguros S.A. and Porto Seguro Atendimento Ltda., which is co...
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.