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Itau Unibanco
(NYSE:ITUB)
Itau Unibanco (ITUB) vs. SPDR S&P 500 ETF (SPY)
Itau Unibanco Business Overview & Revenue Model
Itau Unibanco Earnings Call Summary
Itau Unibanco Financial Statement Overview
| 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 | 0.00 | 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
Itau Unibanco Risk Analysis
Itau Unibanco Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $98.00B | 12.65 | 22.50% | 9.77% | 11.82% | 3.41% | |
72 Outperform | $16.75B | 15.06 | 24.13% | 4.29% | 12.43% | 56.30% | |
69 Neutral | $39.46B | 8.94 | 11.78% | 2.80% | 5.89% | 34.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $21.43B | 17.13 | 20.74% | 5.56% | -11.64% | -8.75% | |
64 Neutral | $39.46B | 9.94 | 14.19% | 2.48% | 5.89% | 34.68% | |
64 Neutral | $25.28B | 23.60 | 9.34% | 4.98% | 1.13% | -11.93% |
Itau Unibanco Corporate Events
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 bank reported a recurring managerial result of R$12.3 billion in 4Q25 and R$46.8 billion in 2025, reflecting continued earnings growth, with operating revenues up 9.1% for the year and a consolidated recurring return on average equity rising to 23.4%. Credit expansion remained robust, with the total credit portfolio including guarantees and private securities reaching R$1.49 trillion at year-end, driven by growth across individuals, small and mid-sized enterprises, corporates, and Latin America, while asset quality indicators stayed stable, with the 90-day nonperforming loan ratio at 1.9%. Efficiency improved as the cost-to-income ratio fell to 38.8% in 2025, and the bank maintained solid solvency and liquidity, posting a BIS capital ratio of 15.2%, a Common Equity Tier I ratio of 12.3%, and an LCR of 215%. Shareholder metrics were also strong, with higher recurring earnings per share, substantial dividends and interest on own capital, and a significant increase in market capitalization in both reais and U.S. dollars, even as the bank continued to shrink its physical branch and ATM network in favor of a leaner service structure.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 related rules. The disclosure details the bank’s governance and processes for risk and capital management, links between accounting and prudential information, and key prudential metrics across credit, market, liquidity, operational and other risks, underscoring alignment with Basel Committee standards. As of December 31, 2025, Itaú Unibanco reported total regulatory capital of R$228.6 billion, including R$208.2 billion of Tier I and R$185.6 billion of Common Equity Tier 1, supporting capital ratios of 12.3% for CET1, 13.8% for Tier I, and 15.2% for total capital on a prudentially consolidated basis, all above minimum requirements. The report signals a continued emphasis on robust, institution‑wide risk management, stress testing, recovery planning, and capital adequacy assessment, providing greater transparency for regulators and investors regarding the bank’s resilience and capacity to support business growth.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 asset quality. Net income attributable to shareholders grew 9.2% year-on-year to R$44.9 billion and recurring result reached R$45.4 billion, driven by an 8.6% rise in net interest income to R$120.0 billion, broad-based credit portfolio expansion in Brazil and Latin America, a 10.8% reduction in expected credit losses, and slightly lower general and administrative expenses, which together helped keep the efficiency ratio at a low 38.8% and recurring ROE at 21.8%. Fee and insurance-related revenues increased 3.1%, supported by a more than 25% jump in income from insurance and private pension contracts, while shareholder returns were bolstered by a 23.4% rise in dividends and interest on capital per share and a near 50% increase in market capitalization in 2025, reflecting stronger market confidence. Operationally, the bank highlighted new digital and client-focused initiatives in the fourth quarter of 2025, including a Global Account integrated into its super app for affluent clients and a first-of-its-kind relationship program for SMEs, as well as the launch of an ESG Partner seal for sustainable real estate projects and an “A” rating from CDP for climate transparency, which together reinforce Itaú Unibanco’s positioning as a leading, innovation-driven and sustainability-oriented bank in Latin America.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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, the board approved a new buyback program effective from February 4, 2026 through August 4, 2027, authorizing the acquisition of up to 200 million preferred shares, equivalent to about 3.74% of the preferred free float, without any reduction in capital. The company plans to use the repurchased shares both to serve share-based compensation and long-term incentive plans for employees and executives, as well as for potential cancellation of shares, and it emphasized that purchases will be made on the stock exchange at market prices, intermediated by Itaú Corretora de Valores S.A. Itaú Unibanco detailed that the program is expected to optimize the use of available capital, potentially increase per-share dividends and shareholder ownership percentages if shares are cancelled, and that, given its sizable capital and revenue reserves, the board does not foresee adverse effects on its ability to meet obligations or pay mandatory dividends, leaving its ownership control and management structure unchanged.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 relations website, alongside an institutional presentation and materials for a press presentation and interactive meeting on its fourth quarter 2025 results scheduled for February 5, 2026. The disclosure, which highlights a recurring managerial result of R$12.3 billion in the fourth quarter and underlines the bank’s continued focus on technology, digital channels and client-centric service, reinforces Itaú Unibanco’s emphasis on transparency with investors and other stakeholders while showcasing its scale, profitability and ongoing investments in innovation and efficiency across Latin America’s largest banking franchise.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 financial conglomerate. The new rule set formalizes the committee’s composition, independence requirements, term limits and eligibility criteria, including the mandatory presence of at least one financial expert, and details its powers to review financial statements, assess the quality and integrity of reporting, and monitor compliance with legal and regulatory standards. By tightening governance around auditor independence, committee member conflicts of interest, and meeting and reporting procedures, Itaú Unibanco reinforces its corporate governance framework and regulatory alignment, with implications for stronger oversight of financial reporting and risk management for shareholders, regulators and other stakeholders.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 resigned from his roles as chairman of the Strategy Committee, the Nomination and Corporate Governance Committee, and the Personnel Committee, as well as from his positions on the Environmental, Social and Climate Responsibility Committee and the Customer Experience Committee. He was replaced as Strategy Committee chair by Roberto Egydio Setubal, as Nomination and Corporate Governance Committee chair by Candido Botelho Bracher, and as Personnel Committee chair by Paulo Antunes Veras, with new members appointed to each committee while the remaining committees’ composition stayed unchanged. The board also approved a new Internal Charter for the board of directors and updated regulations for the Audit Committee, formalizing governance structures and committee mandates. These moves underscore a broader governance refresh at Itaú Unibanco, reinforcing its strategic oversight, nomination and people-management frameworks at the board level and potentially strengthening its long-term governance posture for shareholders and other stakeholders.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 independent auditors, and authorized their publication and submission to regulators and stock exchanges in Brazil and the United States. The board also confirmed the payment, scheduled for March 6, 2026, of previously declared interest on capital of R$0.369750 gross (R$0.3142875 net) per share to shareholders of record as of December 9, 2025, underscoring the bank’s continued commitment to capital distribution and regulatory transparency.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 consideration of an unqualified report from independent auditor PricewaterhouseCoopers. The Fiscal Council concluded that the statements fairly represent the company’s capital structure, financial position and activities for the period and deemed them suitable for submission to shareholders for examination and approval, reinforcing confidence in Itaú Unibanco’s governance, audit quality and financial reporting to investors and other stakeholders.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 loan portfolio rose 6.0% to R$1.49 trillion, supported by growth in mortgages, credit cards, and personal loans, while the 90-day non-performing loan ratio improved to 1.9%, its best historical level in Brazil for individuals. Client financial margins expanded 12.1% on higher loan volumes, liability growth, and better remuneration of working capital, and fee and insurance revenues increased 6.3% on stronger asset management, card issuance, and payments activities, with insurance results advancing 17%. Operating expenses grew 7.5%, largely due to technology investments and wage agreements, but efficiency in Brazil improved, with the fourth-quarter efficiency ratio hitting a record low 36.9%. Capital generation kept Tier 1 at 12.3%, and the bank reinforced its shareholder focus by distributing R$33.7 billion in dividends and interest on capital, equating to a 72% payout, underscoring its strong positioning, conservative risk management and readiness to pursue responsible growth in 2026.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 the board. The document formalizes board composition parameters of 10 to 14 members, provides for a chairman or co‑chairmen and vice‑chairmen, and reiterates the board’s role in defining group strategy and overseeing management, including through a network of specialized committees such as audit, capital and risk, people, governance, strategy, compensation, related parties, ESG and customer experience. The charter strengthens governance by detailing meeting frequency and procedures, directors’ attendance and confidentiality obligations, mechanisms for independent directors’ deliberations, and explicit rules on conflicts of interest and limits on directors’ outside board seats, underscoring Itaú Unibanco’s emphasis on board effectiveness, diversity of competencies and alignment with best practices in corporate governance.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 2026 outlook is built using the adjusted 2025 income statement as a base, with supporting details made available in its Management Discussion & Analysis and fourth-quarter 2025 earnings materials, and indicated it is using an assumed cost of equity of around 15% per year for business management purposes. The announcement underscores Itaú Unibanco’s effort to provide transparency around its expected operational and financial performance, helping investors assess the bank’s prospective profitability and risk profile within the context of prevailing macroeconomic and market conditions, while emphasizing that actual results may materially diverge from these forecasts.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 27, 2025. The entitlement is based on the shareholder position as of December 9, 2025, with the shares trading ex-rights from December 10, 2025, and credits to specific accounts made on December 19, 2025, underscoring the bank’s ongoing capital remuneration policy and providing visibility on cash returns for investors.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 until February 5, 2026. At the same meeting, the board approved a new share repurchase program effective from February 5, 2026 through August 4, 2027, authorizing the buyback of up to 200 million preferred shares—about 3.74% of the free float as of December 31, 2025—via stock-exchange transactions at market prices, to be intermediated by Itaú Corretora de Valores. The program aims both to cancel repurchased shares and to fund stock-based compensation and long-term incentive plans for employees and management of Itaú Unibanco and its subsidiaries, with the board arguing that the initiative optimizes use of excess capital, can enhance returns for remaining shareholders through higher per-share dividends and increased ownership percentages, and will not impair the bank’s ability to meet obligations or pay mandatory dividends given its sizable capital and revenue reserves.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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, which raised the withholding income tax rate on IoC from 15% to 17.5%. To keep shareholders’ net proceeds unchanged at BRL 0.015 per common and preferred share, the bank recalibrated the gross IoC amount to BRL 0.018182 per share, except for corporate shareholders that are legally exempt or tax-immune, and confirmed that the previously disclosed monthly payment schedule from January to December 2026, with payments running from February 2, 2026 through January 4, 2027, remains unchanged, providing continued visibility and predictability for investors regarding cash returns.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 cancellation, giving investors clearer visibility on future shareholder returns. The policy restates the commitment to pay at least 25% of adjusted annual net income as mandatory dividends, maintains a long‑standing practice of monthly and supplemental payments, and sets a net monthly distribution of BRL 0.015 per share to both common and preferred shareholders, subject to capital, profitability, growth, and regulatory needs. It also clarifies the priority dividend of BRL 0.022 per preferred share, the equalization of dividends between common and preferred shares after that threshold, and the use of repurchase programs to increase ownership concentration and per‑share payouts, all within a capital management framework that includes a minimum Common Equity Tier 1 ratio of 12%. By codifying these rules and linking payout decisions to capital adequacy, profitability, and strategic investment needs, the policy reinforces Itaú Unibanco’s emphasis on predictable cash returns while preserving balance sheet strength and long‑term growth capacity, which is a key signal for income‑focused shareholders and broader capital markets.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 and blackout periods for trading the bank’s shares, ADRs and other securities issued by the company or its controlled entities in Brazil, as well as derivatives and certain investment fund units tied to these instruments. It clearly defines which executives, employees, related parties and third‑party service providers are bound by the rules, sets responsibilities for a Disclosure and Trading Committee led by the Investor Relations Officer, and imposes restrictions on trading around undisclosed material information, during exceptional restriction periods, and within minimum holding periods. By tightening governance over insider trading and clarifying obligations for insiders and related entities, the new framework aims to enhance transparency and investor protection, reinforcing Itaú Unibanco’s compliance posture in both Brazilian and U.S. capital markets.
The most recent analyst rating on (ITUB) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 Officer Gustavo Lopes Rodrigues, formalizes Version 11 of the document, reflecting a series of resubmissions through 2025 and early 2026 to update sections on shareholding structure and related disclosures. The latest version details the bank’s ownership profile as of December 23, 2025, confirming that control remains concentrated in IUPAR – Itaú Unibanco Participações S.A. and Itaúsa S.A., while a substantial free float is held by other shareholders, including major foreign investors such as BlackRock and GQG Partners. By providing granular information on its capital structure, controlling shareholders and independent audit arrangements, Itaú Unibanco enhances transparency for U.S. and Brazilian investors, reinforcing its governance and reporting commitments in line with Brazilian CVM rules and U.S. securities regulation.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 bank indicated that detailed information and guidelines for participation and voting at the meeting will be provided in due course through the official call notice and the stockholders’ meeting manual, signaling continued adherence to Brazilian securities regulation and transparent engagement with shareholders.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 investor relations website after trading hours on February 4, 2026, and will host a live results presentation with a Q&A session on February 5, 2026, featuring CEO Milton Maluhy, CFO Gabriel Amado de Moura, and senior investor relations and strategy executives. The schedule underscores the bank’s continued emphasis on transparency and engagement with international capital markets, providing stakeholders with direct access to management at a time when quarterly performance and guidance are closely watched by investors.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
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 controlled by affiliate Porto Seguro S.A. The agreement, originally executed on February 23, 2018, covers call center services to support the sale and post-sale management of real estate and vehicle insurance products marketed by Itaú Corretora, and has reached a cumulative value of BRL 50 million, triggering mandatory disclosure under CVM Resolution 80/22. The bank’s management stated that Porto Atendimento was chosen based on its operational expertise, efficiency, and alignment with market best practices, and emphasized that the contract complies with Itaú Unibanco’s related-party transactions policy and was approved by a committee composed entirely of independent board members, aiming to assure investors and regulators that the terms are commutative and provide proper compensation without undue influence from related parties.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On December 23, 2025, 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 Holding S.A. Securities, applicable to securities issued by the bank and its controlled companies in Brazil or indexed to them. The policy details governance structures such as a Disclosure and Trading Committee chaired by the Investor Relations Officer, defines who is deemed a “Bound Person” (including controlling shareholders, executives, board members, certain employees, close family members, and related legal entities), and lays out comprehensive trading restrictions, including blackout periods around undisclosed material information, exceptional restriction windows at the discretion of the Investor Relations Officer, and minimum holding periods between transactions. The framework also clarifies how trading limits apply to third‑party fund management within the Itaú conglomerate and restricts certain operations such as share lending and derivatives activities by insiders, signaling a tightening and formalization of internal controls and compliance practices aimed at enhancing market transparency and protecting minority investors and other stakeholders.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On December 24, 2025, Itaú Unibanco Holding S.A. filed a Form 6-K in the United States unveiling a revised remuneration policy for its administrators in Brazil, covering statutory directors and board members across the Itaú Unibanco conglomerate. The policy formalizes a merit-based framework designed to attract, retain and reward executives while tightly aligning pay with risk management, shareholder interests and the bank’s culture, including requirements that at least 70% of variable compensation be paid in shares or share-based instruments, deferred over a minimum of three years. It embeds robust risk-sensitive mechanisms such as deferral, malus and clawback provisions that allow full or partial reversal of unpaid variable remuneration in the event of earnings deterioration, negative results, or misconduct, while also separating pay incentives for control and risk functions from the performance of the businesses they oversee to avoid conflicts of interest. The policy emphasizes non-discrimination, the integration of qualitative behavioral expectations, and the consideration of environmental, social and governance (ESG) factors in variable remuneration, reinforcing Itaú Unibanco’s commitment to long-term sustainable performance and stronger governance, with direct implications for executive accountability and protection of shareholders and other stakeholders.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On December 24, 2025, Itaú Unibanco Holding S.A. filed a Form 6-K in the United States to publicly disclose an updated Social, Environmental and Climate Risk Policy that applies to the bank and its subsidiaries. The policy formalizes how social, environmental and climate (SEC) risks are integrated into traditional risk categories, in line with Brazilian Central Bank CMN Resolution 4,557/17 and related regulations, and sets out principles of relevance and proportionality for identifying, measuring, monitoring and mitigating such risks. It establishes guidelines for managing SEC risks across financial, reputational and legal dimensions; embeds ESG criteria into the assessment of clients and suppliers; mandates ongoing training for staff involved in risk disciplines; and reinforces a three-lines-of-defense governance model with clear roles for the risk management department, business units and board-level committees. The move underscores Itaú Unibanco’s intention to align its risk appetite and governance structure with sustainability standards, strengthen regulatory compliance and market best practice, and engage counterparties in transitioning toward a cleaner and more sustainable economy, with implications for how the bank grants credit, manages exposures and safeguards its reputation.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On December 18, 2025, Itaú Unibanco’s Fiscal Council met in São Paulo and unanimously endorsed a management proposal to increase the bank’s capital stock by R$12.85 billion, raising it from R$124.06 billion to R$136.91 billion through the capitalization of statutory revenue reserves. The Council further supported distributing this increase to shareholders via a share bonus of three new shares for every 100 shares of the same type held, and recommended that the proposal be submitted to the Board of Directors for approval, signaling continued balance-sheet strengthening and an equity-friendly capital management strategy for investors.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
At a board meeting held on 18 December 2025, Itaú Unibanco’s directors unanimously approved a R$12.85 billion increase in the bank’s subscribed and paid-in capital via the capitalization of statutory revenue reserves from its 31 December 2024 balance sheet, raising total capital from R$124.06 billion to R$136.91 billion. The move will be executed through the issuance of 321.17 million new book-entry shares, split between common and preferred stock, distributed as a 3% stock bonus (three new shares for every 100 held) to all shareholders, including treasury shares, with entitlement dates set for 23 December 2025 in Brazil and 29 December 2025 in the U.S. and corresponding 3% bonus issuance for ADR holders. The bonus shares, which will trade ex-rights in Brazil from 26 December 2025 and carry full earnings rights from 30 December 2025, are priced for tax purposes at R$40.00 per share, while the bank affirmed it will maintain its current monthly interest on capital per share and the minimum annual dividend on preferred shares, implying a 3% increase in total cash distributed given the larger share base. Fractional shares arising from the bonus may be traded between 2 January and 2 February 2026 and any residual fractions will be auctioned on B3, and the capital change will be formally reflected through a bylaw amendment at the next shareholders’ meeting, bringing the total number of outstanding shares to 11.03 billion.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On December 18, 2025, Itaú Unibanco’s board approved a BRL 12.85 billion increase in subscribed and paid‑in capital, raising it from BRL 124.06 billion to BRL 136.91 billion by capitalizing statutory revenue reserves, a move that reshuffles balance‑sheet accounts without changing shareholders’ equity. As part of this capitalization, the bank will issue 321.17 million new book‑entry shares—163.62 million common and 157.55 million preferred—as a 3% stock bonus, granting three new shares of the same type for every 100 held, including treasury shares, with record dates set for December 23, 2025 in Brazil and December 29, 2025 in the U.S.; the bonus shares will carry full rights to earnings from December 30, 2025, monthly interest on capital per share will remain unchanged (raising the total cash outlay by 3%), fractional shares will be pooled and auctioned on B3 after a trading window in January–February 2026, and Itaú’s NY‑listed ADRs will receive an equivalent 3% bonus, preserving the 1:1 ratio with preferred shares. This operation effectively rewards shareholders with additional equity while signaling balance‑sheet strength and maintaining existing dividend and interest-on-capital policies, potentially improving liquidity in both Brazilian and U.S. markets without diluting overall ownership value.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On December 16, 2025, Itaú Unibanco announced its decision to exercise the call option for its Tier 2 Subordinated Notes, originally issued on January 15, 2021, with a value of USD 500 million. The early redemption, scheduled for January 15, 2026, will impact the company’s Tier 2 capital ratio by 18 basis points, reflecting a strategic financial maneuver to optimize its capital structure.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On December 11, 2025, Itaú Unibanco Holding S.A. submitted a report to the U.S. Securities and Exchange Commission, detailing updates to its reference form. The report includes information on ongoing legal proceedings, such as a significant civil case involving a potential liability of R$13.8 billion, which the bank deems to have a remote chance of loss. The disclosure of these legal matters highlights Itaú Unibanco’s transparency in addressing potential financial risks, which could impact its financial position and operations.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On December 9, 2025, Itaú Unibanco announced the payment schedule for its monthly interest on capital (IOC) for the year 2026. Shareholders will receive BRL0.01765 per share, with a net interest of BRL0.0150 per share after a 15% income tax withholding. The payments will be distributed monthly, starting from February 2, 2026, for the base period ending December 30, 2025, and continuing through January 4, 2027, for the base period ending November 30, 2026. This announcement underscores Itaú Unibanco’s commitment to providing consistent returns to its shareholders.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On December 8, 2025, Itaú Unibanco announced its agreement to acquire equity interests in Financeira Itaú CBD S.A. and Banco Investcred S.A. from Companhia Brasileira de Distribuição, Grupo Casas Bahia, and Sendas Distribuidora. The transactions, pending regulatory approvals, aim to consolidate Itaú Unibanco’s control over these entities, although they are not expected to significantly impact the company’s financial results. Clients of the acquired entities will continue to receive services without disruption.
The most recent analyst rating on (ITUB) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On November 27, 2025, Itaú Unibanco announced its Board of Directors’ approval for the payment of dividends and interest on capital, totaling BRL 23.4 billion, to be distributed to shareholders. The dividends will be paid on December 19, 2025, and the interest on capital by April 30, 2026. Additionally, the company approved the cancellation of 78,850,638 preferred shares, valued at R$ 3 billion, acquired through its Buyback Program, without reducing the subscribed share capital. This move reflects the company’s commitment to shareholder value and transparency.
The most recent analyst rating on (ITUB) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On November 12, 2025, Itaú Unibanco announced its updated Environmental, Social, and Climate Responsibility Policy, which outlines the principles and guidelines for its operations and stakeholder relationships. This policy emphasizes the bank’s commitment to sustainable development, human rights, and climate change mitigation, aiming to integrate these aspects into its business strategies. The policy is part of Itaú Unibanco’s broader ESG strategy, which includes sustainable finance, climate transition, and diversity and development initiatives. This move is expected to enhance the company’s industry positioning by aligning its operations with global sustainability standards and addressing the expectations of stakeholders.
The most recent analyst rating on (ITUB) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.
On November 11, 2025, Itaú Unibanco announced its decision to repurchase all of its Tier 2 Subordinated Financial Bills, which were initially issued between November 12 and December 2, 2020, and are set to mature in 2030. This repurchase, totaling R$3.6 billion, is expected to impact the company’s Tier 2 capital ratio by approximately 20 basis points, reflecting a strategic move to optimize its capital structure.
The most recent analyst rating on (ITUB) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Itau Unibanco stock, see the ITUB Stock Forecast page.