Santander Holdings USA, Inc.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
SNUS-PH$25.16+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $1,645,158 | $1,077,399 | $932,902 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Credit loss expense | 1,655,924 | 1,937,119 | 2,226,438 |
| Deferred tax benefit | (129,716) | (354,342) | (430,134) |
| Depreciation, amortization and accretion | 2,490,780 | 2,603,657 | 2,617,812 |
| Net gain on sale or disposal of loans, investment securities, and other assets | (107,701) | (64,780) | (91,808) |
| Originations and purchases of LHFS | (8,194,278) | (4,166,203) | (18,772) |
| Proceeds from sales of and collections on LHFS | 7,545,173 | 2,905,464 | 2,580 |
| Net change in: | |||
| Trading securities and trading liabilities, net | (3,637,780) | (2,363,396) | (2,122,482) |
| Other assets and BOLI | 200,174 | (573,420) | (358,269) |
| Other liabilities | 544,312 | 129,565 | (852,465) |
| Other operating activities, net | (4,813) | 27,259 | 1,543 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,007,233 | 1,158,322 | 1,907,345 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Proceeds from sales of AFS investment securities | 307,084 | 200,344 | 311,052 |
| Proceeds from prepayments and maturities of AFS investment securities | 889,845 | 927,596 | 1,564,733 |
| Purchases of AFS investment securities | (1,272,586) | (1,086,071) | (1,884,820) |
| Proceeds from prepayments and maturities of HTM investment securities | 1,287,903 | 663,766 | 520,183 |
| Purchases of HTM investment securities | (3,269,613) | (1,473,482) | — |
| Proceeds from sales and maturities of equity method and other investments | 293,576 | 388,043 | 709,583 |
| Purchases of and contributions to equity method and other investments | (754,176) | (702,739) | (1,118,344) |
| Net change in federal funds sold and securities purchased under resale agreements | (507,437) | 2,106,484 | 2,185,365 |
| Proceeds from sales of LHFI | 1,719,482 | 2,675,319 | 1,641,811 |
| Purchases of LHFI | (491,404) | (137,253) | (117,192) |
| Net change in loans other than purchases and sales | (322,543) | (714,028) | (5,002) |
| Purchases and originations of operating leases | (2,075,341) | (4,343,559) | (6,171,296) |
| Proceeds from the sale and termination of operating leases | 3,464,487 | 4,532,699 | 4,634,147 |
| Purchases and sales of premises and equipment, net | (235,036) | (278,468) | (256,057) |
| Proceeds from sale of residual interest in VIE | 96,449 | 196,688 | 63,592 |
| Net cash paid for branch disposition | (462,323) | — | — |
| Acquisition of interest in limited partnership | (801,683) | — | — |
| Other investing activities, net | 73,115 | 131,690 | 60,399 |
| NET CASH (USED IN) / PROVIDED BY INVESTING ACTIVITIES | (2,060,201) | 3,087,029 | 2,138,154 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Net change in deposits and other customer accounts | 1,406,245 | 1,041,429 | (2,055,365) |
| Net change in short-term borrowings | (1,010,014) | 274,741 | 1,192,950 |
| Net proceeds from long-term borrowings | 27,583,220 | 33,708,183 | 31,399,685 |
| Repayments of long-term borrowings | (33,399,989) | (33,108,274) | (31,812,857) |
| Net change in federal funds purchased and securities loaned or sold under repurchase agreements | 3,157,446 | 12,162 | 907,967 |
| Dividends paid on common stock and preferred stock | (1,531,700) | (1,301,927) | (3,090,774) |
| Preferred stock offering | — | — | 1,500,000 |
| Other financing activities, net | (32,343) | 36,212 | 16,710 |
| NET CASH (USED IN) / PROVIDED BY FINANCING ACTIVITIES | (3,827,135) | 662,526 | (1,941,684) |
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (3,880,103) | 4,907,877 | 2,103,815 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 23,576,006 | 18,668,129 | 16,564,314 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (1) | $19,695,903 | $23,576,006 | $18,668,129 |
(1) The years ended December 31, 2025, 2024 and 2023 include cash and cash equivalents balances of $14.4 billion, $18.5 billion and $13.1 billion, respectively, and restricted cash balances of $5.3 billion, $5.0 billion and $5.5 billion, respectively.
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