UniCredit Past Earnings Performance
Past criteria checks 4/6
UniCredit has been growing earnings at an average annual rate of 28.9%, while the Banks industry saw earnings growing at 18.1% annually. Revenues have been growing at an average rate of 12.7% per year. UniCredit's return on equity is 15.5%, and it has net margins of 43.2%.
Key information
28.91%
Earnings growth rate
35.75%
EPS growth rate
| Banks Industry Growth | 21.39% |
| Revenue growth rate | 12.73% |
| Return on equity | 15.51% |
| Net Margin | 43.19% |
| Next Earnings Update | 21 Oct 2026 |
Recent past performance updates
Recent updates
Narrative Update • Sep 03
UCG: Capital Strength And Commerzbank Pursuit Will Support Further Upside
UniCredit’s analyst fair value has been updated to €107.00 from €102.00 as analysts incorporate higher published price targets around €93 to €105 and adjust assumptions on growth, profitability and future P/E in their models. Analyst Commentary Recent research on UniCredit points to a cluster of higher price targets that now sit in a range from about €93 to €105.
Narrative Update • Aug 18
UCG: Fair Value View Will Weigh Commerzbank Bid And 2026 Profit Guidance
Analysts have raised the UniCredit fair value estimate from about €86.16 to €91.30, pointing to updated price targets in the €93 to €96 range and citing adjusted assumptions on discount rate, revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent Street research on UniCredit has clustered around higher price targets in the low to mid €90s.
Narrative Update • Aug 04
UCG: Commerzbank Talks And Earnings Path Will Test Fair P/E Assumptions
Analysts have raised UniCredit’s fair value estimate from €72.00 to €77.00, reflecting a higher consolidated set of price targets from recent research that is based on updated assumptions regarding growth, profitability and required returns on the stock. Analyst Commentary on UniCredit Recent Street research on UniCredit points to a cluster of higher price targets, with several major brokers, including JPMorgan and Morgan Stanley, updating their views in 2026.Analysis Article • Jul 27
Earnings Miss: UniCredit S.p.A. Missed EPS By 13% And Analysts Are Revising Their Forecasts
Last week saw the newest half-yearly earnings release from UniCredit S.p.A. ( BIT:UCG ), an important milestone in the...Narrative Update • Jul 20
UCG: Capital Strength And Commerzbank Control Pursuit Will Support Further Upside
Analysts have raised their UniCredit fair value estimate from €96.00 to about €102.00, citing research that indicates slightly higher revenue growth, a marginally stronger profit margin, a modestly higher future P/E assumption, a small adjustment to the discount rate, and recent upward revisions to Street price targets. Analyst Commentary Recent Street research on UniCredit points to a generally constructive backdrop, with several bullish analysts lifting price targets and reaffirming positive views on the stock's risk and reward profile.Narrative Update • Jul 06
UCG: Fair Value View Balances 2026 Profit Guidance And Mixed Street Revisions
UniCredit's analyst price target has been nudged higher, with the fair value estimate moving from about €84.02 to €86.16 as analysts factor in modestly stronger revenue growth, a slightly improved profit margin profile and recent upward revisions in Street targets around €93. Analyst Commentary Recent research on UniCredit has been mixed, with price targets moving both higher and lower over the past few months.Narrative Update • Jun 22
UCG: Commerzbank Takeover Setback Will Test Earnings Resilience And P/E Assumptions
Analysts have increased their UniCredit fair value estimate by about €4 to €72.00, citing recent Street research that adjusts assumptions around discount rates, revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent Street research on UniCredit highlights that, alongside upward revisions, there have also been several bearish adjustments to price targets and ratings that point to ongoing debate about the stock's risk and reward profile.Narrative Update • Jun 07
UCG: Capital Reshaping And Margin Resilience Will Support Further Upside
Analysts have made a modest upward adjustment to the UniCredit fair value estimate to €96.0. This reflects updated assumptions around discount rate, revenue growth, profit margin and future P/E after a mix of recent price target changes from major banks. Analyst Commentary Recent Street research on UniCredit has been mixed, with both upward and downward price target moves and at least one downgrade.Narrative Update • May 23
UCG: Lower Discount Rate And 2026 Profit Guidance Will Support Upside
The updated analyst price target for UniCredit has increased to €84.02 from €82.57, reflecting refreshed views on discount rates, margins and P/E assumptions as analysts digest recent mixed target revisions from major banks. Analyst Commentary Recent research on UniCredit has been mixed, with several major firms adjusting their price targets in both directions over a short time frame.Analysis Article • May 08
Results: UniCredit S.p.A. Beat Earnings Expectations And Analysts Now Have New Forecasts
A week ago, UniCredit S.p.A. ( BIT:UCG ) came out with a strong set of quarterly numbers that could potentially lead to...Narrative Update • Apr 23
UCG: Higher Return Assumptions And Capital Returns Will Support Future Upside
Analysts have nudged their price expectations for UniCredit only slightly. The updated fair value estimate has moved by about €1, while research points to a higher required return, modestly adjusted revenue growth assumptions, a slightly stronger profit margin profile, and a marginally lower future P/E multiple.Narrative Update • Apr 09
UCG: Mixed Rating Shifts And P/E Assumptions Will Shape Future Upside
Analysts have trimmed their UniCredit price target from about €72 to roughly €67.68, reflecting updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples following mixed recent research that included both target cuts and raises, alongside a downgrade and an upgrade. Analyst Commentary Recent Street research on UniCredit has been mixed, with some firms raising price targets while others cut theirs or shifted ratings.Narrative Update • Mar 26
UCG: Higher Profitability Assumptions Will Support Future Upside Potential
Analysts have raised their fair value estimate for UniCredit from €57.00 to €72.00. They cite higher assumed revenue growth, stronger profit margins and a slightly lower future P/E multiple, which are in line with recent price target increases from major banks such as Citi, JPMorgan and Morgan Stanley.Narrative Update • Mar 10
UCG: Rising Margin Resilience And Broker Upgrades Will Support Further Upside
Our UniCredit fair value estimate increases slightly to €95.50 from €95.00, reflecting analysts' higher price targets from Citi and JPMorgan, along with an updated view on margin resilience and a lower assumed future P/E of 13.8x. Analyst Commentary Recent Street research has leaned clearly positive on UniCredit, with several bullish analysts lifting price targets and at least one major broker moving to a more constructive stance.Narrative Update • Feb 24
UCG: Execution On Capital Returns And M&A Will Drive Future Upside
We have raised our UniCredit fair value estimate to €83.56 from €74.86, reflecting analysts' higher price targets and assumptions for slightly stronger revenue growth, improved profit margins, and a lower future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets into the high €70s and low €80s, which supports a higher central fair value range for UniCredit and aligns with our updated €83.56 estimate.Analysis Article • Feb 13
UniCredit S.p.A. (BIT:UCG) Released Earnings Last Week And Analysts Lifted Their Price Target To €81.53
Last week saw the newest yearly earnings release from UniCredit S.p.A. ( BIT:UCG ), an important milestone in the...Narrative Update • Feb 10
UCG: Rising Earnings Visibility And Higher P/E Assumptions Will Support Further Upside
The updated analyst price target for UniCredit moves to €95.00 from €85.70, reflecting analysts' use of a slightly lower discount rate, moderately higher revenue growth assumptions, a similar profit margin, and a higher future P/E multiple in light of recent upward price target revisions from multiple brokers. Analyst Commentary Recent research updates for UniCredit point to a cluster of higher price targets from bullish analysts, with several major banks lifting their views over a relatively short period.Narrative Update • Jan 27
UCG: Capital Returns And Deal Execution Will Shape Future Share Performance
Analysts have raised their price target on UniCredit from about €71 to roughly €75, citing updated assumptions for slightly higher revenue growth, improved profit margins and a marginally higher future P/E multiple. Analyst Commentary Recent Street research on UniCredit points to a generally constructive stance, with several price targets set in the high €70s to low €80s range.Narrative Update • Jan 11
UCG: Earnings Guidance And Profitability Assumptions Will Support Further Upside Potential
Analysts have raised their fair value estimate for UniCredit from €84.30 to €85.70. This reflects recent price target increases to €79 and €76, supported by updated assumptions around revenue growth, profitability, and future P/E levels.Narrative Update • Dec 18
UCG: Earnings Guidance And Capital Returns Will Support Further Upside Potential
Analysts have lifted their price target on UniCredit by approximately EUR 4 to EUR 84.30, citing slightly stronger expected revenue growth, improved profit margins and a modestly lower discount rate that together support a higher fair value multiple. Analyst Commentary Bullish analysts continue to see upside in UniCredit's equity story, with recent target price revisions reflecting confidence in the bank's ability to sustain earnings growth and capital returns.Narrative Update • Dec 04
UCG: Capital Returns And Commerzbank Stake Options Will Shape Future Share Performance
UniCredit's analyst price target has edged higher to about EUR 71.12 from EUR 70.99, as analysts factor in slightly stronger revenue growth expectations, offset by a marginally lower profit margin and discount rate. Analyst Commentary Recent Street research on UniCredit reflects a generally positive stance on the bank, with upward revisions to price targets from several bullish analysts and only a modest downward adjustment from more cautious voices.Narrative Update • Nov 19
UCG: Capital Returns Near 11% Will Drive Share Performance Forward
Analysts have increased their fair value estimate for UniCredit from approximately €68.29 to €71.00. They cite improved profit margins and stronger revenue growth expectations as key factors driving this upward revision.
New Narrative • Nov 10
Strategic Transformations And Digital Integration Propel Growth Amidst Earnings Challenges
UniCredit's client-centric strategy and fee income focus are driving revenue growth, supported by a strong fee/revenue ratio.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How UniCredit makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 24,843 | 10,729 | 9,115 | 0 |
| 31 Mar 26 | 25,464 | 11,156 | 9,241 | 0 |
| 31 Dec 25 | 25,048 | 10,709 | 9,270 | 0 |
| 30 Sep 25 | 24,723 | 10,361 | 9,467 | 0 |
| 30 Jun 25 | 24,656 | 10,241 | 9,468 | 0 |
| 31 Mar 25 | 24,196 | 9,685 | 9,563 | 0 |
| 31 Dec 24 | 23,994 | 9,472 | 9,551 | 0 |
| 30 Sep 24 | 24,011 | 10,386 | 10,041 | 0 |
| 30 Jun 24 | 23,863 | 10,195 | 10,073 | 0 |
| 31 Mar 24 | 23,413 | 9,826 | 9,980 | 0 |
| 31 Dec 23 | 22,957 | 9,332 | 10,098 | 0 |
| 30 Sep 23 | 22,308 | 9,086 | 9,656 | 0 |
| 30 Jun 23 | 21,257 | 8,473 | 9,816 | 0 |
| 31 Mar 23 | 20,183 | 8,174 | 10,050 | 0 |
| 31 Dec 22 | 18,069 | 6,381 | 10,068 | 0 |
| 30 Sep 22 | 15,105 | 3,076 | 10,163 | 0 |
| 30 Jun 22 | 14,408 | 2,425 | 10,233 | 0 |
| 31 Mar 22 | 13,672 | 1,447 | 10,343 | 0 |
| 31 Dec 21 | 14,287 | 2,062 | 10,409 | 0 |
| 30 Sep 21 | 15,091 | 1,689 | 10,099 | 0 |
| 30 Jun 21 | 14,492 | 1,311 | 10,056 | 0 |
| 31 Mar 21 | 13,708 | 636 | 10,326 | 0 |
| 31 Dec 20 | 11,250 | -2,956 | 10,413 | 0 |
| 30 Sep 20 | 11,600 | -2,587 | 10,927 | 0 |
| 30 Jun 20 | 12,310 | -2,087 | 10,985 | 0 |
| 31 Mar 20 | 12,556 | -1,899 | 10,729 | 0 |
| 31 Dec 19 | 15,089 | 1,917 | 10,769 | 0 |
| 30 Sep 19 | 16,027 | 4,782 | 10,822 | 0 |
| 30 Jun 19 | 15,118 | 3,572 | 10,887 | 0 |
| 31 Mar 19 | 15,862 | 3,885 | 10,917 | 0 |
| 31 Dec 18 | 16,098 | 3,888 | 11,148 | 0 |
| 30 Sep 18 | 15,775 | 2,184 | 11,181 | 0 |
| 30 Jun 18 | 16,542 | 2,908 | 11,506 | 0 |
| 31 Mar 18 | 16,627 | 3,127 | 11,896 | 0 |
| 31 Dec 17 | 16,410 | 2,759 | 12,068 | 0 |
| 30 Sep 17 | 6,091 | -11,235 | 12,788 | 0 |
| 30 Jun 17 | 5,902 | -11,672 | 12,940 | 0 |
| 31 Mar 17 | 6,370 | -11,811 | 13,098 | 0 |
| 31 Dec 16 | 5,857 | -12,548 | 13,187 | 0 |
| 30 Sep 16 | 13,421 | -206 | 11,782 | 0 |
| 30 Jun 16 | 13,802 | -17 | 12,008 | 0 |
| 31 Mar 16 | 13,710 | -346 | 12,294 | 0 |
| 31 Dec 15 | 14,577 | 216 | 12,749 | 0 |
| 30 Sep 15 | 17,666 | 1,866 | 13,688 | 0 |
Quality Earnings: UCG has high quality earnings.
Growing Profit Margin: UCG's current net profit margins (43.2%) are higher than last year (41.5%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: UCG's earnings have grown significantly by 28.9% per year over the past 5 years.
Accelerating Growth: UCG's earnings growth over the past year (4.8%) is below its 5-year average (28.9% per year).
Earnings vs Industry: UCG earnings growth over the past year (4.8%) exceeded the Banks industry 3.9%.
Return on Equity
High ROE: UCG's Return on Equity (15.5%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/13 02:07 |
| End of Day Share Price | 2026/09/11 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
UniCredit S.p.A. is covered by 38 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Irene Rossetto | Banca Akros S.p.A. (ESN) |
| Javier Esteban Lario | Banco de Sabadell. S.A. |
| Juan Lopez Cobo | Banco Santander |