Itaú Unibanco Holding S.A.
ITUBNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $7.39 Prior regular-session close from the quote source.
- $7.50–$7.59 Regular-session low and high so far today.
- 22.8M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $6.82–$10.20 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ITUB if its deposit franchise, underwriting, and digital adaptation keep converting Brazil’s financial activity into high-return earnings despite fintech and macro pressure.
ITUB price history
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Investment thesis
What must happen next
Itaú’s scale franchise continues to convert Brazil’s nominal banking demand into spread and fee revenue because customers still use it as a primary financial institution rather than shifting their activity to digital-only rivals.StrengtheningMateriality: High
IFRS annual revenue increased from BRL 154.971 billion in FY2023 to BRL 168.050 billion in FY2024. If this holds, the bank can grow without sacrificing franchise quality; if it breaks, revenue growth and pricing power become structurally weaker.
Watch: Nubank wins primary-account status from mass-market customers and captures deposits, cards, and unsecured credit economics that previously belonged to incumbents.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue increased from BRL 154.971 billion in FY2023 to BRL 168.050 billion in FY2024.
Open source ↗Itaú’s underwriting and risk pricing remain strong enough that credit expansion translates into profit growth rather than being consumed by provisions in Brazil’s credit cycle.StrengtheningMateriality: High
IFRS annual net income rose from BRL 33.877 billion in FY2023 to BRL 42.128 billion in FY2024. For a bank, growth is only valuable if credit losses are priced correctly; a break would quickly impair earnings and book value.
Watch: A deterioration in Brazilian household or SME credit quality forces Itaú to tighten lending or absorb materially higher provisions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual net income rose from BRL 33.877 billion in FY2023 to BRL 42.128 billion in FY2024.
Open source ↗The bank’s operating scale and capital discipline allow earnings to compound equity at attractive returns rather than requiring disproportionate new capital to support growth.StrengtheningMateriality: Medium
IFRS year-end equity increased from BRL 199.050 billion at FY2023 to BRL 221.284 billion at FY2024. If returns on equity stay strong, owners benefit from retained earnings and distributions; if capital intensity rises, per-share value creation slows.
Watch: Brazilian regulators require materially higher capital buffers for large banks, reducing distributable earnings and returns.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS year-end equity increased from BRL 199.050 billion at FY2023 to BRL 221.284 billion at FY2024.
Open source ↗Itaú’s balance-sheet scale remains an advantage if asset growth is funded and risk-managed prudently rather than becoming late-cycle leverage.StrengtheningMateriality: Medium
IFRS total assets increased from BRL 2.543 trillion at FY2023 to BRL 2.854 trillion at FY2024. Scale can deepen customer relationships and earnings power, but poorly underwritten asset growth would magnify losses in a downturn.
Watch: Funding competition forces higher deposit costs or greater wholesale funding dependence, reducing the advantage of scale.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS total assets increased from BRL 2.543 trillion at FY2023 to BRL 2.854 trillion at FY2024.
Open source ↗A large liquidity position gives Itaú flexibility through Brazil’s macro and funding volatility, provided liquidity is not needed to offset deposit flight or credit stress.StrengtheningMateriality: Medium
IFRS cash and cash equivalents were BRL 117.286 billion at FY2024. Liquidity protects the franchise in downturns and supports confidence; if it erodes for defensive reasons, the equity story becomes balance-sheet-risk driven.
Watch: A Brazil sovereign, currency, or rate shock triggers deposit outflows or more expensive wholesale funding.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS cash and cash equivalents were BRL 117.286 billion at FY2024.
Open source ↗
Full investment case & evidence
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Original research
Itaú’s scale franchise continues to convert Brazil’s nominal banking demand into spread and fee revenue because customers still use it as a primary financial institution rather than shifting their activity to digital-only rivals. If this holds, the bank can grow without sacrificing franchise quality; if it breaks, revenue growth and pricing power become structurally weaker.
Itaú’s underwriting and risk pricing remain strong enough that credit expansion translates into profit growth rather than being consumed by provisions in Brazil’s credit cycle. For a bank, growth is only valuable if credit losses are priced correctly; a break would quickly impair earnings and book value.
The bank’s operating scale and capital discipline allow earnings to compound equity at attractive returns rather than requiring disproportionate new capital to support growth. If returns on equity stay strong, owners benefit from retained earnings and distributions; if capital intensity rises, per-share value creation slows.
Itaú’s balance-sheet scale remains an advantage if asset growth is funded and risk-managed prudently rather than becoming late-cycle leverage. Scale can deepen customer relationships and earnings power, but poorly underwritten asset growth would magnify losses in a downturn.
A large liquidity position gives Itaú flexibility through Brazil’s macro and funding volatility, provided liquidity is not needed to offset deposit flight or credit stress. Liquidity protects the franchise in downturns and supports confidence; if it erodes for defensive reasons, the equity story becomes balance-sheet-risk driven.
All standing thesis claims
Original report summary
its deposit franchise, underwriting, and digital adaptation keep converting Brazil’s financial activity into high-return earnings despite fintech and macro pressure.
Bull case and bear case
Bull case and bear case for Itau Unibanco Holding S.A.
Where the evidence on Itau Unibanco Holding S.A. stands: Strengthening on the latest evidence (Oct 30, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
Itaú’s scale franchise continues to convert Brazil’s nominal banking demand into spread and fee revenue because customers still use it as a primary financial institution rather than shifting their activity to digital-only rivals.
Itaú’s underwriting and risk pricing remain strong enough that credit expansion translates into profit growth rather than being consumed by provisions in Brazil’s credit cycle.
The bank’s operating scale and capital discipline allow earnings to compound equity at attractive returns rather than requiring disproportionate new capital to support growth.
Itaú’s balance-sheet scale remains an advantage if asset growth is funded and risk-managed prudently rather than becoming late-cycle leverage.
A large liquidity position gives Itaú flexibility through Brazil’s macro and funding volatility, provided liquidity is not needed to offset deposit flight or credit stress.
Bear case: what would count against it
Nubank wins primary-account status from mass-market customers and captures deposits, cards, and unsecured credit economics that previously belonged to incumbents.
A deterioration in Brazilian household or SME credit quality forces Itaú to tighten lending or absorb materially higher provisions.
Brazilian regulators require materially higher capital buffers for large banks, reducing distributable earnings and returns.
Thesis-Break Engine
What has broken in Itau Unibanco Holding S.A.’s thesis
Each break OptimistFi flagged on Itau Unibanco Holding S.A., dated — with what has historically followed the same kind of break across the market, not a forecast for Itau Unibanco Holding S.A..
- Sharp drawdowncondition set before this filing
Across all companies, this kind of break has happened 15,428 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 33% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
Itau Unibanco Holding S.A. filed an SEC report on 2026-10-26: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Itau Unibanco Holding S.A. filed an SEC report on 2026-10-05: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Itau Unibanco Holding S.A. filed an SEC report on 2026-10-02: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Nubank wins primary-account status from mass-market customers and captures deposits, cards, and unsecured credit economics that previously belonged to incumbents.
- A deterioration in Brazilian household or SME credit quality forces Itaú to tighten lending or absorb materially higher provisions.
- Brazilian regulators require materially higher capital buffers for large banks, reducing distributable earnings and returns.
- Funding competition forces higher deposit costs or greater wholesale funding dependence, reducing the advantage of scale.
- A Brazil sovereign, currency, or rate shock triggers deposit outflows or more expensive wholesale funding.
ITUB news
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Financial statements
ITUB income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ITUB: quick answers
- What is ITUB's short interest?
- As of October 30, 2026, 40.6M ITUB shares were sold short, up 34.4% from the count before. At the stock's average daily volume that is 1.0 day to cover. FINRA publishes the count twice a month. ITUB short interest history
- Which well-known investors own ITUB?
- 1 of the 37 well-known funds tracked here reported ITUB shares in their latest 13F filing. By share of the fund's portfolio: Oaktree Capital Management (Howard Marks), 1.4%. Fund portfolios
ITUB in well-known investors’ portfolios
1 of 37 funds reported ITUB shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Howard MarksOaktree Capital Management | 1.4% | $97.9M | −1.7% | Q2 2026 |