Pre-earnings brief
Reports
Tue, Nov 3, 2026
Est. EPS
$0.21
Est. revenue
$46.8B
Implied move
±7.7%
EPS beat rate
25%
Itaú Unibanco Holding S.A. is a major Brazilian financial institution that offers a wide range of banking services, including retail and commercial banking, investment banking, and asset management. As one of the largest banks in Latin America, its performance is closely tied to the economic health of Brazil and broader trends in the financial sector.
Last quarter
In Q3 2017, Itaú Unibanco reported an EPS of $0.28, which was above expectations. However, the stock fell by 2.54% the following day, indicating market concerns despite the positive earnings.
Management promises and guidance
EPS beat streak
0Q
EPS beat rate
25%
Avg EPS surprise
-14.08%
Avg 1-day reaction
-2.99%
Analysts are expecting Itaú Unibanco to report steady earnings and revenue, with a consensus EPS of $0.21 and revenue of $46.8B. The market is closely watching for any signs of growth or challenges in the Brazilian economy.
Bull case
If the bank beats earnings expectations and shows strong revenue growth, it could signal robust demand for its services and a healthy economic environment in Brazil.
Bear case
Conversely, if earnings fall short of expectations or the bank highlights economic challenges, it could lead to a negative reaction from investors.
Key metrics to watch
EPS
$0.21Earnings per share is a key indicator of the company's profitability and financial health.
Revenue
$46.8BTotal revenue reflects the bank's ability to generate income from its various services.
The print will turn on these.
Q1
Will the EPS exceed $0.21, and if so, by how much?
A beat on EPS would indicate stronger profitability and could boost investor confidence.
Q2
What is the outlook for revenue growth in the current economic environment?
Understanding revenue trends will help gauge the bank's performance and resilience in a potentially challenging market.
—
Est. EPS
$-0.50
Est. Rev
$257M
Impl. Move
±7.5%
Why consensus could be wrong
The Street may be underestimating the impact of recent economic recovery in Brazil, which could lead to better-than-expected earnings.
Supporting evidence
Options pricing suggests a larger move than historical averages, indicating potential for a surprise.
Recent trends in consumer spending may positively influence the bank's performance.
The bank's digital transformation efforts could yield unexpected revenue growth.
Key risk
If the economic indicators show significant improvement, it could lead to a positive earnings surprise.
Pre-commit to what would confirm each case.
The market is debating whether Itaú Unibanco can sustain its earnings growth amidst economic uncertainties.
Bull confirmed if
Earnings exceeding $0.21 per share with revenue surpassing $46.8B would confirm a strong bull case.
Bear confirmed if
Earnings below $0.21 per share or revenue falling short of $46.8B would support a bearish outlook.
What the market is pricing for the move.
Implied Move
±7.73%
Historical Avg
±4.2%
The options market is pricing in a significant move around the earnings announcement, indicating heightened volatility expectations.
Options are pricing ±7.7% while ITUB has averaged ±4.2% over the last 8 prints — setup is pricing rich.
ATM IV
0.4%
30d HV
52.7%
Smart-money positioning from the most recent 13F filings.
Institutional
23.53%
of float
Insider
0.00%
of float
Holders
546
institutions
Top Holders· as of Jun 2026
Capital Research Global Investors
94,959,700 sh · $924.9M
1.76%
12.2%
Likely market behavior by outcome. Not investment advice.
Beat & raise
If Itaú Unibanco beats expectations, history suggests a potential stock increase of around 4.12%, confirming a positive outlook.
In line / cautious
An in-line report may lead to a muted reaction, with investors focusing on management's commentary for future guidance.
Miss
If the company misses earnings expectations, the stock could decline by about 2.80%, reflecting investor disappointment.
The lines on the call that would change the story.
Orbis Allan Gray Ltd
81,301,690 sh · $791.9M
1.50%
17.4%
Westwood Global Investments, LLC
61,527,159 sh · $599.3M
1.14%
1.3%
Schroder Investment Management Group
56,746,418 sh · $552.7M
1.05%
-12.3%
GQG Partners LLC
48,136,668 sh · $468.9M
0.89%
-41.0%
13F filings updated quarterly. Position deltas show change in shares vs. the prior quarter.