Research · Sep 3, 2026
[BBVA] BBVA Thesis 2026: Record Profit Cements Industry-Leading Return on Equity
BBVA FY25 (Dec 31, 2025) at $36.93B revenue (+4%). Net income $10.51B (+5%); €10.5B record annual profit (+4.5%); Diluted EPS $1.69. RoTE 19.3% industry-leading. Loan growth +16.2% cc / +11.7% reported. CET1 13.42% (40-50bp regulatory boost expected Q4). 11.5M record new gross customers in 2025. Geographic profit: Spain €4.1B (loan +8%, cost-to-income 33.1%); Mexico €5.5B / Q4 €1.4B (25.6% market share, loan accel Q4); Turkey €805M (cost of risk 194bp); South America €726M (Peru+Colombia growth, Argentina deteriorating); Rest of Business €627M. €97B sustainable business 9M. Capital return $5.95B (div $4.03B + buyback $1.92B +25%). Total debt $81.8B (down $62B from FY24). UBS downgraded Buy→Neutral April 20.