BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (BBVA): Financial results for Q2 2026
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (BBVA) furnished an SEC Form 6-K — earnings release. Yes No X 2Q26 Earnings July 30, 2026 2Q26 EARNINGS Disclaimer This document is only provided for information purposes and is not intended to provide financial advice and, therefore, does not constitute, nor should it be interpreted as, an offer to sell, exchange or acquire, or an
How this was made
The 30-second read
Why it matters
The earnings beat and robust loan growth provide a fresh catalyst for traders.
Market read
The earnings release offers new data for a major European bank, likely affecting its stock and sector sentiment.
What to watch
Potential regulatory or macro‑economic headwinds not reflected in the release.
Excellent quarter in profit and solid capital position, with net attributable profit of €3,062M and a CET1 ratio of 12.90%.
BBVA reported 2Q26 net attributable profit of €3,062M, up 6.5% year over year and 3.3% quarter over quarter in current euros, alongside 17.8% year-over-year growth in net interest income, 16.2% growth in net fees and commissions, a 37.8% efficiency ratio and CET1 of 12.90%, above its 11.5%-12.0% target range.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net Interest Incomeother | €7,627M | 2.1% | 17.8% |
| Net Fees and Commissionsother | €2,316M | 4.4% | 16.2% |
| Net Trading Incomeother | €582M | -35.8% | 13.1% |
| Other Income & Expensesother | -€19M | – | – |
| Gross Incomeother | €10,506M | -0.2% | 15.7% |
| Operating Expensesother | -€3,951M | -1.4% | 18.5% |
| Operating Incomeother | €6,555M | 0.5% | 14.1% |
| Impairment on Financial Assetsother | -€1,677M | -6.5% | 14.9% |
| Provisions and Other Gains and Lossesother | -€19M | -68.6% | -44.2% |
| Income Before Taxother | €4,859M | 4.1% | 14.4% |
| Income Taxother | -€1,578M | 4.1% | 30.7% |
| Non-controlling Interestother | -€219M | 16.9% | 30.5% |
| Net Attributable Profitother | €3,062M | 3.3% | 6.5% |
| EPSother | €0.53 | – | 15.2% |
| Net Interest Income, 6M26other | €15,164M | – | 18.8% |
| Net Fees and Commissions, 6M26other | €4,572M | – | 15.8% |
| Net Trading Income, 6M26other | €1,498M | – | 5.5% |
| Gross Income, 6M26other | €21,159M | – | 16.9% |
| Operating Expenses, 6M26other | -€8,000M | – | 17.9% |
| Operating Income, 6M26other | €13,159M | – | 16.2% |
| Impairment on Financial Assets, 6M26other | -€3,497M | – | 24.2% |
| Income Before Tax, 6M26other | €9,581M | – | 13.5% |
| Net Attributable Profit, 6M26other | €6,051M | – | 10.0% |
| ROTE, 6M26other | 22.2% | – | – |
| ROE, 6M26other | 20.4% | – | – |
| Total loan growthother | +17.7% vs. Jun-25 CONSTANT | – | +17.7% |
| Efficiency ratioother | 37.8% | – | – |
| Cost of risk, YtDother | 1.43% | – | – |
| NPL ratioother | 2.6% | – | – |
| Coverage ratioother | 85% | – | – |
| NPLsother | €15.2bn | – | – |
| CET1 ratioother | 12.90% | +7bps | – |
| Fully-Loaded RWAsother | €423,497M | 3.6% | 9.4% |
| Liquidity Coverage Ratio, Total Groupother | 174% / 145% | – | – |
| NSFR, Total Groupother | 125% | – | – |
| Loan To Deposit, Total Groupother | 100% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| SpainStrong loan growth (+3.3% QoQ), led by robust consumer and enterprise lending; NII was driven by loan growth and disciplined pricing. | Gross Income €2,493M | -6.0% | 0.9% |
| MexicoSolid loan growth (+2.1% QoQ), with balanced contributions from retail (+2.2% QoQ) and wholesale (+2% QoQ) portfolios; core revenues grew +2.4% QoQ. | Gross Income €4,255M | -1.3% | 7.5% |
| TurkeyLoan growth was constrained by regulatory growth caps; NII was impacted by TL customer-spread compression, partly offset by activity growth and strong payments fees. | Gross Income €1,660M | -3.0% | 45.4% |
| South AmericaSouth America net attributable profit was €308M, up 51.7% versus 2Q25 and 23.6% versus 1Q26, supported by higher gross income and core revenues. | Gross Income €989M | – | – |
| Rest of businessStrong revenue growth was supported by robust lending activity; core revenues increased by 6.9% QoQ. | Gross Income €600M | 0.4% | 46.5% |
| Corporate CenterCorporate Center recorded net attributable profit of -€391M. | Gross Income -€223M | 7.3% | 1.3% |
2026 Outlook outlook
- NoteMexico loans: around 10% growth
- NoteMexico NII: high single digit growth
- NoteMexico CoR: below 335 bps
- NoteGroup ROTE: around 21%
- NoteTurkey CoR: around 220 bps
- NoteSouth America gross income: high teens growth
Capital returns
- Share buyback approved in Dec-25 of c.€4.0 billion will be completed in the coming days.
- A new €2 billion share buyback programme has been approved, to be executed in several tranches, together with the launch of a first €1 billion tranche.
- The execution of the remaining €1 billion under the new share buyback programme will be announced once approved by the governing bodies.
- Gross dividend per share: 0.32€ paid in Nov-25 and 0.60€ paid in Apr-26.
What drove it
- Performing loans under management excluding repos grew +17.7% versus Jun-25 in constant euros.
- Constant core revenues, defined as NII plus fees, grew +17.4% versus 2Q25.
- Net interest income growth was driven by Spain and Mexico loan growth.
- Positive fee income was levered on payments, asset management and CIB.
- Group gross income growth was mainly explained by core-revenue growth, positive Global Markets results and FX evolution.
- The efficiency ratio was 37.8%, with operating expenses declining -1.4% quarter over quarter.
- Spain's customer spread widened by 3 bps quarter over quarter.
- Mexico reported a 30.8% efficiency ratio in 6M26 and cost of risk of 326 bps.
- Turkey fee income was primarily driven by payments, with additional insurance and asset-management fees.
Concerns
- Group impairment on financial assets was -€1,677M in 2Q26, up 14.9% year over year.
- Turkey NII was affected by TL customer-spread compression as deposits repriced faster in a higher-rate environment.
- Turkey cost of risk was 236 bps YtD, reflecting elevated provisioning requirements in TL retail portfolios.
- Turkey loan growth was limited by regulatory growth caps.
- South America reported elevated cost of risk in Argentina, although it stabilized.
- Net trading income fell -35.8% quarter over quarter to €582M.
What to watch
- Execution of the approved €2 billion share buyback programme and its remaining €1 billion tranche.
- Mexico's delivery against updated 2026 loans guidance of around 10% growth, high single digit NII growth and cost of risk below 335 bps.
- Turkey's delivery against cost-of-risk guidance of around 220 bps and the trajectory of TL customer spreads.
- South America's delivery against high teens gross-income growth guidance.
- CET1 capital generation relative to the 11.5%-12.0% target range following the share buybacks.
- Asset-quality trends, including the 2.6% NPL ratio, 85% coverage ratio and 1.43% YtD cost of risk.
Balance sheet and cash flow
- CET1 ratio was 12.90%, versus a target range of 11.5%-12.0% and an SREP Requirement of 8.98%.
- BBVA Group fully-loaded RWAs were €423,497M as of Jun-26.
- Total Group LCR was 174% / 145%, NSFR was 125%, and Loan To Deposit was 100%.
- MREL eligible instruments were 29.96% of RWA, compared with a total requirement of 17.22% plus a 3.72% CBR.
- No operating cash flow, free cash flow, cash balance, or debt balance was reported.
Analysis
BBVA delivered a strong second quarter, with net attributable profit of €3,062M, up 6.5% year over year and 3.3% quarter over quarter in current euros. EPS was €0.53, compared with €0.46 in 2Q25 and €0.51 in 1Q26. For 6M26, net attributable profit reached €6,051M, up 10.0% year over year. The group reported 22.2% ROTE for 6M26 and 20.4% ROE.
Core operating momentum was broad. Net interest income rose 17.8% year over year to €7,627M and net fees and commissions rose 16.2% to €2,316M. Gross income increased 15.7% to €10,506M despite net trading income declining 35.8% sequentially to €582M. Constant core revenues, comprising NII and fees, grew +17.4% versus 2Q25, while performing loans under management excluding repos increased +17.7% versus Jun-25 in constant euros.
Costs and credit performance remain central to the result. Operating expenses were -€3,951M, up 18.5% year over year but down 1.4% sequentially, producing operating income of €6,555M. The efficiency ratio was 37.8%. Impairment on financial assets was -€1,677M, up 14.9% year over year, while the YtD cost of risk was 1.43%. The NPL ratio was 2.6%, coverage was 85%, and NPLs were €15.2bn.
Mexico remained a major source of earnings, with gross income of €4,255M and net attributable profit of €1,514M, supported by +2.1% quarterly loan growth and a 30.8% 6M26 efficiency ratio. Spain generated €2,493M of gross income and €1,077M of net attributable profit, with consumer and enterprise loan growth and a 3 bps quarterly widening in customer spread. Turkey delivered €269M of net attributable profit but faced TL spread compression and regulatory loan-growth caps. Rest of business generated €600M in gross income, up 46.5% year over year.
Capital was above the stated target range, with CET1 at 12.90%, up 7 bps from Mar-26 and above the 11.5%-12.0% target range. BBVA also outlined substantial distribution capacity through a c.€4.0 billion Dec-25-approved share buyback nearing completion and a newly approved €2 billion buyback programme. Guidance calls for group ROTE around 21%, Mexico loan growth around 10%, Mexico NII growth in the high single digits, Mexico cost of risk below 335 bps, Turkey cost of risk around 220 bps, and South America gross-income growth in the high teens.
Not in the filing
stated, not guessed- Accounting framework explicitly identified as IFRS or local GAAP for the consolidated group
- GAAP and non-GAAP reconciliation
- Total revenue line item
- Gross margin
- Tax rate
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Dividend declared for the current period
- Prior outlook section for comparison with actual results
- Named executive commentary and attributable executive quotes
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
BBVA's Q2 2026 earnings were disclosed via a Form 6‑K filing, the first public source of these numbers.
Ticker impact
BBVA filed its Q2 2026 earnings release on Form 6‑K, providing fresh profit, EPS and loan‑growth numbers.
Potential modest price increase on earnings beat.
Quarterly results show higher EPS (+15.2% YoY) and loan growth (+17.7% YoY), exceeding prior guidance.
Market effects
European banking sector may see broader confidence from BBVA's strong results.
Spanish and Eurozone markets could react positively.
Large-cap bank earnings influence global financial sentiment.
Counterpoint
If loan growth slows later, current optimism may be premature.
Key entities
- companyBBVA
Spanish multinational bank listed in the US as BBVA.
