Banco Bilbao Vizcaya Argentaria (BBVA) Q3 2026 earnings summary

Executive summary

• 9M26 net attributable profit reached €9,066m, up 13.6% reported and 11.4% at constant FX; Q3 profit was €3,015m, up 19.1% at constant exchange rates.

• Recurring banking revenue rose 17.0% at constant FX; lending growth supported revenue, while higher expenses and impairments weighed on results.

• 9M ROTE was 22.0% and ROE 20.8%; full-year ROTE guidance was raised to above 21%.

Financial highlights

• 9M26 gross income was €32,072m, up 18.2% reported; operating income was €19,903m, up 18.6%.

• 9M26 NII was €23,243m, up 20.8% reported and 17.8% at constant FX; net fees were €6,909m, up 13.8% reported and 14.5% at constant FX.

• Operating expenses increased 17.4% reported; financial-asset impairments rose 25.8% to €5,444m, while stronger recurring income offset cost increases.

• Adjusted EPS was €1.60, up 19.9%; reported EPS was €1.57, up 17.5%. Q3 EPS was €0.52, up 23.9% YoY.

Outlook and guidance

• Full-year ROTE guidance rose to above 21%; management expects to exceed its 2025–2028 financial goals.

• 2025–2028 goals include ~22% average ROTE, ~€48bn cumulative net attributable profit, ~35% efficiency ratio and mid-teens TBV-plus-dividend CAGR, excluding buybacks.

• Turkey FY26 cost-of-risk guidance was ~220 bps; Spain’s cost of risk remained within FY guidance.

• Sustainable business channeling target is €700bn for 2025–2029; cumulative channeling reached €254bn through September 2026.