Banco Bilbao Vizcaya Argentaria (BBVA) Q4 2025 earnings summary

Executive summary

• Achieved record net attributable profit of €10.5 billion in 2025, up 4.5% year-over-year, with strong recurring revenues and tangible book value plus dividends per share rising 12.8%.

• Return on tangible equity reached 19.3%, with superior revenue growth and efficiency ratio improving to 38.8%.

• Customer acquisition hit a record 11.5 million gross new customers, with 66% acquired through digital channels.

• Strategic focus on AI, digital transformation, and sustainable business, with €134bn channeled to sustainable business in 2025.

• Shareholder distributions increased, including a €5.2 billion cash dividend and a €4.0 billion extraordinary share buyback.

Financial highlights

• Gross income grew 16.3% year-over-year in constant euros to €36.9 billion, with net interest income up 13.9% and fee income up 14.6%.

• Operating income rose 20.4% to €22.6 billion, and efficiency ratio improved to 38.8%.

• Cost of risk decreased to 1.39%, NPL ratio at 2.7%, and coverage ratio at 85%.

• CET1 ratio stood at 12.70% after share buybacks, above regulatory requirements.

• Adjusted EPS grew 5.8% to €1.78, and tangible book value per share plus dividends rose 12.8%.

Outlook and guidance

• 2026 ROTE expected around 20%, with efficiency ratio below 40% and cost of risk aligned with 2025.

• Spain: loans to grow mid-single digit, efficiency below 35%, cost of risk in low 30s bps.

• Mexico: high single-digit loan growth, efficiency at low 30s, cost of risk around 340 bps.

• South America: mid-teens loan growth, cost of risk below 250 bps.

• Strategic priorities to be further discussed in 2026 through BBVA Strategic Talks.