Detailed financial statements for Banco Bilbao Vizcaya Argentaria, S.A. (BBVA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Banco Bilbao Vizcaya Argentaria, S.A., established in Bilbao, Spain, in 1857, operates as a comprehensive global financial services provider through its various subsidiaries. The institution specializes in retail banking, wholesale banking, and asset management. Its extensive product offerings include everyday current accounts, a variety of deposit options such as demand, savings, overnight, time, term, and subordinated deposits, along with numerous loan products.
Analysis Summary
Banco Bilbao Vizcaya Argentaria, S.A. reported revenue of 36.93B EUR in the most recent fiscal year, growing at a 5-year CAGR of 4.2%. Net income reached 10.51B EUR, with a 51.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 83.3%, operating margin 42.7%, net margin 27.3%. Free cash flow grew at -19.2% CAGR over 5 years.
At the current price of $26.98, BBVA trades at a P/E of 12.22 and an ROE of 19.31%. Market capitalisation stands at $149.1B, placing it among large-cap names.
Balance sheet quality for BBVA: current ratio of 0.4, net cash position of 194.10B EUR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 13.16B EUR represents 125% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 36.80B EUR | 37.27B EUR | 35.24B EUR | 35.24B EUR | 30.07B EUR | 31.32B EUR | 40.37B EUR | 58.19B EUR | 35.48B EUR | 36.93B EUR |
| Cost of Revenue | 14.30B EUR | 14.90B EUR | 15.32B EUR | 15.54B EUR | 13.15B EUR | 11.35B EUR | 15.70B EUR | 29.22B EUR | 42.14B EUR | 6.07B EUR |
| Gross Profit | 22.49B EUR | 22.37B EUR | 19.92B EUR | 19.70B EUR | 16.92B EUR | 19.97B EUR | 24.68B EUR | 28.97B EUR | -6.66B EUR | 30.86B EUR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 10.18B EUR | 9.96B EUR | 8.55B EUR | 8.87B EUR | 8.06B EUR | 8.46B EUR | 9.47B EUR | 10.98B EUR | 12.66B EUR | 12.81B EUR |
| Operating Expenses | 16.10B EUR | 15.44B EUR | 12.36B EUR | 12.66B EUR | 11.67B EUR | 12.72B EUR | 14.41B EUR | 16.55B EUR | -22.06B EUR | 14.63B EUR |
| Operating Income | 6.39B EUR | 6.93B EUR | 7.57B EUR | 7.05B EUR | 5.25B EUR | 7.25B EUR | 10.27B EUR | 12.42B EUR | 15.40B EUR | 16.23B EUR |
| EBITDA | 7.82B EUR | 8.32B EUR | 8.60B EUR | 8.43B EUR | 6.54B EUR | 8.48B EUR | 11.60B EUR | 13.82B EUR | 16.94B EUR | 17.75B EUR |
| Interest Expense | 10.65B EUR | 11.54B EUR | 11.67B EUR | 11.97B EUR | 7.80B EUR | 8.33B EUR | 12.31B EUR | 24.76B EUR | 36.39B EUR | 0 |
| Pre-tax Income | 6.39B EUR | 6.93B EUR | 7.57B EUR | 7.05B EUR | 5.25B EUR | 7.25B EUR | 10.27B EUR | 12.42B EUR | 15.40B EUR | 16.23B EUR |
| Income Tax | 1.70B EUR | 2.17B EUR | 2.04B EUR | 1.94B EUR | 1.46B EUR | 1.91B EUR | 3.50B EUR | 4.00B EUR | 4.83B EUR | 5.10B EUR |
| Net Income | 3.48B EUR | 3.51B EUR | 5.40B EUR | 3.51B EUR | 1.30B EUR | 4.65B EUR | 6.36B EUR | 8.02B EUR | 10.05B EUR | 10.51B EUR |
| EPS | $0.49 | $0.46 | $0.76 | $0.47 | $0.14 | $0.67 | $0.98 | $1.29 | $1.68 | $1.69 |
| EPS (Diluted) | $0.50 | $0.46 | $0.76 | $0.47 | $0.14 | $0.67 | $0.98 | $1.29 | $1.68 | $1.69 |
| Shares Outstanding (Diluted) | 6.59B EUR | 6.70B EUR | 6.64B EUR | 6.65B EUR | 6.65B EUR | 6.40B EUR | 6.19B EUR | 5.95B EUR | 5.77B EUR | 5.97B EUR |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 17.90B EUR | 9.79B EUR | 10.65B EUR | 10.51B EUR |
| Gross Profit | 8.21B EUR | 8.05B EUR | 8.83B EUR | 8.83B EUR |
| Operating Income | 3.87B EUR | 3.93B EUR | 4.72B EUR | 4.86B EUR |
| EBITDA | 4.25B EUR | 4.33B EUR | 5.14B EUR | 5.28B EUR |
| Net Income | 2.53B EUR | 2.53B EUR | 2.99B EUR | 3.06B EUR |
| EPS | $0.42 | $0.42 | $0.51 | $0.53 |
| EPS (Diluted) | $0.42 | $0.42 | $0.51 | $0.53 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 49.17B EUR | 50.14B EUR | 63.39B EUR | 49.56B EUR | 72.90B EUR | 74.56B EUR | 84.25B EUR | 82.61B EUR | 59.88B EUR | 93.95B EUR |
| Short-term Investments | 133.91B EUR | 124.26B EUR | 114.17B EUR | 129.03B EUR | 135.47B EUR | 60.39B EUR | 94.12B EUR | 95.34B EUR | 93.69B EUR | 181.99B EUR |
| Receivables | 35.05B EUR | 33.51B EUR | 29.57B EUR | 28.56B EUR | 25.15B EUR | 29.10B EUR | 25.99B EUR | 25.10B EUR | 31.69B EUR | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 195.10B EUR | 185.97B EUR | 193.49B EUR | 194.65B EUR | 222.90B EUR | 170.30B EUR | 204.36B EUR | 203.04B EUR | 185.27B EUR | 275.94B EUR |
| Property, Plant & Equipment | 8.25B EUR | 7.00B EUR | 7.07B EUR | 9.82B EUR | 8.03B EUR | 7.11B EUR | 8.44B EUR | 9.05B EUR | 9.51B EUR | 9.48B EUR |
| Goodwill | 6.94B EUR | 6.06B EUR | 6.18B EUR | 4.96B EUR | 910.0M EUR | 818.0M EUR | 707.0M EUR | 795.0M EUR | 700.0M EUR | 2.86B EUR |
| Intangible Assets | 2.85B EUR | 2.40B EUR | 2.13B EUR | 2.01B EUR | 1.44B EUR | 1.38B EUR | 1.45B EUR | 1.57B EUR | 1.79B EUR | 0 |
| Total Assets | 731.86B EUR | 690.06B EUR | 675.67B EUR | 695.47B EUR | 733.80B EUR | 662.88B EUR | 712.09B EUR | 775.56B EUR | 772.40B EUR | 859.58B EUR |
| Accounts Payable | 160.0M EUR | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 41.93B EUR | 40.08B EUR | 42.99B EUR | 43.69B EUR | 41.57B EUR | 54.16B EUR | 54.38B EUR | 104.92B EUR | 68.50B EUR | 0 |
| Total Current Liabilities | 481.51B EUR | 451.77B EUR | 463.98B EUR | 474.22B EUR | 426.81B EUR | 443.22B EUR | 507.75B EUR | 577.00B EUR | 573.68B EUR | 633.09B EUR |
| Long-term Debt | 76.61B EUR | 63.92B EUR | 63.97B EUR | 68.62B EUR | 66.31B EUR | 59.16B EUR | 58.72B EUR | 72.69B EUR | 74.46B EUR | 81.84B EUR |
| Total Liabilities | 676.43B EUR | 636.74B EUR | 622.80B EUR | 640.54B EUR | 683.78B EUR | 614.12B EUR | 661.57B EUR | 720.29B EUR | 712.39B EUR | 797.78B EUR |
| Retained Earnings | 25.32B EUR | 27.26B EUR | 31.46B EUR | 32.90B EUR | 31.81B EUR | 36.49B EUR | 39.07B EUR | 44.26B EUR | 50.75B EUR | 0 |
| Total Equity | 47.36B EUR | 46.34B EUR | 47.11B EUR | 48.73B EUR | 44.55B EUR | 43.91B EUR | 46.90B EUR | 51.70B EUR | 55.65B EUR | 57.36B EUR |
| Total Debt | 118.54B EUR | 103.99B EUR | 106.97B EUR | 115.91B EUR | 110.80B EUR | 116.09B EUR | 114.64B EUR | 179.35B EUR | 144.43B EUR | 81.84B EUR |
| Net Debt | -64.55B EUR | -70.41B EUR | -70.59B EUR | -62.67B EUR | -97.57B EUR | -18.86B EUR | -63.73B EUR | 1.40B EUR | -9.15B EUR | -194.10B EUR |
| Working Capital | -286.40B EUR | -265.80B EUR | -270.49B EUR | -279.57B EUR | -203.91B EUR | -272.92B EUR | -303.40B EUR | -373.95B EUR | -388.42B EUR | -357.15B EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 66.00B EUR | 93.95B EUR | 80.12B EUR | 108.52B EUR |
| Total Assets | 813.06B EUR | 859.58B EUR | 894.27B EUR | 965.43B EUR |
| Total Liabilities | 751.25B EUR | 797.78B EUR | 833.46B EUR | 901.63B EUR |
| Total Equity | 57.64B EUR | 57.36B EUR | 56.27B EUR | 58.95B EUR |
| Total Debt | 110.14B EUR | 81.84B EUR | 87.56B EUR | 106.16B EUR |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 4.69B EUR | 4.76B EUR | 6.23B EUR | 4.34B EUR | 2.06B EUR | 5.62B EUR | 6.76B EUR | 8.42B EUR | 10.57B EUR | 11.13B EUR |
| Depreciation & Amortization | 1.43B EUR | 1.39B EUR | 1.03B EUR | 1.39B EUR | 1.29B EUR | 1.23B EUR | 1.33B EUR | 1.40B EUR | 1.53B EUR | 1.52B EUR |
| Stock-based Compensation | 57.0M EUR | 38.0M EUR | 29.0M EUR | 31.0M EUR | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -3.15B EUR | -9.14B EUR | 2.38B EUR | -22.98B EUR | 27.59B EUR | -13.00B EUR | 8.44B EUR | -15.94B EUR | -37.95B EUR | -7.21B EUR |
| Operating Cash Flow | 6.62B EUR | 2.06B EUR | 8.66B EUR | -8.21B EUR | 39.35B EUR | -1.24B EUR | 23.72B EUR | -721.0M EUR | -18.19B EUR | 14.97B EUR |
| Capital Expenditure | -1.96B EUR | -1.34B EUR | -1.50B EUR | -1.38B EUR | -1.12B EUR | -946.0M EUR | -2.44B EUR | -1.82B EUR | -1.20B EUR | -1.81B EUR |
| Acquisitions | -22.0M EUR | 39.0M EUR | 4.25B EUR | 5.0M EUR | 0 | 10.0M EUR | -1.39B EUR | 21.0M EUR | 45.0M EUR | 50.0M EUR |
| Stock Repurchased | -2.00B EUR | -1.67B EUR | -1.69B EUR | -1.09B EUR | -807.0M EUR | -1.02B EUR | -2.98B EUR | -2.17B EUR | -1.53B EUR | -2.00B EUR |
| Dividends Paid | -1.60B EUR | -1.70B EUR | -2.11B EUR | -2.15B EUR | -1.06B EUR | -926.0M EUR | -2.19B EUR | -2.81B EUR | -3.91B EUR | -4.20B EUR |
| Free Cash Flow | 4.67B EUR | 714.0M EUR | 7.17B EUR | -9.59B EUR | 38.23B EUR | -2.19B EUR | 21.28B EUR | -2.54B EUR | -19.39B EUR | 13.16B EUR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 17.17B EUR | 4.01B EUR | -9.76B EUR | 13.0M EUR |
| Capital Expenditure | -419.0M EUR | -701.0M EUR | -224.0M EUR | -420,000 EUR |
| Free Cash Flow | 16.75B EUR | 3.31B EUR | -9.98B EUR | 12.6M EUR |
| Dividends Paid | 0 | -1.84B EUR | 0 | -3.4M EUR |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.3% | -5.4% | +0.0% | -14.7% | +4.2% | +28.9% | +44.1% | -39.0% | +4.1% | |
| Net Income Growth (YoY) | +1.1% | +53.7% | -35.0% | -62.8% | +256.6% | +36.6% | +26.1% | +25.4% | +4.5% | |
| EPS Growth (YoY) | -6.1% | +65.2% | -38.2% | -70.2% | +378.6% | +46.3% | +31.6% | +30.2% | +0.6% | |
| Shares Change (YoY) | +1.7% | -1.0% | +0.2% | +0.1% | -3.8% | -3.3% | -3.8% | -3.1% | +3.5% | |
| FCF Growth (YoY) | -84.7% | +904.1% | -233.8% | +498.4% | -105.7% | +1,072.4% | -111.9% | -663.2% | +167.9% | |
| Gross Margin | 61.1% | 60.0% | 56.5% | 55.9% | 56.3% | 63.8% | 61.1% | 49.8% | -18.8% | 83.6% |
| Operating Margin | 17.4% | 18.6% | 21.5% | 20.0% | 17.5% | 23.1% | 25.4% | 21.3% | 43.4% | 43.9% |
| EBITDA Margin | 21.2% | 22.3% | 24.4% | 23.9% | 21.7% | 27.1% | 28.7% | 23.8% | 47.7% | 48.1% |
| Net Margin | 9.4% | 9.4% | 15.3% | 10.0% | 4.3% | 14.9% | 15.7% | 13.8% | 28.3% | 28.5% |
| FCF Margin | 12.7% | 1.9% | 20.3% | -27.2% | 127.1% | -7.0% | 52.7% | -4.4% | -54.6% | 35.6% |
| Effective Tax Rate | 26.6% | 31.4% | 27.0% | 27.6% | 27.8% | 26.3% | 34.1% | 32.2% | 31.4% | 31.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.71 | $0.11 | $1.08 | $-1.44 | $5.75 | $-0.34 | $3.44 | $-0.43 | $-3.36 | $2.20 |
| Dividends Per Share | $0.24 | $0.25 | $0.32 | $0.32 | $0.16 | $0.14 | $0.35 | $0.47 | $0.68 | $0.70 |
| Shares Outstanding (Basic) | 6.59B EUR | 6.64B EUR | 6.64B EUR | 6.65B EUR | 6.65B EUR | 6.40B EUR | 6.19B EUR | 5.95B EUR | 5.77B EUR | 5.97B EUR |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 19.31% |
| Return on Invested Capital | 4.38% |
| Return on Assets | 1.15% |
| Gross Margin | 83.29% |
| Operating Margin | 42.66% |
| Net Margin | 27.28% |
Financial Health
| Debt / Equity | 1.80 |
| Current Ratio | 0.47 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.30 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.12 | 15.46 | 6.07 | 10.59 | 28.87 | 7.70 | 5.73 | 6.39 | 5.59 | 11.74 |
| P/B | 0.89 | 1.02 | 0.65 | 0.68 | 0.60 | 0.75 | 0.74 | 0.95 | 0.97 | 2.07 |
| P/S | 1.15 | 1.27 | 0.87 | 0.94 | 0.89 | 1.05 | 0.86 | 0.84 | 1.53 | 3.21 |
| Gross Margin | 61.1% | 60.0% | 56.5% | 55.9% | 56.3% | 63.8% | 61.1% | 49.8% | -18.8% | 83.6% |
| Operating Margin | 17.4% | 18.6% | 21.5% | 20.0% | 17.5% | 23.1% | 25.4% | 21.3% | 43.4% | 43.9% |
| Net Margin | 9.4% | 9.4% | 15.3% | 10.0% | 4.3% | 14.9% | 15.7% | 13.8% | 28.3% | 28.5% |
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