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EarningsQ3 2026 Earnings Report
BBVA Q3 2026 EPS Results
Actual EPS$0.59
Consensus EPS$0.60
Beat/MissMissed by -$0.01
One Year Ago EPS$0.49
BBVA Q3 2026 Revenue Results
Actual Revenue$12.67B
Expected Revenue$12.08B
Beat/MissBeat by +$587.51M
YoY Revenue Growth-45.53%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeBefore Open
Conference CallThursday, October 29, 2026
BBVA Upcoming Earnings
Banco Bilbao's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
BBVA Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. BBVA reported record nine-month earnings, robust loan and core-revenue growth, high profitability, positive jaws, stable group asset quality, strong performance in Mexico, South America and CIB, early AI benefits, and confidence in raising or exceeding medium-term targets. The main challenges were the decline in CET1 during the quarter, higher wholesale deposit costs in Spain, weaker Spain trading income and mortgage market share, and elevated credit-risk trends in Turkey and Argentina. These negatives were explicitly acknowledged but were outweighed by the breadth and strength of the reported operating performance.Company Guidance
Strong Shareholder Value Creation and Profitability
Tangible book value per share plus dividends increased 14.3% year-over-year; excluding the impact of share buybacks, underlying growth was nearly 20% year-over-year. Return on tangible equity was 22% and return on equity was 20.8% for the first nine months, positioning BBVA as the most profitable large bank in Europe.
Record Quarterly and Nine-Month Earnings
Quarterly net attributable profit exceeded EUR 3 billion and increased 19.1% year-over-year. Earnings per share grew nearly 23.9% year-over-year, supported by the share buyback programs. Nine-month net attributable profit reached a record EUR 9.07 billion, up 13.6% year-over-year.
Positive Earnings and Lending Outlook
Management remained positive about the earnings outlook, citing supportive macroeconomic conditions across its footprint, good prospects for continued lending growth in Mexico and Spain, and gradually fading interest-rate headwinds in those markets.
Accelerating Loan Growth with High Profitability
The loan book grew by more than 20% year-over-year in current euros at the end of the quarter. Management attributed the performance to BBVA's diversified presence, leading franchises, enterprise-segment growth and continued customer acquisition. This growth was delivered alongside a 22% return on tangible equity, compared with 15.6% for European peers.
Core Revenue Growth
Net interest income increased 16.5% year-over-year and 5.7% quarter-over-quarter in constant euros, serving as the main driver of net attributable profit growth. Net fees and commissions increased 12.4% year-over-year, driven mainly by payments and asset management. Net trading income increased 5.7% year-over-year, and gross income rose 15.7% year-over-year and 4.2% quarter-over-quarter.
Improved Efficiency and Positive Jaws
For the first nine months, gross income grew 16.3% year-over-year while expenses increased 16%, resulting in positive jaws even including nonrecurring items. The efficiency ratio improved by 9 basis points to 37.9%; excluding the cited nonrecurring effects, the improvement was 81 basis points.
Stable Group Asset Quality
Group asset-quality metrics remained broadly stable despite strong lending growth. Cost of risk was broadly stable at 144 basis points for the first nine months, the NPL ratio remained at 2.6%, and the coverage ratio was 84%.
Strong Spain Lending and Deposit Growth
Spain lending grew 7.3% year-over-year, with consumer and enterprise lending each growing at around 10%. Deposits increased 5.8% year-over-year, supported by retail customer acquisition, transactionality and wholesale time deposits. Spain net profit reached EUR 934 million in the quarter and EUR 3.1 billion for the first nine months, up 2.3% year-over-year excluding two nonrecurring items.
Spain Customer Acquisition and Market Share Gains
BBVA expects to reach close to 1 million new customers in Spain by year-end, with more than 70% becoming primary customers and more than 30% becoming payroll customers within the first six months. Small-business customer additions are expected to exceed 70,000. Payroll market share exceeded 17% and increased 30 basis points year-over-year. Spain market share increased 6 basis points in consumer lending and 51 basis points in commercial lending.
Spain NII and Customer Spread Improvement Expected
Spain NII increased 3.4% year-over-year and 1.2% quarter-over-quarter, supported by robust lending activity. Management expects customer spread to improve slightly, with fourth-quarter spread performance expected to be better than the third quarter. The bank cited loan repricing, including a mortgage book where two-thirds reprices every six months and one-third every year.
Strong Mexico Growth and Market Position
Mexico loan growth accelerated to 12% year-over-year, supported by midsized companies and retail lending. Consumer loans grew 9%, credit cards 11%, SMEs 10% and other commercial lending 17%; BBVA reported a 34% SME market share. Mexico net interest income increased 8.5% year-over-year and 2.6% quarter-over-quarter, while nine-month net profit was reported at EUR 4.5 billion, up 8.4% year-over-year in constant euros.
Mexico Margin Stabilization and Efficiency
Management said customer spreads in Mexico had reached the bottom, excluding mix effects, after the Central Bank rate reached 6.5%. Mexico gross income grew 8.5% year-over-year, the cost-to-income ratio was 30.7%, and management said it remained on track to meet full-year guidance while continuing to invest for future growth.
Mexico Asset Quality Trends Remain Sound
Mexico year-to-date cost of risk declined to 319 basis points, mostly benefiting from provision releases following the annual model parameter update. Underlying cost of risk was around 330 basis points, which management said was in line with expectations.
Turkey Revenue Recovery
Turkey third-quarter net profit reached close to EUR 260 million, with cumulative earnings of EUR 799 million, close to 22% higher year-over-year in current euros. Net interest income increased 16.8% quarter-over-quarter, helped by improved Turkish lira customer spread, normalized funding conditions, funding-cost optimization and higher lending volumes.
South America Earnings Growth
South America third-quarter net profit reached EUR 265 million and nine-month profit reached EUR 821 million, up 42% year-over-year in current euros. The loan book increased close to 15% year-over-year in constant euros, while improved customer spread, payments and transactional fee services supported revenue growth. The region's cost-to-income ratio was 41.5% for the first nine months.
Strong Rest-of-Business and CIB Performance
Rest-of-business net profit reached EUR 291 million in the quarter, up 7% quarter-over-quarter, and EUR 800 million for the first nine months. Gross income increased close to 12% quarter-over-quarter, while cost of risk declined to 11 basis points year-to-date. Close to 90% of CIB revenues were client-driven and close to 40% involved cross-border activity.
Profitable CIB Expansion
Management said CIB growth is focused on accompanying clients internationally in corporate banking, debt financing, debt advisory, debt structuring and project finance. CIB return on capital was 23% excluding Argentina and Turkey, while rest-of-business return on capital was between 20% and 24%.
AI Transformation Producing Early Benefits
BBVA reported tangible early benefits from its AI transformation. Its AI-powered voice assistant achieved close to a 90% successful resolution rate in pilot interactions, while some AI agents reduced preparation time for an enterprise financial program on the risk side by as much as 30%. The bank is industrializing its AI capabilities to build, deploy and manage AI agents at scale with control.
Capital Return and SRT Opportunities
BBVA paid a record interim dividend of EUR 0.37 per share on October 15 and is executing the second EUR 1 billion tranche of its extraordinary EUR 2 billion share buyback. Management expects fourth-quarter SRTs to contribute around 12 to 14 basis points to capital, compared with 3 basis points in the third quarter, and said the new securitization framework should facilitate additional SRT activity.
Confidence in Medium-Term Targets
Management expressed full confidence in beating its 2025-2028 goals and raised group ROTE guidance to above 20%, characterized during the call as approximately 21%. BBVA maintained its plan to distribute EUR 36 billion to shareholders or as excess capital above the upper end of its management range during 2025-2028.
Digital Franchise Expansion
BBVA reached 1 million customers in Italy five years after launch and surpassed 100,000 customers in Germany slightly more than one year after launch. Deposits from the two franchises totaled EUR 10.6 billion.
Strong Capital Buffer and Regulatory Position
Despite a higher 2027 SREP requirement, management said the difference between the requirement and the upper end of its 12% CET1 management range would be 264 basis points, compared with a 258-basis-point average for large European peers. Management therefore has no intention to raise its management target.
BBVA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed