The results confirm BBVA's best-in-class profitability and capital strength. The new buyback program provides additional catalyst. Monitor execution of the buyback tranches and any updates on Mexico/Turkey guidance. Expect continued share price support from capital returns and solid fundamentals.
Price Chart
Executive Summary
BBVA reported strong 2Q26 results with net attributable profit of €3,062 million, up 11.4% YoY constant, and EPS of €0.53 (+15.2% YoY). ROTE reached 22.2% (ex-SBB 20.4%), CET1 ratio improved to 12.90% (above 11.5%-12% target), and a new €2 billion share buyback program was announced. Core revenue growth of +17.4% constant and loan growth of +17.7% constant underscore robust operating momentum, particularly in Spain and Mexico, while asset quality remains sound.
Key Facts
- 2Q26 Net Attributable Profit €3,062M, +11.4% YoY constant; 6M26 €6,051M, +10.0% YoY (+11.1% constant)
- EPS 2Q26 €0.53, +15.2% YoY
- ROTE 6M26 22.2% (ex-SBB 20.4%); ROE 21.1%
- CET1 ratio 12.90%, up 7bps QoQ, well above target range 11.5%-12.0%
- New €2 billion share buyback program approved, first €1B tranche launched
- Total loan growth +17.7% vs Jun-25 constant; core revenues (NII+fees) +17.4% vs 2Q25 constant
- Efficiency ratio 37.8%; cost of risk 1.43% YtD
- Mexico 2026 outlook: loan growth ~10%, NII high single-digit, CoR below 335 bps
Financial Impact
Strong earnings growth with 11.4% constant YoY rise in net profit and 15.2% EPS increase; €2B buyback signals capital return upside
Risk Factors
- Currency exposure in Mexico (MXN) and Turkey (TRY) could impact reported earnings
- Elevated inflation in Turkey and Argentina may pressure asset quality and cost of risk
- Geopolitical and regulatory risks in emerging markets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-324969 |
| Document: 0001193125-26-324969-index-headers.html | 0001193125-26-324969 |
| Document: 0001193125-26-324969-index.html | 0001193125-26-324969 |
| Document: 0001193125-26-324969.txt | 0001193125-26-324969 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $29.10 $28.91 | ▼ −0.65% | ▼ −0.76% | $26.76 (−8.02%) |
Sep 8, 2026 24d ago | 6-K | $29.29 $29.10 | ▼ −0.65% | ▲ +0.01% | $26.76 (−8.62%) |
Aug 31, 2026 4w ago | 6-K | $28.96 $29.29 | ▲ +1.14% | ▲ +1.28% | $26.76 (−7.58%) |
Aug 25, 2026 5w ago | 424B5 | $28.95 $28.64 | ▼ −1.07% | ▼ −0.53% | $26.76 (−7.55%) |
Aug 24, 2026 5w ago | 6-K | $29.21 $28.96 | ▼ −0.86% | ▼ −1.32% | $26.76 (−8.37%) |
Aug 17, 2026 6w ago | 6-K | $28.80 $29.21 | ▲ +1.42% | ▲ +2.61% | $26.76 (−7.07%) |
Aug 10, 2026 7w ago | 6-K | $28.35 $28.80 | ▲ +1.59% | ▲ +1.63% | $26.76 (−5.59%) |
Aug 4, 2026 8w ago | 6-K | $28.12 $28.50 | ▲ +1.35% | ▲ +1.45% | $26.76 (−4.82%) |
Jul 31, 2026 9w ago | 6-K | $27.95 $28.35 | ▲ +1.43% | ▼ −2.08% | $26.76 (−4.24%) |
Jul 30, 2026 9w ago | 6-K | $27.60 $28.14 | ▲ +1.96% | ▼ −1.67% | $26.76 (−3.03%) |
US Market Status
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