BBVA's strong Q1 beat on both revenue and profit, combined with an accelerated buyback program, signals robust underlying momentum. Traders should watch for the buyback execution starting next week and any forward guidance on NII trajectory in the upcoming investor materials.
Price Chart
Executive Summary
BBVA reported Q1 2026 net attributable profit of €2,989 million, up 10.8% YoY (14.1% at constant FX), driven by strong lending growth (17% at constant FX) and net interest income (+20.2% YoY). The bank also announced a new €1.46 billion share buyback tranche, bringing total repurchases to nearly €4 billion since December 2025. The CET1 ratio improved to 12.83%, above the 11.5%-12% target range.
Key Facts
- Net attributable profit of €2,989 million in Q1 2026, up 10.8% YoY (14.1% at constant FX)
- Net interest income rose 20.2% YoY to €7,537 million
- Customer loans grew 17% at constant exchange rates
- ROTE of 21.7%, tangible book value per share plus dividends up 18.1% YoY
- CET1 ratio of 12.83%, up 13 bps from year-end 2025
- New €1.46 billion share buyback tranche announced; total nearly €4 billion since December 2025
- Earnings per share grew 12.5% in current euros
- Impairment on financial assets increased 35% YoY to €1,820 million, in line with credit growth
Financial Impact
Q1 2026 net profit of €2.989 billion, up 10.8% YoY; new buyback of €1.46 billion
Risk Factors
- Impairment on financial assets up 35% YoY, reflecting credit growth in higher-yield segments
- Geopolitical complexity in key markets (Mexico, Turkey) could pressure future results
- AT1 CoCo offering filed same day may signal capital optimization but adds complexity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-194059 |
| Document: 0001193125-26-194059-index-headers.html | 0001193125-26-194059 |
| Document: 0001193125-26-194059-index.html | 0001193125-26-194059 |
| Document: 0001193125-26-194059.txt | 0001193125-26-194059 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 9, 2026 20w ago | 6-K | $22.53 $29.53 | ▲ +31.07% | ▲ +26.99% | $25.83 (+14.65%) |
Jun 8, 2026 20w ago | 6-K | $22.47 $28.80 | ▲ +28.17% | ▲ +24.85% | $25.83 (+14.95%) |
Jun 1, 2026 21w ago | 6-K | $23.34 $29.58 | ▲ +26.74% | ▲ +25.50% | $25.83 (+10.67%) |
May 26, 2026 22w ago | 6-K | $22.40 $28.77 | ▲ +28.44% | ▲ +25.71% | $25.83 (+15.31%) |
May 18, 2026 23w ago | 6-K | $22.55 $28.42 | ▲ +26.03% | ▲ +21.18% | $25.83 (+14.55%) |
May 12, 2026 24w ago | 6-K | $21.20 $27.69 | ▲ +30.61% | ▲ +26.23% | $25.83 (+21.84%) |
May 11, 2026 24w ago | 6-K | $21.54 $28.83 | ▲ +33.84% | ▲ +29.45% | $25.83 (+19.92%) |
May 8, 2026 24w ago | 6-K | $23.00 $27.94 | ▲ +21.48% | ▲ +16.64% | $25.83 (+12.30%) |
May 8, 2026 24w ago | 6-K | $23.00 $27.94 | ▲ +21.48% | ▲ +16.64% | $25.83 (+12.30%) |
May 4, 2026 25w ago | 424B5 | $22.35 $25.89 | ▲ +15.84% | ▲ +13.98% | $25.83 (+15.57%) |
US Market Status
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