BBVA BME Earnings call
BBVA (BBVA) · Q2 2026 results and valuation
Share price: €23.61 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter
Net income up 2.4% on the previous quarter, guidance raised. The language turned more upbeat.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+2.4%
Net income vs Q1 2026
Guidance raised
Net income 3.06B vs 2.99B
Revenue −1.4%
2 · How management spoke
More upbeat
Language tone vs last period
Language: very upbeat — more upbeat than in Q1 2026.
3 · What stood out
BBVA upgraded its full year guidance for gross revenues to grow at high teens.
Valuation
Is BBVA undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $46.89 a share — the stock trades 44% below it. Today's price assumes 1.5% growth a year.
Current price
$26.21
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+1.5% for 10 yrs
Fair value / share
$46.89
Buy below
$35.17
Price vs fair value
Undervalued 44%
Price vs buy-below price
Undervalued 25%
Read between the lines
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Key theme
Net interest income rose 4.1% year-on-year, with quarterly net profit at EUR 1.1 billion and first-half earnings at EUR 2.2 billion, up 2.3%.
Source quote
“This performance was underpinned by another solid increase in net interest income, up 4.1% year-on-year, supported by strong commercial momentum... Net profit reached EUR 1.1 billion in the second quarter, bringing first half earnings to EUR 2.2 billion, up 2.3% year-on-year. Loan growth remained very robust, increasing by 7.4% year-on-year, as mentioned by Onur and 3.3% quarter-on-quarter with broad-based growth across all customer segments.”
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Guidance ↑
Gross revenues are now guided to grow in the high teens.
Source quote
“As a result, we are upgrading our full year guidance for gross revenues to grow at high teens.”
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Guidance
Risk costs are expected to remain near current levels through year-end.
Source quote
“Looking ahead, based on the underlying trends, we expect cost of risk to remain around current levels at the end of the year.”
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Fading
Net trading income rose 0.9% from the previous quarter on Global Markets momentum, contributing to 18.3% gross income growth.
Source quote
“Finally, net trading income delivered a very good performance, supported by positive momentum in our Global Markets business. And despite the seasonality also here, it has grown 0.9% compared to the previous quarter. All of the above leads to excellent gross income growth, 18.3%, as mentioned, year-on-year and 4.3% quarter-on-quarter.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Very upbeat — more upbeat than in Q1 2026.
Sentences that drove the tone
“But in short, excellent results, in my view, in the quarter, driven by the strength in activity and core revenues, which is very important to us, obviously, and further improving...”
“We have delivered record earnings, industry-leading profitability, strong activity growth, exceptional activity growth.”
“Overall, Spain delivered another very strong quarter with strong commercial momentum, continued revenue growth, disciplined cost management and very solid asset quality metrics.”
Full figures
EUR · ROIC.AI fundamentals (BME:BBVA, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 10.51B | 10.65B | −1.4% | 8.71B | +20.6% |
| Net income | 3.06B | 2.99B | +2.4% | 2.75B | +11.4% |
| EPS | 0.53 | 0.53 | +0.3% | 0.46 | +15.2% |
| P/E | — | — | — | — | — |
Topics
Most discussed now
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Faded since Q1 2026
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