BBVA vs Broadcom: Revenue, Profit and Business Model
BBVA reported ~$41.7B of revenue in FY2025 and ~$11.9B of net income. Broadcom reported $63.9B of revenue in FY2025 and $23.1B of net income.
Latest financial snapshot
Financial summary
BBVA
BBVA's profit is spread across five business areas. In 2025 Spain contributed ~$4.72B (EUR4.175B) of net attributable profit, Mexico ~$5.95B (EUR5.264B), Turkey ~$910M (EUR805M), South America ~$820M (EUR726M) and Rest of Business ~$709M (EUR627M), while the Corporate Center recorded a ~$1.23B (EUR1.086B) loss. Gross income rose 4.1 percent in reported euros but 16.3 percent at constant exchange rates, the gap being mostly the weaker Mexican peso. Loan-loss impairments were ~$6.86B (EUR6.073B) with a cost of risk of 1.39 percent, and the NPL ratio improved to 2.7 percent with 85 percent coverage. CET1 capital closed at 12.70 percent against a 9.28 percent requirement, and BBVA set total 2025 shareholder distributions at 50 percent of profit, EUR0.92 per share in cash.
Broadcom
Fiscal 2025 revenue rose 24% to $63.9 billion and net income reached $23.1 billion, up from $5.9 billion in fiscal 2024, when a large income tax charge weighed on results. Operating income was $25.5 billion and free cash flow $26.9 billion, of which $11.1 billion went to dividends and $6.4 billion to buybacks. Fiscal 2026 then accelerated: quarterly revenue went from $19.3 billion in Q1 to $22.2 billion in Q2 and $29.6 billion in Q3, with Q4 guided at about $34.8 billion. Long-term debt taken on for VMware fell to $57.2 billion at 2 August 2026 from $62.0 billion at the end of fiscal 2025, and the quarterly dividend is $0.65 a share after a 10% increase.
Revenue and profit by year
BBVA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$41.7B | ~$11.9B | 28.5% | +4.1% | Source |
| FY2024 | ~$40.1B | ~$11.4B | 28.3% | +20.1% | Source |
| FY2023 | ~$33.4B | ~$9.1B | 27.1% | +19.4% | Source |
| FY2022 | ~$28B | ~$7.2B | 25.7% | +17.5% | Source |
| FY2021 | ~$23.8B | ~$5.3B | 22.1% | -8.3% | Source |
| FY2020 | ~$26B | ~$1.5B | 5.7% | -6.1% | Source |
| FY2019 | ~$27.6B | ~$4B | 14.4% | +3.4% | Source |
| FY2018 | ~$26.7B | ~$6.1B | 22.8% | -6.3% | Source |
| FY2017 | ~$28.6B | ~$4B | 13.9% | +2.5% | Source |
| FY2016 | ~$27.9B | ~$3.9B | 14.1% | — | Source |
Broadcom
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $63.9B | $23.1B | 36.2% | +23.9% | Source |
| FY2024 | $51.6B | $5.9B | 11.4% | +44.0% | Source |
| FY2023 | $35.8B | $14.1B | 39.3% | +7.9% | Source |
| FY2022 | $33.2B | $11.5B | 34.6% | +21.0% | Source |
| FY2021 | $27.4B | $6.7B | 24.5% | +14.9% | Source |
| FY2020 | $23.9B | $3B | 12.4% | +5.7% | Source |
| FY2019 | $22.6B | $2.7B | 12.1% | +8.4% | Source |
| FY2018 | $20.8B | $12.3B | 58.8% | +18.2% | Source |
| FY2017 | $17.6B | $1.7B | 9.6% | — | Source |
Where the revenue comes from
BBVA
- Net interest income
about 71% of gross income
Loan and deposit spreads produced ~$29.7B (EUR26.280B) in 2025, up 4.0 percent in euros and 13.9 percent at constant exchange rates.
- Net fees and commissions
about 22% of gross income
Payments, cards, accounts, asset management and insurance distribution produced ~$9.28B (EUR8.215B), with payment fees the fastest growing line.
- Net trading income and other items
about 7% of gross income
Markets activity produced ~$3B (EUR2.656B) in 2025, down 32.1 percent, while other operating income and expenses were negative at ~$250M (EUR221M).
Broadcom
- Semiconductor Solutions
~58% (FY2025); 70% in Q3 FY2026
Custom AI accelerators, Ethernet switch chips, network adapters, optics, broadband, storage connectivity, wireless and RF filters generated $36.9B in fiscal 2025 and $20.8B in Q3 fiscal 2026 alone, up 127% year over year.
- Infrastructure Software
~42% (FY2025); 30% in Q3 FY2026
VMware Cloud Foundation plus CA mainframe and Symantec security software generated $27.0B in fiscal 2025 and $8.8B in Q3 fiscal 2026, up 29%.
- AI Semiconductor Revenue
56% of revenue in Q3 FY2026
AI semiconductor revenue, a subset of Semiconductor Solutions, was about $20B in fiscal 2025 and $16.7B in Q3 fiscal 2026, with $21.7B guided for Q4.
Business model and strategy
BBVA
How it makes money
BBVA runs a universal banking model built on local subsidiaries that fund themselves with local deposits, so a shock in one country does not drain the parent. Customer deposits reached ~$568B (EUR502.5B) at the end of 2025 against ~$534B (EUR472.7B) of gross loans, and net interest income of ~$29.7B (EUR26.280B) provided about 71 percent of gross income.
Growth strategy
After the Banco Sabadell offer lapsed in October 2025, BBVA's growth plan rests on organic lending, digital expansion in Europe and capital returns. Loans and advances to customers grew 11.5 percent in 2025 and customer funds 13.5 percent.
Competitive advantage
BBVA's first advantage is scale in Mexico, where BBVA Mexico is the largest bank in the country and produced ~$5.95B (EUR5.264B) of net attributable profit in 2025, close to half the group total. The second is cost: operating expenses grew 1.0 percent in euros in 2025 while gross income grew 4.1 percent, holding the efficiency ratio at 38.8 percent with a branch network trimmed to 5,642 offices.
Broadcom
How it makes money
Broadcom reports two segments. Semiconductor Solutions sold $36.9 billion of chips in fiscal 2025: custom AI accelerators (XPUs) designed with hyperscale customers, Tomahawk and Jericho Ethernet switch chips, network adapters, optical components, Wi-Fi and Bluetooth chips, RF filters for smartphones, broadband gateway chips and storage connectivity.
Growth strategy
Broadcom's growth plan has two engines. In chips, it co-designs custom accelerators with a short list of customers, including Google's TPU, Meta's MTIA, OpenAI and Anthropic, and sells the Ethernet switches, network adapters and optics that connect them. In software, it is moving VMware's installed base onto VMware Cloud Foundation subscriptions;
Competitive advantage
Broadcom's edge is engineering depth in a few hard problems where customers rarely switch once a design is chosen: high-speed SerDes, switch silicon, advanced packaging and custom ASIC design. Its Tomahawk 6 switch chip, announced in June 2025, handles 102.4 terabits per second. In software, VMware is built into enterprise data centers, which makes migrations slow and costly.
Questions about BBVA vs Broadcom
Which company has higher revenue — Banco Bilbao Vizcaya Argentaria, S.A. or Broadcom Inc.?
Banco Bilbao Vizcaya Argentaria, S.A. reported ~$41.7B (FY2025), while Broadcom Inc. reported $63.9B (FY2025). By last reported revenue, Broadcom Inc. is the larger business, with Banco Bilbao Vizcaya Argentaria, S.A. reporting a smaller revenue base.
What is the market cap of Banco Bilbao Vizcaya Argentaria, S.A. vs Broadcom Inc.?
Banco Bilbao Vizcaya Argentaria, S.A.'s market capitalisation stands at $139.7B, while Broadcom Inc.'s is $1.68T. Broadcom Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Banco Bilbao Vizcaya Argentaria, S.A..
Which is more financially efficient — Banco Bilbao Vizcaya Argentaria, S.A. or Broadcom Inc.?
Banco Bilbao Vizcaya Argentaria, S.A. generates $328k / employee in revenue per employee, while Broadcom Inc. generates $1.94M / employee. Broadcom Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Banco Bilbao Vizcaya Argentaria, S.A. and Broadcom Inc. make money?
Banco Bilbao Vizcaya Argentaria, S.A. and Broadcom Inc. generate revenue in fundamentally different ways. Banco Bilbao Vizcaya Argentaria, S.A.: BBVA runs a universal banking model built on local subsidiaries that fund themselves with local deposits, so a shock in one country does not drain the parent. Broadcom Inc.: Broadcom reports two segments.
Which company is valued higher relative to revenue — Banco Bilbao Vizcaya Argentaria, S.A. or Broadcom Inc.?
On a price-to-sales (P/S) basis, Banco Bilbao Vizcaya Argentaria, S.A. trades at 3.3x P/S and Broadcom Inc. at 26.3x P/S. Broadcom Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Banco Bilbao Vizcaya Argentaria, S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Banco Bilbao Vizcaya Argentaria, S.A. bigger than Broadcom Inc.?
By last reported revenue, Broadcom Inc. ($63.9B (FY2025)) is the larger company compared to Banco Bilbao Vizcaya Argentaria, S.A. (~$41.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BBVA vs Broadcom overview