BBVA vs Hitachi: Revenue, Profit and Business Model
BBVA reported ~$41.7B of revenue in FY2025 and ~$11.9B of net income. Hitachi reported ~$70.9B of revenue in FY2026 and ~$5.4B 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.
Hitachi
Hitachi posted a ~$5.27 billion (¥787.3 billion) net loss for fiscal 2008, then the largest ever by a Japanese manufacturer. Under Takashi Kawamura and Hiroaki Nakanishi it cut loss-making consumer businesses, and later leaders sold listed subsidiaries such as Hitachi Chemical (2020), Hitachi Metals (2023), and a controlling stake in Hitachi Construction Machinery (2022). Revenue dipped from ~$72.9 billion (¥10.88 trillion) in FY2022 to ~$65.2 billion (¥9.73 trillion) in FY2023 as those units left, then climbed back to ~$71 billion (¥10.59 trillion) in FY2025 on organic growth. FY2025 adjusted EBITA was a record ~$8.78 billion (¥1.31 trillion) (12.4% margin) and net income was ~$5.38 billion (¥802.3 billion), up about 30%. In Q1 FY2026 (April-June 2026) revenue rose 20% to ~$18.2 billion (¥2,709.6 billion), helped by currency, and management raised full-year guidance.
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 |
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).
Hitachi
- Digital Systems & Services
Reported sector
Japanese IT systems for finance and government, GlobalLogic digital engineering, cloud and managed services, and Lumada solutions.
- Energy
Reported sector
Hitachi Energy grid infrastructure, HVDC, transformers, and related service contracts.
- Mobility
Reported sector
Hitachi Rail trains, signalling and train control (including former Thales GTS), and maintenance.
- Connective Industries
Reported sector
Building systems, industrial products and systems, Hitachi High-Tech, and, until its sale, home appliances.
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.
Hitachi
How it makes money
Hitachi is a B2B infrastructure and IT company. It sells long-lived physical assets (transformers, HVDC converter stations, trains, signalling, elevators, semiconductor metrology tools) and then earns recurring service, maintenance, and software revenue on that installed base. Lumada is the umbrella for the data, AI, and digital services layered on top, and Hitachi reports Lumada as a growing share of total revenue.
Growth strategy
Hitachi grows by attaching software and services to its installed base and by reshaping its portfolio. It is expanding Hitachi Energy factory capacity for transformers and HVDC, integrating Thales GTS into Hitachi Rail, and scaling Lumada through GlobalLogic and AI partnerships.
Competitive advantage
Hitachi's edge is owning both the operational technology and the IT. Hitachi Energy (built on ABB's former Power Grids business) is one of a handful of suppliers able to deliver HVDC links and large power transformers at scale, Hitachi Rail became a top-tier signalling supplier after buying Thales GTS in 2024, and GlobalLogic plus Hitachi's Japanese IT business supply the software.
Questions about BBVA vs Hitachi
Which company has higher revenue — Banco Bilbao Vizcaya Argentaria, S.A. or Hitachi, Ltd.?
Banco Bilbao Vizcaya Argentaria, S.A. reported ~$41.7B (FY2025), while Hitachi, Ltd. reported ~$70.9B (FY2026). By last reported revenue, Hitachi, Ltd. is the larger business, with Banco Bilbao Vizcaya Argentaria, S.A. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Banco Bilbao Vizcaya Argentaria, S.A. vs Hitachi, Ltd.?
Banco Bilbao Vizcaya Argentaria, S.A.'s market capitalisation stands at $139.7B, while Hitachi, Ltd.'s is $157.8B. Hitachi, Ltd. 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 Hitachi, Ltd.?
Banco Bilbao Vizcaya Argentaria, S.A. generates $328k / employee in revenue per employee, while Hitachi, Ltd. generates $246k / employee. Banco Bilbao Vizcaya Argentaria, S.A. 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 Hitachi, Ltd. make money?
Banco Bilbao Vizcaya Argentaria, S.A. and Hitachi, Ltd. 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. Hitachi, Ltd.: Hitachi is a B2B infrastructure and IT company.
Which company is valued higher relative to revenue — Banco Bilbao Vizcaya Argentaria, S.A. or Hitachi, Ltd.?
On a price-to-sales (P/S) basis, Banco Bilbao Vizcaya Argentaria, S.A. trades at 3.3x P/S and Hitachi, Ltd. at 2.2x P/S. Banco Bilbao Vizcaya Argentaria, S.A. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Hitachi, Ltd.. 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 Hitachi, Ltd.?
By last reported revenue, Hitachi, Ltd. (~$70.9B (FY2026)) 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 Hitachi overview