BBVA vs Santander: Revenue, Profit and Business Model
BBVA reported ~$41.7B of revenue in FY2025 and ~$11.9B of net income. Santander reported ~$52.9B of revenue in FY2025 and ~$15.2B 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.
Santander
Total income rose from about $64.4 billion (EUR 57 billion) in 2023 to ~$70.5 billion (EUR 62.4 billion) in 2025, and attributable profit grew from ~$12.5 billion (EUR 11.1 billion) to ~$15.9 billion (EUR 14.1 billion). Geographic spread smooths results: Europe, North America and South America each contribute a large share of profit. Capital is returned under a policy of distributing about 50% of profit, split between cash dividends and buybacks; the September 2026 interim cash dividend was 12.7 euro cents per share, up 10%. The 2028 plan targets RoTE above 20% and profit above ~$22.6 billion (EUR 20 billion).
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 |
Santander
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$52.9B | ~$15.2B | 28.8% | -2.0% | Source |
| FY2024 | ~$54B | ~$13.5B | 25.0% | +10.5% | Source |
| FY2023 | ~$48.9B | ~$12B | 24.5% | +3.1% | Source |
| FY2022 | ~$47.4B | ~$10.3B | 21.6% | +7.5% | Source |
| FY2021 | ~$44.1B | ~$8.5B | 19.4% | — | 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).
Santander
- Net interest income
- Net fee income
- Payments and cards
- Wealth management and insurance
- Consumer finance
- Corporate and investment banking
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.
Santander
How it makes money
Santander makes most of its money from net interest income: it gathers customer deposits (~$1.28 trillion (EUR 1.13 trillion) at June 2026) and lends them out as mortgages, consumer and auto loans, and business credit (~$1.3 trillion (EUR 1.15 trillion) of loans). In 2025 net interest income was ~$47.8 billion (EUR 42.3 billion) and net fee income ~$15.5 billion (EUR 13.7 billion).
Growth strategy
Growth in 2026 comes from three levers. First, M&A in markets where Santander already has scale: TSB adds over four million UK customers and at least ~$528 million (GBP 400 million) of expected cost synergies, and Webster Bank gives Santander US a larger deposit base, with a target of 18% US RoTE by 2028.
Competitive advantage
Santander's edge is scale in a few markets where it holds top positions, combined with a shared operating model. Retail franchises in Spain, the UK, Brazil and Mexico provide low-cost deposits, while ONE Transformation moves local banks onto common technology and products (including the Gravity cloud core-banking platform). The aim is to build features once and reuse them in every country.
Questions about BBVA vs Santander
Which company has higher revenue — Banco Bilbao Vizcaya Argentaria, S.A. or Banco Santander, S.A.?
Banco Bilbao Vizcaya Argentaria, S.A. reported ~$41.7B (FY2025), while Banco Santander, S.A. reported ~$52.9B (FY2025). By last reported revenue, Banco Santander, S.A. 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 Banco Santander, S.A.?
Banco Bilbao Vizcaya Argentaria, S.A.'s market capitalisation stands at $139.7B, while Banco Santander, S.A.'s is $211.5B. Banco Santander, S.A. 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 Banco Santander, S.A.?
Banco Bilbao Vizcaya Argentaria, S.A. generates $328k / employee in revenue per employee, while Banco Santander, S.A. generates $286k / 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 Banco Santander, S.A. make money?
Banco Bilbao Vizcaya Argentaria, S.A. and Banco Santander, S.A. 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. Banco Santander, S.A.: Santander makes most of its money from net interest income: it gathers customer deposits (~$1.
Which company is valued higher relative to revenue — Banco Bilbao Vizcaya Argentaria, S.A. or Banco Santander, S.A.?
On a price-to-sales (P/S) basis, Banco Bilbao Vizcaya Argentaria, S.A. trades at 3.3x P/S and Banco Santander, S.A. at 4.0x P/S. Banco Santander, S.A. 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 Banco Santander, S.A.?
By last reported revenue, Banco Santander, S.A. (~$52.9B (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 Santander overview