Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) Cash Flow Statement
Where BBVA’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €14.97B
- Capital expenditures
- €1.81B 4.9% of revenue
- Free cash flow
- €13.16B 35.6% margin
- Returned to shareholders
- €6.19B 47% of free cash flow
- Change in cash
- €7.69B cash at year-end €58.84B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BBVA operating cash flow, capex and free cash flow
BBVA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €6.62B2016 | €14.97B2025 | +9.5%/yr | |
| Capital expenditures | €1.96B2016 | €1.81B2025 | −0.9%/yr | |
| Free cash flow | €4.67B2016 | €13.16B2025 | +12.2%/yr | |
| Free cash flow margin | 12.7%2016 | 35.6%2025 | +23.0 pts | |
| Operating cash flow / net income | 1.412016 | 1.352025 | −0.07 | |
| Stock-based compensation | €57.0M2016 | €31.0M2019 | −18.4%/yr | |
| Dividends paid | €1.60B2016 | €4.20B2025 | +11.3%/yr | |
| Share buybacks (net) | €2.00B2016 | €2.00B2025 | −0.1%/yr | |
| Capex / revenue | 5.3%2016 | 4.9%2025 | −0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BBVA cash flow by activity
BBVA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BBVA cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €11.13B | €10.57B | €8.42B | €6.83B | €5.62B | €2.06B | €4.34B | €6.23B | €4.76B | €4.69B |
| Depreciation & amortization | €1.52B | €1.53B | €1.40B | €1.33B | €1.23B | €1.29B | €1.60B | €1.03B | €1.39B | €1.43B |
| Stock-based compensation | — | — | — | — | — | — | €31.0M | €29.0M | €38.0M | €57.0M |
| Change in working capital | −€7.21B | −€37.95B | −€15.94B | €8.36B | −€13.00B | €27.59B | −€20.54B | €2.38B | −€9.14B | −€3.15B |
| Other non-cash items | €9.53B | €7.65B | €5.39B | €7.21B | €4.91B | €8.41B | €6.35B | −€1.00B | €5.02B | €3.60B |
| Cash from operating activities | €14.97B | −€18.19B | −€721.0M | €23.72B | −€1.24B | €39.35B | −€8.21B | €8.66B | €2.06B | €6.62B |
| Investing activities | ||||||||||
| Capital expenditures | −€1.81B | −€1.20B | −€1.82B | −€2.44B | −€946.0M | −€1.12B | −€1.38B | −€1.50B | −€1.34B | −€1.96B |
| Investments (net) | €82.0M | −€1.42B | −€1.27B | −€3.91B | €30.0M | €245.0M | €98.0M | €7.52B | €2.90B | −€560.0M |
| Acquisitions & other investing | €321.0M | €1.20B | €1.67B | €2.44B | −€718.0M | €841.0M | €1.38B | €1.50B | €1.34B | €1.96B |
| Cash from investing activities | −€1.40B | −€1.42B | −€1.42B | −€3.91B | −€1.63B | −€37.0M | €97.0M | €7.52B | €2.90B | −€560.0M |
| Financing activities | ||||||||||
| Dividends paid | −€4.20B | −€3.91B | −€2.81B | −€2.19B | −€926.0M | −€1.06B | −€2.15B | −€2.11B | −€1.70B | −€1.60B |
| Share repurchases & issuance (net) | −€2.00B | −€1.53B | −€2.17B | −€2.98B | −€1.02B | −€807.0M | −€1.09B | −€1.69B | −€1.67B | −€2.00B |
| Net borrowing (repayment) | €2.34B | €2.92B | €3.04B | −€2.26B | −€2.30B | −€395.0M | −€190.0M | −€2.37B | €1.94B | €498.0M |
| Shares issued | €757.0M | €691.0M | €711.0M | €434.0M | €438.0M | €822.0M | €1.33B | €1.45B | €0 | €0 |
| Other financing | −€579.0M | −€731.0M | −€622.0M | −€571.0M | −€538.0M | −€624.0M | −€612.0M | −€377.0M | €1.33B | €1.99B |
| Cash from financing activities | −€3.67B | −€2.57B | −€1.84B | −€7.56B | −€4.35B | −€2.07B | −€2.70B | −€5.09B | −€98.0M | −€1.11B |
| Summary | ||||||||||
| Net change in cash | €7.69B | −€24.27B | −€4.34B | €11.96B | −€9.09B | €32.59B | −€11.08B | €8.59B | €594.0M | €1.49B |
| Cash at end of period | €58.84B | €51.15B | €75.42B | €79.76B | €67.80B | €76.89B | €43.09B | €54.14B | €45.55B | €44.95B |
| Free cash flow | €13.16B | −€19.39B | −€2.54B | €21.28B | −€2.19B | €38.23B | −€9.59B | €7.17B | €714.0M | €4.67B |
| Free cash flow margin | 35.6% | −54.6% | −4.4% | 52.7% | −7.0% | 127.1% | −27.2% | 20.3% | 1.9% | 12.7% |
| Capex / revenue | 4.9% | 3.4% | 3.1% | 6.0% | 3.0% | 3.7% | 3.9% | 4.2% | 3.6% | 5.3% |
| Operating cash flow / net income | 1.35 | −1.72 | −0.09 | 3.47 | −0.22 | 19.10 | −1.89 | 1.39 | 0.43 | 1.41 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | €6.5M | €2.99B | €2.67B | €2.66B | €2.75B | €2.88B | €2.43B | €2.63B | €2.95B | €2.31B | €2.13B | €2.14B |
| Depreciation & amortization | €834,000 | €418.0M | €393.0M | €379.0M | €370.0M | €378.0M | €408.0M | €366.0M | €384.0M | €375.0M | €349.0M | €378.0M |
| Change in working capital | −€895,000 | −€10.73B | −€2.60B | €13.48B | −€16.55B | −€7.49B | −€49.09B | €36.29B | −€33.96B | −€3.58B | €6.83B | −€7.74B |
| Other non-cash items | €6.6M | −€2.43B | €3.55B | €645.0M | €7.07B | €4.39B | €39.55B | −€23.68B | €3.72B | €707.0M | €1.78B | €913.0M |
| Cash from operating activities | €13.0M | −€9.76B | €4.01B | €17.17B | −€6.37B | €157.0M | −€6.70B | €15.61B | −€26.91B | −€193.0M | €11.09B | −€4.31B |
| Investing activities | ||||||||||||
| Capital expenditures | −€420,000 | −€224.0M | −€701.0M | −€419.0M | −€118.0M | −€308.0M | −€350.0M | −€286.0M | −€278.0M | −€407.0M | −€137.0M | −€674.0M |
| Investments (net) | — | — | €38.0M | €3.0M | — | −€274.0M | — | — | −€354.0M | −€374.0M | −€172.0M | −€617.0M |
| Acquisitions & other investing | −€364,000 | −€205.0M | €185.0M | €37.0M | −€154.0M | €308.0M | €93.0M | −€152.0M | €278.0M | €407.0M | €137.0M | €674.0M |
| Cash from investing activities | −€784,000 | −€429.0M | −€478.0M | −€379.0M | −€272.0M | −€274.0M | −€257.0M | −€438.0M | −€354.0M | −€374.0M | −€172.0M | −€617.0M |
| Financing activities | ||||||||||||
| Dividends paid | −€3.4M | — | −€1.84B | −€95.3M | −€2.36B | €0 | −€1.67B | — | −€2.25B | €0 | −€951.0M | −€437.0M |
| Share repurchases & issuance (net) | −€3.7M | −€1.76B | −€1.94B | €2.0M | −€445.0M | −€103.0M | −€650.0M | −€456.0M | −€627.0M | −€705.0M | −€1.69B | €447.3M |
| Net borrowing (repayment) | — | — | €1.33B | €335.0M | — | €771.0M | — | — | — | — | — | €41.0M |
| Shares issued | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €456.0M | €0 | €0 | €0 |
| Other financing | −€264,000 | −€1.16B | €653.0M | €36.3M | €152.0M | −€177.0M | €1.19B | €1.04B | −€746.0M | €1.84B | €1.18B | −€138.3M |
| Cash from financing activities | −€7.3M | −€2.92B | −€1.79B | €278.0M | −€2.65B | €491.0M | −€1.13B | €587.0M | −€3.16B | €1.14B | −€1.47B | −€87.0M |
| Summary | ||||||||||||
| Net change in cash | €5.4M | −€12.74B | €1.71B | €17.11B | −€10.39B | −€739.0M | −€7.44B | €13.53B | −€31.47B | €1.11B | €8.56B | −€5.00B |
| Cash at end of period | €64.3M | €46.10B | €58.84B | €57.12B | €40.02B | €50.41B | €51.15B | €58.59B | €45.05B | €76.52B | €75.42B | €66.86B |
| Free cash flow | €12.6M | −€9.98B | €3.31B | €16.75B | −€6.48B | −€151.0M | −€7.05B | €15.32B | −€27.18B | −€600.0M | €10.95B | −€4.98B |
| Free cash flow margin | 0.1% | −93.7% | 33.7% | 93.6% | −74.4% | −1.6% | −75.6% | 85.5% | −294.6% | −7.3% | 147.2% | −62.6% |
| Capex / revenue | 0.0% | 2.1% | 7.2% | 2.3% | 1.4% | 3.3% | 3.8% | 1.6% | 3.0% | 5.0% | 1.8% | 8.5% |
| Operating cash flow / net income | 2.01 | −3.27 | 1.50 | 6.45 | −2.32 | 0.05 | −2.75 | 5.94 | −9.13 | −0.08 | 5.20 | −2.01 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
BBVA cash generation
In fiscal 2025 (ended December 31, 2025), Banco Bilbao Vizcaya Argentaria generated €15.0 billion of cash from operations and spent €1.8 billion on capital expenditures, leaving free cash flow of €13.2 billion, 35.6% of revenue. It returned €6.2 billion to shareholders through dividends (€4.2 billion) and net share buybacks (€2.0 billion). Cash and equivalents rose by €7.7 billion over the year.
Related: BBVA income statement, BBVA balance sheet, BBVA dividend history. See the BBVA stock overview for the latest quote and news.
BBVA cash flow FAQ
What is Banco Bilbao Vizcaya Argentaria's free cash flow?
Banco Bilbao Vizcaya Argentaria's free cash flow was €13.2 billion in fiscal 2025: €15.0 billion of operating cash flow minus €1.8 billion of capital expenditures It was -€19.4 billion a year earlier..
How much cash does Banco Bilbao Vizcaya Argentaria generate from operations?
Banco Bilbao Vizcaya Argentaria generated €15.0 billion of cash from operating activities in fiscal 2025, 1.35 times its net income of €11.1 billion.
How much does Banco Bilbao Vizcaya Argentaria spend on capital expenditures?
Banco Bilbao Vizcaya Argentaria spent €1.8 billion on capital expenditures in fiscal 2025, 4.9% of revenue, compared with €1.2 billion the year before.
How much stock does Banco Bilbao Vizcaya Argentaria buy back?
Banco Bilbao Vizcaya Argentaria spent €2.0 billion on net share repurchases in fiscal 2025.
How much does Banco Bilbao Vizcaya Argentaria pay in dividends?
Banco Bilbao Vizcaya Argentaria paid €4.2 billion in dividends in fiscal 2025, 31.9% of free cash flow.