BBVA overtakes Iberdrola in market capitalisation for the first time since July 2018, edging ahead by €31 million
Executive summary: BBVA’s market capitalisation exceeded Iberdrola’s by €31 million at the close of trading on 4 August 2026, the first time this has occurred since July 2018. The change signals a shift in leadership within Spain’s IBEX 35, affecting index composition and highlighting BBVA’s improved financial performance versus Iberdrola’s stagnation.
Who is involved: BBVA, Iberdrola, IBEX 35 index providers, and institutional investors holding Spanish equities.
Likely next: Index rebalancing reviews later in 2026 may increase BBVA’s weight in the IBEX 35, while Iberdrola could consider additional share‑repurchases or strategic moves to regain the lead.
BBVA’s closing price lifted its total market value just above Iberdrola’s, ending an eight‑year streak where the utility led Spain’s largest listed companies. The narrow margin of €31 million highlights how closely the two giants are now valued and reflects BBVA’s stronger recent earnings and share‑buyback programme. While symbolic, the shift may influence index weighting and investor perception of the banking sector relative to utilities.
Timeline
- — BBVA supera a Iberdrola en capitalización 8 años después (Expansión)
Analysis — what this means
Sectors affected
- Banking
- Electric utilities
Historical parallels
- BBVA overtook Iberdrola in market cap in July 2018
Key entities
Sources
Related cases
- Spanish energy giants Iberdrola, Endesa, Naturgy, Repsol and Moeve are set to more than double their 2023 profits in 2026, driven by record gas and oil prices
- Foreign tourist card spending in Soria and La Rioja surged during the solar eclipse week, highlighting a short‑term boost to local hospitality and retail
- Spanish hotel chains forecast a record summer driven by moderate price increases
- Santander, BBVA and four other major banks agree to pay $75 million to settle US pension fund lawsuit over allegedly inflated Mexican bond sales
- Spanish banks offering crypto assets must prepare for quantum computing threats to cryptographic security
- BBVA’s youth travel offer reaches one million users, boosting engagement and cross-border spending among young Spaniards