Note 8 (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Fair value of financial instruments [Abstract] |
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| Fair value of financial instruments by levels [Table Text Block] |
The fair value of the Group's financial instruments recognized at fair value in the consolidated balance sheets is presented below, broken down according to the valuation method used to determine their fair value, and their respective book value as of December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVELS. DECEMBER 2025 (MILLIONS OF EUROS) | | | | | | | | | Notes | Book value | | Fair value | | | Level 1 | Level 2 | Level 3 | | ASSETS | | | | | | | | | | | | | | | Financial assets held for trading | 10 | 123,185 | | 30,045 | 90,885 | 2,254 | Derivatives | | 32,551 | | 955 | 30,829 | 768 | Equity instruments | | 9,901 | | 9,536 | 158 | 208 | Debt securities | | 30,846 | | 19,555 | 10,686 | 605 | Loans and advances | | 49,887 | | — | 49,213 | 673 | | Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 11,272 | | 3,946 | 5,732 | 1,594 | Equity instruments | | 10,539 | | 3,817 | 5,341 | 1,380 | Debt securities | | 192 | | 128 | 63 | — | Loans and advances | | 541 | | — | 328 | 213 | | Financial assets designated at fair value through profit or loss | 12 | 1,006 | | 1,004 | 2 | — | | | | | | | | Debt securities | | 1,006 | | 1,004 | 2 | — | | | | | | | | | Financial assets at fair value through other comprehensive income | 13 | 58,809 | | 52,134 | 4,760 | 1,915 | Equity instruments | | 1,360 | | 1,015 | 107 | 237 | Debt securities | | 57,001 | | 51,095 | 4,652 | 1,255 | Loans and advances | | 448 | | 24 | 1 | 423 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives – Hedge accounting | 15 | 570 | | — | 570 | — | | LIABILITIES | | | | | | | | Financial liabilities held for trading | 10 | 91,917 | | 14,129 | 76,334 | 1,454 | Trading derivatives | | 30,345 | | 1,131 | 28,021 | 1,193 | Short positions | | 13,100 | | 12,999 | 102 | — | Deposits | | 48,472 | | — | 48,211 | 261 | | | | | | | | | Financial liabilities designated at fair value through profit or loss | 12 | 18,417 | | — | 16,284 | 2,133 | Deposits from credit institutions | | — | | — | — | — | Customer deposits | | 897 | | — | 897 | — | Debt certificates issued | | 5,997 | | — | 3,864 | 2,133 | Other financial liabilities | | 11,524 | | — | 11,524 | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives – Hedge accounting | 15 | 1,933 | | — | 1,926 | 7 |
| | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVELS. DECEMBER 2024 (MILLIONS OF EUROS) | | | | | | | | | Notes | Book value | | Fair value | | | Level 1 | Level 2 | Level 3 | | ASSETS | | | | | | | | | | | | | | | Financial assets held for trading | 10 | 108,948 | | 26,332 | 80,323 | 2,292 | Derivatives | | 36,003 | | 969 | 34,591 | 443 | Equity instruments | | 6,760 | | 6,602 | 76 | 83 | Debt securities | | 27,955 | | 18,762 | 8,438 | 756 | Loans and advances | | 38,230 | | — | 37,218 | 1,011 | | Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 10,546 | | 8,511 | 617 | 1,418 | Equity instruments | | 9,782 | | 8,309 | 107 | 1,365 | Debt securities | | 407 | | 202 | 173 | 31 | Loans and advances | | 358 | | — | 336 | 21 | | Financial assets designated at fair value through profit or loss | 12 | 836 | | 774 | 62 | — | | | | | | | | Debt securities | | 836 | | 774 | 62 | — | | | | | | | | | Financial assets at fair value through other comprehensive income | 13 | 59,002 | | 50,354 | 7,515 | 1,133 | Equity instruments | | 1,451 | | 1,157 | 79 | 216 | Debt securities | | 57,526 | | 49,173 | 7,436 | 917 | Loans and advances | | 25 | | 25 | — | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives – Hedge accounting | 15 | 1,158 | | — | 1,158 | — | | LIABILITIES | | | | | | | | Financial liabilities held for trading | 10 | 86,591 | | 14,308 | 71,072 | 1,211 | Trading derivatives | | 33,059 | | 1,118 | 31,400 | 541 | Short positions | | 13,878 | | 13,189 | 673 | 15 | Deposits | | 39,654 | | — | 38,999 | 656 | | | | | | | | | Financial liabilities designated at fair value through profit or loss | 12 | 14,952 | | — | 12,865 | 2,087 | Deposits from credit institutions | | — | | — | — | — | Customer deposits | | 934 | | — | 934 | — | Debt certificates issued | | 4,597 | | — | 2,511 | 2,087 | Other financial liabilities | | 9,420 | | — | 9,420 | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives – Hedge accounting | 15 | 2,503 | | — | 2,480 | 23 |
| | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE BY LEVELS. DECEMBER 2023 (MILLIONS OF EUROS) | | | | | | | | | Notes | Book value | | Fair value | | | Level 1 | Level 2 | Level 3 | | ASSETS | | | | | | | | | | | | | | | Financial assets held for trading | 10 | 141,042 | | 21,972 | 116,905 | 2,165 | Derivatives | | 34,293 | | 144 | 33,880 | 269 | Equity instruments | | 4,589 | | 4,494 | 24 | 71 | Debt securities | | 28,569 | | 17,333 | 11,081 | 155 | Loans and advances | | 73,590 | | — | 71,921 | 1,669 | | Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 8,737 | | 7,028 | 493 | 1,216 | Equity instruments | | 7,963 | | 6,742 | 72 | 1,148 | Debt securities | | 484 | | 286 | 132 | 66 | Loans and advances | | 290 | | — | 288 | 2 | | Financial assets designated at fair value through profit or loss | 12 | 955 | | 908 | 47 | — | | | | | | | | Debt securities | | 955 | | 908 | 47 | — | | | | | | | | | Financial assets at fair value through other comprehensive income | 13 | 62,205 | | 52,987 | 8,335 | 883 | Equity instruments | | 1,217 | | 1,026 | 52 | 139 | Debt securities | | 60,963 | | 51,961 | 8,258 | 745 | Loans and advances | | 26 | | — | 26 | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives – Hedge accounting | 15 | 1,482 | | — | 1,482 | — | | LIABILITIES | | | | | | | | Financial liabilities held for trading | 10 | 121,715 | | 14,133 | 106,382 | 1,201 | Trading derivatives | | 33,045 | | 191 | 32,111 | 743 | Short positions | | 15,735 | | 13,942 | 1,750 | 44 | Deposits | | 72,935 | | — | 72,520 | 415 | | | | | | | | | Financial liabilities designated at fair value through profit or loss | 12 | 13,299 | | — | 11,073 | 2,227 | Deposits from credit institutions | | — | | — | — | — | Customer deposits | | 717 | | — | 717 | — | Debt certificates issued | | 3,977 | | — | 1,751 | 2,227 | Other financial liabilities | | 8,605 | | — | 8,605 | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives – Hedge accounting | 15 | 2,625 | | — | 2,586 | 39 |
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| Fair value of financial assets by levels, valuation techniques and inputs [Table Text Block] |
The following table sets forth the main valuation techniques, hypothesis and inputs used in the estimation of fair value of the financial instruments recognized at fair value classified under Levels 2 and 3, based on the type of financial asset and liability and the corresponding balances as of December 31, 2025, 2024 and 2023. | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS BY LEVELS (MILLIONS OF EUROS) | | | | | | | | | | | ASSETS | | | | Valuation techniques in Levels 2 and 3 | Observable inputs in Levels 2 and 3 | Unobservable inputs in Levels 2 and 3 | | | | | | | | | | | | | | | | | | Financial assets held for trading | | | | | | | | | | Equity instruments | | | | | | | Comparable pricing (Observable price in a similar market)
Net asset value | - Brokers quotes
- Market operations
- NAVs published | - NAV provided by the administrator of the fund | Debt securities | | | | | | | Present-value method
(Discounted future cash flows)
Observed prices in non-active markets | - Issuer´s credit risk
- Current market interest rates
- Non active markets prices | - Prepayment rates
- Issuer´s credit risk
- Recovery rates | Loans and advances | | | | | | | Present-value method
(Discounted future cash flows) | - Issuer´s credit risk
- Current market interest rates
- Funding interest rates observed in the market or in consensus services
- Exchange rates | - Prepayment rates
- Issuer´s credit risk
- Recovery rates
- Funding interest rates not observed in the market or in consensus services | Derivatives | | | | | | | | | | Interest rate | | | | | | | Interest rate products (Interest rate Swaps, Call money Swaps and FRA): Discounted cash flows
Caps/Floors: Black 76 and SABR
Bond options: Black 76
Swaptions: Black, SABR and LGM
Other Interest rate Options: Black, SABR, Libor Market Model and QGM.
Constant Maturity Swaps: SABR | - Exchange rates
- Market quoted future prices
- Market interest rates
- Underlying assets prices: shares, funds, commodities
- Market observable volatilities
- Issuer credit spread levels
- Quoted dividends
- Market listed correlations | - Beta
- Implicit correlations between tenors
- interest rates volatility | Equity | | | | | | | Future and Equity Forward: Discounted future cash flows
Equity Options: Local Volatility, Momentum adjustment and Heston | - Volatility of volatility
- Implicit assets correlations
- Long term implicit correlations
- Implicit dividends and long term repos | Foreign exchange and gold | | | | | | | Future and Equity Forward: Discounted future cash flows
Foreign exchange Options: Local volatility, momentum adjustment | - Volatility of volatility
- Implicit assets correlations
- Long term implicit correlations | Credit | | | | | | | Credit Derivatives: Default model and Gaussian copula | - Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility | Commodities | | | | | | | Commodities: Momentum adjustment and discounted cash flows | | | Non-trading financial assets mandatorily at fair value through profit or loss | | | | | | | | | | Equity instruments | | | | | | | Comparable pricing (Observable price in a similar market)
Net asset value | - Brokers quotes
- Market operations
- NAVs published | - NAV provided by the administrator of the fund | Debt securities | | | | | | | Present-value method
(Discounted future cash flows) | - Issuer credit risk
- Current market interest rates | - Prepayment rates
- Issuer credit risk
- Recovery rates
| Loans and advances | | | | | | |
Discounted future cash flows | | - Prepayment rates
- Interest rates | | Financial assets designated at fair value through profit or loss | | | | | | | | | | Debt securities | | | | | | | Present-value method (Discounted future cash flows) | - Issuer credit risk - Current market interest rates | | | Financial assets at fair value through other comprehensive income | | | | | | | | | | Equity instruments | | | | | | | Comparable pricing (Observable price in a similar market)
Net asset value | - Brokers quotes
- Market operations
- NAVs published | - NAV provided by the administrator of the fund | Debt securities | | | | | | | Present-value method
(Discounted future cash flows)
Observed prices in non-active markets | - Issuer´s credit risk
- Current market interest rates
- Non active market prices | - Prepayment rates
- Issuer credit risk
- Recovery rates | | Hedging derivatives | | | | | | | | | | Interest rate | | | | | | | Interest rate products (Interest rate Swaps, Call money Swaps and FRA): Discounted cash flows
Caps/Floors: Black 76 and SABR
Bond options: Black 76
Swaptions: Black, SABR and LGM
Other Interest rate Options: Black, SABR and Libor Market Model
Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta
- Implicit correlations between tenors
- interest rates volatility | Equity | | | | | | | Future and Equity Forward: Discounted future cash flows
Equity Options: Local volatility, Black 76, Momentum adjustment and Heston | - Volatility of volatility
- Implicit assets correlations
- Long term implicit correlations
- Implicit dividends and long term repos | Foreign exchange and gold | | | | | | | Future and Equity Forward: Discounted future cash flows
Foreign exchange Options: Local volatility, momentum adjustment | - Volatility of volatility
- Implicit assets correlations
- Long term implicit correlations | Credit | | | | | | | Credit Derivatives: Default model and Gaussian copula | - Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility | Commodities | | | | | | | Commodities: Momentum adjustment and Discounted cash flows | |
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| Fair value of financial liabilities by levels, valuation techniques and inputs [Table Text Block] |
| | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS BY LEVELS | | | | | | | | LIABILITIES | | | | | | | Valuation techniques in Levels 2 and 3 | Observable inputs in Levels 2 and 3 | Unobservable inputs in Levels 2 and 3 | | | | | | | | | | | | Financial liabilities held for trading | | | | | | | | | | Deposits | | | | | | | Present-value method
(Discounted future cash flows) | - Interest rate yield
- Funding interest rates observed in the market or in consensus services
- Exchange rates | - Funding interest rates not observed in the market or in consensus services | Derivatives | | | | | | | | | | Interest rate | | | | | | | Interest rate products (Interest rate Swaps, call money Swaps and FRA): Discounted cash flows
Caps/Floors: Black 76 and SABR
Bond options: Black 76
Swaptions: Black 76, SABR and LGM
Other Interest rate Options: Black, SABR, Libor Market Model and QGM.
Constant Maturity Swaps: SABR | - Exchange rates
- Market quoted future prices
- Market interest rates
- Underlying assets prices: shares, funds, commodities
- Market observable volatilities
- Issuer credit spread levels
- Quoted dividends
- Market listed correlations | - Beta
- Correlation between tenors
- Interest rates volatility | Equity | | | | | | | Future and Equity forward: Discounted future cash flows Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility
- Assets correlation | Foreign exchange and gold | | | | | | | Future and Equity Forward: Discounted future cash flows
Foreign exchange Options: Black 76, Local volatility, momentum adjustment | - Volatility of volatility
- Assets correlation | Credit | | | | | | | Credit Derivatives: Default model and Gaussian copula | - Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility | Commodities | | | | | | | Commodities: Momentum adjustment and discounted cash flows | | | Short positions | | | | | | | Present-value method
(Discounted future cash flows) | | - Prepayment rates
- Issuer´s credit risk
- Current market interest rates | | Financial liabilities designated at fair value through profit or loss | | | | | | | Present-value method (Discounted future cash flows) | - Prepayment rates - Issuer´s credit risk - Current market interest rates | - Prepayment rates - Issuer´s credit risk - Current market interest rates | | Derivatives – Hedge accounting | | | | | | | | | | Interest rate | | | | | | | Interest rate products (Interest rate Swaps, call money Swaps and FRA): Discounted cash flows
Caps/Floors: Black 76 and SABR
Bond options: Black 76
Swaptions: Black 76, SABR and LGM
Other Interest rate Options: Black, SABR and Libor Market Model
Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta
- Implicit correlations between tenors
- interest rates volatility | Equity | | | | | | | Future and Equity Forward: Discounted future cash flows
Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility
- Implicit assets correlations
- Long term implicit correlations
- Implicit dividends and long term repos | Foreign exchange and gold | | | | | | | Future and Equity Forward: Discounted future cash flows
Foreign exchange Options: Black 76, Local Volatility, momentum adjustment | - Volatility of volatility
- Implicit assets correlations
- Long term implicit correlations | Credit | | | | | | | Credit Derivatives: Default model and Gaussian copula | - Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility | Commodities | | | | | | | Commodities: Momentum adjustment and discounted cash flows | |
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| Unobservable inputs [Table Text Block] |
Quantitative information of unobservable inputs used to calculate level 3 valuations is presented below as of December 31, 2025, 2024 and 2023.
| | | | | | | | | | | | | | | | | | | | | UNOBSERVABLE INPUTS. DECEMBER 2025 | | | | | | | | Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units | Debt Securities | Present value method | Credit spread | — | 74 | 814 | bp | Recovery rate | — | % | 38 | % | 40 | % | % | Comparable Pricing | | — | % | 97 | % | 234 | % | % | Equity/Fund instruments (1) | Net Asset Value | | | Comparable Pricing | | Loans and advances | Present value method | Repo funding curve | 3.94 | % | 2 | % | 11.67 | % | % | Credit Derivatives | Gaussian Copula | Correlation default | 19 | % | 64 | % | 92 | % | % | Black 76 | Price volatility | — | — | — | Vegas | Equity Derivatives | Option models on equities, baskets of equity, funds | Dividends (2) | | Correlations | (69 | %) | 43 | % | 99 | % | % | Volatility | 8.05 | 32.17 | 450.54 | Vegas | FX Derivatives | Option models on FX underlyings | Volatility | 3.19 | 7.98 | 15.06 | Vegas | IR Derivatives | Option models on IR underlyings | Beta | 3 | % | 5 | % | 11 | % | % | Correlation rate/credit | (100 | %) | | 100% | % | Correlation rate/inflation | 42 | % | 76 | % | 95 | % | % |
(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them. (2) The range of unobservable dividends is too wide range to be relevant. | | | | | | | | | | | | | | | | | | | | | UNOBSERVABLE INPUTS. DECEMBER 2024 | | | | | | | | Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units | Debt Securities | Present value method | Credit spread | — | 113 | 3,907 | bp | Recovery rate | — | % | 39 | % | 40 | % | % | Comparable Pricing | | — | % | 95 | % | 233 | % | % | Equity/Fund instruments (1) | Net Asset Value | | | Comparable Pricing | | Loans and advances | Present value method | Repo funding curve | 2.09 | % | 3.70 | % | 7.11 | % | % | Credit Derivatives | Gaussian Copula | Correlation default | 19 | % | 59 | % | 92 | % | % | Black 76 | Price volatility | — | — | — | Vegas | Equity Derivatives | Option models on equities, baskets of equity, funds | Dividends (2) | | Correlations | (88 | %) | 48 | % | 99 | % | % | Volatility | 5.07 | 30.90 | 122.35 | Vegas | FX Derivatives | Option models on FX underlyings | Volatility | 3.93 | 9.46 | 14.91 | Vegas | IR Derivatives | Option models on IR underlyings | Beta | 3 | % | 5 | % | 11 | % | % | Correlation rate/credit | (100 | %) | | 100% | % | Correlation rate/inflation | 42 | % | 74 | % | 95 | % | % |
(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them. (2) The range of unobservable dividends is too wide range to be relevant.
| | | | | | | | | | | | | | | | | | | | | UNOBSERVABLE INPUTS. DECEMBER 2023 | | | | | | | | Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units | Debt securities | Present value method | Credit spread | — | 136 | 4,369 | bp | Recovery rate | — | % | 39 | % | 40 | % | % | Comparable pricing | | — | % | 99 | % | 237 | % | % | Equity/Fund instruments (1) | Net asset value | | | | | | Comparable pricing | | | | | | Loans and advances | Present value method | Repo funding curve | 2.26 | % | 3.74 | % | 5.76 | % | % | Credit derivatives | Gaussian Copula | Correlation default | 26 | % | 60 | % | 85 | % | % | Black 76 | Price volatility | — | — | — | Vegas | Equity derivatives | Option models on equities, baskets of equity, funds | Dividends (2) | | | | | Correlations | (88 | %) | 52 | % | 99 | % | % | Volatility | 8.47 | 29.41 | 70.94 | Vegas | FX derivatives | Option models on FX underlyings | Volatility | 4.31 | 10.24 | 18.52 | Vegas | IR derivatives | Option models on IR underlyings | Beta | 3 | % | 5 | % | 11 | % | % | Correlation rate/credit | (100 | %) | | 100 | % | % | Correlation rate/inflation | 52 | % | 60 | % | 74 | % | % |
(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them. (2) The range of unobservable dividends is too wide range to be relevant.
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| Financial assets level 3 Changes in the year [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | | | | | | FINANCIAL ASSETS LEVEL 3: CHANGES IN THE YEAR (MILLIONS OF EUROS) | | | | | | | | | | | 2025 | | 2024 | | 2023 | | Assets | Liabilities | | Assets | Liabilities | | Assets | Liabilities | | Balance at the beginning | 4,843 | 3,321 | | 4,264 | 3,467 | | 3,931 | 2,743 | Changes in fair value recognized in profit and loss ⁽¹⁾ | 395 | 368 | | 490 | 144 | | (7) | 113 | Changes in fair value not recognized in profit and loss | 50 | — | | 29 | — | | 21 | (1) | Acquisitions, disposals and liquidations | 469 | 884 | | 397 | (59) | | 27 | 374 | Net transfers to level 3 | 13 | (985) | | (330) | (165) | | 289 | 204 | Exchange differences and others | (7) | 6 | | (6) | (67) | | 3 | 34 | | | | | | | | | | | Balance at the end | 5,763 | 3,594 | | 4,843 | 3,321 | | 4,264 | 3,467 |
(1) Profit or loss that is attributable to gains or losses relating to those financial assets and liabilities held as of December 31, 2025, 2024 and 2023. Valuation adjustments are recorded under the heading “Gains (losses) on financial assets and liabilities (net)”.
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| Transfer between levels [Table Text Block] |
The financial instruments transferred among the different levels of measurement for the years ended December 31, 2025, 2024 and 2023 are at the following amounts in the consolidated balance sheets as of December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | TRANSFERS AMONG LEVELS. DECEMBER 2025 (MILLIONS OF EUROS) | | | | | | | | | | From: | Level 1 | Level 2 | Level 3 | | To: | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2 | | ASSETS | | | | | | | | Financial assets held for trading | | 181 | — | 344 | 272 | 30 | 200 | Non-trading financial assets mandatorily at fair value through profit or loss | | 5,150 | 30 | 9 | — | — | 33 | Financial assets designated at fair value through profit or loss | | — | — | 7 | — | — | — | Financial assets at fair value through other comprehensive income | | 251 | 36 | 762 | 43 | — | 105 | Derivatives – Hedge accounting | | — | — | — | — | — | — | | Total | | 5,582 | 66 | 1,122 | 315 | 30 | 338 | | | | | | | | | | LIABILITIES | | | | | | | | Financial liabilities held for trading | | 19 | — | 269 | 144 | 3 | 259 | Financial liabilities designated at fair value through profit or loss | | — | — | — | (1,021) | (256) | 103 | Derivatives – Hedge accounting | | — | — | — | — | — | — | | Total | | 19 | — | 269 | (877) | (254) | 362 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | TRANSFER AMONG LEVELS (MILLIONS OF EUROS) | | | | | | | | | | | | | | | | | 2024 | 2023 | | From: | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | | To: | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2 | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2 | | ASSETS | | | | | | | | | | | | | | Financial assets held for trading | | 115 | — | 1,238 | 78 | 16 | 199 | 887 | 34 | 89 | 666 | — | 497 | Non-trading financial assets mandatorily at fair value through profit or loss | | 68 | 14 | 1 | — | 35 | 18 | 1 | 135 | — | 70 | — | — | Financial assets designated at fair value through profit or loss | | — | — | 1 | — | — | — | — | — | — | — | — | — | Financial assets at fair value through other comprehensive income | | 1,425 | 17 | 1,348 | 12 | 13 | 170 | 1,191 | 21 | 1,296 | 205 | 103 | 243 | Derivatives – Hedge accounting | | — | — | — | — | — | — | — | — | — | — | — | — | | Total | | 1,608 | 31 | 2,586 | 90 | 64 | 387 | 2,079 | 190 | 1,385 | 941 | 103 | 740 | | LIABILITIES | | | | | | | | | | | | | | Financial liabilities held for trading | | 107 | — | 461 | 45 | 11 | 380 | 596 | 3 | 36 | 177 | 1 | 372 | Financial liabilities designated at fair value through profit or loss | | — | — | — | 301 | — | 121 | — | — | — | 660 | — | 262 | Derivatives – Hedge accounting | | — | — | — | — | — | — | — | — | — | — | — | — | | Total | | 107 | — | 461 | 346 | 11 | 501 | 596 | 3 | 36 | 837 | 1 | 635 |
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| Financial instruments level 3 sensitivity analysis [Table Text Block] |
As of December 31, 2025, the effect on profit for the year and total equity of changing the main unobservable inputs used for the measurement of level 3 financial instruments for other reasonably possible unobservable inputs, taking the highest (most favorable input) or lowest (least favorable input) value of the range deemed probable, would be as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | FINANCIAL INSTRUMENTS LEVEL 3: SENSITIVITY ANALYSIS (MILLIONS OF EUROS) | | | | | | | | | | | Potential impact on consolidated income statement | Potential impact on other comprehensive income | | Most favorable hypothesis | Least favorable hypothesis | Most favorable hypothesis | Least favorable hypothesis | | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | | ASSETS | | | | | | | | | | Financial assets held for trading | 102 | 48 | (155) | (89) | — | — | — | — | Loans and advances | 6 | 4 | (6) | (4) | — | — | — | — | Debt securities | 38 | 37 | (69) | (61) | — | — | — | — | Equity instruments | 42 | — | (65) | (17) | — | — | — | — | Derivatives | 15 | 6 | (15) | (6) | — | — | — | — | | Non-trading financial assets mandatorily at fair value through profit or loss | 103 | 9 | (104) | (85) | — | — | — | — | Loans and advances | 1 | — | (1) | — | — | — | — | — | Debt securities | — | 3 | — | (7) | — | — | — | — | Equity instruments | 102 | 6 | (102) | (78) | — | — | — | — | Financial assets designated at fair value through profit or loss | — | — | — | — | — | — | — | — | | Financial assets at fair value through other comprehensive income | — | — | — | — | 117 | 48 | (190) | (90) | | Total | 205 | 57 | (259) | (173) | 117 | 48 | (190) | (90) | | | | | | | | | | | LIABILITIES | | | | | | | | | Financial liabilities held for trading | 18 | 12 | (18) | (13) | — | — | — | — | | Total | 18 | 12 | (18) | (13) | — | — | — | — | | | | | | | | | |
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| Fair value of financial instruments at amortized cost by levels [Table Text Block] |
The table below shows the fair value of the Group's financial instruments recognized at amortized cost in the consolidated balance sheets, broken down according to the valuation method used to determine their fair value, and their respective book value, as well as the main valuation techniques and inputs used for financial instruments classified in level 2 and level 3 as of December 31, 2025, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVELS. DECEMBER 2025 (MILLIONS OF EUROS) | | | | | | | | | | Notes | Book value | Fair value | | Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total | | ASSETS | | | | | | | | | Cash, cash balances at central banks and other demand deposits | 9 | 58,837 | 58,837 | — | — | — | 58,837 | | Financial assets at amortized cost | 14 | 568,893 | 40,224 | 65,255 | 25,873 | 437,577 | 568,929 | Debt securities | | 73,379 | — | 65,255 | 6,526 | 1,322 | 73,103 | | | | | | | | | | | | | | | | | | | | | | | | | Loans and advances | | 495,513 | 40,224 | — | 19,347 | 436,255 | 495,826 | | LIABILITIES | | | | | | | | | Financial liabilities at amortized cost | 22 | 658,599 | 416,378 | 42,578 | 86,123 | 115,369 | 660,447 | | | | | | | | | | | | | | | | | | | | | | | | | Deposits | | 556,498 | 396,119 | — | 49,084 | 112,053 | 557,256 | Debt certificates issued | | 81,842 | — | 42,578 | 37,039 | 3,316 | 82,932 | Other financial liabilities | | 20,258 | 20,258 | — | — | — | 20,258 |
(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments. | | | | | | | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVELS. DECEMBER 2024 (MILLIONS OF EUROS) | | | | | | | | | | Notes | Book value | Fair value | | Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total | | ASSETS | | | | | | | | | Cash, cash balances at central banks and other demand deposits | 9 | 51,145 | 51,145 | — | — | — | 51,145 | | Financial assets at amortized cost | 14 | 502,400 | 32,615 | 50,771 | 24,157 | 394,496 | 502,039 | Debt securities | | 59,014 | — | 50,771 | 6,589 | 921 | 58,281 | | | | | | | | | | | | | | | | | | | | | | | | | Loans and advances | | 443,386 | 32,615 | — | 17,568 | 393,575 | 443,759 | | LIABILITIES | | | | | | | | | Financial liabilities at amortized cost | 22 | 584,339 | 378,530 | 47,323 | 58,016 | 101,025 | 584,894 | | | | | | | | | | | | | | | | | | | | | | | | | Deposits | | 496,720 | 360,777 | — | 37,647 | 98,038 | 496,461 | Debt certificates issued | | 69,867 | — | 47,323 | 20,369 | 2,986 | 70,679 | Other financial liabilities | | 17,753 | 17,753 | — | — | — | 17,753 |
(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.
| | | | | | | | | | | | | | | | | | | | | | | | FAIR VALUE OF FINANCIAL INSTRUMENTS RECOGNIZED AT AMORTIZED COST BY LEVELS. DECEMBER 2023 (MILLIONS OF EUROS) | | | | | | | | | | Notes | Book value | Fair value | | Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total | | ASSETS | | | | | | | | | Cash, cash balances at central banks and other demand deposits | 9 | 75,416 | 75,416 | — | — | — | 75,416 | | Financial assets at amortized cost | 14 | 451,732 | 34,826 | 41,950 | 10,533 | 359,062 | 446,371 | Debt securities | | 49,462 | — | 41,950 | 6,244 | 759 | 48,952 | | | | | | | | | | | | | | | | | | | | | | | | | Loans and advances | | 402,270 | 34,826 | — | 4,290 | 358,303 | 397,418 | | LIABILITIES | | | | | | | | | Financial liabilities at amortized cost | 22 | 557,589 | 358,657 | 42,742 | 86,390 | 68,127 | 555,915 | | | | | | | | | | | | | | | | | | | | | | | | | Deposits | | 473,835 | 343,611 | 1,269 | 62,049 | 64,601 | 471,530 | Debt certificates issued | | 68,707 | — | 41,472 | 24,341 | 3,526 | 69,339 | Other financial liabilities | | 15,046 | 15,046 | — | — | — | 15,046 |
(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.
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