The main companies of the Ibex 35 closed 2025 with millionaire profits for the most part, although three companies ended the fiscal year in losses and another four reduced their earnings compared to the previous year.
The annual accounts submitted to the National Securities Market Commission (CNMV) reflect the pulse of the Spanish economy and the performance of the large listed companies.
The exercise once again places big banks as the protagonist of the selective index. In total, the large Spanish banks obtained profits of 34,000 million euros, a 7% more than in 2024, although with lower growth than that recorded the previous year. The consultancy Neovantas attributes this moderation to the decrease in the interest margin in a context of falling rates.
Santander, BBVA, Iberdrola and Inditex lead profits
Banco Santander remains the most profitable company of the Ibex 35 after registering a record net profit of 14,101 million euros in 2025, 12% more than in 2024 (16% in constant euros).
In second place is BBVA, which once again achieved historical results with 10,511 million euros in profit, 4.5% more than the previous year.
The third place in the ranking is occupied by Iberdrola, which unseats Inditex and CaixaBank compared to the previous year. The electricity company obtained 6,285 million euros in profit, 12% more, driven by investments that reached 14,460 million euros during the year.
Very close is located Inditex, which achieved a record profit of 6,220 million euros in its fiscal year 2025-2026 (from February 1, 2025 to January 31, 2026), which represents 6% more than the previous year and the fourth annual result under the presidency of Marta Ortega.
The fifth position corresponds to CaixaBank, with 5,891 million euros in net profit, 1.8% more than in 2024.
Telefónica, Cellnex and Acerinox close 2025 with losses
The 2025 ranking includes three companies with negative results: Telefónica, Cellnex and Acerinox.
Telefónica has chained losses since 2023 and closed 2025 with 4,318 million euros in the red, compared to the 49 million in losses in 2024. The company attributes the result to non-recurring factors, among them restructuring costs, asset impairments, and the impact of divestments in Latin America.
For its part, Cellnex has accumulated losses since 2018 and increased its red numbers to 361 million euros, compared to the 28 million in losses of the previous year. The result reflects the impact of the reorganization plan in Spain and impairments, despite the company highlighting an operational improvement. Its revenues reached 4,418 million euros, 1.5% less than in 2024.
The negative surprise of the year is Acerinox, which recorded losses of 40 million euros, compared to the 225 million in profit obtained in 2024. The result is explained by extraordinary items such as an inventory adjustment of 60 million, a provision of 9 million for the rejuvenation plan in Acerinox Europa and an impairment of tax credits of 48 million.
Grifols, ArcelorMittal and Acciona, the biggest increases
Among the companies that most improved their results stands out Grifols, which leads the year-on-year growth of the selective index with 402 million euros in profit, 156% more than the previous year, in addition to reducing its debt to 4.2 times.
The second largest improvement corresponds to ArcelorMittal, which more than doubled its earnings (+135.4%), up to 3,152 million dollars (about 2,790 million euros).
Also noteworthy are the advances of Acciona, whose profit increased by 90.4% to 803 million euros, and of Acciona Energía, which earned 555 million, 83.4% more. Both results were supported by the improvement in infrastructure activity, Nordex's wind turbine business, and asset rotation in the energy area.
Along these same lines, Indra increased its profit by 57%, to 436 million euros, while Enagás managed to return to profit after recording losses the previous year.
Ferrovial, Sacyr and Sabadell, earnings cut
Among the companies that reduced profits, Ferrovial leads the decline. The company earned 888 million euros, 72% less than in 2024, when it obtained 3,239 million thanks to extraordinary capital gains from asset sales.
It is followed by Sacyr, with 86 million euros in profit, 24% less, due to the accounting impact of the sale of three highways in Colombia.
For its part, Banco Sabadell closed 2025 with 1,775 million euros in profit, 2.8% less than the previous year, due to the disappearance of positive extraordinary impacts that were registered in 2024.