Top 35 Companies in Spain by Revenue in 2025

Spain's largest publicly traded companies span energy, banking, construction, retail, telecommunications, and insurance — a mix that reflects the country's role as both a European energy hub and a springboard for global brands like Zara's parent company, Inditex. The figures below are trailing-twelve-month (TTM) revenue as reported through 2025, drawn from the most recent quarterly and annual filings of each company — the closest available reading to actual full-year 2025 performance, since a handful of these firms won't publish final audited 2025 annual reports until early 2026. This ranking covers publicly listed companies only; note that some well-known Spanish firms (like Mercadona or El Corte Inglés) are privately held and don't report public revenue figures, so they don't appear here.

1. Repsol

Sector: Oil & Gas. Headquartered in Madrid, Repsol is one of the world's integrated energy majors, with operations spanning exploration, production, refining, and distribution across more than 30 countries and commercial activity in over 90 markets. Founded in 1987 through the merger of several state-owned Spanish energy entities, it later expanded aggressively abroad, notably with its 2015 acquisition of Canada's Talisman Energy for $13 billion. In recent years the company has poured investment into green hydrogen, biofuels, and renewable power generation, positioning itself as a leader in Europe's energy transition alongside its continued oil and gas business. It's listed on the Madrid Stock Exchange (REP.MC) and is a constituent of the IBEX 35 index.
Revenue: $81.23 billion

2. Grupo ACS

Sector: Construction & Infrastructure. Based in Madrid, ACS is one of the largest construction and engineering services groups in the world, running large-scale civil engineering, energy, and industrial projects across Europe, the US, and Latin America. The group's international reach grew substantially through subsidiaries like Turner Construction and Flatiron in the US, and Hochtief in Germany and Australia, giving it exposure to major transport, energy, and building projects on multiple continents. ACS employs well over 120,000 people and has built a reputation for taking on complex, large-scale infrastructure work such as highways, airports, and power plants. Its diversified geographic and sectoral footprint has helped it stay resilient through construction-cycle downturns.
Revenue: $72.35 billion

3. Banco Santander

Sector: Banking. Headquartered in the city of Santander and founded in 1857, this is one of the largest banks in the world by customer reach, with major retail, corporate, and investment banking operations spanning Europe, Latin America, and the US. It operates through recognizable regional brands including Santander Consumer USA and Banco Santander Brasil, and serves well over 150 million customers globally. The bank has invested heavily in digital banking platforms in recent years and reported strong profit growth through the first half of 2025, alongside continued expansion of its global wealth-management and payments businesses. Santander is also one of the most heavily traded stocks in the Eurozone banking sector.
Revenue: $69.00 billion

4. Iberdrola

Sector: Electric Utilities. Based in Bilbao, Iberdrola began as a small regional electricity company in 1901 and grew through a long series of mergers and acquisitions into one of the world's largest renewable-energy utilities. It's a global leader in wind power generation and owns major subsidiaries abroad, including ScottishPower in the UK and Avangrid in the US, plus large-scale electricity distribution operations in Brazil. The company posted record net profit for the first half of 2025, up around 20% year over year, and its market capitalization topped $114 billion during the year. Iberdrola continues to expand aggressively into offshore wind and green hydrogen as part of its long-term decarbonization strategy.
Revenue: $51.16 billion

5. BBVA (Banco Bilbao Vizcaya Argentaria)

Sector: Banking. Headquartered in Bilbao, BBVA is a multinational banking group formed through a series of mergers of historic Basque and Spanish banks, and today runs retail, corporate, and wealth-management operations across Europe, Latin America, Turkey, and the US. It's been one of the earliest and most aggressive movers among European banks in digital-banking transformation, investing heavily in mobile-first services and AI-driven customer tools. Its market capitalization passed $108 billion in 2025, and the bank reported double-digit year-on-year profit growth in early 2025, driven partly by its large Mexican banking franchise. BBVA is also known for its significant presence in emerging markets, which gives it a different risk and growth profile than most of its European peers.
Revenue: $45.57 billion

6. Inditex

Sector: Retail (Fashion). Based in Arteixo, Galicia, Inditex — the parent company of Zara along with brands like Massimo Dutti, Bershka, Pull&Bear, and Stradivarius — is the world's largest fast-fashion retailer. It runs thousands of stores across more than 90 countries and pioneered a famously fast supply chain that can take a garment from design to store shelf in a matter of weeks. The company has increasingly focused on integrating its online and physical retail operations, along with sustainability commitments around eco-friendly fabrics and reducing its carbon footprint. It's listed on the Madrid Stock Exchange (ITX.MC), is part of the IBEX 35, and employs more than 160,000 people worldwide, making it one of Spain's largest private employers.
Revenue: $43.90 billion

7. Telefónica

Sector: Telecommunications. Founded in 1924 and headquartered in Madrid, Telefónica is one of the oldest and largest telecom operators in the world, providing mobile, fixed-line, broadband, and digital TV services with a particularly strong footprint in Spain, the UK, Brazil (through Vivo), and Germany (through O2). The company has spent recent years reducing debt, streamlining its portfolio of international assets, and expanding 5G and fiber-optic coverage across its core markets. It has also pushed further into enterprise digital services, cloud, and cybersecurity as traditional telecom revenue growth has slowed. Telefónica remains one of the most recognizable Spanish brands internationally and employs more than 100,000 people.
Revenue: $40.42 billion

8. International Consolidated Airlines Group (IAG)

Sector: Aviation. IAG is the parent holding company of British Airways, Iberia, Aer Lingus, Vueling, and LEVEL, making it one of the largest airline groups in the world by network reach and one of the dominant players in transatlantic air travel. Formed in 2011 through the merger of British Airways and Iberia, the group has since grown through further acquisitions, including Aer Lingus. IAG has focused heavily on operational efficiency, fuel-cost management, and rebuilding capacity and profitability after the pandemic-era slowdown in air travel. Its diversified brand portfolio lets it serve both premium long-haul and budget short-haul segments across Europe and the Americas.
Revenue: $39.07 billion

9. Endesa

Sector: Electric Utilities. Headquartered in Madrid and majority-owned by Italy's Enel since 2009, Endesa is one of Spain's oldest and largest electricity companies, supplying power and natural gas to millions of customers across Spain and Italy. The company has been steadily shifting its generation mix away from coal and toward renewables, particularly wind and solar, in line with Spain's and the EU's decarbonization targets. Endesa also plays a major role in Spain's electricity distribution network and has been investing in smart-grid technology and electric-vehicle charging infrastructure. Its close integration with parent company Enel gives it access to broader European renewable-energy expertise and capital.
Revenue: $24.51 billion

10. Mapfre

Sector: Insurance. Based in Majadahonda, near Madrid, Mapfre is one of the largest insurance groups with deep roots in the Spanish and Latin American markets, offering life, health, auto, and home insurance, along with reinsurance and asset-management services, across more than 40 countries. It has historically been one of the most internationally diversified Spanish companies, with a particularly strong presence in Brazil, Mexico, and other Latin American markets alongside its home Spanish business. Mapfre has been investing in digital distribution channels and new insurance products aimed at younger, more tech-savvy customers, while maintaining a conservative, long-term approach to underwriting and investment.
Revenue: $22.63 billion

11. Naturgy

Sector: Energy (Gas & Electricity). Headquartered in Madrid, Naturgy (formerly known as Gas Natural Fenosa) produces, distributes, and markets natural gas and electricity across Spain, Italy, and several Latin American countries. The company reported record first-half 2025 EBITDA of $3.33 billion and net profit of $1.34 billion, up 10% year over year, reflecting strong performance in both its regulated and liberalized energy businesses. Naturgy has committed to a net-zero emissions target by 2050 and has been increasing its investment in renewable generation and LNG infrastructure. Its market capitalization stood at roughly $34.9 billion in 2025.
Revenue: $22.38 billion

12. Gestamp Automoción

Sector: Automotive Components. Headquartered in Madrid, with major operations centered in Bilbao, Gestamp designs and manufactures metal components for the automotive industry — including body-in-white parts, chassis, and suspension systems — supplying major automakers such as Volkswagen, Mercedes-Benz, BMW, Ford, and Renault. The company reported first-half 2025 revenue of $6.84 billion with an EBITDA margin of 11.3%, a notably strong result given a challenging environment for the broader automotive sector. Gestamp has also made progress reducing its net debt, reaching its lowest level since adopting IFRS 16 accounting standards, while continuing to generate solid free cash flow. The company operates numerous manufacturing plants across Europe, the Americas, and Asia, reflecting its role as a truly global automotive supplier.
Revenue: $19.16 billion

13. CaixaBank

Sector: Banking. Based in Valencia, with major operations historically centered in Barcelona, CaixaBank became Spain's largest domestic bank after its landmark 2021 merger with Bankia, consolidating a huge share of the country's retail banking market. Total assets reached roughly $744.7 billion as of March 2025, and the bank's "Imagine" digital-banking platform now accounts for about half of all new client acquisition, reflecting a deliberate strategy to lead in mobile-first banking. CaixaBank has also been investing in artificial intelligence and blockchain technology to modernize its operations and improve efficiency. Management has upgraded its revenue guidance for 2025 and lowered its cost-of-risk expectations, signaling confidence in continued growth.
Revenue: $19.15 billion

14. Logista

Sector: Logistics & Distribution. Headquartered in Madrid, Logista is one of Europe's leading integrated logistics and distribution companies, specializing in the tobacco, pharmaceutical, and convenience-product sectors. It offers a full range of supply-chain services, including transportation, warehousing, and last-mile distribution, and has built an extensive logistics network across Spain, France, Italy, and Portugal. In recent years, the company has diversified beyond its traditional tobacco-distribution roots into pharmaceutical logistics and e-commerce fulfillment, aiming to reduce its historical reliance on a single product category. Logista is majority-owned by Imperial Brands, giving it a stable long-term ownership structure.
Revenue: $15.21 billion

15. Ferrovial

Sector: Infrastructure & Construction. Based in Madrid (though the company relocated its official headquarters to the Netherlands in 2023, later moving its primary stock listing focus toward the US), Ferrovial builds and operates major transportation infrastructure, including toll roads and airports such as London's Heathrow, in which it holds a significant stake. The company has increasingly focused on operating and managing existing infrastructure assets — a higher-margin, more stable business than pure construction — alongside continued expansion into airport and highway projects in North America. Ferrovial has also built a growing renewable-energy portfolio and has been active in large US infrastructure projects, benefiting from federal infrastructure spending initiatives. Its shift in listing focus toward the US reflects the growing importance of the American market to its overall business.
Revenue: $10.86 billion

16. Aena

Sector: Airport Operations. Headquartered in Madrid, Aena is Spain's national airport operator, managing 46 airports and two heliports across the country, including the major hubs of Madrid-Barajas and Barcelona-El Prat, which together handle well over 100 million passengers a year. The Spanish government retains a majority stake in the company, making it a partially state-controlled but publicly traded enterprise. Aena has been steadily expanding its international footprint, taking on airport-management contracts and concessions in the UK, Colombia, Brazil, and Jamaica, among other countries. The company has also invested in improving airport efficiency, retail and commercial revenue per passenger, and sustainability initiatives across its network.
Revenue: $8.97 billion

17. Indra Sistemas

Sector: Technology & Defense. Based in Madrid, Indra is one of Spain's leading technology and consulting companies, with a strong focus on aerospace, defense, energy, and transportation systems. The company designs and delivers advanced solutions in areas like air-traffic management, radar and defense electronics, artificial intelligence, cybersecurity, and smart-city infrastructure, serving both government and private-sector clients. Indra has benefited from rising European defense spending in recent years, which has boosted demand for its military and security-related technology. It also owns a majority stake in Minsait, its IT consulting and digital-transformation arm, which serves clients across banking, telecom, and public administration.
Revenue: $8.94 billion

18. Grifols

Sector: Pharmaceuticals/Healthcare. Headquartered in Barcelona and founded in 1909, Grifols is one of the world's largest producers of plasma-derived medicines, used to treat rare and chronic diseases such as immune deficiencies and clotting disorders. The company operates one of the largest networks of plasma-collection centers globally, primarily in the US, and has invested heavily in research and development to expand its treatment portfolio. Grifols has faced periods of financial scrutiny in recent years over its debt levels and corporate governance, which affected its share price, though its core plasma-therapeutics business has remained a global leader. The company operates in more than 30 countries and continues to explore new applications in diagnostics and biotechnology.
Revenue: $8.60 billion

19. Acerinox

Sector: Steel Manufacturing. Headquartered in Madrid, Acerinox is one of the largest global manufacturers of stainless steel products, serving industries including construction, automotive, energy, and food processing through four main product lines: flat products, long products, alloys, and precision strip. The company operates manufacturing plants across North America, Europe, Africa, and Asia, giving it a genuinely global production and distribution footprint that helps it manage regional demand swings and trade tariffs. It's listed on the Madrid Stock Exchange under the ticker ACX, employs roughly 8,250 people, and has historically offered one of the higher dividend yields among Spanish industrial companies, at around 6% in recent periods.
Revenue: $8.31 billion

20. DIA (Distribuidora Internacional de Alimentación)

Sector: Retail (Food). Headquartered in Madrid, DIA operates discount supermarket chains in Spain, Brazil, and Argentina, focusing on low-price, high-frequency grocery shopping through a dense network of smaller-format stores. The company has gone through a significant restructuring in recent years, including store closures, a change in majority ownership (now controlled by investment group LetterOne), and a renewed push into private-label products and digital ordering. DIA has faced intense competitive pressure from larger Spanish grocery chains like Mercadona and international discounters, which has weighed on its market share and profitability. Its turnaround strategy has centered on simplifying its store portfolio and improving supply-chain efficiency.
Revenue: $7.82 billion

21. Acciona

Sector: Infrastructure & Renewable Energy. Based in Alcobendas, near Madrid, Acciona is one of Spain's most diversified infrastructure groups, with businesses spanning construction, water treatment and desalination, energy, real estate, and transport services. Its renewable-energy arm, Acciona Energía, is separately listed and operates a large global portfolio of wind, solar, and hydroelectric plants across dozens of countries. The company has positioned sustainability as a core part of its brand identity, marketing itself around its role in the global shift toward cleaner infrastructure and energy. Acciona has also been active in major water-infrastructure projects, including desalination plants, in regions facing water scarcity.
Revenue: $7.79 billion

22. FCC (Fomento de Construcciones y Contratas)

Sector: Construction & Environmental Services. Headquartered in Madrid, FCC is one of Spain's oldest infrastructure companies, with a business built around construction, water management, and municipal waste treatment and collection services across multiple continents. The company is controlled by Mexican businessman Carlos Slim, who holds a majority stake through his investment vehicles, giving FCC access to significant capital and international connections, particularly in Latin America. FCC has long-term municipal contracts for waste and water services in cities across Europe and Latin America, providing it with a relatively stable, recurring revenue base compared to pure construction firms. It has also been involved in major public infrastructure projects, including transport and urban development works.
Revenue: $7.73 billion

23. Amadeus IT Group

Sector: Travel Technology. Headquartered in Madrid, Amadeus is one of the world's leading technology providers to the global travel and tourism industry, supplying booking systems, fare-management tools, inventory systems, and data analytics to airlines, travel agencies, hotels, and other travel businesses. The company processes a huge share of the world's airline bookings through its global distribution system, making it a critical piece of infrastructure for the travel industry rather than a consumer-facing brand. Amadeus has been investing heavily in cloud computing and AI-driven personalization tools to help airlines and hotels improve pricing and customer experience. Its business tends to track closely with global air-travel volumes, making it sensitive to broader economic and travel-demand cycles.
Revenue: $7.50 billion

24. Técnicas Reunidas

Sector: Engineering & Construction. Headquartered in Madrid, Técnicas Reunidas is a prominent Spanish engineering firm specializing in designing and building large industrial facilities for the oil, gas, and petrochemical sectors, with a significant share of its project activity historically concentrated in the Middle East and Latin America. The company works on complex, capital-intensive projects such as refineries and petrochemical plants, which require deep engineering expertise and long project-execution timelines. In recent years, Técnicas Reunidas has been shifting part of its portfolio toward cleaner-energy projects, including hydrogen and carbon-capture facilities, in response to its major clients' own energy-transition plans. Its order backlog and project pipeline are closely tied to global oil and gas capital-expenditure cycles.
Revenue: $7.47 billion

25. Banco Sabadell

Sector: Banking. Based in Alicante, with historical roots in the Catalan city of Sabadell, this bank provides retail, corporate, and asset-management banking services, and expanded internationally through its acquisition of UK bank TSB in 2015. Banco Sabadell has faced periods of takeover interest from larger rival BBVA in recent years, drawing significant attention in the Spanish banking sector and raising questions about further consolidation. The bank has focused heavily on serving small and medium-sized enterprises (SMEs) in Spain, a segment where it holds a particularly strong market position. It has also continued investing in digital-banking tools to modernize its retail offering and compete with larger domestic rivals.
Revenue: $7.16 billion

26. CAF (Construcciones y Auxiliar de Ferrocarriles)

Sector: Rail Manufacturing. Headquartered in Beasain, in Spain's Basque Country, CAF is a leading global manufacturer of railway rolling stock, including trains, metros, trams, and light-rail vehicles, along with related signaling and maintenance services. The company has built rail systems and vehicles used in more than 40 countries, competing with much larger global players like Alstom and Siemens Mobility in international tenders. CAF has positioned sustainability and energy efficiency as key selling points for its rolling stock, particularly as cities expand light-rail and tram networks to reduce car dependency. Its order book tends to be lumpy given the scale and multi-year nature of rail-manufacturing contracts.
Revenue: $6.06 billion

27. Puig Brands

Sector: Fashion & Fragrance. Based in Barcelona, Puig is a family-controlled luxury goods company that owns and licenses a portfolio of well-known fashion and fragrance brands, including Paco Rabanne, Jean Paul Gaultier, Carolina Herrera, and Nina Ricci, along with a fast-growing beauty and skincare division. The company went public on the Spanish stock exchange in 2024, one of the largest European IPOs of that year, giving it fresh capital to fund further brand acquisitions and international expansion. Puig has been particularly focused on growth in the US and Asian luxury-beauty markets, competing with larger multinational players like L'Oréal and LVMH's beauty divisions. Its multi-brand strategy allows it to target different price points and customer segments within the broader luxury and prestige beauty category.
Revenue: $5.92 billion

28. Prosegur

Sector: Security Services. Headquartered in Madrid, Prosegur is a global leader in private security services, spanning cash management and armored transport, alarm monitoring, and increasingly, cybersecurity solutions for retail, banking, and government clients. The company operates in more than 20 countries, with a particularly strong presence in Latin America alongside its European operations. Prosegur has been investing in technology-driven security solutions, including AI-powered surveillance and robotics, to modernize a business that has traditionally relied heavily on physical manpower. Its cash-management subsidiary, Prosegur Cash, is separately listed on the Madrid Stock Exchange.
Revenue: $5.73 billion

29. Sacyr

Sector: Infrastructure & Construction. Headquartered in Madrid, Sacyr builds and manages large infrastructure concessions — including highways, airports, and railways — across Europe, Latin America, and the Middle East, with an increasing emphasis on operating long-term concession assets rather than just construction. The company has a notable presence in Latin American infrastructure, including toll roads and water-treatment concessions in countries like Chile, Colombia, and Peru. Sacyr also has a growing renewable-energy division and has been diversifying its revenue base away from pure construction toward more stable, recurring concession income. Its business model increasingly resembles that of an infrastructure fund as much as a traditional builder.
Revenue: $5.22 billion

30. OHLA (Obrascón Huarte Lain)

Sector: Construction & Engineering. Headquartered in Madrid, OHLA builds large-scale infrastructure projects — including highways, bridges, hospitals, and public buildings — across Europe, the Americas, and the Middle East. The company underwent a significant financial restructuring in recent years, including a capital increase backed by Mexican investors the Amodio brothers, who took a controlling stake to help stabilize its balance sheet. OHLA has been working to rebuild its project pipeline and profitability following a period of heavy losses tied to legacy contracts, particularly in Latin America. Its recovery has been closely watched as a bellwether for the broader health of Spain's mid-sized construction sector.
Revenue: $4.95 billion

31. Cellnex Telecom

Sector: Telecom Infrastructure. Based in Barcelona, Cellnex is one of Europe's largest independent operators of telecommunications towers and infrastructure, providing tower space, broadcasting infrastructure, and network services to mobile operators across multiple European countries. The company grew rapidly over the past decade through an aggressive string of acquisitions, buying up tower portfolios divested by major telecom operators looking to reduce capital intensity. More recently, Cellnex has shifted its focus from acquisitions toward deleveraging and improving free cash flow, following a period of heavy debt-funded expansion. Its business model — leasing tower space to multiple mobile operators — gives it relatively stable, contracted, long-term revenue streams.
Revenue: $4.82 billion

32. CIE Automotive

Sector: Automotive Components. Headquartered in Bilbao, CIE Automotive is a diversified industrial group supplying metal, plastic, aluminum, and forged components and subassemblies to automakers across more than 15 countries, serving passenger-car, commercial-vehicle, and industrial-equipment manufacturers. The company posted a record first quarter of 2025, with revenue of $1.18 billion, EBITDA of $225 million, and an EBITDA margin of 19.0% — notably strong profitability for a components supplier. Net income for that quarter reached $110 million, up 1.2% year over year, and the company generated strong operating cash flow, underscoring its efficient, well-diversified manufacturing base. CIE Automotive has focused on operational efficiency and diversification across vehicle types and geographies to reduce its exposure to any single carmaker or region.
Revenue: $4.64 billion

33. EDP Renováveis

Sector: Renewable Energy. Though incorporated in Spain, EDP Renováveis is majority owned by Portugal's EDP Group and operates wind and solar assets across North America, Europe, and South America, making it one of the world's larger renewable-focused independent power producers. The company has been expanding aggressively into solar power and battery storage in addition to its traditional onshore wind base, and has a growing offshore wind pipeline in partnership with other global energy players. EDPR's geographic diversification across multiple continents helps smooth out the impact of weather variability and regional regulatory changes on its overall output and revenue. Its growth strategy depends heavily on continued policy support for renewables in its core US and European markets.
Revenue: $3.77 billion

34. Audax Renovables

Sector: Renewable Energy. Headquartered in Barcelona, Audax Renovables is an integrated energy group focused on generating and marketing 100% renewable electricity to both residential and industrial customers, primarily in Spain and other European countries. The company has been rapidly expanding its installed solar generation capacity in recent years, aiming to become more self-sufficient in producing the power it sells rather than relying solely on third-party purchases. Audax has positioned itself as a smaller, more nimble alternative to Spain's traditional utility giants, targeting environmentally conscious residential and business customers specifically. Its growth strategy centers on vertical integration — owning generation assets alongside its retail energy-supply business.
Revenue: $3.66 billion

35. Bankinter

Sector: Banking. Headquartered in Madrid, Bankinter is a mid-sized but highly profitable Spanish bank offering retail, corporate, and private banking services, consistently ranked among the most efficient and best-capitalized banks in the Spanish financial sector. The bank has additional operations in Portugal and Ireland, and has diversified its business through its consumer-finance arm and its ownership of Línea Directa, a car and home insurance company that it spun off as a separately listed entity in 2021. Bankinter has built a reputation for strong asset quality and conservative risk management compared to some larger domestic peers, along with early and consistent investment in digital-banking tools. Its relatively small size compared to Santander, BBVA, or CaixaBank allows it to focus on a more selective, higher-margin customer base.
Revenue: $3.60 billion