The 40.9% of Spanish SMEs expect to increase their revenue this year, according to the III Report on SMEs and Self-Employed in Spain by Hiscox. 36.5% are confident in improving their results.
According to Muy Pymes, 40.9% of Spanish SMEs expect to increase their revenue in 2026. This figure comes from the III Report on SMEs and Self-Employed in Spain, prepared by Hiscox, and surpasses previous years' figures: 34.7% in 2022, 31.7% in 2023, and 32.5% in 2024. In 2025, the proportion was 42.8%. Another 37.1% of businesses expect to keep their revenue stable.
Regarding margins, 36.5% of SMEs are confident in improving their economic results in 2026, the highest figure in the historical series. 36.3% expect their margins to remain unchanged, 15.5% foresee a moderate deterioration, and 9.4% anticipate a significant decline.
Hiring, on the other hand, is proceeding cautiously. 66.7% of companies will keep their workforce stable, and only 15.6% project to create new jobs.
“Spanish SMEs are demonstrating remarkable resilience in defending their activity and boosting profitability in such a demanding environment as the current one,” says Javier González Gugel, general director of Hiscox Iberia.
Expectations vary by size and revenue. Among companies with revenues over 2 million euros, 50.4% expect to increase sales and 23.2% plan to hire. Below that figure, the percentages drop to 39.3% for sales and 14.3% for employment. SMEs with between 10 and 249 employees are the most optimistic about revenue, with 64.6%, while in micro-enterprises with 1 to 9 employees, the willingness to hire falls to 11.8%.
By sector, industry leads the forecasts: 53.8% of industrial businesses expect more revenue and 23.9% plan to expand their workforce. In commerce, 43.6% anticipate more sales and 13.3% expect to hire. Companies with less than five years of activity also show more dynamism, with 49.8% confident in increasing their sales compared to 38.9% of established firms.
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