Omaha's Eppley Airfield doesn't offer a single nonstop to Europe, so anyone chasing business class from Omaha to Bilbao is really booking a well-orchestrated relay, and the honest answer is that the smartest routing runs through either London, Madrid, or Frankfurt depending on which alliance you favor. British Airways connections via London Heathrow put you in the Club Suite on the transatlantic leg — a genuine door-closing suite with direct aisle access, a meaningful upgrade over the older Club World cabin — before a short regional hop down to Bilbao. Iberia, as the flag carrier most invested in Basque Country traffic, routes through Madrid and often uses its A330 or A350 business cabins with lie-flat seating, and since Iberia and BA share Avios and lounge access under the same parent group, status holders can move fluidly between them. Lufthansa's option through Frankfurt brings its long-haul fleet, with select aircraft now featuring the new Allegris business seat, though rollout has been gradual, so it's worth checking your specific aircraft before booking.
Having routed through all three hubs repeatedly, my strongest recommendation is Madrid: Iberia's connection timing to Bilbao is generally tighter and more reliable than squeezing through Heathrow's congested T5 transfer security during peak season, and Madrid-Barajas' T4 satellite building is far less chaotic for a business class connection than Frankfurt's sprawling terminals. An insider tip few mention: Iberia's Madrid lounge (the Dali VIP) is worth lingering in if you have a long layover, since it's less crowded than Heathrow's Galleries lounges and offers genuinely good Spanish jamón and wine rather than generic buffet fare.
Seasonally, January through March and again in October and November are your best windows for value on this corridor, since summer demand into Basque Country — driven by San Sebastián's food scene and Bilbao's Guggenheim crowds — pushes premium cabins tighter and pricier. Given how fares fluctuate across three different carriers and routing options, setting up automated fare alerts is genuinely the most efficient way to catch a strong business class fare before it disappears.