Lusitania
Donor
The original goal of the armada was to divert British attention from Americas. They could of damaged British infrastructure but not succeeded in capturing any port city or major area. Once they put soldiers on land (soldiers who were starving and ill)they have a huge task of getting them outThere's success and then there's SUCCESS. It's going to take a massive victory to dismantle the British empire, and that's what it would be if you take North America, the Carribean, Minorca, and Ireland.
Far more likely is that France/Spain get in and get out with a moderate peace OR they go for broke and end up bogged down in a big morass. Either way, the USA is born.
Spain wanted Florida and Gibraltar back. Both are doable. Not sure how much they were anxious for Minorca, but I'm thinking Britain wants that more than Gibraltar. The Falklands are also a small nugget that Spain is going to want.
France is another matter. Other than knocking Britain down a peg, I've no real idea what they were after. My notion is that they thought the patriots had Britain on the ropes, and a little push from France would seal the deal, so the French weren't expecting a whole lot directly. Most gains would come from France being top dogs in the world. Once they got the French involved, though, America adopted the strategy of fighting not to lose, and once they won, they abandoned France as a world partner and persued relations with Britain. there's an island or two (St Kitts?) in the Caribbean which France/England are contending, which France is going to want, but sans either taking over territory or England, there's not going to be any turnover of rich sugar islands. Maybe France can get a port/region in India.
My overall guess is a moderate victory and quick peace. USA is born. Spain gets Gibraltar and Florida back. France expects favorable trade status from USA, and with this change of events, may get them. Overall, aside from Gibraltar and France not being bled dry, not much difference from OTL. What would be interesting is how an 'easy' independence affects the USA's start. Is the constitution the same? Gov't still set up the same?