The problem with a victorious Armada is that the Army of Spain in the Southern Netherlands, which they wanted to bring to England, was not raady to cross the channel. The commander (Parma I think, but am not sure of) thought the entire idea was ludicrous. Actualy he had no intention to cross the channel and attack England. So if the Armada succeed it will take quite a while before everything is ready to invade England. If they cross the channel again, now loaded with soldiers, there is another chance for the English (and the Dutch) to attack the Armada again. Assuming the Armada is not destroyed in this crossing still succeeds in landing in England (and that is the premise of this topic) it will have had some losses. Probably not enough to be defeated though. That said, the English army will make some casualties and after being defeated they will flee north and make it quiet difficult for the English troops. Persoanly I suspect a lot of important and rich protestant will flee England, probably towards the Netherlands, Scandanavia or Germany, I assume including the fleet.
So end result: The Spanish army is thinned, stuck on an island they don't want to be. They will have to perform occupation and cleanup duties, while money is running out. And when they want to cross the channel, the Dutch fleet, strengthened by the English fleet is waiting. Basicly this might seem like a victory for Spain, but it might feellike a loss.
The big loser will of course be England, but it would not surprise me if the big winners would be the rebelling Dutch. Suddenly the army they were facing are on theother side of the sea, being busy with not fighting the Dutch. And if they want to return, the Dutch fleet is waiting for them. So I think the Dutch would be able to strengthen their position and recapture lost territory, more or less like OTL, but more succesfully. Also I suspect this would be a boon for the French as well.