Barclays vs Google: Revenue, Profit and Business Model
Barclays reported ~$35.4B of revenue in FY2025 and ~$8.2B of net income. Google reported $402.8B of revenue in FY2025 and $132.2B of net income.
Latest financial snapshot
Financial summary
Barclays
Barclays reported revenue of about $35.4 billion (GBP 26.82 billion) and net income of about $8.14 billion (GBP 6.17 billion) in 2025, up from about $32 billion (GBP 24.25 billion) and about $7.02 billion (GBP 5.32 billion) in 2024. The UK retail bank produces steady profits, while the investment bank needs large capital reserves and earns unevenly, doing well in strong markets and poorly in weak ones. For years activist investors pressed management to shrink or sell the investment bank, arguing that its volatile earnings held down the group's valuation.
Alphabet's FY2025 Form 10-K reported $402.836 billion of revenue and $132.170 billion of net income, making it one of the most profitable companies in the world. Growth accelerated in 2026: Q2 2026 revenue rose 24% year over year to $119.8 billion, operating income rose 30% to $40.8 billion and operating margin reached 34.0%. Reported Q2 net income of $112.1 billion was inflated by a $99.0 billion gain, mostly unrealized gains on equity holdings, so operating income is the cleaner measure. The trade-off is spending: management raised 2026 capital expenditure guidance to $195-205 billion, and analysts flagged negative free cash flow in Q2 2026 as data-center investment outpaced operating cash flow.
Revenue and profit by year
Barclays
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$35.4B | ~$8.2B | 23.0% | +10.6% | Source |
| FY2024 | ~$32B | ~$7B | 21.9% | +3.2% | Source |
| FY2023 | ~$31B | ~$5.6B | 18.2% | -1.0% | Source |
| FY2022 | ~$31.3B | ~$6.6B | 21.2% | +5.1% | Source |
| FY2021 | ~$29.8B | ~$8.2B | 27.5% | — | Source |
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $402.8B | $132.2B | 32.8% | +15.1% | Source |
| FY2024 | $350B | $100.1B | 28.6% | +13.9% | Source |
| FY2023 | $307.4B | $73.8B | 24.0% | +8.7% | Source |
| FY2022 | $282.8B | $60B | 21.2% | +9.8% | Source |
| FY2021 | $257.6B | $76B | 29.5% | +41.2% | Source |
| FY2020 | $182.5B | $40.3B | 22.1% | +12.8% | Source |
| FY2019 | $161.9B | $34.3B | 21.2% | +18.3% | Source |
| FY2018 | $136.8B | $30.7B | 22.5% | +23.4% | Source |
| FY2017 | $110.9B | $12.7B | 11.4% | +22.8% | Source |
| FY2016 | $90.3B | $19.5B | 21.6% | — | Source |
Where the revenue comes from
Barclays
- Net Interest Income (Retail & Mortgages)~45%
The foundational engine of the ring-fenced Barclays UK entity, generated from the spread between interest earned on a $254 billion+ mortgage book and commercial loans, and the interest paid on a stable, low-cost retail deposit base. This stream provides predictable, counter-cyclical cash flows that anchor the bank's overall profitability and fund its domestic lending operations.
- Corporate & Institutional Banking Fees~25%
Revenue derived from providing sophisticated treasury management, cross-border trade finance, foreign exchange (FX) hedging, and syndicated lending solutions to multinational corporations and large institutional clients. This capital-efficient stream generates substantial fee-based income that is largely uncorrelated with the domestic interest rate cycle.
- FICC Trading & Market Making~20%
The most valuable asset of the investment bank, generating revenues through market-making, proprietary trading, and client facilitation in European credit, interest rate derivatives, and emerging market currencies. This stream is volatile but generates exceptional, counter-cyclical profits during periods of macroeconomic and geopolitical market volatility.
- Wealth Management & Advisory Fees~10%
A rapidly scaling, capital-light revenue stream derived from management fees, performance fees, and advisory commissions generated by the bank's private banking and asset management operations for high-net-worth and ultra-high-net-worth individuals across the UK and Europe.
- Google Search advertising~12%
Auction-based text and shopping ads served alongside organic search results, generating approximately $198 billion in FY2024 through cost-per-click and cost-per-impression pricing.
- YouTube advertising~12%
Video advertising across pre-roll, mid-roll, display, and Shorts formats, plus subscription revenue from YouTube Premium, Music, and YouTube TV, totaling approximately $36 billion in ad revenue for FY2024.
- Google Cloud~12%
Infrastructure-as-a-service, platform tools, Vertex AI, BigQuery, Mandiant cybersecurity, and Google Workspace subscriptions, generating significant FY2025 revenue.
- Google Network~12%
Ads placed on third-party websites through AdSense, AdMob, and Google Ad Manager, generating approximately $31 billion in FY2024 with revenue shared with publishers.
- Other Bets~12%
Revenue from Waymo autonomous ride-hailing, Verily health technology, hardware sales (Pixel, Nest, Fitbit), Google Play commissions, and other non-advertising sources.
Business model and strategy
Barclays
How it makes money
Barclays operates a 'universal banking' model, aiming to do everything for everyone. In the UK, they operate like a traditional utility, taking in cheap consumer deposits and issuing mortgages and credit cards (Barclaycard). Globally, the investment bank generates revenue entirely differently, acting as a large middleman.
Growth strategy
Under pressure to lift its share price, Barclays is cutting costs and shifting toward businesses that need less capital. It announced a restructuring to shrink the investment bank's share of the group and reinvest in its retail and corporate businesses. The goal is steadier, more predictable returns for shareholders.
Competitive advantage
Barclays' advantage is a strong position in UK retail banking and the scale of Barclaycard, which give it a stable, low-cost deposit base. In investment banking, its position dates from buying Lehman Brothers' North American operations in 2008, which gave it a large presence on Wall Street. It is one of the few non-American banks that competes with JPMorgan and Goldman Sachs in the US market.
How it makes money
Alphabet makes money mainly by selling ads against user intent and attention. Google Search & other, YouTube ads and the Google Network together account for roughly three quarters of revenue. Advertisers bid in real-time auctions to appear next to queries or videos, and Google charges per click, view or conversion.
Growth strategy
Alphabet's growth plan has four parts: put Gemini into Search (AI Overviews and AI Mode), Workspace, Android and Chrome to keep users and advertisers engaged; sell AI infrastructure, TPUs and Gemini models through Google Cloud, backed by the Wiz security platform acquired in March 2026; grow subscriptions such as YouTube Premium, YouTube TV and Google One AI plans;
Competitive advantage
Alphabet's edge is a stack few rivals own end to end: default distribution through Android and Chrome, the largest pool of search-intent data, YouTube's video audience, its own TPU chips and global data centers, and frontier models from Google DeepMind.
Questions about Barclays vs Google
Which company has higher revenue — Barclays PLC or Alphabet Inc.?
Barclays PLC reported ~$35.4B (FY2025), while Alphabet Inc. reported $402.8B (FY2025). By last reported revenue, Alphabet Inc. is the larger business, with Barclays PLC reporting a smaller revenue base.
What is the market cap of Barclays PLC vs Alphabet Inc.?
Barclays PLC's market capitalisation stands at $41.2B, while Alphabet Inc.'s is $4.31T. Alphabet Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Barclays PLC.
Which is more financially efficient — Barclays PLC or Alphabet Inc.?
Barclays PLC generates $427k / employee in revenue per employee, while Alphabet Inc. generates $2.11M / employee. Alphabet Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Barclays PLC and Alphabet Inc. make money?
Barclays PLC and Alphabet Inc. generate revenue in fundamentally different ways. Barclays PLC: Barclays operates a 'universal banking' model, aiming to do everything for everyone. Alphabet Inc.: Alphabet makes money mainly by selling ads against user intent and attention.
Which company is valued higher relative to revenue — Barclays PLC or Alphabet Inc.?
On a price-to-sales (P/S) basis, Barclays PLC trades at 1.2x P/S and Alphabet Inc. at 10.7x P/S. Alphabet Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Barclays PLC. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Barclays PLC bigger than Alphabet Inc.?
By last reported revenue, Alphabet Inc. ($402.8B (FY2025)) is the larger company compared to Barclays PLC (~$35.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Barclays vs Google overview