Barclays vs NVIDIA: Revenue, Profit and Business Model
Barclays reported ~$35.4B of revenue in FY2025 and ~$8.2B of net income. NVIDIA reported $215.9B of revenue in FY2026 and $120.1B 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.
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 net income was $120.1B. Growth sped up again in fiscal 2027: Q1 revenue was $81.6B and Q2 (ended July 26, 2026) was $96.2B, up 106% year over year, with a 75.0% gross margin and $59.7B GAAP net income. Guidance for Q3 FY2027 is $108.0B, plus or minus 2%, and assumes no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2. In May 2026 it raised the quarterly dividend to $0.25 from $0.01, and on September 28, 2026 it added $150B to its buyback authorization.
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 |
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | 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.
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
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.
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
Questions about Barclays vs NVIDIA
Which company has higher revenue — Barclays PLC or NVIDIA Corporation?
Barclays PLC reported ~$35.4B (FY2025), while NVIDIA Corporation reported $215.9B (FY2026). By last reported revenue, NVIDIA Corporation is the larger business, with Barclays PLC reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Barclays PLC vs NVIDIA Corporation?
Barclays PLC's market capitalisation stands at $41.2B, while NVIDIA Corporation's is $5.45T. NVIDIA Corporation 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 NVIDIA Corporation?
Barclays PLC generates $427k / employee in revenue per employee, while NVIDIA Corporation generates $5.14M / employee. NVIDIA Corporation 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 NVIDIA Corporation make money?
Barclays PLC and NVIDIA Corporation generate revenue in fundamentally different ways. Barclays PLC: Barclays operates a 'universal banking' model, aiming to do everything for everyone. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC.
Which company is valued higher relative to revenue — Barclays PLC or NVIDIA Corporation?
On a price-to-sales (P/S) basis, Barclays PLC trades at 1.2x P/S and NVIDIA Corporation at 25.2x P/S. NVIDIA Corporation 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 NVIDIA Corporation?
By last reported revenue, NVIDIA Corporation ($215.9B (FY2026)) 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 NVIDIA overview