BNP Paribas vs Hitachi: Revenue, Profit and Business Model
BNP Paribas reported ~$57.9B of revenue in FY2025 and ~$13.8B of net income. Hitachi reported ~$70.9B of revenue in FY2026 and ~$5.4B of net income.
Latest financial snapshot
BNP Paribas
- Latest revenue
- ~$57.9B (FY2025)
- Net income
- ~$13.8B
- Net margin
- 23.9%
- Revenue growth
- +2.6% a year, FY2021–FY2025
Hitachi
- Latest revenue
- ~$70.9B (FY2026)
- Net income
- ~$5.4B
- Net margin
- 7.6%
- Revenue growth
- +0.8% a year, FY2022–FY2026
Financial summary
BNP Paribas
Reported revenues were ~$52.2 billion (€46.2 billion) in 2021, ~$57 billion (€50.4 billion) in 2022 as first published, ~$51.9 billion (€45.9 billion) in 2023, ~$55.1 billion (€48.8 billion) in 2024 and ~$57.9 billion (€51.2 billion) in 2025. The 2023 drop is mostly accounting: Bank of the West was sold on 1 February 2023 and moved out of continuing revenue, and IFRS 17 changed how insurance revenue is reported from 2023. Net income, Group share, rose every year, from ~$10.7 billion (€9.5 billion) in 2021 to ~$13.8 billion (€12.2 billion) in 2025. The 2025 dividend was €5.16 per share, and the bank now also pays an interim dividend each September (€3.23 for 2026, paid on 28 September 2026). Second-quarter 2026 net income of ~$4.91 billion (€4.345 billion), up 33.4%, included a one-off gain on the Ageas transaction.
Hitachi
Hitachi posted a ~$5.27 billion (¥787.3 billion) net loss for fiscal 2008, then the largest ever by a Japanese manufacturer. Under Takashi Kawamura and Hiroaki Nakanishi it cut loss-making consumer businesses, and later leaders sold listed subsidiaries such as Hitachi Chemical (2020), Hitachi Metals (2023), and a controlling stake in Hitachi Construction Machinery (2022). Revenue dipped from ~$72.9 billion (¥10.88 trillion) in FY2022 to ~$65.2 billion (¥9.73 trillion) in FY2023 as those units left, then climbed back to ~$71 billion (¥10.59 trillion) in FY2025 on organic growth. FY2025 adjusted EBITA was a record ~$8.78 billion (¥1.31 trillion) (12.4% margin) and net income was ~$5.38 billion (¥802.3 billion), up about 30%. In Q1 FY2026 (April-June 2026) revenue rose 20% to ~$18.2 billion (¥2,709.6 billion), helped by currency, and management raised full-year guidance.
Revenue and profit by year
BNP Paribas
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.9B | ~$13.8B | 23.9% | +4.9% | Source |
| FY2024 | ~$55.2B | ~$13.2B | 23.9% | +6.4% | Source |
| FY2023 | ~$51.8B | ~$12.4B | 23.9% | -9.0% | Source |
| FY2022 | ~$57B | ~$11.5B | 20.2% | +9.0% | Source |
| FY2021 | ~$52.2B | ~$10.7B | 20.5% | — | Source |
Where the revenue comes from
BNP Paribas
- Commercial, Personal Banking & Services
largest division
CPBS revenue was ~$30.2 billion (€26.717 billion) in FY2025, from the four domestic retail banks, Personal Finance, Arval, Leasing Solutions and Nickel.
- Corporate & Institutional Banking
second-largest division
CIB revenue was ~$21.5 billion (€18.997 billion) in FY2025 and ~$5.97 billion (€5.281 billion) in the second quarter of 2026, up 12.7%.
- Investment & Protection Services
fee and insurance stream
IPS revenue, including AXA IM from July 2025, was ~$7.83 billion (€6.929 billion) in FY2025.
Hitachi
- Digital Systems & Services
Reported sector
Japanese IT systems for finance and government, GlobalLogic digital engineering, cloud and managed services, and Lumada solutions.
- Energy
Reported sector
Hitachi Energy grid infrastructure, HVDC, transformers, and related service contracts.
- Mobility
Reported sector
Hitachi Rail trains, signalling and train control (including former Thales GTS), and maintenance.
- Connective Industries
Reported sector
Building systems, industrial products and systems, Hitachi High-Tech, and, until its sale, home appliances.
Business model and strategy
BNP Paribas
How it makes money
BNP Paribas is a universal bank: it lends to households and companies and earns interest on that lending, collects fees on payments, advisory work, asset management and custody, earns insurance and leasing income, and books trading revenue in global markets.
Growth strategy
Recent growth has come from targeted deals and partnerships. BNP Paribas Cardif bought AXA Investment Managers for ~$5.76 billion (€5.1 billion) in July 2025 and agreed to manage a large part of AXA's assets. Arval completed its purchase of Athlon from Mercedes-Benz Group on 31 July 2026, taking its combined fleet to 2.3 million vehicles.
Competitive advantage
BNP Paribas's edge is diversification at scale. Four domestic retail networks supply deposits and client relationships; CIB serves many of the same companies with financing, hedging and capital-markets work; and Cardif, asset management and Arval add insurance, fee and lease income that depends less on interest rates.
Hitachi
How it makes money
Hitachi is a B2B infrastructure and IT company. It sells long-lived physical assets (transformers, HVDC converter stations, trains, signalling, elevators, semiconductor metrology tools) and then earns recurring service, maintenance, and software revenue on that installed base. Lumada is the umbrella for the data, AI, and digital services layered on top, and Hitachi reports Lumada as a growing share of total revenue.
Growth strategy
Hitachi grows by attaching software and services to its installed base and by reshaping its portfolio. It is expanding Hitachi Energy factory capacity for transformers and HVDC, integrating Thales GTS into Hitachi Rail, and scaling Lumada through GlobalLogic and AI partnerships.
Competitive advantage
Hitachi's edge is owning both the operational technology and the IT. Hitachi Energy (built on ABB's former Power Grids business) is one of a handful of suppliers able to deliver HVDC links and large power transformers at scale, Hitachi Rail became a top-tier signalling supplier after buying Thales GTS in 2024, and GlobalLogic plus Hitachi's Japanese IT business supply the software.
Questions about BNP Paribas vs Hitachi
Which company has higher revenue — BNP Paribas SA or Hitachi, Ltd.?
BNP Paribas SA reported ~$57.9B (FY2025), while Hitachi, Ltd. reported ~$70.9B (FY2026). By last reported revenue, Hitachi, Ltd. is the larger business, with BNP Paribas SA 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 BNP Paribas SA vs Hitachi, Ltd.?
BNP Paribas SA's market capitalisation stands at $129.4B, while Hitachi, Ltd.'s is $157.8B. Hitachi, Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to BNP Paribas SA.
Which is more financially efficient — BNP Paribas SA or Hitachi, Ltd.?
BNP Paribas SA generates $322k / employee in revenue per employee, while Hitachi, Ltd. generates $246k / employee. BNP Paribas SA 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 BNP Paribas SA and Hitachi, Ltd. make money?
BNP Paribas SA and Hitachi, Ltd. generate revenue in fundamentally different ways. BNP Paribas SA: BNP Paribas is a universal bank: it lends to households and companies and earns interest on that lending, collects fees on payments, advisory work, asset management and custody, earns insurance and leasing income, and books trading revenue in global markets. Hitachi, Ltd.: Hitachi is a B2B infrastructure and IT company.
Which company is valued higher relative to revenue — BNP Paribas SA or Hitachi, Ltd.?
On a price-to-sales (P/S) basis, BNP Paribas SA trades at 2.2x P/S and Hitachi, Ltd. at 2.2x P/S. BNP Paribas SA commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Hitachi, Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BNP Paribas SA bigger than Hitachi, Ltd.?
By last reported revenue, Hitachi, Ltd. (~$70.9B (FY2026)) is the larger company compared to BNP Paribas SA (~$57.9B (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 BNP Paribas vs Hitachi overview