BNP Paribas vs Microsoft: Revenue, Profit and Business Model
BNP Paribas reported ~$57.9B of revenue in FY2025 and ~$13.8B of net income. Microsoft reported $331.8B of revenue in FY2026 and $133.7B 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
Microsoft
- Latest revenue
- $331.8B (FY2026)
- Net income
- $133.7B
- Net margin
- 40.3%
- Revenue growth
- +14.7% a year, FY2017–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.
Microsoft
Microsoft's FY2026 revenue rose 17.8% to $331.8 billion, operating income rose 21% to $155.2 billion, and GAAP net income rose 31% to $133.7 billion. Fourth-quarter revenue was $90.0 billion (up 18%) with net income of $35.8 billion, helped by a $3.2 billion gain on its Anthropic investment. Microsoft Cloud revenue reached $59.3 billion in Q4, up 27%. The main pressure point is capital intensity: AI data center spending has pushed free cash flow growth well below earnings growth.
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 |
Microsoft
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $331.8B | $133.7B | 40.3% | +17.8% | Source |
| FY2025 | $281.7B | $101.8B | 36.1% | +14.9% | Source |
| FY2024 | $245.1B | $88.1B | 36.0% | +15.7% | Source |
| FY2023 | $211.9B | $72.4B | 34.1% | +6.9% | Source |
| FY2022 | $198.3B | $72.7B | 36.7% | +18.0% | Source |
| FY2021 | $168.1B | $61.3B | 36.5% | +17.5% | Source |
| FY2020 | $143B | $44.3B | 31.0% | +13.6% | Source |
| FY2019 | $125.8B | $39.2B | 31.2% | +14.0% | Source |
| FY2018 | $110.4B | $16.6B | 15.0% | +14.3% | Source |
| FY2017 | $96.6B | $25.5B | 26.4% | — | 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.
Microsoft
- Productivity And Business ProcessesMajor
Office, Microsoft 365, LinkedIn, Dynamics, and related cloud services.
- Intelligent CloudMajor
Azure, server products, enterprise services, and cloud infrastructure.
- More Personal ComputingMajor
Windows, devices, gaming, search, and advertising.
- AI Services And CopilotsGrowth
AI features and model-powered services embedded across Azure, Microsoft 365, GitHub, security, and developer tools.
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.
Microsoft
How it makes money
Microsoft reports three segments. Intelligent Cloud covers Azure, SQL Server, Windows Server, GitHub, Nuance, and enterprise services; server products and cloud services alone brought in $129.4 billion in FY2026, and Azure passed $100 billion in annual revenue for the first time.
Growth strategy
Microsoft's growth plan centers on AI capacity and AI subscriptions. It is spending heavily on data centers and chips to meet Azure demand that management says remains capacity constrained, and it is selling Microsoft 365 Copilot as a paid add-on, which passed 30 million paid seats by the end of FY2026.
Competitive advantage
Microsoft's main advantage is distribution inside enterprises. Identity (Entra), email and documents (Microsoft 365), collaboration (Teams), developer tools (GitHub, Visual Studio), and cloud infrastructure (Azure) are often bought together, which raises switching costs and lets Microsoft attach new products such as Copilot to existing contracts.
Questions about BNP Paribas vs Microsoft
Which company has higher revenue — BNP Paribas SA or Microsoft Corporation?
BNP Paribas SA reported ~$57.9B (FY2025), while Microsoft Corporation reported $331.8B (FY2026). By last reported revenue, Microsoft Corporation 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 Microsoft Corporation?
BNP Paribas SA's market capitalisation stands at $129.4B, while Microsoft Corporation's is $3.83T. Microsoft Corporation 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 Microsoft Corporation?
BNP Paribas SA generates $322k / employee in revenue per employee, while Microsoft Corporation generates $1.49M / employee. Microsoft 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 BNP Paribas SA and Microsoft Corporation make money?
BNP Paribas SA and Microsoft Corporation 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. Microsoft Corporation: Microsoft reports three segments.
Which company is valued higher relative to revenue — BNP Paribas SA or Microsoft Corporation?
On a price-to-sales (P/S) basis, BNP Paribas SA trades at 2.2x P/S and Microsoft Corporation at 11.5x P/S. Microsoft Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BNP Paribas SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BNP Paribas SA bigger than Microsoft Corporation?
By last reported revenue, Microsoft Corporation ($331.8B (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 Microsoft overview