BNP Paribas vs Roche: Revenue, Profit and Business Model
BNP Paribas reported ~$57.9B of revenue in FY2025 and ~$13.8B of net income. Roche reported ~$76B of revenue in FY2025 and ~$15.5B 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
Roche
- Latest revenue
- ~$76B (FY2025)
- Net income
- ~$15.5B
- Net margin
- 20.3%
- Revenue growth
- -1.0% a year, FY2021–FY2025
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.
Roche
Roche's 2025 group sales were ~$73.8 billion (CHF 61.5 billion), up 7% at constant exchange rates but only 2% in Swiss francs. Core operating profit grew 13% CER to ~$26.2 billion (CHF 21.8 billion), core EPS was CHF 19.46, and IFRS net income jumped to ~$16.6 billion (CHF 13.8 billion) from ~$11 billion (CHF 9.2 billion) in 2024, when impairments depressed profit. In H1 2026 core operating margin widened 1.7 points to 39.0%, while a strong franc pushed reported sales down 2%. The board raised the dividend to CHF 9.80, the 39th consecutive increase, and guided for mid-single-digit CER sales growth and high-single-digit core EPS growth in 2026.
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.
Roche
- Prescription medicines
- Biologics and oncology drugs
- Diagnostic instruments
- Diagnostic reagents and tests
- Sequencing and molecular diagnostics
- Clinical data and companion diagnostics
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.
Roche
How it makes money
Roche makes money in two ways. The Pharmaceuticals Division (~$57.2 billion (CHF 47.7 billion) in 2025) sells patented medicines, mostly biologics, in oncology, neuroscience, immunology, ophthalmology and haemophilia; top growth drivers in 2025 were Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo.
Growth strategy
Roche is building a cardiovascular, renal and metabolic franchise through acquisitions of Carmot Therapeutics (2023, $2.7 billion upfront) and 89bio (2025, up to about $3.5 billion), the petrelintide partnership with Zealand Pharma, and a new Innovation Center in Boston opened in September 2026.
Competitive advantage
Roche's edge comes from three things: scale in both drugs and diagnostics, a long-horizon ownership structure, and a federated R&D model. The Hoffmann and Oeri family pool holds the majority of voting shares, which shields management from takeover pressure.
Questions about BNP Paribas vs Roche
Which company has higher revenue — BNP Paribas SA or F. Hoffmann-La Roche AG?
BNP Paribas SA reported ~$57.9B (FY2025), while F. Hoffmann-La Roche AG reported ~$76B (FY2025). By last reported revenue, F. Hoffmann-La Roche AG is the larger business, with BNP Paribas SA reporting a smaller revenue base.
What is the market cap of BNP Paribas SA vs F. Hoffmann-La Roche AG?
BNP Paribas SA's market capitalisation stands at $129.4B, while F. Hoffmann-La Roche AG's is $355.0B. F. Hoffmann-La Roche AG 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 F. Hoffmann-La Roche AG?
BNP Paribas SA generates $322k / employee in revenue per employee, while F. Hoffmann-La Roche AG generates $674k / employee. F. Hoffmann-La Roche AG 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 F. Hoffmann-La Roche AG make money?
BNP Paribas SA and F. Hoffmann-La Roche AG 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. F. Hoffmann-La Roche AG: Roche makes money in two ways.
Which company is valued higher relative to revenue — BNP Paribas SA or F. Hoffmann-La Roche AG?
On a price-to-sales (P/S) basis, BNP Paribas SA trades at 2.2x P/S and F. Hoffmann-La Roche AG at 4.7x P/S. F. Hoffmann-La Roche AG 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 F. Hoffmann-La Roche AG?
By last reported revenue, F. Hoffmann-La Roche AG (~$76B (FY2025)) 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 Roche overview