BP vs Mastercard: Revenue, Profit and Business Model

BP reported $189.3B of revenue in FY2025 and $55M of net income. Mastercard reported $32.8B of revenue in FY2025 and $15B of net income.

Latest financial snapshot

BP

Latest revenue: $189.3B (FY2025)
Net income: $55M
Net margin: 0.0%
Revenue growth: -5.1% a year, FY2023–FY2025

Mastercard

Latest revenue: $32.8B (FY2025)
Net income: $15B
Net margin: 45.6%
Revenue growth: +13.2% a year, FY2016–FY2025

Financial summary

BP's 2025 revenue was $189.3 billion, nearly flat on 2024's $189.2 billion and below 2023's $210.1 billion. Underlying replacement-cost profit, the measure BP and analysts use to strip out inventory effects and one-off items, fell to $7.5 billion from $8.9 billion in 2024 as oil prices weakened, and profit attributable to shareholders was just $55 million after fourth-quarter charges. Operating cash flow was $24.5 billion and net debt ended the year at $22.2 billion. In February 2026 the board suspended buybacks so surplus cash could go to the balance sheet. Higher oil and gas prices linked to the conflict involving Iran, plus strong trading, lifted underlying replacement-cost profit to $3.2 billion in Q1 2026 and $5.7 billion in Q2 2026. With the Q2 results BP raised its quarterly dividend 4% to 8.66 cents per share and guided to $13.5-14 billion of capital spending for 2026.

Mastercard

Mastercard's net revenue grew from $10.8 billion in 2016 to $32.8 billion in FY2025, with net income of $14.97 billion in FY2025, a net margin near 46%. Growth continued in 2026: second-quarter net revenue rose 14% to $9.28 billion and net income reached $4.39 billion, with a GAAP operating margin of 60.2%. Because incremental transactions cost little to process, most of that cash goes to share buybacks, dividends and acquisitions such as Recorded Future ($2.65 billion, 2024) and BVNK (up to $1.8 billion, 2026).

Revenue and profit by year

BP

BP revenue, net income, margin and growth by fiscal year
Year	Revenue	Net income	Margin	Growth	Source
FY2025	$189.3B	$55M	0.0%	+0.1%	Source
FY2024	$189.2B	$381M	0.2%	-10.0%	Source
FY2023	$210.1B	$15.2B	7.3%	—	Source

Full BP financials

Mastercard

Mastercard revenue, net income, margin and growth by fiscal year
Year	Revenue	Net income	Margin	Growth	Source
FY2025	$32.8B	$15B	45.6%	+16.4%	Source
FY2024	$28.2B	$12.9B	45.7%	+12.2%	Source
FY2023	$25.1B	$11.2B	44.6%	+12.9%	Source
FY2022	$22.2B	$9.9B	44.7%	+17.8%	Source
FY2021	$18.9B	$8.7B	46.0%	+23.4%	Source
FY2020	$15.3B	$6.4B	41.9%	-9.4%	Source
FY2019	$16.9B	$8.1B	48.1%	+12.9%	Source
FY2018	$14.9B	$5.9B	39.2%	+19.6%	Source
FY2017	$12.5B	$3.9B	31.3%	+16.0%	Source
FY2016	$10.8B	$4.1B	37.7%	—	Source

Full Mastercard financials

Where the revenue comes from

BP

Upstream oil and gas production
Not formally reported
Sales of crude oil, natural gas and LNG from BP-operated and partner fields in the Gulf of America, North Sea, Brazil, Middle East, Azerbaijan, Trinidad, Egypt and US onshore basins. Reported as the Upstream segment from July 1, 2026.
Refining and fuels marketing
Not formally reported
Refined products such as gasoline, diesel and jet fuel sold wholesale and through about 21,000 BP, Amoco, ARCO and Aral retail sites. This is where most of BP's $189.3B of 2025 sales revenue is booked, because it includes resold crude and products.
Convenience, lubricants and EV charging
Not formally reported
Higher-margin non-fuel income from convenience stores (ampm, Thorntons, TravelCenters of America, M&S Food in the UK), Castrol lubricants (BP's share falls to 35% once the Stonepeak sale closes) and bp pulse charging.
Supply, trading and shipping
Not formally reported
Physical and financial trading of crude, products, gas, LNG and power that optimises BP's own flows and earns trading margins; strong trading was a major driver of the $5.7B Q2 2026 underlying profit.
Low-carbon energy
Not formally reported
Smaller revenue from renewable natural gas (Archaea Energy), biofuels, and BP's 50% share of offshore wind joint venture JERA Nex bp.

Mastercard

Payment network~59%
Assessments on gross dollar volume, transaction switching fees and cross-border fees, net of customer incentives. About $19.48 billion in FY2025.
Value-added services and solutions~41%
Fraud and security, cyber and threat intelligence, data analytics, consulting, loyalty, open banking and processing services. Grew 23% in FY2025 to about $13.3 billion.

Business model and strategy

BP

How it makes money

BP earns money at each stage of the oil and gas chain. Upstream, it finds and produces crude oil and natural gas in the Gulf of America (Gulf of Mexico), the North Sea, Brazil, Iraq, Azerbaijan, Oman, Trinidad, Egypt and US onshore basins; output averaged 2.3 million barrels of oil equivalent per day in Q1 2026 and 2.2 million in Q2 2026.

Growth strategy

BP's current strategy dates from its February 2025 reset, which raised upstream oil and gas investment to about $10 billion a year, cut planned spending on transition businesses to $1.5-2 billion a year, and set targets of $20 billion of divestments and $14-18 billion of net debt by 2027.

Competitive advantage

BP's edge rests on three things that are hard to copy. The first is deepwater know-how and infrastructure, including five operated production hubs in the Gulf of America and a growing position offshore Brazil. The second is one of the industry's largest supply, trading and shipping businesses, which turned volatile oil and gas prices into profit in Q2 2026.

BP business model in full

Mastercard

How it makes money

Mastercard earns money in two ways. Payment network revenue ($19.48 billion in FY2025, about 59% of net revenue) comes from assessments based on gross dollar volume, fees for switching transactions, and higher-yield cross-border fees, reduced by incentives paid to issuers and merchants.

Growth strategy

Mastercard's growth plan rests on three levers: moving more consumer spending from cash to cards and tokenized digital wallets, capturing new flows such as B2B payments, disbursements and cross-border remittances, and selling more services that are not tied to card volume. Services grew 23% in FY2025, faster than the network.

Competitive advantage

Mastercard's advantage is a two-sided network that took decades to build: about 3.7 billion Mastercard and Maestro cards issued by partners and acceptance at tens of millions of merchant locations worldwide. A new rival would need both sides at once. That scale also feeds its fraud models, tokenization service and data products, which makes the services business harder to copy.

Mastercard business model in full

Questions about BP vs Mastercard

Which company has higher revenue — BP plc or Mastercard Incorporated?

BP plc reported $189.3B (FY2025), while Mastercard Incorporated reported $32.8B (FY2025). By last reported revenue, BP plc is the larger business, with Mastercard Incorporated reporting a smaller revenue base.

What is the market cap of BP plc vs Mastercard Incorporated?

BP plc's market capitalisation stands at $112.2B, while Mastercard Incorporated's is $495.4B. Mastercard Incorporated carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to BP plc.

Which is more financially efficient — BP plc or Mastercard Incorporated?

BP plc generates $2.02M / employee in revenue per employee, while Mastercard Incorporated generates $824k / employee. BP plc 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 BP plc and Mastercard Incorporated make money?

BP plc and Mastercard Incorporated generate revenue in fundamentally different ways. BP plc: BP earns money at each stage of the oil and gas chain. Mastercard Incorporated: Mastercard earns money in two ways.

Which company is valued higher relative to revenue — BP plc or Mastercard Incorporated?

On a price-to-sales (P/S) basis, BP plc trades at 0.6x P/S and Mastercard Incorporated at 15.1x P/S. Mastercard Incorporated commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BP plc. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.

Is BP plc bigger than Mastercard Incorporated?

By last reported revenue, BP plc ($189.3B (FY2025)) is the larger company compared to Mastercard Incorporated ($32.8B (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 BP vs Mastercard overview