BP vs Qualcomm: Revenue, Profit and Business Model
BP reported $189.3B of revenue in FY2025 and $55M of net income. Qualcomm reported $44.3B of revenue in FY2025 and $5.5B of net income.
Latest financial snapshot
Financial summary
BP
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.
Qualcomm
Qualcomm's revenue has swung with the smartphone cycle: $44.2B in FY2022, $35.8B in FY2023, $39.0B in FY2024 and a record $44.284B in FY2025. FY2025 operating income was $12.355B, but GAAP net income dropped to $5.541B because of a large non-cash income tax charge booked in the September 2025 quarter. FY2026 has been tougher on the top line. Q2 revenue was $10.599B, and Q3 revenue fell 4% year over year to $9.9B with GAAP EPS of $1.87 and non-GAAP EPS of $2.21, as higher memory costs squeezed handset demand. QTL revenue was $1.3B in Q3. Qualcomm returned $2.3B to shareholders that quarter and guided Q4 FY2026 revenue to $9.7B-$10.5B.
Revenue and profit by year
BP
| 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 |
Qualcomm
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $44.3B | $5.5B | 12.5% | +13.7% | Source |
| FY2024 | $39B | $10.1B | 26.0% | +8.8% | Source |
| FY2023 | $35.8B | $7.2B | 20.2% | -19.0% | Source |
| FY2022 | $44.2B | $12.9B | 29.3% | +31.7% | Source |
| FY2021 | $33.6B | $9B | 26.9% | +42.6% | Source |
| FY2020 | $23.5B | $5.2B | 22.1% | -3.1% | Source |
| FY2019 | $24.3B | $4.4B | 18.1% | +7.4% | Source |
| FY2018 | $22.6B | -$5B | -22.0% | +1.6% | Source |
| FY2017 | $22.3B | $2.4B | 11.0% | -5.5% | Source |
| FY2016 | $23.6B | $5.7B | 24.2% | — | Source |
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.
Qualcomm
- QCT Handsets~63%
Snapdragon processors, modems and RF chips for smartphones: $27.793B in FY2025. Handset revenue fell 20% to $5.1B in Q3 FY2026 as memory costs hurt phone demand.
- QCT IoT~15%
Chips for industrial devices, networking, XR headsets, PCs and consumer electronics: $6.617B in FY2025 and $1.8B in Q3 FY2026.
- QCT Automotive~9%
Snapdragon Digital Chassis cockpit, ADAS and connectivity platforms: $3.957B in FY2025, up from $2.9B in FY2024, and $1.6B in Q3 FY2026 (up 61%).
- QTL Licensing and other~13%
Royalties on Qualcomm's cellular patents plus smaller strategic initiatives. QTL revenue was $1.3B in Q3 FY2026 at a 69% EBT margin, making it a disproportionate profit contributor.
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.
Qualcomm
How it makes money
Qualcomm earns money in two ways. QCT (Qualcomm CDMA Technologies) designs Snapdragon systems-on-chip, modems, RF front-end and Wi-Fi/Bluetooth chips and sells them to handset, automotive, PC and IoT customers; manufacturing is outsourced to foundries such as TSMC and Samsung. QCT produced $38.367B of FY2025 revenue, including $27.793B from handsets, $6.617B from IoT and $3.957B from automotive.
Growth strategy
Qualcomm's growth plan is to reuse Snapdragon's low-power compute, connectivity and AI engines outside phones. Automotive is the clearest win so far, with the Snapdragon Digital Chassis growing from $2.9B in FY2024 to $3.957B in FY2025 and $1.6B in Q3 FY2026 alone. Snapdragon X chips target Windows Copilot+ laptops. Industrial IoT and robotics carry a design-win pipeline above $7B.
Competitive advantage
Qualcomm's edge comes from pairing leading cellular modem and RF engineering with one of the largest portfolios of standard-essential wireless patents. That combination lets it sell integrated Snapdragon platforms (CPU, GPU, NPU, modem and RF) while still collecting royalties on phones that use rival chips. Its custom Oryon CPU cores, from the 2021 Nuvia deal, now run in both flagship phone and Windows PC chips.
Questions about BP vs Qualcomm
Which company has higher revenue — BP plc or Qualcomm Inc.?
BP plc reported $189.3B (FY2025), while Qualcomm Inc. reported $44.3B (FY2025). By last reported revenue, BP plc is the larger business, with Qualcomm Inc. reporting a smaller revenue base.
What is the market cap of BP plc vs Qualcomm Inc.?
BP plc's market capitalisation stands at $112.2B, while Qualcomm Inc.'s is $208.0B. Qualcomm Inc. 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 Qualcomm Inc.?
BP plc generates $2.02M / employee in revenue per employee, while Qualcomm Inc. generates $852k / 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 Qualcomm Inc. make money?
BP plc and Qualcomm Inc. generate revenue in fundamentally different ways. BP plc: BP earns money at each stage of the oil and gas chain. Qualcomm Inc.: Qualcomm earns money in two ways.
Which company is valued higher relative to revenue — BP plc or Qualcomm Inc.?
On a price-to-sales (P/S) basis, BP plc trades at 0.6x P/S and Qualcomm Inc. at 4.7x P/S. Qualcomm Inc. 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 Qualcomm Inc.?
By last reported revenue, BP plc ($189.3B (FY2025)) is the larger company compared to Qualcomm Inc. ($44.3B (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 Qualcomm overview