BP vs TotalEnergies: Revenue, Profit and Business Model
BP reported $189.3B of revenue in FY2025 and $55M of net income. TotalEnergies reported $201.2B of revenue in FY2025 and $13.1B 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
TotalEnergies
- Latest revenue
- $201.2B (FY2025)
- Net income
- $13.1B
- Net margin
- 6.5%
- Revenue growth
- +5.2% a year, FY2016–FY2025
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.
TotalEnergies
TotalEnergies' 2025 results showed how much its earnings still track oil prices. Revenues from sales fell to $182.344 billion (total revenues including excise taxes of $201.2 billion), adjusted net income dropped 15% to $15.6 billion and IFRS net income attributable to shareholders was $13.1 billion. Cash flow slipped only 7% to nearly $28 billion because upstream production grew about 4%. Gearing ended 2025 at 15%, ROACE was 12.6% and the 2025 dividend rose 5.6% to €3.40 per share. In 2026, higher crude prices linked to the Middle East conflict reversed the trend: second-quarter adjusted net income reached $6.0 billion, cash flow $9.8 billion and first-half adjusted net income about $11.4 billion.
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 |
TotalEnergies
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201.2B | $13.1B | 6.5% | -6.2% | Source |
| FY2024 | $214.6B | $15.8B | 7.3% | -9.5% | Source |
| FY2023 | $237.1B | $21.4B | 9.0% | -15.6% | Source |
| FY2022 | $281B | $20.5B | 7.3% | +36.5% | Source |
| FY2021 | $205.9B | $16B | 7.8% | +46.3% | Source |
| FY2020 | $140.7B | -$7.2B | -5.1% | -29.8% | Source |
| FY2019 | $200.3B | $11.3B | 5.6% | -4.3% | Source |
| FY2018 | $209.4B | $11.4B | 5.5% | +40.4% | Source |
| FY2017 | $149.1B | $8.6B | 5.8% | +16.6% | Source |
| FY2016 | $127.9B | $6.2B | 4.8% | — | 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.
TotalEnergies
- Exploration & Production
Not disclosed here
Sales of crude oil and gas from about 2.5 million boe per day of 2025 production.
- Integrated LNG
Not disclosed here
Liquefaction, shipping, trading and sale of LNG and gas under long-term and spot contracts.
- Integrated Power
Not disclosed here
Wholesale and retail electricity from renewables, gas-fired plants and storage, plus retail gas supply.
- Refining & Chemicals
Not disclosed here
Refined fuels, polymers and petrochemicals from integrated industrial platforms.
- Marketing & Services
Not disclosed here
Retail and B2B sales of fuels, lubricants, aviation fuel and EV charging.
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.
TotalEnergies
How it makes money
TotalEnergies makes money across five reporting segments. Exploration & Production sells crude oil and gas from about 2.5 million barrels of oil equivalent per day of output. Integrated LNG liquefies, ships, trades and sells gas from projects in Qatar, the U.S., Nigeria, Australia, Papua New Guinea and elsewhere.
Growth strategy
TotalEnergies' strategy centers on low-cost oil and gas production, LNG integration, disciplined downstream operations, renewable power capacity, electricity customers, and cash returns to shareholders.
Competitive advantage
TotalEnergies has an integrated LNG platform, upstream assets across multiple basins, downstream and marketing positions, and a growing power portfolio. Its advantage is breadth across molecules, refined products, and electrons.
Questions about BP vs TotalEnergies
Which company has higher revenue — BP plc or TotalEnergies SE?
BP plc reported $189.3B (FY2025), while TotalEnergies SE reported $201.2B (FY2025). By last reported revenue, TotalEnergies SE is the larger business, with BP plc reporting a smaller revenue base.
What is the market cap of BP plc vs TotalEnergies SE?
BP plc's market capitalisation stands at $112.2B, while TotalEnergies SE's is $205.0B. TotalEnergies SE 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 TotalEnergies SE?
BP plc generates $2.02M / employee in revenue per employee, while TotalEnergies SE generates $2.01M / 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 TotalEnergies SE make money?
BP plc and TotalEnergies SE generate revenue in fundamentally different ways. BP plc: BP earns money at each stage of the oil and gas chain. TotalEnergies SE: TotalEnergies makes money across five reporting segments.
Which company is valued higher relative to revenue — BP plc or TotalEnergies SE?
On a price-to-sales (P/S) basis, BP plc trades at 0.6x P/S and TotalEnergies SE at 1.0x P/S. TotalEnergies SE 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 TotalEnergies SE?
By last reported revenue, TotalEnergies SE ($201.2B (FY2025)) is the larger company compared to BP plc ($189.3B (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 TotalEnergies overview