BP vs Twilio: Revenue, Profit and Business Model
BP reported $189.3B of revenue in FY2025 and $55M of net income. Twilio reported $5.1B of revenue in FY2025 and $33.8M 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.
Twilio
Twilio moved from heavy losses to profit in three years. Net loss attributable to common stockholders was $1.256 billion in 2022 and $1.015 billion in 2023, narrowed to $109.4 million in 2024, and turned into net income of $33.8 million in 2025 on revenue of $5.067 billion. In Q2 2026 Twilio reported revenue of $1.499 billion, GAAP income from operations of $84.5 million, non-GAAP income from operations of $284.6 million, and record free cash flow of $352.6 million. Q2 2026 GAAP net income of $1.067 billion was inflated by a one-time, non-cash release of a valuation allowance on U.S. deferred tax assets worth $5.91 per diluted share. Dollar-based net expansion improved to 116% from 108% a year earlier. A $2.0 billion buyback authorized in January 2025 continues the capital-return program that followed a $3.0 billion repurchase plan.
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 |
Twilio
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.1B | $33.8M | 0.7% | +13.7% | Source |
| FY2024 | $4.5B | -$109.4M | -2.5% | +7.3% | Source |
| FY2023 | $4.2B | -$1B | -24.4% | +8.6% | Source |
| FY2022 | $3.8B | -$1.3B | -32.8% | +34.6% | Source |
| FY2021 | $2.8B | -$949.9M | -33.4% | +61.3% | Source |
| FY2020 | $1.8B | -$491M | -27.9% | +55.3% | Source |
| FY2019 | $1.1B | -$307.1M | -27.1% | +74.5% | Source |
| FY2018 | $650.1M | -$121.9M | -18.8% | +62.9% | Source |
| FY2017 | $399M | -$63.7M | -16.0% | +43.9% | Source |
| FY2016 | $277.3M | -$41.3M | -14.9% | — | 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.
Twilio
- Core Communications (Messaging, Voice, Video)
Majority of revenue
High-volume, usage-based revenue from programmable messaging, voice, email, verification, and contact-center APIs. Messaging generated $2.878 billion in FY2025, while voice, email, Verify, Flex, and related products diversify Twilio beyond raw SMS routing.
- Customer Data and Engagement (Segment, CustomerAI)
Not separately disclosed
Subscription and consumption-hybrid revenue from Segment, CustomerAI, data activation, and engagement workflows. Twilio does not break this stream out as a standalone FY2025 revenue total in the headline financial profile.
- Email and Other (SendGrid, Verify, Flex)
Not separately disclosed
Revenue from SendGrid email, Verify, Flex, and adjacent engagement products that complement the core communications API platform.
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.
Twilio
How it makes money
Twilio makes most of its money from usage-based fees: customers pay per message, per voice minute, per email, or per verification sent through its APIs, so revenue rises with their traffic. Messaging alone generated $2.878 billion of FY2025 revenue.
Growth strategy
Twilio is positioning itself as communications and identity infrastructure for AI agents. Its plan combines usage growth in messaging and voice, cross-selling Segment customer data, Flex, and Verify to existing accounts, adding agent identity through the November 2025 Stytch acquisition, and keeping operating costs in check while returning cash through buybacks.
Competitive advantage
Twilio's advantage comes from developer mindshare, API breadth, carrier relationships, global routing, customer integrations, data products, and mission-critical communications workflows.
Questions about BP vs Twilio
Which company has higher revenue — BP plc or Twilio Inc.?
BP plc reported $189.3B (FY2025), while Twilio Inc. reported $5.1B (FY2025). By last reported revenue, BP plc is the larger business, with Twilio Inc. reporting a smaller revenue base.
What is the market cap of BP plc vs Twilio Inc.?
BP plc's market capitalisation stands at $112.2B, while Twilio Inc.'s is $37.8B. BP plc carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Twilio Inc..
Which is more financially efficient — BP plc or Twilio Inc.?
BP plc generates $2.02M / employee in revenue per employee, while Twilio Inc. generates $923k / 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 Twilio Inc. make money?
BP plc and Twilio Inc. generate revenue in fundamentally different ways. BP plc: BP earns money at each stage of the oil and gas chain. Twilio Inc.: Twilio makes most of its money from usage-based fees: customers pay per message, per voice minute, per email, or per verification sent through its APIs, so revenue rises with their traffic.
Which company is valued higher relative to revenue — BP plc or Twilio Inc.?
On a price-to-sales (P/S) basis, BP plc trades at 0.6x P/S and Twilio Inc. at 7.5x P/S. Twilio 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 Twilio Inc.?
By last reported revenue, BP plc ($189.3B (FY2025)) is the larger company compared to Twilio Inc. ($5.1B (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 Twilio overview