BP vs Walmart: Revenue, Profit and Business Model
BP reported $189.3B of revenue in FY2025 and $55M of net income. Walmart reported $713.2B of revenue in FY2026 and $21.9B 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.
Walmart
Walmart's FY2026 total revenues rose 4.7% to $713.2 billion and net income attributable to Walmart rose to $21.9 billion from $19.4 billion in FY2025. In Q2 FY27 (quarter ended July 31, 2026), total revenues rose 5.9% to $187.9 billion and adjusted EPS was $0.81 versus $0.68 a year earlier. Adjusted operating income growth of about 17% in constant currency included a benefit from roughly $2.9 billion in IEEPA tariff refunds, much of which Walmart said it reinvested in prices. Walmart raised its full-year sales and operating income growth guidance with the Q2 report.
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 |
Walmart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $713.2B | $21.9B | 3.1% | +4.7% | Source |
| FY2025 | $681B | $19.4B | 2.9% | +5.1% | Source |
| FY2024 | $648.1B | $15.5B | 2.4% | +6.0% | Source |
| FY2023 | $611.3B | $11.7B | 1.9% | +6.7% | Source |
| FY2022 | $572.8B | $13.7B | 2.4% | +2.4% | Source |
| FY2021 | $559.2B | $13.5B | 2.4% | +6.7% | Source |
| FY2020 | $524B | $14.9B | 2.8% | +1.9% | Source |
| FY2019 | $514.4B | $6.7B | 1.3% | +2.8% | Source |
| FY2018 | $500.3B | $9.9B | 2.0% | +3.0% | Source |
| FY2017 | $485.9B | $13.6B | 2.8% | — | 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.
Walmart
- Walmart U.S.
Largest segment, roughly two-thirds of revenue
U.S. supercenters, discount stores, Neighborhood Markets, Walmart.com, marketplace, and Walmart Connect.
- Walmart International
Second-largest segment
Operations including Walmex in Mexico and Central America, Flipkart in India, Walmart Canada, and Walmart China.
- Sam's Club U.S.
Smallest segment
Membership warehouse club sales, fuel, and membership fees.
- Advertising, Membership, and Marketplace Services
Higher-margin income across segments
Global advertising grew 38% and membership fee revenue 17% in Q2 FY27.
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.
Walmart
How it makes money
Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce. Walmart U.S. is the largest segment at roughly two-thirds of revenue, followed by Walmart International (including Walmex, Flipkart, Walmart Canada, and Walmart China) and Sam's Club U.S.
Growth strategy
Walmart is pushing store-fulfilled delivery, marketplace assortment, advertising, and membership while keeping its price position. In Q2 FY27 it reported 23% global ecommerce growth, 38% global advertising growth, 17% higher membership fee revenue, and U.S. marketplace sales up 52%.
Competitive advantage
Walmart's edge is purchasing scale, a dense U.S. store network that doubles as a fulfillment network, frequent grocery trips, and first-party purchase data that supports its advertising business.
Questions about BP vs Walmart
Which company has higher revenue — BP plc or Walmart Inc.?
BP plc reported $189.3B (FY2025), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. is the larger business, with BP plc reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of BP plc vs Walmart Inc.?
BP plc's market capitalisation stands at $112.2B, while Walmart Inc.'s is $790.0B. Walmart 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 Walmart Inc.?
BP plc generates $2.02M / employee in revenue per employee, while Walmart Inc. generates $340k / 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 Walmart Inc. make money?
BP plc and Walmart Inc. generate revenue in fundamentally different ways. BP plc: BP earns money at each stage of the oil and gas chain. Walmart Inc.: Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce.
Which company is valued higher relative to revenue — BP plc or Walmart Inc.?
On a price-to-sales (P/S) basis, BP plc trades at 0.6x P/S and Walmart Inc. at 1.1x P/S. Walmart 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 Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (FY2026)) 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 Walmart overview