Bristol-Myers Squibb vs NVIDIA: Revenue, Profit and Business Model
Bristol-Myers Squibb reported $48.2B of revenue in FY2025 and $7.1B of net income. NVIDIA reported $215.9B of revenue in FY2026 and $120.1B of net income.
Latest financial snapshot
Bristol-Myers Squibb
- Latest revenue
- $48.2B (FY2025)
- Net income
- $7.1B
- Net margin
- 14.6%
- Revenue growth
- +10.6% a year, FY2016–FY2025
NVIDIA
- Latest revenue
- $215.9B (FY2026)
- Net income
- $120.1B
- Net margin
- 55.6%
- Revenue growth
- +46.6% a year, FY2017–FY2026
Financial summary
Bristol-Myers Squibb
Revenue grew from $19.4 billion in 2016 to $42.5 billion in 2020 as Celgene's sales were added, and has stayed between $45.0 billion and $48.3 billion since 2021. Net earnings are far less stable because BMS expenses acquired in-process R&D: the $11.4 billion MyoKardia charge produced a $9.0 billion net loss in 2020, and the Karuna charge produced an $8.9 billion loss in 2024. Cash generation is steadier, with free cash flow of about $12.8 billion in 2025. That cash funds a dividend raised for a 17th straight year in February 2026, to $0.63 a quarter, and debt reduction, from $51.2 billion at the end of 2024 to $47.2 billion a year later. On July 30, 2026 BMS raised its 2026 revenue guidance to $49.0 to $50.0 billion, from $46.0 to $47.5 billion, after second-quarter revenue rose 6 percent to $12.97 billion.
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 net income was $120.1B. Growth sped up again in fiscal 2027: Q1 revenue was $81.6B and Q2 (ended July 26, 2026) was $96.2B, up 106% year over year, with a 75.0% gross margin and $59.7B GAAP net income. Guidance for Q3 FY2027 is $108.0B, plus or minus 2%, and assumes no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2. In May 2026 it raised the quarterly dividend to $0.25 from $0.01, and on September 28, 2026 it added $150B to its buyback authorization.
Revenue and profit by year
Bristol-Myers Squibb
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $48.2B | $7.1B | 14.6% | -0.2% | Source |
| FY2024 | $48.3B | -$8.9B | -18.5% | +7.3% | Source |
| FY2023 | $45B | $8B | 17.8% | -2.5% | Source |
| FY2022 | $46.2B | $6.3B | 13.7% | -0.5% | Source |
| FY2021 | $46.4B | $7B | 15.1% | +9.1% | Source |
| FY2020 | $42.5B | -$9B | -21.2% | +62.6% | Source |
| FY2019 | $26.1B | $3.4B | 13.2% | +15.9% | Source |
| FY2018 | $22.6B | $4.9B | 21.8% | +8.6% | Source |
| FY2017 | $20.8B | $1B | 4.8% | +6.9% | Source |
| FY2016 | $19.4B | $4.5B | 22.9% | — | Source |
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | Source |
Where the revenue comes from
Bristol-Myers Squibb
- Growth Portfolio~55%
$26.4 billion in 2025, up 17%: Opdivo, Opdivo Qvantig, Orencia, Yervoy, Reblozyl, Breyanzi, Opdualag, Camzyos, Sotyktu, Cobenfy, Krazati and other newer brands. It grew another 15% to $7.56 billion in the second quarter of 2026.
- Legacy Portfolio~45%
$21.8 billion in 2025: Eliquis ($14.4 billion), Revlimid ($3.0 billion), Pomalyst/Imnovid ($2.7 billion), Sprycel, Abraxane and other mature brands facing generic competition. Legacy revenue fell 4% in the second quarter of 2026.
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
Business model and strategy
Bristol-Myers Squibb
How it makes money
BMS discovers, licenses or buys drug candidates, takes them through clinical trials, and sells approved medicines under patent protection to wholesalers, specialty pharmacies and hospitals. Net product sales were $46.8 billion of the $48.2 billion total in 2025; alliance, royalty and other revenues made up the remaining $1.4 billion, including royalties from Merck on Winrevair.
Growth strategy
BMS is pursuing growth on three fronts. First, scaling the Growth Portfolio (Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, Opdualag, Cobenfy and others), which rose 17 percent to $26.4 billion in 2025 and 15 percent to $7.56 billion in the second quarter of 2026.
Competitive advantage
BMS's advantage is its expertise in oncology and its large commercial and regulatory organization. Developing a cancer immunotherapy is complex, and winning approval from regulators and getting doctors to prescribe it requires an established global sales and regulatory team.
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
Questions about Bristol-Myers Squibb vs NVIDIA
Which company has higher revenue — Bristol-Myers Squibb Company or NVIDIA Corporation?
Bristol-Myers Squibb Company reported $48.2B (FY2025), while NVIDIA Corporation reported $215.9B (FY2026). By last reported revenue, NVIDIA Corporation is the larger business, with Bristol-Myers Squibb Company 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 Bristol-Myers Squibb Company vs NVIDIA Corporation?
Bristol-Myers Squibb Company's market capitalisation stands at $127.5B, while NVIDIA Corporation's is $5.45T. NVIDIA Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bristol-Myers Squibb Company.
Which is more financially efficient — Bristol-Myers Squibb Company or NVIDIA Corporation?
Bristol-Myers Squibb Company generates $1.48M / employee in revenue per employee, while NVIDIA Corporation generates $5.14M / employee. NVIDIA Corporation 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 Bristol-Myers Squibb Company and NVIDIA Corporation make money?
Bristol-Myers Squibb Company and NVIDIA Corporation generate revenue in fundamentally different ways. Bristol-Myers Squibb Company: BMS discovers, licenses or buys drug candidates, takes them through clinical trials, and sells approved medicines under patent protection to wholesalers, specialty pharmacies and hospitals. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC.
Which company is valued higher relative to revenue — Bristol-Myers Squibb Company or NVIDIA Corporation?
On a price-to-sales (P/S) basis, Bristol-Myers Squibb Company trades at 2.6x P/S and NVIDIA Corporation at 25.2x P/S. NVIDIA Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bristol-Myers Squibb Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bristol-Myers Squibb Company bigger than NVIDIA Corporation?
By last reported revenue, NVIDIA Corporation ($215.9B (FY2026)) is the larger company compared to Bristol-Myers Squibb Company ($48.2B (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 Bristol-Myers Squibb vs NVIDIA overview