Adidas vs BYD: Revenue, Profit and Business Model
Adidas reported ~$28B of revenue in FY2025 and ~$1.5B of net income. BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income.
Latest financial snapshot
Financial summary
Adidas
Adidas reported a ~$84.7 million (EUR75 million) attributable net loss in 2023 after ending the Ye partnership, followed by attributable net income of ~$863 million (EUR764 million) in 2024 and ~$1.51 billion (EUR1.340 billion) in 2025. Sales rose from ~$24.2 billion (EUR21.427 billion) in 2023 to ~$28 billion (EUR24.811 billion) in 2025.
BYD
BYD's revenue grew more than fivefold in five years, from ~$21.8 billion (CN¥156.6 billion) in 2020 to ~$112 billion (CN¥803.96 billion) in 2025, as its new energy vehicle sales rose to 4.6 million units. Profit peaked in 2024 at about $5.59 billion (CN¥40.2 billion) and fell 19% in 2025 to ~$4.53 billion (CN¥32.62 billion) attributable to shareholders, BYD's first annual decline in four years, which the company linked to product mix changes and a lower gross margin. Gross margin slipped from 19.1% in 2024 to 17.5% in 2025. The first half of 2026 brought revenue of ~$47.9 billion (CN¥344.8 billion) (down 7.1%) and net profit of ~$1.71 billion (CN¥12.3 billion) (down 20.5%), although second-quarter profit rose year on year for the first time in five quarters on record exports. Overseas revenue of ~$25.2 billion (CN¥181.3 billion) overtook revenue from China for the first time.
Revenue and profit by year
Adidas
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$28B | ~$1.5B | 5.4% | +4.8% | Source |
| FY2024 | ~$26.8B | ~$863.3M | 3.2% | +10.5% | Source |
| FY2023 | ~$24.2B | ~-$84.7M | -0.4% | -4.8% | Source |
| FY2022 | ~$25.4B | ~$691.6M | 2.7% | +6.0% | Source |
| FY2021 | ~$24B | ~$2.4B | 10.0% | +7.0% | Source |
| FY2020 | ~$22.4B | ~$484.8M | 2.2% | -16.1% | Source |
| FY2019 | ~$26.7B | ~$2.2B | 8.4% | +7.9% | Source |
| FY2018 | ~$24.8B | ~$1.9B | 7.8% | +3.3% | Source |
| FY2017 | ~$24B | ~$1.2B | 5.2% | +10.0% | Source |
| FY2016 | ~$21.8B | ~$1.1B | 5.3% | — | Source |
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.0% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$420.6M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Where the revenue comes from
Adidas
- Footwear
~$16.1B (EUR14.232B) in FY2025 net sales (~57%)
Footwear is Adidas' largest revenue category, led by football, running, training, basketball, Originals, Sportswear, Samba, Gazelle, Spezial, and Adizero franchises.
- Apparel
~$9.9B (EUR8.764B) in FY2025 net sales (~35%)
Apparel includes football kits, training, running, Originals, Sportswear, and locally relevant collections that grew strongly in 2025 and Q1 2026.
- Accessories
~$2.05B (EUR1.815B) in FY2025 net sales (~7%)
Accessories include balls, bags, socks, caps, and sport equipment, including Adidas' long-running FIFA World Cup match-ball platform.
- Wholesale
60% of FY2025 net sales
Wholesale remains Adidas' largest channel, relying on retail partners, branded space, key-account relationships, and disciplined sell-in.
- Direct-to-Consumer
40% of FY2025 net sales
DTC includes own retail and e-commerce, giving Adidas more control over consumer experience, pricing, launches, data, and full-price sell-through.
BYD
- Automobiles and related products~81%
Sales of BYD, Denza, Fangchengbao and Yangwang passenger cars, buses and trucks, plus related products such as batteries and energy storage. The segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025 and ~$38.3 billion (CN¥275.3 billion) (79.9% of revenue) in the first half of 2026.
- Mobile handset components and assembly~19%
Contract manufacturing and assembly of phones, tablets, smart car components and other devices, mainly through BYD Electronic. The segment produced ~$21.6 billion (CN¥155.2 billion) in FY2025, and electronics revenue rose 1.0% to ~$9.65 billion (CN¥69.4 billion) in the first half of 2026.
Business model and strategy
Adidas
How it makes money
Adidas develops and markets footwear, apparel, and accessories while independent manufacturing partners produce most goods. It sells through wholesale partners and direct-to-consumer channels; wholesale represented 60% of 2025 sales and direct-to-consumer represented 40%.
Growth strategy
Adidas is investing in football, running, training, basketball, Originals, and Sportswear while giving regional teams more authority over assortments and marketing. The company uses wholesale and direct-to-consumer channels rather than relying on one distribution model.
Competitive advantage
Adidas combines a recognized 3-Stripes identity, long-standing football relationships, performance products, and archive footwear such as Samba, Gazelle, Superstar, and Stan Smith. Its wholesale network and direct-to-consumer channels provide global distribution.
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Questions about Adidas vs BYD
Which company has higher revenue — Adidas AG or BYD Company Ltd?
Adidas AG reported ~$28B (FY2025), while BYD Company Ltd reported ~$111.8B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Adidas AG reporting a smaller revenue base.
What is the market cap of Adidas AG vs BYD Company Ltd?
Adidas AG's market capitalisation stands at $29.0B, while BYD Company Ltd's is $113.4B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Adidas AG.
Which is more financially efficient — Adidas AG or BYD Company Ltd?
Adidas AG generates $432k / employee in revenue per employee, while BYD Company Ltd generates $123k / employee. Adidas AG 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 Adidas AG and BYD Company Ltd make money?
Adidas AG and BYD Company Ltd generate revenue in fundamentally different ways. Adidas AG: Adidas develops and markets footwear, apparel, and accessories while independent manufacturing partners produce most goods. BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems.
Which company is valued higher relative to revenue — Adidas AG or BYD Company Ltd?
On a price-to-sales (P/S) basis, Adidas AG trades at 1.0x P/S and BYD Company Ltd at 1.0x P/S. Adidas AG commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BYD Company Ltd. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adidas AG bigger than BYD Company Ltd?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Adidas AG (~$28B (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 Adidas vs BYD overview