American Airlines vs BYD: Revenue, Profit and Business Model
American Airlines reported $54.6B of revenue in FY2025 and $111M of net income. BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income.
Latest financial snapshot
American Airlines
- Latest revenue
- $54.6B (FY2025)
- Net income
- $111M
- Net margin
- 0.2%
- Revenue growth
- +3.5% a year, FY2016–FY2025
BYD
- Latest revenue
- ~$111.8B (FY2025)
- Net income
- ~$4.5B
- Net margin
- 4.0%
- Revenue growth
- +29.7% a year, FY2018–FY2025
Financial summary
American Airlines
American Airlines operates in a capital-intensive industry with thin margins and direct exposure to fuel prices and demand shocks. In 2025 it produced $54.6 billion of operating revenue, $1.5 billion of operating income and $111 million of net income, after a government shutdown cut fourth-quarter revenue by about $325 million. The balance sheet is the binding constraint: total debt was $36.5 billion and net debt $30.7 billion at December 31, 2025, down $2.1 billion during the year, with net interest expense of $1.7 billion and total available liquidity of $9.2 billion. Management expects to reach its goal of less than $35 billion of total debt during 2026, a year ahead of schedule, and guided 2026 adjusted earnings to between $1.70 and $2.70 per diluted share with free cash flow above $2 billion.
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
American Airlines
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $54.6B | $111M | 0.2% | +0.8% | Source |
| FY2024 | $54.2B | $846M | 1.6% | +2.7% | Source |
| FY2023 | $52.8B | $822M | 1.6% | +7.8% | Source |
| FY2022 | $49B | $127M | 0.3% | +63.9% | Source |
| FY2021 | $29.9B | -$2B | -6.7% | +72.4% | Source |
| FY2020 | $17.3B | -$8.9B | -51.2% | -62.1% | Source |
| FY2019 | $45.8B | $1.7B | 3.7% | +2.8% | Source |
| FY2018 | $44.5B | $1.4B | 3.2% | +4.5% | Source |
| FY2017 | $42.6B | $1.3B | 3.0% | +6.2% | Source |
| FY2016 | $40.1B | $2.6B | 6.4% | — | 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
American Airlines
- Passenger travel~83.5%
Fares paid for seats across Flagship Suite, Flagship Business, Premium Economy, Main Cabin Extra, Main Cabin and Basic Economy, plus baggage and other inflight services, on mainline and American Eagle regional flights. Passenger travel revenue was $45.6 billion in 2025 out of $54.6 billion of total operating revenue, and total passenger revenue including loyalty redemptions was $49.6 billion.
- Loyalty revenue (AAdvantage)~13.8%
AAdvantage produced $7.5 billion of revenue in 2025: $4.0 billion of mileage redemptions recognized inside passenger revenue and $3.5 billion of marketing-services revenue recognized in other revenue. Cash payments from co-branded credit card and other partners were $6.2 billion. Citibank is the exclusive U.S. co-brand issuer from 2026 under a 10-year agreement, and members also earn with more than 1,000 non-flight partners.
- Cargo~1.5%
American Airlines Cargo carries freight and mail in the belly holds of passenger aircraft rather than in dedicated freighters. Cargo revenue was $839 million in 2025, up 4.3 percent from $804 million in 2024.
- Other revenue~1.2%
Other revenue of $640 million in 2025 covers items outside passenger, loyalty and cargo revenue, including maintenance and ground handling work for third parties and other commercial activities.
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
American Airlines
How it makes money
The business model of American Airlines is more complex than selling plane tickets. American runs a hub-and-spoke network through nine hubs, and the flying itself carries thin margins: in 2025 the company produced operating income of $1.5 billion on $54.6 billion of revenue, and net income of $111 million after $1.7 billion of net interest expense.
Growth strategy
American frames growth around four commercial pillars: a more consistent and elevated customer experience, more productive use of its network and fleet, partnerships that deepen loyalty, and better sales, distribution and revenue management.
Competitive advantage
American's advantages are hub density and loyalty scale. At Dallas Fort Worth it flies more than 930 departures on a peak day, moving more than 30 percent of its daily connecting customers and connecting bags through that one airport, and it is reorganizing the schedule into 13 banks from April 2026 to protect connections.
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 American Airlines vs BYD
Which company has higher revenue — American Airlines Group or BYD Company Ltd?
American Airlines Group reported $54.6B (FY2025), while BYD Company Ltd reported ~$111.8B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with American Airlines Group reporting a smaller revenue base.
What is the market cap of American Airlines Group vs BYD Company Ltd?
American Airlines Group's market capitalisation stands at $8.9B, 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 American Airlines Group.
Which is more financially efficient — American Airlines Group or BYD Company Ltd?
American Airlines Group generates $393k / employee in revenue per employee, while BYD Company Ltd generates $123k / employee. American Airlines Group 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 American Airlines Group and BYD Company Ltd make money?
American Airlines Group and BYD Company Ltd generate revenue in fundamentally different ways. American Airlines Group: The business model of American Airlines is more complex than selling plane tickets. 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 — American Airlines Group or BYD Company Ltd?
On a price-to-sales (P/S) basis, American Airlines Group trades at 0.2x P/S and BYD Company Ltd at 1.0x P/S. BYD Company Ltd commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to American Airlines Group. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is American Airlines Group bigger than BYD Company Ltd?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to American Airlines Group ($54.6B (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 American Airlines vs BYD overview