Audi vs Mercedes-Benz: Revenue, Profit and Business Model
Audi reported ~$74B of revenue in FY2025 and ~$5.2B of net income. Mercedes-Benz reported ~$149.4B of revenue in FY2025 and ~$5.8B of net income.
Latest financial snapshot
Audi
- Latest revenue
- ~$74B (FY2025)
- Net income
- ~$5.2B
- Net margin
- 7.0%
- Revenue growth
- +1.4% a year, FY2018–FY2025
Mercedes-Benz
- Latest revenue
- ~$149.4B (FY2025)
- Net income
- ~$5.8B
- Net margin
- 3.9%
- Revenue growth
- -0.3% a year, FY2021–FY2025
Financial summary
Audi
Audi Group revenue was ~$74 billion (65,503 million euros) in 2025, up from 64,532 million in 2024, helped by a higher share of fully electric models and intragroup sales of Cupra vehicles built at the Audi plant in Gyor. Profitability moved the other way: operating profit fell to ~$3.81 billion (3,371 million euros) and the operating margin to 5.1 percent from 6.0 percent, against a 14 percent long-term target for the Brand Group Progressive. United States tariffs cost ~$1.36 billion (1.2 billion euros), with further charges for CO2 compliance provisions, the German agreement for the future, and the rescheduling of a shared group electric platform. Below the operating line the picture is stronger: the financial result rose to ~$2.49 billion (2,203 million euros), including 504 million from the China business, and profit after tax increased to ~$5.22 billion (4,617 million euros) from 4,189 million. Net cash flow rose 11.4 percent to ~$3.87 billion (3,422 million euros). Lamborghini remains the most profitable brand in the group, with ~$3.61 billion (3,197 million euros) of revenue and a 24.0 percent operating margin.
Mercedes-Benz
Revenue peaked at ~$173 billion (€153.2 billion) in 2023, then fell to ~$165 billion (€145.6 billion) in 2024 and ~$149 billion (€132.2 billion) in 2025. Net profit dropped from about $16.2 billion (€14.3 billion) in 2023 to about $5.99 billion (€5.3 billion) in 2025, and the Cars adjusted return on sales fell to 5.0%. Cash generation held up better: industrial free cash flow was ~$6.1 billion (€5.4 billion) in 2025 and net industrial liquidity stood at ~$34.4 billion (€30.4 billion) at the end of June 2026. In Q2 2026, revenue was ~$36.3 billion (€32.1 billion) (down 3%), Group EBIT rose 22% to ~$1.69 billion (€1.5 billion), adjusted EBIT was ~$2.6 billion (€2.3 billion), and Financial Services adjusted EBIT rose 70% to ~$556 million (€492 million).
Revenue and profit by year
Audi
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$74B | ~$5.2B | 7.0% | +1.5% | Source |
| FY2024 | ~$72.9B | ~$4.7B | 6.5% | -7.6% | Source |
| FY2023 | ~$78.9B | ~$7.1B | 9.0% | +13.1% | Source |
| FY2022 | ~$69.8B | ~$8B | 11.5% | +16.4% | Source |
| FY2021 | ~$60B | — | 0.0% | +6.2% | Source |
| FY2020 | ~$56.5B | — | 0.0% | -10.2% | Source |
| FY2019 | ~$62.9B | — | 0.0% | -6.0% | Source |
| FY2018 | ~$67B | — | 0.0% | — | Source |
Mercedes-Benz
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$149.4B | ~$5.8B | 3.9% | -9.2% | Source |
| FY2024 | ~$164.5B | ~$11.5B | 7.0% | -4.5% | Source |
| FY2023 | ~$172.2B | ~$16.1B | 9.4% | +1.6% | Source |
| FY2022 | ~$169.5B | ~$16.4B | 9.7% | +12.0% | Source |
| FY2021 | ~$151.3B | ~$26B | 17.2% | — | Source |
Where the revenue comes from
Audi
- Audi brand vehicles and aftersales~90%
Audi-badged cars and the parts, service and accessories that follow them account for about $66.4 billion (58.8 billion euros) of the group's ~$74 billion (65,503 million euros) of 2025 revenue, once the separately reported Lamborghini, Bentley and Ducati figures are deducted. Volume fell 2.9 percent to 1,623,551 cars, but mix improved: fully electric models reached a record 223,032 units, up 36 percent, and the group also books intragroup sales of Cupra vehicles built under contract at the Audi plant in Gyor. Audi does not publish a model-level revenue split; the disclosed volume drivers for 2025 were the Q6 e-tron at roughly 84,000 units and the A6 e-tron at roughly 37,000.
- Automobili Lamborghini~5%
Lamborghini contributed ~$3.61 billion (3,197 million euros) of revenue in 2025, up from 3,095 million in 2024, on 10,747 deliveries. It is the most profitable brand in the group, with ~$868 million (768 million euros) of operating profit and a 24.0 percent operating margin, down from 27.0 percent the year before. Its earnings flow directly into Audi Group results and offset the thinner margin on volume cars.
- Bentley Motors~4%
Bentley added ~$2.95 billion (2,615 million euros) of revenue in 2025 on 10,131 deliveries, slightly below 2024 on both counts. Operating profit fell to ~$244 million (216 million euros), an 8.3 percent margin against 14.1 percent in 2024, which Audi attributed to challenging market conditions in the luxury segment.
- Ducati~1%
Ducati contributed ~$1.05 billion (925 million euros) of revenue in 2025 on 50,895 motorcycles, down from ~$1.13 billion (1,003 million euros) and 54,495 units in 2024. Operating profit fell to ~$58.8 million (52 million euros), a 5.6 percent margin against 9.1 percent a year earlier.
Mercedes-Benz
- Mercedes-Benz Cars
Largest share of group revenue
Sales of Mercedes-Benz, AMG, Maybach and G-Class passenger cars plus related parts and services; the largest segment by revenue.
- Mercedes-Benz Vans
Second-largest vehicle segment
Sprinter, Vito/V-Class and electric vans for business and private buyers; 10.2% adjusted return on sales in 2025.
- Mercedes-Benz Financial Services
Separate segment; adj. RoE 9.7% in 2025
Interest and fee income from retail loans, leases, fleet services and insurance brokerage.
Business model and strategy
Audi
How it makes money
Audi designs, builds and sells premium cars, and heads the Volkswagen Group's Brand Group Progressive, which also contains Bentley, Lamborghini and Ducati. Its economics rest on shared group architectures: MLB Evo for longitudinal-engine models, MEB for entry electric cars, and the 800-volt Premium Platform Electric co-developed with Porsche.
Growth strategy
Audi's growth plan has three legs. First, a compressed model offensive: more than 20 new models arrived across 2024 and 2025, and the 2026 additions are led by the Q9, the A2 e-tron, the third-generation Q7, the reworked Q4 e-tron and the RS 5. Second, electrification on the 800-volt Premium Platform Electric built with Porsche, which underpins the Q6 e-tron and A6 e-tron;
Competitive advantage
Audi's main structural advantage is that it does not carry premium-car development costs alone. It shares platforms, electronics and powertrains with Porsche and Volkswagen, which is how a brand selling about 1.6 million cars a year can fund an 800-volt electric architecture.
Mercedes-Benz
How it makes money
Mercedes-Benz makes money in three segments. Mercedes-Benz Cars, the largest by far, sells passenger vehicles grouped as Entry, Core (C-Class, E-Class, GLC, GLE) and Top-End (S-Class, Mercedes-Maybach, Mercedes-AMG, G-Class), with Top-End models carrying the highest margins.
Growth strategy
Management is relying on a product offensive rather than volume growth: Mercedes calls 2025-2027 its largest-ever launch programme, built around the new electric CLA on the MMA platform, the electric GLC, refreshed S-Class and other core models, all running the in-house MB.OS operating system. In Q2 2026 Cars battery-electric sales rose 51%, and the company raised its 2026 electrified-vehicle share target to 23-25%.
Competitive advantage
Mercedes-Benz's edge rests on a brand that has commanded premium prices for more than a century, a Top-End lineup (S-Class, Maybach, AMG, G-Class) that few rivals match in breadth, and a captive finance arm that supports pricing and residual values.
Questions about Audi vs Mercedes-Benz
Which company has higher revenue — Audi AG or Mercedes-Benz Group AG?
Audi AG reported ~$74B (FY2025), while Mercedes-Benz Group AG reported ~$149.4B (FY2025). By last reported revenue, Mercedes-Benz Group AG is the larger business, with Audi AG reporting a smaller revenue base.
What is the market cap of Audi AG vs Mercedes-Benz Group AG?
Mercedes-Benz Group AG has a market capitalisation of $53.0B. A public market cap figure for Audi AG was not available (it may be privately held).
Which is more financially efficient — Audi AG or Mercedes-Benz Group AG?
Audi AG generates $841k / employee in revenue per employee, while Mercedes-Benz Group AG generates $910k / employee. Mercedes-Benz Group 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 Audi AG and Mercedes-Benz Group AG make money?
Audi AG and Mercedes-Benz Group AG generate revenue in fundamentally different ways. Audi AG: Audi designs, builds and sells premium cars, and heads the Volkswagen Group's Brand Group Progressive, which also contains Bentley, Lamborghini and Ducati. Mercedes-Benz Group AG: Mercedes-Benz makes money in three segments.
Is Audi AG bigger than Mercedes-Benz Group AG?
By last reported revenue, Mercedes-Benz Group AG (~$149.4B (FY2025)) is the larger company compared to Audi AG (~$74B (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 Audi vs Mercedes-Benz overview