Audi vs Volvo Cars: Revenue, Profit and Business Model
Audi had ~$74B of annual revenue in FY2025 and ~$5.2B of net income. Volvo Cars had ~$35.7B of annual revenue in FY2025 and ~$17.4M of net income.
Latest financial snapshot
Audi
- Latest annual revenue
- ~$74B (FY2025)
- Net income
- ~$5.2B
- Net margin
- 7.0%
- Revenue growth
- +1.4% a year, FY2018–FY2025
Volvo Cars
- Latest annual revenue
- ~$35.7B (FY2025)
- Net income
- ~$17.4M
- Net margin
- 0.0%
- Revenue growth
- +6.1% 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. As a premium subsidiary of the Volkswagen Group, Audi's standalone valuation is not traded publicly, but it serves as a primary profit driver for its parent company.
Volvo Cars
Revenue fell from ~$40 billion (SEK 400.2 billion) in 2024 to ~$35.7 billion (SEK 357.3 billion) in 2025 as retail sales dropped to 710,000 cars. Adjusted EBIT was ~$1.25 billion (SEK 12.5 billion) (3.5% margin), but reported EBIT was about $30 million (SEK 0.3 billion) after charges including an ~$1.14 billion (SEK 11.4 billion) impairment, and the net result for the year was a loss of about $300 million (SEK 3.0 billion). Free cash flow was ~$240 million (SEK 2.4 billion) and the company ended 2025 with a net cash position of ~$2.69 billion (SEK 26.9 billion). In Q2 2026, revenue was ~$7.77 billion (SEK 77.7 billion) (~$9.35 billion (SEK 93.5 billion) a year earlier), EBIT was ~$80 million (SEK 0.8 billion) (1.1% margin) and retail sales were 171,501 cars, down 5.6%. The company said it reached its ~$500 million (SEK 5 billion) annual cost-saving target six months early.
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 | — | — | +6.2% | Source |
| FY2020 | ~$56.5B | — | — | -10.2% | Source |
| FY2019 | ~$62.9B | — | — | -6.0% | Source |
| FY2018 | ~$67B | — | — | — | Source |
Volvo Cars
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$35.7B | ~$17.4M | 0.0% | -10.7% | Source |
| FY2024 | ~$40B | ~$1.5B | 3.8% | +0.2% | Source |
| FY2023 | ~$39.9B | ~$1.3B | 3.3% | +21.0% | Source |
| FY2022 | ~$33B | ~$1.6B | 4.7% | +17.1% | Source |
| FY2021 | ~$28.2B | ~$1.2B | 4.3% | — | 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.
Volvo Cars
- Vehicle salesMajority
New cars and SUVs sold through dealers, fleet and online channels.
- Parts, service and accessories
Not disclosed
Aftersales revenue from the car fleet in use.
- Financing and subscriptions
Not disclosed
Financing, leasing and Care by Volvo subscription offers.
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.
Volvo Cars
How it makes money
Volvo Cars earns most of its revenue from selling new cars, mainly SUVs such as the XC60, XC90, XC40/EX40 and EX30, through dealers, fleet sales and online channels. Parts, service, accessories, financing and subscription services add further revenue. Electrified models (battery-electric plus plug-in hybrid) made up 46% of sales in 2025.
Growth strategy
The plan centres on cost reduction, regional production to limit tariff exposure, more parts shared with Geely (from about 10% to 30%), and new electric models such as the EX60 alongside continued plug-in hybrid sales.
Competitive advantage
Volvo's main asset is a brand strongly associated with safety, going back to the three-point seatbelt developed by Nils Bohlin in 1959. It also has a broad electrified lineup, factories in Sweden, Belgium, China and the United States, and access to Geely's purchasing scale and platforms.
Questions about Audi vs Volvo Cars
Which company has higher revenue — Audi AG or Volvo Car AB?
Audi AG had ~$74B (FY2025), while Volvo Car AB had ~$35.7B (FY2025). By latest annual revenue, Audi AG is the larger business, with Volvo Car AB showing a smaller revenue base.
How does revenue per employee compare for Audi AG and Volvo Car AB?
Audi AG has $841k / employee in revenue per employee, while Volvo Car AB has $839k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Audi AG and Volvo Car AB make money?
Audi AG and Volvo Car AB 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. Volvo Car AB: Volvo Cars earns most of its revenue from selling new cars, mainly SUVs such as the XC60, XC90, XC40/EX40 and EX30, through dealers, fleet sales and online channels.
Is Audi AG bigger than Volvo Car AB?
By last reported revenue, Audi AG (~$74B (FY2025)) is the larger company compared to Volvo Car AB (~$35.7B (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 Volvo Cars overview