AutoZone vs BYD: Revenue, Profit and Business Model
AutoZone reported $20.3B of revenue in FY2026 and $2.6B of net income. BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income.
Latest financial snapshot
Financial summary
AutoZone
AutoZone converts steady repair demand into cash and returns almost all of it to shareholders. Fiscal 2026 operating cash flow was US$3.30 billion on net sales of US$20.34 billion, and the company pays no dividend. Since fiscal 1998 it has repurchased 156.2 million shares for US$40.5 billion, including US$2.0 billion in fiscal 2026 at an average price of US$3,496 a share, leaving 16.2 million shares outstanding at August 29, 2026. That is why per-share earnings grow faster than profit: fiscal 2026 net income rose 3.0 percent to US$2.57 billion while diluted earnings per share rose 5.3 percent to US$152.55. The buybacks are partly debt funded, so the balance sheet carries US$9.08 billion of debt and a US$2.50 billion stockholders' deficit, with adjusted debt to EBITDAR of 2.5 times and adjusted after-tax return on invested capital of 35.8 percent.
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
AutoZone
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $20.3B | $2.6B | 12.6% | +7.4% | Source |
| FY2025 | $18.9B | $2.5B | 13.2% | +2.4% | Source |
| FY2024 | $18.5B | $2.7B | 14.4% | +5.9% | Source |
| FY2023 | $17.5B | $2.5B | 14.5% | +7.4% | Source |
| FY2022 | $16.3B | $2.4B | 14.9% | +11.1% | Source |
| FY2021 | $14.6B | $2.2B | 14.8% | +15.8% | Source |
| FY2020 | $12.6B | $1.7B | 13.7% | +6.5% | Source |
| FY2019 | $11.9B | $1.6B | 13.6% | +5.7% | Source |
| FY2018 | $11.2B | $1.3B | 11.9% | +3.1% | Source |
| FY2017 | $10.9B | $1.3B | 11.8% | +2.4% | Source |
| FY2016 | $10.6B | $1.2B | 11.7% | — | 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
AutoZone
- Do-It-For-Me (DIFM) Commercial~28%
Domestic commercial sales to independent repair shops and local service garages were US$5.76 billion in fiscal 2026 (up 10.6%), about 28% of total net sales of US$20.34 billion.
- Do-It-Yourself (DIY) Retail
~72% (with international and other)
All other sales, about US$14.58 billion in fiscal 2026: domestic DIY retail plus stores in Mexico and Brazil, e-commerce and ALLDATA. The earnings release does not split DIY from these other sales.
- ALLDATA Software Subscriptions
Not separately disclosed
Recurring revenue from diagnostic software subscriptions for independent repair shops, providing OEM diagnostic data and repair procedures; included in the non-commercial sales figure above.
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
AutoZone
How it makes money
AutoZone runs two connected businesses: DIY retail, where customers buy parts for their own vehicles, and DIFM (Do-It-For-Me) commercial sales to professional repair shops. Domestic commercial sales reached US$5.76 billion in fiscal 2026, up 10.6 percent, about 28 percent of total net sales of US$20.34 billion.
Growth strategy
With the U.S. store base mature, most domestic growth has to come from the professional market and from putting more inventory closer to customers. Domestic commercial sales grew 10.6 percent to US$5.76 billion in fiscal 2026, and the company added 345 commercial programs and 39 mega hubs during the year.
Competitive advantage
AutoZone's advantage is local parts availability. A customer whose car will not start cannot wait two days for delivery, so the value sits in having the part nearby: 6,863 U.S. stores backed by 172 mega hub stores that each carry 80,000 to 110,000 unique SKUs and supply the stores and commercial customers around them.
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 AutoZone vs BYD
Which company has higher revenue — AutoZone, Inc. or BYD Company Ltd?
AutoZone, Inc. reported $20.3B (FY2026), while BYD Company Ltd reported ~$111.8B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with AutoZone, Inc. 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 AutoZone, Inc. vs BYD Company Ltd?
AutoZone, Inc.'s market capitalisation stands at $45.8B, 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 AutoZone, Inc..
Which is more financially efficient — AutoZone, Inc. or BYD Company Ltd?
AutoZone, Inc. generates $156k / employee in revenue per employee, while BYD Company Ltd generates $123k / employee. AutoZone, Inc. 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 AutoZone, Inc. and BYD Company Ltd make money?
AutoZone, Inc. and BYD Company Ltd generate revenue in fundamentally different ways. AutoZone, Inc.: AutoZone runs two connected businesses: DIY retail, where customers buy parts for their own vehicles, and DIFM (Do-It-For-Me) commercial sales to professional repair shops. 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 — AutoZone, Inc. or BYD Company Ltd?
On a price-to-sales (P/S) basis, AutoZone, Inc. trades at 2.3x P/S and BYD Company Ltd at 1.0x P/S. AutoZone, Inc. 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 AutoZone, Inc. bigger than BYD Company Ltd?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to AutoZone, Inc. ($20.3B (FY2026)). 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 AutoZone vs BYD overview