BYD vs FedEx: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. FedEx reported $94.7B of revenue in FY2026 and $4.4B of net income.
Latest financial snapshot
Financial summary
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.
FedEx
FedEx's FY2026 results showed steady growth on a lower cost base. Revenue rose to $94.7 billion and GAAP operating income to $5.46 billion (5.8% margin; 7.0% adjusted). The company said it beat its goal of $1 billion in transformation savings for the year, and capital spending fell 6% to $3.8 billion, or 4.0% of revenue, the lowest ratio in its history. Fourth-quarter revenue was $25.0 billion with adjusted EPS of $6.31. Spin-off costs of $2.46 per share and business optimization costs of $1.19 per share explain most of the gap between GAAP and adjusted earnings.
Revenue and profit by year
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 |
FedEx
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $94.7B | $4.4B | 4.7% | +7.7% | Source |
| FY2025 | $87.9B | $4.1B | 4.7% | +0.3% | Source |
| FY2024 | $87.7B | $4.3B | 4.9% | -2.7% | Source |
| FY2023 | $90.2B | $4B | 4.4% | -3.6% | Source |
| FY2022 | $93.5B | $3.8B | 4.1% | +11.4% | Source |
| FY2021 | $84B | $5.2B | 6.2% | +21.3% | Source |
| FY2020 | $69.2B | $1.3B | 1.9% | -0.7% | Source |
| FY2019 | $69.7B | $540M | 0.8% | +6.5% | Source |
| FY2018 | $65.5B | $4.6B | 7.0% | +8.5% | Source |
| FY2017 | $60.3B | $3B | 5.0% | — | Source |
Where the revenue comes from
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.
FedEx
- Package Delivery and Express Services
Largest stream
Domestic and international parcel delivery through the integrated Federal Express air-ground network.
- Fuel Surcharges and Yield Management
Variable stream
Pricing mechanisms tied to fuel, shipment mix, base yields, and service levels.
- Logistics, Customs, and Technology Services
Supporting stream
Brokerage, supply-chain management, e-commerce enablement, tracking, and customer technology services.
Business model and strategy
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.
FedEx
How it makes money
FedEx earns money by charging shippers to move parcels and freight through a high-fixed-cost network of aircraft, hubs, sort facilities, and delivery routes. Prices depend on weight, dimensions, distance, and speed (overnight, two-day, ground, international priority or economy), plus fuel, residential, and peak surcharges that are updated weekly or seasonally.
Growth strategy
FedEx's growth plan has three parts: lower cost to serve by merging Express and Ground routes and facilities under Network 2.0, shrink and modernize the air fleet to match demand, and push into higher-yield segments such as healthcare cold chain, B2B shipping, small and mid-sized business customers, and cross-border e-commerce.
Competitive advantage
FedEx's moat is physical scale that is very hard to copy: one of the world's largest cargo airlines, the Memphis World Hub that sorts packages overnight, and pickup and delivery coverage in more than 220 countries and territories.
Questions about BYD vs FedEx
Which company has higher revenue — BYD Company Ltd or FedEx Corporation?
BYD Company Ltd reported ~$111.8B (FY2025), while FedEx Corporation reported $94.7B (FY2026). By last reported revenue, BYD Company Ltd is the larger business, with FedEx Corporation 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 BYD Company Ltd vs FedEx Corporation?
BYD Company Ltd's market capitalisation stands at $113.4B, while FedEx Corporation's is $73.0B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to FedEx Corporation.
Which is more financially efficient — BYD Company Ltd or FedEx Corporation?
BYD Company Ltd generates $123k / employee in revenue per employee, while FedEx Corporation generates $179k / employee. FedEx Corporation 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 BYD Company Ltd and FedEx Corporation make money?
BYD Company Ltd and FedEx Corporation generate revenue in fundamentally different ways. 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. FedEx Corporation: FedEx earns money by charging shippers to move parcels and freight through a high-fixed-cost network of aircraft, hubs, sort facilities, and delivery routes.
Which company is valued higher relative to revenue — BYD Company Ltd or FedEx Corporation?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and FedEx Corporation at 0.8x P/S. BYD Company Ltd commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to FedEx Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than FedEx Corporation?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to FedEx Corporation ($94.7B (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 BYD vs FedEx overview