BYD vs Hershey: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Hershey reported $11.7B of revenue in FY2025 and $883.3M 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.
Hershey
Hershey's net sales grew from $7.44 billion in 2016 to $11.69 billion in 2025, with the biggest jumps in 2021 (+10.1%) and 2022 (+16.1%) as pricing and acquisitions kicked in. Net income peaked at $2.22 billion in 2024, then fell to $883.3 million in 2025 when record cocoa prices flowed through costs; fourth-quarter 2025 adjusted gross margin dropped 650 basis points to 38.3%. 2026 is a recovery year: first-half net sales rose 8.7% to $5.89 billion, and after the second quarter Hershey guided to 4.5%-5% net sales growth and adjusted EPS of $8.36-$8.52, up 32.5%-35%.
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 |
Hershey
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.7B | $883.3M | 7.6% | +4.4% | Source |
| FY2024 | $11.2B | $2.2B | 19.8% | +0.3% | Source |
| FY2023 | $11.2B | $1.9B | 16.7% | +7.2% | Source |
| FY2022 | $10.4B | $1.6B | 15.8% | +16.1% | Source |
| FY2021 | $9B | $1.5B | 16.5% | +10.1% | Source |
| FY2020 | $8.1B | $1.3B | 15.7% | +2.0% | Source |
| FY2019 | $8B | $1.1B | 14.4% | +2.5% | Source |
| FY2018 | $7.8B | $1.2B | 15.1% | +3.7% | Source |
| FY2017 | $7.5B | $783M | 10.4% | +1.0% | Source |
| FY2016 | $7.4B | $720M | 9.7% | — | 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.
Hershey
- North America Confectionery~81%
Chocolate, candy, mints, gum, and seasonal confectionery brands including Reese's, Hershey's, Kisses, Twizzlers, and U.S. Kit Kat licensing.
- North America Salty Snacks~11%
SkinnyPop, Dot's, Pirate's Booty, and related salty-snack brands that diversify occasions beyond chocolate.
- International~8%
Sales in markets outside the United States and Canada, including Mexico, Brazil, China, and other international operations.
- Licensing and Other
Included in segments
Licensing and partner economics associated with selected brands, formats, and international arrangements.
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.
Hershey
How it makes money
Hershey is a branded consumer packaged goods manufacturer. It buys cocoa, sugar, dairy, peanuts and packaging, converts them into branded chocolate, candy and snacks in its own plants, and sells them wholesale to retailers such as Walmart, grocery chains, convenience stores, dollar stores and club stores.
Growth strategy
Under Kirk Tanner, Hershey's ONE Hershey strategy aims to lead U.S. snacking across sweet and salty occasions. The salty push began with Amplify Snack Brands (SkinnyPop) in 2018, followed by Pirate's Booty (2018), Dot's Homestyle Pretzels and Pretzels Inc. (2021), and LesserEvil, closed in November 2025 for a reported $750 million.
Competitive advantage
Hershey's advantage is a portfolio of category-leading U.S. brands, led by Reese's, plus scale in retail merchandising and seasonal candy. The company describes itself as No. 1 in U.S. confection and No. 2 in U.S. snacking. Its exclusive U.S. license for Kit Kat and the Hershey Trust's voting control also give it unusual stability against takeovers and short-term activist pressure.
Questions about BYD vs Hershey
Which company has higher revenue — BYD Company Ltd or The Hershey Company?
BYD Company Ltd reported ~$111.8B (FY2025), while The Hershey Company reported $11.7B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with The Hershey Company reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs The Hershey Company?
BYD Company Ltd's market capitalisation stands at $113.4B, while The Hershey Company's is $34.1B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Hershey Company.
Which is more financially efficient — BYD Company Ltd or The Hershey Company?
BYD Company Ltd generates $123k / employee in revenue per employee, while The Hershey Company generates $597k / employee. The Hershey Company 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 The Hershey Company make money?
BYD Company Ltd and The Hershey Company 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. The Hershey Company: Hershey is a branded consumer packaged goods manufacturer.
Which company is valued higher relative to revenue — BYD Company Ltd or The Hershey Company?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and The Hershey Company at 2.9x P/S. The Hershey Company 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 BYD Company Ltd bigger than The Hershey Company?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to The Hershey Company ($11.7B (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 BYD vs Hershey overview