BYD vs Nike: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Nike reported $46.4B of revenue in FY2026 and $3.1B 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.
Nike
Nike's revenue peaked at $51.4B in FY2024, then fell almost 10% to $46.3B in FY2025 as the company cleared old inventory and cut supply of lifestyle franchises. FY2026 was flat at $46.4B, with net income of $3.108B versus $5.7B two years earlier. Gross margin was 42.9%, below 44.6% in FY2024, as discounts and tariffs weighed on profit. Fourth-quarter FY2026 revenue was about $11.0B, down 1% reported and 4% currency-neutral. Nike scheduled first-quarter fiscal 2027 results for October 1, 2026, with analysts expecting roughly $11.3B in revenue, a decline of about 3%.
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 |
Nike
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $46.4B | $3.1B | 6.7% | +0.2% | Source |
| FY2025 | $46.3B | $3.2B | 7.0% | -9.8% | Source |
| FY2024 | $51.4B | $5.7B | 11.1% | +0.3% | Source |
| FY2023 | $51.2B | $5.1B | 9.9% | +9.6% | Source |
| FY2022 | $46.7B | $6B | 12.9% | +4.9% | Source |
| FY2021 | $44.5B | $5.7B | 12.9% | +19.1% | Source |
| FY2020 | $37.4B | $2.5B | 6.8% | -4.4% | Source |
| FY2019 | $39.1B | $4B | 10.3% | +7.5% | Source |
| FY2018 | $36.4B | $1.9B | 5.3% | +6.0% | Source |
| FY2017 | $34.4B | $4.2B | 12.3% | — | 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.
Nike
- Footwear~64%
NIKE Brand footwear revenue was $29.525B in FY2026.
- Apparel~29%
NIKE Brand apparel revenue was $13.449B in FY2026.
- Equipment~5%
NIKE Brand equipment revenue was $2.199B in FY2026.
- Converse~3%
Converse revenue was $1.174B in FY2026, down 31% year over year.
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.
Nike
How it makes money
Nike designs, markets, and distributes athletic footwear, apparel, and equipment but does not own the factories that make them; independent contract manufacturers, mostly in Vietnam, Indonesia, and China, produce nearly all of its products. In FY2026, NIKE Brand footwear brought in $29.5B (about 64% of revenue), apparel $13.4B (about 29%), equipment $2.2B (about 5%), and Converse $1.2B.
Growth strategy
Under Elliott Hill, Nike's plan, branded internally as "Win Now," reorganizes the company around sports such as running, basketball, football, and training rather than broad gender and consumer segments. Three practical moves stand out. First, Nike is returning to wholesale: it rebuilt ties with Foot Locker and Dick's and resumed selling on Amazon, which helped wholesale revenue grow 6% in FY2026.
Competitive advantage
Nike's edge is scale combined with athlete relationships. No rival matches its $4.75B annual demand-creation budget or its roster across basketball (LeBron James, the Jordan Brand), football (club and federation kits), running, and women's sport (Caitlin Clark, Sabrina Ionescu). That scale also gives Nike purchasing leverage with contract factories and space with the biggest global retailers.
Questions about BYD vs Nike
Which company has higher revenue — BYD Company Ltd or NIKE, Inc.?
BYD Company Ltd reported ~$111.8B (FY2025), while NIKE, Inc. reported $46.4B (FY2026). By last reported revenue, BYD Company Ltd is the larger business, with NIKE, 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 BYD Company Ltd vs NIKE, Inc.?
BYD Company Ltd's market capitalisation stands at $113.4B, while NIKE, Inc.'s is $53.4B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to NIKE, Inc..
Which is more financially efficient — BYD Company Ltd or NIKE, Inc.?
BYD Company Ltd generates $123k / employee in revenue per employee, while NIKE, Inc. generates $636k / employee. NIKE, 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 BYD Company Ltd and NIKE, Inc. make money?
BYD Company Ltd and NIKE, Inc. 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. NIKE, Inc.: Nike designs, markets, and distributes athletic footwear, apparel, and equipment but does not own the factories that make them; independent contract manufacturers, mostly in Vietnam, Indonesia, and China, produce nearly all of its products.
Which company is valued higher relative to revenue — BYD Company Ltd or NIKE, Inc.?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and NIKE, Inc. at 1.2x P/S. NIKE, 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 BYD Company Ltd bigger than NIKE, Inc.?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to NIKE, Inc. ($46.4B (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 Nike overview