BYD vs Old Dominion: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Old Dominion reported $5.5B of revenue in FY2025 and $1B of net income.
Latest financial snapshot
BYD
- Latest revenue
- ~$111.8B (FY2025)
- Net income
- ~$4.5B
- Net margin
- 4.0%
- Revenue growth
- +29.7% a year, FY2018–FY2025
Old Dominion
- Latest revenue
- $5.5B (FY2025)
- Net income
- $1B
- Net margin
- 18.6%
- Revenue growth
- +7.0% a year, FY2016–FY2025
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.
Old Dominion
Old Dominion's revenue peaked at $6.26 billion in 2022 during the post-pandemic freight boom, then declined to $5.87 billion in 2023, $5.81 billion in 2024 and $5.50 billion in 2025 as industrial shipments softened. Net income followed, falling from $1.38 billion in 2022 to $1.02 billion in 2025, yet margins stayed far above most LTL peers. In 2025 the company spent $415.0 million on capital expenditures, repurchased $730.3 million of stock and paid $235.6 million in dividends. In the first half of 2026 revenue rose 3.8% to $2.89 billion and net income rose 12.5% to $588.9 million; Q2 alone delivered a 70.1% operating ratio versus 74.6% a year earlier. Management lifted its 2026 capital budget to about $380 million, and the balance sheet carried $283.9 million of cash against roughly $20 million of debt at June 30, 2026.
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 |
Old Dominion
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.5B | $1B | 18.6% | -5.5% | Source |
| FY2024 | $5.8B | $1.2B | 20.4% | -0.9% | Source |
| FY2023 | $5.9B | $1.2B | 21.1% | -6.3% | Source |
| FY2022 | $6.3B | $1.4B | 22.0% | +19.1% | Source |
| FY2021 | $5.3B | $1B | 19.7% | +30.9% | Source |
| FY2020 | $4B | $672.7M | 16.8% | -2.3% | Source |
| FY2019 | $4.1B | $615.5M | 15.0% | +1.6% | Source |
| FY2018 | $4B | $605.7M | 15.0% | +20.4% | Source |
| FY2017 | $3.4B | $463.8M | 13.8% | +12.3% | Source |
| FY2016 | $3B | $295.8M | 9.9% | — | 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.
Old Dominion
- LTL services99%
LTL services revenue was $1.539B of $1.554B total in Q2 2026, including fuel surcharges.
- Other services1%
Truckload brokerage, household moving and related services: $15.1M in Q2 2026.
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.
Old Dominion
How it makes money
Old Dominion runs an asset-heavy LTL network. Drivers pick up partial loads from many shippers, bring them to service centers, consolidate them onto linehaul trailers and deliver them across the country. Revenue is billed per shipment based on weight, distance, freight class, fuel surcharges and accessorial services.
Growth strategy
Old Dominion grows organically. It invests through the freight cycle in service centers, doors and equipment, then wins share when demand returns and competitors run out of capacity. When Yellow Corp. collapsed in 2023, Old Dominion briefly held a $1.5 billion stalking-horse bid for Yellow's terminals but later withdrew from the auction, choosing to rely on its own spare capacity and targeted real estate purchases.
Competitive advantage
Old Dominion's edge comes from service quality and network capacity built ahead of demand. It reports 99% on-time service and a cargo claims ratio near 0.1%, which lets it charge premium rates. The company owns most of its service centers and keeps spare door capacity, so it can take on volume in an upturn without the congestion that hurts service at fuller networks.
Questions about BYD vs Old Dominion
Which company has higher revenue — BYD Company Ltd or Old Dominion Freight Line, Inc.?
BYD Company Ltd reported ~$111.8B (FY2025), while Old Dominion Freight Line, Inc. reported $5.5B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Old Dominion Freight Line, Inc. reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs Old Dominion Freight Line, Inc.?
BYD Company Ltd's market capitalisation stands at $113.4B, while Old Dominion Freight Line, Inc.'s is $36.5B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Old Dominion Freight Line, Inc..
Which is more financially efficient — BYD Company Ltd or Old Dominion Freight Line, Inc.?
BYD Company Ltd generates $123k / employee in revenue per employee, while Old Dominion Freight Line, Inc. generates $267k / employee. Old Dominion Freight Line, 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 Old Dominion Freight Line, Inc. make money?
BYD Company Ltd and Old Dominion Freight Line, 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. Old Dominion Freight Line, Inc.: Old Dominion runs an asset-heavy LTL network.
Which company is valued higher relative to revenue — BYD Company Ltd or Old Dominion Freight Line, Inc.?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Old Dominion Freight Line, Inc. at 6.6x P/S. Old Dominion Freight Line, 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 Old Dominion Freight Line, Inc.?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Old Dominion Freight Line, Inc. ($5.5B (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 Old Dominion overview