BYD vs Robinhood Markets: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Robinhood Markets reported $4.5B of revenue in FY2025 and $1.9B 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
Robinhood Markets
- Latest revenue
- $4.5B (FY2025)
- Net income
- $1.9B
- Net margin
- 42.1%
- Revenue growth
- +58.9% a year, FY2019–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.
Robinhood Markets
Robinhood swung from a $541 million net loss in 2023 to $1.411 billion of net income in 2024 and $1.883 billion in 2025, as revenue grew from $1.865 billion to $4.473 billion. Adjusted EBITDA reached about $2.5 billion in 2025, a 56% margin. Growth in 2026 has shifted toward options, equities and event contracts: Q2 2026 event contracts revenue was $156 million, more than 10 times the prior year, while crypto revenue fell to $100 million.
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 |
Robinhood Markets
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.5B | $1.9B | 42.1% | +51.6% | Source |
| FY2024 | $3B | $1.4B | 47.8% | +58.2% | Source |
| FY2023 | $1.9B | -$541M | -29.0% | +37.3% | Source |
| FY2022 | $1.4B | -$1B | -75.7% | -25.2% | Source |
| FY2021 | $1.8B | -$3.7B | -203.1% | +89.5% | Source |
| FY2020 | $958M | $7M | 0.7% | +245.2% | Source |
| FY2019 | $277.5M | -$106.6M | -38.4% | — | 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.
Robinhood Markets
- Transaction-Based Revenues
$776M (Q2 2026)
Payment for order flow on options and equities, spreads on crypto trades, and fees on event contracts (prediction markets).
- Net Interest Revenues
$389M (Q2 2026)
Margin loans, securities lending, cash sweep balances and the credit card loan book.
- Other Revenues
$143M (Q2 2026)
Robinhood Gold subscriptions ($5 per month or $50 per year) and Trump Account service revenues.
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.
Robinhood Markets
How it makes money
Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets. Transaction-based revenues ($776 million in Q2 2026) come from payment for order flow on options and equities, spreads on crypto trades, and fees on event contracts (prediction markets).
Growth strategy
Robinhood's growth strategy is to win "share of wallet" beyond trading: IRA matches and retirement transfers, the Gold Card, banking features, advisory custody through TradePMR, crypto exchange capacity through Bitstamp, event contracts, and expansion in the UK and EU. In June 2026 it cut about 10% of staff to flatten management layers while continuing to invest in new products.
Competitive advantage
Robinhood's edge is a single, well-designed mobile app that bundles brokerage, crypto, prediction markets, retirement, cash and credit, plus fast product shipping. Gold subscribers (4.8 million in Q2 2026) get perks such as an IRA match and a higher cash yield, which helps pull deposits away from older brokerages: net deposits were $75.7 billion in the 12 months to June 2026.
Questions about BYD vs Robinhood Markets
Which company has higher revenue — BYD Company Ltd or Robinhood Markets, Inc.?
BYD Company Ltd reported ~$111.8B (FY2025), while Robinhood Markets, Inc. reported $4.5B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Robinhood Markets, Inc. reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs Robinhood Markets, Inc.?
BYD Company Ltd's market capitalisation stands at $113.4B, while Robinhood Markets, Inc.'s is $101.0B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Robinhood Markets, Inc..
Which is more financially efficient — BYD Company Ltd or Robinhood Markets, Inc.?
BYD Company Ltd generates $123k / employee in revenue per employee, while Robinhood Markets, Inc. generates $1.54M / employee. Robinhood Markets, 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 Robinhood Markets, Inc. make money?
BYD Company Ltd and Robinhood Markets, 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. Robinhood Markets, Inc.: Robinhood charges no commission on US stock, ETF and options trades and earns revenue in three buckets.
Which company is valued higher relative to revenue — BYD Company Ltd or Robinhood Markets, Inc.?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Robinhood Markets, Inc. at 22.6x P/S. Robinhood Markets, 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 Robinhood Markets, Inc.?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Robinhood Markets, Inc. ($4.5B (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 Robinhood Markets overview