BYD vs TotalEnergies: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. TotalEnergies reported $201.2B of revenue in FY2025 and $13.1B 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
TotalEnergies
- Latest revenue
- $201.2B (FY2025)
- Net income
- $13.1B
- Net margin
- 6.5%
- Revenue growth
- +5.2% 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.
TotalEnergies
TotalEnergies' 2025 results showed how much its earnings still track oil prices. Revenues from sales fell to $182.344 billion (total revenues including excise taxes of $201.2 billion), adjusted net income dropped 15% to $15.6 billion and IFRS net income attributable to shareholders was $13.1 billion. Cash flow slipped only 7% to nearly $28 billion because upstream production grew about 4%. Gearing ended 2025 at 15%, ROACE was 12.6% and the 2025 dividend rose 5.6% to €3.40 per share. In 2026, higher crude prices linked to the Middle East conflict reversed the trend: second-quarter adjusted net income reached $6.0 billion, cash flow $9.8 billion and first-half adjusted net income about $11.4 billion.
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 |
TotalEnergies
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $201.2B | $13.1B | 6.5% | -6.2% | Source |
| FY2024 | $214.6B | $15.8B | 7.3% | -9.5% | Source |
| FY2023 | $237.1B | $21.4B | 9.0% | -15.6% | Source |
| FY2022 | $281B | $20.5B | 7.3% | +36.5% | Source |
| FY2021 | $205.9B | $16B | 7.8% | +46.3% | Source |
| FY2020 | $140.7B | -$7.2B | -5.1% | -29.8% | Source |
| FY2019 | $200.3B | $11.3B | 5.6% | -4.3% | Source |
| FY2018 | $209.4B | $11.4B | 5.5% | +40.4% | Source |
| FY2017 | $149.1B | $8.6B | 5.8% | +16.6% | Source |
| FY2016 | $127.9B | $6.2B | 4.8% | — | 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.
TotalEnergies
- Exploration & Production
Not disclosed here
Sales of crude oil and gas from about 2.5 million boe per day of 2025 production.
- Integrated LNG
Not disclosed here
Liquefaction, shipping, trading and sale of LNG and gas under long-term and spot contracts.
- Integrated Power
Not disclosed here
Wholesale and retail electricity from renewables, gas-fired plants and storage, plus retail gas supply.
- Refining & Chemicals
Not disclosed here
Refined fuels, polymers and petrochemicals from integrated industrial platforms.
- Marketing & Services
Not disclosed here
Retail and B2B sales of fuels, lubricants, aviation fuel and EV charging.
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.
TotalEnergies
How it makes money
TotalEnergies makes money across five reporting segments. Exploration & Production sells crude oil and gas from about 2.5 million barrels of oil equivalent per day of output. Integrated LNG liquefies, ships, trades and sells gas from projects in Qatar, the U.S., Nigeria, Australia, Papua New Guinea and elsewhere.
Growth strategy
TotalEnergies' strategy centers on low-cost oil and gas production, LNG integration, disciplined downstream operations, renewable power capacity, electricity customers, and cash returns to shareholders.
Competitive advantage
TotalEnergies has an integrated LNG platform, upstream assets across multiple basins, downstream and marketing positions, and a growing power portfolio. Its advantage is breadth across molecules, refined products, and electrons.
Questions about BYD vs TotalEnergies
Which company has higher revenue — BYD Company Ltd or TotalEnergies SE?
BYD Company Ltd reported ~$111.8B (FY2025), while TotalEnergies SE reported $201.2B (FY2025). By last reported revenue, TotalEnergies SE is the larger business, with BYD Company Ltd reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs TotalEnergies SE?
BYD Company Ltd's market capitalisation stands at $113.4B, while TotalEnergies SE's is $205.0B. TotalEnergies SE carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to BYD Company Ltd.
Which is more financially efficient — BYD Company Ltd or TotalEnergies SE?
BYD Company Ltd generates $123k / employee in revenue per employee, while TotalEnergies SE generates $2.01M / employee. TotalEnergies SE 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 TotalEnergies SE make money?
BYD Company Ltd and TotalEnergies SE 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. TotalEnergies SE: TotalEnergies makes money across five reporting segments.
Which company is valued higher relative to revenue — BYD Company Ltd or TotalEnergies SE?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and TotalEnergies SE at 1.0x P/S. BYD Company Ltd commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to TotalEnergies SE. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than TotalEnergies SE?
By last reported revenue, TotalEnergies SE ($201.2B (FY2025)) is the larger company compared to BYD Company Ltd (~$111.8B (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 TotalEnergies overview