BYD vs Warner Bros. Discovery: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Warner Bros. Discovery reported $37.3B of revenue in FY2025 and $727M 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
Warner Bros. Discovery
- Latest revenue
- $37.3B (FY2025)
- Net income
- $727M
- Net margin
- 1.9%
- Revenue growth
- +32.3% a year, FY2021–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.
Warner Bros. Discovery
FY2025 revenue was $37.3 billion, down 5% ex-FX, with net income available to WBD of $727 million, adjusted EBITDA of $8.7 billion, and free cash flow of $3.1 billion. The company ended 2025 with 131.6 million streaming subscribers and $29.0 billion of net debt. In 2026, Q1 revenue was $8.9 billion with a $2.9 billion net loss that included the $2.8 billion termination fee owed to Netflix, which Paramount Skydance paid on WBD's behalf. Q2 revenue was $8.7 billion, down 12% ex-FX, with net income of $149 million and adjusted EBITDA of $1.9 billion. During Q2 WBD repaid its $15 billion bridge loan with new term loans.
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 |
Warner Bros. Discovery
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $37.3B | $727M | 1.9% | -5.1% | Source |
| FY2024 | $39.3B | -$11.3B | -28.8% | -4.8% | Source |
| FY2023 | $41.3B | -$3.1B | -7.6% | +22.2% | Source |
| FY2022 | $33.8B | -$7.4B | -21.8% | +177.4% | Source |
| FY2021 | $12.2B | $1B | 8.3% | — | 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.
Warner Bros. Discovery
- Distribution
Largest revenue type
Streaming subscription fees and carriage fees from pay-TV distributors.
- Advertising
Declining
Ad sales on linear networks and ad-supported streaming tiers; down 22% ex-FX in Q2 2026.
- Content
Varies with film slate
Theatrical releases, TV licensing, games, and consumer products.
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.
Warner Bros. Discovery
How it makes money
WBD earns money from three revenue types. Distribution revenue comes from HBO Max and discovery+ subscriptions and from fees that pay-TV distributors pay to carry its cable networks. Advertising revenue comes from linear networks such as TNT, TBS, CNN, Discovery and HGTV, plus ad-supported streaming tiers.
Growth strategy
Before the sale, WBD's plan centered on growing HBO Max internationally, rebuilding the film slate and DC under DC Studios, licensing its library, and managing linear networks for cash. In 2025 it planned to split into two companies (Streaming & Studios and Global Networks) before the board ran a sale process that ended with the Paramount Skydance agreement.
Competitive advantage
WBD's main asset is its content library and franchise IP: Warner Bros. films and TV, HBO series, DC, Harry Potter, Looney Tunes, and a large unscripted catalog from Discovery, HGTV and Food Network. That library is the main reason it drew competing bids from Netflix and Paramount Skydance in 2025 and 2026.
Questions about BYD vs Warner Bros. Discovery
Which company has higher revenue — BYD Company Ltd or Warner Bros. Discovery?
BYD Company Ltd reported ~$111.8B (FY2025), while Warner Bros. Discovery reported $37.3B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Warner Bros. Discovery reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs Warner Bros. Discovery?
BYD Company Ltd's market capitalisation stands at $113.4B, while Warner Bros. Discovery's is $77.0B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Warner Bros. Discovery.
Which is more financially efficient — BYD Company Ltd or Warner Bros. Discovery?
BYD Company Ltd generates $123k / employee in revenue per employee, while Warner Bros. Discovery generates $1.05M / employee. Warner Bros. Discovery 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 Warner Bros. Discovery make money?
BYD Company Ltd and Warner Bros. Discovery 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. Warner Bros. Discovery: WBD earns money from three revenue types.
Which company is valued higher relative to revenue — BYD Company Ltd or Warner Bros. Discovery?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Warner Bros. Discovery at 2.1x P/S. Warner Bros. Discovery 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 Warner Bros. Discovery?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Warner Bros. Discovery ($37.3B (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 Warner Bros. Discovery overview