Daimler Truck vs Volvo Group: Revenue, Profit and Business Model
Daimler Truck had ~$55.8B of annual revenue in FY2025. Volvo Group had ~$47.9B of annual revenue in FY2025 and ~$3.4B of net income.
Latest financial snapshot
Daimler Truck
- Latest annual revenue
- ~$55.8B (FY2025)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- -6.0% a year, FY2023–FY2025
Volvo Group
- Latest annual revenue
- ~$47.9B (FY2025)
- Net income
- ~$3.4B
- Net margin
- 7.2%
- Revenue growth
- +6.5% a year, FY2021–FY2025
Financial summary
Daimler Truck
Daimler Truck's results swing with the freight cycle. Group revenue peaked at ~$63.2B (EUR55.9B) in 2023, slipped to ~$61.1B (EUR54.1B) in 2024 and fell to ~$55.8B (EUR49.4B) in 2025, while adjusted Group EBIT dropped from ~$5.27B (EUR4.667B) to ~$4.27B (EUR3.778B) as US tariffs and weak North American orders hit volumes. Q2 2026 revenue was about $13.9B (EUR12.3B), and the company lifted its 2026 adjusted EBIT guidance to EUR3.6-4.1B, with Industrial Business revenue of EUR43-47B on 340,000-370,000 unit sales (the lower unit range reflects Fuso leaving the consolidated group). A share buyback of up to $2.26B (EUR2B) runs from March 2026 to March 2028. Daimler Truck Holding AG is one of the world's largest commercial vehicle manufacturers, sustaining a market valuation typically over $35 billion.
Volvo Group
Volvo Group's FY2025 net sales fell 9% to ~$47.9 billion (SEK 479.2 billion) from ~$52.7 billion (SEK 526.8 billion) in 2024 as truck and construction-equipment demand cooled and the SDLG divestment reduced reported sales. Adjusted operating income was ~$5.12 billion (SEK 51.2 billion) (10.7% margin) against ~$6.57 billion (SEK 65.7 billion) (12.5%) a year earlier, and earnings per share were SEK 16.94. The board proposed an ordinary dividend of SEK 8.50 plus an extra SEK 4.50 per share. In Q2 2026 net sales rose 3% to ~$12.6 billion (SEK 126.3 billion) (7% organic growth) and adjusted operating income climbed to ~$1.48 billion (SEK 14.8 billion), an 11.7% margin.
Revenue and profit by year
Daimler Truck
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$55.8B | — | — | -8.7% | Source |
| FY2024 | ~$61.1B | — | — | -3.2% | Source |
| FY2023 | ~$63.2B | — | — | — | Source |
Volvo Group
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$47.9B | ~$3.4B | 7.2% | -9.0% | Source |
| FY2024 | ~$52.7B | ~$5B | 9.6% | -4.6% | Source |
| FY2023 | ~$55.2B | ~$5B | 9.0% | +16.6% | Source |
| FY2022 | ~$47.3B | ~$3.3B | 6.9% | +27.2% | Source |
| FY2021 | ~$37.2B | ~$3.3B | 8.8% | — | Source |
Where the revenue comes from
Daimler Truck
- Trucks North America
Largest segment
Freightliner, Western Star, Thomas Built Buses and Detroit powertrains. The largest contributor to group revenue and adjusted EBIT, and the segment most exposed to US freight cycles and tariffs.
- Mercedes-Benz Trucks
Second-largest segment
Heavy and medium trucks for Europe, Latin America and other regions, including the Actros, Arocs, Atego and eActros lines. Management targets higher margins through cost reductions.
- Trucks Asia
Reshaped in 2026
BharatBenz in India and, until April 2026, Mitsubishi Fuso in Japan. Fuso now sits in ARCHION, where Daimler Truck plans to keep about a 25% stake.
- Daimler Buses
Smaller segment
Mercedes-Benz and Setra city buses and coaches, mainly in Europe and Latin America.
- Financial Services
Supporting segment
Daimler Truck Financial Services provides loans, leases, dealer financing and insurance-related products to support vehicle sales.
Volvo Group
- Trucks
Largest segment
Volvo, Mack and Renault Trucks serving long-haul, regional, vocational and distribution customers.
- Construction Equipment
Major segment
Wheel loaders, excavators, articulated haulers and compact equipment for construction, infrastructure, quarrying and mining.
- Parts and Services
Recurring revenue
Aftermarket parts, maintenance contracts, remanufacturing, connected uptime services and dealer support.
- Financial Services and Power Solutions
Adjacency
Customer financing and leasing through Volvo Financial Services, and marine and industrial engines through Volvo Penta.
Business model and strategy
Daimler Truck
How it makes money
Daimler Truck makes money by designing, building and selling trucks and buses to fleets, owner-operators and public operators, then earning recurring revenue from spare parts, service contracts and connectivity across the installed base. Daimler Truck Financial Services adds income by financing and leasing vehicles for customers and dealers.
Growth strategy
Daimler Truck's strategy rests on three tracks: raise margins in the core diesel truck business through cost cuts and pricing discipline, especially in Europe; scale zero-emission products (eActros 600, eCascadia, eM2, eCanter) with battery-electric first and hydrogen fuel cells later for long haul;
Competitive advantage
Daimler Truck's main advantage is scale in the two largest premium truck markets. Freightliner and Western Star hold close to 40% of the North American Class 8 market, and Mercedes-Benz Trucks is a leading brand in Europe. That volume spreads R&D for diesel, battery-electric, hydrogen and autonomous programs across more units, and a dense dealer and service network reduces downtime for fleet customers.
Volvo Group
How it makes money
Volvo Group sells trucks, buses, construction equipment, engines and power systems, then earns further revenue from parts, maintenance, financing and connected services over the life of each vehicle or machine. Its brands include Volvo Trucks, Mack Trucks, Renault Trucks, Volvo Construction Equipment, Volvo Buses and Volvo Penta, with Volvo Financial Services funding customer purchases.
Growth strategy
Volvo Group is pursuing growth through its truck brands, aftermarket and uptime services, construction equipment, financial services, power solutions, and zero-emission vehicles using battery-electric, fuel-cell and renewable-fuel combustion powertrains.
Competitive advantage
Volvo Group's position rests on established truck brands, a global dealer and service network, in-house powertrain engineering, and a large installed base that feeds parts, service and financing revenue. Commercial buyers judge vehicles on uptime and running cost, which favours suppliers with dense service coverage.
Questions about Daimler Truck vs Volvo Group
Which company has higher revenue — Daimler Truck Holding AG or AB Volvo?
Daimler Truck Holding AG had ~$55.8B (FY2025), while AB Volvo had ~$47.9B (FY2025). By latest annual revenue, Daimler Truck Holding AG is the larger business, with AB Volvo showing a smaller revenue base.
What is the market cap of Daimler Truck Holding AG vs AB Volvo?
Daimler Truck Holding AG has a market capitalisation of $32.8B. A public market cap figure for AB Volvo was not available (it may be privately held).
How does revenue per employee compare for Daimler Truck Holding AG and AB Volvo?
Daimler Truck Holding AG has $514k / employee in revenue per employee, while AB Volvo has $479k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Daimler Truck Holding AG and AB Volvo make money?
Daimler Truck Holding AG and AB Volvo generate revenue in fundamentally different ways. Daimler Truck Holding AG: Daimler Truck makes money by designing, building and selling trucks and buses to fleets, owner-operators and public operators, then earning recurring revenue from spare parts, service contracts and connectivity across the installed base. AB Volvo: Volvo Group sells trucks, buses, construction equipment, engines and power systems, then earns further revenue from parts, maintenance, financing and connected services over the life of each vehicle or machine.
Is Daimler Truck Holding AG bigger than AB Volvo?
By last reported revenue, Daimler Truck Holding AG (~$55.8B (FY2025)) is the larger company compared to AB Volvo (~$47.9B (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 Daimler Truck vs Volvo Group overview