Renault vs Volvo Cars: Revenue, Profit and Business Model
Renault had ~$65.5B of annual revenue in FY2025 and a net loss of ~$12.4B. Volvo Cars had ~$35.7B of annual revenue in FY2025 and ~$17.4M of net income.
Latest financial snapshot
Renault
- Latest annual revenue
- ~$65.5B (FY2025)
- Net income
- ~-$12.4B
- Net margin
- -18.9%
- Revenue growth
- +1.4% a year, FY2016–FY2025
Volvo Cars
- Latest annual revenue
- ~$35.7B (FY2025)
- Net income
- ~$17.4M
- Net margin
- 0.0%
- Revenue growth
- +6.1% a year, FY2021–FY2025
Financial summary
Renault
Renault's revenue grew from ~$47.1 billion (EUR41.66 billion) in 2021 to ~$65.4 billion (EUR57.92 billion) in 2025 under the Renaulution value-over-volume plan. Group operating margin peaked at 7.9% in 2023, eased to 7.6% in 2024, and fell to 6.3% (~$4.1 billion (EUR3.63 billion)) in 2025 because of price pressure. The FY2025 net loss of ~$12.4 billion (EUR10.93 billion) came mainly from accounting changes and impairments on the Nissan stake, not from operations. In H1 2026, revenue rose 9.5% to ~$34.2 billion (EUR30.25 billion), operating margin was ~$1.81 billion (EUR1.6 billion) (5.2%), net income was ~$791 million (EUR0.7 billion) and automotive free cash flow was ~$738 million (EUR653 million). Renault confirmed 2026 guidance of about a 5.5% operating margin and about $1.13 billion (EUR1 billion) of automotive free cash flow. Renault Group is a historic French multinational automobile manufacturer, maintaining a market valuation generally exceeding $15 billion and operating as a core pillar of the Renault-Nissan-Mitsubishi Alliance.
Volvo Cars
Revenue fell from ~$40 billion (SEK 400.2 billion) in 2024 to ~$35.7 billion (SEK 357.3 billion) in 2025 as retail sales dropped to 710,000 cars. Adjusted EBIT was ~$1.25 billion (SEK 12.5 billion) (3.5% margin), but reported EBIT was about $30 million (SEK 0.3 billion) after charges including an ~$1.14 billion (SEK 11.4 billion) impairment, and the net result for the year was a loss of about $300 million (SEK 3.0 billion). Free cash flow was ~$240 million (SEK 2.4 billion) and the company ended 2025 with a net cash position of ~$2.69 billion (SEK 26.9 billion). In Q2 2026, revenue was ~$7.77 billion (SEK 77.7 billion) (~$9.35 billion (SEK 93.5 billion) a year earlier), EBIT was ~$80 million (SEK 0.8 billion) (1.1% margin) and retail sales were 171,501 cars, down 5.6%. The company said it reached its ~$500 million (SEK 5 billion) annual cost-saving target six months early.
Revenue and profit by year
Renault
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$65.5B | ~-$12.4B | -18.9% | +3.0% | Source |
| FY2024 | ~$63.5B | ~$849.8M | 1.3% | +7.4% | Source |
| FY2023 | ~$59.2B | ~$2.5B | 4.2% | +13.1% | Source |
| FY2022 | ~$52.4B | ~-$400M | -0.8% | +11.2% | Source |
| FY2021 | ~$47.1B | ~$1B | 2.1% | -4.2% | Source |
| FY2020 | ~$49.1B | — | — | -21.7% | Source |
| FY2019 | ~$62.8B | — | — | -3.3% | Source |
| FY2018 | ~$64.9B | — | — | -2.3% | Source |
| FY2017 | ~$66.4B | — | — | +14.7% | Source |
| FY2016 | ~$57.9B | — | — | — | Source |
Volvo Cars
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$35.7B | ~$17.4M | 0.0% | -10.7% | Source |
| FY2024 | ~$40B | ~$1.5B | 3.8% | +0.2% | Source |
| FY2023 | ~$39.9B | ~$1.3B | 3.3% | +21.0% | Source |
| FY2022 | ~$33B | ~$1.6B | 4.7% | +17.1% | Source |
| FY2021 | ~$28.2B | ~$1.2B | 4.3% | — | Source |
Where the revenue comes from
Renault
- Vehicle salesMajority
Sales of Renault, Dacia, Alpine, EV, hybrid, and light commercial vehicles.
- Financing and services
Meaningful
Sales financing, leasing, mobility, service contracts, and related customer finance.
- Parts and aftersales
Meaningful
Replacement parts, accessories, maintenance, and dealer-network aftersales.
- Partnerships and technologySmaller
Powertrain, platform, and alliance-linked strategic activities.
Volvo Cars
- Vehicle salesMajority
New cars and SUVs sold through dealers, fleet and online channels.
- Parts, service and accessories
Not disclosed
Aftersales revenue from the car fleet in use.
- Financing and subscriptions
Not disclosed
Financing, leasing and Care by Volvo subscription offers.
Business model and strategy
Renault
How it makes money
Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe. Mobilize Financial Services (formerly RCI Bank and Services) adds loans, leases, insurance and dealer financing.
Growth strategy
Renault's current strategy is futuREady, presented by CEO Francois Provost on March 10, 2026. It rests on four priorities (growth, tech, resilience and trust) and plans 36 new models by 2030, faster technology roadmaps, wider use of AI in operations, and a new relationship with suppliers. Product launches shown with the plan included the Dacia Striker and the Renault Bridger concept.
Competitive advantage
Renault's main edge is cost-disciplined value. Dacia reuses proven group platforms and builds in lower-cost plants in Romania and Morocco, and the Sandero was the best-selling passenger car in Europe across all channels in H1 2026.
Volvo Cars
How it makes money
Volvo Cars earns most of its revenue from selling new cars, mainly SUVs such as the XC60, XC90, XC40/EX40 and EX30, through dealers, fleet sales and online channels. Parts, service, accessories, financing and subscription services add further revenue. Electrified models (battery-electric plus plug-in hybrid) made up 46% of sales in 2025.
Growth strategy
The plan centres on cost reduction, regional production to limit tariff exposure, more parts shared with Geely (from about 10% to 30%), and new electric models such as the EX60 alongside continued plug-in hybrid sales.
Competitive advantage
Volvo's main asset is a brand strongly associated with safety, going back to the three-point seatbelt developed by Nils Bohlin in 1959. It also has a broad electrified lineup, factories in Sweden, Belgium, China and the United States, and access to Geely's purchasing scale and platforms.
Questions about Renault vs Volvo Cars
Which company has higher revenue — Renault S.A. or Volvo Car AB?
Renault S.A. had ~$65.5B (FY2025), while Volvo Car AB had ~$35.7B (FY2025). By latest annual revenue, Renault S.A. is the larger business, with Volvo Car AB showing a smaller revenue base.
What is the market cap of Renault S.A. vs Volvo Car AB?
Renault S.A. has a market capitalisation of $8.6B. A public market cap figure for Volvo Car AB was not available (it may be privately held).
How does revenue per employee compare for Renault S.A. and Volvo Car AB?
Renault S.A. has $668k / employee in revenue per employee, while Volvo Car AB has $839k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Renault S.A. and Volvo Car AB make money?
Renault S.A. and Volvo Car AB generate revenue in fundamentally different ways. Renault S.A.: Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe. Volvo Car AB: Volvo Cars earns most of its revenue from selling new cars, mainly SUVs such as the XC60, XC90, XC40/EX40 and EX30, through dealers, fleet sales and online channels.
Is Renault S.A. bigger than Volvo Car AB?
By last reported revenue, Renault S.A. (~$65.5B (FY2025)) is the larger company compared to Volvo Car AB (~$35.7B (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 Renault vs Volvo Cars overview