BYD quarterly profit jumps 28% to 10.02 billion yuan, missing analyst forecasts
Key Facts
BYD reported a 28% increase in net profit attributable to shareholders to 10.02 billion yuan in the third quarter of 2026, while revenue rose 13.6% to 221.49 billion yuan, according to results cited by Investing.com. Profit growth fell short of analyst expectations, according to a correction in Channel NewsAsia's report on the results. The pace of profit growth slowed from the previous quarter, making the quarterly jump less forceful than the annual growth figure alone suggests. Earnings per share rose 29% to 1.10 yuan during the period. The figures present the third quarter as a revenue recovery, while pressure remains on sales growth to deliver a comparable increase in profit.
Excluding extraordinary items, profit rose 25% to 8.63 billion yuan, according to Investing.com. Non-recurring items added 1.39 billion yuan to quarterly earnings, including 1.13 billion yuan in fair-value gains on financial assets. These items also included 825 million yuan in government grants, most of them related to vehicles. The gap between net profit growth and growth in profit excluding these items means non-recurring gains contributed to the reported result. Underlying profitability therefore remains more closely tied to the 25% increase in profit excluding these items, alongside the revenue trajectory.
For the first nine months of 2026, revenue was 566.30 billion yuan and remained broadly stable, while net profit fell 4.2% to 22.34 billion yuan, according to Investing.com. This divergence highlights the widening gap between third-quarter performance and the cumulative result since the start of the year. Operating cash flow also rose 33% to 54.47 billion yuan over the same nine months. The improvement in cash flow offers a parallel indicator of earnings performance, but came during a period when cumulative net profit declined. In terms of sales, the company sold 3,131,576 vehicles in the first nine months, including 1,337,831 overseas shipments of passenger cars and pick-up trucks, according to Reuters via Stockopedia.
September data showed sales continued to grow, with BYD selling about 463,561 vehicles, up 17% year on year, according to Reuters via Stockopedia. The increase, however, was slower than the 17.8% sales growth recorded in August. By contrast, overseas shipments of passenger cars and pick-up trucks surged 153.9% to 179,877 vehicles in September. Reuters reported that export growth supported momentum amid weakness in the domestic market, illustrating how overseas markets can expand the sales base while pressures in China persist. The report linked the rise in inventories mainly to growth in overseas vehicle sales, with trade receivables also recording a corresponding increase.
Inventories rose 60% from the end of 2025 to 221.58 billion yuan in the third quarter, while trade receivables increased 53% to 56.47 billion yuan, according to Investing.com. Growth in inventory and receivables reflects an expansion in sales-related activity, including overseas sales, which the report said contributed to the increase in inventory. The combination of rising exports and improved third-quarter revenue, on the one hand, and lower net profit over the first nine months, on the other, points to a divergence between sales momentum and the cumulative profit result. BYDDY shares closed at $8.92 on October 28, 2026, according to EL7 data. The available closing data did not include the session high and low prices.