BYD Q3 2026 results: Net profit jumps 28% to RMB 10 billion, overseas sales surge 92% as inventory rises 60%

BYD reported revenue of RMB 221.488 billion (approximately HK$259.2 billion) for the third quarter of 2026, up 13.59% year on year. Net profit attributable to shareholders rose 28.08% to RMB 10.02 billion (approximately HK$11.7 billion).

However, net profit for the first nine months of the year was still down 4.24%, despite strong growth in overseas vehicle sales. A sharp rise in inventory was another notable development in the company's latest financial results.

Q3 revenue up 14%, net profit rises 28%

BYD recorded year-on-year growth in both revenue and net profit during the third quarter. The picture was less positive for the first nine months as a whole, with revenue virtually unchanged and cumulative net profit falling.

Overseas vehicle sales jump 91.9%

Overseas markets continued to drive BYD's growth, with sales reaching approximately 1.34 million vehicles in the first nine months of 2026, up 91.9% year on year.

The group's premium brands, including Fangchengbao, DENZA and Yangwang, also recorded strong growth. Combined sales reached around 410,000 vehicles, an increase of 75% compared with the same period last year.

The growing contribution from these higher-end brands could help BYD improve its overall product mix.

As BYD expands further into international markets, the pace of production at its overseas factories, local tariffs and operating costs will play an important role in determining how profitable those operations become.

Inventory and foreign exchange losses

BYD's inventory stood at RMB 221.578 billion (approximately HK$259.3 billion) at the end of September 2026, up 60.08% from the end of 2025.

The company attributed the increase mainly to the expansion of its overseas vehicle business and higher stock levels to support sales.

While building up inventory can support deliveries in growing markets, the pace at which those vehicles are sold and delivered will be important to watch in the coming quarters.

Foreign exchange movements also affected BYD's financial performance.

The company recorded finance costs of RMB 7.368 billion (approximately HK$8.6 billion) in the first nine months of 2026, compared with net finance income of RMB 2.936 billion (approximately HK$3.4 billion) a year earlier. Foreign exchange losses were among the factors behind the change.

Q3 recovery has yet to offset the nine-month decline

BYD's 28.08% rise in third-quarter net profit points to an improvement in its latest quarterly performance, although the 4.24% decline in nine-month profit shows that the recovery has yet to fully offset earlier weakness.

Overseas sales are growing rapidly, giving BYD a larger international customer base. However, rising inventory, exchange rate fluctuations and the cost of expanding overseas remain key factors to watch.

Source: BYD Q3 2026 Financial Report

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