BYD and Stepan Report Mixed First-Quarter 2026 Earnings Results

Chinese electric vehicle manufacturer BYD and U.S. chemical firm Stepan released their first-quarter 2026 earnings on April 28, showing mixed performances amid market pressures. BYD's net profit fell 55% year-over-year to 4.08 billion yuan, matching market consensus estimates.

Revenue decreased 11.8% to 150.23 billion yuan, exceeding estimates of 140.4 billion yuan but marking the lowest quarterly figure since the second quarter of 2024. Stepan reported non-GAAP earnings per share of $0.45, surpassing estimates by $0.06. However, its revenue of $604.51 million missed projections by $7.74 million, with EBITDA declining 14% from the previous year.

BYD, identified as China's largest and most profitable EV maker, attributed part of its results to weakness in the domestic market. The net profit was the lowest since the first quarter of 2023, driven by slowing growth at home. Rising overseas sales provided some offset, with exports reaching 120,083 units in March alone.

This marked the fifth consecutive month of shipments exceeding 100,000 vehicles. Revenue for the quarter stood at 150.2 billion yuan according to one source, aligning closely with the reported 150.23 billion yuan figure.

results highlighted a beat on earnings per share but shortfalls in revenue and EBITDA. The company did not provide additional commentary in the available reports. The revenue miss and EBITDA decline indicate potential pressures in the chemical sector, though specific causes were not detailed.

the profit drop reflects broader challenges in China's EV market, where domestic demand has softened. Exports have become a key growth area, helping to mitigate the impact. Stepan's performance shows resilience in per-share earnings despite revenue challenges, with the EBITDA reduction pointing to operational or cost-related issues year-over-year.

Sources agreed on BYD's net profit figure of approximately 4.09 billion yuan, with minor variations in rounding. Revenue estimates and actuals for both companies showed consistency across reports, though Stepan's results included a specific EBITDA metric not mentioned for BYD.

No direct contradictions appeared between the sources, with all confirming the year-over-year declines and estimate comparisons.