Honda Motor Co., Ltd. Revenue & Financials

The number that tells Honda's real story isn't revenue. It's the gap between motorcycle profit and automobile profit. In FY2025, motorcycles produced $4.7 billion in segment profit. Automobiles — which generated four times more revenue — produced only $1.7 billion. That's not a rounding error. That's a company whose public identity (cars) is being financially carried by its less glamorous identity (bikes). Total FY2025 revenue hit $145.3 billion, up from $136.9 billion the prior year — a 6% increase driven largely by North American SUV pricing and motorcycle volume growth in Asia. Net income was approximately $6 billion, giving Honda a net margin around 4%. Not terrible for an automaker, but not impressive either. Toyota runs at 7-8%. The market cap tells you what investors really think: $55 billion. That's a price-to-sales ratio of 0.38x — meaning the market values every dollar of Honda's revenue at 38 cents. For context, Toyota trades at roughly 0.9x and Tesla at 8x. Wall Street is pricing Honda as if the automobile business is a value trap and the motorcycle business alone can't justify a higher multiple. Whether that's pessimism or realism depends entirely on whether the Honda 0 Series and next-gen hybrids can restore automobile margins above 5% by 2028.