Aptiv vs Toyota: Revenue, Profit and Business Model
Aptiv reported $20.4B of revenue in FY2025 and $165M of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Financial summary
Aptiv
Aptiv reported record revenue of $20.4 billion for fiscal 2025, up 3 percent, with adjusted operating income of $2,461 million and adjusted EBITDA of $3,228 million. GAAP net income fell to $165 million because of a non-cash goodwill impairment charge of $648 million, so GAAP diluted earnings were $0.75 a share against $7.82 excluding special items. Cash from operations was $2,185 million, capital expenditures were $656 million, and share repurchases were $397 million in 2025 after $4,104 million in 2024. Research and development expense was $1,129 million. Those figures include the Electrical Distribution Systems business, which reported $8,818 million of net sales in 2025 and left the company as Versigent PLC on April 1, 2026; guidance for the remaining business was cut in August 2026 to about $12.7 billion of revenue and $5.70 of adjusted earnings per share.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
Revenue and profit by year
Aptiv
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $20.4B | $165M | 0.8% | +3.5% | Source |
| FY2024 | $19.7B | $1.8B | 9.1% | -1.7% | Source |
| FY2023 | $20.1B | $2.9B | 14.7% | +14.6% | Source |
| FY2022 | $17.5B | $594M | 3.4% | +12.0% | Source |
| FY2021 | $15.6B | $590M | 3.8% | +19.5% | Source |
| FY2020 | $13.1B | $1.8B | 13.8% | -9.0% | Source |
| FY2019 | $14.4B | $990M | 6.9% | -0.5% | Source |
| FY2018 | $14.4B | $1.1B | 7.4% | +12.0% | Source |
| FY2017 | $12.9B | $1.4B | 10.5% | +5.0% | Source |
| FY2016 | $12.3B | $1.3B | 10.2% | — | Source |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | Source |
Where the revenue comes from
Aptiv
- Electrical Distribution Systems (separated as Versigent, April 2026)~43%
Reported $8,818 million of net sales in fiscal 2025, up 6 percent, with adjusted operating income of $674 million. This low- and high-voltage wiring and electrical distribution business separated from Aptiv as Versigent PLC on April 1, 2026 and is not part of Aptiv's 2026 revenue. Segment shares are taken against the $20,398 million reported total and sum to more than 100 percent because $874 million of intersegment sales are eliminated.
- Engineered Components Group~33%
Reported $6,662 million of net sales in fiscal 2025, up 4 percent, with adjusted operating income of $1,129 million. Connectors, busbars, high-voltage interconnects and electrical centers. Renamed Engineered Components from the first quarter of 2026.
- Advanced Safety and User Experience~28%
Reported $5,792 million of net sales in fiscal 2025, level with 2024, with adjusted operating income of $658 million. Active safety sensors, central compute, cockpit electronics and Wind River software. Renamed Intelligent Systems from the first quarter of 2026.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
Business model and strategy
Aptiv
How it makes money
Aptiv sells into multi-year production programs won years before a vehicle or system reaches assembly, then ships hardware per unit built for the life of that program. Through fiscal 2025 it reported three segments: Electrical Distribution Systems with $8,818 million of net sales, Engineered Components Group with $6,662 million and Advanced Safety and User Experience with $5,792 million.
Growth strategy
Aptiv's plan after the Versigent separation is to sell higher-value compute and software rather than volume wiring, and to take that portfolio outside cars. Inside automotive that means zone controllers and centralized compute under the Smart Vehicle Architecture banner, active safety sensors and cockpit electronics, and Wind River software sold on license and subscription.
Competitive advantage
Aptiv sells the compute and the physical connections around it, so a customer can buy an architecture instead of integrating one from several suppliers. Programs are designed in years ahead of production and stay on a vehicle for its model life, which makes an architecture decision expensive to reverse once it is made.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about Aptiv vs Toyota
Which company has higher revenue — Aptiv PLC or Toyota Motor Corporation?
Aptiv PLC reported $20.4B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Aptiv PLC reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Aptiv PLC vs Toyota Motor Corporation?
Aptiv PLC's market capitalisation stands at $8.9B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Aptiv PLC.
Which is more financially efficient — Aptiv PLC or Toyota Motor Corporation?
Aptiv PLC generates $400k / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Toyota Motor Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Aptiv PLC and Toyota Motor Corporation make money?
Aptiv PLC and Toyota Motor Corporation generate revenue in fundamentally different ways. Aptiv PLC: Aptiv sells into multi-year production programs won years before a vehicle or system reaches assembly, then ships hardware per unit built for the life of that program. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — Aptiv PLC or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Aptiv PLC trades at 0.4x P/S and Toyota Motor Corporation at 0.8x P/S. Toyota Motor Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Aptiv PLC. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Aptiv PLC bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Aptiv PLC ($20.4B (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 Aptiv vs Toyota overview