Baker Hughes vs Toyota: Revenue, Profit and Business Model
Baker Hughes reported $27.7B of revenue in FY2025 and $2.6B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Baker Hughes
- Latest revenue
- $27.7B (FY2025)
- Net income
- $2.6B
- Net margin
- 9.3%
- Revenue growth
- +8.7% a year, FY2016–FY2025
Toyota
- Latest revenue
- ~$339.6B (FY2026)
- Net income
- ~$25.8B
- Net margin
- 7.6%
- Revenue growth
- +6.0% a year, FY2016–FY2026
Financial summary
Baker Hughes
FY2025 revenue was $27,733M, down 0.3% from $27,829M, with attributable net income of $2,588M against $2,979M a year earlier, a 13% decline driven largely by the prior-year release of tax valuation allowances and by $215M of restructuring. Profitability still improved on the measure management targets: adjusted EBITDA reached a record $4,825M, a 17.4% margin against 16.5% in FY2024. The mix did the work, with IET segment EBITDA up 21% to $2,482M while OFSE fell 9% to $2,618M. Cash conversion was the other bright spot, with $3,810M from operations and record free cash flow of $2,732M after $1,078M of net capital spending. The balance sheet ended the year with $3,715M of cash against $5,398M of long-term debt and $689M of current debt, and equity of $19,010M on total assets of $40,881M. Dividends of $910M and $384M of buybacks were paid out during the year, with the quarterly dividend at $0.23 per share. Research and development was $600M and selling, general and administrative expense $2,387M.
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
Baker Hughes
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $27.7B | $2.6B | 9.3% | -0.3% | Source |
| FY2024 | $27.8B | $3B | 10.7% | +9.1% | Source |
| FY2023 | $25.5B | $1.9B | 7.6% | +20.6% | Source |
| FY2022 | $21.2B | -$601M | -2.8% | +3.2% | Source |
| FY2021 | $20.5B | -$219M | -1.1% | -1.0% | Source |
| FY2020 | $20.7B | -$9.9B | -48.0% | -13.1% | Source |
| FY2019 | $23.8B | $128M | 0.5% | +4.2% | Source |
| FY2018 | $22.9B | $195M | 0.9% | +33.2% | Source |
| FY2017 | $17.2B | -$103M | -0.6% | +31.3% | Source |
| FY2016 | $13.1B | — | 0.0% | — | 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
Baker Hughes
- Oilfield Services and Equipment (OFSE)51.7%
OFSE revenue was $14,324M in FY2025, down 8% from $15,628M in FY2024 as rig counts fell. The split by product line was Production Solutions $3,806M, Completions, Intervention and Measurements $3,750M, Well Construction $3,646M and Subsea and Surface Pressure Systems $3,122M. International revenue was $10,551M and North America $3,773M. Segment EBITDA was $2,618M, an 18.3% margin, on work generally contracted well by well or by project.
- Industrial and Energy Technology (IET)48.3%
IET revenue was $13,409M in FY2025, up 10% from $12,201M, made up of Gas Technology Equipment $6,619M, Gas Technology Services $3,028M, Industrial Products $1,991M, Industrial Solutions $1,123M and Climate Technology Solutions $647M. Segment EBITDA was $2,482M, up 21%, a 18.5% margin. IET held $32.4B of the $35.9B remaining performance obligation at year end, split $11.6B equipment and $16.1B services, so a large share of future revenue is already contracted.
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
Baker Hughes
How it makes money
Baker Hughes sells engineered equipment and the services that keep it running. In Oilfield Services and Equipment it is paid for jobs and projects: directional drilling, drill bits, completions, pressure pumping, artificial lift, oilfield chemicals and subsea production systems, billed well by well or under multi-year frame agreements with national oil companies and majors.
Growth strategy
The strategy is to shift weight from short-cycle oilfield work toward equipment and lifecycle services with longer contracts. Management describes the 2026 to 2028 period as Horizon Two and frames the aim as a more industrialised energy solutions company with a production-oriented mix and more durable cash flow.
Competitive advantage
The defensible part of Baker Hughes is the installed base of turbomachinery and the service contracts attached to it. Once its gas turbines and refrigerant compressors are inside a liquefaction train or a gas processing plant, the operator buys spare parts, overhauls and remote monitoring from Baker Hughes for the life of the asset, which is why Gas Technology Services alone held $16.1B of remaining performance oblig…
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 Baker Hughes vs Toyota
Which company has higher revenue — Baker Hughes Company or Toyota Motor Corporation?
Baker Hughes Company reported $27.7B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Baker Hughes Company 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 Baker Hughes Company vs Toyota Motor Corporation?
Baker Hughes Company's market capitalisation stands at $56.9B, 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 Baker Hughes Company.
Which is more financially efficient — Baker Hughes Company or Toyota Motor Corporation?
Baker Hughes Company generates $495k / 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 Baker Hughes Company and Toyota Motor Corporation make money?
Baker Hughes Company and Toyota Motor Corporation generate revenue in fundamentally different ways. Baker Hughes Company: Baker Hughes sells engineered equipment and the services that keep it running. 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 — Baker Hughes Company or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Baker Hughes Company trades at 2.1x P/S and Toyota Motor Corporation at 0.8x P/S. Baker Hughes Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Baker Hughes Company bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Baker Hughes Company ($27.7B (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 Baker Hughes vs Toyota overview