Bayer vs Toyota: Revenue, Profit and Business Model
Bayer reported ~$51.5B of revenue in FY2025 and a net loss of ~$4.1B. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Financial summary
Bayer
Bayer's accounts still carry the 2018 Monsanto acquisition. FY2025 sales were ~$51.5 billion (EUR 45,575 million), down 2.2 percent as reported and up 1.1 percent adjusted for currency and portfolio. EBITDA before special items was ~$11 billion (EUR 9.7 billion) and free cash flow ~$2.35 billion (EUR 2,084 million), yet the group reported an EBIT of minus ~$1.22 billion (EUR 1,077 million) and a net loss of ~$4.09 billion (EUR 3,620 million), because other operating expenses net of income reached minus ~$8.34 billion (EUR 7,377 million), mainly litigation provisions. Net financial debt fell 8.5 percent to ~$33.7 billion (EUR 29,843 million). The dividend has stayed at the legally required minimum of EUR 0.11 per share since 2023, so cash goes to debt and settlements rather than shareholders.
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
Bayer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$51.5B | ~-$4.1B | -7.9% | -2.2% | Source |
| FY2024 | ~$52.7B | ~-$2.9B | -5.5% | -2.2% | Source |
| FY2023 | ~$53.8B | ~-$3.3B | -6.2% | -6.1% | Source |
| FY2022 | ~$57.3B | ~$4.7B | 8.2% | +15.1% | Source |
| FY2021 | ~$49.8B | ~$1.1B | 2.3% | +6.5% | Source |
| FY2020 | ~$46.8B | ~-$11.9B | -25.4% | -4.9% | Source |
| FY2019 | ~$49.2B | ~$4.6B | 9.4% | +10.0% | Source |
| FY2018 | ~$44.7B | ~$1.9B | 4.3% | +13.1% | Source |
| FY2017 | ~$39.6B | ~$8.3B | 21.0% | — | 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
Bayer
- Crop Science
about 47%
Seeds, biotech traits, crop protection chemicals and digital farming produced ~$24.4 billion (EUR 21,622 million) of 2025 sales, led by Corn Seed and Traits at ~$8.08 billion (EUR 7,149 million).
- Pharmaceuticals
about 39%
Prescription medicines produced ~$20.1 billion (EUR 17,829 million) of 2025 sales, with Eylea at ~$3.51 billion (EUR 3,110 million), Nubeqa at ~$2.7 billion (EUR 2,385 million), Xarelto at ~$2.65 billion (EUR 2,344 million) and the Mirena family at ~$1.54 billion (EUR 1,366 million).
- Consumer Health
about 13%
Over-the-counter brands produced ~$6.56 billion (EUR 5,802 million) of 2025 sales across nutritionals, allergy and cold, pain and cardio, digestive health and dermatology.
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
Bayer
How it makes money
Bayer runs two very different businesses plus a consumer brand portfolio. Pharmaceuticals spent ~$3.91 billion (EUR 3,456 million) on research and development in 2025 to develop and launch patented specialty medicines in oncology, cardiovascular and renal disease, women's health and radiology, and sells them to hospitals and specialist prescribers at high gross margins.
Growth strategy
After a strategic review in March 2024 Bayer decided not to break itself up, keeping the three divisions together while it works on litigation and debt. Growth therefore has to come from inside: scaling Nubeqa, which reached ~$2.7 billion (EUR 2,385 million) of sales in 2025, and Kerendia at ~$937 million (EUR 829 million); launching Lynkuet, Beyonttra and Hyrnuo; filing gadoquatrane in radiology;
Competitive advantage
Bayer's strongest position is in seeds and traits. Corn Seed and Traits alone generated ~$8.08 billion (EUR 7,149 million) of sales in 2025, up 9.0 percent as reported, because growers buy hybrid seed together with the trait packages licensed into it and then buy matching crop protection chemistry. Changing seed supplier means changing agronomic practice mid-rotation, which slows share loss.
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 Bayer vs Toyota
Which company has higher revenue — Bayer AG or Toyota Motor Corporation?
Bayer AG reported ~$51.5B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Bayer AG 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 Bayer AG vs Toyota Motor Corporation?
Bayer AG's market capitalisation stands at $47.1B, 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 Bayer AG.
Which is more financially efficient — Bayer AG or Toyota Motor Corporation?
Bayer AG generates $585k / 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 Bayer AG and Toyota Motor Corporation make money?
Bayer AG and Toyota Motor Corporation generate revenue in fundamentally different ways. Bayer AG: Bayer runs two very different businesses plus a consumer brand portfolio. 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 — Bayer AG or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Bayer AG trades at 0.9x P/S and Toyota Motor Corporation at 0.8x P/S. Bayer AG 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 Bayer AG bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Bayer AG (~$51.5B (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 Bayer vs Toyota overview