BMW vs Toyota: Revenue, Profit and Business Model
BMW reported ~$150.8B of revenue in FY2025 and ~$8.2B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Financial summary
BMW
BMW's financial story has turned from peak to reset in three years. Revenue reached ~$176 billion (EUR155.5 billion) in 2023 with a 9.8% automotive EBIT margin, then fell to ~$161 billion (EUR142.4 billion) in 2024 and ~$151 billion (EUR133.5 billion) in 2025 as China pricing, tariffs and currency weighed. Group profit before tax still stayed above ~$11.3 billion (EUR10 billion) in 2025 (~$11.6 billion (EUR10.236 billion), 7.7% margin), helped by ~$2.82 billion (EUR2.5 billion) of cost cuts and a stable Financial Services business. 2026 is weaker: H1 revenue fell 8.0% to ~$70.4 billion (EUR62.3 billion), Group EBT dropped 29.4% to ~$4.52 billion (EUR4.0 billion), and BMW now guides to a 1-3% automotive EBIT margin and automotive free cash flow above ~$2.82 billion (EUR2.5 billion). Shareholder returns continue through a EUR4.40 dividend for 2025 and a ~$2.26 billion (EUR2 billion) buyback due to finish by November 2026.
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
BMW
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$150.8B | ~$8.2B | 5.5% | -6.3% | Source |
| FY2024 | ~$160.9B | ~$8.2B | 5.1% | -8.4% | Source |
| FY2023 | ~$175.7B | ~$12.8B | 7.3% | +9.0% | Source |
| FY2022 | ~$161.1B | ~$20.3B | 12.6% | +28.2% | Source |
| FY2021 | ~$125.7B | ~$14B | 11.1% | — | 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
BMW
- Automotive
~$133B (EUR117.6B) segment revenue (2025)
Sales of BMW, MINI and Rolls-Royce cars, parts and services; the segment's EBIT margin was 5.3% in 2025.
- Financial Services
~$45B (EUR39.8B) segment revenue (2025)
Leasing, retail loans, dealer financing and insurance; new business volume was ~$74.4B (EUR65.8B) in 2025.
- Motorcycles
~$3.5B (EUR3.1B) segment revenue (2025)
BMW Motorrad bikes, parts and gear; segment EBIT margin was 5.7% in 2025.
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
BMW
How it makes money
BMW makes money by designing, building and selling premium cars at prices that carry a brand premium, then earning a second layer of profit from financing them. In 2025 the Automotive segment (BMW, MINI, Rolls-Royce) generated ~$133 billion (EUR117.6 billion) of revenue, Financial Services ~$45 billion (EUR39.8 billion) and Motorcycles ~$3.5 billion (EUR3.1 billion) before intra-group eliminations.
Growth strategy
Under CEO Milan Nedeljković, BMW's growth plan is narrower and more regional. The group will cut variants (the 2 Series Active Tourer gets no successor), add top-end models such as the first BMW ALPINA car in 2027 and a US-focused SAV above the X7, and launch a compact Neue Klasse EV for Europe in 2028.
Competitive advantage
BMW's advantage rests on brand depth, engineering credibility and a flexible production network. Customers still pay for BMW driving dynamics, M performance models and Rolls-Royce craftsmanship, which supports pricing even when volumes are flat.
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 BMW vs Toyota
Which company has higher revenue — Bayerische Motoren Werke AG or Toyota Motor Corporation?
Bayerische Motoren Werke AG reported ~$150.8B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Bayerische Motoren Werke 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 Bayerische Motoren Werke AG vs Toyota Motor Corporation?
Bayerische Motoren Werke AG's market capitalisation stands at $39.8B, 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 Bayerische Motoren Werke AG.
Which is more financially efficient — Bayerische Motoren Werke AG or Toyota Motor Corporation?
Bayerische Motoren Werke AG generates $976k / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Bayerische Motoren Werke AG 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 Bayerische Motoren Werke AG and Toyota Motor Corporation make money?
Bayerische Motoren Werke AG and Toyota Motor Corporation generate revenue in fundamentally different ways. Bayerische Motoren Werke AG: BMW makes money by designing, building and selling premium cars at prices that carry a brand premium, then earning a second layer of profit from financing them. 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 — Bayerische Motoren Werke AG or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Bayerische Motoren Werke AG trades at 0.3x 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 Bayerische Motoren Werke AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bayerische Motoren Werke AG bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Bayerische Motoren Werke AG (~$150.8B (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 BMW vs Toyota overview