Boeing vs Volkswagen: Revenue, Profit and Business Model
Boeing reported $89.5B of revenue in FY2025 and $2.2B of net income. Volkswagen reported ~$363.8B of revenue in FY2025 and ~$7.5B of net income.
Latest financial snapshot
Boeing
- Latest revenue
- $89.5B (FY2025)
- Net income
- $2.2B
- Net margin
- 2.5%
- Revenue growth
- -0.5% a year, FY2016–FY2025
Volkswagen
- Latest revenue
- ~$363.8B (FY2025)
- Net income
- ~$7.5B
- Net margin
- 2.1%
- Revenue growth
- +6.5% a year, FY2021–FY2025
Financial summary
Boeing
Boeing went from record revenue of $101.1 billion and a $10.5 billion profit in 2018 to six straight years of losses after the 737 MAX grounding, the pandemic, the 2024 door-plug blowout and a 53-day machinists' strike. The 2024 loss alone was $11.8 billion. To protect its investment-grade rating, Boeing raised about $24 billion of equity in October 2024 and sold Jeppesen, ForeFlight and other digital aviation assets to Thoma Bravo for $10.55 billion in 2025. FY2025 revenue rose 34% to $89.5 billion and net earnings returned to $2.2 billion, but that profit came from the $9.6 billion sale gain; Commercial Airplanes still lost $7.1 billion. In the first half of 2026 revenue rose 11% to $46.8 billion, the net loss narrowed to $435 million, and consolidated debt fell to $45.9 billion from $54.1 billion at the end of 2025.
Volkswagen
Volkswagen Group reported ~$364 billion (EUR 321.9 billion) in 2025 sales revenue, slightly below ~$367 billion (EUR 324.7 billion) in 2024, and an operating result of ~$10.1 billion (EUR 8.9 billion), a 2.8% margin. Earnings were held down by U.S. tariffs, restructuring provisions, the cost of Porsche's product strategy change, and weaker results from the Chinese joint ventures. Deliveries were broadly stable at 8.984 million vehicles. The December 2024 agreement with IG Metall for the Volkswagen brand in Germany avoids compulsory redundancies but plans to cut more than 35,000 jobs by 2030 through attrition and early retirement, and to reduce German plant capacity. In the first half of 2026 sales revenue was about $179 billion (EUR 158.1 billion), roughly flat, while the operating result fell 11.6% to about $6.67 billion (EUR 5.9 billion) (3.8% margin). In September 2026 Volkswagen cut its full-year forecast to about $356 billion (EUR 315 billion) in sales revenue and an operating margin of up to 1%, citing China, a faster shift to EVs, a roughly $6.78 billion (EUR 6 billion) goodwill impairment on the Porsche segment, and extra restructuring and China impairments.
Revenue and profit by year
Boeing
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $89.5B | $2.2B | 2.5% | +34.5% | Source |
| FY2024 | $66.5B | -$11.8B | -17.8% | -14.5% | Source |
| FY2023 | $77.8B | -$2.2B | -2.9% | +16.8% | Source |
| FY2022 | $66.6B | -$4.9B | -7.4% | +6.9% | Source |
| FY2021 | $62.3B | -$4.2B | -6.7% | +7.1% | Source |
| FY2020 | $58.2B | -$11.9B | -20.4% | -24.0% | Source |
| FY2019 | $76.6B | -$636M | -0.8% | -24.3% | Source |
| FY2018 | $101.1B | $10.5B | 10.3% | +7.6% | Source |
| FY2017 | $94B | $8.5B | 9.0% | +0.5% | Source |
| FY2016 | $93.5B | $5B | 5.4% | — | Source |
Volkswagen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$363.8B | ~$7.5B | 2.1% | -0.8% | Source |
| FY2024 | ~$366.9B | ~$12.1B | 3.3% | +0.7% | Source |
| FY2023 | ~$364.2B | ~$18B | 4.9% | +15.5% | Source |
| FY2022 | ~$315.3B | ~$16.8B | 5.3% | +11.5% | Source |
| FY2021 | ~$282.7B | ~$16.8B | 5.9% | — | Source |
Where the revenue comes from
Boeing
- Commercial Airplanes
46% ($41.5B in 2025)
737 MAX, 767, 777/777X and 787 sales to airlines and lessors; revenue is recognized mostly at delivery, and the segment lost $7.1B from operations in 2025.
- Defense, Space & Security
30% ($27.2B in 2025)
Military aircraft, weapons, satellites and space systems for the U.S. government and allies, with a record $85B backlog at the end of 2025.
- Global Services
23% ($20.9B in 2025)
Parts, maintenance, modifications and training for commercial and government fleets; Boeing's most profitable segment.
Volkswagen
- Passenger vehicle sales
- Premium and luxury vehicle sales
- Commercial vehicles
- Parts and aftersales
- Financial services
- Leasing and fleet services
- Software and mobility services
Business model and strategy
Boeing
How it makes money
Boeing earns money in three segments. Commercial Airplanes (BCA) designs, builds and sells the 737, 767, 777 and 787. Airlines and lessors pay deposits and progress payments over several years, but most of the price arrives at delivery, so revenue moves with delivery volume.
Growth strategy
Under Kelly Ortberg the plan is to stabilize first and grow second. Boeing runs a Safety & Quality Plan with key performance indicators for each factory and raises 737 and 787 rates only when those metrics and the FAA allow it.
Competitive advantage
Boeing's advantages are hard to copy: a century of certification know-how, a global installed fleet that keeps buying parts and services, and a backlog of more than 6,200 commercial airplanes worth $597 billion at June 30, 2026. Only Airbus builds comparable large jets, and with both makers sold out for years, airlines that need aircraft this decade order from both. In defense, Boeing now holds both U.S.
Volkswagen
How it makes money
Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Growth strategy
Volkswagen's growth strategy centers on cost reduction, platform simplification, brand accountability, premium profitability, China-specific EV development, battery and software investment, hybrid and combustion optimization where demand remains strong, and selective partnerships such as Rivian and XPeng.
Competitive advantage
Volkswagen's advantage is industrial scale plus brand breadth. Few competitors can cover entry-level European cars, global volume SUVs, Audi premium vehicles, Porsche sports cars, Lamborghini supercars, Bentley luxury cars, Ducati motorcycles, Scania and MAN trucks, and a major financial services arm. The purchasing leverage and installed dealer base are hard to replicate.
Questions about Boeing vs Volkswagen
Which company has higher revenue — The Boeing Company or Volkswagen Aktiengesellschaft?
The Boeing Company reported $89.5B (FY2025), while Volkswagen Aktiengesellschaft reported ~$363.8B (FY2025). By last reported revenue, Volkswagen Aktiengesellschaft is the larger business, with The Boeing Company reporting a smaller revenue base.
What is the market cap of The Boeing Company vs Volkswagen Aktiengesellschaft?
The Boeing Company's market capitalisation stands at $148.0B, while Volkswagen Aktiengesellschaft's is $35.5B. The Boeing Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Volkswagen Aktiengesellschaft.
Which is more financially efficient — The Boeing Company or Volkswagen Aktiengesellschaft?
The Boeing Company generates $492k / employee in revenue per employee, while Volkswagen Aktiengesellschaft generates $549k / employee. Volkswagen Aktiengesellschaft 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 The Boeing Company and Volkswagen Aktiengesellschaft make money?
The Boeing Company and Volkswagen Aktiengesellschaft generate revenue in fundamentally different ways. The Boeing Company: Boeing earns money in three segments. Volkswagen Aktiengesellschaft: Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Which company is valued higher relative to revenue — The Boeing Company or Volkswagen Aktiengesellschaft?
On a price-to-sales (P/S) basis, The Boeing Company trades at 1.7x P/S and Volkswagen Aktiengesellschaft at 0.1x P/S. The Boeing Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Volkswagen Aktiengesellschaft. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Boeing Company bigger than Volkswagen Aktiengesellschaft?
By last reported revenue, Volkswagen Aktiengesellschaft (~$363.8B (FY2025)) is the larger company compared to The Boeing Company ($89.5B (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 Boeing vs Volkswagen overview