Cisco vs Toyota: Revenue, Profit and Business Model
Cisco reported $63.3B of revenue in FY2026 and $13.3B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Financial summary
Cisco
Cisco's revenue fell 5.6% to $53.8 billion in FY2024 as customers worked through excess inventory, then recovered to $56.7 billion in FY2025 and a record $63.3 billion in FY2026 (up 12%). FY2026 GAAP net income was about $13.3 billion, GAAP EPS was $3.33 (up 31%), and non-GAAP EPS was $4.33. Growth accelerated through the year: Q4 FY2026 revenue was $17.3 billion, up 18%, with product revenue up 24% and total product orders up 35%. Cisco said it recognized about $4 billion of AI infrastructure revenue from hyperscalers in FY2026 and expects about $7.5 billion in FY2027, within total FY2027 revenue guidance of $72.2-73.4 billion. The company also pays a quarterly dividend and buys back stock.
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
Cisco
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $63.3B | $13.3B | 21.0% | +11.8% | Source |
| FY2025 | $56.7B | $10.2B | 18.0% | +5.3% | Source |
| FY2024 | $53.8B | $10.3B | 19.2% | -5.6% | Source |
| FY2023 | $57B | $12.6B | 22.1% | +10.6% | Source |
| FY2022 | $51.6B | $11.8B | 22.9% | +3.5% | Source |
| FY2021 | $49.8B | $10.6B | 21.3% | +1.0% | Source |
| FY2020 | $49.3B | $11.2B | 22.7% | -5.0% | Source |
| FY2019 | $51.9B | $11.6B | 22.4% | +5.2% | Source |
| FY2018 | $49.3B | $110M | 0.2% | +2.8% | Source |
| FY2017 | $48B | $9.6B | 20.0% | — | 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
Cisco
- Secure, Agile Networks (Networking)~49%
Enterprise switching, routing, and wireless products including Catalyst, Nexus, and Meraki platforms. Cisco's largest and most established segment.
- Security~11%
Cybersecurity products including firewalls, zero-trust solutions, XDR, and the Splunk observability platform acquired in 2024 for $28 billion.
- Collaboration~9%
Webex video conferencing, unified communications, contact center solutions, and collaboration devices for hybrid work environments.
- Observability~8%
Full-stack observability including AppDynamics, ThousandEyes, and Splunk's SIEM/observability capabilities for monitoring application and network performance.
- Services~23%
Technical support, advisory services, and implementation services tied to Cisco's hardware and software portfolio. High-margin recurring revenue stream.
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
Cisco
How it makes money
Cisco makes money in two ways: product sales and services. Products (switches, routers, wireless, Silicon One-based data center and AI networking gear, firewalls, Splunk and other security and observability software, and Webex) made up about $13.5 billion of the $17.3 billion Q4 FY2026 revenue, while services (technical support, advisory, and maintenance contracts) contributed about $3.8 billion.
Growth strategy
Cisco's growth plan rests on three areas. First, AI infrastructure: Silicon One chips, Nexus and Cisco 8000 systems, and optics sold to hyperscalers and, increasingly, to neoclouds, sovereign AI projects, and enterprises building their own AI clusters. Second, campus and branch refresh, as enterprises upgrade switching and Wi-Fi for AI workloads.
Competitive advantage
Cisco's advantage is how deeply its equipment is built into corporate networks. The saying in IT is that 'nobody ever got fired for buying Cisco': large banks and other enterprises choose it for reliability. Replacing an integrated Cisco network with cheaper hardware is a multi-year project with real risk, so most CIOs stay, which gives Cisco a durable installed base.
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 Cisco vs Toyota
Which company has higher revenue — Cisco Systems, Inc. or Toyota Motor Corporation?
Cisco Systems, Inc. reported $63.3B (FY2026), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Cisco Systems, Inc. reporting a smaller revenue base.
What is the market cap of Cisco Systems, Inc. vs Toyota Motor Corporation?
Cisco Systems, Inc.'s market capitalisation stands at $420.7B, while Toyota Motor Corporation's is $258.0B. Cisco Systems, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Toyota Motor Corporation.
Which is more financially efficient — Cisco Systems, Inc. or Toyota Motor Corporation?
Cisco Systems, Inc. generates $769k / 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 Cisco Systems, Inc. and Toyota Motor Corporation make money?
Cisco Systems, Inc. and Toyota Motor Corporation generate revenue in fundamentally different ways. Cisco Systems, Inc.: Cisco makes money in two ways: product sales and services. 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 — Cisco Systems, Inc. or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Cisco Systems, Inc. trades at 6.6x P/S and Toyota Motor Corporation at 0.8x P/S. Cisco Systems, Inc. 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 Cisco Systems, Inc. bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Cisco Systems, Inc. ($63.3B (FY2026)). 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 Cisco vs Toyota overview