Hilton vs Toyota: Revenue, Profit and Business Model
Hilton reported $12B of revenue in FY2025 and $1.5B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Financial summary
Hilton
Hilton's results reflect its shift from owning hotels to collecting fees. Revenue rose from $4.31 billion in pandemic-hit 2020 to $12.04 billion in 2025, while net income reached $1.46 billion in 2025 against $1.54 billion in 2024 (which included a tax benefit). Adjusted EBITDA grew about 9% to $3.73 billion in 2025, and Hilton returned $3.3 billion to shareholders through buybacks and dividends that year. In Q2 2026 revenue was about $3.34 billion, net income was $482 million, and adjusted EBITDA was $1.05 billion. Hilton raised its full-year 2026 guidance to 3.0% to 3.5% RevPAR growth and $4.04 billion to $4.08 billion of adjusted EBITDA, with about $3.5 billion of planned capital return.
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
Hilton
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $12B | $1.5B | 12.1% | +7.7% | Source |
| FY2024 | $11.2B | $1.5B | 13.7% | +9.2% | Source |
| FY2023 | $10.2B | $1.1B | 11.1% | +16.7% | Source |
| FY2022 | $8.8B | $1.3B | 14.3% | +51.6% | Source |
| FY2021 | $5.8B | $410M | 7.1% | +34.4% | Source |
| FY2020 | $4.3B | -$715M | -16.6% | -54.4% | Source |
| FY2019 | $9.5B | $881M | 9.3% | +6.1% | Source |
| FY2018 | $8.9B | $764M | 8.6% | +9.5% | Source |
| FY2017 | $8.1B | $1.1B | 13.3% | +23.6% | Source |
| FY2016 | $6.6B | $338M | 5.1% | — | 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
Hilton
- Franchise and Licensing Fees
Largest fee stream
Royalties from owners of franchised Hilton hotels, typically a percentage of room revenue, plus licensing fees such as those from co-branded Hilton Honors credit cards and Hilton Grand Vacations.
- Base and Incentive Management Fees
Second fee stream
Fees for operating hotels on behalf of owners: a base fee tied to hotel revenue and an incentive fee tied to hotel profitability.
- Cost Reimbursement Revenues
Majority of reported revenue
Reimbursements from managed and franchised hotels for payroll and system costs Hilton pays on their behalf; largely offset by matching expenses.
- Owned and Leased Hotels
Small share
Room, food and beverage revenue from the limited number of hotels Hilton still owns or leases.
- Other Revenues
Small share
Purchasing, timeshare and other ancillary revenue tied to Hilton's platform.
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
Hilton
How it makes money
Hilton runs an asset-light, fee-based model. Third-party owners pay to build and own hotels; Hilton supplies the brand, design standards, central reservations, revenue management tools, procurement, and access to Hilton Honors, which had 243 million members at the end of 2025. In return Hilton collects franchise fees, typically a percentage of room revenue, plus management fees on hotels it operates.
Growth strategy
Hilton grows by adding rooms rather than buying buildings. Its main levers are new brands aimed at gaps in the market (Spark by Hilton in premium economy, LivSmart Studios in extended stay, Tempo and Motto in lifestyle, Outset Collection for independent hotels, Apartment Collection and Undergraduate by Hilton in 2026), conversions of independent hotels into Hilton brands, and expansion into new countries.
Competitive advantage
Hilton's advantage is scale on both sides of its network. Guests join Hilton Honors because it covers more than 9,000 hotels, and owners sign Hilton franchise agreements because Honors members and Hilton's booking channels deliver demand. That loop is hard to copy: a new brand would need thousands of owners to risk capital before it had the loyalty base to justify it.
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 Hilton vs Toyota
Which company has higher revenue — Hilton Worldwide Holdings Inc. or Toyota Motor Corporation?
Hilton Worldwide Holdings Inc. reported $12.0B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Hilton Worldwide Holdings Inc. 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 Hilton Worldwide Holdings Inc. vs Toyota Motor Corporation?
Hilton Worldwide Holdings Inc.'s market capitalisation stands at $70.7B, 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 Hilton Worldwide Holdings Inc..
Which is more financially efficient — Hilton Worldwide Holdings Inc. or Toyota Motor Corporation?
Hilton Worldwide Holdings Inc. generates $66k / 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 Hilton Worldwide Holdings Inc. and Toyota Motor Corporation make money?
Hilton Worldwide Holdings Inc. and Toyota Motor Corporation generate revenue in fundamentally different ways. Hilton Worldwide Holdings Inc.: Hilton runs an asset-light, fee-based model. 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 — Hilton Worldwide Holdings Inc. or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Hilton Worldwide Holdings Inc. trades at 5.9x P/S and Toyota Motor Corporation at 0.8x P/S. Hilton Worldwide Holdings 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 Hilton Worldwide Holdings Inc. bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Hilton Worldwide Holdings Inc. ($12.0B (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 Hilton vs Toyota overview