Honda vs Mazda: Revenue, Profit and Business Model
Honda reported ~$146B of revenue in FY2026 and a net loss of ~$2.8B. Mazda reported ~$33B of revenue in FY2026 and ~$235.1M of net income.
Latest financial snapshot
Financial summary
Honda
Honda's revenue rose from ~$97.5 billion (JPY 14.55 trillion) in FY2022 to ~$145 billion (JPY 21.69 trillion) in FY2025 as a weaker yen and strong US hybrid demand lifted results. FY2026 revenue edged up to $146 billion (JPY 21.80 trillion), but EV charges of ~$10.6 billion (JPY 1.58 trillion) produced a ~$2.78 billion (JPY 414.3 billion) operating loss and a ~$2.84 billion (JPY 423.9 billion) net loss. Without those charges, adjusted operating profit was ~$6.97 billion (JPY 1.04 trillion). In Q1 FY2027 (April to June 2026) operating profit hit a record ~$3.56 billion (JPY 530.7 billion) and net profit was ~$3.02 billion (JPY 450.9 billion), and Honda raised its FY2027 net profit forecast to ~$2.68 billion (JPY 400 billion).
Mazda
Mazda grew net sales from ~$20.9 billion (¥3.12 trillion) in FY March 2022 to a peak of ~$33.6 billion (¥5.02 trillion) in FY March 2025, helped by a weak yen and higher-priced Large Product Group SUVs such as the CX-90. FY March 2026 reversed that trend: sales slipped 2.0% to ~$33 billion (¥4.92 trillion), operating income fell 72% to ~$346 million (¥51.6 billion) and net income dropped to ~$235 million (¥35.1 billion), mainly because US tariffs hit vehicles exported from Japan and Mexico (Mazda builds only the CX-50 in the US). The company posted an operating loss of ~$309 million (¥46.1 billion) in the April-June 2025 quarter before returning to profit later in the year. For FY March 2027, Mazda forecasts 1,324,000 global sales, ~$36.9 billion (¥5.5 trillion) in net sales, ~$1 billion (¥150 billion) operating income and ~$603 million (¥90 billion) net income, and opened the year with record first-quarter sales of ~$8.61 billion (¥1,285.7 billion).
Revenue and profit by year
Honda
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$146B | ~-$2.8B | -1.9% | +0.5% | Source |
| FY2025 | ~$145.3B | ~$5.6B | 3.9% | +6.2% | Source |
| FY2024 | ~$136.9B | ~$7.4B | 5.4% | +20.8% | Source |
| FY2023 | ~$113.3B | ~$4.4B | 3.9% | +16.2% | Source |
| FY2022 | ~$97.5B | ~$4.7B | 4.9% | +10.5% | Source |
| FY2021 | ~$88.2B | ~$4.4B | 5.0% | -11.8% | Source |
| FY2020 | ~$100B | ~$3.1B | 3.1% | -6.0% | Source |
| FY2019 | ~$106.5B | ~$4.1B | 3.8% | +3.4% | Source |
| FY2018 | ~$102.9B | ~$7.1B | 6.9% | +9.7% | Source |
| FY2017 | ~$93.8B | ~$4.1B | 4.4% | -4.1% | Source |
| FY2016 | ~$97.8B | ~$2.3B | 2.4% | — | Source |
Where the revenue comes from
Honda
- Automobiles~65%
Passenger vehicles, hybrids, EVs, SUVs, parts, accessories, and related service revenue sold through global dealer networks.
- Motorcycles~17%
Motorcycles, scooters, parts, and related products sold globally, especially in Asia and other high-volume mobility markets.
- Financial Services~16%
Vehicle loans, leases, dealer financing, and related finance products that support automobile and motorcycle demand.
- Power Products and Other~2%
Power equipment, marine engines, aircraft-related activity, and other mobility-adjacent operations.
Mazda
- New Vehicle Sales (Crossovers and SUVs)
Majority (not disclosed)
CX-30, CX-5, CX-50, CX-60, CX-70, CX-80 and CX-90 crossovers sold through dealers worldwide.
- Passenger Cars and Sports Cars
Not disclosed
Mazda2, Mazda3, MX-5 Miata and electric models such as the Mazda6e.
- Parts, Accessories and Service
Not disclosed
Genuine replacement parts, accessories and after-sales service.
- Other (Financing and Related Businesses)
Not disclosed
Vehicle financing through regional finance arms and other related businesses.
Business model and strategy
Honda
How it makes money
Honda earns money in four reportable segments. Automobiles (Honda and Acura cars and light trucks, led by the CR-V, Civic, Accord and hybrid e:HEV models) generate most revenue, with North America the largest profit market. Motorcycles generate high-volume, high-margin sales, especially in India, Indonesia, Vietnam and Brazil, and posted record profit in FY2026.
Growth strategy
Honda reset its electrification plan in 2026. In March it cancelled the US-built Honda 0 SUV, 0 Saloon and Acura RSX EVs, and in May it scrapped its 2030 and 2040 EV sales targets, including the goal of selling only battery-electric and fuel-cell vehicles by 2040. The new plan leans on hybrids, a next-generation e:HEV system, motorcycles in emerging markets, and more flexible EV timing.
Competitive advantage
Honda's edge comes from three things. It leads the global motorcycle market with roughly 40% unit share, which gives it a profit base most automakers lack. Its two-motor hybrid system is competitive in the markets where hybrid demand is growing fastest, especially the US.
Mazda
How it makes money
Mazda operates a highly focused, premium B2C Automotive Manufacturing model. They do not have large luxury sub-brands (like Lexus) or large commercial truck divisions. They focus entirely on a highly consolidated lineup of highly well-designed Sedans and SUVs (the CX series). Their absolute skill is 'Platform Efficiency'. Because they are small, they cannot afford to design 10 different engines.
Growth strategy
Mazda's strategy combines a "multi-solution" powertrain roadmap (efficient combustion engines, hybrids, plug-in hybrids, the MX-30 R-EV rotary range extender and later dedicated EVs) with partnerships that spread costs: the 2017 capital alliance with Toyota, the Mazda Toyota Manufacturing USA plant in Huntsville, Alabama, Panasonic Energy battery supply, and Changan Mazda in China, which builds the EZ-6 and EZ-60.
Competitive advantage
Mazda's absolute competitive advantage is its large, impenetrable reputation for 'Design and Driving Dynamics' and its highly unique, stubborn engineering culture. While large competitors rely on heavy, expensive batteries or highly complex transmissions, Mazda engineers are obsessed with the internal combustion engine.
Questions about Honda vs Mazda
Which company has higher revenue — Honda Motor Co., Ltd. or Mazda Motor Corporation?
Honda Motor Co., Ltd. reported ~$146B (FY2026), while Mazda Motor Corporation reported ~$33B (FY2026). By last reported revenue, Honda Motor Co., Ltd. is the larger business, with Mazda Motor Corporation reporting a smaller revenue base.
What is the market cap of Honda Motor Co., Ltd. vs Mazda Motor Corporation?
Honda Motor Co., Ltd.'s market capitalisation stands at $50.3B, while Mazda Motor Corporation's is $4.7B. Honda Motor Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Mazda Motor Corporation.
Which is more financially efficient — Honda Motor Co., Ltd. or Mazda Motor Corporation?
Honda Motor Co., Ltd. generates $748k / employee in revenue per employee, while Mazda Motor Corporation generates $686k / employee. Honda Motor Co., Ltd. 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 Honda Motor Co., Ltd. and Mazda Motor Corporation make money?
Honda Motor Co., Ltd. and Mazda Motor Corporation generate revenue in fundamentally different ways. Honda Motor Co., Ltd.: Honda earns money in four reportable segments. Mazda Motor Corporation: Mazda operates a highly focused, premium B2C Automotive Manufacturing model.
Which company is valued higher relative to revenue — Honda Motor Co., Ltd. or Mazda Motor Corporation?
On a price-to-sales (P/S) basis, Honda Motor Co., Ltd. trades at 0.3x P/S and Mazda Motor Corporation at 0.1x P/S. Honda Motor Co., Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Mazda Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Honda Motor Co., Ltd. bigger than Mazda Motor Corporation?
By last reported revenue, Honda Motor Co., Ltd. (~$146B (FY2026)) is the larger company compared to Mazda Motor Corporation (~$33B (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 Honda vs Mazda overview