Honda vs Sysco: Revenue, Profit and Business Model
Honda reported ~$146B of revenue in FY2026 and a net loss of ~$2.8B. Sysco reported $84.6B of revenue in FY2026 and $1.8B 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).
Sysco
Sysco's revenue grew from $76.3 billion in fiscal 2023 to $78.8 billion in fiscal 2024, $81.4 billion in fiscal 2025 and $84.6 billion in fiscal 2026. Profit has not kept pace: fiscal 2026 net earnings declined 3.9% to about $1.76 billion and operating income edged up 0.2% to about $3.1 billion, partly reflecting higher incentive compensation costs. The fourth quarter was stronger, with sales up 4.7% to $22.1 billion, operating income up 10.6% to $983 million and adjusted EPS of $1.53. Full-year adjusted EPS was $4.61.
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 |
Sysco
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $84.6B | $1.8B | 2.1% | +3.9% | Source |
| FY2025 | $81.4B | $1.8B | 2.2% | +3.2% | Source |
| FY2024 | $78.8B | $2B | 2.5% | +3.3% | Source |
| FY2023 | $76.3B | $1.8B | 2.3% | +11.2% | Source |
| FY2022 | $68.6B | $1.4B | 2.0% | +33.8% | Source |
| FY2021 | $51.3B | $524.2M | 1.0% | -3.0% | Source |
| FY2020 | $52.9B | $215.5M | 0.4% | -12.0% | Source |
| FY2019 | $60.1B | $1.7B | 2.8% | +2.4% | Source |
| FY2018 | $58.7B | $1.4B | 2.4% | +6.1% | Source |
| FY2017 | $55.4B | $1.1B | 2.1% | — | 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.
Sysco
- Foodservice Distribution
Not formally reported
Sysco earns the spread between what it pays suppliers and what it charges restaurants, healthcare, education, hospitality and government accounts, on $84.6 billion of fiscal 2026 revenue.
- Sysco Brand Private Label
Not formally reported
Private-label penetration is one of the main drivers of profit on thin margins; operating margin was about 3.7% in fiscal 2026.
- Specialty Categories
Not formally reported
Specialty categories such as produce and protein.
- SYGMA National Chains
Not formally reported
Large national chains are served through SYGMA, at lower margins than local independent customers.
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.
Sysco
How it makes money
Sysco makes money on the spread between what it pays suppliers and what it charges foodservice customers, plus delivery and service economics. It buys food and non-food products in bulk, stores them in temperature-controlled distribution centers, and delivers mixed orders to restaurants, healthcare, education, hospitality and government accounts.
Growth strategy
Sysco is growing through local case growth, specialty category expansion, digital ordering, operational productivity, private-label penetration, national-account wins, international markets, and selective acquisitions. The Jetro deal would add 166 warehouse stores, about 725,000 independent restaurant and foodservice customers, and approximately $16 billion of 2025 revenue.
Competitive advantage
Sysco's moat is route density. The more customers it serves in a geography, the more efficiently it can fill trucks, spread warehouse costs, negotiate with suppliers, and offer reliable delivery. Its digital ordering tools, private brands, specialty products, national accounts, and procurement scale reinforce that density.
Questions about Honda vs Sysco
Which company has higher revenue — Honda Motor Co., Ltd. or Sysco Corporation?
Honda Motor Co., Ltd. reported ~$146B (FY2026), while Sysco Corporation reported $84.6B (FY2026). By last reported revenue, Honda Motor Co., Ltd. is the larger business, with Sysco Corporation reporting a smaller revenue base.
What is the market cap of Honda Motor Co., Ltd. vs Sysco Corporation?
Honda Motor Co., Ltd.'s market capitalisation stands at $50.3B, while Sysco Corporation's is $38.5B. Honda Motor Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Sysco Corporation.
Which is more financially efficient — Honda Motor Co., Ltd. or Sysco Corporation?
Honda Motor Co., Ltd. generates $748k / employee in revenue per employee, while Sysco Corporation generates $1.13M / employee. Sysco 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 Honda Motor Co., Ltd. and Sysco Corporation make money?
Honda Motor Co., Ltd. and Sysco Corporation generate revenue in fundamentally different ways. Honda Motor Co., Ltd.: Honda earns money in four reportable segments. Sysco Corporation: Sysco makes money on the spread between what it pays suppliers and what it charges foodservice customers, plus delivery and service economics.
Which company is valued higher relative to revenue — Honda Motor Co., Ltd. or Sysco Corporation?
On a price-to-sales (P/S) basis, Honda Motor Co., Ltd. trades at 0.3x P/S and Sysco Corporation at 0.5x P/S. Sysco Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Honda Motor Co., Ltd.. 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 Sysco Corporation?
By last reported revenue, Honda Motor Co., Ltd. (~$146B (FY2026)) is the larger company compared to Sysco Corporation ($84.6B (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 Sysco overview