Honeywell vs Volkswagen: Revenue, Profit and Business Model
Honeywell reported $37.4B of revenue in FY2025 and $4.7B of net income. Volkswagen reported ~$363.8B of revenue in FY2025 and ~$7.5B of net income.
Latest financial snapshot
Honeywell
- Latest revenue
- $37.4B (FY2025)
- Net income
- $4.7B
- Net margin
- 12.6%
- 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
Honeywell
Legacy Honeywell reported $37.4 billion of FY2025 sales from continuing operations (after the Solstice spin) and $4.7 billion of net income. Recast for the Aerospace spin-off, the continuing automation business had a $19.9 billion FY2025 sales base. In Q2 2026, Honeywell Technologies alone posted $5.19 billion of sales (up 3% reported, 4% organic), orders up 16%, a 19.0% segment margin (up 100 basis points), and adjusted EPS of $1.95. Reported EPS of $16.65 was inflated by a one-time gain on deconsolidating Quantinuum. After the quarter, management guided 2026 sales to $19.8-20.0 billion and adjusted EPS to $8.05-8.35, reflecting a 1-for-2 reverse stock split that cut the share count to about 317 million.
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
Honeywell
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $37.4B | $4.7B | 12.6% | +7.8% | Source |
| FY2024 | $34.7B | $5.7B | 16.4% | +5.2% | Source |
| FY2023 | $33B | $5.7B | 17.1% | -6.9% | Source |
| FY2022 | $35.5B | $5B | 14.0% | +3.1% | Source |
| FY2021 | $34.4B | $5.5B | 16.1% | +5.4% | Source |
| FY2020 | $32.6B | $4.8B | 14.6% | -11.1% | Source |
| FY2019 | $36.7B | $6.1B | 16.7% | -12.2% | Source |
| FY2018 | $41.8B | $6.8B | 16.2% | +3.1% | Source |
| FY2017 | $40.5B | $1.5B | 3.8% | +3.1% | Source |
| FY2016 | $39.3B | $4.8B | 12.2% | — | 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
Honeywell
- Building Automation~38%
Building controls, fire, security, energy management, software, services, and connected facility systems.
- Industrial and Process Automation~46%
Process controls, warehouse automation, sensors, safety products, productivity systems, and industrial software.
- Software, Services, and Aftermarket~16%
Recurring software, upgrades, service contracts, connected worker products, and installed-base support.
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
Honeywell
How it makes money
Honeywell Technologies makes money by selling and servicing automation systems for three end markets. Building Automation sells fire, security, access-control, and building-management systems plus installation and service. Industrial Automation sells sensors, gas detection, and control products.
Growth strategy
Honeywell's growth plan is to concentrate capital on automation. Since 2023 it has spent about $11.5 billion on acquisitions such as Carrier's Access Solutions business, Air Products' LNG process business, Sundyne, Compressor Controls, SCADAfence, Li-ion Tamer, and Johnson Matthey's Catalyst Technologies, while selling lower-fit units (PPE in 2025, WWS and PSS in 2026).
Competitive advantage
Honeywell's edge is its installed base. Decades of control systems in refineries, LNG plants, and commercial buildings create switching costs, because replacing a distributed control system or a fire and life-safety network is risky and expensive.
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 Honeywell vs Volkswagen
Which company has higher revenue — Honeywell Technologies or Volkswagen Aktiengesellschaft?
Honeywell Technologies reported $37.4B (FY2025), while Volkswagen Aktiengesellschaft reported ~$363.8B (FY2025). By last reported revenue, Volkswagen Aktiengesellschaft is the larger business, with Honeywell Technologies reporting a smaller revenue base.
What is the market cap of Honeywell Technologies vs Volkswagen Aktiengesellschaft?
Honeywell Technologies's market capitalisation stands at $67.4B, while Volkswagen Aktiengesellschaft's is $35.5B. Honeywell Technologies carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Volkswagen Aktiengesellschaft.
Which is more financially efficient — Honeywell Technologies or Volkswagen Aktiengesellschaft?
Honeywell Technologies generates $749k / employee in revenue per employee, while Volkswagen Aktiengesellschaft generates $549k / employee. Honeywell Technologies 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 Honeywell Technologies and Volkswagen Aktiengesellschaft make money?
Honeywell Technologies and Volkswagen Aktiengesellschaft generate revenue in fundamentally different ways. Honeywell Technologies: Honeywell Technologies makes money by selling and servicing automation systems for three end markets. 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 — Honeywell Technologies or Volkswagen Aktiengesellschaft?
On a price-to-sales (P/S) basis, Honeywell Technologies trades at 1.8x P/S and Volkswagen Aktiengesellschaft at 0.1x P/S. Honeywell Technologies 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 Honeywell Technologies bigger than Volkswagen Aktiengesellschaft?
By last reported revenue, Volkswagen Aktiengesellschaft (~$363.8B (FY2025)) is the larger company compared to Honeywell Technologies ($37.4B (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 Honeywell vs Volkswagen overview