Nissan vs SEAT: Revenue, Profit and Business Model
Nissan had ~$80.5B of annual revenue in FY2026 and a net loss of ~$3.6B. SEAT had ~$17.1B of annual revenue in FY2025 and ~$46.2M of net income.
Latest financial snapshot
Financial summary
Nissan
Revenue peaked at ~$85 billion (¥12.69 trillion) in FY2023 (ended March 2024), with net income of ~$2.86 billion (¥426.6 billion). Then weak U.S. pricing, an ageing lineup and share losses in China hit results. FY2024 revenue was ~$84.6 billion (¥12.63 trillion) with a ~$4.5 billion (¥670.9 billion) net loss, driven by impairments and restructuring charges. FY2025 revenue fell 4.9% to ~$80.4 billion (¥12.0 trillion) and the net loss narrowed to ~$3.57 billion (¥533.1 billion), while operating profit stayed positive at ~$389 million (¥58.0 billion) (0.5% margin). Automotive free cash flow was minus ~$3.22 billion (¥480.8 billion) for the year but turned positive (~$750 million (¥112 billion)) in the second half. Nissan ended FY2025 with ~$7.84 billion (¥1.17 trillion) of automotive net cash and ~$24.1 billion (¥3.6 trillion) of total liquidity, and paid no dividend. In Q1 FY2026 (April to June 2026), revenue rose 9.5% to ~$19.9 billion (¥2.964 trillion) and operating profit was ~$522 million (¥77.9 billion), against a ~$530 million (¥79.1 billion) loss a year earlier. Nissan Motor Co., Ltd. is a colossal Japanese multinational automobile manufacturer and a core member of the Renault–Nissan–Mitsubishi Alliance, commanding a market valuation generally exceeding $15 billion.
SEAT
SEAT S.A. lost money for much of the 2000s and 2010s, then reached record operating profits of ~$706 million (€625 million) in 2023 and ~$715 million (€633 million) in 2024 on the back of CUPRA. In 2025 revenue still hit a record ~$17.1 billion (€15.1 billion), but tariffs on the China-built Tavascan, sales mix and product costs pushed operating profit to about $1.13 million (€1 million) and net profit to ~$46.2 million (€40.9 million). Results recovered in the first half of 2026, with an operating result of ~$138 million (€122 million). SEAT S.A. is a major Spanish automobile manufacturer that operates entirely as a wholly-owned subsidiary of the massive German Volkswagen Group.
Revenue and profit by year
Where the revenue comes from
Nissan
- Vehicle Core Manufacturing88
Wholesale deliveries of passenger sedans, crossover SUVs, pickup trucks, and EVs through franchised global dealer networks.
- Sales Financing10
Retail auto purchase loans, consumer vehicle leases, and wholesale dealer inventory floorplan financing yields.
- Aftermarket, Software & Licensing2
Distribution of genuine replacement parts, Nismo performance tuning kits, NissanConnect digital subscriptions, and battery recycling.
SEAT
- CUPRA vehicle sales
Not formally reported
Formentor, Terramar, Leon, Born, Tavascan and Raval; 328,800 deliveries in 2025. SEAT S.A. does not publish revenue by brand.
- SEAT vehicle sales
Not formally reported
Ibiza, Arona and Leon; 257,400 deliveries in 2025.
- Group contract production, parts and aftersales
Not formally reported
Building cars for other Volkswagen Group brands at Martorell (including the VW ID. Polo from 2026), plus spare parts and components.
Business model and strategy
Nissan
How it makes money
Nissan makes money in two segments. The automobile business designs, builds and wholesales Nissan, Infiniti and NISMO vehicles (crossovers such as the Rogue/X-Trail, Kicks and Qashqai, sedans such as the Sentra and Altima, pickups such as the Frontier/Navara, and EVs such as the Leaf, Ariya and Sakura) to franchised dealers, and also sells parts.
Growth strategy
Re:Nissan, announced in May 2025, is a restructuring plan before it is a growth plan. It targets ~$3.35 billion (¥500 billion) in fixed and variable cost savings against FY2024, about 20,000 job reductions, and cutting vehicle plants from 17 to 10 by FY2027. Vehicle production at Oppama will end in FY2027 and move to Nissan Motor Kyushu.
Competitive advantage
Nissan's advantage is a global manufacturing footprint and long experience with electric vehicles. It launched the mass-market Leaf in 2010, which gives it more than a decade of data on how batteries perform in everyday use. Its e-POWER system, in which a petrol engine charges the battery and never drives the wheels, offers an option for markets with few EV chargers.
SEAT
How it makes money
SEAT S.A. makes money by designing, building and selling cars under two brands. CUPRA sells higher-priced, sportier and electrified models such as the Formentor, Terramar, Born, Tavascan and Raval, and has become the larger brand by volume (328,800 deliveries in 2025). SEAT sells lower-priced Ibiza, Arona and Leon models (257,400 deliveries in 2025).
Growth strategy
The plan is to grow CUPRA, ramp up the electric CUPRA Raval, fill Martorell with group production such as the VW ID. Polo, and lift operating return on sales to 6% by 2030. The future of the SEAT brand itself is under review after Volkswagen's September 2026 restructuring plan; SEAT S.A. says no final decision has been taken.
Competitive advantage
SEAT S.A.'s main advantages are access to Volkswagen Group platforms and purchasing, and CUPRA's design-led positioning, which lets it charge more than SEAT for cars built on shared parts. Martorell's role as the group's small-EV plant gives it volume beyond its own brands.
Questions about Nissan vs SEAT
Which company has higher revenue — Nissan Motor Co., Ltd. or SEAT?
Nissan Motor Co., Ltd. had ~$80.5B (FY2026), while SEAT had ~$17.1B (FY2025). By latest annual revenue, Nissan Motor Co., Ltd. is the larger business, with SEAT showing 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 Nissan Motor Co., Ltd. vs SEAT?
Nissan Motor Co., Ltd. has a market capitalisation of $7.0B. A public market cap figure for SEAT was not available (it may be privately held).
How does revenue per employee compare for Nissan Motor Co., Ltd. and SEAT?
Nissan Motor Co., Ltd. has $670k / employee in revenue per employee, while SEAT has $1.31M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Nissan Motor Co., Ltd. and SEAT make money?
Nissan Motor Co., Ltd. and SEAT generate revenue in fundamentally different ways. Nissan Motor Co., Ltd.: Nissan makes money in two segments. SEAT: SEAT S.A. makes money by designing, building and selling cars under two brands.
Is Nissan Motor Co., Ltd. bigger than SEAT?
By last reported revenue, Nissan Motor Co., Ltd. (~$80.5B (FY2026)) is the larger company compared to SEAT (~$17.1B (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 Nissan vs SEAT overview