Roche vs Volkswagen: Revenue, Profit and Business Model
Roche reported ~$76B of revenue in FY2025 and ~$15.5B of net income. Volkswagen reported ~$363.8B of revenue in FY2025 and ~$7.5B of net income.
Latest financial snapshot
Roche
- Latest revenue
- ~$76B (FY2025)
- Net income
- ~$15.5B
- Net margin
- 20.3%
- Revenue growth
- -1.0% a year, FY2021–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
Roche
Roche's 2025 group sales were ~$73.8 billion (CHF 61.5 billion), up 7% at constant exchange rates but only 2% in Swiss francs. Core operating profit grew 13% CER to ~$26.2 billion (CHF 21.8 billion), core EPS was CHF 19.46, and IFRS net income jumped to ~$16.6 billion (CHF 13.8 billion) from ~$11 billion (CHF 9.2 billion) in 2024, when impairments depressed profit. In H1 2026 core operating margin widened 1.7 points to 39.0%, while a strong franc pushed reported sales down 2%. The board raised the dividend to CHF 9.80, the 39th consecutive increase, and guided for mid-single-digit CER sales growth and high-single-digit core EPS growth in 2026.
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
Roche
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$76B | ~$15.5B | 20.3% | +1.5% | Source |
| FY2024 | ~$74.9B | ~$9.9B | 13.3% | +3.2% | Source |
| FY2023 | ~$72.5B | ~$13.8B | 19.0% | -8.2% | Source |
| FY2022 | ~$79B | ~$14.9B | 18.9% | -0.1% | Source |
| FY2021 | ~$79B | ~$16.7B | 21.2% | — | 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
Roche
- Prescription medicines
- Biologics and oncology drugs
- Diagnostic instruments
- Diagnostic reagents and tests
- Sequencing and molecular diagnostics
- Clinical data and companion diagnostics
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
Roche
How it makes money
Roche makes money in two ways. The Pharmaceuticals Division (~$57.2 billion (CHF 47.7 billion) in 2025) sells patented medicines, mostly biologics, in oncology, neuroscience, immunology, ophthalmology and haemophilia; top growth drivers in 2025 were Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo.
Growth strategy
Roche is building a cardiovascular, renal and metabolic franchise through acquisitions of Carmot Therapeutics (2023, $2.7 billion upfront) and 89bio (2025, up to about $3.5 billion), the petrelintide partnership with Zealand Pharma, and a new Innovation Center in Boston opened in September 2026.
Competitive advantage
Roche's edge comes from three things: scale in both drugs and diagnostics, a long-horizon ownership structure, and a federated R&D model. The Hoffmann and Oeri family pool holds the majority of voting shares, which shields management from takeover pressure.
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 Roche vs Volkswagen
Which company has higher revenue — F. Hoffmann-La Roche AG or Volkswagen Aktiengesellschaft?
F. Hoffmann-La Roche AG reported ~$76B (FY2025), while Volkswagen Aktiengesellschaft reported ~$363.8B (FY2025). By last reported revenue, Volkswagen Aktiengesellschaft is the larger business, with F. Hoffmann-La Roche AG reporting a smaller revenue base.
What is the market cap of F. Hoffmann-La Roche AG vs Volkswagen Aktiengesellschaft?
F. Hoffmann-La Roche AG's market capitalisation stands at $355.0B, while Volkswagen Aktiengesellschaft's is $35.5B. F. Hoffmann-La Roche AG carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Volkswagen Aktiengesellschaft.
Which is more financially efficient — F. Hoffmann-La Roche AG or Volkswagen Aktiengesellschaft?
F. Hoffmann-La Roche AG generates $674k / employee in revenue per employee, while Volkswagen Aktiengesellschaft generates $549k / employee. F. Hoffmann-La Roche AG 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 F. Hoffmann-La Roche AG and Volkswagen Aktiengesellschaft make money?
F. Hoffmann-La Roche AG and Volkswagen Aktiengesellschaft generate revenue in fundamentally different ways. F. Hoffmann-La Roche AG: Roche makes money in two ways. 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 — F. Hoffmann-La Roche AG or Volkswagen Aktiengesellschaft?
On a price-to-sales (P/S) basis, F. Hoffmann-La Roche AG trades at 4.7x P/S and Volkswagen Aktiengesellschaft at 0.1x P/S. F. Hoffmann-La Roche AG 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 F. Hoffmann-La Roche AG bigger than Volkswagen Aktiengesellschaft?
By last reported revenue, Volkswagen Aktiengesellschaft (~$363.8B (FY2025)) is the larger company compared to F. Hoffmann-La Roche AG (~$76B (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 Roche vs Volkswagen overview