SEAT vs Toyota: Revenue, Profit and Business Model
SEAT had ~$17.1B of annual revenue in FY2025 and ~$46.2M of net income. Toyota had ~$339.6B of annual revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Financial summary
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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar. Toyota is consistently the top-selling automaker globally and sustains a massive market valuation often exceeding $300 billion.
Revenue and profit by year
SEAT
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$17.1B | ~$46.2M | 0.3% | +4.0% | Source |
| FY2024 | ~$16.4B | ~$589.9M | 3.6% | +1.4% | Source |
| FY2023 | ~$16.2B | — | — | +31.0% | Source |
| FY2022 | ~$12.4B | — | — | — | Source |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | Source |
Where the revenue comes from
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.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
Business model and strategy
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.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about SEAT vs Toyota
Which company has higher revenue — SEAT or Toyota Motor Corporation?
SEAT had ~$17.1B (FY2025), while Toyota Motor Corporation had ~$339.6B (FY2026). By latest annual revenue, Toyota Motor Corporation 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 SEAT vs Toyota Motor Corporation?
Toyota Motor Corporation has a market capitalisation of $258.0B. A public market cap figure for SEAT was not available (it may be privately held).
How does revenue per employee compare for SEAT and Toyota Motor Corporation?
SEAT has $1.31M / employee in revenue per employee, while Toyota Motor Corporation has $905k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do SEAT and Toyota Motor Corporation make money?
SEAT and Toyota Motor Corporation generate revenue in fundamentally different ways. SEAT: SEAT S.A. makes money by designing, building and selling cars under two brands. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Is SEAT bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (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 SEAT vs Toyota overview