Toyota vs Workday: Revenue, Profit and Business Model
Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income. Workday reported $9.6B of revenue in FY2026 and $693M of net income.
Latest financial snapshot
Financial summary
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.
Workday
Workday reported fiscal 2026 revenue of $9.552B, up 13.1%, with subscription revenue of $8.833B, up 14.5%. GAAP operating income was $721M after $303M of restructuring costs, and GAAP net income was $693M, or $2.59 per diluted share. In Q2 fiscal 2027 (quarter ended July 31, 2026), revenue rose 12.8% to $2.649B and subscription revenue rose 13.9% to $2.471B. GAAP operating margin was 11.8% and non-GAAP operating margin was 31.1%. Diluted EPS of $2.57 included a one-time $1.52 per share tax benefit from an internal IP transfer. The company bought back about $1.3B of stock in the quarter and the board added a $4.0B repurchase authorization.
Revenue and profit by year
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 |
Workday
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $9.6B | $693M | 7.3% | +13.1% | Source |
| FY2025 | $8.4B | $526M | 6.2% | +16.4% | Source |
| FY2024 | $7.3B | $1.4B | 19.0% | +16.8% | Source |
| FY2023 | $6.2B | -$367M | -5.9% | +21.0% | Source |
| FY2022 | $5.1B | $29M | 0.6% | +19.0% | Source |
| FY2021 | $4.3B | -$282.4M | -6.5% | +19.0% | Source |
| FY2020 | $3.6B | -$480.7M | -13.3% | +28.5% | Source |
| FY2019 | $2.8B | -$418.3M | -14.8% | +31.7% | Source |
| FY2018 | $2.1B | -$321.2M | -15.0% | +36.1% | Source |
| FY2017 | $1.6B | -$384.7M | -24.4% | — | Source |
Where the revenue comes from
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
Workday
- Subscription services
About 92% of fiscal 2026 revenue
Recurring fees for HCM, Financial Management, planning, payroll, learning, and AI products; $8.833B in fiscal 2026.
- Professional services
About 8% of fiscal 2026 revenue
Deployment, training, and advisory services that support customer implementations.
Business model and strategy
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.
Workday
How it makes money
Most of Workday's revenue comes from multi-year cloud subscriptions. In fiscal 2026, subscription revenue was $8.833B of $9.552B total, about 92%. The rest is professional services: deployment, training, and advisory work, much of which is handled alongside implementation partners. Customers usually start with HCM or Financial Management and later add planning, payroll, recruiting, learning, and AI agent products.
Growth strategy
Workday is pushing AI agents built on its HR and finance data, adding integration and learning capabilities through acquisitions (Paradox, Sana, Pipedream), selling Financial Management into its HCM base, and expanding industry-specific offerings. It is pairing that with cost cuts and large share buybacks.
Competitive advantage
Workday's main advantage is a single data model shared across HR, payroll, finance, and planning, which it has run as a multi-tenant cloud service from the start. That gives AI agents clean access to employee and financial records, and Workday argues its agents are safer because they act through the same business-process rules and permissions as human users.
Questions about Toyota vs Workday
Which company has higher revenue — Toyota Motor Corporation or Workday, Inc.?
Toyota Motor Corporation reported ~$339.6B (FY2026), while Workday, Inc. reported $9.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Workday, Inc. reporting a smaller revenue base.
What is the market cap of Toyota Motor Corporation vs Workday, Inc.?
Toyota Motor Corporation's market capitalisation stands at $258.0B, while Workday, Inc.'s is $51.0B. Toyota Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Workday, Inc..
Which is more financially efficient — Toyota Motor Corporation or Workday, Inc.?
Toyota Motor Corporation generates $905k / employee in revenue per employee, while Workday, Inc. generates $453k / employee. Toyota Motor 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 Toyota Motor Corporation and Workday, Inc. make money?
Toyota Motor Corporation and Workday, Inc. generate revenue in fundamentally different ways. 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. Workday, Inc.: Most of Workday's revenue comes from multi-year cloud subscriptions.
Which company is valued higher relative to revenue — Toyota Motor Corporation or Workday, Inc.?
On a price-to-sales (P/S) basis, Toyota Motor Corporation trades at 0.8x P/S and Workday, Inc. at 5.3x P/S. Workday, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Toyota Motor Corporation bigger than Workday, Inc.?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Workday, Inc. ($9.6B (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 Toyota vs Workday overview