Toyota vs W. R. Berkley: Revenue, Profit and Business Model
Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income. W. R. Berkley reported $14.7B of revenue in FY2025 and $1.8B of net income.
Latest financial snapshot
Toyota
- Latest revenue
- ~$339.6B (FY2026)
- Net income
- ~$25.8B
- Net margin
- 7.6%
- Revenue growth
- +6.0% a year, FY2016–FY2026
W. R. Berkley
- Latest revenue
- $14.7B (FY2025)
- Net income
- $1.8B
- Net margin
- 12.1%
- Revenue growth
- +7.5% a year, FY2016–FY2025
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.
W. R. Berkley
FY2025 total revenues rose to $14.71B from $13.64B in FY2024, and net income to common stockholders was $1.78B. In Q2 2026, total revenues were $3.72B, net income to common stockholders was $452.3M (up 12.7%), operating income was $497.1M, and the GAAP combined ratio was 90.0%. Annualized return on beginning equity was 18.6%. Book value per share was $26.50 at June 30, 2026, and total assets were $45.68B.
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 |
W. R. Berkley
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $14.7B | $1.8B | 12.1% | +7.8% | Source |
| FY2024 | $13.6B | $1.8B | 12.9% | +12.3% | Source |
| FY2023 | $12.1B | $1.4B | 11.4% | +8.7% | Source |
| FY2022 | $11.2B | $1.4B | 12.4% | +18.1% | Source |
| FY2021 | $9.5B | $1B | 10.8% | +16.7% | Source |
| FY2020 | $8.1B | $530.7M | 6.6% | +2.5% | Source |
| FY2019 | $7.9B | $681.9M | 8.6% | +2.7% | Source |
| FY2018 | $7.7B | $640.7M | 8.3% | +0.1% | Source |
| FY2017 | $7.7B | $549.1M | 7.1% | +0.4% | Source |
| FY2016 | $7.7B | $601.9M | 7.9% | — | 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
W. R. Berkley
- Net Premiums Earned
About 85% of H1 2026 total revenues
$6.30B in the first six months of 2026 across the Insurance and Reinsurance & Monoline Excess segments.
- Net Investment Income
About 11% of H1 2026 total revenues
$823.0M in the first six months of 2026 from the core portfolio, investment funds and the arbitrage trading account.
- Non-Insurance Businesses
About 4% of H1 2026 total revenues
$291.0M of revenues from non-insurance businesses in the first six months of 2026.
- Insurance Service Fees
Under 1% of H1 2026 total revenues
$58.8M in the first six months of 2026.
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.
W. R. Berkley
How it makes money
W. R. Berkley collects premiums for commercial insurance and reinsurance, pays claims over time, and invests the money it holds in the meantime. The Insurance segment writes other liability, short-tail lines (such as commercial multi-peril property, inland marine, accident and health, surety and high net worth homeowners), commercial auto, workers' compensation and professional liability.
Growth strategy
W. R. Berkley grows by expanding specialty units where pricing is adequate, starting new units for niche markets, and returning surplus capital through regular and special dividends and share buybacks. It repurchased 6.16M shares for $413.9M in the first half of 2026.
Competitive advantage
W. R. Berkley's edge comes from its structure. Specialized units underwrite close to their markets and can shrink business that is priced too low while growing lines that offer better risk-adjusted returns. In Q2 2026, Insurance segment gross premiums written grew 5.4% while Reinsurance & Monoline Excess premiums fell, which is an example of that cycle management.
Questions about Toyota vs W. R. Berkley
Which company has higher revenue — Toyota Motor Corporation or W. R. Berkley Corporation?
Toyota Motor Corporation reported ~$339.6B (FY2026), while W. R. Berkley Corporation reported $14.7B (FY2025). By last reported revenue, Toyota Motor Corporation is the larger business, with W. R. Berkley Corporation reporting 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 Toyota Motor Corporation vs W. R. Berkley Corporation?
Toyota Motor Corporation's market capitalisation stands at $258.0B, while W. R. Berkley Corporation's is $22.3B. Toyota Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to W. R. Berkley Corporation.
Which is more financially efficient — Toyota Motor Corporation or W. R. Berkley Corporation?
Toyota Motor Corporation generates $905k / employee in revenue per employee, while W. R. Berkley Corporation generates $1.67M / employee. W. R. Berkley 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 W. R. Berkley Corporation make money?
Toyota Motor Corporation and W. R. Berkley Corporation 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. W. R. Berkley Corporation: W.
Which company is valued higher relative to revenue — Toyota Motor Corporation or W. R. Berkley Corporation?
On a price-to-sales (P/S) basis, Toyota Motor Corporation trades at 0.8x P/S and W. R. Berkley Corporation at 1.5x P/S. W. R. Berkley Corporation 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 W. R. Berkley Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to W. R. Berkley Corporation ($14.7B (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 Toyota vs W. R. Berkley overview