Toyota vs Zoom: Revenue, Profit and Business Model
Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income. Zoom reported $4.9B of revenue in FY2026 and $1.9B 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.
Zoom
Zoom's revenue went from $622.7 million in fiscal 2020 to $4.100 billion in fiscal 2022, then growth slowed to 3.1% in fiscal 2025 and 4.4% in fiscal 2026 ($4.869 billion). GAAP net income was $1.900 billion in fiscal 2026. For the first half of fiscal 2027, GAAP net income was $1.968 billion. Most of that came from $1.767 billion of gains on strategic investments, so it overstates the operating business. Q2 fiscal 2027 GAAP operating income was $314.3 million (24.6% margin), and free cash flow was $472.4 million. Zoom guided fiscal 2027 revenue to $5.085-$5.095 billion and free cash flow to $1.780-$1.820 billion. It is also buying back stock, with about $1.3 billion of authorization remaining at July 31, 2026.
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 |
Zoom
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $4.9B | $1.9B | 39.0% | +4.4% | Source |
| FY2025 | $4.7B | $1B | 21.7% | +3.1% | Source |
| FY2024 | $4.5B | $637.5M | 14.1% | +3.1% | Source |
| FY2023 | $4.4B | $103.7M | 2.4% | +7.1% | Source |
| FY2022 | $4.1B | $1.4B | 33.6% | +54.6% | Source |
| FY2021 | $2.7B | $672.3M | 25.4% | +325.8% | Source |
| FY2020 | $622.7M | $25.3M | 4.1% | +88.4% | Source |
| FY2019 | $330.5M | $7.6M | 2.3% | +118.2% | Source |
| FY2018 | $151.5M | -$3.8M | -2.5% | — | 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
Zoom
- Enterprise~60%
Customers sold through Zoom's direct sales team, resellers and strategic partners. Fiscal 2026 revenue was $2.934 billion. Q2 fiscal 2027 revenue was $787.5 million, up 7.8%.
- Online~40%
Individuals and smaller businesses that subscribe through Zoom's website. Fiscal 2026 revenue was about $1.935 billion. Q2 fiscal 2027 revenue was $489.7 million, up 0.6%.
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.
Zoom
How it makes money
Zoom sells per-user and per-seat subscriptions. It reports two customer groups. Enterprise covers organizations sold through its direct sales team, resellers and strategic partners; it brought in $2.934 billion in fiscal 2026, about 60% of revenue. Online covers customers who buy through the website, about $1.935 billion in fiscal 2026.
Growth strategy
Management describes Zoom as a 'system of action' for work. In practice that means selling Enterprise customers phone, contact center and AI agents, and buying companies to add adjacent workflows. BrightHire (interview intelligence) was bought in late 2025, and an agreement to buy Common Room (buyer intelligence for sales teams) was announced on July 2, 2026.
Competitive advantage
Widely known meetings brand; large installed base to sell phone and contact center into; high cash generation, with $7.2 billion of cash and marketable securities at July 31, 2026.
Questions about Toyota vs Zoom
Which company has higher revenue — Toyota Motor Corporation or Zoom Communications, Inc.?
Toyota Motor Corporation reported ~$339.6B (FY2026), while Zoom Communications, Inc. reported $4.9B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Zoom Communications, Inc. reporting a smaller revenue base.
What is the market cap of Toyota Motor Corporation vs Zoom Communications, Inc.?
Toyota Motor Corporation's market capitalisation stands at $258.0B, while Zoom Communications, Inc.'s is $27.0B. Toyota Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Zoom Communications, Inc..
Which is more financially efficient — Toyota Motor Corporation or Zoom Communications, Inc.?
Toyota Motor Corporation generates $905k / employee in revenue per employee, while Zoom Communications, Inc. generates $658k / 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 Zoom Communications, Inc. make money?
Toyota Motor Corporation and Zoom Communications, 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. Zoom Communications, Inc.: Zoom sells per-user and per-seat subscriptions.
Which company is valued higher relative to revenue — Toyota Motor Corporation or Zoom Communications, Inc.?
On a price-to-sales (P/S) basis, Toyota Motor Corporation trades at 0.8x P/S and Zoom Communications, Inc. at 5.5x P/S. Zoom Communications, 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 Zoom Communications, Inc.?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Zoom Communications, Inc. ($4.9B (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 Zoom overview