# Who are Denso's customers? Who does Denso earn revenue from?
Canonical: https://valuechain.wiki/denso · Facet: customers · Updated: 2026-09-11T19:25:09.49825+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Denso's confirmed revenue counterparties include Toyota, O’Reilly Automotive, Mazda Motor plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 4 revenue edges, backed by 7 dated sources, 3 of them primary filings (as of 2026-09-11).

### Toyota (high)  → /toyota.md
- metric: Market share 50 percent
- note: Toyota Group is Denso's largest customer at about 50% of revenue and also a roughly 24% shareholder. Denso supplies electrification parts such as inverters and SiC power semiconductors plus thermal and safety systems; its electrification products were adopted for Toyota's new bZ4X.
- [confirms] DENSO (EN, filing, published 2026-04-28) https://www.denso.com/global/en/news/newsroom/2026/20260428-g01/: "DENSO FY2026 (ended Mar 2026) revenue JPY 7,540.0bn (+5.3%), operating profit JPY 552.5bn (+6.5%), net profit JPY 443.8bn (+5.9%). The largest Toyota-group parts maker, in-sourcing vehicle electrification and semiconductors (JASM, SiC)."
- [mentions] TipRanks (EN, analysis, published 2026-04-28) https://www.theglobeandmail.com/investing/markets/markets-news/Tipranks/1575824/denso-lifts-dividend-as-fy2026-profit-rises-signals-softer-outlook-for-fy2027/: "FY2026 profit up and dividend raised; softer FY2027 outlook."
- [mentions] Denso (EN, ir, published 2025-10-10) https://www.denso.com/global/en/news/newsroom/2025/20251010-g02/: "Denso's electrification products (inverters, SiC power semiconductors) were adopted for Toyota's new bZ4X."
- [confirms] Denso (EN, filing, published 2025-06-30) https://www.denso.com/global/en/-/media/Global/about-us/investors/annual-report/2025/annual-report-doc-2025-viewing-en.pdf: "Revenue for fiscal 2025 (year ended March 31, 2025) was 7,161.8 billion yen across five segments (Thermal, Powertrain, Mobility Electronics, Electrification, Advanced Devices), with the Toyota Group as the largest customer."
- [confirms] DBS Group Research (EN, research, published 2025-05-15) https://www.dbsvickers.com/vickers/aics/templatedata/article/generic/data/en/GR/Japan/6902_JP.xml: "DBS: 50% of Denso's revenue is generated from the Toyota Group, which owns about a 40% stake. Regional split: Japan 47%, North America 19%, Europe 9%, other Asia 24%."

### 오라일리 오토모티브 (high)  → /o-reilly-automotive.md
- note: Denso has its products listed by O'Reilly among the premium name-brand merchandise it carries in its products and purchasing disclosure, and O'Reilly does not disclose contract terms or the amount procured from Denso.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-27) https://www.sec.gov/Archives/edgar/data/898173/000089817326000009/orly-20251231x10k.htm: "Denso"

### 비토요타 글로벌 완성차 (혼다·포드·GM·스텔란티스 등) (mid)
- note: The other half of revenue comes from non-Toyota automakers. Denso supplies thermal (air-conditioning), mobility-electronics and powertrain parts to major Japanese, US and European OEMs including Honda, Ford, GM and Stellantis. By region, sales split roughly Japan 47%, North America 19%, other Asia 24%, Europe 9%.
- [mentions] Denso (EN, filing, published 2025-06-30) https://www.denso.com/global/en/-/media/Global/about-us/investors/annual-report/2025/annual-report-doc-2025-viewing-en.pdf: "Denso is a global supplier serving automakers across Japan, North America, Europe and Asia beyond Toyota."
- [confirms] DBS Group Research (EN, research, published 2025-05-15) https://www.dbsvickers.com/vickers/aics/templatedata/article/generic/data/en/GR/Japan/6902_JP.xml: "DBS: with the Toyota Group at 50% of revenue, the remaining half is non-Toyota; regional sales split Japan 47%, North America 19%, Europe 9%, other Asia 24%."

### 마쓰다 (mid)  → /mazda-motor.md
- note: Component supply to Mazda, incl. the Toyota–Mazda–Denso EV C.A. Spirit joint EV architecture venture (2017–).
- [mentions] Automotive News (EN, news, published 2017-09-28) https://www.autonews.com/article/20170928/COPY01/309289979/toyota-will-partner-with-mazda-denso-for-electric-car-venture: "Toyota, Mazda and Denso form EV C.A. Spirit JV."

Reverse side: https://valuechain.wiki/denso/suppliers.md · Ripple: https://valuechain.wiki/denso/ripple.md

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Full node: https://valuechain.wiki/denso.md · JSON: https://valuechain.wiki/denso.json