FY2026 First Quarter Financial Results RAV4 ADVENTURE Toyota Motor Corporation August 7, 2025
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of August, 2025
Commission File Number 001-14948
Toyota Motor Corporation
(Translation of Registrant’s Name Into English)
1, Toyota-cho, Toyota City,
Aichi Prefecture 471-8571,
Japan
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Material Contained in this Report:
| I. | English translations of the original Japanese-language documents, as filed with the Tokyo Stock Exchange on August 7, 2025, with respect to the registrant’s results of operations for the first quarter of FY2026 ended June 30, 2025. |
| II. | English translations of the first quarter of FY2026 Presentation Documents, as filed by the registrant with the Tokyo Stock Exchange on August 7, 2025. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Toyota Motor Corporation | ||||
| By: |
/s/ Yoshihide Moriyama | |||
| Name: |
Yoshihide Moriyama | |||
| Title: |
General Manager, | |||
| Capital Strategy & Affiliated Companies Finance Division | ||||
Date: August 7, 2025
FINANCIAL SUMMARY
(All financial information has been prepared in accordance with IFRS Accounting Standards)
FY2026 First Quarter
(April 1, 2025 through June 30, 2025)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
FY2026 First Quarter Consolidated Financial Results
(All financial information has been prepared in accordance with IFRS Accounting Standards)
English translation from the original Japanese-language document
August 7, 2025
| Company name |
: | Toyota Motor Corporation | ||
| Stock exchanges on which the shares are listed |
: | Tokyo and Nagoya Stock Exchanges in Japan | ||
| Code number |
: | 7203 | ||
| URL |
: | https://global.toyota/jp/ | ||
| Representative |
: | Koji Sato, President | ||
| Contact person |
: | Hideaki Hayashi, General Manager, Accounting Division Tel. (0565)28-2121 | ||
| Payment date of cash dividends |
: | — | ||
| Supplemental materials prepared for financial results |
: | yes | ||
| Earnings announcement for financial results |
: | yes |
(Amounts are rounded to the nearest million yen)
| 1. | Consolidated Results for FY2026 First Quarter (April 1, 2025 through June 30, 2025) |
| (1) | Consolidated financial results (For the first quarter ended June 30) |
| (% of change from previous first quarter) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Sales revenues | Operating income | Income before income taxes |
Net income | Net income attributable to Toyota Motor Corporation |
Comprehensive income |
|||||||||||||||||||||||||||||||||||||||||||
| Million yen | % | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||||||||||||||||||||||||||||||||||||
| FY2026 first quarter |
12,253,326 | 3.5 | 1,166,141 | -10.9 | 1,252,152 | -33.1 | 872,193 | -36.0 | 841,345 | -36.9 | 840,816 | -61.7 | ||||||||||||||||||||||||||||||||||||
| FY2025 first quarter |
11,837,879 | 12.2 | 1,308,462 | 16.7 | 1,872,258 | 8.8 | 1,363,823 | 2.8 | 1,333,347 | 1.7 | 2,196,759 | -14.0 | ||||||||||||||||||||||||||||||||||||
| Earnings per share attributable to Toyota Motor Corporation – Basic |
Earnings per share attributable to Toyota Motor Corporation – Diluted |
|||||||
| Yen | Yen | |||||||
| FY2026 first quarter |
64.56 | 64.56 | ||||||
| FY2025 first quarter |
98.99 | 98.99 | ||||||
| (2) | Consolidated financial position |
| Total assets | Total shareholders’ equity | Toyota Motor Corporation shareholders’ equity |
Ratio of Toyota Motor Corporation shareholders’ equity |
|||||||||||||
| Million yen | Million yen | Million yen | % | |||||||||||||
| FY2026 first quarter |
93,468,143 | 36,993,052 | 36,040,203 | 38.6 | ||||||||||||
| FY2025 |
93,601,350 | 36,878,913 | 35,924,826 | 38.4 | ||||||||||||
| 2. | Cash Dividends |
| Annual cash dividends per common share | ||||||||||||||||||||
| End of first quarter |
End of second quarter |
End of third quarter |
Year-end | Total | ||||||||||||||||
| Yen | Yen | Yen | Yen | Yen | ||||||||||||||||
| FY2025 |
— | 40.00 | — | 50.00 | 90.00 | |||||||||||||||
| FY2026 |
— | |||||||||||||||||||
| FY2026 (forecast) |
45.00 | — | 50.00 | 95.00 | ||||||||||||||||
| (Note) |
Revisions to the forecast of cash dividends since the latest announcement: none |
| 3. | Forecast of Consolidated Results for FY2026 (April 1, 2025 through March 31, 2026) |
| (% of change from FY2025) | ||||||||||||||||||||||||||
| Sales revenues |
Operating income |
Income before income |
Net income attributable to Toyota Motor |
Earnings per share | ||||||||||||||||||||||
| Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||||||||||||||||||
| Full-year |
48,500,000 | 1.0 | 3,200,000 | -33.3 | 3,870,000 | -39.7 | 2,660,000 | -44.2 | 204.09 | |||||||||||||||||
| (Note) |
Revisions to the forecast of consolidated results since the latest announcement: yes |
Notes
| (1) | Significant changes in the scope of consolidation during the period: none |
| (2) | Changes in accounting policies and changes in accounting estimates |
| (i) | Changes in accounting policies required by IFRS Accounting Standards: none |
| (ii) | Changes other than (2)-(i) above: none |
| (iii) | Changes in accounting estimates: none |
| (3) | Number of shares issued and outstanding (common stock) |
| (i) | Number of shares issued and outstanding at the end of each period (including treasury stock): |
| FY2026 first quarter 15,794,987,460 shares, FY2025 15,794,987,460 shares |
| (ii) | Number of treasury stock at the end of each period: |
| FY2026 first quarter 2,761,596,216 shares, FY2025 2,746,057,686 shares |
| (iii) | Average number of shares issued and outstanding in each period: |
| FY2026 first quarter 13,032,932,250 shares, FY2025 first quarter 13,469,159,202 shares |
Review of the Japanese-language originals of the attached condensed quarterly consolidated financial statements by certified public accountants or an audit firm: none
Cautionary Statement with Respect to Forward-Looking Statements, and Other Information
This report contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws and regulations, as well as other government actions, in the markets in which Toyota operates that affect Toyota’s operations, particularly laws, regulations and government actions relating to vehicle safety including remedial measures such as recalls, environmental protection, vehicle emissions and vehicle fuel economy, and tariffs and other trade policies, as well as current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
With respect to (vi) above, the forecast of consolidated financial results for the fiscal year ending March 31, 2026 announced today reflects an 1,400.0 billion yen estimated full fiscal year negative impact on operating income due to U.S. tariffs. The negative impact of U.S. tariffs on consolidated operating income for the first quarter of FY2026 was 450.0 billion yen.
In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”
“Toyota Times” (https://toyotatimes.jp/en/)
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
Supplemental Material for Financial Results for FY2026 First Quarter
—1—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
Financial Results and Position
1. Consolidated Financial Results for FY2026 First Quarter
Financial Results
Consolidated vehicle unit sales in Japan and overseas increased by 160 thousand units, or 7.1%, to 2,411 thousand units in FY2026 first quarter (the first quarter ended June 30, 2025) compared with FY2025 first quarter (the first quarter ended June 30, 2024). Vehicle unit sales in Japan increased by 60 thousand units, or 14.2%, to 481 thousand units in FY2026 first quarter compared with FY2025 first quarter. Overseas vehicle unit sales increased by 100 thousand units, or 5.4%, to 1,930 thousand units in FY2026 first quarter compared with FY2025 first quarter.
The results of operations for FY2026 first quarter were as follows:
| Sales revenues | 12,253.3 billion yen | (an increase of 415.4 billion yen or 3.5% compared with FY2025 first quarter) | ||
| Operating income | 1,166.1 billion yen | (a decrease of 142.3 billion yen or 10.9% compared with FY2025 first quarter) | ||
| Income before income taxes | 1,252.1 billion yen | (a decrease of 620.1 billion yen or 33.1% compared with FY2025 first quarter) | ||
| Net income attributable to Toyota Motor Corporation |
841.3 billion yen | (a decrease of 492.0 billion yen or 36.9% compared with FY2025 first quarter) | ||
The changes in operating income were as follows:
| Marketing efforts | an increase of 260.0 billion yen | |
| Effects of changes in exchange rates | a decrease of 165.0 billion yen | |
| Cost reduction efforts | a decrease of 15.0 billion yen | |
| Increase or decrease in expenses and expense reduction efforts | a decrease of 370.0 billion yen | |
| Other | an increase of 147.7 billion yen | |
—2—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
Segment Operating Results
(1) Automotive:
Sales revenues for the automotive operations increased by 279.9 billion yen, or 2.6%, to 11,039.6 billion yen in FY2026 first quarter compared with FY2025 first quarter. However, operating income decreased by 206.4 billion yen, or 18.5%, to 911.4 billion yen in FY2026 first quarter compared with FY2025 first quarter. The decrease in operating income was mainly due to the increase in expenses and others.
(2) Financial services:
Sales revenues for the financial services operations increased by 130.7 billion yen, or 13.0%, to 1,136.1 billion yen in FY2026 first quarter compared with FY2025 first quarter, and operating income increased by 62.5 billion yen, or 39.1%, to 222.2 billion yen in FY2026 first quarter compared with FY2025 first quarter. The increase in operating income was mainly due to increase in financing margin in sales finance subsidiaries in the United States.
(3) All other:
Sales revenues for all other businesses increased by 27.2 billion yen, or 8.6%, to 342.8 billion yen in FY2026 first quarter compared with FY2025 first quarter. However, operating income decreased by 3.3 billion yen, or 8.1%, to 37.4 billion yen in FY2026 first quarter compared with FY2025 first quarter.
Geographic Information
(1) Japan:
Sales revenues in Japan decreased by 13.3 billion yen, or 0.3%, to 5,210.7 billion yen in FY2026 first quarter compared with FY2025 first quarter, and operating income decreased by 236.2 billion yen, or 26.8%, to 645.0 billion yen in FY2026 first quarter compared with FY2025 first quarter. The decrease in operating income was mainly due to the increase in expenses and others.
(2) North America:
Sales revenues in North America increased by 311.8 billion yen, or 6.2%, to 5,314.2 billion yen in FY2026 first quarter compared with FY2025 first quarter. However, operating income decreased by 106.2 billion yen to an operating loss of 21.1 billion yen in FY2026 first quarter compared with FY2025 first quarter. The decrease in operating income was mainly due to the increase in expenses and others.
(3) Europe:
Sales revenues in Europe increased by 52.6 billion yen, or 3.5%, to 1,561.6 billion yen in FY2026 first quarter compared with FY2025 first quarter. However, operating income decreased by 27.7 billion yen, or 22.2%, to 96.9 billion yen in FY2026 first quarter compared with FY2025 first quarter. The decrease in operating income was mainly due to the effects of marketing activities.
(4) Asia:
Sales revenues in Asia decreased by 97.3 billion yen, or 4.4%, to 2,134.3 billion yen in FY2026 first quarter compared with FY2025 first quarter, and operating income decreased by 30.2 billion yen, or 12.3%, to 215.7 billion yen in FY2026 first quarter compared with FY2025 first quarter. The decrease in operating income was mainly due to the effects of changes in exchange rates.
(5) Other (Central and South America, Oceania, Africa and the Middle East):
Sales revenues in other regions increased by 73.6 billion yen, or 7.0%, to 1,127.4 billion yen in FY2026 first quarter compared with FY2025 first quarter, and operating income increased by 52.2 billion yen, or 125.0%, to 94.0 billion yen in FY2026 first quarter compared with FY2025 first quarter. The increase in operating income was mainly due to marketing efforts.
—3—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
2. Consolidated Financial Position for FY2026 First Quarter
Financial Position
The financial position for FY2026 first quarter was as follows:
Total assets decreased by 133.2 billion yen, or 0.1%, to 93,468.1 billion yen at the end of FY2026 first quarter compared with the end of FY2025. Liabilities decreased by 247.3 billion yen, or 0.4%, to 56,475.0 billion yen at the end of FY2026 first quarter compared with the end of FY2025. Shareholders’ equity increased by 114.1 billion yen, or 0.3%, to 36,993.0 billion yen at the end of FY2026 first quarter compared with the end of FY2025.
Overview of Cash Flow
Cash and cash equivalents decreased by 771.5 billion yen, or 8.6%, to 8,210.8 billion yen at the end of FY2026 first quarter compared with the end of FY2025.
The increases or decreases for each cash flow activity compared with the previous fiscal year are as follows:
Cash flows from operating activities
Net cash flows from operating activities resulted in an increase in cash by 1,876.4 billion yen in FY2026 first quarter. Net cash provided by operating activities increased by 1,192.8 billion yen from 683.6 billion yen in FY2025 first quarter.
Cash flows from investing activities
Net cash flows from investing activities resulted in a decrease in cash by 1,802.0 billion yen in FY2026 first quarter, compared with net cash used in investing activities of 2,399.6 billion yen in FY2025 first quarter, a 597.6 billion yen change.
Cash flows from financing activities
Net cash flows from financing activities resulted in a decrease in cash by 803.2 billion yen in FY2026 first quarter. Net cash used in financing activities increased by 484.4 billion yen from 318.7 billion yen in FY2025 first quarter.
—4—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
Unaudited Condensed Quarterly Consolidated Financial Statements
1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position
| Yen in millions | ||||||||
| March 31, 2025 | June 30, 2025 | |||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
8,982,404 | 8,210,856 | ||||||
| Trade accounts and other receivables |
3,679,722 | 3,609,895 | ||||||
| Receivables related to financial services |
11,453,249 | 11,461,240 | ||||||
| Other financial assets |
6,935,759 | 7,759,412 | ||||||
| Inventories |
4,598,232 | 4,626,631 | ||||||
| Income tax receivable |
216,528 | 148,045 | ||||||
| Other current assets |
1,212,783 | 1,257,421 | ||||||
|
|
|
|
|
|||||
| Total current assets |
37,078,676 | 37,073,501 | ||||||
|
|
|
|
|
|||||
| Non-current assets |
||||||||
| Investments accounted for using the equity method |
5,798,051 | 5,643,887 | ||||||
| Receivables related to financial services |
22,171,786 | 22,214,199 | ||||||
| Other financial assets |
9,882,841 | 9,860,470 | ||||||
| Property, plant and equipment |
||||||||
| Land |
1,428,122 | 1,476,006 | ||||||
| Buildings |
6,170,063 | 6,273,155 | ||||||
| Machinery and equipment |
16,621,243 | 16,642,958 | ||||||
| Vehicles and equipment on operating leases |
8,051,945 | 8,137,604 | ||||||
| Construction in progress |
1,596,145 | 1,477,527 | ||||||
|
|
|
|
|
|||||
| Total property, plant and equipment, at cost |
33,867,518 | 34,007,250 | ||||||
|
|
|
|
|
|||||
| Less - Accumulated depreciation and impairment losses |
(18,533,826 | ) | (18,642,999 | ) | ||||
|
|
|
|
|
|||||
| Total property, plant and equipment, net |
15,333,693 | 15,364,251 | ||||||
|
|
|
|
|
|||||
| Right of use assets |
583,068 | 563,497 | ||||||
| Intangible assets |
1,363,266 | 1,363,963 | ||||||
| Deferred tax assets |
517,869 | 514,214 | ||||||
| Other non-current assets |
872,101 | 870,163 | ||||||
|
|
|
|
|
|||||
| Total non-current assets |
56,522,674 | 56,394,643 | ||||||
|
|
|
|
|
|||||
| Total assets |
93,601,350 | 93,468,143 | ||||||
|
|
|
|
|
|||||
—5—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
| Yen in millions | ||||||||
| March 31, 2025 | June 30, 2025 | |||||||
| Liabilities |
||||||||
| Current liabilities |
||||||||
| Trade accounts and other payables |
5,527,347 | 5,107,652 | ||||||
| Short-term and current portion of long-term debt |
15,829,516 | 15,505,149 | ||||||
| Accrued expenses |
1,827,933 | 2,045,697 | ||||||
| Other financial liabilities |
1,869,117 | 2,339,212 | ||||||
| Income taxes payable |
505,500 | 511,801 | ||||||
| Liabilities for quality assurance |
1,965,748 | 1,924,938 | ||||||
| Other current liabilities |
1,909,059 | 1,851,508 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
29,434,220 | 29,285,957 | ||||||
|
|
|
|
|
|||||
| Non-current liabilities |
||||||||
| Long-term debt |
22,963,363 | 22,938,634 | ||||||
| Other financial liabilities |
435,594 | 391,383 | ||||||
| Retirement benefit liabilities |
1,019,568 | 1,008,964 | ||||||
| Deferred tax liabilities |
1,659,433 | 1,633,256 | ||||||
| Other non-current liabilities |
1,210,260 | 1,216,896 | ||||||
|
|
|
|
|
|||||
| Total non-current liabilities |
27,288,217 | 27,189,133 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
56,722,437 | 56,475,091 | ||||||
|
|
|
|
|
|||||
| Shareholders’ equity |
||||||||
| Common stock |
397,050 | 397,050 | ||||||
| Additional paid-in capital |
492,368 | 492,968 | ||||||
| Retained earnings |
35,841,218 | 36,116,452 | ||||||
| Other components of equity |
3,610,133 | 3,488,516 | ||||||
| Treasury stock |
(4,415,943 | ) | (4,454,783 | ) | ||||
|
|
|
|
|
|||||
| Total Toyota Motor Corporation shareholders’ equity |
35,924,826 | 36,040,203 | ||||||
|
|
|
|
|
|||||
| Non-controlling interests |
954,088 | 952,849 | ||||||
|
|
|
|
|
|||||
| Total shareholders’ equity |
36,878,913 | 36,993,052 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
93,601,350 | 93,468,143 | ||||||
|
|
|
|
|
|||||
—6—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
2. Unaudited Condensed Quarterly Consolidated Statement of Income and
Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income
Unaudited Condensed Quarterly Consolidated Statement of Income
| Yen in millions | ||||||||
| For the first quarter ended June 30, 2024 |
For the first quarter ended June 30, 2025 |
|||||||
| Sales revenues |
||||||||
| Sales of products |
10,845,224 | 11,129,393 | ||||||
| Financial services |
992,656 | 1,123,933 | ||||||
|
|
|
|
|
|||||
| Total sales revenues |
11,837,879 | 12,253,326 | ||||||
|
|
|
|
|
|||||
| Costs and expenses |
||||||||
| Cost of products sold |
8,774,492 | 9,337,703 | ||||||
| Cost of financial services |
634,942 | 719,810 | ||||||
| Selling, general and administrative |
1,119,984 | 1,029,672 | ||||||
|
|
|
|
|
|||||
| Total costs and expenses |
10,529,418 | 11,087,185 | ||||||
|
|
|
|
|
|||||
| Operating income |
1,308,462 | 1,166,141 | ||||||
|
|
|
|
|
|||||
| Share of profit (loss) of investments accounted for using the equity method |
164,937 | 141,044 | ||||||
| Other finance income |
173,800 | 153,721 | ||||||
| Other finance costs |
(16,509 | ) | (6,211 | ) | ||||
| Foreign exchange gain (loss), net |
236,999 | (212,375 | ) | |||||
| Other income (loss), net |
4,570 | 9,832 | ||||||
|
|
|
|
|
|||||
| Income before income taxes |
1,872,258 | 1,252,152 | ||||||
|
|
|
|
|
|||||
| Income tax expense |
508,435 | 379,959 | ||||||
|
|
|
|
|
|||||
| Net income |
1,363,823 | 872,193 | ||||||
|
|
|
|
|
|||||
| Net income attributable to |
||||||||
| Toyota Motor Corporation |
1,333,347 | 841,345 | ||||||
| Non-controlling interests |
30,476 | 30,848 | ||||||
|
|
|
|
|
|||||
| Net income |
1,363,823 | 872,193 | ||||||
|
|
|
|
|
|||||
| Yen | ||||||||
| Earnings per share attributable to Toyota Motor Corporation |
||||||||
| Basic and Diluted |
98.99 | 64.56 | ||||||
|
|
|
|
|
|||||
—7—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income
| Yen in millions | ||||||||
| For the first quarter ended June 30, 2024 |
For the first quarter ended June 30, 2025 |
|||||||
| Net income |
1,363,823 | 872,193 | ||||||
| Other comprehensive income, net of tax |
||||||||
| Items that will not be reclassified to profit (loss) |
||||||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
101,831 | 126,109 | ||||||
| Remeasurements of defined benefit plans |
(5,679 | ) | (2,557 | ) | ||||
| Share of other comprehensive income of equity method investees |
5,634 | (16,119 | ) | |||||
|
|
|
|
|
|||||
| Total of items that will not be reclassified to profit (loss) |
101,786 | 107,432 | ||||||
|
|
|
|
|
|||||
| Items that may be reclassified subsequently to profit (loss) |
||||||||
| Exchange differences on translating foreign operations |
628,685 | (110,435 | ) | |||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
(21,714 | ) | 39,342 | |||||
| Share of other comprehensive income of equity method investees |
124,179 | (67,717 | ) | |||||
|
|
|
|
|
|||||
| Total of items that may be reclassified subsequently to profit (loss) |
731,149 | (138,809 | ) | |||||
|
|
|
|
|
|||||
| Total other comprehensive income, net of tax |
832,936 | (31,377 | ) | |||||
|
|
|
|
|
|||||
| Comprehensive income |
2,196,759 | 840,816 | ||||||
|
|
|
|
|
|||||
| Comprehensive income for the period attributable to |
||||||||
| Toyota Motor Corporation |
2,139,964 | 806,064 | ||||||
| Non-controlling interests |
56,794 | 34,752 | ||||||
|
|
|
|
|
|||||
| Comprehensive income |
2,196,759 | 840,816 | ||||||
|
|
|
|
|
|||||
—8—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity
For the first quarter ended June 30, 2024
| Yen in millions | ||||||||||||||||||||||||||||||||
| Common stock |
Additional paid-in capital |
Retained earnings |
Other components of equity |
Treasury stock |
Toyota Motor Corporation shareholders’ equity |
Non- controlling interests |
Total shareholders’ equity |
|||||||||||||||||||||||||
| Balances at April 1, 2024 |
397,050 | 491,802 | 32,795,365 | 4,503,756 | (3,966,982 | ) | 34,220,991 | 1,018,347 | 35,239,338 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Comprehensive income |
||||||||||||||||||||||||||||||||
| Net income |
— | — | 1,333,347 | — | — | 1,333,347 | 30,476 | 1,363,823 | ||||||||||||||||||||||||
| Other comprehensive income, net of tax |
— | — | — | 806,618 | — | 806,618 | 26,318 | 832,936 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total comprehensive income |
— | — | 1,333,347 | 806,618 | — | 2,139,964 | 56,794 | 2,196,759 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Transactions with owners and other |
||||||||||||||||||||||||||||||||
| Dividends paid |
— | — | (606,338 | ) | — | — | (606,338 | ) | (43,568 | ) | (649,906 | ) | ||||||||||||||||||||
| Repurchase of treasury stock |
— | — | — | — | (18,972 | ) | (18,972 | ) | — | (18,972 | ) | |||||||||||||||||||||
| Reissuance of treasury stock |
— | 1,356 | — | — | 866 | 2,222 | — | 2,222 | ||||||||||||||||||||||||
| Retirement of treasury stock |
— | (1,953 | ) | (727,264 | ) | — | 729,217 | — | — | — | ||||||||||||||||||||||
| Equity transactions and other |
— | (125 | ) | — | — | — | (125 | ) | 10,055 | 9,930 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total transactions with owners and other |
— | (721 | ) | (1,333,602 | ) | — | 711,111 | (623,212 | ) | (33,513 | ) | (656,725 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Reclassification to retained earnings |
— | — | (53,878 | ) | 53,878 | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Balances at June 30, 2024 |
397,050 | 491,081 | 32,741,232 | 5,364,252 | (3,255,871 | ) | 35,737,743 | 1,041,628 | 36,779,372 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
For the first quarter ended June 30, 2025
|
| |||||||||||||||||||||||||||||||
| Yen in millions | ||||||||||||||||||||||||||||||||
| Common stock |
Additional paid-in capital |
Retained earnings |
Other components of equity |
Treasury stock |
Toyota Motor Corporation shareholders’ equity |
Non- controlling interests |
Total shareholders’ equity |
|||||||||||||||||||||||||
| Balances at April 1, 2025 |
397,050 | 492,368 | 35,841,218 | 3,610,133 | (4,415,943 | ) | 35,924,826 | 954,088 | 36,878,913 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Comprehensive income |
||||||||||||||||||||||||||||||||
| Net income |
— | — | 841,345 | — | — | 841,345 | 30,848 | 872,193 | ||||||||||||||||||||||||
| Other comprehensive income, net of tax |
— | — | — | (35,281 | ) | — | (35,281 | ) | 3,904 | (31,377 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total comprehensive income |
— | — | 841,345 | (35,281 | ) | — | 806,064 | 34,752 | 840,816 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Transactions with owners and other |
||||||||||||||||||||||||||||||||
| Dividends paid |
— | — | (652,446 | ) | — | — | (652,446 | ) | (33,316 | ) | (685,763 | ) | ||||||||||||||||||||
| Repurchase of treasury stock |
— | — | — | — | (39,953 | ) | (39,953 | ) | — | (39,953 | ) | |||||||||||||||||||||
| Reissuance of treasury stock |
— | 752 | — | — | 1,113 | 1,866 | — | 1,866 | ||||||||||||||||||||||||
| Equity transactions and other |
— | (152 | ) | — | — | — | (152 | ) | (2,674 | ) | (2,826 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total transactions with owners and other |
— | 600 | (652,446 | ) | — | (38,840 | ) | (690,687 | ) | (35,990 | ) | (726,677 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Reclassification to retained earnings |
— | — | 86,336 | (86,336 | ) | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Balances at June 30, 2025 |
397,050 | 492,968 | 36,116,452 | 3,488,516 | (4,454,783 | ) | 36,040,203 | 952,849 | 36,993,052 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
—9—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows
| Yen in millions | ||||||||
| For the first quarter ended June 30, 2024 |
For the first quarter ended June 30, 2025 |
|||||||
| Cash flows from operating activities |
||||||||
| Net income |
1,363,823 | 872,193 | ||||||
| Depreciation and amortization |
575,278 | 551,824 | ||||||
| Interest income and interest costs related to financial services, net |
(197,906 | ) | (190,179 | ) | ||||
| Share of profit (loss) of investments accounted for using the equity method |
(164,937 | ) | (141,044 | ) | ||||
| Income tax expense |
508,435 | 379,959 | ||||||
| Changes in operating assets and liabilities, and other |
(1,024,898 | ) | 138,032 | |||||
| Interest received |
667,642 | 657,480 | ||||||
| Dividends received |
467,291 | 275,451 | ||||||
| Interest paid |
(324,593 | ) | (357,368 | ) | ||||
| Income taxes paid, net of refunds |
(1,186,473 | ) | (309,868 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided by (used in) operating activities |
683,661 | 1,876,481 | ||||||
|
|
|
|
|
|||||
| Cash flows from investing activities |
||||||||
| Additions to fixed assets excluding equipment leased to others |
(405,618 | ) | (503,807 | ) | ||||
| Additions to equipment leased to others |
(1,028,186 | ) | (669,737 | ) | ||||
| Proceeds from sales of fixed assets excluding equipment leased to others |
10,098 | 5,635 | ||||||
| Proceeds from sales of equipment leased to others |
629,911 | 352,182 | ||||||
| Additions to intangible assets |
(63,862 | ) | (69,378 | ) | ||||
| Additions to public and corporate bonds and stocks |
(1,137,458 | ) | (497,457 | ) | ||||
| Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds |
649,510 | 888,821 | ||||||
| Other, net |
(1,053,998 | ) | (1,308,261 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided by (used in) investing activities |
(2,399,603 | ) | (1,802,002 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from financing activities |
||||||||
| Increase (decrease) in short-term debt |
79,936 | 40,352 | ||||||
| Proceeds from long-term debt |
3,036,195 | 3,080,551 | ||||||
| Payments of long-term debt |
(2,774,003 | ) | (3,197,589 | ) | ||||
| Dividends paid to Toyota Motor Corporation common shareholders |
(606,338 | ) | (652,446 | ) | ||||
| Dividends paid to non-controlling interests |
(43,568 | ) | (33,316 | ) | ||||
| Reissuance (repurchase) of treasury stock |
(18,972 | ) | (39,953 | ) | ||||
| Other, net |
7,960 | (882 | ) | |||||
|
|
|
|
|
|||||
| Net cash provided by (used in) financing activities |
(318,790 | ) | (803,284 | ) | ||||
|
|
|
|
|
|||||
| Effect of exchange rate changes on cash and cash equivalents |
219,765 | (42,743 | ) | |||||
|
|
|
|
|
|||||
| Net increase (decrease) in cash and cash equivalents |
(1,814,966 | ) | (771,548 | ) | ||||
|
|
|
|
|
|||||
| Cash and cash equivalents at beginning of period |
9,412,060 | 8,982,404 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of period |
7,597,094 | 8,210,856 | ||||||
|
|
|
|
|
|||||
—10—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
(i) Outline of reporting segments
The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.
The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses.
(ii) Segment operating results
For the first quarter ended June 30, 2024:
| Yen in millions | ||||||||||||||||||||
Automotive |
Financial services |
All other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||
| Sales revenues |
||||||||||||||||||||
| Revenues from external customers |
10,707,121 | 992,656 | 138,102 | — | 11,837,879 | |||||||||||||||
| Inter-segment revenues and transfers |
52,584 | 12,710 | 177,567 | (242,861 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
10,759,705 | 1,005,366 | 315,669 | (242,861 | ) | 11,837,879 | ||||||||||||||
| Operating expenses |
9,641,799 | 845,627 | 274,879 | (232,888 | ) | 10,529,418 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
1,117,906 | 159,738 | 40,790 | (9,973 | ) | 1,308,462 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For the first quarter ended June 30, 2025:
| Yen in millions | ||||||||||||||||||||
Automotive |
Financial services |
All other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||
| Sales revenues |
||||||||||||||||||||
| Revenues from external customers |
10,983,969 | 1,123,933 | 145,425 | — | 12,253,326 | |||||||||||||||
| Inter-segment revenues and transfers |
55,694 | 12,176 | 197,465 | (265,335 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
11,039,662 | 1,136,108 | 342,890 | (265,335 | ) | 12,253,326 | ||||||||||||||
| Operating expenses |
10,128,243 | 913,853 | 305,424 | (260,335 | ) | 11,087,185 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income |
911,419 | 222,255 | 37,466 | (5,000 | ) | 1,166,141 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Accounting policies applied by each segment are in conformity with those of Toyota’s condensed quarterly consolidated financial statements. Transfers between industry segments are made in accordance with terms and conditions in the ordinary course of business.
—12—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
(iii) Geographic information
For the first quarter ended June 30, 2024:
| Yen in millions | ||||||||||||||||||||||||||||
Japan |
North America |
Europe |
Asia |
Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||||||||
| Sales revenues |
||||||||||||||||||||||||||||
| Revenues from external customers |
2,470,246 | 4,914,562 | 1,461,791 | 1,950,769 | 1,040,512 | — | 11,837,879 | |||||||||||||||||||||
| Inter-segment revenues and transfers |
2,753,849 | 87,865 | 47,215 | 281,006 | 13,345 | (3,183,279 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
5,224,094 | 5,002,427 | 1,509,006 | 2,231,775 | 1,053,857 | (3,183,279 | ) | 11,837,879 | ||||||||||||||||||||
| Operating expenses |
4,342,815 | 4,917,366 | 1,384,330 | 1,985,829 | 1,012,062 | (3,112,985 | ) | 10,529,418 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income |
881,279 | 85,061 | 124,676 | 245,946 | 41,795 | (70,294 | ) | 1,308,462 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the first quarter ended June 30, 2025:
| Yen in millions | ||||||||||||||||||||||||||||
Japan |
North America |
Europe |
Asia |
Other |
Inter-segment Elimination/ Unallocated Amount |
Consolidated |
||||||||||||||||||||||
| Sales revenues |
||||||||||||||||||||||||||||
| Revenues from external customers |
2,551,657 | 5,228,248 | 1,510,183 | 1,875,849 | 1,087,389 | — | 12,253,326 | |||||||||||||||||||||
| Inter-segment revenues and transfers |
2,659,081 | 86,031 | 51,438 | 258,542 | 40,072 | (3,095,164 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
5,210,738 | 5,314,279 | 1,561,621 | 2,134,391 | 1,127,461 | (3,095,164 | ) | 12,253,326 | ||||||||||||||||||||
| Operating expenses |
4,565,678 | 5,335,443 | 1,464,655 | 1,918,661 | 1,033,409 | (3,230,661 | ) | 11,087,185 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income (loss) |
645,060 | (21,164 | ) | 96,966 | 215,730 | 94,052 | 135,497 | 1,166,141 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
“Other” consists of Central and South America, Oceania, Africa and the Middle East.
The above amounts are aggregated by region based on the location of the country where TMC or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.
—13—
TOYOTA MOTOR CORPORATION FY2026 First Quarter Financial Summary
(iv) Sales revenues by location of external customers
| Yen in millions | ||||||||
| For the first quarter ended June 30, | ||||||||
| 2024 | 2025 | |||||||
| Japan |
1,738,709 | 1,870,520 | ||||||
| North America |
4,934,278 | 5,241,642 | ||||||
| Europe |
1,419,779 | 1,486,619 | ||||||
| Asia |
1,976,558 | 1,847,204 | ||||||
| Other |
1,768,555 | 1,807,341 | ||||||
|
|
|
|
|
|||||
| Total |
11,837,879 | 12,253,326 | ||||||
|
|
|
|
|
|||||
“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.
—14—
Supplemental Material for Financial Results for FY2026 First Quarter (Consolidated)
< IFRS >
| FY2025 | FY2026 | FY2026 | ||||||||||||||||||||||||||
| 1Q (2024/4-6) |
2Q (2024/7-9) |
3Q (2024/10-12) |
4Q (2025/1-3) |
12 months (‘24/4-‘25/3) |
1Q (2025/4-6) |
Forecast 12 months (‘25/4-‘26/3) |
||||||||||||||||||||||
| Vehicle Production (thousands of units) |
2,186 | 2,217 | 2,312 | 2,334 | 9,049 | 2,301 | ||||||||||||||||||||||
| (Japan) |
901 | 991 | 1,052 | 1,056 | 4,000 | 994 | ||||||||||||||||||||||
| [Daihatsu & Hino] |
[141 | ] | [219 | ] | [205 | ] | [200 | ] | [764 | ] | [210 | ] | ||||||||||||||||
| (Overseas) |
1,285 | 1,226 | 1,260 | 1,278 | 5,049 | 1,306 | ||||||||||||||||||||||
| [Daihatsu & Hino] |
[106 | ] | [122 | ] | [122 | ] | [108 | ] | [458 | ] | [86 | ] | ||||||||||||||||
| North America |
523 | 445 | 467 | 522 | 1,958 | 557 | ||||||||||||||||||||||
| Europe |
215 | 181 | 206 | 208 | 811 | 197 | ||||||||||||||||||||||
| Asia |
434 | 466 | 455 | 434 | 1,790 | 423 | ||||||||||||||||||||||
| Central and South America |
87 | 100 | 101 | 83 | 370 | 101 | ||||||||||||||||||||||
| Africa |
26 | 33 | 31 | 31 | 120 | 30 | ||||||||||||||||||||||
| Vehicle Sales (thousands of units) |
2,252 | 2,304 | 2,444 | 2,362 | 9,362 | 2,411 | 9,800 | |||||||||||||||||||||
| (Japan) |
421 | 517 | 516 | 536 | 1,991 | 481 | 2,070 | |||||||||||||||||||||
| [Daihatsu & Hino] |
[84 | ] | [136 | ] | [129 | ] | [136 | ] | [485 | ] | [130 | ] | [570 | ] | ||||||||||||||
| (Overseas) |
1,830 | 1,787 | 1,929 | 1,826 | 7,372 | 1,930 | 7,730 | |||||||||||||||||||||
| [Daihatsu & Hino] |
[61 | ] | [65 | ] | [60 | ] | [55 | ] | [240 | ] | [48 | ] | [230 | ] | ||||||||||||||
| North America |
705 | 643 | 695 | 660 | 2,703 | 794 | 2,960 | |||||||||||||||||||||
| Europe |
291 | 256 | 318 | 306 | 1,172 | 298 | 1,230 | |||||||||||||||||||||
| Asia |
436 | 469 | 473 | 460 | 1,838 | 421 | 1,860 | |||||||||||||||||||||
| Central and South America |
114 | 134 | 127 | 119 | 495 | 129 | 520 | |||||||||||||||||||||
| Oceania |
82 | 71 | 80 | 77 | 309 | 78 | 270 | |||||||||||||||||||||
| Africa |
49 | 56 | 60 | 58 | 224 | 60 | 280 | |||||||||||||||||||||
| Middle East |
151 | 157 | 172 | 143 | 622 | 147 | 610 | |||||||||||||||||||||
| Other |
2 | 2 | 2 | 2 | 8 | 2 | ||||||||||||||||||||||
| Total Retail Unit Sales (thousands of units) |
2,636 | 2,737 | 2,922 | 2,715 | 11,011 | 2,829 | 11,200 | |||||||||||||||||||||
Supplemental 1
Supplemental Material for Financial Results for FY2026 First Quarter (Consolidated)
< IFRS >
| FY2025 | FY2026 | FY2026 | ||||||||||||||||||||||||||
| 1Q (2024/4-6) |
2Q (2024/7-9) |
3Q (2024/10-12) |
4Q (2025/1-3) |
12 months (‘24/4-‘25/3) |
1Q (2025/4-6) |
Forecast 12 months (‘25/4-‘26/3) |
||||||||||||||||||||||
| Foreign Exchange Rates |
||||||||||||||||||||||||||||
| Yen to US Dollar Rate |
156 | 150 | 152 | 153 | 153 | 145 | as premise: 145 | |||||||||||||||||||||
| Yen to Euro Rate |
168 | 164 | 163 | 161 | 164 | 164 | as premise: 160 | |||||||||||||||||||||
| Number of Employees |
384,954 | 384,158 | 384,338 | 383,853 | 383,853 | 389,144 | (Note 1) | |||||||||||||||||||||
| Sales Revenues (billions of yen) |
11,837.8 | 11,444.5 | 12,391.0 | 12,363.1 | 48,036.7 | 12,253.3 | 48,500.0 | |||||||||||||||||||||
| Geographic Information |
||||||||||||||||||||||||||||
| Japan |
5,224.0 | 5,317.3 | 5,764.8 | 5,552.7 | 21,859.0 | 5,210.7 | ||||||||||||||||||||||
| North America |
5,002.4 | 4,522.9 | 4,876.1 | 4,898.7 | 19,300.3 | 5,314.2 | ||||||||||||||||||||||
| Europe |
1,509.0 | 1,380.1 | 1,630.5 | 1,793.7 | 6,313.4 | 1,561.6 | ||||||||||||||||||||||
| Asia |
2,231.7 | 2,238.2 | 2,323.3 | 2,194.6 | 8,988.0 | 2,134.3 | ||||||||||||||||||||||
| Other |
1,053.8 | 1,066.6 | 1,235.0 | 1,165.7 | 4,521.2 | 1,127.4 | ||||||||||||||||||||||
| Elimination |
-3,183.2 | -3,080.7 | -3,438.8 | -3,242.5 | -12,945.5 | -3,095.1 | ||||||||||||||||||||||
| Business Segment |
||||||||||||||||||||||||||||
| Automotive |
10,759.7 | 10,332.4 | 11,249.0 | 10,858.6 | 43,199.8 | 11,039.6 | ||||||||||||||||||||||
| Financial Services |
1,005.3 | 1,037.6 | 1,022.9 | 1,415.2 | 4,481.1 | 1,136.1 | ||||||||||||||||||||||
| All Other |
315.6 | 337.6 | 393.0 | 400.7 | 1,447.1 | 342.8 | ||||||||||||||||||||||
| Elimination |
-242.8 | -263.2 | -273.8 | -311.4 | -1,091.4 | -265.3 | ||||||||||||||||||||||
| Operating Income (billions of yen) |
1,308.4 | 1,155.7 | 1,215.2 | 1,116.0 | 4,795.5 | 1,166.1 | 3,200.0 | |||||||||||||||||||||
| (Operating Income Ratio) (%) |
(11.1 | ) | (10.1 | ) | (9.8 | ) | (9.0 | ) | (10.0 | ) | (9.5 | ) | (6.6 | ) | ||||||||||||||
| Geographic Information |
||||||||||||||||||||||||||||
| Japan |
881.2 | 641.1 | 814.6 | 814.0 | 3,151.1 | 645.0 | ||||||||||||||||||||||
| North America |
85.0 | 28.7 | 58.3 | -63.3 | 108.8 | -21.1 | ||||||||||||||||||||||
| Europe |
124.6 | 91.2 | 157.1 | 42.4 | 415.5 | 96.9 | ||||||||||||||||||||||
| Asia |
245.9 | 244.4 | 194.8 | 211.2 | 896.5 | 215.7 | ||||||||||||||||||||||
| Other |
41.7 | 98.8 | 39.0 | 72.9 | 252.6 | 94.0 | ||||||||||||||||||||||
| Elimination |
-70.2 | 51.3 | -48.8 | 38.7 | -29.0 | 135.4 | ||||||||||||||||||||||
| Business Segment |
||||||||||||||||||||||||||||
| Automotive |
1,117.9 | 949.8 | 1,006.1 | 866.3 | 3,940.2 | 911.4 | ||||||||||||||||||||||
| Financial Services |
159.7 | 172.7 | 163.7 | 187.2 | 683.5 | 222.2 | ||||||||||||||||||||||
| All Other |
40.7 | 33.2 | 50.5 | 56.5 | 181.1 | 37.4 | ||||||||||||||||||||||
| Elimination |
-9.9 | -0.1 | -5.2 | 5.9 | -9.4 | -5.0 | ||||||||||||||||||||||
| Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen) |
164.9 | 99.3 | 190.4 | 136.4 | 591.2 | 141.0 | 550.0 | |||||||||||||||||||||
| Income before Income Taxes (billions of yen) |
1,872.2 | 859.8 | 2,698.0 | 984.4 | 6,414.5 | 1,252.1 | 3,870.0 | |||||||||||||||||||||
| (Income before Income Taxes Ratio) (%) |
(15.8 | ) | (7.5 | ) | (21.8 | ) | (8.0 | ) | (13.4 | ) | (10.2 | ) | (8.0 | ) | ||||||||||||||
| Net Income Attributable toToyota Motor Corporation (billions of yen) |
1,333.3 | 573.7 | 2,193.2 | 664.6 | 4,765.0 | 841.3 | 2,660.0 | |||||||||||||||||||||
| (Net Income Ratio) (%) |
(11.3 | ) | (5.0 | ) | (17.7 | ) | (5.4 | ) | (9.9 | ) | (6.9 | ) | (5.5 | ) | ||||||||||||||
| Dividends |
||||||||||||||||||||||||||||
| Cash Dividends (billions of yen) |
— | 525.9 | — | 652.4 | 1,178.4 | — | (Note 2) | |||||||||||||||||||||
| Cash Dividends per Share (yen) |
— | 40 | — | 50 | 90 | — | 95 | |||||||||||||||||||||
| Payout Ratio (%) |
— | 28.1 | — | 22.8 | 25.0 | — | 46.5 | |||||||||||||||||||||
| Value of Shares Repurchased (billions of yen)[actual purchase] |
18.9 | 884.4 | 142.2 | 133.2 | 1,179.0 | 39.9 | (Note 3) | |||||||||||||||||||||
| Value of Shares Repurchased (billions of yen)[shareholder return] |
— | 199.9 | — | — | 199.9 | |
3,208.5 |
(Note 3) (Note 4) |
||||||||||||||||||||
| Number of Outstanding Shares (thousands) |
15,794,987 | 15,794,987 | 15,794,987 | 15,794,987 | 15,794,987 | 15,794,987 | ||||||||||||||||||||||
Supplemental 2
Supplemental Material for Financial Results for FY2026 First Quarter (Consolidated)
< IFRS >
| FY2025 | FY2026 | FY2026 | ||||||||||||||||||||||||||
| 1Q (2024/4-6) |
2Q (2024/7-9) |
3Q (2024/10-12) |
4Q (2025/1-3) |
12 months (‘24/4-‘25/3) |
1Q (2025/4-6) |
Forecast 12 months (‘25/4-‘26/3) |
||||||||||||||||||||||
| R&D Expenses (billions of yen) |
304.6 | 334.9 | 336.8 | 350.0 | 1,326.4 | 355.8 | 1,370.0 | (Note 5) | ||||||||||||||||||||
| Depreciation Expenses (billions of yen) |
352.3 | 335.4 | 335.3 | 337.4 | 1,360.5 | 327.5 | 1,500.0 | (Note 6) | ||||||||||||||||||||
| Geographic Information |
||||||||||||||||||||||||||||
| Japan |
148.6 | 141.8 | 143.9 | 150.1 | 584.5 | 143.5 | ||||||||||||||||||||||
| North America |
120.4 | 114.8 | 112.8 | 114.6 | 462.7 | 108.7 | ||||||||||||||||||||||
| Europe |
23.4 | 25.6 | 25.7 | 22.1 | 96.9 | 23.3 | ||||||||||||||||||||||
| Asia |
48.3 | 43.0 | 42.9 | 42.8 | 177.1 | 42.7 | ||||||||||||||||||||||
| Other |
11.4 | 9.9 | 9.9 | 7.7 | 39.0 | 9.2 | ||||||||||||||||||||||
| Capital Expenditures (billions of yen) |
368.0 | 443.1 | 558.7 | 764.9 | 2,134.8 | 392.4 | 2,300.0 | (Note 6) | ||||||||||||||||||||
| Geographic Information |
||||||||||||||||||||||||||||
| Japan |
163.2 | 198.7 | 255.4 | 409.1 | 1,026.6 | 193.8 | ||||||||||||||||||||||
| North America |
115.9 | 173.4 | 184.6 | 204.6 | 678.7 | 125.4 | ||||||||||||||||||||||
| Europe |
17.4 | 10.7 | 15.0 | 31.3 | 74.4 | 18.8 | ||||||||||||||||||||||
| Asia |
52.6 | 30.6 | 65.8 | 58.2 | 207.4 | 28.5 | ||||||||||||||||||||||
| Other |
18.6 | 29.5 | 37.8 | 61.5 | 147.5 | 25.8 | ||||||||||||||||||||||
| Total Liquid Assets (billions of yen) |
15,585.7 | 15,404.1 | 16,366.2 | 16,702.4 | 16,702.4 | 17,016.3 | (Note 7) | |||||||||||||||||||||
| Total Assets (billions of yen) |
94,037.3 | 89,169.2 | 94,674.4 | 93,601.3 | 93,601.3 | 93,468.1 | ||||||||||||||||||||||
| Toyota Motor Corporation Shareholders’ Equity (billions of yen) |
35,737.7 | 34,368.5 | 35,910.2 | 35,924.8 | 35,924.8 | 36,040.2 | ||||||||||||||||||||||
| Return on Equity (%) |
13.6 | |||||||||||||||||||||||||||
| Return on Asset (%) |
5.2 | |||||||||||||||||||||||||||
| Number of Consolidated Subsidiaries (including Structured Entities) |
585 | |||||||||||||||||||||||||||
| Number of Associates and Joint Ventures Accounted for Using the Equity Method |
165 | |||||||||||||||||||||||||||
| Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2026 (billions of yen, approximately) |
1Q (2025/4-6) |
|||
| Marketing Efforts |
260.0 | |||
| Effects of Changes in Exchange Rates |
-165.0 | |||
| Cost Reduction Efforts |
-15.0 | |||
| From Engineering |
-40.0 | |||
| From Manufacturing and Logistics |
25.0 | |||
| Increase or Decrease in Expenses and Expense Reduction Efforts |
-370.0 | |||
| Other |
147.7 | |||
| (Changes in Operating Income) |
-142.3 | |||
| Non-operating Income |
-477.7 | |||
| Share of Profit (Loss) of Investments Accounted for Using the Equity Method |
-23.8 | |||
| Income tax expense, Net Income Attributable to Non-controlling Interests |
128.1 | |||
| (Changes in Net Income Attributable to Toyota Motor Corporation) |
-492.0 | |||
Cautionary Statement with Respect to Forward-Looking Statements
This report contains forward-looking statements that reflect Toyota’s plans and expectations.
These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws and regulations, as well as other government actions, in the markets in which Toyota operates that affect Toyota’s operations, particularly laws, regulations and government actions relating to vehicle safety including remedial measures such as recalls, environmental protection, vehicle emissions and vehicle fuel economy, and tariffs and other trade policies, as well as current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.
| (Note 1) | Shows the number of employees as of the end of each period (excluding loan employees from Toyota to outside Toyota and including loan employees from outside Toyota to Toyota) |
| (Note 2) | 2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend |
| (Note 3) | Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase |
| (Note 4) | States the maximum value of shares resolved to be repurchased if before the completion of the repurchase period, |
| or the actual purchase price of shares repurchased pursuant to that resolution if after the completion of the repurchase period. |
| (Note 5) | Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period and do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income |
| (Note 6) | Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets |
| (Note 7) | Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust funds, excluding in each case those relating to financial services |
Supplemental 3
FY2026 First Quarter Financial Results RAV4 ADVENTURE Toyota Motor Corporation August 7, 2025
Cautionary Statement with Respect to Forward-Looking Statements and Caution Concerning Insider Trading This presentation contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates (particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound), stock prices and interest rates; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management;(vi) changes in the laws and regulations, as well as other government actions, in the markets in which Toyota operates that affect Toyota’s operations, particularly laws, regulations and government actions relating to vehicle safety including remedial measures such as recalls, environmental protection, vehicle emissions and vehicle fuel economy, and tariffs and other trade policies, as well as current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources. A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission. Caution concerning Insider Trading Under Japanese securities laws and regulations (the “Regulations”), subject to certain exceptions, any person who receives certain material information relating to the business, etc. of Toyota which may be contained in this document is prohibited from trading in Toyota’s shares or certain other transactions related to such shares (as set forth in the Regulations) until such material information is deemed to be made public. Under the Regulations, material information is deemed to be made public when (i) such material information is notified to a stock exchange and is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Regulations. 2
FY2026 First Quarter Results Summary First Quarter Results (year on year) FY2026 Forecast (vs previous forecast Operating Income 1.2 trillion yen (-0.1 trillion yen) 3.2 trillion yen (-0.6 trillion yen) Impact of U.S. Tariffs -0.45 trillion yen (-0.45 trillion yen) -1.4 trillion yen (-1.2 trillion yen) <Assumptions Concerning Additional U.S. Tariffs> -For exports from Japan: 25% from April through July; 12.5% from August through March (automobiles and major components) -For exports from Canada and Mexico: 25% from April through March (automobiles and major components) -Reflects a part of the effects of both tariffs borne by suppliers, as well as tariff exemptions and reductions for both finished vehicles produced in the U.S. as well as USMCA-compliant parts, etc. Due to the impact of U.S. tariffs and other factors, actual results showed decreased operating income, and the forecast has been revised downward. Despite a challenging external environment, we have continued to make comprehensive investments and as well as improvements such as increased unit sales, cost reductions, and expanded value chain profits, thereby minimizing negative impacts. We will work with all stakeholders, including suppliers and dealers, turn to leverage the results of our foundation-building efforts to further improve productivity. 3
FY2026 First Quarter Financial Performance 4
Consolidated Vehicle Sales (thousands of vehicles) 2,500 2,252 2,411 107.1% 114.2% Japan 481 2,000 421 N. America Europe 1,500 705 794 112.7% Asia 1,000 291 298 102.2% Other Central and 436 421 96.5% South America, 500 Oceania, Africa, 398 417 104.8% The Middle East, etc. 0 2024.4-6 2025.4-6 YoY Reference (retail) Toyota and Lexus Vehicle Sales 2,491 2,643 106.1% Electrified Vehicle [%] 1,075 [43.2%] 1,259 [47.6%] 117.1% HEV 998 1,165 116.7% PHEV 34 47 138.8% BEV 43 47 110.4% FCEV 0 0 37.6% Total Retail Vehicle Sales 2,636 2,829 107.3% 5
Consolidated Financial Summary (billions of yen) 2024.4-6 2025.4-6 Change Sales Revenues 11,837.8 12,253.3 +415.4 Operating Income 1,308.4 1,166.1 -142.3 Margin 11.1% 9.5% Other Income 563.7 86.0 -477.7 Share of Profit (Loss) of Investments 164.9 141.0 * -23.8 Accounted for Using the Equity Method Income before Income Taxes 1,872.2 1,252.1 -620.1 Net Income Attributable to Toyota Motor Corporation 1,333.3 841.3 -492.0 Margin 11.3% 6.9% US $ 156 yen 145 yen -11 yen FOREX Rates € 168 yen 164 yen -4 yen * Regarding Japan: 96.6 (-33.4 year on year), China: 23.3 (+8.4 year on year), Other: 21.0 (+1.0 year on year) 6
Analysis of Consolidated Operating Income Excluding the overall impact of foreign exchange (billions of yen) rates and swap valuation gains/losses, etc. -125.0 1,308.4 +260.0 -370.0 -165.0 -15.0 +147.7 1,166.1 Effects of Cost Marketing FOREX Reduction Efforts *2 Increase or Other *4 Rates *1 Efforts Decrease in Expenses and Expense Reduction Which includes: Efforts *3 Strengthening Foundation of Suppliers/ Materials Prices -60.0 Which includes: Cost Reduction +45.0 Tariff Impact -450.0 2024.4-6 2025.4-6 156 yen/US$ Operating Income (-142.3) 145 yen/US$ 168 yen/ € 164 yen/ € *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) -245.0 Volume, Model Mix +160.0 Labor Cost -35.0 Valuation Gains / Losses from Swaps, etc. +43.4—US $ -135.0 Value Chain +60.0 Depreciation Expenses +5.0 Impact of Inflation Accounting, etc. +41.5—€ -10.0—Financial Services +30.0 R&D Expenses -45.0 Other +62.8—Other -100.0—Accessories / Spare Parts / Expenses, etc. -295.0 +30.0 ConcerningUsed Vehicle / Connected, etc. Translational FOREX Impact +80.0 Overseas Subsidiaries, etc. Other +40.0 7
Geographic Operating Income Operating Income (billions of yen) (excluding Valuation Gains/Losses relating to Swaps, etc.) [ ] Margin Consolidated Vehicle Sales (thousands of vehicles) Japan N. America Europe Asia Other Incl. China (excl. investments accounted for using the equity method of associates 794 (112.7%) and joint ventures) 481 (114.2%) 705 421 291 298 (102.2%) 436 421 (96.5%) 398 417 (104.8%) -241.8 885.2 -164.4 -26.3 -23.8 +64.8 643.4 [16.9%] [12.3%] 123.8 97.4 98.4 100.7 [8.2%] [6.2%] 244.6 33.6 [2.0%] -63.6 220.7 [8.7%] [11.0%] [3.2%] [-1.2%] [10.3%] 2024.4-6 2025.4-6 2024.4-6 2025.4-6 2024.4-6 2025.4-6 2024.4-6 2025.4-6 2024.4-6 2025.4-6 Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen) 881.2 645.0 85.0 -21.1 124.6 96.9 245.9 215.7 41.7 94.0 8
China Business / Financial Services (Ref.) China Business Operating Income of Consolidated Subsidiaries (billions of yen) Share of Profit of Investments Accounted for Using the Equity Method of Associates and Joint Ventures (billions of yen) Toyota and Lexus Vehicle Retail Sales (thousands of vehicles) 411 450 (109.5%) +10.4 Marketing 55.0 Efforts, etc. 44.6 +8.4 Cost Reduction Efforts, etc. 23.3 14.9 2024.4-6 2025.4-6 Financial Services Operating Income (billions of yen) Excluding Valuation Gains/Losses relating to Swaps, etc. +19.0 188.0 169.0 Effects of Increase in Loan Balance, etc. 2024.4-6 2025.4-6 Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen) 159.7 222.2 9
FY2026 Financial Forecasts 10
FY2026 Forecast: Consolidated Vehicle Sales (thousands of vehicles) 10,000 9,800 9,800 100 . 0% 9,362 Japan 8,000 2,070 2,070 100 . 0% 1,991 N. America 6,000 2,940 2,960 100 . 7% 2,703 Europe Asia 4,000 1,220 1,230 100 . 8% 1,172 Other 1,900 1,860 97 . 9% 1,838 Central and 2,000 South America, Oceania, 1,670 1,680 100 . 6% 1,659 Africa, 0 The Middle East, etc. Previous Forecast New Forecast vs. Previous FY2025 Results 2025 .4 -2026.3 2025. 4 -2026.3 Forecast 2024 .4 -2025.3 Reference (retail) Toyota and Lexus Vehicle Sales 10,400 10,400 100.0% 10,274 Electrified Vehicles [%] 5,184 [49 . 8%] 5,123 [49 . 3%] 98.8% 4,748 [46 . 2%] HEV 4,663 4,625 99.2% 4,441 PHEV 209 188 90.0% 161 BEV 310 308 99.4% 145 FCEV 1 1 100.0% 1 Total Retail Vehicle Sales 11,200 11,200 100.0% 11,011 11
FY2026 Forecast: Consolidated Financial Summary Previous Forecast New Forecast FY2025 Results (billions of yen) 2025.4-2026.3 2025.4-2026.3 Change 2024.4-2025.3 Sales Revenues 48,500.0 48,500.0 ±0 48,036.7 Operating Income 3,800.0 3,200.0 -600.0 4,795.5 Margin 7.8% 6.6% 10.0% Other Income 610.0 670.0 +60.0 1,619.0 Share of Profit (Loss) of Investments 600.0 550.0 -50.0 591.2 Accounted for Using the Equity Method Income before Income Taxes 4,410.0 3,870.0 -540.0 6,414.5 Net Income Attributable to Toyota Motor Corporation 3,100.0 2,660.0 -440.0 4,765.0 Margin 6.4% 5.5% 9.9% Dividend per share 95 yen 95 yen ±0 yen 90 yen US $ 145 yen 145 yen ±0 yen 153 yen FOREX Rates € 160 yen 160 yen ±0 yen 164 yen 12
Analysis of FY2026 Forecast: Consolidated Operating Income (vs. FY2025 Results) (billions of yen) +400.0 -725.0 4,795.5 Volume, Model Mix +310.0 One-time -300.0 Cost Reduction +260.0 -1,400.0 Value Chain Profits +165.0 Factors Effects of Other -164.5 FOREX Materials Prices Rates +899.5 3,200.0 -470.0 Tariff Impact Comprehensive Improvement Investment Efforts Human Resources (Investment in -245.0 Human Resources Growth Areas -225.0 and Growth Areas) FY2025 Results FY2026 New Forecast 2024.4-2025.3 2025.4-2026.3 Operating Income (-1,595.5) 153 yen/US$ 145 yen/US$ 164 yen/€ 160 yen/€ 13
Changes in Profit Structure Expanding sales volume through Product- and Region-Centered Management, improving Break-even Volume Expand “Investment in Human Resources” and “Planting Seeds for the Future” ? Considering the impact of U.S.tariffs, continue working to further strengthen our earning power (thousands of vehicles) 9,443 9,800 Break-even Volume -30% Consolidated 7,646 Vehicle Sales 7,567 Improvement (trillions of yen) regional sales mix regional sales mix Operating Income Focused on Improved 5.3 Value chain profits North America Regional Balance -Comprehensive Investment-1.3 3.2 Other Japan Other Japan -Tariff Impact-1.4 2.1 -Vehicle Sales / China China N.America Value chain+0.8 Asia N. America -0.4 -Cost Reduction +0.5 Asia Europe Europe FY2026 FY2009 FY2021 FY2024 Forecast Net Liquid Assets 14.6 1.5 8.0 12.6 14 (trillions of yen) (Q1 Results)
(Ref.) Analysis of FY2026 Forecast: Consolidated Operating Income (vs. Previous Forecast) Excluding the overall impact of foreign exchange (billions of yen) rates and swap valuation gains/losses, etc -695.0 +245.0 -1,000.0 3,800.0 +20.0 +60.0 Effects of Cost Marketing 3,200.0 Efforts *2 +75.0 FOREX Reduction Increase or Rates *1 Efforts Decrease in Other *4 Expenses and Expense Reduction Which includes: Efforts *3 Strengthening Foundation of Suppliers / Materials Prices -545.0 Cost Reduction +240.0 Which includes: Tariff Impact -1,220.0 FY2026 Previous Forecast FY2026 New Forecast 2025.4-2026.3 2025.4-2026.3 Operating Income (-600.0) 145 yen/US$ 145 yen/US$ 160 yen/€ 160 yen/€ *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +20.0 Volume, Model Mix +50.0 Labor Cost +10.0 Valuation Gains / Losses from Swaps, etc. +35.0—US $ ±0.0 Value Chain +15.0 Depreciation Expenses ±0.0 Impact of Inflation Accounting, etc. +19.5—€ ±0.0—Financial Services +15.0 R&D Expenses ±0.0 HINO MOTORS Certification Related ±0.0—Other +20.0—Accessories / Spare Parts / Expenses, etc. -1,010.0 Expenses ±0.0 ConcerningUsed Vehicle / Connected, etc. Other +20.5 Translational FOREX Impact ±0.0 Overseas Subsidiaries, etc. Other +180.0 15
(Ref.) Analysis of FY2026 Forecast: Consolidated Operating Income (vs. FY2025 Results) Excluding the overall impact of foreign exchange (billions of yen) rates and swap valuation gains/losses, etc -1,335.5 Which includes: 4,795.5 -725.0 Tariff Impact -1,400.0 +655.0 -1,745.5 -245.0 Effects of FOREX Cost Marketing +465.0 3,200.0 Rates *1 Reduction Efforts *2 Efforts Increase or Other *4 Decrease in Which includes: Expenses and Strengthening Foundation of Suppliers Expense Reduction / Materials Prices -495.0 Cost Reduction +250.0 Efforts *3 FY2025 Results FY2026 New Forecast 2024.4-2025.3 2025.4-2026.3 Operating Income (-1,595.5) 153 yen/US$ 145 yen/US$ 164 yen/€ 160 yen/€ *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) -695.0 Volume, Model Mix +310.0 Labor Cost -175.0 Valuation Gains / Losses from Swaps, etc. +25.0—US $ -400.0 Value Chain +165.0 Depreciation Expenses -175.0 Impact of Inflation Accounting, etc. +53.4—€ -35.0—Financial Services +45.0 R&D Expenses -40.0 HINO MOTORS Certification Related +280.5—Other -260.0—Accessories / Spare Parts / Expenses, etc. -1,355.5 Expenses +120.0 ConcerningUsed Vehicle / Connected, etc. Other +106.1 Translational FOREX Impact -30.0 Overseas Subsidiaries, etc. Other +180.0 16
(Ref.) Transition of Financial Performance Net Income Attributable to Consolidated Vehicle Sales Sales Revenues (trillions of yen) Operating Income (billions of yen) Toyota Motor Corporation (thousands of vehicles) Operating Margin (%) (billions of yen) 48.0 48.5 9,800 45.0 11.9 Net Margin (%) 9,443 9,362 10.0 8,822 9.5 11.0 8,230 9.1 9.9 37.2 7.3 6.6 5,352.9 6.6 5.5 4,795.5 4,944.9 4,765.0 31.3 2,995.6 3,200.0 2,725.0 2,850.1 2,451.3 2,660.0 2022.3 2023.3 2024.3 2025.3 2026.3 2022.3 2023.3 2024.3 2025.3 2026.3 2022.3 2023.3 2024.3 2025.3 2026.3 2022.3 2023.3 2024.3 2025.3 2026.3 Total Liquid Assets*1 Total Shareholder Return R&D Expenses*6 (billions of yen) Capital Expenditures*7 (billions of yen) (billions of yen) Dividend per Share(billions of (yen) *3 yen) Ratio to Sales Revenues (%) Depreciation Expenses 17,016.3 (Forecast ) 2,300.0 16,702.4 3.6 90 95 3.3 2,134.8 15,079.5 Interest- 75 52 60 2.8 2.7 2.8 2,010.8 Bearing 2,111.7 11,313.7 Debt*2 1,370.0 10,517.3 1,326.4 14,602.2 Share 1,241.6 1,605.8 *4*5 1,202.3 14,465.0 Net Liquid 1,378.4 Repurchase 1,124.2 1,500.0 12,651.6 1,343.0 1,360.5 Assets 1,153.8 1,116.9 1,248.4 9,027.7 1,185.0 8,341.3 1,178.4 1,007.2 Dividend 1,011.7 718.2 816.9 2022.3 2023.3 2024.3 2025.3 2025.6 2022.3 2023.3 2024.3 2025.3 2026.3 2022.3 2023.3 2024.3 2025.3 2026.3 2022.3 2023.3 2024.3 2025.3 2026.3 *1 Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust funds, excluding in each case those relating to financial services. *2 Not including lease liabilities *3 Dividends per common share on a post-stock split (a five-for-one stock split of shares of our common stock that was conducted on October 1, 2021) basis *4 Excluding shares constituting less than one unit that were purchased upon request as well as commission fees incurred for repurchases. Forecast *5 Shareholder return or the actual purchase price of shares repurchased on Net Income for the period (States after the the maximum completion total purchase price for the repurchase of of the repurchase period.) shares during the repurchase period, *6 Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period and do not conform to “research and development costs” included in Toyota’s Consolidated Statement of Income. 17 *7 Figures for depreciation expenses and capital expenditures do not include vehicles on operating leases or right of use assets.
(Ref.) FY2026 Forecast: Vehicle Production and Retail Sales ( thousands of vehicles) Previous Forecast New Forecast Change FY2025 Results 2025 . 4—2026 . 3 2025 . 4—2026 . 3 2024 . 4—2025 . 3 Japan 3,350 3,300—50 3,236 Vehicle Production * Overseas 6,650 6,700 +50 6,443 Total 10,000 10,000 ± 0 9,679 us Lex& Toyota Retail Japan 1,500 1,500 ± 0 1,505 Vehicle Overseas 8,900 8,900 ± 0 8,768 Sales * Total 10,400 10,400 ± 0 10,274 Total Retail Vehicle Sales * 11,200 11,200 ±0 11,011 * Including vehicles by Toyota’s unconsolidated entities 18
(Ref.) Definitions of Consolidated and Retail Vehicle Sales Daihatsu- and Hino- brand vehicles Number of vehicles produced for wholesale by Toyota Motor Corporation and its consolidated subsidiaries Number of vehicles produced for wholesale by Toyota’s unconsolidated entities (e.g. joint ventures in China, etc.) *There are a limited number of exceptional cases where sales are made other than in accordance with the flowchart above. Distributors Consolidated Dealers or Total Retail Customers outside Vehicle Sales consolidation Toyota and Lexus Vehicle Sales Vehicle Sales 19