FINANCIAL SUMMARY

(All financial information has been prepared in accordance with IFRS Accounting Standards)

FY2026 Semi-Annual

(April 1, 2025 through September 30, 2025)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2026 Semi-Annual Consolidated Financial Results

(All financial information has been prepared in accordance with IFRS Accounting Standards)

English translation from the original Japanese-language document

November 5, 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
Filing date of semi-annual securities report		:		November 13, 2025
Payment date of cash dividends		:		November 26, 2025
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 Half (April 1, 2025 through September 30, 2025)

 

(1)	Consolidated financial results (For the six months ended September 30)

 

		(% of change from previous first half)
		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 half			24,630,753				5.8				2,005,692				-18.6				2,478,127				-9.3				1,845,135				-1.1				1,773,426				-7.0				2,348,135				45.5
FY2025 first half			23,282,450				5.9				2,464,217				-3.7				2,732,069				-22.4				1,865,651				-29.5				1,907,113				-26.4				1,614,391				-62.0

 

		Earnings per share attributable to Toyota Motor Corporation – Basic				Earnings per share attributable to Toyota Motor Corporation – Diluted
		Yen				Yen
FY2026 first half			136.07				136.07
FY2025 first half			142.15				142.15

 

(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 half			97,574,878				38,456,954				37,492,119				38.4
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			—				45.00
FY2026 (forecast)											—				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 taxes								Net income attributable to Toyota Motor Corporation								Earnings per share attributable to Toyota Motor Corporation –  Basic
		Million yen				%				Million yen				%				Million yen				%				Million yen				%				Yen
Full-year			49,000,000				2.0				3,400,000				-29.1				4,180,000				-34.8				2,930,000				-38.5			224.81

(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 half 15,794,987,460 shares, FY2025 15,794,987,460 shares

 

(ii)

Number of treasury stock at the end of each period:

FY2026 first half 2,761,598,241 shares, FY2025 2,746,057,686 shares

 

(iii)

Average number of shares issued and outstanding in each period:

FY2026 first half 13,033,161,110 shares, FY2025 first half 13,416,064,614 shares

 

(Note)

Toyota Motor Corporation has adopted a share-based compensation plan using a Stock-Granting Employee Stock Ownership Plan (ESOP) Trust. Toyota Motor Corporation shares held by the Trust are included in both the number of shares of treasury stock at the end of the fiscal period, as well as the shares of treasury stock to be deducted when calculating the average number of shares during the period.

These semi-annual consolidated financial results are not subject to certified public accountant’s or audit firm’s review.

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 1,450.0 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 half of FY2026 was 900.0 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 Semi-Annual Financial Summary

 

TABLE OF CONTENTS

 

Financial Results and Position			2
1. Consolidated Financial Results for FY2026 First Half			2
2. Consolidated Financial Position for FY2026 First Half			4
Unaudited Condensed Semi-Annual Consolidated Financial Statements			5
1. Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position			5
2. Unaudited Condensed Semi-Annual Consolidated Statement of Income and Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income			7
3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity			9
4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows			10
5. Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements			11
(1) Going Concern Assumption			11
(2) Segment Information			12

Supplemental Material for Financial Results for FY2026 First Half

 

—1—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

Financial Results and Position

1. Consolidated Financial Results for FY2026 First Half

Financial Results

Consolidated vehicle unit sales in Japan and overseas increased by 227 thousand units, or 5.0%, to 4,783 thousand units in FY2026 first half (the first half ended September 30, 2025) compared with FY2025 first half (the first half ended September 30, 2024). Vehicle unit sales in Japan increased by 31 thousand units, or 3.3%, to 970 thousand units in FY2026 first half compared with FY2025 first half. Overseas vehicle unit sales increased by 196 thousand units, or 5.4%, to 3,813 thousand units in FY2026 first half compared with FY2025 first half.

The results of operations for FY2026 first half were as follows:

 

The changes in operating income were as follows:

 

 

—2—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations increased by 1,008.3 billion yen, or 4.8%, to 22,100.5 billion yen in FY2026 first half compared with FY2025 first half. However, operating income decreased by 582.2 billion yen, or 28.2%, to 1,485.4 billion yen in FY2026 first half compared with FY2025 first half. 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 287.3 billion yen, or 14.1%, to 2,330.3 billion yen in FY2026 first half compared with FY2025 first half, and operating income increased by 117.9 billion yen, or 35.5%, to 450.4 billion yen in FY2026 first half compared with FY2025 first half. The increase in operating income was mainly due to increase in valuation gains on interest rate swaps in sales finance subsidiaries in the United States.

(3) All other:

Sales revenues for all other businesses increased by 82.5 billion yen, or 12.6%, to 735.8 billion yen in FY2026 first half compared with FY2025 first half. However, operating income decreased by 5.2 billion yen, or 7.0%, to 68.8 billion yen in FY2026 first half compared with FY2025 first half.

Geographic Information

(1) Japan:

Sales revenues in Japan decreased by 28.1 billion yen, or 0.3%, to 10,513.2 billion yen in FY2026 first half compared with FY2025 first half, and operating income decreased by 405.2 billion yen, or 26.6%, to 1,117.1 billion yen in FY2026 first half compared with FY2025 first half. 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 943.1 billion yen, or 9.9%, to 10,468.5 billion yen in FY2026 first half compared with FY2025 first half. However, operating income decreased by 181.6 billion yen to an operating loss of 67.8 billion yen in FY2026 first half compared with FY2025 first half. The decrease in operating income was mainly due to the increase in expenses and others.

(3) Europe:

Sales revenues in Europe increased by 257.3 billion yen, or 8.9%, to 3,146.5 billion yen in FY2026 first half compared with FY2025 first half. However, operating income decreased by 15.2 billion yen, or 7.0%, to 200.7 billion yen in FY2026 first half compared with FY2025 first half. The decrease in operating income was mainly due to the effects of marketing activities.

(4) Asia:

Sales revenues in Asia decreased by 18.5 billion yen, or 0.4%, to 4,451.5 billion yen in FY2026 first half compared with FY2025 first half, and operating income decreased by 46.1 billion yen, or 9.4%, to 444.2 billion yen in FY2026 first half compared with FY2025 first half. 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 206.7 billion yen, or 9.7%, to 2,327.2 billion yen in FY2026 first half compared with FY2025 first half, and operating income increased by 61.3 billion yen, or 43.6%, to 201.9 billion yen in FY2026 first half compared with FY2025 first half. The increase in operating income was mainly due to marketing efforts.

 

—3—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

2. Consolidated Financial Position for FY2026 First Half

Financial Position

The financial position for FY2026 first half was as follows:

Total assets increased by 3,973.5 billion yen, or 4.2%, to 97,574.8 billion yen at the end of FY2026 first half compared with the end of FY2025. Liabilities increased by 2,395.4 billion yen, or 4.2%, to 59,117.9 billion yen at the end of FY2026 first half compared with the end of FY2025. Shareholders’ equity increased by 1,578.0 billion yen, or 4.3%, to 38,456.9 billion yen at the end of FY2026 first half compared with the end of FY2025.

Overview of Cash Flow

Cash and cash equivalents decreased by 869.4 billion yen, or 9.7%, to 8,112.9 billion yen at the end of FY2026 first half 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 2,944.6 billion yen for FY2026 first half. Net cash provided by operating activities increased by 1,127.4 billion yen from 1,817.1 billion yen for FY2025 first half.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 3,517.5 billion yen for FY2026 first half. Net cash used in investing activities increased by 431.7 billion yen from 3,085.7 billion yen for FY2025 first half.

Cash flows from financing activities

Net cash flows from financing activities resulted in a decrease in cash by 362.0 billion yen for FY2026 first half. Net cash used in financing activities increased by 72.3 billion yen from 289.7 billion yen for FY2025 first half.

 

—4—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

Unaudited Condensed Semi-Annual Consolidated Financial Statements

1. Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position

 

		Yen in millions
		March 31, 2025				September 30, 2025
Assets
Current assets
Cash and cash equivalents			8,982,404				8,112,922
Trade accounts and other receivables			3,679,722				3,801,122
Receivables related to financial services			11,453,249				11,910,921
Other financial assets			6,935,759				8,805,350
Inventories			4,598,232				4,821,814
Income tax receivable			216,528				227,836
Other current assets			1,212,783				1,262,757
Total current assets			37,078,676				38,942,722
Non-current assets
Investments accounted for using the equity method			5,798,051				5,777,572
Receivables related to financial services			22,171,786				23,199,276
Other financial assets			9,882,841				10,148,449
Property, plant and equipment
Land			1,428,122				1,491,464
Buildings			6,170,063				6,467,191
Machinery and equipment			16,621,243				17,153,009
Vehicles and equipment on operating leases			8,051,945				8,647,282
Construction in progress			1,596,145				1,445,899
Total property, plant and equipment, at cost			33,867,518				35,204,845
Less - Accumulated depreciation and impairment losses			(18,533,826	)			(19,174,977	)
Total property, plant and equipment, net			15,333,693				16,029,868
Right of use assets			583,068				663,542
Intangible assets			1,363,266				1,367,271
Deferred tax assets			517,869				536,739
Other non-current assets			872,101				909,439
Total non-current assets			56,522,674				58,632,156
Total assets			93,601,350				97,574,878

 

—5—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

		Yen in millions
		March 31, 2025				September 30, 2025
Liabilities
Current liabilities
Trade accounts and other payables			5,527,347				5,764,146
Short-term and current portion of long-term debt			15,829,516				16,235,532
Accrued expenses			1,827,933				1,857,933
Other financial liabilities			1,869,117				2,677,163
Income taxes payable			505,500				574,797
Liabilities for quality assurance			1,965,748				1,998,031
Other current liabilities			1,909,059				1,923,591
Total current liabilities			29,434,220				31,031,192
Non-current liabilities
Long-term debt			22,963,363				23,628,745
Other financial liabilities			435,594				394,497
Retirement benefit liabilities			1,019,568				1,028,940
Deferred tax liabilities			1,659,433				1,744,667
Other non-current liabilities			1,210,260				1,289,883
Total non-current liabilities			27,288,217				28,086,732
Total liabilities			56,722,437				59,117,924
Shareholders’ equity
Common stock			397,050				397,050
Additional paid-in capital			492,368				493,414
Retained earnings			35,841,218				37,061,816
Other components of equity			3,610,133				3,995,233
Treasury stock			(4,415,943	)			(4,455,394	)
Total Toyota Motor Corporation shareholders’ equity			35,924,826				37,492,119
Non-controlling interests			954,088				964,835
Total shareholders’ equity			36,878,913				38,456,954
Total liabilities and shareholders’ equity			93,601,350				97,574,878

 

—6—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

2. Unaudited Condensed Semi-Annual Consolidated Statement of Income and

 Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income

 Unaudited Condensed Semi-Annual Consolidated Statement of Income

 

		Yen in millions
		For the first half ended September 30, 2024				For the first half ended September 30, 2025
Sales revenues
Sales of products			21,263,215				22,324,109
Financial services			2,019,235				2,306,644
Total sales revenues			23,282,450				24,630,753
Costs and expenses
Cost of products sold			17,134,152				19,001,590
Cost of financial services			1,281,362				1,464,512
Selling, general and administrative			2,402,719				2,158,959
Total costs and expenses			20,818,233				22,625,061
Operating income			2,464,217				2,005,692
Share of profit (loss) of investments accounted for using the equity method			264,315				272,624
Other finance income			270,945				292,746
Other finance costs			(53,694	)			(25,010	)
Foreign exchange gain (loss), net			(226,811	)			(52,787	)
Other income (loss), net			13,097				(15,138	)
Income before income taxes			2,732,069				2,478,127
Income tax expense			866,418				632,993
Net income			1,865,651				1,845,135
Net income attributable to
Toyota Motor Corporation			1,907,113				1,773,426
Non-controlling interests			(41,462	)			71,709
Net income			1,865,651				1,845,135
		Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted			142.15				136.07

 

—7—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income

 

		Yen in millions
		For the first half ended September 30, 2024				For the first half ended September 30, 2025
Net income			1,865,651				1,845,135
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			58,283				391,463
Remeasurements of defined benefit plans			(5,209	)			(9,750	)
Share of other comprehensive income of equity method investees			(51,348	)			(13,531	)
Total of items that will not be reclassified to profit (loss)			1,726				368,181
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations			(512,676	)			182,985
Net changes in revaluation of financial assets measured at fair value through other comprehensive income			83,151				27,957
Share of other comprehensive income of equity method investees			176,539				(76,123	)
Total of items that may be reclassified subsequently to profit (loss)			(252,986	)			134,819
Total other comprehensive income, net of tax			(251,260	)			503,001
Comprehensive income			1,614,391				2,348,135
Comprehensive income for the period attributable to
Toyota Motor Corporation			1,653,798				2,258,145
Non-controlling interests			(39,407	)			89,990
Comprehensive income			1,614,391				2,348,135

 

—8—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity

For the first half ended September 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			—				—				1,907,113				—				—				1,907,113				(41,462	)			1,865,651
Other comprehensive income, net of tax			—				—				—				(253,316	)			—				(253,316	)			2,055				(251,260	)
Total comprehensive income			—				—				1,907,113				(253,316	)			—				1,653,798				(39,407	)			1,614,391
Transactions with owners and other
Dividends paid			—				—				(606,338	)			—				—				(606,338	)			(94,686	)			(701,024	)
Repurchase of treasury stock			—				—				—				—				(903,464	)			(903,464	)			—				(903,464	)
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			—				1,303				—				—				—				1,303				13,896				15,200
Total transactions with owners and other			—				707				(1,333,602	)			—				(173,381	)			(1,506,276	)			(80,790	)			(1,587,065	)
Reclassification to retained earnings			—				—				248,256				(248,256	)			—				—				—				—
Balances at September 30, 2024			397,050				492,509				33,617,132				4,002,185				(4,140,363	)			34,368,513				898,150				35,266,663
For the first half ended September 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			—				—				1,773,426				—				—				1,773,426				71,709				1,845,135
Other comprehensive income, net of tax			—				—				—				484,719				—				484,719				18,281				503,001
Total comprehensive income			—				—				1,773,426				484,719				—				2,258,145				89,990				2,348,135
Transactions with owners and other
Dividends paid			—				—				(652,446	)			—				—				(652,446	)			(95,069	)			(747,515	)
Repurchase of treasury stock			—				—				—				—				(39,959	)			(39,959	)			—				(39,959	)
Reissuance of treasury stock			—				1,358				—				—				508				1,866				—				1,866
Equity transactions and other			—				(312	)			—				—				—				(312	)			15,826				15,514
Total transactions with owners and other			—				1,046				(652,446	)			—				(39,451	)			(690,852	)			(79,242	)			(770,095	)
Reclassification to retained earnings			—				—				99,619				(99,619	)			—				—				—				—
Balances at September 30, 2025			397,050				493,414				37,061,816				3,995,233				(4,455,394	)			37,492,119				964,835				38,456,954

 

—9—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows

 

		Yen in millions
		For the first half ended September 30, 2024				For the first half ended September 30, 2025
Cash flows from operating activities
Net income			1,865,651				1,845,135
Depreciation and amortization			1,127,964				1,131,414
Interest income and interest costs related to financial services, net			(392,225	)			(392,440	)
Share of profit (loss) of investments accounted for using the equity method			(264,315	)			(272,624	)
Income tax expense			866,418				632,993
Changes in operating assets and liabilities, and other			(1,011,456	)			(232,255	)
Interest received			1,324,780				1,339,585
Dividends received			492,691				295,880
Interest paid			(747,311	)			(805,043	)
Income taxes paid, net of refunds			(1,445,020	)			(598,035	)
Net cash provided by (used in) operating activities			1,817,177				2,944,609
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others			(848,071	)			(957,692	)
Additions to equipment leased to others			(1,944,559	)			(1,405,941	)
Proceeds from sales of fixed assets excluding equipment leased to others			21,125				15,008
Proceeds from sales of equipment leased to others			1,169,262				686,709
Additions to intangible assets			(140,020	)			(151,495	)
Additions to public and corporate bonds and stocks			(2,331,054	)			(1,233,188	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds			2,156,345				1,919,732
Other, net			(1,168,778	)			(2,390,660	)
Net cash provided by (used in) investing activities			(3,085,752	)			(3,517,528	)
Cash flows from financing activities
Increase (decrease) in short-term debt			(27,289	)			(249,899	)
Proceeds from long-term debt			6,559,072				6,061,836
Payments of long-term debt			(5,232,659	)			(5,404,003	)
Dividends paid to Toyota Motor Corporation common shareholders			(606,338	)			(652,446	)
Dividends paid to non-controlling interests			(94,686	)			(95,069	)
Reissuance (repurchase) of treasury stock			(903,464	)			(39,959	)
Other, net			15,611				17,474
Net cash provided by (used in) financing activities			(289,752	)			(362,065	)
Effect of exchange rate changes on cash and cash equivalents			(222,277	)			65,502
Net increase (decrease) in cash and cash equivalents			(1,780,603	)			(869,482	)
Cash and cash equivalents at beginning of period			9,412,060				8,982,404
Cash and cash equivalents at end of period			7,631,457				8,112,922

 

—10—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

5. Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

(1) Going Concern Assumption

None

 

—11—

TOYOTA MOTOR CORPORATION FY2026 Semi-Annual Financial Summary

 

(2) Segment information

(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 half ended September 30, 2024:

 

		Yen in millions
		Automotive				Financial services				All other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			20,986,201				2,019,235				277,014				—				23,282,450
Inter-segment revenues and transfers			105,979				23,777				376,325				(506,081	)			—
Total			21,092,180				2,043,012				653,339				(506,081	)			23,282,450
Operating expenses			19,024,419				1,710,524				579,260				(495,969	)			20,818,233
Operating income			2,067,761				332,488				74,080				(10,112	)			2,464,217

For the first half ended September 30, 2025:

 

		Yen in millions
		Automotive				Financial services				All other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			22,000,056				2,306,644				324,053				—				24,630,753
Inter-segment revenues and transfers			100,504				23,689				411,793				(535,985	)			—
Total			22,100,559				2,330,333				735,846				(535,985	)			24,630,753
Operating expenses			20,615,083				1,879,874				666,986				(536,882	)			22,625,061
Operating income			1,485,476				450,459				68,861				896				2,005,692

Accounting policies applied by each segment are in conformity with those of Toyota’s condensed semi-annual 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 Semi-Annual Financial Summary

 

(iii) Geographic information

For the first half ended September 30, 2024:

 

		Yen in millions
		Japan				North America				Europe				Asia				Other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			5,112,835				9,352,535				2,795,866				3,921,657				2,099,556				—				23,282,450
Inter-segment revenues and transfers			5,428,655				172,854				93,251				548,410				20,906				(6,264,076	)			—
Total			10,541,491				9,525,389				2,889,117				4,470,067				2,120,463				(6,264,076	)			23,282,450
Operating expenses			9,019,053				9,411,613				2,673,166				3,979,639				1,979,862				(6,245,100	)			20,818,233
Operating income			1,522,438				113,776				215,951				490,428				140,601				(18,977	)			2,464,217

For the first half ended September 30, 2025:

 

		Yen in millions
		Japan				North America				Europe				Asia				Other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			5,155,251				10,284,525				3,039,153				3,895,951				2,255,874				—				24,630,753
Inter-segment revenues and transfers			5,358,041				183,985				107,361				555,573				71,331				(6,276,291	)			—
Total			10,513,292				10,468,510				3,146,514				4,451,524				2,327,204				(6,276,291	)			24,630,753
Operating expenses			9,396,132				10,536,375				2,945,768				4,007,238				2,125,276				(6,385,728	)			22,625,061
Operating income (loss)			1,117,161				(67,865	)			200,746				444,285				201,928				109,436				2,005,692

“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 Toyota Motor Corporation 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 Semi-Annual Financial Summary

 

(iv) Sales revenues by location of external customers

 

		Yen in millions
		For the first half ended September 30,
		2024				2025
Japan			3,674,817				3,739,050
North America			9,366,010				10,321,494
Europe			2,717,418				3,004,242
Asia			3,955,029				3,865,728
Other			3,569,176				3,700,239
Total			23,282,450				24,630,753

“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

 

—14—

Supplemental Material for Financial Results for FY2026 First Half (Consolidated) 

< IFRS >

 

		FY2025																								FY2026												FY2026
		1Q (2024/4-6)				2Q (2024/7-9)				First Half 6 months (2024/4-9)				3Q (2024/10-12)				4Q (2025/1-3)				12 months (‘24/4-‘25/3)				1Q (2025/4-6)				2Q (2025/7-9)				First Half 6 months (2025/4-9)				Forecast 12 months (‘25/4-‘26/3)
Vehicle Production (thousands of units)			2,186				2,217				4,403				2,312				2,334				9,049				2,301				2,321				4,622
(Japan) –including Daihatsu & Hino			901				991				1,893				1,052				1,056				4,000				994				1,013				2,007
[Daihatsu & Hino]			[141	]			[219	]			[359	]			[205	]			[200	]			[764	]			[210	]			[211	]			[422	]
(Overseas) –including Daihatsu & Hino			1,285				1,226				2,511				1,260				1,278				5,049				1,306				1,308				2,615
[Daihatsu & Hino]			[106	]			[122	]			[228	]			[122	]			[108	]			[458	]			[86	]			[101	]			[188	]
North America			523				445				968				467				522				1,958				557				524				1,081
Europe			215				181				396				206				208				811				197				185				382
Asia			434				466				900				455				434				1,790				423				466				888
Central and South America			87				100				187				101				83				370				101				97				197
Africa			26				33				59				31				31				120				30				37				67
Vehicle Sales (thousands of units)			2,252				2,304				4,556				2,444				2,362				9,362				2,411				2,372				4,783				9,800
(Japan) –including Daihatsu & Hino			421				517				939				516				536				1,991				481				488				970				2,080
[Daihatsu & Hino]			[ 84	]			[136	]			[220	]			[129	]			[136	]			[485	]			[130	]			[134	]			[264	]			[580	]
(Overseas) –including Daihatsu & Hino			1,830				1,787				3,617				1,929				1,826				7,372				1,930				1,883				3,813				7,720
[Daihatsu & Hino]			[61	]			[65	]			[126	]			[60	]			[55	]			[ 240	]			[48	]			[48	]			[96	]			[220	]
North America			705				643				1,348				695				660				2,703				794				739				1,533				2,960
Europe			291				256				547				318				306				1,172				298				275				573				1,240
Asia			436				469				905				473				460				1,838				421				432				853				1,840
Central and South America			114				134				248				127				119				495				129				132				261				490
Oceania			82				71				153				80				77				309				78				76				154				280
Africa			49				56				106				60				58				224				60				77				138				290
Middle East			151				157				308				172				143				622				147				151				298				620
Other			2				2				4				2				2				8				2				1				3
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]			2,636				2,737				5,373				2,922				2,715				11,011				2,829				2,814				5,643				11,300

 

Supplemental 1