FINANCIAL SUMMARY

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

FY2026 Third Quarter

(April 1, 2025 through December 31, 2025)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2026 Third Quarter Consolidated Financial Results

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

English translation from the original Japanese-language document

February 6, 2026

 

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 nine months (April 1, 2025 through December 31, 2025)

 

(1)	Consolidated financial results (For the nine months ended December 31)

 

		(% of change from previous first nine months)
		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 nine months			38,087,604				6.8				3,196,722				-13.1				4,188,484				-22.9				3,144,293				-22.9				3,030,891				-26.1				4,493,655				16.0
FY2025 first nine months			35,673,545				4.9				3,679,491				-13.2				5,430,093				1.4				4,079,342				1.2				4,100,389				3.9				3,873,742				-28.5

 

		Earnings per share attributable to Toyota Motor Corporation – Basic				Earnings per share attributable to Toyota Motor Corporation – Diluted
		Yen				Yen
FY2026 first nine months			232.55				232.55
FY2025 first nine months			307.95				307.95

 

(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 third quarter			102,344,599				39,992,539				38,974,691				38.1
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		50,000,000			4.1			3,800,000			-20.8			5,020,000			-21.7			3,570,000			-25.1			273.91

(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 third quarter 15,794,987,460 shares, FY2025 15,794,987,460 shares

 

(ii)

Number of treasury stock at the end of each period:

FY2026 third quarter 2,761,600,733 shares, FY2025 2,746,057,686 shares

 

(iii)

Average number of shares issued and outstanding in each period:

FY2026 first nine months 13,033,236,606 shares, FY2025 first nine months 13,314,911,412 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.

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 1,450.0 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 nine months of FY2026 was 1,200.0 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 Third Quarter Financial Summary

 

TABLE OF CONTENTS

 

Financial Results and Position			2
1. Consolidated Financial Results for FY2026 Third Quarter			2
2. Consolidated Financial Position for FY2026 Third Quarter			4
Unaudited Condensed Quarterly Consolidated Financial Statements			5
1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position			5
2. Unaudited Condensed Quarterly Consolidated Statement of Income and Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income			7
3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity			9
4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows			10
5. Notes to Unaudited Condensed Quarterly Consolidated Financial Statements			11
(1) Going Concern Assumption			11
(2) Segment Information			12
(3) Assets Held for Sale			15
(4) Other			16

Supplemental Material for Financial Results for FY2026 Third Quarter

 

—1—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

Financial Results and Position

1. Consolidated Financial Results for FY2026 Third Quarter

Financial Results

Consolidated vehicle unit sales in Japan and overseas increased by 301 thousand units, or 4.3%, to 7,302 thousand units in FY2026 first nine months (the first nine months ended December 31, 2025) compared with FY2025 first nine months (the first nine months ended December 31, 2024). Vehicle unit sales in Japan increased by 62 thousand units, or 4.3%, to 1,516 thousand units in FY2026 first nine months compared with FY2025 first nine months. Overseas vehicle unit sales increased by 240 thousand units, or 4.3%, to 5,786 thousand units in FY2026 first nine months compared with FY2025 first nine months.

The results of operations for FY2026 first nine months were as follows:

 

The changes in operating income were as follows:

 

 

—2—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations increased by 1,832.0 billion yen, or 5.7%, to 34,173.2 billion yen in FY2026 first nine months compared with FY2025 first nine months. However, operating income decreased by 653.4 billion yen, or 21.3%, to 2,420.4 billion yen in FY2026 first nine months compared with FY2025 first nine months. 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 521.4 billion yen, or 17.0%, to 3,587.4 billion yen in FY2026 first nine months compared with FY2025 first nine months, and operating income increased by 167.0 billion yen, or 33.7%, to 663.3 billion yen in FY2026 first nine months compared with FY2025 first nine months. 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 121.8 billion yen, or 11.6%, to 1,168.1 billion yen in FY2026 first nine months compared with FY2025 first nine months. However, operating income decreased by 8.8 billion yen, or 7.1%, to 115.7 billion yen in FY2026 first nine months compared with FY2025 first nine months.

Geographic Information

(1) Japan:

Sales revenues in Japan increased by 19.3 billion yen, or 0.1%, to 16,325.6 billion yen in FY2026 first nine months compared with FY2025 first nine months. However, operating income decreased by 540.5 billion yen, or 23.1%, to 1,796.5 billion yen in FY2026 first nine months compared with FY2025 first nine months. 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 1,743.8 billion yen, or 12.1%, to 16,145.4 billion yen in FY2026 first nine months compared with FY2025 first nine months. However, operating income decreased by 77.1 billion yen, or 44.8%, to 94.9 billion yen in FY2026 first nine months compared with FY2025 first nine months. The decrease in operating income was mainly due to the increase in expenses and others.

(3) Europe:

Sales revenues in Europe increased by 425.5 billion yen, or 9.4%, to 4,945.2 billion yen in FY2026 first nine months compared with FY2025 first nine months. However, operating income decreased by 48.4 billion yen, or 13.0%, to 324.6 billion yen in FY2026 first nine months compared with FY2025 first nine months. The decrease in operating income was mainly due to the increase in expenses and others.

(4) Asia:

Sales revenues in Asia increased by 139.8 billion yen, or 2.1%, to 6,933.2 billion yen in FY2026 first nine months compared with FY2025 first nine months. However, operating income decreased by 50.2 billion yen, or 7.3%, to 635.0 billion yen in FY2026 first nine months compared with FY2025 first nine months. 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 133.0 billion yen, or 4.0%, to 3,488.5 billion yen in FY2026 first nine months compared with FY2025 first nine months, and operating income increased by 78.5 billion yen, or 43.7%, to 258.2 billion yen in FY2026 first nine months compared with FY2025 first nine months. The increase in operating income was mainly due to marketing efforts.

 

—3—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

2. Consolidated Financial Position for FY2026 Third Quarter

Financial Position

The financial position for FY2026 third quarter was as follows:

Total assets increased by 8,743.2 billion yen, or 9.3%, to 102,344.5 billion yen at the end of FY2026 third quarter compared with the end of FY2025. Liabilities increased by 5,629.6 billion yen, or 9.9%, to 62,352.0 billion yen at the end of FY2026 third quarter compared with the end of FY2025. Shareholders’ equity increased by 3,113.6 billion yen, or 8.4%, to 39,992.5 billion yen at the end of FY2026 third quarter compared with the end of FY2025.

Overview of Cash Flow

Cash and cash equivalents decreased by 1,063.4 billion yen, or 11.8%, to 7,918.9 billion yen at the end of FY2026 first nine months 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 3,769.7 billion yen for FY2026 first nine months. Net cash provided by operating activities increased by 946.0 billion yen from 2,823.7 billion yen for FY2025 first nine months.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 4,351.8 billion yen for FY2026 first nine months. Net cash used in investing activities increased by 828.6 billion yen from 3,523.2 billion yen for FY 2025 first nine months.

Cash flows from financing activities

Net cash flows from financing activities resulted in a decrease in cash by 675.0 billion yen for FY2026 first nine months. Net cash used in financing activities increased by 202.9 billion yen from 472.0 billion yen for FY2025 first nine months.

 

—4—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

Unaudited Condensed Quarterly Consolidated Financial Statements

1. Unaudited Condensed Quarterly Consolidated Statement of Financial Position

 

		Yen in millions
		March 31, 2025				December 31, 2025
Assets
Current assets
Cash and cash equivalents			8,982,404				7,918,907
Trade accounts and other receivables			3,679,722				3,614,796
Receivables related to financial services			11,453,249				13,187,161
Other financial assets			6,935,759				8,673,180
Inventories			4,598,232				4,622,761
Income tax receivable			216,528				290,397
Other current assets			1,212,783				1,516,732
Subtotal			37,078,676				39,823,933
Assets held for sale			—				1,203,343
Total current assets			37,078,676				41,027,276
Non-current assets
Investments accounted for using the equity method			5,798,051				5,890,980
Receivables related to financial services			22,171,786				24,849,592
Other financial assets			9,882,841				10,585,882
Property, plant and equipment
Land			1,428,122				1,341,521
Buildings			6,170,063				6,083,681
Machinery and equipment			16,621,243				17,022,615
Vehicles and equipment on operating leases			8,051,945				9,349,012
Construction in progress			1,596,145				1,618,468
Total property, plant and equipment, at cost			33,867,518				35,415,297
Less - Accumulated depreciation and impairment losses			(18,533,826	)			(18,999,016	)
Total property, plant and equipment, net			15,333,693				16,416,281
Right of use assets			583,068				737,358
Intangible assets			1,363,266				1,358,483
Deferred tax assets			517,869				559,574
Other non-current assets			872,101				919,174
Total non-current assets			56,522,674				61,317,324
Total assets			93,601,350				102,344,599

 

—5—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

		Yen in millions
		March 31, 2025				December 31, 2025
Liabilities
Current liabilities
Trade accounts and other payables			5,527,347				5,328,769
Short-term and current portion of long-term debt			15,829,516				17,062,764
Accrued expenses			1,827,933				1,980,072
Other financial liabilities			1,869,117				3,171,058
Income taxes payable			505,500				442,801
Liabilities for quality assurance			1,965,748				1,954,032
Other current liabilities			1,909,059				1,933,414
Subtotal			29,434,220				31,872,910
Liabilities directly associated with assets held for sale			—				680,341
Total current liabilities			29,434,220				32,553,251
Non-current liabilities
Long-term debt			22,963,363				25,064,916
Other financial liabilities			435,594				464,359
Retirement benefit liabilities			1,019,568				1,054,229
Deferred tax liabilities			1,659,433				1,891,511
Other non-current liabilities			1,210,260				1,323,795
Total non-current liabilities			27,288,217				29,798,809
Total liabilities			56,722,437				62,352,060
Shareholders’ equity
Common stock			397,050				397,050
Additional paid-in capital			492,368				492,708
Retained earnings			35,841,218				37,772,680
Other components of equity			3,610,133				4,749,658
Other comprehensive income associated with assets held for sale			—				17,997
Treasury stock			(4,415,943	)			(4,455,402	)
Total Toyota Motor Corporation shareholders’ equity			35,924,826				38,974,691
Non-controlling interests			954,088				1,017,848
Total shareholders’ equity			36,878,913				39,992,539
Total liabilities and shareholders’ equity			93,601,350				102,344,599

 

—6—

TOYOTA MOTOR CORPORATION FY2026 Third 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 nine months ended December 31, 2024				For the first nine months ended December 31, 2025
Sales revenues
Sales of products			32,642,249				34,534,473
Financial services			3,031,296				3,553,132
Total sales revenues			35,673,545				38,087,604
Costs and expenses
Cost of products sold			26,493,139				29,243,864
Cost of financial services			1,934,561				2,287,685
Selling, general and administrative			3,566,354				3,359,334
Total costs and expenses			31,994,054				34,890,883
Operating income			3,679,491				3,196,722
Share of profit (loss) of investments accounted for using the equity method			454,754				437,912
Other finance income			424,735				431,918
Other finance costs			(161,266	)			(62,853	)
Foreign exchange gain (loss), net			1,077,315				272,630
Other income (loss), net			(44,937	)			(87,846	)
Income before income taxes			5,430,093				4,188,484
Income tax expense			1,350,751				1,044,191
Net income			4,079,342				3,144,293
Net income attributable to
Toyota Motor Corporation			4,100,389				3,030,891
Non-controlling interests			(21,047	)			113,402
Net income			4,079,342				3,144,293
		Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted			307.95				232.55

 

—7—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

Unaudited Condensed Quarterly Consolidated Statement of Comprehensive Income

 

		Yen in millions
		For the first nine months ended December 31, 2024				For the first nine months ended December 31, 2025
Net income			4,079,342				3,144,293
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			210,341				481,552
Remeasurements of defined benefit plans			(14,377	)			(15,115	)
Share of other comprehensive income of equity method investees			(95,707	)			35,987
Total of items that will not be reclassified to profit (loss)			100,257				502,423
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations			(391,637	)			810,718
Net changes in revaluation of financial assets measured at fair value through other comprehensive income			30,873				6,883
Share of other comprehensive income of equity method investees			54,906				29,337
Total of items that may be reclassified subsequently to profit (loss)			(305,858	)			846,939
Total other comprehensive income, net of tax			(205,601	)			1,349,362
Comprehensive income			3,873,742				4,493,655
Comprehensive income for the period attributable to
Toyota Motor Corporation			3,866,255				4,327,958
Non-controlling interests			7,486				165,697
Comprehensive income			3,873,742				4,493,655

 

—8—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

3. Unaudited Condensed Quarterly Consolidated Statement of Changes in Equity

For the first nine months ended December 31, 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			—				—				4,100,389				—				—				4,100,389				(21,047	)			4,079,342
Other comprehensive income, net of tax			—				—				—				(234,133	)			—				(234,133	)			28,533				(205,601	)
Total comprehensive income			—				—				4,100,389				(234,133	)			—				3,866,255				7,486				3,873,742
Transactions with owners and other
Dividends paid			—				—				(1,132,329	)			—				—				(1,132,329	)			(122,351	)			(1,254,679	)
Repurchase of treasury stock			—				—				—				—				(1,045,765	)			(1,045,765	)			—				(1,045,765	)
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			—				(1,104	)			—				—				—				(1,104	)			42,772				41,668
Total transactions with owners and other			—				(1,700	)			(1,859,593	)			—				(315,682	)			(2,176,975	)			(79,578	)			(2,256,553	)
Reclassification to retained earnings			—				—				204,905				(204,905	)			—				—				—				—
Balances at December 31, 2024			397,050				490,102				35,241,066				4,064,718				(4,282,665	)			35,910,271				946,255				36,856,527

For the first nine months ended December 31, 2025

 

		Yen in millions
		Common stock				Additional paid-in capital				Retained earnings				Other components of equity				Other comprehensive income associated with assets held for sale				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			—				—				3,030,891				—				—				—				3,030,891				113,402				3,144,293
Other comprehensive income, net of tax			—				—				—				1,297,067				—				—				1,297,067				52,295				1,349,362
Total comprehensive income			—				—				3,030,891				1,297,067				—				—				4,327,958				165,697				4,493,655
Transactions with owners and other
Dividends paid			—				—				(1,238,974	)			—				—				—				(1,238,974	)			(120,172	)			(1,359,145	)
Repurchase of treasury stock			—				—				—				—				—				(39,967	)			(39,967	)			—				(39,967	)
Reissuance of treasury stock			—				1,358				—				—				—				508				1,866				—				1,866
Equity transactions and other			—				(1,018	)			—				—				—				—				(1,018	)			18,235				17,218
Total transactions with owners and other			—				340				(1,238,974	)			—				—				(39,459	)			(1,278,093	)			(101,936	)			(1,380,029	)
Reclassification to retained earnings			—				—				139,545				(139,545	)			—				—				—				—				—
Transfer to other comprehensive income associated with assets held for sale			—				—				—				(17,997	)			17,997				—				—				—				—
Balances at December 31, 2025			397,050				492,708				37,772,680				4,749,658				17,997				(4,455,402	)			38,974,691				1,017,848				39,992,539

 

—9—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

4. Unaudited Condensed Quarterly Consolidated Statement of Cash Flows

 

		Yen in millions
		For the first nine months ended December 31, 2024				For the first nine months ended December 31, 2025
Cash flows from operating activities
Net income			4,079,342				3,144,293
Depreciation and amortization			1,685,749				1,745,489
Interest income and interest costs related to financial services, net			(573,582	)			(562,847	)
Share of profit (loss) of investments accounted for using the equity method			(454,754	)			(437,912	)
Income tax expense			1,350,751				1,044,191
Changes in operating assets and liabilities, and other			(2,490,557	)			(1,261,568	)
Interest received			2,009,306				2,043,817
Dividends received			620,863				423,600
Interest paid			(1,153,543	)			(1,241,898	)
Income taxes paid, net of refunds			(2,249,849	)			(1,127,425	)
Net cash provided by (used in) operating activities			2,823,725				3,769,739
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others			(1,346,216	)			(1,515,418	)
Additions to equipment leased to others			(2,911,301	)			(2,077,130	)
Proceeds from sales of fixed assets excluding equipment leased to others			25,133				24,714
Proceeds from sales of equipment leased to others			1,685,909				1,002,538
Additions to intangible assets			(221,728	)			(236,609	)
Additions to public and corporate bonds and stocks			(3,068,236	)			(2,432,374	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds			2,767,195				2,977,060
Other, net			(454,007	)			(2,094,635	)
Net cash provided by (used in) investing activities			(3,523,253	)			(4,351,854	)
Cash flows from financing activities
Increase (decrease) in short-term debt			112,226				(89,936	)
Proceeds from long-term debt			9,787,886				9,032,872
Payments of long-term debt			(8,110,926	)			(8,236,195	)
Dividends paid to Toyota Motor Corporation common shareholders			(1,132,329	)			(1,238,974	)
Dividends paid to non-controlling interests			(122,351	)			(120,172	)
Reissuance (repurchase) of treasury stock			(1,045,765	)			(39,967	)
Other, net			39,168				17,282
Net cash provided by (used in) financing activities			(472,090	)			(675,088	)
Effect of exchange rate changes on cash and cash equivalents			44,714				285,305
Net increase (decrease) in cash and cash equivalents			(1,126,904	)			(971,897	)
Cash and cash equivalents at beginning of period			9,412,060				8,982,404
Net increase (decrease) in cash and cash equivalents resulting from transfer to assets held for sale			—				(91,600	)
Cash and cash equivalents at end of period			8,285,156				7,918,907

 

—10—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

5. Notes to Unaudited Condensed Quarterly Consolidated Financial Statements

(1) Going Concern Assumption

None

 

—11—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter 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 nine months ended December 31, 2024:

 

		Yen in millions
		Automotive				Financial services				All other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			32,186,483				3,031,296				455,766				—				35,673,545
Inter-segment revenues and transfers			154,772				34,617				590,578				(779,967	)			—
Total			32,341,256				3,065,913				1,046,344				(779,967	)			35,673,545
Operating expenses			29,267,359				2,569,640				921,709				(764,653	)			31,994,054
Operating income			3,073,897				496,273				124,635				(15,314	)			3,679,491

For the first nine months ended December 31, 2025:

 

		Yen in millions
		Automotive				Financial services				All other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			34,021,193				3,553,132				513,280				—				38,087,604
Inter-segment revenues and transfers			152,081				34,269				654,876				(841,226	)			—
Total			34,173,274				3,587,401				1,168,156				(841,226	)			38,087,604
Operating expenses			31,752,847				2,924,029				1,052,407				(838,401	)			34,890,883
Operating income			2,420,427				663,372				115,748				(2,826	)			3,196,722

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 Third Quarter Financial Summary

 

(iii) Geographic information

For the first nine months ended December 31, 2024:

 

		Yen in millions
		Japan				North America				Europe				Asia				Other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			7,918,803				14,139,072				4,363,556				5,978,193				3,273,922				—				35,673,545
Inter-segment revenues and transfers			8,387,521				262,460				156,160				815,260				81,555				(9,702,957	)			—
Total			16,306,324				14,401,532				4,519,716				6,793,453				3,355,477				(9,702,957	)			35,673,545
Operating expenses			13,969,249				14,229,376				4,146,616				6,108,155				3,175,816				(9,635,158	)			31,994,054
Operating income			2,337,075				172,156				373,100				685,298				179,660				(67,798	)			3,679,491

 

For the first nine months ended December 31, 2025:

 

		Yen in millions
		Japan				North America				Europe				Asia				Other				Inter-segment Elimination/ Unallocated Amount				Consolidate
Sales revenues
Revenues from external customers			8,019,618				15,857,614				4,792,613				6,050,172				3,367,588				—				38,087,604
Inter-segment revenues and transfers			8,306,032				287,786				152,618				883,114				120,921				(9,750,473	)			—
Total			16,325,651				16,145,400				4,945,231				6,933,286				3,488,509				(9,750,473	)			38,087,604
Operating expenses			14,529,114				16,050,421				4,620,580				6,298,259				3,230,297				(9,837,788	)			34,890,883
Operating income			1,796,537				94,979				324,651				635,027				258,212				87,316				3,196,722

“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 Third Quarter Financial Summary

 

(iv) Sales revenues by location of external customers

 

		Yen in millions
		For the first nine months ended December 31,
		2024				2025
Japan			5,651,807				5,796,337
North America			14,157,962				15,926,204
Europe			4,265,995				4,721,704
Asia			6,042,925				5,934,014
Other			5,554,856				5,709,344
Total			35,673,545				38,087,604

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

 

—14—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

(3) Assets held for sale

At the end of FY2026 third quarter, assets held for sale, liabilities directly associated with assets held for sale, and other comprehensive income associated with assets held for sale represent the assets, liabilities, and related other comprehensive income of Hino Motors, Ltd. (“Hino”) and its consolidated subsidiaries classified as held for sale. This classification arises from the fact that all proposals regarding the business integration between Mitsubishi Fuso Truck and Bus Corporation and Hino were approved at the extraordinary general shareholders’ meeting of Hino held on November 28, 2025. As a result, upon the effective date of the business integration (scheduled for April 1, 2026), Hino is expected to cease being a consolidated subsidiary of Toyota.

 

—15—

TOYOTA MOTOR CORPORATION FY2026 Third Quarter Financial Summary

 

(4) Other

Toyota Motor Corporation announced an update on the progress of the review of the capital relationship with Toyota Industries Corporation disclosed in Toyota Motor Corporation’s annual report on Form 20-F submitted on June 18, 2025, as follows:

Toyota Motor Corporation plans to subscribe for shares of preferred stock to be issued through a third-party allotment by the parent company of the tender offeror in the tender offer for shares of Toyota Industries Corporation (the “Tender Offer for Toyota Industries Shares”). In response to the increase in the tender offer price for Toyota Industries Corporation, Toyota Motor Corporation has agreed with Toyota Fudosan Co., Ltd. that the payment amount for this investment will be as follows:

(Before change) 706.0 billion yen

(After change) 800.0 billion yen

Additionally, after the successful completion of the Tender Offer for Toyota Industries Shares and settlement thereof, Toyota Motor Corporation has changed the timing of the start of the tender offer for shares of its common stock held by Toyota Industries Corporation (the “Tender Offer for Own Shares”) as follows:

(Before change) Around mid-January 2026

(After change) Around mid-February 2026

The Tender Offer for Own Shares will not be conducted, directly or indirectly, in or targeted at the United States, nor through the postal service in the United States or other interstate or international commercial methods or means (including, but not limited to, telephone, telex, facsimile, e-mail, and internet communication), nor through any stock exchange in the United States. No tender of shares in the Tender Offer for Own Shares may be made through the above-mentioned methods or means, through such stock exchange, or from the United States. No tender that directly or indirectly violates the above-mentioned restrictions will be accepted in the Tender Offer for Own Shares.

 

—16—

Supplemental Material for Financial Results for FY2026 Third Quarter (Consolidated)

< IFRS >

 

		FY2025																								FY2026																FY2026
		1Q (2024/4-6)				2Q (2024/7-9)				3Q (2024/10-12)				9 months (2024/4-12)				4Q (2025/1-3)				12 months (‘24/4-‘25/3)				1Q (2025/4-6)				2Q (2025/7-9)				3Q (2025/10-12)				9 months (2025/4-12)				Forecast 12 months (‘25/4-‘26/3)
Vehicle Production (thousands of units)			2,186				2,217				2,312				6,715				2,334				9,049				2,301				2,321				2,362				6,984
(Japan) –including Daihatsu & Hino			901				991				1,052				2,945				1,056				4,000				994				1,013				1,076				3,084
[Daihatsu & Hino]			[141	]			[219	]			[205	]			[564	]			[200	]			[764	]			[210	]			[211	]			[242	]			[664	]
(Overseas) –including Daihatsu & Hino			1,285				1,226				1,260				3,770				1,278				5,049				1,306				1,308				1,286				3,900
[Daihatsu & Hino]			[106	]			[122	]			[122	]			[350	]			[108	]			[458	]			[86	]			[101	]			[111	]			[299	]
North America			523				445				467				1,436				522				1,958				557				524				511				1,592
Europe			215				181				206				602				208				811				197				185				217				599
Asia			434				466				455				1,355				434				1,790				423				466				459				1,347
Central and South America			87				100				101				288				83				370				101				97				66				264
Africa			26				33				31				90				31				120				30				37				33				99
Vehicle Sales (thousands of units)			2,252				2,304				2,444				7,000				2,362				9,362				2,411				2,372				2,519				7,302				9,750
(Japan) –including Daihatsu & Hino			421				517				516				1,454				536				1,991				481				488				546				1,516				2,070
[Daihatsu & Hino]			[84	]			[136	]			[129	]			[349	]			[136	]			[485	]			[130	]			[134	]			[148	]			[412	]			[570	]
(Overseas) –including Daihatsu & Hino			1,830				1,787				1,929				5,546				1,826				7,372				1,930				1,883				1,972				5,786				7,680
[Daihatsu & Hino]			[61	]			[65	]			[60	]			[186	]			[55	]			[240	]			[48	]			[48	]			[53	]			[149	]			[230	]
North America			705				643				695				2,043				660				2,703				794				739				784				2,318				2,960
Europe			291				256				318				866				306				1,172				298				275				308				881				1,230
Asia			436				469				473				1,378				460				1,838				421				432				471				1,325				1,820
Central and South America			114				134				127				375				119				495				129				132				103				364				490
Oceania			82				71				80				232				77				309				78				76				73				228				280
Africa			49				56				60				166				58				224				60				77				69				207				280
Middle East			151				157				172				480				143				622				147				151				161				459				620
Other			2				2				2				6				2				8				2				1				1				4
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]			2,636				2,737				2,922				8,295				2,715				11,011				2,829				2,814				2,964				8,607				11,300

 

 

Supplemental 1