FINANCIAL SUMMARY
(All financial information has been prepared in accordance with IFRS Accounting Standards)
FY2027 Semi-Annual
(April 1, 2026 through September 30, 2026)
English translation from the original Japanese-language document
TOYOTA MOTOR CORPORATION
FY2027 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, 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 |
: | Kenta Kon, President | ||
| Contact person |
: | Katsuhiro Mori, General Manager, Accounting Division Tel. (0565)28-2121 | ||
| Filing date of semi-annual securities report |
: | November 12, 2026 | ||
| Payment date of cash dividends |
: | November 26, 2026 | ||
| 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 FY2027 First Half (April 1, 2026 through September 30, 2026) |
| (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 | % | |||||||||||||||||||||||||||||||||||||
| FY2027 first half |
26,962,462 | 9.5 | 2,191,124 | 9.2 | 2,954,403 | 19.2 | 2,305,496 | 24.9 | 2,236,446 | 26.1 | 2,173,301 | -7.4 | ||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||
| Earnings per share attributable to Toyota Motor Corporation – Basic |
Earnings per share attributable to Toyota Motor Corporation – Diluted |
|||||||
| Yen | Yen | |||||||
| FY2027 first half |
185.97 | 185.97 | ||||||
| FY2026 first half |
136.07 | 136.07 | ||||||
| (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 | % | |||||||||||||
| FY2027 first half |
101,980,759 | 38,306,382 | 37,447,031 | 36.7 | ||||||||||||
| FY2026 |
105,522,331 | 41,020,068 | 39,918,854 | 37.8 | ||||||||||||
| 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 | ||||||||||||||||
| FY2026 |
— | 45.00 | — | 50.00 | 95.00 | |||||||||||||||
| FY2027 |
— | 50.00 | ||||||||||||||||||
| FY2027 (forecast) |
— | 50.00 | 100.00 | |||||||||||||||||
| (Note) | Revisions to the forecast of cash dividends since the latest announcement: none |
| 3. | Forecast of Consolidated Results for FY2027 (April 1, 2026 through March 31, 2027) |
| (% of change from FY2026) | ||||||||||||||||||||||||||||||||||
| Sales revenues | Operating income | Income before income taxes |
Net income attributable to Toyota Motor Corporation |
Earnings per share | ||||||||||||||||||||||||||||||
| Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | ||||||||||||||||||||||||||
| Full-year |
53,500,000 | 5.6 | 3,900,000 | 3.6 | 4,960,000 | -3.7 | 3,570,000 | -7.2 | 299.95 | |||||||||||||||||||||||||
| (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: yes |
Excluded: 70 companies (Hino Motors, Ltd. and its consolidated subsidiaries)
| (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): |
| FY2027 first half 14,594,987,460 shares, FY2026 15,794,987,460 shares |
| (ii) | Number of treasury stock at the end of each period: |
| FY2027 first half 2,816,740,147 shares, FY2026 2,761,602,986 shares |
| (iii) | Average number of shares issued and outstanding in each period: |
| FY2027 first half 12,025,798,623 shares, FY2026 first half 13,033,161,110 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.
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 FY2027 Semi-Annual Financial Summary
Supplemental Material for Financial Results for FY2027 First Half
—1—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
Financial Results and Position
1. Consolidated Financial Results for FY2027 First Half
Financial Results
Consolidated vehicle unit sales in Japan and overseas decreased by 25 thousand units, or 0.5%, to 4,758 thousand units in FY2027 first half (the first half ended September 30, 2026) compared with FY2026 first half (the first half ended September 30, 2025). Vehicle unit sales in Japan increased by 54 thousand units, or 5.6%, to 1,024 thousand units in FY2027 first half compared with FY2026 first half. Meanwhile, overseas vehicle unit sales decreased by 79 thousand units, or 2.1%, to 3,734 thousand units in FY2027 first half compared with FY2026 first half.
The results of operations for FY2027 first half were as follows:
| Sales revenues | 26,962.4 billion yen | (an increase of 2,331.7 billion yen or 9.5% compared with FY2026 first half) | ||
| Operating income | 2,191.1 billion yen | (an increase of 185.4 billion yen or 9.2% compared with FY2026 first half) | ||
| Income before income taxes | 2,954.4 billion yen | (an increase of 476.2 billion yen or 19.2% compared with FY2026 first half) | ||
| Net income attributable to Toyota Motor Corporation |
2,236.4 billion yen | (an increase of 463.0 billion yen or 26.1% compared with FY2026 first half) | ||
The changes in operating income were as follows:
| Marketing efforts | an increase of 165.0 billion yen | |
| Effects of changes in exchange rates | an increase of 685.0 billion yen | |
| Cost reduction efforts | a decrease of 340.0 billion yen | |
| Increase or decrease in expenses and expense reduction efforts | a decrease of 20.0 billion yen | |
| Other | a decrease of 304.6 billion yen | |
—2—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
Segment Operating Results
(1) Automotive:
Sales revenues for the automotive operations segment increased by 1,880.5 billion yen, or 8.5%, to 23,981.1 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 112.7 billion yen, or 7.6%, to 1,598.2 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to the effects of changes in exchange rates.
(2) Financial services:
Sales revenues for the financial services operations segment increased by 431.7 billion yen, or 18.5%, to 2,762.0 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 21.9 billion yen, or 4.9%, to 472.3 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to increase in loan balance.
(3) All other:
Sales revenues for all other businesses increased by 203.0 billion yen, or 27.6%, to 938.9 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 60.1 billion yen, or 87.3%, to 129.0 billion yen in FY2027 first half compared with FY2026 first half.
Geographic Information
(1) Japan:
Sales revenues in Japan increased by 1,239.2 billion yen, or 11.8%, to 11,752.5 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 136.2 billion yen, or 12.2%, to 1,253.3 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to the effects of changes in exchange rates.
(2) North America:
Sales revenues in North America increased by 1,453.6 billion yen, or 13.9%, to 11,922.1 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 234.0 billion yen to 166.1 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to the decrease in expenses and expense reduction efforts.
(3) Europe:
Sales revenues in Europe increased by 609.1 billion yen, or 19.4%, to 3,755.6 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 18.4 billion yen, or 9.2%, to 219.2 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to marketing efforts.
(4) Asia:
Sales revenues in Asia increased by 225.8 billion yen, or 5.1%, to 4,677.3 billion yen in FY2027 first half compared with FY2026 first half. However, operating income decreased by 7.1 billion yen, or 1.6%, to 437.1 billion yen in FY2027 first half compared with FY2026 first half. The decrease in operating income was mainly due to the increase in expenses and others.
(5) Other (Central and South America, Oceania, Africa and the Middle East):
Sales revenues in other regions increased by 331.0 billion yen, or 14.2%, to 2,658.2 billion yen in FY2027 first half compared with FY2026 first half. However, operating income decreased by 0.9 billion yen, or 0.5%, to 200.9 billion yen in FY2027 first half compared with FY2026 first half. The decrease in operating income was mainly due to the effects of marketing activities.
—3—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
2. Consolidated Financial Position for FY2027 First Half
Financial Position
The financial position for FY2027 first half was as follows:
Total assets decreased by 3,541.5 billion yen, or 3.4%, to 101,980.7 billion yen at the end of FY2027 first half compared with the end of FY2026. Liabilities decreased by 827.8 billion yen, or 1.3%, to 63,674.3 billion yen at the end of FY2027 first half compared with the end of FY2026. Shareholders’ equity decreased by 2,713.6 billion yen, or 6.6%, to 38,306.3 billion yen at the end of FY2027 first half compared with the end of FY2026.
Overview of Cash Flow
Cash and cash equivalents decreased by 3,175.1 billion yen, or 25.1%, to 9,484.4 billion yen at the end of FY2027 first half compared with the end of FY2026.
The increases or decreases for each cash flow activity compared with FY2026 first half are as follows:
Cash flows from operating activities
Net cash flows from operating activities resulted in an increase in cash by 1,603.9 billion yen for FY2027 first half. Net cash provided by operating activities decreased by 1,340.6 billion yen from 2,944.6 billion yen for FY2026 first half.
Cash flows from investing activities
Net cash flows from investing activities resulted in a decrease in cash by 535.3 billion yen for FY2027 first half. Net cash used in investing activities decreased by 2,982.2 billion yen from 3,517.5 billion yen for FY2026 first half.
Cash flows from financing activities
Net cash flows from financing activities resulted in a decrease in cash by 4,207.8 billion yen for FY2027 first half. Net cash used in financing activities increased by 3,845.8 billion yen from 362.0 billion yen for FY2026 first half.
—4—
TOYOTA MOTOR CORPORATION FY2027 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, 2026 | September 30, 2026 | |||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
12,659,622 | 9,484,484 | ||||||
| Trade accounts and other receivables |
3,795,986 | 3,992,002 | ||||||
| Receivables related to financial services |
13,478,474 | 13,803,471 | ||||||
| Other financial assets |
3,982,445 | 4,742,012 | ||||||
| Inventories |
5,134,996 | 5,502,113 | ||||||
| Income tax receivable |
235,425 | 256,847 | ||||||
| Other current assets |
1,520,330 | 1,602,353 | ||||||
|
|
|
|
|
|||||
| Subtotal |
40,807,277 | 39,383,283 | ||||||
|
|
|
|
|
|||||
| Assets held for sale |
2,016,804 | — | ||||||
|
|
|
|
|
|||||
| Total current assets |
42,824,081 | 39,383,283 | ||||||
|
|
|
|
|
|||||
| Non-current assets |
||||||||
| Investments accounted for using the equity method |
5,342,548 | 5,479,308 | ||||||
| Receivables related to financial services |
25,488,182 | 25,796,075 | ||||||
| Other financial assets |
11,135,799 | 10,625,490 | ||||||
| Property, plant and equipment |
||||||||
| Land |
1,351,625 | 1,353,576 | ||||||
| Buildings |
6,284,907 | 6,665,074 | ||||||
| Machinery and equipment |
17,509,377 | 17,462,542 | ||||||
| Vehicles and equipment on operating leases |
9,705,647 | 9,920,198 | ||||||
| Construction in progress |
1,719,808 | 1,476,037 | ||||||
|
|
|
|
|
|||||
| Total property, plant and equipment, at cost |
36,571,364 | 36,877,427 | ||||||
|
|
|
|
|
|||||
| Less - Accumulated depreciation and impairment losses |
(19,504,000 | ) | (19,727,538 | ) | ||||
|
|
|
|
|
|||||
| Total property, plant and equipment, net |
17,067,365 | 17,149,889 | ||||||
|
|
|
|
|
|||||
| Right of use assets |
901,232 | 872,524 | ||||||
| Intangible assets |
1,392,755 | 1,314,755 | ||||||
| Deferred tax assets |
555,596 | 557,933 | ||||||
| Other non-current assets |
814,773 | 801,502 | ||||||
|
|
|
|
|
|||||
| Total non-current assets |
62,698,250 | 62,597,476 | ||||||
|
|
|
|
|
|||||
| Total assets |
105,522,331 | 101,980,759 | ||||||
|
|
|
|
|
|||||
—5—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
| Yen in millions | ||||||||
| March 31, 2026 | September 30, 2026 | |||||||
| Liabilities |
||||||||
| Current liabilities |
||||||||
| Trade accounts and other payables |
5,856,945 | 5,892,462 | ||||||
| Short-term and current portion of long-term debt |
17,581,104 | 17,554,663 | ||||||
| Accrued expenses |
2,112,571 | 2,049,839 | ||||||
| Other financial liabilities |
2,384,008 | 2,488,148 | ||||||
| Income taxes payable |
711,675 | 542,097 | ||||||
| Liabilities for quality assurance |
2,097,943 | 2,152,345 | ||||||
| Provisions |
431,191 | 501,524 | ||||||
| Other current liabilities |
1,735,034 | 1,818,514 | ||||||
|
|
|
|
|
|||||
| Subtotal |
32,910,472 | 32,999,592 | ||||||
|
|
|
|
|
|||||
| Liabilities directly associated with assets held for sale |
694,547 | — | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
33,605,019 | 32,999,592 | ||||||
|
|
|
|
|
|||||
| Non-current liabilities |
||||||||
| Long-term debt |
25,624,365 | 25,645,156 | ||||||
| Other financial liabilities |
1,157,413 | 1,177,630 | ||||||
| Retirement benefit liabilities |
1,022,483 | 993,367 | ||||||
| Deferred tax liabilities |
1,584,505 | 1,267,270 | ||||||
| Provisions |
498,463 | 544,972 | ||||||
| Other non-current liabilities |
1,010,015 | 1,046,388 | ||||||
|
|
|
|
|
|||||
| Total non-current liabilities |
30,897,244 | 30,674,784 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
64,502,263 | 63,674,377 | ||||||
|
|
|
|
|
|||||
| Shareholders’ equity |
||||||||
| Common stock |
397,050 | 397,050 | ||||||
| Additional paid-in capital |
456,742 | 367,024 | ||||||
| Retained earnings |
38,709,858 | 38,539,051 | ||||||
| Other components of equity |
4,544,019 | 3,986,585 | ||||||
| Other comprehensive income associated with assets held for sale |
266,596 | — | ||||||
| Treasury stock |
(4,455,410 | ) | (5,842,678 | ) | ||||
|
|
|
|
|
|||||
| Total Toyota Motor Corporation shareholders’ equity |
39,918,854 | 37,447,031 | ||||||
|
|
|
|
|
|||||
| Non-controlling interests |
1,101,214 | 859,351 | ||||||
|
|
|
|
|
|||||
| Total shareholders’ equity |
41,020,068 | 38,306,382 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
105,522,331 | 101,980,759 | ||||||
|
|
|
|
|
|||||
—6—
TOYOTA MOTOR CORPORATION FY2027 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, 2025 |
For the first half ended September 30, 2026 |
|||||||
| Sales revenues |
||||||||
| Sales of products |
22,324,109 | 24,231,768 | ||||||
| Financial services |
2,306,644 | 2,730,695 | ||||||
|
|
|
|
|
|||||
| Total sales revenues |
24,630,753 | 26,962,462 | ||||||
|
|
|
|
|
|||||
| Costs and expenses |
||||||||
| Cost of products sold |
19,001,590 | 20,465,943 | ||||||
| Cost of financial services |
1,464,512 | 1,826,024 | ||||||
| Selling, general and administrative |
2,158,959 | 2,479,372 | ||||||
|
|
|
|
|
|||||
| Total costs and expenses |
22,625,061 | 24,771,338 | ||||||
|
|
|
|
|
|||||
| Operating income |
2,005,692 | 2,191,124 | ||||||
|
|
|
|
|
|||||
| Share of profit (loss) of investments accounted for using the equity method |
272,624 | 358,362 | ||||||
| Other finance income |
292,746 | 1,007,861 | ||||||
| Other finance costs |
(25,010 | ) | (492,457 | ) | ||||
| Foreign exchange gain (loss), net |
(52,787 | ) | (145,384 | ) | ||||
| Other income (loss), net |
(15,138 | ) | 34,897 | |||||
|
|
|
|
|
|||||
| Income before income taxes |
2,478,127 | 2,954,403 | ||||||
|
|
|
|
|
|||||
| Income tax expense |
632,993 | 648,907 | ||||||
|
|
|
|
|
|||||
| Net income |
1,845,135 | 2,305,496 | ||||||
|
|
|
|
|
|||||
| Net income attributable to |
||||||||
| Toyota Motor Corporation |
1,773,426 | 2,236,446 | ||||||
| Non-controlling interests |
71,709 | 69,050 | ||||||
|
|
|
|
|
|||||
| Net income |
1,845,135 | 2,305,496 | ||||||
|
|
|
|
|
|||||
| Yen | ||||||||
| Earnings per share attributable to Toyota Motor Corporation |
||||||||
| Basic |
136.07 | 185.97 | ||||||
|
|
|
|
|
|||||
| Diluted |
136.07 | 185.97 | ||||||
|
|
|
|
|
|||||
—7—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income
| Yen in millions | ||||||||
| For the first half ended September 30, 2025 |
For the first half ended September 30, 2026 |
|||||||
| Net income |
1,845,135 | 2,305,496 | ||||||
| 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 |
391,463 | 186,239 | ||||||
| Remeasurements of defined benefit plans |
(9,750 | ) | (9,078 | ) | ||||
| Share of other comprehensive income of equity method investees |
(13,531 | ) | 26,402 | |||||
|
|
|
|
|
|||||
| Total of items that will not be reclassified to profit (loss) |
368,181 | 203,563 | ||||||
|
|
|
|
|
|||||
| Items that may be reclassified subsequently to profit (loss) |
||||||||
| Exchange differences on translating foreign operations |
182,985 | (333,335 | ) | |||||
| Net changes in revaluation of financial assets measured at fair value through other comprehensive income |
27,957 | (61,366 | ) | |||||
| Share of other comprehensive income of equity method investees |
(76,123 | ) | 58,944 | |||||
|
|
|
|
|
|||||
| Total of items that may be reclassified subsequently to profit (loss) |
134,819 | (335,758 | ) | |||||
|
|
|
|
|
|||||
| Total other comprehensive income, net of tax |
503,001 | (132,195 | ) | |||||
|
|
|
|
|
|||||
| Comprehensive income |
2,348,135 | 2,173,301 | ||||||
|
|
|
|
|
|||||
| Comprehensive income for the period attributable to |
||||||||
| Toyota Motor Corporation |
2,258,145 | 2,117,333 | ||||||
| Non-controlling interests |
89,990 | 55,968 | ||||||
|
|
|
|
|
|||||
| Comprehensive income |
2,348,135 | 2,173,301 | ||||||
|
|
|
|
|
|||||
—8—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity
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 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
For the first half ended September 30, 2026
| 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, 2026 |
397,050 | 456,742 | 38,709,858 | 4,544,019 | 266,596 | (4,455,410 | ) | 39,918,854 | 1,101,214 | 41,020,068 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Comprehensive income |
||||||||||||||||||||||||||||||||||||
| Net income |
— | — | 2,236,446 | — | — | — | 2,236,446 | 69,050 | 2,305,496 | |||||||||||||||||||||||||||
| Other comprehensive income, net of tax (Note 1) |
— | — | — | (119,113 | ) | — | — | (119,113 | ) | (13,082 | ) | (132,195 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total comprehensive income |
— | — | 2,236,446 | (119,113 | ) | — | — | 2,117,333 | 55,968 | 2,173,301 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Transactions with owners and other |
||||||||||||||||||||||||||||||||||||
| Dividends paid |
— | — | (651,697 | ) | — | — | — | (651,697 | ) | (59,996 | ) | (711,692 | ) | |||||||||||||||||||||||
| Repurchase of treasury stock |
— | — | — | — | — | (3,851,890 | ) | (3,851,890 | ) | — | (3,851,890 | ) | ||||||||||||||||||||||||
| Reissuance of treasury stock |
— | 1,662 | — | — | — | 1,129 | 2,791 | — | 2,791 | |||||||||||||||||||||||||||
| Retirement of treasury stock (Note 3) |
— | (3,019 | ) | (2,460,473 | ) | — | — | 2,463,492 | — | — | — | |||||||||||||||||||||||||
| Equity transactions and other (Note 1,2) |
— | (88,361 | ) | — | — | — | — | (88,361 | ) | (237,835 | ) | (326,196 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Total transactions with owners and other |
— | (89,718 | ) | (3,112,169 | ) | — | — | (1,387,268 | ) | (4,589,156 | ) | (297,831 | ) | (4,886,987 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Reclassification to retained earnings (Note 1) |
— | — | 704,916 | (704,916 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Transfer from other comprehensive income associated with assets held for sale (Note 1) |
— | — | — | 266,596 | (266,596 | ) | — | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Balances at September 30, 2026 |
397,050 | 367,024 | 38,539,051 | 3,986,585 | — | (5,842,678 | ) | 37,447,031 | 859,351 | 38,306,382 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| (Note 1) | The change primarily includes the impact of the disposition of shares in Toyota Industries Corporation and the deconsolidation of Hino Motors, Ltd. |
| (Note 2) | The change primarily includes the impact of the acquisition of shares in Toyota Motor Hamura, Inc. |
| (Note 3) | The change includes a reclassification from retained earnings to additional paid-in capital. |
—9—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows
| Yen in millions | ||||||||
| For the first half ended September 30, 2025 |
For the first half ended September 30, 2026 |
|||||||
| Cash flows from operating activities |
||||||||
| Net income |
1,845,135 | 2,305,496 | ||||||
| Depreciation and amortization |
1,131,414 | 1,288,088 | ||||||
| Interest income and interest costs related to financial services, net |
(392,440 | ) | (439,802 | ) | ||||
| Share of profit (loss) of investments accounted for using the equity method |
(272,624 | ) | (358,362 | ) | ||||
| Income tax expense |
632,993 | 648,907 | ||||||
| Changes in operating assets and liabilities, and other |
(232,255 | ) | (1,612,553 | ) | ||||
| Interest received |
1,339,585 | 1,499,811 | ||||||
| Dividends received |
295,880 | 310,356 | ||||||
| Interest paid |
(805,043 | ) | (903,058 | ) | ||||
| Income taxes paid, net of refunds |
(598,035 | ) | (1,134,959 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided by (used in) operating activities |
2,944,609 | 1,603,924 | ||||||
|
|
|
|
|
|||||
| Cash flows from investing activities |
||||||||
| Additions to fixed assets excluding equipment leased to others |
(957,692 | ) | (899,729 | ) | ||||
| Additions to equipment leased to others |
(1,405,941 | ) | (1,490,212 | ) | ||||
| Proceeds from sales of fixed assets excluding equipment leased to others |
15,008 | 14,790 | ||||||
| Proceeds from sales of equipment leased to others |
686,709 | 788,953 | ||||||
| Additions to intangible assets |
(151,495 | ) | (145,344 | ) | ||||
| Additions to public and corporate bonds and stocks |
(1,233,188 | ) | (2,395,036 | ) | ||||
| Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds |
1,919,732 | 4,880,576 | ||||||
| Other, net |
(2,390,660 | ) | (1,289,322 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided by (used in) investing activities |
(3,517,528 | ) | (535,325 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from financing activities |
||||||||
| Increase (decrease) in short-term debt |
(249,899 | ) | (64,601 | ) | ||||
| Proceeds from long-term debt |
6,061,836 | 7,111,557 | ||||||
| Payments of long-term debt |
(5,404,003 | ) | (6,540,060 | ) | ||||
| Dividends paid to Toyota Motor Corporation common shareholders |
(652,446 | ) | (651,697 | ) | ||||
| Dividends paid to non-controlling interests |
(95,069 | ) | (59,996 | ) | ||||
| Repurchase of treasury stock |
(39,959 | ) | (3,851,890 | ) | ||||
| Other, net |
17,474 | (151,187 | ) | |||||
|
|
|
|
|
|||||
| Net cash provided by (used in) financing activities |
(362,065 | ) | (4,207,873 | ) | ||||
|
|
|
|
|
|||||
| Effect of exchange rate changes on cash and cash equivalents |
65,502 | (35,865 | ) | |||||
|
|
|
|
|
|||||
| Net increase (decrease) in cash and cash equivalents |
(869,482 | ) | (3,175,138 | ) | ||||
|
|
|
|
|
|||||
| Cash and cash equivalents at beginning of period |
8,982,404 | 12,659,622 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of period |
8,112,922 | 9,484,484 | ||||||
|
|
|
|
|
|||||
—10—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual 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 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 (loss) |
1,485,476 | 450,459 | 68,861 | 896 | 2,005,692 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For the first half ended September 30, 2026:
| Yen in millions | ||||||||||||||||||||
| Automotive | Financial services |
All other | Inter-segment Elimination/ Unallocated Amount |
Consolidated | ||||||||||||||||
| Sales revenues |
||||||||||||||||||||
| Revenues from external customers |
23,865,191 | 2,730,695 | 366,577 | — | 26,962,462 | |||||||||||||||
| Inter-segment revenues and transfers |
115,940 | 31,378 | 572,341 | (719,658 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
23,981,130 | 2,762,072 | 938,918 | (719,658 | ) | 26,962,462 | ||||||||||||||
| Operating expenses |
22,382,927 | 2,289,692 | 809,912 | (711,193 | ) | 24,771,338 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating income (loss) |
1,598,203 | 472,381 | 129,006 | (8,465 | ) | 2,191,124 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
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 at individually negotiated prices.
—12—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
(iii) Geographic information
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 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
For the first half ended September 30, 2026:
| Yen in millions | ||||||||||||||||||||||||||||
| Japan | North America | Europe | Asia | Other | Inter-segment Elimination/ Unallocated Amount |
Consolidated | ||||||||||||||||||||||
| Sales revenues |
||||||||||||||||||||||||||||
| Revenues from external customers |
5,296,528 | 11,753,152 | 3,627,093 | 3,696,800 | 2,588,891 | — | 26,962,462 | |||||||||||||||||||||
| Inter-segment revenues and transfers |
6,456,062 | 168,993 | 128,538 | 980,551 | 69,362 | (7,803,507 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total |
11,752,590 | 11,922,145 | 3,755,631 | 4,677,350 | 2,658,253 | (7,803,507 | ) | 26,962,462 | ||||||||||||||||||||
| Operating expenses |
10,499,207 | 11,755,957 | 3,536,427 | 4,240,179 | 2,457,267 | (7,717,698 | ) | 24,771,338 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Operating income (loss) |
1,253,383 | 166,188 | 219,204 | 437,171 | 200,986 | (85,808 | ) | 2,191,124 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
“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 at individually negotiated prices.
—13—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
(iv) Sales revenues by location of external customers
| Yen in millions | ||||||||
| For the first half ended September 30, | ||||||||
| 2025 | 2026 | |||||||
| Japan |
3,739,050 | 3,836,002 | ||||||
| North America |
10,321,494 | 11,803,198 | ||||||
| Europe |
3,004,242 | 3,580,968 | ||||||
| Asia |
3,865,728 | 3,855,319 | ||||||
| Other |
3,700,239 | 3,886,975 | ||||||
|
|
|
|
|
|||||
| Total |
24,630,753 | 26,962,462 | ||||||
|
|
|
|
|
|||||
“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.
—14—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
(i) The business integration of Mitsubishi Fuso Truck and Bus Corporation and Hino Motors, Ltd.
At the end of the year ended March 31, 2026, the assets, liabilities, and related other comprehensive income of Hino Motors, Ltd. (“Hino”) (automotive segment) and its consolidated subsidiaries were reclassified as held for sale, and were presented as assets held for sale, liabilities directly associated with assets held for sale, and other comprehensive income associated with assets held for sale. For the first half ended September 30, 2026, Toyota lost control of Hino as a result of the business integration. The loss of ¥95,445 million associated with the loss of control is included in “Other finance costs” in the condensed semi-annual consolidated statement of income.
(ii) Review of capital relationship with Toyota Industries Corporation
At the end of the year ended March 31, 2026, Toyota reclassified its holdings of Toyota Industries Corporation (“Toyota Industries”) (automotive segment) shares and related other comprehensive income as held for sale. Accordingly, investments accounted for using the equity method were included in assets held for sale, and related other comprehensive income was included in other comprehensive income associated with assets held for sale. For the first half ended September 30, 2026, Toyota completed the sale of its shares in Toyota Industries.
—15—
TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary
(4) Significant Subsequent Events
Retirement of treasury stock
At the Meeting of the Board of Directors held on Nov 5, 2026, TMC resolved to retire its treasury stock pursuant to Article 178 of the Companies Act.
| Details of matters relating to retirement
| ||
| Class of stock to be retired | Shares of common stock of TMC | |
| Total number of shares to be retired | 1,200,000,000 shares | |
| Scheduled date of retirement | The last day of the fiscal quarter in which the completion date of the repurchase of shares pursuant to the resolutions of the board of directors’ meetings held on August 4, 2026 and November 5, 2026 falls. | |
—16—
Supplemental Material for Financial Results for FY2027 First Half (Consolidated)
< IFRS >
| FY2026 | FY2027 | FY2027 | ||||||||||||||||||||||||||||||||||||||
| 1Q (2025/4-6) |
2Q (2025/7-9) |
First Half 6 months (2025/4-9) |
3Q (2025/10-12) |
4Q (2026/1-3) |
12 months (‘25/4-‘26/3) |
1Q (2026/4-6) |
2Q (2026/7-9) |
First Half 6 months (2026/4-9) |
Forecast 12 months (‘26/4-‘27/3) |
|||||||||||||||||||||||||||||||
| Vehicle Production (thousands of units) |
2,301 | 2,321 | 4,622 | 2,362 | 2,309 | 9,293 | 2,355 | 2,282 | 4,637 | (Note 1) | ||||||||||||||||||||||||||||||
| (Japan) |
994 | 1,013 | 2,007 | 1,076 | 1,065 | 4,149 | 1,023 | 1,032 | 2,055 | |||||||||||||||||||||||||||||||
| [Daihatsu & Hino] |
[210 | ] | [211 | ] | [422 | ] | [242 | ] | [243 | ] | [907 | ] | [195 | ] | [180 | ] | [374 | ] | ||||||||||||||||||||||
| (Overseas) |
1,306 | 1,308 | 2,615 | 1,286 | 1,243 | 5,144 | 1,332 | 1,250 | 2,582 | |||||||||||||||||||||||||||||||
| [Daihatsu & Hino] |
[86 | ] | [101 | ] | [188 | ] | [111 | ] | [105 | ] | [404 | ] | [105 | ] | [102 | ] | [207 | ] | ||||||||||||||||||||||
| North America |
557 | 524 | 1,081 | 511 | 458 | 2,050 | 550 | 497 | 1,047 | |||||||||||||||||||||||||||||||
| Europe |
197 | 185 | 382 | 217 | 216 | 815 | 194 | 168 | 362 | |||||||||||||||||||||||||||||||
| Asia |
423 | 466 | 888 | 459 | 455 | 1,802 | 454 | 450 | 903 | |||||||||||||||||||||||||||||||
| Central and South America |
101 | 97 | 197 | 66 | 78 | 342 | 107 | 97 | 204 | |||||||||||||||||||||||||||||||
| Africa |
30 | 37 | 67 | 33 | 36 | 135 | 27 | 39 | 66 | |||||||||||||||||||||||||||||||
| Vehicle Sales (thousands of units) |
2,411 | 2,372 | 4,783 | 2,519 | 2,293 | 9,595 | 2,395 | 2,364 | 4,758 | 9,700 | (Note 1) | |||||||||||||||||||||||||||||
| (Japan) |
481 | 488 | 970 | 546 | 565 | 2,082 | 524 | 500 | 1,024 | 2,100 | ||||||||||||||||||||||||||||||
| [Daihatsu & Hino] |
[130 | ] | [134 | ] | [264 | ] | [148 | ] | [158 | ] | [570 | ] | [118 | ] | [114 | ] | [231 | ] | [500 | ] | ||||||||||||||||||||
| (Overseas) |
1,930 | 1,883 | 3,813 | 1,972 | 1,728 | 7,513 | 1,870 | 1,864 | 3,734 | 7,600 | ||||||||||||||||||||||||||||||
| [Daihatsu & Hino] |
[48 | ] | [48 | ] | [96 | ] | [53 | ] | [54 | ] | [203 | ] | [39 | ] | [39 | ] | [78 | ] | [140 | ] | ||||||||||||||||||||
| North America |
794 | 739 | 1,533 | 784 | 616 | 2,934 | 792 | 737 | 1,530 | 3,000 | ||||||||||||||||||||||||||||||
| Europe |
298 | 275 | 573 | 308 | 302 | 1,183 | 307 | 282 | 589 | 1,220 | ||||||||||||||||||||||||||||||
| Asia |
421 | 432 | 853 | 471 | 434 | 1,759 | 439 | 418 | 857 | 1,740 | ||||||||||||||||||||||||||||||
| Central and South America |
129 | 132 | 261 | 103 | 110 | 475 | 139 | 134 | 273 | 550 | ||||||||||||||||||||||||||||||
| Oceania |
78 | 76 | 154 | 73 | 61 | 289 | 68 | 80 | 149 | 330 | ||||||||||||||||||||||||||||||
| Africa |
60 | 77 | 138 | 69 | 68 | 275 | 61 | 76 | 137 | 290 | ||||||||||||||||||||||||||||||
| Middle East |
147 | 151 | 298 | 161 | 134 | 594 | 63 | 135 | 198 | 470 | ||||||||||||||||||||||||||||||
| Other |
2 | 1 | 3 | 1 | 1 | 5 | 1 | 1 | 2 | |||||||||||||||||||||||||||||||
| Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino] |
2,829 | 2,814 | 5,643 | 2,964 | 2,677 | 11,283 | 2,714 | 2,667 | 5,381 | 10,990 | (Note 1) | |||||||||||||||||||||||||||||
Supplemental 1
Supplemental Material for Financial Results for FY2027 First Half (Consolidated)
< IFRS >
| FY2026 | FY2027 | FY2027 | ||||||||||||||||||||||||||||||||||||||
| 1Q (2025/4-6) |
2Q (2025/7-9) |
First Half 6 months (2025/4-9) |
3Q (2025/10-12) |
4Q (2026/1-3) |
12 months (‘25/4-‘26/3) |
1Q (2026/4-6) |
2Q (2026/7-9) |
First Half 6 months (2026/4-9) |
Forecast 12 months (‘26/4-‘27/3) |
|||||||||||||||||||||||||||||||
| Foreign Exchange Rates |
||||||||||||||||||||||||||||||||||||||||
| Yen to US Dollar Rate |
145 | 147 | 146 | 154 | 157 | 151 | 160 | 159 | 159 | as premise:157 | ||||||||||||||||||||||||||||||
| Yen to Euro Rate |
164 | 172 | 168 | 179 | 184 | 175 | 185 | 183 | 184 | as premise:182 | ||||||||||||||||||||||||||||||
| Number of Employees |
389,144 | 390,024 | 390,024 | 390,241 | 390,927 | 390,927 | 367,990 | 367,173 | 367,173 | (Note 2) | ||||||||||||||||||||||||||||||
| Sales Revenues (billions of yen) |
12,253.3 | 12,377.4 | 24,630.7 | 13,456.8 | 12,597.3 | 50,684.9 | 13,525.4 | 13,437.0 | 26,962.4 | 53,500.0 | ||||||||||||||||||||||||||||||
| Geographic Information |
||||||||||||||||||||||||||||||||||||||||
| Japan |
5,210.7 | 5,302.5 | 10,513.2 | 5,812.3 | 5,748.4 | 22,074.1 | 5,824.5 | 5,928.0 | 11,752.5 | |||||||||||||||||||||||||||||||
| North America |
5,314.2 | 5,154.2 | 10,468.5 | 5,676.8 | 4,934.2 | 21,079.6 | 6,105.7 | 5,816.3 | 11,922.1 | |||||||||||||||||||||||||||||||
| Europe |
1,561.6 | 1,584.8 | 3,146.5 | 1,798.7 | 1,755.9 | 6,701.1 | 1,879.8 | 1,875.7 | 3,755.6 | |||||||||||||||||||||||||||||||
| Asia |
2,134.3 | 2,317.1 | 4,451.5 | 2,481.7 | 2,338.0 | 9,271.3 | 2,336.3 | 2,341.0 | 4,677.3 | |||||||||||||||||||||||||||||||
| Other |
1,127.4 | 1,199.7 | 2,327.2 | 1,161.3 | 1,270.4 | 4,758.9 | 1,272.1 | 1,386.0 | 2,658.2 | |||||||||||||||||||||||||||||||
| Elimination |
-3,095.1 | -3,181.1 | -6,276.2 | -3,474.1 | -3,449.9 | -13,200.4 | -3,893.3 | -3,910.1 | -7,803.5 | |||||||||||||||||||||||||||||||
| Business Segment |
||||||||||||||||||||||||||||||||||||||||
| Automotive |
11,039.6 | 11,060.8 | 22,100.5 | 12,072.7 | 11,244.4 | 45,417.7 | 12,012.7 | 11,968.3 | 23,981.1 | |||||||||||||||||||||||||||||||
| Financial Services |
1,136.1 | 1,194.2 | 2,330.3 | 1,257.0 | 1,269.7 | 4,857.1 | 1,400.6 | 1,361.4 | 2,762.0 | |||||||||||||||||||||||||||||||
| All Other |
342.8 | 392.9 | 735.8 | 432.3 | 483.2 | 1,651.4 | 469.9 | 469.0 | 938.9 | |||||||||||||||||||||||||||||||
| Elimination |
-265.3 | -270.6 | -535.9 | -305.2 | -400.0 | -1,241.2 | -357.9 | -361.7 | -719.6 | |||||||||||||||||||||||||||||||
| Operating Income (billions of yen) |
1,166.1 | 839.5 | 2,005.6 | 1,191.0 | 569.4 | 3,766.2 | 1,063.4 | 1,127.6 | 2,191.1 | 3,900.0 | ||||||||||||||||||||||||||||||
| (Operating Income Ratio) (%) |
(9.5 | ) | (6.8 | ) | (8.1 | ) | (8.9 | ) | (4.5 | ) | (7.4 | ) | (7.9 | ) | (8.4 | ) | (8.1 | ) | (7.3 | ) | ||||||||||||||||||||
| Geographic Information |
||||||||||||||||||||||||||||||||||||||||
| Japan |
645.0 | 472.1 | 1,117.1 | 679.3 | 524.5 | 2,321.0 | 540.1 | 713.2 | 1,253.3 | |||||||||||||||||||||||||||||||
| North America |
-21.1 | -46.7 | -67.8 | 162.8 | -287.5 | -192.5 | 185.4 | -19.2 | 166.1 | |||||||||||||||||||||||||||||||
| Europe |
96.9 | 103.7 | 200.7 | 123.9 | 33.0 | 357.7 | 107.2 | 111.9 | 219.2 | |||||||||||||||||||||||||||||||
| Asia |
215.7 | 228.5 | 444.2 | 190.7 | 234.7 | 869.8 | 208.3 | 228.8 | 437.1 | |||||||||||||||||||||||||||||||
| Other |
94.0 | 107.8 | 201.9 | 56.2 | 70.7 | 328.9 | 92.5 | 108.4 | 200.9 | |||||||||||||||||||||||||||||||
| Elimination |
135.4 | -26.0 | 109.4 | -22.1 | -6.1 | 81.1 | -70.2 | -15.6 | -85.8 | |||||||||||||||||||||||||||||||
| Business Segment |
||||||||||||||||||||||||||||||||||||||||
| Automotive |
911.4 | 574.0 | 1,485.4 | 934.9 | 356.6 | 2,777.0 | 719.9 | 878.2 | 1,598.2 | |||||||||||||||||||||||||||||||
| Financial Services |
222.2 | 228.2 | 450.4 | 212.9 | 188.3 | 851.7 | 275.6 | 196.7 | 472.3 | |||||||||||||||||||||||||||||||
| All Other |
37.4 | 31.3 | 68.8 | 46.8 | 16.3 | 132.0 | 81.6 | 47.3 | 129.0 | |||||||||||||||||||||||||||||||
| Elimination |
-5.0 | 5.8 | 0.8 | -3.7 | 8.1 | 5.3 | -13.7 | 5.3 | -8.4 | |||||||||||||||||||||||||||||||
| Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen) |
141.0 | 131.5 | 272.6 | 165.2 | 114.8 | 552.7 | 210.6 | 147.6 | 358.3 | 600.0 | ||||||||||||||||||||||||||||||
| Income before Income Taxes (billions of yen) |
1,252.1 | 1,225.9 | 2,478.1 | 1,710.3 | 964.5 | 5,152.9 | 1,963.8 | 990.5 | 2,954.4 | 4,960.0 | ||||||||||||||||||||||||||||||
| (Income before Income Taxes Ratio) (%) |
(10.2 | ) | (9.9 | ) | (10.1 | ) | (12.7 | ) | (7.7 | ) | (10.2 | ) | (14.5 | ) | (7.4 | ) | (11.0 | ) | (9.3 | ) | ||||||||||||||||||||
| Net Income Attributable to Toyota Motor Corporation (billions of yen) |
841.3 | 932.0 | 1,773.4 | 1,257.4 | 817.2 | 3,848.0 | 1,477.0 | 759.4 | 2,236.4 | 3,570.0 | ||||||||||||||||||||||||||||||
| (Net Income Ratio) (%) |
(6.9 | ) | (7.5 | ) | (7.2 | ) | (9.3 | ) | (6.5 | ) | (7.6 | ) | (10.9 | ) | (5.7 | ) | (8.3 | ) | (6.7 | ) | ||||||||||||||||||||
| Dividends |
||||||||||||||||||||||||||||||||||||||||
| Cash Dividends (billions of yen) |
— | 586.5 | 586.5 | — | 651.6 | 1,238.2 | — | 588.9 | 588.9 | (Note 3) | ||||||||||||||||||||||||||||||
| Cash Dividends per Share (yen) |
— | 45 | 45 | — | 50 | 95 | — | 50 | 50 | 100 | ||||||||||||||||||||||||||||||
| Payout Ratio (%) |
— | 33.0 | 33.0 | — | 31.4 | 32.1 | — | 26.8 | 26.8 | 33.3 | ||||||||||||||||||||||||||||||
| Value of Shares Repurchased (billions of yen) [actual purchase] |
39.9 | — | 39.9 | — | — | 39.9 | 3,656.8 | 195.0 | 3,851.8 | (Note 4) | ||||||||||||||||||||||||||||||
| Value of Shares Repurchased (billions of yen) |
— | — | — | — | 3,656.8 | 3,656.8 | 1,000.0 | 300.0 | |
1,300.0 |
(Note 4) (Note 5) |
|||||||||||||||||||||||||||||
| Number of Outstanding |
15,794,987 | 15,794,987 | 15,794,987 | 15,794,987 | 15,794,987 | 15,794,987 | 14,594,987 | 14,594,987 | 14,594,987 | |||||||||||||||||||||||||||||||
Supplemental 2
Supplemental Material for Financial Results for FY2027 First Half (Consolidated)
< IFRS >
| FY2026 | FY2027 | FY2027 | ||||||||||||||||||||||||||||||||||||||
| 1Q (2025/4-6) |
2Q (2025/7-9) |
First Half 6 months (2025/4-9) |
3Q (2025/10-12) |
4Q (2026/1-3) |
12 months (‘25/4-‘26/3) |
1Q (2026/4-6) |
2Q (2026/7-9) |
First Half 6 months (2026/4-9) |
Forecast 12 months (‘26/4-‘27/3) |
|||||||||||||||||||||||||||||||
| R&D Expenses (billions of yen) |
355.8 | 354.4 | 710.3 | 372.9 | 439.5 | 1,522.8 | 383.2 | 412.9 | 796.2 | 1,600.0 | (Note 6) | |||||||||||||||||||||||||||||
| Depreciation Expenses (billions of yen) |
327.5 | 344.3 | 671.9 | 360.6 | 386.3 | 1,418.9 | 377.8 | 376.4 | 754.3 | 1,650.0 | (Note 7) | |||||||||||||||||||||||||||||
| Geographic Information |
||||||||||||||||||||||||||||||||||||||||
| Japan |
143.5 | 155.5 | 299.1 | 164.2 | 179.0 | 642.4 | 163.6 | 165.4 | 329.0 | |||||||||||||||||||||||||||||||
| North America |
108.7 | 109.4 | 218.2 | 112.3 | 118.2 | 448.8 | 119.3 | 125.2 | 244.5 | |||||||||||||||||||||||||||||||
| Europe |
23.3 | 25.9 | 49.3 | 28.9 | 28.1 | 106.4 | 28.7 | 25.0 | 53.8 | |||||||||||||||||||||||||||||||
| Asia |
42.7 | 43.1 | 85.9 | 44.4 | 46.7 | 177.1 | 50.6 | 45.8 | 96.4 | |||||||||||||||||||||||||||||||
| Other |
9.2 | 10.1 | 19.3 | 10.6 | 14.1 | 44.1 | 15.4 | 14.9 | 30.3 | |||||||||||||||||||||||||||||||
| Capital Expenditures (billions of yen) |
392.4 | 530.4 | 922.8 | 594.2 | 873.4 | 2,390.6 | 410.5 | 471.9 | 882.4 | 2,300.0 | (Note 7) | |||||||||||||||||||||||||||||
| Geographic Information |
||||||||||||||||||||||||||||||||||||||||
| Japan |
193.8 | 254.4 | 448.3 | 249.1 | 401.7 | 1,099.2 | 199.8 | 200.6 | 400.4 | |||||||||||||||||||||||||||||||
| North America |
125.4 | 165.2 | 290.6 | 165.4 | 215.8 | 671.9 | 105.6 | 139.8 | 245.5 | |||||||||||||||||||||||||||||||
| Europe |
18.8 | 17.5 | 36.3 | 30.0 | 43.9 | 110.2 | 33.4 | 19.3 | 52.8 | |||||||||||||||||||||||||||||||
| Asia |
28.5 | 62.1 | 90.6 | 114.2 | 159.2 | 364.2 | 42.3 | 67.0 | 109.4 | |||||||||||||||||||||||||||||||
| Other |
25.8 | 31.0 | 56.8 | 35.3 | 52.6 | 144.8 | 29.0 | 45.1 | 74.2 | |||||||||||||||||||||||||||||||
| Total Liquid Assets (billions of yen) |
17,016.3 | 17,709.5 | 17,709.5 | 18,005.8 | 17,418.0 | 17,418.0 | 14,727.6 | 15,171.5 | 15,171.5 | (Note 8) | ||||||||||||||||||||||||||||||
| Total Assets (billions of yen) |
93,468.1 | 97,574.8 | 97,574.8 | 102,344.5 | 105,522.3 | 105,522.3 | 102,635.1 | 101,980.7 | 101,980.7 | |||||||||||||||||||||||||||||||
| Toyota Motor Corporation Shareholders’ Equity |
36,040.2 | 37,492.1 | 37,492.1 | 38,974.6 | 39,918.8 | 39,918.8 | 37,308.8 | 37,447.0 | 37,447.0 | |||||||||||||||||||||||||||||||
| Return on Equity (%) |
10.1 | |||||||||||||||||||||||||||||||||||||||
| Return on Asset (%) |
3.9 | |||||||||||||||||||||||||||||||||||||||
| Number of Consolidated Subsidiaries (including Structured Entities) |
602 | |||||||||||||||||||||||||||||||||||||||
| Number of Associates and Joint Ventures Accounted for Using the Equity Method |
159 | |||||||||||||||||||||||||||||||||||||||
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) | FY2026 actual results include Hino-brand vehicles (vehicle production: 109 thousands of vehicles; vehicle sales: 104 thousands of vehicles; total retail unit sales: 109 thousands of vehicles). |
| FY2027 actual results and forecast do not include Hino-brand vehicles (vehicle production and vehicle sales, however, include a portion of Hino-brand vehicles manufactured by Toyota’s consolidated subsidiaries). |
| (Note 2) | 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 3) | 2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend |
| (Note 4) | Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase |
| (Note 5) | 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 6) | 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 7) | Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets |
| (Note 8) | 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