# TOYOTA MOTOR CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第122期(2025/04/01－2026/03/31) (S100Y8NY)
> Page: https://vizora.meequs.com/en/company/toyota-motor
> Retrieved: 2026-09-30T17:58:20.432Z

## Company

Toyota, founded in 1937, is a company in Automobiles listed on TSE Prime. It has 390,927 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYOTA MOTOR CORPORATION |
| Ticker | 7203 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7203.T) |
| Listing | TSE Prime |
| Head office | 愛知県豊田市トヨタ町1番地 |
| Representative (per filing) | 取締役副社長 宮崎洋一 |
| Founded | Aug 1937 |
| Share capital | ¥397.1B |
| Employees (consolidated) | 390,927 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Website | global.toyota (https://global.toyota/) |
| Corporate number | 1180301018771 |
| EDINET | E02144 |
| Industries (Vizora) | Automobiles, Leasing |

> Profile source: annual securities report (S100Y8NY, filed 2026-06-10). As of filing

## Five-axis industry profile

Primary industry: Automobiles (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 81.3 | 8 |
| Cash conversion | 50 | 7 |
| Efficiency | 6.3 | 8 |
| Financial strength | 16.7 | 3 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 90% of Toyota's sales come from Automotive, with Financial Services making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit -21.5%.

## Company structure

- Segment revenue mix: Automotive 90.4%、Financial Services 9.6%
- Revenue → net income: ¥50684952000000 → ¥3985761000000
- Net income → operating cash flow: ¥3985761000000 → ¥5472920000000（difference ¥1487159000000）
- Main uses of operating cash flow: CapEx ¥2148192000000 / dividends ¥1238974000000 / buybacks ¥39975000000
- Change in cash: ¥3793150000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥50.7T |  |
| Operating income | ¥3.77T | Margin 7.4% |
| Net income | ¥3.85T | Margin 7.6% |
| Free cash flow | ¥3.32T |  |
| Largest business | Automotive | of segment revenue 90.4% |
| Employees (consolidated) | 390,927 |  |
| EPS | ¥295.25 |  |
| Diluted EPS | ¥295.25 |  |
| Book value per share | ¥1815.72 |  |
| Equity ratio | 37.8% | Derived from disclosed figures |
| Shares outstanding | 15,794,987,000 |  |
| Treasury shares | 2,785,928,500 |  |
| Shareholders | 1,080,764 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 12.0% | Net cash -¥30.5T · Cash ÷ revenue 25.0% |
| Vs. industry median margin | +5.6 pp | Automobiles |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27214594000000 | ¥50684952000000 | +86.2% |
| Operating income | ¥2197748000000 | ¥3766216000000 | +71.4% |
| Operating margin | 8.1% | 7.4% | -0.6 pp |
| Employees | 366,283 people | 390,927 people | +6.7% |
| Cash and equivalents | ¥5100857000000 | ¥12659622000000 | +148.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 自動車 → 自動車 | 90.4% |
| 自動車 → 事業再編・廃止 | 1.6% |
| 金融 → 金融 | 8.0% |
| 新設・再編 → 金融 | 1.6% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,684,952 | 100.0% | S100Y8NY |
| Cost of revenue | 39,141,418 | 77.2% | S100Y8NY |
| Gross profit | 11,543,534 | 22.8% | 算出 |
| SG&A | 4,697,524 | 9.3% | S100Y8NY |
| Operating income | 3,766,216 | 7.4% | S100Y8NY |
| Pretax income | 5,152,996 | 10.2% | S100Y8NY |
| Income tax | 1,167,234 | 2.3% | S100Y8NY |
| Net income | 3,985,761 | 7.9% | S100Y8NY |
| Net income attributable to owners | 3,848,098 | 7.6% | S100Y8NY |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 9 |
| Other operating | 6 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 22.8% → Operating margin 7.4% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.5%; Core profit growth: -21.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.89×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 48,036,704 | 50,684,952 | 2,648,248 | +5.5% |
| Gross profit | 12,526,547 | 11,543,534 | -983,013 | -7.8% |
| Operating income | 4,795,586 | 3,766,216 | -1,029,370 | -21.5% |
| Net income attributable to owners | 4,765,086 | 3,848,098 | -916,988 | -19.2% |
| Operating cash flow | 3,696,934 | 5,472,920 | 1,775,986 | +48.0% |
| Free cash flow | 1,790,123 | 3,324,728 | 1,534,605 | +85.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 27,597,193 | — | — | 1,831,109 | 3,568,488 | — | S100M26Y |
| FY ending Mar 2018 | 29,379,510 | — | — | 2,493,983 | 4,223,128 | — | S100OC13 |
| FY ending Mar 2019 | 30,225,681 | — | — | 1,882,873 | 3,766,597 | — | S100RAR0 |
| FY ending Mar 2020 | 29,929,992 | 2,399,232 | 8.0% | 2,036,140 | 2,398,496 | 1,152,203 | S100TR7I |
| FY ending Mar 2021 | 27,214,594 | 2,197,748 | 8.1% | 2,245,261 | 2,727,162 | 1,513,259 | S100VWVY |
| FY ending Mar 2022 | 31,379,507 | 2,995,697 | 9.5% | 2,850,110 | 3,722,615 | 2,525,349 | S100Y8NY |
| FY ending Mar 2023 | 37,154,298 | 2,725,025 | 7.3% | 2,451,318 | 2,955,076 | 1,504,880 | S100Y8NY |
| FY ending Mar 2024 | 45,095,325 | 5,352,934 | 11.9% | 4,944,933 | 4,206,373 | 2,359,926 | S100Y8NY |
| FY ending Mar 2025 | 48,036,704 | 4,795,586 | 10.0% | 4,765,086 | 3,696,934 | 1,790,123 | S100Y8NY |
| FY ending Mar 2026 | 50,684,952 | 3,766,216 | 7.4% | 3,848,098 | 5,472,920 | 3,324,728 | S100Y8NY |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥129.7M |
| Operating income per employee (consolidated) | ¥9.6M |
| Net income per employee (consolidated) | ¥9.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 372,817 | 375,235 | 380,793 | 383,853 | 390,927 |
| Average salary (parent company) | ¥8.6M | ¥9M | ¥9M | ¥9.8M | ¥10.1M |
| Average age (parent company) | 40.4 years | 40.6 years | 40.6 years | 40.7 years | 40.5 years |
| Average tenure (parent company) | 16.4 years | 16.2 years | 16.0 years | 15.6 years | 15.1 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +5.5%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive | 45,201,924 | 90.4% | 2,777,049 | 6.1% |
| Financial Services | 4,819,003 | 9.6% | 851,722 | 17.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive | 90.4% | 76.5% | -13.8 | 6.1% |
| Financial Services | 9.6% | 23.5% | 13.8 | 17.7% |

Segment → industry: Automotive → Automobiles / Financial Services → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,472,920 | 10.8% | S100Y8NY |
| Capital expenditure | 2,148,192 | 4.2% | S100Y8NY |
| Free cash flow | 3,324,728 | 6.6% | 算出 |
| Investing cash flow | -1,520,307 | -3.0% | S100Y8NY |
| Financing cash flow | -536,659 | -1.1% | S100Y8NY |
| Dividends paid | 1,238,974 | 2.4% | S100Y8NY |
| Share buyback | 39,975 | 0.1% | S100Y8NY |
| Change in cash | 3,793,150 | 7.5% | S100Y8NY |
| Cash and equivalents | 12,659,622 | 25.0% | S100Y8NY |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,113,655 | 7,516,966 | 9,412,060 | 8,982,404 | 12,659,622 | S100TR7I, S100VWVY, S100Y8NY |
| Total assets | 67,688,771 | 74,303,180 | 90,114,296 | 93,601,350 | 105,522,331 | S100RAR0, S100TR7I, S100VWVY, S100Y8NY |
| Net assets | 27,154,820 | 29,264,213 | 35,239,338 | 36,878,913 | 41,020,068 | S100TR7I, S100VWVY, S100Y8NY |
| Share capital | 397,050 | 397,050 | 397,050 | 397,050 | 397,050 | S100RAR0, S100TR7I, S100VWVY, S100Y8NY |
| Property, plant and equipment | 12,326,640 | 12,633,974 | 14,257,788 | 15,333,693 | 17,067,365 | S100RAR0, S100TR7I, S100VWVY, S100Y8NY |
| Current assets | 23,722,290 | 26,459,781 | 34,714,279 | 37,078,676 | 42,824,081 | S100RAR0, S100TR7I, S100VWVY, S100Y8NY |
| Interest-bearing debt | 26,496,358 | 29,380,273 | 36,561,780 | 38,792,879 | 43,205,469 | S100RAR0, S100TR7I, S100VWVY, S100Y8NY |
| Total liabilities | 40,533,951 | 45,038,967 | 54,874,958 | 56,722,437 | 64,502,263 | S100RAR0, S100TR7I, S100VWVY, S100Y8NY |
| Equity attributable to owners of parent | 26,245,969 | 28,338,706 | 34,220,991 | 35,924,826 | 39,918,854 | S100RAR0, S100TR7I, S100VWVY, S100Y8NY |
| Retained earnings | 26,453,126 | 28,343,296 | 32,795,365 | 35,841,218 | 38,709,858 | S100RAR0, S100TR7I, S100VWVY, S100Y8NY |
| Treasury stock | -3,306,037 | -3,736,562 | -3,966,982 | -4,415,943 | -4,455,410 | S100RAR0, S100TR7I, S100VWVY, S100Y8NY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y8NY |
| Property, plant and equipment | 16% | S100Y8NY |
| Other assets | 72% | S100Y8NY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 41% | S100Y8NY |
| Other liabilities | 20% | S100Y8NY |
| Equity | 39% | S100Y8NY |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 67,688,771 | 74,303,180 | 90,114,296 | 93,601,350 | 105,522,331 |
| Equity | 27,154,820 | 29,264,213 | 35,239,338 | 36,878,913 | 41,020,068 |
| Interest-bearing debt | 26,496,358 | 29,380,273 | 36,561,780 | 38,792,879 | 43,205,469 |
| Cash | 6,113,655 | 7,516,966 | 9,412,060 | 8,982,404 | 12,659,622 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 33.7% | S100Y8NY |
| Fixed assets ÷ total assets | 16.2% | S100Y8NY |
| Goodwill ÷ parent equity | — | —, S100Y8NY |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 12.0% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | -¥30.5T |
| Net debt ÷ operating cash flow | 5.58× |
| Cash conversion (operating CF ÷ operating income) | 145.3% |
| Cash vs. profit gap | 1,624,822 JPY mn (of net income 42.2%) |
| Shareholder returns / net income | 33.2% |
| Shareholder returns / FCF | 38.5% |
| Shareholder payments — dividends / net income | 32.2% |
| Shareholder payments — dividends / FCF | 37.3% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 27.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.1% | 0.46× | 4.2% | 2.58× | 10.9% | S100RAR0, S100Y8NY |
| 2023 | 6.6% | 0.52× | 3.5% | 2.60× | 9.0% | S100TR7I, S100Y8NY |
| 2024 | 11.0% | 0.55× | 6.0% | 2.63× | 15.8% | S100VWVY, S100Y8NY |
| 2025 | 9.9% | 0.52× | 5.2% | 2.62× | 13.6% | S100Y8NY |
| 2026 | 7.6% | 0.51× | 3.9% | 2.63× | 10.1% | S100Y8NY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 12.8% | 2026-03-31 |
| ㈱豊田自動織機 | Major shareholder | 9.2% | 2026-03-31 |
| ㈱日本カストディ銀行 | Major shareholder | 6.1% | 2026-03-31 |
| 日本生命保険（相） | Major shareholder | 4.9% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 4.6% | 2026-03-31 |
| ジェーピー モルガン チェース バンク（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 4.1% | 2026-03-31 |
| ㈱デンソー | Major shareholder | 3.5% | 2026-03-31 |
| ザ バンク オブ ニューヨーク メロン アズ デポジタリ バンク フォー デポジタリ レシート ホルダーズ（常任代理人 ㈱三井住友銀行） | Major shareholder | 2.7% | 2026-03-31 |
| トヨタ不動産㈱ | Major shareholder | 1.9% | 2026-03-31 |
| ㈱アイシン | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 rose +5.5% to ¥50.7T, up from ¥48T.
- Profits went the other way: operating income fell -21.5% from ¥4.8T to ¥3.77T, and net income attributable to owners fell -19.2% from ¥4.77T to ¥3.85T.
- Cash generation improved sharply, with operating cash flow at ¥5.47T (+48.0%) and free cash flow at ¥3.32T (+85.7%).

### Drivers

- Vehicle sales rose in both Japan and overseas, led by North America and Europe.
- The profit drop came mainly from higher expenses, which included the impact of US tariffs.
- Sales efforts such as a better model mix and price revisions offset part of the decline.

### Risks

- US tariff hikes and retaliatory measures by other countries have kept tariff rates high.
- Swings in exchange rates and interest rates affect profits and the finance arm's funding costs.
- Technology shifts such as CASE may make competition in the car market even tougher.

Cited: Annual Securities Report (122nd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (122nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100Y8NY | 2026-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y8NY,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100VWVY | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWVY,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TR7I | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR7I,, |
| 訂正有価証券報告書－第119期(2022/04/01－2023/03/31) | S100RAR0 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAR0,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OC13 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC13,, |
| 訂正有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100M26Y | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M26Y,, |
| 有価証券報告書－第116期(平成31年4月1日－令和2年3月31日) | S100IUNR | 2020-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100IUNR,, |
| 有価証券報告書－第115期(平成30年4月1日－平成31年3月31日) | S100G1ZO | 2019-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100G1ZO,, |
| 有価証券報告書－第114期(平成29年4月1日－平成30年3月31日) | S100DA2Y | 2018-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100DA2Y,, |
| 有価証券報告書－第113期(2016/04/01－2017/03/31) | S100AKEX | 2017-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100AKEX,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| マツダ | Capital alliance | 業務資本提携 | S100YDZ1 |
| マツダ | Joint venture | 米国における乗用車共同生産の合弁 | S100YDZ1 |
| 中国第一汽車集団有限公司 | Joint venture | 中国における自動車の共同事業 | S100Y8NY |
| 広州汽車集団股份有限公司 | Joint venture | 中国での乗用車生産・販売の合弁（広汽トヨタ自動車） | S100Y8NY |
| スバル | Capital alliance | 業務資本提携（2006年の業務提携を2019年に拡大） | S100Y8NY |
| スズキ | Capital alliance | 業務提携（2019年に資本提携） | S100Y8NY |
| パナソニック㈱ | Joint venture | 車載用角形電池の合弁（プライムプラネットエナジー＆ソリューションズ） | S100Y8NY |
| いすゞ | Capital alliance | 資本提携（商用事業での協業） | S100Y8NY |
| ダイムラートラック社 | Alliance | CASE技術開発・商用車事業の協業、三菱ふそうと日野の統合 | S100Y8NY |
| カメイ | Supply/OEM | 連結子会社の仙台トヨペット・山形トヨペットがトヨタ製品の販売と商標使用の契約を結ぶ（トヨタが供給） | S100YKU0 |
| スバル | Alliance | 業務提携（2006年） | S100YFKZ |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).