Toyota Motor (7203) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 consolidated vehicle sales rose 7.1% year-over-year to 2,411K units, with strong growth in Japan (+14.2%) and overseas (+5.4%).

• Sales revenue increased to ¥12,253.3B (+3.5% year-over-year), but operating income fell 10.9% to ¥1,166.1B.

• Net income attributable to shareholders dropped 36.9% year-over-year to ¥841.3B.

• Comprehensive income declined sharply to ¥840.8B from ¥2,196.8B a year earlier.

• U.S. tariffs and external factors drove a downward revision of the full-year profit forecast.

Financial highlights

• Operating income margin decreased to 9.5% from 11.1% year-over-year.

• Net income margin dropped to 6.9% from 11.3% year-over-year.

• Earnings per share fell to ¥64.56 from ¥98.99 year-over-year.

• Cash and cash equivalents at quarter-end were ¥8,210.8B, down 8.6% from the previous year-end.

• Share of profit from equity-method investments declined by ¥23.8B year-over-year.

Outlook and guidance

• FY2026 full-year operating income forecast revised down to ¥3,200B (from ¥3,800B), mainly due to tariff and material cost impacts.

• Net income forecast lowered to ¥2,660B (from ¥3,100B); sales revenue guidance unchanged at ¥48,500B.

• Dividend per share maintained at ¥95.

• Consolidated vehicle sales forecast unchanged at 9.8M units; electrified vehicles expected to comprise nearly 50%.

• Earnings per share for the year are forecast at ¥204.09.