Toyota Tsusho (8015) Q1 2026 earnings summary

Executive summary

• Record quarterly profit of 98.3 billion yen, up 2.6% year-over-year, driven by global automotive production and higher sales in emerging markets despite yen appreciation.

• Revenue rose 2.1% year-over-year to 2,593.8 billion yen, with gross profit up 2% to 280.3 billion yen.

• Operating profit increased 6.3% year-over-year to 126.6 billion yen; profit before income taxes up 7% to 145.0 billion yen.

• Major investments and acquisitions included Electra Steel, Radius Recycling, LOGIQUEST, and Carpaydiem.

• Progress toward full-year profit forecast reached 29%.

Financial highlights

• Operating cash flow declined 56% year-over-year to 34.6 billion yen; investing cash flow improved by 49% to -42.8 billion yen.

• Net interest-bearing debt increased by 85.7 billion yen to 1,121.9 billion yen; net DER rose to 0.42.

• Total assets stood at 7,064.2 billion yen as of June 30, 2025; equity attributable to owners rose to 2,674.8 billion yen.

• Basic EPS for the quarter was 93.16 yen, up from 90.78 yen year-over-year (adjusted for stock split).

• Current ratio remained stable at 167%.

Outlook and guidance

• Full-year profit forecast maintained at 340.0 billion yen, a 6.2% decrease year-over-year; dividend forecast raised to 110 yen per share.

• Targeting a total payout ratio of 40% or more, including share repurchases, through FY2027.

• No changes to previously announced earnings or dividend forecasts.