Toyota Tsusho (8015) Q3 2026 earnings summary

Executive summary

• Record-high cumulative 9-month profit of ¥286.9 billion, up 3.3% year-over-year, driven by robust global automobile production and strong sales in emerging markets.

• Revenue for the nine months ended December 31, 2025, rose 9.6% year-over-year to ¥8,381.6 billion, supported by higher automotive sales and trading volume.

• Operating profit increased 8.6% year-over-year to ¥403.2 billion.

• Total comprehensive income surged 73.1% year-over-year to ¥547.6 billion, reflecting strong foreign exchange gains and financial asset revaluations.

• Progress toward full-year profit forecast (¥360 billion) reached 80%, indicating stable performance.

Financial highlights

• Gross profit increased 10% to ¥916.5 billion; operating profit up 8.6% to ¥403.2 billion.

• Basic earnings per share increased to ¥271.82, adjusted for a 3-for-1 stock split.

• Total assets grew to ¥8,104.7 billion; equity attributable to owners of the parent increased to ¥3,011.5 billion.

• Operating cash flow was ¥261.3 billion, while investing cash flow outflow expanded to ¥318.5 billion due to higher investments.

• Net interest-bearing debt increased to ¥1,412.0 billion; net DER rose to 0.47.

Outlook and guidance

• Full-year profit forecast maintained at ¥360 billion, with 80% achieved by Q3 and basic EPS of ¥341.00.

• Annual dividend forecast raised to ¥116 per share, with a payout ratio of 34%.

• Targeting a total payout ratio of 40% or more, including share repurchases, for FY2025–FY2027.