Toyota Tsusho (8015) Q4 2025 earnings summary

Executive summary

• Achieved record profit of 362.5 billion yen in FY2024, up 9% year-over-year, despite challenging market conditions and a slowdown in automobile production.

• Revenue rose 1.2% year-over-year to 10,309.6 billion yen, driven by yen depreciation despite lower food market prices.

• Operating profit increased 13% year-over-year to 497.2 billion yen.

• Comprehensive income fell 52.7% year-over-year due to negative financial asset revaluations and currency translation.

• Organizational restructuring and new business initiatives in Africa, digital, and green infrastructure segments were implemented.

Financial highlights

• Gross profit grew 7% to 1,121.1 billion yen; SG&A expenses increased 6%.

• Free cash flow was 388.0 billion yen, up 65.4 billion yen year-over-year.

• Operating cash flow was 511.8 billion yen, down 6% from FY2023.

• Dividend per share increased to 105 yen, with a payout ratio of 30.6%.

• Basic EPS was 343.40 yen, up from 313.98 yen, reflecting the 3-for-1 stock split.

Outlook and guidance

• FY2025 profit forecast is 340.0 billion yen, down 6% from FY2024, reflecting expected yen appreciation and tariff effects.

• Operating profit projected at 490.0 billion yen; gross profit at 1,120.0 billion yen.

• Dividend payout policy raised to 40% or more, including share repurchases, starting FY2025.

• Basic EPS forecast for FY2026 is 322.07 yen.