FY2025 Second Quarter Financial Results Toyota

    FY2025 Second Quarter Financial Results Toyota

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FY2025 Second Quarter Financial Results 
November 6, 2024
Toyota Motor Corporation
Camry
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Cautionary Statement with Respect to Forward-Looking Statements 
and Caution Concerning Insider Trading
This presentation contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). These forward-looking 
statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements 
or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors
include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and 
other markets in which Toyota operates; (ii) fluctuations in currency exchange rates (particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the 
Canadian dollar and the British pound), stock prices and interest rates; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) 
Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management;(vi) 
changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government 
policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, 
regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and 
investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet 
customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s 
reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or 
other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its 
products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, 
terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) 
the ability of Toyota to hire or retain sufficient human resources.
A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on 
Form 20-F, which is on file with the United States Securities and Exchange Commission.
Caution concerning Insider Trading
Under Japanese securities laws and regulations (the "Regulations"), subject to certain exceptions, any person who receives certain material information relating to the business, etc. of Toyota 
which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the Regulations) until such material 
information is deemed to be made public. Under the Regulations, material information is deemed to be made public when (i) such material information is notified to a stock exchange and is 
disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service ) or (ii) twelve (12) 
hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Regulations.
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FY2025 Second Quarter Results Summary
Actual
(First Half)
Forecast
Return to 
Shareholders
Through the strengthening of our foundations, we expect production to be normalized in the second 
half of this fiscal year. We will continue to invest in human resources and growth areas while 
maintaining and strengthening our earning power. 
Operating income 2,464.2 billion yen (-95 billion yen YoY)
-Strengthened our foundations and improved our business base through 
the participation of all employees.
-Managed to achieve operating income nearly on par with the same period last year, 
despite a decrease in production/sales volume and one-off expenses.
 -Thanks to all our stakeholders, including suppliers and dealers, for their support.
Operating income 4,300 billion yen (unchanged from the previous forecast)
 - To strengthen the foundations of car manufacturing, we will increase investment 
in human resources and growth areas to 830 billion yen for the full year.
- Aim to maintain and expand earning power through measures such as restoring 
production to normal, controlling incentives, and increasing value chain earnings.
To reward our long-term shareholders, we increase dividends stably and 
continuously. 
-Interim dividend: 40 yen per share (+10 yen YoY)
-Full-year dividend (forecast) : 90 yen per share (+15 yen YoY)
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FY2025 Second Quarter
Financial Performance
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Consolidated Vehicle Sales (FY2025 First Half)
Reference (retail)
2023.4-9 2024.4-9 YoY
835 818 
895 905 
557 547 
1,385 1,348 
1,072 939 
0
1,000
2,000
3,000
4,000
5,000
97.9%
101.0%
98.3%
97.3%
87.6%
4,744 96.0%
(thousands of vehicles)
Japan
N. America
Europe
Asia
Other
Central and 
South America,
Oceania,
Africa,
The Middle East, etc.
Toyota and Lexus Vehicle Sales 5,172 5,029 97.2%
Electrified Vehicle [%] 1,826 2,231 122.2%
 HEV 1,695 2,077 122.6%
PHEV 70 75 107.7%
BEV 59 78 132.5%
FCEV 3 1 30.2%
Total Retail Vehicle Sales 5,596 5,373 96.0%
[35.3%] [44.4%]
4,556
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Consolidated Financial Summary (FY2025 First Half)
Sales Revenues 21,981.6 23,282.4 +1,300.8
Operating Income 2,559.2 2,464.2 -95.0
Margin 11.6% 10.6%
Other Income 962.2 267.8 -694.3
 Share of Profit (Loss) of Investments
Accounted for Using the Equity Method 378.5 264.3 -114.2
Income before Income Taxes 3,521.5 2,732.0 -789.4
Net Income Attributable to 
Toyota Motor Corporation 2,589.4 1,907.1 -682.3
Margin 11.8% 8.2%
FOREX Rates
US$ 141 yen 153 yen +12 yen
€ 153 yen 166 yen +13 yen
(billions of yen)
*
2023.4-9 2024.4-9 Change
* Regarding Japan: 188.5 (-30.7 year on year), China: 37.7 (-86.0 year on year), Other: 38.0 (+2.5 year on year)
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Analysis of Consolidated Operating Income (FY2025 First Half)
2,559.2
2023.4-9 2024.4-9
2,464.2
+620.0
-110.0
-285.0
Operating Income (-95.0)
-140.0
-180.0
(billions of yen)
141 yen/US$
153 yen/ €
153 yen/US$
166 yen/ €
Human 
Resources
Of which for 
suppliers 
and dealers
-115.0
Growth 
Areas Volume,
Model Mix
Other Increase or 
Decrease Factors
Other
Effects of FOREX Rates +610.0
Cost Reduction Efforts +210.0
Marketing Efforts
(Except for Volume & Model Mix) +80.0
Increase or Decrease in Expenses 
and Expense Reduction Efforts -280.0
Swap etc. +78.7
Inflation 
Accounting etc.
-16.6
HINO MOTORS 
Certification Related
-230.0
Others -117.1
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Geographic Operating Income (FY2025 First Half)
1,584.4
362.5
192.2 411.4
186.5
1,524.5 
128.1 
223.5 486.9 
125.2 
1,072 
939 
1,385 1,348 
557 547 
895 905 835 818 
[15.1%]
[ ] Margin
Japan N. America Europe Asia Other
Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen)
1,581.0 1,522.4 289.1 113.7 182.3 215.9 411.1 490.4 189.6 140.6 
2023.4-9 2024.4-9
[8.5%]
[4.2%]
[7.2%]
-234.4
-59.9
+31.2 +75.4 -61.2
[9.5%]
(87.6%)
(97.3%)
(98.3%)
(101.0%)
Operating Income (billions of yen) (excluding Valuation Gains/Losses relating to Swaps, etc.)
Consolidated Vehicle Sales (thousands of vehicles)
Incl. China (excl. investments accounted 
for using the equity method of associates 
and joint ventures)
[14.5%]
[1.3%]
[10.9%]
[5.9%]
[7.7%]
(97.9%)
2023.4-9 2024.4-9 2023.4-9 2024.4-9 2023.4-9 2024.4-9 2023.4-9 2024.4-9
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China Business / Financial Services (FY2025 First Half)
123.7 
37.7 
101.1 
108.9 
(Ref.) China Business
Operating Income of Consolidated Subsidiaries (billions of yen)
Share of Profit of Investments Accounted for Using the Equity
Method of Associates and Joint Ventures (billions of yen)
Toyota and Lexus Vehicle Retail Sales (thousands of vehicles)
Financial Services 
Operating Income (billions of yen) 
* Excluding Valuation Gains/Losses relating to Swaps, etc. 
1,005 867
2023.4-9 2024.4-9
+7.8
Cost Reduction 
Efforts, etc.
328.8 
+8.8 337.7 
Effects of 
Increase in
Loan Balance,
etc.
2023.4-9 2024.4-9
244.9 332.4
-86.0
Effects of
Marketing
Activities, etc.
(86.3%)
Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen)
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Shareholder Return
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Dividends and Dividend Forecast
◼ The policy to “increase dividends in a stable and continuous manner” in order to reward 
our long-term shareholders
◼ Interim: 40 yen (YoY +10 yen)
◼ Full-Year Forecast: 90 yen (YoY +15 yen)
21
24 25
30 40
27 28 35
45
50
0
10
20
30
40
50
60
70
80
90
100
Special 
Dividend: 1 yen
48 52
60
+15
Year-end Dividend*
Interim Dividend*
(yen)
75
90
*A five-for-one stock split of shares of our common stock was conducted on October 1, 2021. Calculated on the assumption that the split was made at the 
beginning of the fiscal year ended March 2021.
525.9
-
293.5
671.0
332.4
718.2
342.1
816.9
405.4
1,011.7
Total Amount of Dividends
(billions of yen)
Full-Year
Interim
Total Amount of Dividends
(billions of yen)
+10
[Forecast]
[Forecast]
2020.4-2021.3 2021.4-2022.3 2022.4-2023.3 2023.4-2024.3 2024.4-2025-3
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FY2025 Financial Forecasts
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FY2025 Forecast: Consolidated Vehicle Sales
1,638 
1,804 
1,192 
2,816 
1,993 
1,660 1,640 
1,940 1,860 
1,160 1,150 
2,870 2,720 
1,870 2,030 
0
2,000
4,000
6,000
8,000
10,000 9,500
Previous Forecast
2024.4-2025.3
New Forecast
2024.4-2025.3
9,400 98.9%
108.6%
95.9%
98.8%
94.8%
99.1%
vs. Previous 
Forecast
(thousands of vehicles)
Japan
N. America
Europe
Asia
Other
Central and 
South America,
Oceania,
Africa,
The Middle East, etc.
Reference (retail)
Toyota and Lexus Vehicle Sales 10,400 10,100 97.1% 10,309
Electrified Vehicles [%] 4,827 4,648 96.3% 3,855
HEV 4,476 4,325 96.6% 3,594
PHEV 176 162 92.0% 141
BEV 171 160 93.6% 117
FCEV 4 1 25.0% 4
Total Retail Vehicle Sales 10,950 10,850 99.1% 11,090
[46.4%] [46.0%] [37.4%]
9,443
FY24 Results
2023.4-2024.3
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FY2025 Forecast: Consolidated Financial Summary
Previous Forecast
2024.4-2025.3
New Forecast
2024.4-2025.3
Change
Sales Revenues 46,000.0 46,000.0 ±0
Operating Income 4,300.0 4,300.0 ±0
Margin 9.3% 9.3%
Other Income 770.0 680.0 -90.0
Share of Profit (Loss) of Investments
Accounted for Using the Equity Method 680.0 590.0 -90.0
Income before Income Taxes 5,070.0 4,980.0 -90.0
Net Income Attributable to
Toyota Motor Corporation 3,570.0 3,570.0 ±0
Margin 7.8% 7.8%
FOREX Rates
US$* 145 yen 147 yen +2 yen
€* 160 yen 161 yen +1 yen
FY24 Results
2023.4-2024.3
45,095.3
5,352.9
11.9%
1,612.1
763.1
6,965.0
4,944.9
11.0%
145 yen
157 yen
(billions of yen)
* FOREX Rate performance: 153 yen against the U.S. dollar and 166 yen against the Euro from April 2024 to September 2024
FOREX Rate assumptions: 140 yen against the U.S. dollar and 155 yen against the Euro from October 2024 to March 2025
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Analysis of FY2025 Forecast: Consolidated Operating Income
(vs. FY2024 Results)
◼ Aim to strengthen and accelerate investment in human resources and growth areas while maintaining our 
earning power.
◼ Recover from temporary negative factors through continuous improvement efforts.
5,352.9
4,300.0
5,000.0
“Earning Power”
*Assumption:
Consolidated Sales Volume
9.5 million units
145 yen / US$
-352.9
-440.0
Improvement 
efforts etc.
4,300.0 -130.0 +570.0
-700.0
Expanded to 830 billion yen
(Investment in human resources -510
/Investment in growth areas -320)
(billions of yen)
Market 
Environment, 
etc. Investment 
in Human 
Resources 
& Growth 
Areas
Investment 
in Human 
Resources 
& Growth 
Areas
(additional)
One-off 
expenses
FY2024 Results
2023.4-2024.3
145 yen/US$
157 yen/€
Previous Forecast
2024.4-2025.3
145 yen/US$
160 yen/€
New Forecast
2024.4-2025.3
147 yen/US$
161 yen/€
1. restoring production
2. controlling incentives
3. increasing value chain earnings
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(Ref.) Analysis of Consolidated Operating Income (FY2025 First Half)
*1 Details *2 Details *3 Details *4 Details
Transactional (Imports/Exports) +390.0 Volume, Model Mix -140.0 Labor Cost -160.0 Valuation Gains / Losses from Swaps, etc. +78.7
  - US $ +300.0 Value Chain +30.0 Depreciation Expenses -30.0 Impact of Inflation Accounting, etc. -16.6
  - € +55.0 - Financial Services -10.0 R&D Expenses -30.0 HINO MOTORS Certification Related -230.0
  - Other +35.0 - Accessories / Spare Parts / Expenses, etc. -220.0 Expenses in North America
Translational FOREX Impact Concerning Used Vehicle / Connected, etc. Other -117.1
Overseas Subsidiaries, etc. Other +40.0
+40.0
+220.0
2,559.2 2,464.2
+610.0 +90.0 -70.0 -440.0
-285.0
Which includes:
Strengthening Foundation of Suppliers/
Materials Prices
Cost Reduction
-85.0
+175.0
-420.0
Excluding the overall impact of foreign exchange 
rates and swap valuation gains/losses, etc.:
Operating Income (-95.0)
(billions of yen)
2023.4-9
141 yen/US$
153 yen/ €
2024.4-9
153 yen/US$
166 yen/ €
Cost
Reduction
Efforts Increase or 
Decrease in 
Expenses and 
Expense Reduction 
Efforts *3
Other *4 Effects of
FOREX 
Rates *1
Effects of
Marketing 
Activities *2
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*1 Details *2 Details *3 Details *4 Details
Transactional (Imports/Exports) +390.0 Volume, Model Mix -140.0 Labor Cost -160.0 Valuation Gains / Losses from Swaps, etc. +78.7
  - US $ +300.0 Value Chain +30.0 Depreciation Expenses -30.0 Impact of Inflation Accounting, etc. -16.6
  - € +55.0 - Financial Services -10.0 R&D Expenses -30.0 Other -347.1
  - Other +35.0 - Accessories / Spare Parts / Expenses, etc. -220.0
Translational FOREX Impact Concerning Used Vehicle / Connected, etc.
Overseas Subsidiaries, etc. Other +40.0
+40.0
+220.0
2,559.2 2,464.2
+610.0 +90.0 -70.0 -440.0
-285.0
Which includes:
Strengthening Foundation of Suppliers/
Materials Prices
Cost Reduction
-85.0
+175.0
-420.0
Excluding the overall impact of foreign exchange 
rates and swap valuation gains/losses, etc.:
Operating Income (-95.0)
(billions of yen)
Cost Reduction 
Efforts
Effects of Marketing 
Activities
Increase or Decrease in 
Expenses and Expense 
Reduction Efforts
Total
(1) Market environment -200.0 -200.0
(2) Human resources -120.0 -10.0 -50.0 -180.0
(3) Growth investments -110.0 -110.0
Deduct (1)(2)(3) from (A) +210.0 +140.0 -280.0 +70.0
(A)
(Ref.) Analysis of Consolidated Operating Income (FY2025 First Half)
Cost
Reduction
Efforts Increase or 
Decrease in 
Expenses and 
Expense Reduction 
Efforts
Other Effects of
FOREX 
Rates
Effects of
Marketing 
Activities
2023.4-9 2024.4-9
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(Ref.) Analysis of FY2025 Forecast: Consolidated Operating Income
(vs. FY2024 Results)
*1 Details *2 Details *3 Details *4 Details
Transactional (Imports/Exports) +55.0 Volume, Model Mix -45.0 Labor Cost -235.0 Valuation Gains / Losses from Swaps, etc. +35.0
  - US $ +85.0 Value Chain +110.0 Depreciation Expenses -130.0 Impact of Inflation Accounting, etc. +87.9
  - € +35.0 - Financial Services -5.0 R&D Expenses -100.0 HINO MOTORS Certification Related -230.0
  - Other -65.0 - Accessories / Spare Parts / Expenses, etc. -365.0 Expenses in North America
Translational FOREX Impact Concerning Used Vehicle / Connected, etc. Other -100.8
Overseas Subsidiaries, etc. Other -165.0
+115.0
+190.0
Excluding the overall impact of foreign exchange 
rates and swap valuation gains/losses, etc: -1,090.0
5,352.9
Cost Reduction
Efforts
Other *4
-160.0
-207.9
+245.0
Operating Income (-1,052.9)
Effects of
FOREX 
Rates *1
145 yen/US$
157 yen/€
147 yen/US$
161 yen/€
-100.0 -830.0
4,300.0
FY24 Results
2023.4-2024.3
FY25 New Forecast
2024.4-2025.3
(billions of yen)
Which includes:
Strengthening Foundation of Suppliers/
Materials Prices -450.0
Cost Reduction +290.0
Effects of 
Marketing 
Activities *2 Increase or 
Decrease in
Expenses and 
Expense Reduction 
Efforts *3
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Excluding the overall impact of foreign exchange 
rates and swap valuation gains/losses, etc: -1,090.0
5,352.9
Cost Reduction
Efforts
Other
-160.0
-207.9
+245.0
Effects of
FOREX 
Rates
-100.0 -830.0
4,300.0
FY24 Results
2023.4-2024.3
FY25 New Forecast
2024.4-2025.3
(billions of yen)
Which includes:
Strengthening Foundation of Suppliers/
Materials Prices -450.0
Cost Reduction +290.0
Effects of 
Marketing 
Activities Increase or 
Decrease in
Expenses and 
Expense Reduction 
Efforts
Cost Reduction 
Efforts
Effects of Marketing 
Activities
Increase or Decrease in 
Expenses and Expense 
Reduction Efforts
Total
(1) Market environment -352.9 -352.9
(2) Human resources -390.0 -20.0 -100.0 -510.0
(3) Growth investments -320.0 -320.0
Deduct (1)(2)(3) from (A) +230.0 +272.9 -410.0 +92.9
(A)
(Ref.) Analysis of Consolidated Operating Income (vs. FY2024 Results)
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(Ref.) Analysis of FY2025 Forecast: Consolidated Operating Income
(vs. Previous Forecast)
*1 Details *2 Details *3 Details *4 Details
Transactional (Imports/Exports) +165.0 Volume, Model Mix -220.0 Labor Cost -30.0 Valuation Gains / Losses from Swaps, etc. +40.0
  - US $ +70.0 Value Chain +65.0 Depreciation Expenses ±0.0 Impact of Inflation Accounting, etc. +45.1
  - € +5.0 - Financial Services +45.0 R&D Expenses ±0.0 HINO MOTORS Certification Related -230.0
  - Other +90.0 - Accessories / Spare Parts / Expenses, etc. -20.0 Expenses in North America
Translational FOREX Impact Concerning Used Vehicle / Connected, etc. Other -100.1
Overseas Subsidiaries, etc. Other +270.0
+20.0
+25.0
4,300.0
Cost
Reduction
Efforts
Increase or 
Decrease in
Expenses and 
Expense Reduction 
Efforts *3
Other *4
+190.0 -10.0 -245.0
Operating Income (±0.0)
Effects of
FOREX 
Rates *1
Marketing 
Efforts *2
145 yen/US$
160 yen/€
147 yen/US$
161 yen/€
+115.0
Excluding the overall impact of foreign exchange 
rates and swap valuation gains/losses, etc: +55.0
-50.0 4,300.0
Previous Forecast
2024.4-2025.3
New Forecast
2024.4-2025.3
Which includes:
Strengthening Foundation of Suppliers/
Materials Prices ±0.0
Cost Reduction -10.0
(billions of yen)
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(Ref.) Consolidated Vehicle Sales (3 months)
Toyota and Lexus Vehicle Sales 2,634 2,538 96.4%
Electrified Vehicles [%] 958 1,156 120.7%
 HEV 888 1,079 121.5%
 PHEV 39 41 107.1%
 BEV 30 35 116.5%
 FCEV 1 0 32.0%
Total Retail Vehicle Sales 2,845 2,737 96.2%
2023.7-9 2024.7-9 YoY
426 420 
478 469 
270 256 
703 643 
540 517 
0
500
1,000
1,500
2,000
2,500
98.4%
98.0%
94.6%
91.5%
95.8%
2,418 2,304 95.3%
(thousands of vehicles)
Europe
Asia
Other
Japan
N.America
Central and 
South America,
Oceania,
Africa,
The Middle East,
etc.
Reference (retail)
[36.4%] [45.5%]
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(Ref.) Consolidated Financial Summary (3 months)
2023.7-9 2024.7-9 Change
Sales Revenues 11,434.7 11,444.5 +9.7
Operating Income 1,438.3 1,155.7 -282.6
Margin 12.6% 10.1%
Other Income 362.5 -295.9 -658.5
 Share of Profit (Loss) of Investments
Accounted for Using the Equity Method 185.1 99.3 -85.7
Income before Income Taxes 1,800.9 859.8 -941.1
Net Income Attributable to 
Toyota Motor Corporation 1,278.0 573.7 -704.2
Margin 11.2% 5.0%
FOREX Rates
US$ 145 yen 150 yen +5 yen
€ 157 yen 164 yen +7 yen
*
(billions of yen)
* Regarding Japan: 58.4 (-38.3 year on year), China: 22.8 (-46.6 year on year), Other: 18.1 (-0.8 year on year)
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1,438.3
1,155.7
+240.0 +35.0 -140.0
-215.0
-202.6
Which includes:
Strengthening Foundation of Suppliers/
Materials Prices
Cost Reduction
-45.0
+80.0
-320.0
Excluding the overall impact of foreign exchange 
rates and swap valuation gains/losses, etc.:
Operating Income (-282.6)
*1 Details *2 Details *3 Details *4 Details
Transactional (Imports/Exports) +80.0 Volume, Model Mix -90.0 Labor Cost -85.0 Valuation Gains / Losses from Swaps, etc. +90.7
  - US $ +60.0 Value Chain -10.0 Depreciation Expenses -15.0 Impact of Inflation Accounting, etc. +19.2
  - € +20.0 - Financial Services -10.0 R&D Expenses -15.0 HINO MOTORS Certification Related -230.0
  - Other ±0.0 - Accessories / Spare Parts / Expenses, etc. -100.0 Expenses in North America
Translational FOREX Impact Concerning Used Vehicle / Connected, etc. Other -82.5
Overseas Subsidiaries, etc. Other -40.0
±0.0
+160.0
(Ref.) Analysis of Consolidated Operating Income (3 months)
Cost 
Reduction
Efforts
Other *4
2023.7-9
Effects of
FOREX 
Rates *1
145 yen/US$
157 yen/€
150 yen/US$
164 yen/€
(billions of yen)
2024.7-9
Increase or 
Decrease in 
Expenses and 
Expense Reduction 
Efforts *3
Effects of
Marketing 
Activities *2
23
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    24
(Ref.) Geographic Operating Income (3 months)
883.7 
239.1 
110.2 
224.5 
106.0 
639.2 
27.3 
99.7 242.3 
91.6 
540 517 
703 643 
270 256 
478 469 426 420 
Consolidated Vehicle Sales (thousands of vehicles) 
[16.4%] [12.0%]
[ ] Margin
Japan N.America Europe Asia Other
Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen)
879.1 641.1 169.4 28.7 99.3 91.2 224.9 244.4 104.2 98.8
2023.7-9 2024.7-9
[9.1%] [7.2%]
[5.3%]
[8.1%]
-211.8
-244.4
-10.4 +17.7 -14.3
[9.6%]
[10.8%]
[8.6%]
(95.8%)
(98.0%) (98.4%)
Operating Income (billions of yen) (excluding Valuation Gains/Losses relating to Swaps, etc.) 
Incl. China (excl. investments accounted 
for using the equity method of associates 
and joint ventures)
(91.5%)
(94.6%)
[0.6%]
2023.7-9 2024.7-9 2023.7-9 2024.7-9 2023.7-9 2024.7-9 2023.7-9 2024.7-9
    24/29

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    25
(Ref.) China Business / Financial Services (3 months)
184.2 
168.6 
69.4 
22.8 
47.5 
64.3 
(Ref.) China Business
Operating Income of Consolidated Subsidiaries (billions of yen)
Share of Profit of Investments Accounted for Using the Equity
Method of Associates and Joint Ventures (billions of yen)
Financial Services 
Operating Income (billions of yen) 
97.6 172.7
2023.7-9 2024.7-9
2023.7-9 2024.7-9
505 456 (90.3%)
+16.8
-46.6
-15.5
Toyota and Lexus Vehicle Retail Sales (thousands of vehicles)
* Excluding Valuation Gains/Losses relating to Swaps, etc. 
Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen)
    25/29

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    26
(Ref.) Repurchase of Shares
◼ No increase in the maximum limit of share repurchases for the interim period (already 
increase the maximum limit by 200 billion yen in September) 
◼ “Flexible repurchase of shares while considering factors such as the price level of our 
common stock” and “to respond to requests for the sale of our own shares as needed” 
Share Repurchases 249.9 435.6 299.9 1,099.9 200.0
149.9 149.9 99.9 
99.9 
249.9 200.0 
185.6
149.9
1,000.0 
0
200
400
600
800
1,000
1,200
[Max.]
Year-end Repurchases
Interim Repurchases
(billions of yen)
No interim
repurchases
(Resolved in March)
(max)
[Max.] [Max.]
[Max.]
Flexible Repurchases
(Resolved in Sep.)
2020.4-2021.3 2021.4-2022.3 2022.4-2023.3 2023.4-2024.3 2024.4-2025.3
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    27
(Ref.) Transition of Financial Performance
2,150.0
1,605.8
2,010.8
1,293.2
1,343.0
2021.3 2022.3 2023.3 2024.3 2025.3
1,185.0 1,380.0
1,248.4
876.9
1,007.2
7,646 8,230 
8,822 
9,443 9,400 
2021.3 2022.3 2023.3 2024.3 2025.3
718.2 816.9 1,011.7
671.0
2021.3 2022.3 2023.3 2024.3 2025.3
12,651.6
9,027.7
8,051.4
13,134.3
2021.3 2022.3 2023.3 2024.3 2024.9
27.2 
31.3 
37.2 
45.0 46.0 
2021.3 2022.3 2023.3 2024.3 2025.3
4.0 
3.6 3.3 
2.7 
2.8 
8.1 
9.5 
7.3 
11.9 
9.3 
8.3
9.1
6.6 
11.0 
7.8
2,451.3
4,944.9
3,570.0
2,245.2
2,850.1
2021.3 2022.3 2023.3 2024.3 2025.3
5,352.9
4,300.0
2,197.7
2,995.6 2,725.0
2021.3 2022.3 2023.3 2024.3 2025.3
1,241.6 1,202.3
1,300.0
1,090.4 1,124.2
2021.3 2022.3 2023.3 2024.3 2025.3
(thousands of vehicles)
Consolidated Vehicle Sales Sales Revenues (trillions of yen) Operating Income (billions of yen)
Net Income Attributable to
Toyota Motor Corporation
Operating Margin (%) (billions of yen)
Net Margin (%)
Dividend per Share (yen) *
3
Total Liquid Assets*
1 Total Shareholder Return 
(billions of yen) Ratio to Sales Revenues (%) Depreciation Expenses
R&D Expenses* (billions of yen) (billions of yen) 4 Capital Expenditures
(billions of yen)
Share
Repurchase
Dividend
InterestBearing 
Debt*2
Net Liquid 
Assets
*1 Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust funds, excluding in each case those relating to financial services.
*4 R&D activity related expenditures incurred during the reporting period
8,341.3
Forecast 
15,079.5
11,579.4
1,153.8 1,116.9
2,111.7
921.0
*2 Not including lease liabilities
10,517.3
48 52 60 75 90
11,313.7
*3 Dividends per common share on a post-stock split (a five-for-one stock split of shares of our common stock that was conducted on October 1, 2021) basis 
15,404.1 (forecast )
    27/29

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    28
(Ref.) FY2025 Forecast: Vehicle Production and Retail Sales
生産Vehicle 
Production *
Japan 3,350 3,280 -70
Overseas 6,650 6,420 -230
Total 10,000 9,700 -300
Previous Forecast
2024.4-2025.3
New Forecast
2024.4-2025.3
Change
10,950 10,850 -100
Toyota & Lexus
Total Retail Vehicle Sales 
* Including vehicles by Toyota’s unconsolidated entities
(thousands of vehicles)
*
Retail
Vehicle
Sales *
Japan 1,550 1,500 -50
Overseas 8,850 8,600 -250
Total 10,400 10,100 -300
3,309
6,663
 9,972
FY24 Results
2023.4-2024.3
11,090
1,530
8,780
10,309
    28/29

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    29
(Ref.) Definitions of Consolidated and Retail Vehicle Sales
Daihatsu- and Hino- brand vehicles
Number of vehicles produced for wholesale by Toyota Motor 
Corporation and its consolidated subsidiaries
Number of vehicles produced for wholesale by Toyota’s 
unconsolidated entities (e.g. joint ventures in China, etc.)
*There are a limited number of exceptional cases where sales are made 
other than in accordance with the flowchart above.
Consolidated Vehicle Sales
Distributors or Dealers outside consolidation
Toyota and Lexus Vehicle Sales
Total Retail Vehicle Sales
Customers
    29/29

    FY2025 Second Quarter Financial Results Toyota

    • 1. 1 FY2025 Second Quarter Financial Results November 6, 2024 Toyota Motor Corporation Camry
    • 2. 2 Cautionary Statement with Respect to Forward-Looking Statements and Caution Concerning Insider Trading This presentation contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates (particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound), stock prices and interest rates; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management;(vi) changes in the laws, regulations and government policies in the markets in which Toyota operates that affect Toyota’s automotive operations, particularly laws, regulations and government policies relating to vehicle safety including remedial measures such as recalls, trade, environmental protection, vehicle emissions and vehicle fuel economy, as well as changes in laws, regulations and government policies that affect Toyota’s other operations, including the outcome of current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources. A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission. Caution concerning Insider Trading Under Japanese securities laws and regulations (the "Regulations"), subject to certain exceptions, any person who receives certain material information relating to the business, etc. of Toyota which may be contained in this document is prohibited from trading in Toyota's shares or certain other transactions related to such shares (as set forth in the Regulations) until such material information is deemed to be made public. Under the Regulations, material information is deemed to be made public when (i) such material information is notified to a stock exchange and is disclosed by ways of electromagnetic means as prescribed by the ordinance of the Cabinet Office (posting on the TDnet (Timely Disclosure Network) information service ) or (ii) twelve (12) hours have elapsed since a listed company, such as Toyota, disclosed such material information to at least two (2) media sources as prescribed by the Regulations.
    • 3. 3 FY2025 Second Quarter Results Summary Actual (First Half) Forecast Return to Shareholders Through the strengthening of our foundations, we expect production to be normalized in the second half of this fiscal year. We will continue to invest in human resources and growth areas while maintaining and strengthening our earning power. Operating income 2,464.2 billion yen (-95 billion yen YoY) -Strengthened our foundations and improved our business base through the participation of all employees. -Managed to achieve operating income nearly on par with the same period last year, despite a decrease in production/sales volume and one-off expenses. -Thanks to all our stakeholders, including suppliers and dealers, for their support. Operating income 4,300 billion yen (unchanged from the previous forecast) - To strengthen the foundations of car manufacturing, we will increase investment in human resources and growth areas to 830 billion yen for the full year. - Aim to maintain and expand earning power through measures such as restoring production to normal, controlling incentives, and increasing value chain earnings. To reward our long-term shareholders, we increase dividends stably and continuously. -Interim dividend: 40 yen per share (+10 yen YoY) -Full-year dividend (forecast) : 90 yen per share (+15 yen YoY)
    • 4. 4 FY2025 Second Quarter Financial Performance
    • 5. 5 Consolidated Vehicle Sales (FY2025 First Half) Reference (retail) 2023.4-9 2024.4-9 YoY 835 818 895 905 557 547 1,385 1,348 1,072 939 0 1,000 2,000 3,000 4,000 5,000 97.9% 101.0% 98.3% 97.3% 87.6% 4,744 96.0% (thousands of vehicles) Japan N. America Europe Asia Other Central and South America, Oceania, Africa, The Middle East, etc. Toyota and Lexus Vehicle Sales 5,172 5,029 97.2% Electrified Vehicle [%] 1,826 2,231 122.2% HEV 1,695 2,077 122.6% PHEV 70 75 107.7% BEV 59 78 132.5% FCEV 3 1 30.2% Total Retail Vehicle Sales 5,596 5,373 96.0% [35.3%] [44.4%] 4,556
    • 6. 6 Consolidated Financial Summary (FY2025 First Half) Sales Revenues 21,981.6 23,282.4 +1,300.8 Operating Income 2,559.2 2,464.2 -95.0 Margin 11.6% 10.6% Other Income 962.2 267.8 -694.3 Share of Profit (Loss) of Investments Accounted for Using the Equity Method 378.5 264.3 -114.2 Income before Income Taxes 3,521.5 2,732.0 -789.4 Net Income Attributable to Toyota Motor Corporation 2,589.4 1,907.1 -682.3 Margin 11.8% 8.2% FOREX Rates US$ 141 yen 153 yen +12 yen € 153 yen 166 yen +13 yen (billions of yen) * 2023.4-9 2024.4-9 Change * Regarding Japan: 188.5 (-30.7 year on year), China: 37.7 (-86.0 year on year), Other: 38.0 (+2.5 year on year)
    • 7. 7 Analysis of Consolidated Operating Income (FY2025 First Half) 2,559.2 2023.4-9 2024.4-9 2,464.2 +620.0 -110.0 -285.0 Operating Income (-95.0) -140.0 -180.0 (billions of yen) 141 yen/US$ 153 yen/ € 153 yen/US$ 166 yen/ € Human Resources Of which for suppliers and dealers -115.0 Growth Areas Volume, Model Mix Other Increase or Decrease Factors Other Effects of FOREX Rates +610.0 Cost Reduction Efforts +210.0 Marketing Efforts (Except for Volume & Model Mix) +80.0 Increase or Decrease in Expenses and Expense Reduction Efforts -280.0 Swap etc. +78.7 Inflation Accounting etc. -16.6 HINO MOTORS Certification Related -230.0 Others -117.1
    • 8. 8 Geographic Operating Income (FY2025 First Half) 1,584.4 362.5 192.2 411.4 186.5 1,524.5 128.1 223.5 486.9 125.2 1,072 939 1,385 1,348 557 547 895 905 835 818 [15.1%] [ ] Margin Japan N. America Europe Asia Other Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen) 1,581.0 1,522.4 289.1 113.7 182.3 215.9 411.1 490.4 189.6 140.6 2023.4-9 2024.4-9 [8.5%] [4.2%] [7.2%] -234.4 -59.9 +31.2 +75.4 -61.2 [9.5%] (87.6%) (97.3%) (98.3%) (101.0%) Operating Income (billions of yen) (excluding Valuation Gains/Losses relating to Swaps, etc.) Consolidated Vehicle Sales (thousands of vehicles) Incl. China (excl. investments accounted for using the equity method of associates and joint ventures) [14.5%] [1.3%] [10.9%] [5.9%] [7.7%] (97.9%) 2023.4-9 2024.4-9 2023.4-9 2024.4-9 2023.4-9 2024.4-9 2023.4-9 2024.4-9
    • 9. 9 China Business / Financial Services (FY2025 First Half) 123.7 37.7 101.1 108.9 (Ref.) China Business Operating Income of Consolidated Subsidiaries (billions of yen) Share of Profit of Investments Accounted for Using the Equity Method of Associates and Joint Ventures (billions of yen) Toyota and Lexus Vehicle Retail Sales (thousands of vehicles) Financial Services Operating Income (billions of yen) * Excluding Valuation Gains/Losses relating to Swaps, etc. 1,005 867 2023.4-9 2024.4-9 +7.8 Cost Reduction Efforts, etc. 328.8 +8.8 337.7 Effects of Increase in Loan Balance, etc. 2023.4-9 2024.4-9 244.9 332.4 -86.0 Effects of Marketing Activities, etc. (86.3%) Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen)
    • 10. 10 Shareholder Return
    • 11. 11 Dividends and Dividend Forecast ◼ The policy to “increase dividends in a stable and continuous manner” in order to reward our long-term shareholders ◼ Interim: 40 yen (YoY +10 yen) ◼ Full-Year Forecast: 90 yen (YoY +15 yen) 21 24 25 30 40 27 28 35 45 50 0 10 20 30 40 50 60 70 80 90 100 Special Dividend: 1 yen 48 52 60 +15 Year-end Dividend* Interim Dividend* (yen) 75 90 *A five-for-one stock split of shares of our common stock was conducted on October 1, 2021. Calculated on the assumption that the split was made at the beginning of the fiscal year ended March 2021. 525.9 - 293.5 671.0 332.4 718.2 342.1 816.9 405.4 1,011.7 Total Amount of Dividends (billions of yen) Full-Year Interim Total Amount of Dividends (billions of yen) +10 [Forecast] [Forecast] 2020.4-2021.3 2021.4-2022.3 2022.4-2023.3 2023.4-2024.3 2024.4-2025-3
    • 12. 12 FY2025 Financial Forecasts
    • 13. 13 FY2025 Forecast: Consolidated Vehicle Sales 1,638 1,804 1,192 2,816 1,993 1,660 1,640 1,940 1,860 1,160 1,150 2,870 2,720 1,870 2,030 0 2,000 4,000 6,000 8,000 10,000 9,500 Previous Forecast 2024.4-2025.3 New Forecast 2024.4-2025.3 9,400 98.9% 108.6% 95.9% 98.8% 94.8% 99.1% vs. Previous Forecast (thousands of vehicles) Japan N. America Europe Asia Other Central and South America, Oceania, Africa, The Middle East, etc. Reference (retail) Toyota and Lexus Vehicle Sales 10,400 10,100 97.1% 10,309 Electrified Vehicles [%] 4,827 4,648 96.3% 3,855 HEV 4,476 4,325 96.6% 3,594 PHEV 176 162 92.0% 141 BEV 171 160 93.6% 117 FCEV 4 1 25.0% 4 Total Retail Vehicle Sales 10,950 10,850 99.1% 11,090 [46.4%] [46.0%] [37.4%] 9,443 FY24 Results 2023.4-2024.3
    • 14. 14 FY2025 Forecast: Consolidated Financial Summary Previous Forecast 2024.4-2025.3 New Forecast 2024.4-2025.3 Change Sales Revenues 46,000.0 46,000.0 ±0 Operating Income 4,300.0 4,300.0 ±0 Margin 9.3% 9.3% Other Income 770.0 680.0 -90.0 Share of Profit (Loss) of Investments Accounted for Using the Equity Method 680.0 590.0 -90.0 Income before Income Taxes 5,070.0 4,980.0 -90.0 Net Income Attributable to Toyota Motor Corporation 3,570.0 3,570.0 ±0 Margin 7.8% 7.8% FOREX Rates US$* 145 yen 147 yen +2 yen €* 160 yen 161 yen +1 yen FY24 Results 2023.4-2024.3 45,095.3 5,352.9 11.9% 1,612.1 763.1 6,965.0 4,944.9 11.0% 145 yen 157 yen (billions of yen) * FOREX Rate performance: 153 yen against the U.S. dollar and 166 yen against the Euro from April 2024 to September 2024 FOREX Rate assumptions: 140 yen against the U.S. dollar and 155 yen against the Euro from October 2024 to March 2025
    • 15. 15 Analysis of FY2025 Forecast: Consolidated Operating Income (vs. FY2024 Results) ◼ Aim to strengthen and accelerate investment in human resources and growth areas while maintaining our earning power. ◼ Recover from temporary negative factors through continuous improvement efforts. 5,352.9 4,300.0 5,000.0 “Earning Power” *Assumption: Consolidated Sales Volume 9.5 million units 145 yen / US$ -352.9 -440.0 Improvement efforts etc. 4,300.0 -130.0 +570.0 -700.0 Expanded to 830 billion yen (Investment in human resources -510 /Investment in growth areas -320) (billions of yen) Market Environment, etc. Investment in Human Resources & Growth Areas Investment in Human Resources & Growth Areas (additional) One-off expenses FY2024 Results 2023.4-2024.3 145 yen/US$ 157 yen/€ Previous Forecast 2024.4-2025.3 145 yen/US$ 160 yen/€ New Forecast 2024.4-2025.3 147 yen/US$ 161 yen/€ 1. restoring production 2. controlling incentives 3. increasing value chain earnings
    • 16. 16 (Ref.) Analysis of Consolidated Operating Income (FY2025 First Half) *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +390.0 Volume, Model Mix -140.0 Labor Cost -160.0 Valuation Gains / Losses from Swaps, etc. +78.7  - US $ +300.0 Value Chain +30.0 Depreciation Expenses -30.0 Impact of Inflation Accounting, etc. -16.6   - € +55.0 - Financial Services -10.0 R&D Expenses -30.0 HINO MOTORS Certification Related -230.0   - Other +35.0 - Accessories / Spare Parts / Expenses, etc. -220.0 Expenses in North America Translational FOREX Impact Concerning Used Vehicle / Connected, etc. Other -117.1 Overseas Subsidiaries, etc. Other +40.0 +40.0 +220.0 2,559.2 2,464.2 +610.0 +90.0 -70.0 -440.0 -285.0 Which includes: Strengthening Foundation of Suppliers/ Materials Prices Cost Reduction -85.0 +175.0 -420.0 Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc.: Operating Income (-95.0) (billions of yen) 2023.4-9 141 yen/US$ 153 yen/ € 2024.4-9 153 yen/US$ 166 yen/ € Cost Reduction Efforts Increase or Decrease in Expenses and Expense Reduction Efforts *3 Other *4 Effects of FOREX Rates *1 Effects of Marketing Activities *2
    • 17. 17 *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +390.0 Volume, Model Mix -140.0 Labor Cost -160.0 Valuation Gains / Losses from Swaps, etc. +78.7  - US $ +300.0 Value Chain +30.0 Depreciation Expenses -30.0 Impact of Inflation Accounting, etc. -16.6   - € +55.0 - Financial Services -10.0 R&D Expenses -30.0 Other -347.1   - Other +35.0 - Accessories / Spare Parts / Expenses, etc. -220.0 Translational FOREX Impact Concerning Used Vehicle / Connected, etc. Overseas Subsidiaries, etc. Other +40.0 +40.0 +220.0 2,559.2 2,464.2 +610.0 +90.0 -70.0 -440.0 -285.0 Which includes: Strengthening Foundation of Suppliers/ Materials Prices Cost Reduction -85.0 +175.0 -420.0 Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc.: Operating Income (-95.0) (billions of yen) Cost Reduction Efforts Effects of Marketing Activities Increase or Decrease in Expenses and Expense Reduction Efforts Total (1) Market environment -200.0 -200.0 (2) Human resources -120.0 -10.0 -50.0 -180.0 (3) Growth investments -110.0 -110.0 Deduct (1)(2)(3) from (A) +210.0 +140.0 -280.0 +70.0 (A) (Ref.) Analysis of Consolidated Operating Income (FY2025 First Half) Cost Reduction Efforts Increase or Decrease in Expenses and Expense Reduction Efforts Other Effects of FOREX Rates Effects of Marketing Activities 2023.4-9 2024.4-9
    • 18. 18 (Ref.) Analysis of FY2025 Forecast: Consolidated Operating Income (vs. FY2024 Results) *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +55.0 Volume, Model Mix -45.0 Labor Cost -235.0 Valuation Gains / Losses from Swaps, etc. +35.0  - US $ +85.0 Value Chain +110.0 Depreciation Expenses -130.0 Impact of Inflation Accounting, etc. +87.9   - € +35.0 - Financial Services -5.0 R&D Expenses -100.0 HINO MOTORS Certification Related -230.0   - Other -65.0 - Accessories / Spare Parts / Expenses, etc. -365.0 Expenses in North America Translational FOREX Impact Concerning Used Vehicle / Connected, etc. Other -100.8 Overseas Subsidiaries, etc. Other -165.0 +115.0 +190.0 Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc: -1,090.0 5,352.9 Cost Reduction Efforts Other *4 -160.0 -207.9 +245.0 Operating Income (-1,052.9) Effects of FOREX Rates *1 145 yen/US$ 157 yen/€ 147 yen/US$ 161 yen/€ -100.0 -830.0 4,300.0 FY24 Results 2023.4-2024.3 FY25 New Forecast 2024.4-2025.3 (billions of yen) Which includes: Strengthening Foundation of Suppliers/ Materials Prices -450.0 Cost Reduction +290.0 Effects of Marketing Activities *2 Increase or Decrease in Expenses and Expense Reduction Efforts *3
    • 19. 19 Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc: -1,090.0 5,352.9 Cost Reduction Efforts Other -160.0 -207.9 +245.0 Effects of FOREX Rates -100.0 -830.0 4,300.0 FY24 Results 2023.4-2024.3 FY25 New Forecast 2024.4-2025.3 (billions of yen) Which includes: Strengthening Foundation of Suppliers/ Materials Prices -450.0 Cost Reduction +290.0 Effects of Marketing Activities Increase or Decrease in Expenses and Expense Reduction Efforts Cost Reduction Efforts Effects of Marketing Activities Increase or Decrease in Expenses and Expense Reduction Efforts Total (1) Market environment -352.9 -352.9 (2) Human resources -390.0 -20.0 -100.0 -510.0 (3) Growth investments -320.0 -320.0 Deduct (1)(2)(3) from (A) +230.0 +272.9 -410.0 +92.9 (A) (Ref.) Analysis of Consolidated Operating Income (vs. FY2024 Results)
    • 20. 20 (Ref.) Analysis of FY2025 Forecast: Consolidated Operating Income (vs. Previous Forecast) *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +165.0 Volume, Model Mix -220.0 Labor Cost -30.0 Valuation Gains / Losses from Swaps, etc. +40.0  - US $ +70.0 Value Chain +65.0 Depreciation Expenses ±0.0 Impact of Inflation Accounting, etc. +45.1   - € +5.0 - Financial Services +45.0 R&D Expenses ±0.0 HINO MOTORS Certification Related -230.0   - Other +90.0 - Accessories / Spare Parts / Expenses, etc. -20.0 Expenses in North America Translational FOREX Impact Concerning Used Vehicle / Connected, etc. Other -100.1 Overseas Subsidiaries, etc. Other +270.0 +20.0 +25.0 4,300.0 Cost Reduction Efforts Increase or Decrease in Expenses and Expense Reduction Efforts *3 Other *4 +190.0 -10.0 -245.0 Operating Income (±0.0) Effects of FOREX Rates *1 Marketing Efforts *2 145 yen/US$ 160 yen/€ 147 yen/US$ 161 yen/€ +115.0 Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc: +55.0 -50.0 4,300.0 Previous Forecast 2024.4-2025.3 New Forecast 2024.4-2025.3 Which includes: Strengthening Foundation of Suppliers/ Materials Prices ±0.0 Cost Reduction -10.0 (billions of yen)
    • 21. 21 (Ref.) Consolidated Vehicle Sales (3 months) Toyota and Lexus Vehicle Sales 2,634 2,538 96.4% Electrified Vehicles [%] 958 1,156 120.7% HEV 888 1,079 121.5% PHEV 39 41 107.1% BEV 30 35 116.5% FCEV 1 0 32.0% Total Retail Vehicle Sales 2,845 2,737 96.2% 2023.7-9 2024.7-9 YoY 426 420 478 469 270 256 703 643 540 517 0 500 1,000 1,500 2,000 2,500 98.4% 98.0% 94.6% 91.5% 95.8% 2,418 2,304 95.3% (thousands of vehicles) Europe Asia Other Japan N.America Central and South America, Oceania, Africa, The Middle East, etc. Reference (retail) [36.4%] [45.5%]
    • 22. 22 (Ref.) Consolidated Financial Summary (3 months) 2023.7-9 2024.7-9 Change Sales Revenues 11,434.7 11,444.5 +9.7 Operating Income 1,438.3 1,155.7 -282.6 Margin 12.6% 10.1% Other Income 362.5 -295.9 -658.5 Share of Profit (Loss) of Investments Accounted for Using the Equity Method 185.1 99.3 -85.7 Income before Income Taxes 1,800.9 859.8 -941.1 Net Income Attributable to Toyota Motor Corporation 1,278.0 573.7 -704.2 Margin 11.2% 5.0% FOREX Rates US$ 145 yen 150 yen +5 yen € 157 yen 164 yen +7 yen * (billions of yen) * Regarding Japan: 58.4 (-38.3 year on year), China: 22.8 (-46.6 year on year), Other: 18.1 (-0.8 year on year)
    • 23. 23 1,438.3 1,155.7 +240.0 +35.0 -140.0 -215.0 -202.6 Which includes: Strengthening Foundation of Suppliers/ Materials Prices Cost Reduction -45.0 +80.0 -320.0 Excluding the overall impact of foreign exchange rates and swap valuation gains/losses, etc.: Operating Income (-282.6) *1 Details *2 Details *3 Details *4 Details Transactional (Imports/Exports) +80.0 Volume, Model Mix -90.0 Labor Cost -85.0 Valuation Gains / Losses from Swaps, etc. +90.7  - US $ +60.0 Value Chain -10.0 Depreciation Expenses -15.0 Impact of Inflation Accounting, etc. +19.2   - € +20.0 - Financial Services -10.0 R&D Expenses -15.0 HINO MOTORS Certification Related -230.0   - Other ±0.0 - Accessories / Spare Parts / Expenses, etc. -100.0 Expenses in North America Translational FOREX Impact Concerning Used Vehicle / Connected, etc. Other -82.5 Overseas Subsidiaries, etc. Other -40.0 ±0.0 +160.0 (Ref.) Analysis of Consolidated Operating Income (3 months) Cost Reduction Efforts Other *4 2023.7-9 Effects of FOREX Rates *1 145 yen/US$ 157 yen/€ 150 yen/US$ 164 yen/€ (billions of yen) 2024.7-9 Increase or Decrease in Expenses and Expense Reduction Efforts *3 Effects of Marketing Activities *2 23
    • 24. 24 (Ref.) Geographic Operating Income (3 months) 883.7 239.1 110.2 224.5 106.0 639.2 27.3 99.7 242.3 91.6 540 517 703 643 270 256 478 469 426 420 Consolidated Vehicle Sales (thousands of vehicles) [16.4%] [12.0%] [ ] Margin Japan N.America Europe Asia Other Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen) 879.1 641.1 169.4 28.7 99.3 91.2 224.9 244.4 104.2 98.8 2023.7-9 2024.7-9 [9.1%] [7.2%] [5.3%] [8.1%] -211.8 -244.4 -10.4 +17.7 -14.3 [9.6%] [10.8%] [8.6%] (95.8%) (98.0%) (98.4%) Operating Income (billions of yen) (excluding Valuation Gains/Losses relating to Swaps, etc.) Incl. China (excl. investments accounted for using the equity method of associates and joint ventures) (91.5%) (94.6%) [0.6%] 2023.7-9 2024.7-9 2023.7-9 2024.7-9 2023.7-9 2024.7-9 2023.7-9 2024.7-9
    • 25. 25 (Ref.) China Business / Financial Services (3 months) 184.2 168.6 69.4 22.8 47.5 64.3 (Ref.) China Business Operating Income of Consolidated Subsidiaries (billions of yen) Share of Profit of Investments Accounted for Using the Equity Method of Associates and Joint Ventures (billions of yen) Financial Services Operating Income (billions of yen) 97.6 172.7 2023.7-9 2024.7-9 2023.7-9 2024.7-9 505 456 (90.3%) +16.8 -46.6 -15.5 Toyota and Lexus Vehicle Retail Sales (thousands of vehicles) * Excluding Valuation Gains/Losses relating to Swaps, etc. Operating Income including Valuation Gains/Losses relating to Swaps, etc. (billions of yen)
    • 26. 26 (Ref.) Repurchase of Shares ◼ No increase in the maximum limit of share repurchases for the interim period (already increase the maximum limit by 200 billion yen in September) ◼ “Flexible repurchase of shares while considering factors such as the price level of our common stock” and “to respond to requests for the sale of our own shares as needed” Share Repurchases 249.9 435.6 299.9 1,099.9 200.0 149.9 149.9 99.9 99.9 249.9 200.0 185.6 149.9 1,000.0 0 200 400 600 800 1,000 1,200 [Max.] Year-end Repurchases Interim Repurchases (billions of yen) No interim repurchases (Resolved in March) (max) [Max.] [Max.] [Max.] Flexible Repurchases (Resolved in Sep.) 2020.4-2021.3 2021.4-2022.3 2022.4-2023.3 2023.4-2024.3 2024.4-2025.3
    • 27. 27 (Ref.) Transition of Financial Performance 2,150.0 1,605.8 2,010.8 1,293.2 1,343.0 2021.3 2022.3 2023.3 2024.3 2025.3 1,185.0 1,380.0 1,248.4 876.9 1,007.2 7,646 8,230 8,822 9,443 9,400 2021.3 2022.3 2023.3 2024.3 2025.3 718.2 816.9 1,011.7 671.0 2021.3 2022.3 2023.3 2024.3 2025.3 12,651.6 9,027.7 8,051.4 13,134.3 2021.3 2022.3 2023.3 2024.3 2024.9 27.2 31.3 37.2 45.0 46.0 2021.3 2022.3 2023.3 2024.3 2025.3 4.0 3.6 3.3 2.7 2.8 8.1 9.5 7.3 11.9 9.3 8.3 9.1 6.6 11.0 7.8 2,451.3 4,944.9 3,570.0 2,245.2 2,850.1 2021.3 2022.3 2023.3 2024.3 2025.3 5,352.9 4,300.0 2,197.7 2,995.6 2,725.0 2021.3 2022.3 2023.3 2024.3 2025.3 1,241.6 1,202.3 1,300.0 1,090.4 1,124.2 2021.3 2022.3 2023.3 2024.3 2025.3 (thousands of vehicles) Consolidated Vehicle Sales Sales Revenues (trillions of yen) Operating Income (billions of yen) Net Income Attributable to Toyota Motor Corporation Operating Margin (%) (billions of yen) Net Margin (%) Dividend per Share (yen) * 3 Total Liquid Assets* 1 Total Shareholder Return (billions of yen) Ratio to Sales Revenues (%) Depreciation Expenses R&D Expenses* (billions of yen) (billions of yen) 4 Capital Expenditures (billions of yen) Share Repurchase Dividend InterestBearing Debt*2 Net Liquid Assets *1 Cash and cash equivalents, time deposits, public and corporate bonds and its investment in monetary trust funds, excluding in each case those relating to financial services. *4 R&D activity related expenditures incurred during the reporting period 8,341.3 Forecast 15,079.5 11,579.4 1,153.8 1,116.9 2,111.7 921.0 *2 Not including lease liabilities 10,517.3 48 52 60 75 90 11,313.7 *3 Dividends per common share on a post-stock split (a five-for-one stock split of shares of our common stock that was conducted on October 1, 2021) basis 15,404.1 (forecast )
    • 28. 28 (Ref.) FY2025 Forecast: Vehicle Production and Retail Sales 生産Vehicle Production * Japan 3,350 3,280 -70 Overseas 6,650 6,420 -230 Total 10,000 9,700 -300 Previous Forecast 2024.4-2025.3 New Forecast 2024.4-2025.3 Change 10,950 10,850 -100 Toyota & Lexus Total Retail Vehicle Sales * Including vehicles by Toyota’s unconsolidated entities (thousands of vehicles) * Retail Vehicle Sales * Japan 1,550 1,500 -50 Overseas 8,850 8,600 -250 Total 10,400 10,100 -300 3,309 6,663 9,972 FY24 Results 2023.4-2024.3 11,090 1,530 8,780 10,309
    • 29. 29 (Ref.) Definitions of Consolidated and Retail Vehicle Sales Daihatsu- and Hino- brand vehicles Number of vehicles produced for wholesale by Toyota Motor Corporation and its consolidated subsidiaries Number of vehicles produced for wholesale by Toyota’s unconsolidated entities (e.g. joint ventures in China, etc.) *There are a limited number of exceptional cases where sales are made other than in accordance with the flowchart above. Consolidated Vehicle Sales Distributors or Dealers outside consolidation Toyota and Lexus Vehicle Sales Total Retail Vehicle Sales Customers


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