Earnings quality
Compare earnings and operating cash flow for earnings quality.
Toyota Motor Corporation
Ticker 7203 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-10 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 37.8%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio37.8%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Toyota Motor Corporation is Japan’s largest automaker, designing and selling passenger cars, commercial vehicles, and mobility-related services worldwide. The group’s results are driven by vehicle unit sales, mix, and financing operations across major regions.
- passenger vehicles
- commercial vehicles
- automotive financing
- mobility services
Segments All Other · Automotive · Financial Services · Other
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | ¥4.8T | ¥3.8T |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥1.6T | ¥1.2T |
| Profit (loss) | ¥4.8T | ¥4.0T |
| Profit (loss) attributable to owners | ¥4.8T | ¥3.8T |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥9.0T | ¥12.7T |
| Current assets | ¥37.1T | ¥42.8T |
| Non-current assets | ¥56.5T | ¥62.7T |
| Total assets | ¥93.6T | ¥105.5T |
| Short-term borrowings | — | — |
| Current liabilities | ¥29.4T | ¥33.6T |
| Non-current liabilities* | ¥27.3T | ¥30.9T |
| Total liabilities | ¥56.7T | ¥64.5T |
| Equity attributable to owners | ¥35.9T | ¥39.9T |
| Total equity | ¥36.9T | ¥41.0T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥3.7T | ¥5.5T |
| Cash flows from investing activities | -¥4.2T | -¥1.5T |
| Cash flows from financing activities | ¥197.2B | -¥536.7B |
| Net increase (decrease) in cash | -¥429.7B | ¥3.8T |
| Cash at end of period | ¥9.0T | ¥12.7T |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Operating profit | — | — | — | ¥4.8T | ¥3.8T | |
| Profit to owners | ¥2.9T | ¥2.5T | ¥4.9T | ¥4.8T | ¥3.8T | |
| Total assets | ¥67.7T | ¥74.3T | ¥90.1T | ¥93.6T | ¥105.5T | |
| Cash & equivalents | ¥6.1T | ¥7.5T | ¥9.4T | ¥9.0T | ¥12.7T | |
| Owners’ equity | ¥26.2T | ¥28.3T | ¥34.2T | ¥35.9T | ¥39.9T |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from — to —, while operating profit swung from ¥4.8T to ¥3.8T — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥5.5T (prior ¥3.7T), and cash on the balance sheet rose to ¥12.7T from ¥9.0T. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥64.5T while owners’ equity fell to ¥39.9T. ROE moved from 13.6% to 10.1%, and the equity ratio from 38.4% to 37.8%.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 38.4% to 37.8%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100Y8NY
(トヨタ自動車株式会社), period end 2026-03-31.