FINANCIAL SUMMARY

FY2025

(April 1, 2024 through March 31, 2025)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2025 Consolidated Financial Results

(Consolidated financial information has been prepared in accordance with IFRS Accounting Standards)

English translation from the original Japanese-language document

May 8, 2025

Company name	:	Toyota Motor Corporation
Stock exchanges on which the shares are listed	:	Tokyo and Nagoya Stock Exchanges in Japan
Code number	:	7203
URL	:	https://global.toyota/jp/
Representative	:	Koji Sato, President
Contact person	:	Hideaki Hayashi, General Manager, Accounting Division Tel. (0565)28-2121
Date of the ordinary general shareholders’ meeting	:	June 12, 2025
Payment date of cash dividends	:	May 26, 2025
Filing date of financial statements	:	June 18, 2025
Supplemental materials prepared for financial results	:	yes
Earnings announcement for financial results	:	yes

(Amounts are rounded to the nearest million yen)

1. Consolidated Results for FY2025 (April 1,2024 through March 31, 2025)

(1) Consolidated financial results

	(% of change from previous year)
	Sales revenues				Operating income				Income before income taxes				Net income				Net income attributable to Toyota Motor Corporation				Comprehensive income
	Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2025		48,036,704		6.5		4,795,586		-10.4		6,414,590		-7.9		4,789,755		-5.6		4,765,086		-3.6		4,043,724		-43.7
FY2024		45,095,325		21.4		5,352,934		96.4		6,965,085		89.8		5,071,421		103.4		4,944,933		101.7		7,188,523		116.5

	Earnings per share attributable to Toyota Motor Corporation - Basic		Earnings per share attributable to Toyota Motor Corporation - Diluted		Ratio of net income attributable to Toyota Motor Corporation to Toyota Motor Corporation shareholders’ equity		Ratio of income before income taxes and equity in earnings of affiliated companies to total assets		Ratio of operating income to sales revenues
	Yen		Yen		%		%		%
FY2025		359.56		359.56		13.6		7.0		10.0
FY2024		365.94		365.94		15.8		8.5		11.9

(Reference) Share of profit (loss) of investments accounted for using the equity method    

FY2025 591,219 million yen, FY2024 763,137 million yen

(2) Consolidated financial position

	Total assets		Total shareholders’ equity		Toyota Motor Corporation shareholders’ equity		Ratio of Toyota Motor Corporation shareholders’ equity		Toyota Motor Corporation shareholders’ equity per share
	Million yen		Million yen		Million yen		%		Yen
FY2025		93,601,350		36,878,913		35,924,826		38.4		2,753.09
FY2024		90,114,296		35,239,338		34,220,991		38.0		2,539.75

(3) Consolidated cash flows

	From operating activities		From investing activities			From financing activities		Cash and cash equivalents at end of year
	Million yen		Million yen			Million yen		Million yen
FY2025		3,696,934		(4,189,736	)		197,236		8,982,404
FY2024		4,206,373		(4,998,751	)		2,497,558		9,412,060

2. Cash Dividends

	Annual cash dividends per common share										Total amount of cash dividends (annual)		Dividends payout ratio (consolidated)		Ratio of total amount of dividends to Toyota Motor Corporation shareholders’ equity (consolidated)
	End of first quarter		End of second quarter		End of third quarter		Year-end		Total
	Yen		Yen		Yen		Yen		Yen		Million yen		%		%
FY2024		—		30.00		—		45.00		75.00		1,011,753		20.4		3.2
FY2025		—		40.00		—		50.00		90.00		1,178,437		25.0		3.4
FY2026 (forecast)		—		45.00		—		50.00		95.00				39.9

3. Forecast of Consolidated Results for FY2026 (April 1, 2025 through March 31, 2026)

	(% of change from FY2025)
	Sales revenues			Operating income			Income before income taxes			Net income attributable to Toyota Motor Corporation			Earnings per share attributable to Toyota Motor Corporation - Basic
	Million yen	%		Million yen	%		Million yen	%		Million yen	%		Yen
Full-year	48,500,000		1.0	3,800,000		-20.8	4,410,000		-31.3	3,100,000		-34.9	237.57

Notes

(1) Significant changes in the scope of consolidation during the period: yes

  Newly included: 1 company (Lexus Electrified Shanghai Co., Ltd.)

(2) Changes in accounting policies and changes in accounting estimates

(i) Changes in accounting policies required by IFRS Accounting Standards: none

(ii) Changes other than (2)-(i) above: none

(iii) Changes in accounting estimates: none

(3) Number of shares issued and outstanding (common stock)

(i) Number of shares issued and outstanding at the end of each fiscal year (including treasury stock) :

  FY2025 15,794,987,460 shares, FY2024 16,314,987,460 shares

(ii) Number of treasury stock at the end of each fiscal year:

  FY2025 2,746,057,686 shares, FY2024 2,840,815,433 shares

(iii) Average number of shares issued and outstanding in each fiscal year:

  FY2025 13,252,455,897 shares, FY2024 13,512,848,373 shares

(Reference)Overview of the Unconsolidated Financial Results

FY2025 Unconsolidated Financial Results

(Unconsolidated financial information has been prepared in accordance with Japanese generally accepted accounting principles)

English translation from the original Japanese-language document

1. Unconsolidated Results for FY2025 (April 1, 2024 through March 31, 2025)

(1) Unconsolidated financial results

	(% of change from previous year)
	Net revenues				Operating income				Ordinary income				Net income
	Million yen		%		Million yen		%		Million yen		%		Million yen		%
FY2025		18,277,671		4.0		2,966,857		-4.1		4,538,037		-18.7		3,845,213		-12.6
FY2024		17,575,593		24.9		3,094,495		85.2		5,578,695		58.4		4,399,855		49.8

	Net income per common share - Basic		Net income per common share - Diluted
	Yen		Yen
FY2025		290.15		290.15
FY2024		325.61		325.61

(2) Unconsolidated financial position

	Total assets		Net assets		Equity ratio		Net assets per common share
	Million yen		Million yen		%		Yen
FY2025		29,046,699		21,504,804		74.0		1,648.01
FY2024		28,161,955		20,440,081		72.6		1,516.98

(Reference)Equity at the end of FY2025: 21,504,804 million yen, Equity at the end of FY2024: 20,440,081 million yen

These consolidated financial results are not subject to certified public accountant’s or audit firm’s audit.

Cautionary Statement with Respect to Forward-Looking Statements, and Other Information

This report 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. With regard to Toyota’s decisions and assumptions for the forecast, please refer to “ Financial Results and Position 3. Forecast of Consolidated Financial Results for FY2026” on page 5 of the materials accompanying this report. 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, fluctuations in stock prices, and interest rates fluctuations; (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.

In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”

“Toyota Times” (https://toyotatimes.jp/en/)

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

TABLE OF CONTENTS

Financial Results and Position	2
1. Consolidated Financial Results for FY2025	2
2. Consolidated Financial Position for FY2025	4
3. Forecast of Consolidated Financial Results for FY2026	5
Basic Concept Regarding the Selection of Accounting Standards	6
Unaudited Consolidated Financial Statements	7
1. Unaudited Consolidated Statement of Financial Position	7
2. Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income	9
3. Unaudited Consolidated Statement of Changes in Equity	11
4. Unaudited Consolidated Statement of Cash Flows	12
5. Notes to Unaudited Consolidated Financial Statements	13
(1) Going Concern Assumption	13
(2) Segment Information	13
(3) Earnings Per Share	20
(4) Significant Subsequent Events	20

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TOYOTA MOTOR CORPORATION FY2025 Financial Summary

Financial Results and Position

1. Consolidated Financial Results for FY2025

Financial Results

Under the task of “make ever-better cars,” Toyota has worked on “product-centered and region-centered management” for many years, and through this approach, we have built a full product lineup and a global business foundation. Leveraging these foundations, during FY2025, we continued strengthening the “work foundation,” beginning with ensuring safety and quality, while striving to deliver better cars to customers around the world. In addition, in order to fulfill our mission of “producing happiness for all” through the offering of a diverse range of mobility options, we have advanced various technological developments and infrastructure-building initiatives aimed at transforming into a mobility company, under the Toyota Mobility Concept.

Under these conditions, consolidated vehicle unit sales in Japan and overseas decreased by 80 thousand units, or 0.9%, to 9,362 thousand units in FY2025 compared with FY2024. Vehicle unit sales in Japan decreased by 2 thousand units, or 0.1%, to 1,991 thousand units in FY2025 compared with FY2024. Overseas vehicle unit sales decreased by 78 thousand units, or 1.0%, to 7,372 thousand units in FY2025 compared with FY2024.

The results of operations for FY2025 were as follows:

Sales revenues	48,036.7 billion yen	(an increase of 2,941.3 billion yen or 6.5% compared with FY2024)
Operating income	4,795.5 billion yen	(a decrease of 557.3 billion yen or 10.4% compared with FY2024)
Income before income taxes	6,414.5 billion yen	(a decrease of 550.4 billion yen or 7.9% compared with FY2024)
Net income attributable to Toyota Motor Corporation	4,765.0 billion yen	(a decrease of 179.8 billion yen or 3.6% compared with FY2024)

The changes in operating income were as follows:

Marketing efforts	an increase of 145.0 billion yen
Effects of changes in exchange rates	an increase of 590.0 billion yen
Increase or decrease in expenses and expense reduction efforts	a decrease of 990.0 billion yen
Other	a decrease of 302.3 billion yen

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TOYOTA MOTOR CORPORATION FY2025 Financial Summary

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations increased by 1,933.6 billion yen, or 4.7%, to 43,199.8 billion yen in FY2025 compared with FY2024. However, operating income decreased by 681.1 billion yen, or 14.7%, to 3,940.2 billion yen in FY2025 compared with FY2024. The decrease in operating income was mainly due to the increase in expenses and others.

(2) Financial services:

Sales revenues for the financial services operations increased by 996.9 billion yen, or 28.6%, to 4,481.1 billion yen in FY2025 compared with FY2024, and operating income increased by 113.4 billion yen, or 19.9%, to 683.5 billion yen in FY2025 compared with FY2024. The increase in operating income was mainly due to increase in financing volume and decrease in valuation losses on interest rate swaps stated at fair value.

(3) All other:

Sales revenues for all other businesses increased by 78.9 billion yen, or 5.8%, to 1,447.1 billion yen in FY2025 compared with FY2024, and operating income increased by 5.9 billion yen, or 3.4%, to 181.1 billion yen in FY2025 compared with FY2024.

Geographic Information

(1) Japan:

Sales revenues in Japan increased by 838.3 billion yen, or 4.0%, to 21,859.0 billion yen in FY2025 compared with FY2024. However, operating income decreased by 333.1 billion yen, or 9.6%, to 3,151.1 billion yen in FY2025 compared with FY2024. The decrease in operating income was mainly due to the increase in expenses and others and the effects of the misconduct in relation to applications for certification by Hino Motors, Ltd.

(2) North America:

Sales revenues in North America increased by 1,357.2 billion yen, or 7.6%, to 19,300.3 billion yen in FY2025 compared with FY2024. However, operating income decreased by 397.5 billion yen, or 78.5%, to 108.8 billion yen in FY2025 compared with FY2024. The decrease in operating income was mainly due to the increase in expenses and others.

(3) Europe:

Sales revenues in Europe increased by 631.7 billion yen, or 11.1%, to 6,313.4 billion yen in FY2025 compared with FY2024, and operating income increased by 27.4 billion yen, or 7.1%, to 415.5 billion yen in FY2025 compared with FY2024. The increase in operating income was mainly due to cost reduction efforts.

(4) Asia:

Sales revenues in Asia increased by 257.3 billion yen, or 2.9%, to 8,988.0 billion yen in FY2025 compared with FY2024, and operating income increased by 30.9 billion yen, or 3.6%, to 896.5 billion yen in FY2025 compared with FY2024. The increase in operating income was mainly due to the effects of changes in exchange rates and the decrease in expenses and expense reduction efforts.

(5) Other (Central and South America, Oceania, Africa and the Middle East):

Sales revenues in other regions increased by 131.4 billion yen, or 3.0%, to 4,521.2 billion yen in FY2025 compared with FY2024, and operating income increased by 54.2 billion yen, or 27.4%, to 252.6 billion yen in FY2025 compared with FY2024. The increase in operating income was mainly due to marketing efforts.

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TOYOTA MOTOR CORPORATION FY2025 Financial Summary

2. Consolidated Financial Position for FY2025

Financial Position

The financial position for FY2025 was as follows:

Total assets increased by 3,487.0 billion yen, or 3.9%, to 93,601.3 billion yen at the end of FY2025 compared with the end of FY2024. Liabilities increased by 1,847.4 billion yen, or 3.4%, to 56,722.4 billion yen at the end of FY2025 compared with the end of FY2024. Shareholders’ equity increased by 1,639.5 billion yen, or 4.7%, to 36,878.9 billion yen at the end of FY2025 compared with the end of FY2024.

Overview of Cash Flow

Cash and cash equivalents decreased by 429.6 billion yen, or 4.6%, to 8,982.4 billion yen at the end of FY2025 compared with the end of FY2024.

The increases or decreases for each cash flow activity compared with the previous fiscal year are as follows:

Cash flows from operating activities

Net cash flows from operating activities resulted in an increase in cash by 3,696.9 billion yen for FY2025. Net cash provided by operating activities decreased by 509.4 billion yen from 4,206.3 billion yen for FY2024.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 4,189.7 billion yen for FY2025, compared with net cash used in investing activities of 4,998.7 billion yen for FY2024, a 809.0 billion yen change.

Cash flows from financing activities

Net cash flows from financing activities resulted in an increase in cash by 197.2 billion yen for FY2025. Net cash provided by financing activities decreased by 2,300.3 billion yen from 2,497.5 billion yen for FY2024.

The consolidated cash flows by segment for FY2025 are as follows:

Non-financial services

Net cash provided by operating activities was 4,736.6 billion yen, net cash used in investing activities was 2,811.2 billion yen and net cash used in financing activities was 2,638.9 billion yen.

Financial services

Net cash used in operating activities was 1,022.3 billion yen, net cash used in investing activities was 1,412.6 billion yen and net cash provided by financing activities was 2,853.0 billion yen.

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TOYOTA MOTOR CORPORATION FY2025 Financial Summary

3. Forecast of Consolidated Financial Results for FY2026

In order to provide the freedom and enjoyment of mobility to all and realize a mobility society that is safe, reliable, and sustainable, Toyota aims to transform itself into a mobility company.

To ensure cars remain a form of mobility that makes people happy, we must minimize the negative effects that cars have on society—such as congestion and increases in traffic accidents and pollution—while maximizing the benefits, including convenience, comfort, and the enjoyment of driving. The Toyota Mobility Concept breaks down this process into three stages: Mobility 1.0 Transitioning Cars to Mobility, Mobility 2.0 Expanding Mobility Access, and Mobility 3.0 Synergy of Mobility & Infrastructure. Based on this conceptual structure, we are taking on various challenges premised on two key themes: carbon neutrality and expanding the value of mobility.

Under these circumstances, the current forecast of consolidated financial results for the fiscal year ending March 31, 2026 is set forth below. This forecast assumes average exchange rates through the fiscal year of 145 yen per US$1 and 160 yen per 1 euro. The impact of U.S. tariffs on operating income is factored in at 180.0 billion yen as a negative impact of April and May, tentatively.

Forecast of consolidated results for FY2026

Sales revenues	48,500.0 billion yen	(an increase of 1.0% compared with FY2025)
Operating income	3,800.0 billion yen	(a decrease of 20.8% compared with FY2025)
Income before income taxes	4,410.0 billion yen	(a decrease of 31.2% compared with FY2025)
Net income attributable to Toyota Motor Corporation	3,100.0 billion yen	(a decrease of 34.9% compared with FY2025)

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, fluctuations in stock prices, and interest rates fluctuations; (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.

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TOYOTA MOTOR CORPORATION FY2025 Financial Summary

Basic Concept Regarding the Selection of Accounting Standards

Toyota has adopted IFRS for its consolidated financial statements in order to improve the international comparability of its financial information in the capital markets, among other reasons, beginning with the first quarter of the fiscal year ended March 31, 2021.

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TOYOTA MOTOR CORPORATION FY2025 Financial Summary

Unaudited Consolidated Financial Statements

1. Unaudited Consolidated Statement of Financial Position

	Yen in millions
	March 31, 2024			March 31, 2025
Assets
Current assets
Cash and cash equivalents		9,412,060			8,982,404
Trade accounts and other receivables		3,789,429			3,679,722
Receivables related to financial services		11,057,269			11,453,249
Other financial assets		4,702,168			6,935,759
Inventories		4,605,368			4,598,232
Income tax receivable		116,886			216,528
Other current assets		1,031,098			1,212,783
Total current assets		34,714,279			37,078,676
Non-current assets
Investments accounted for using the equity method		5,710,106			5,798,051
Receivables related to financial services		20,637,090			22,171,786
Other financial assets		11,390,559			9,882,841
Property, plant and equipment
Land		1,441,811			1,428,122
Buildings		5,884,749			6,170,063
Machinery and equipment		16,469,032			16,621,243
Vehicles and equipment on operating leases		7,523,911			8,051,945
Construction in progress		1,040,188			1,596,145
Total property, plant and equipment, at cost		32,359,692			33,867,518
Less - Accumulated depreciation and impairment losses		(18,101,905	)		(18,533,826	)
Total property, plant and equipment, net		14,257,788			15,333,693
Right of use assets		532,835			583,068
Intangible assets		1,355,326			1,363,266
Deferred tax assets		502,230			517,869
Other non-current assets		1,014,083			872,101
Total non-current assets		55,400,017			56,522,674
Total assets		90,114,296			93,601,350

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TOYOTA MOTOR CORPORATION FY2025 Financial Summary

	Yen in millions
	March 31, 2024			March 31, 2025
Liabilities
Current liabilities
Trade accounts and other payables		5,251,357			5,527,347
Short-term and current portion of long-term debt		15,406,284			15,829,516
Accrued expenses		1,863,760			1,827,933
Other financial liabilities		1,700,137			1,869,117
Income taxes payable		1,224,542			505,500
Liabilities for quality assurance		1,836,314			1,965,748
Other current liabilities		1,895,516			1,909,059
Total current liabilities		29,177,909			29,434,220
Non-current liabilities
Long-term debt		21,155,496			22,963,363
Other financial liabilities		495,814			435,594
Retirement benefit liabilities		1,077,962			1,019,568
Deferred tax liabilities		2,219,638			1,659,433
Other non-current liabilities		748,139			1,210,260
Total non-current liabilities		25,697,049			27,288,217
Total liabilities		54,874,958			56,722,437
Shareholders’ equity
Common stock		397,050			397,050
Additional paid-in capital		491,802			492,368
Retained earnings		32,795,365			35,841,218
Other components of equity		4,503,756			3,610,133
Treasury stock		(3,966,982	)		(4,415,943	)
Total Toyota Motor Corporation shareholders’ equity		34,220,991			35,924,826
Non-controlling interests		1,018,347			954,088
Total shareholders’ equity		35,239,338			36,878,913
Total liabilities and shareholders’ equity		90,114,296			93,601,350

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TOYOTA MOTOR CORPORATION FY2025 Financial Summary

2. Unaudited Consolidated Statement of Income and Unaudited Consolidated Statement of Comprehensive Income

 Unaudited Consolidated Statement of Income

	Yen in millions
	For the year ended March 31, 2024			For the year ended March 31, 2025
Sales revenues
Sales of products		41,648,130			43,598,877
Financial services		3,447,195			4,437,827
Total sales revenues		45,095,325			48,036,704
Costs and expenses
Cost of products sold		33,600,612			35,510,157
Cost of financial services		2,126,395			2,948,509
Selling, general and administrative		4,015,383			4,782,452
Total costs and expenses		39,742,390			43,241,118
Operating income		5,352,934			4,795,586
Share of profit (loss) of investments accounted for using the equity method		763,137			591,219
Other finance income		747,236			556,700
Other finance costs		(103,709	)		(190,711	)
Foreign exchange gain (loss), net		187,568			705,292
Other income (loss), net		17,918			(43,497	)
Income before income taxes		6,965,085			6,414,590
Income tax expense		1,893,665			1,624,835
Net income		5,071,421			4,789,755
Net income attributable to
Toyota Motor Corporation		4,944,933			4,765,086
Non-controlling interests		126,488			24,670
Net income		5,071,421			4,789,755
	Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		365.94			359.56

-9-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

Unaudited Consolidated Statement of Comprehensive Income

	Yen in millions
	For the year ended March 31, 2024		For the year ended March 31, 2025
Net income		5,071,421		4,789,755
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		557,539		102,129
Remeasurements of defined benefit plans		46,328		(109,598	)
Share of other comprehensive income of equity method investees		156,118		(63,213	)
Total of items that will not be reclassified to profit (loss)		759,984		(70,682	)
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations		1,178,875		(827,848	)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income		12,247		31,158
Share of other comprehensive income of equity method investees		165,996		121,340
Total of items that may be reclassified subsequently to profit (loss)		1,357,118		(675,349	)
Total other comprehensive income, net of tax		2,117,103		(746,031	)
Comprehensive income		7,188,523		4,043,724
Comprehensive income for the period attributable to
Toyota Motor Corporation		6,999,828		4,011,822
Non-controlling interests		188,696		31,903
Comprehensive income		7,188,523		4,043,724

-10-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

3. Unaudited Consolidated Statement of Changes in Equity

For the year ended March 31, 2024

	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2023		397,050		498,728			28,343,296			2,836,195			(3,736,562	)		28,338,706			925,507			29,264,213
Comprehensive income
Net income				—			4,944,933			—			—			4,944,933			126,488			5,071,421
Other comprehensive income, net of tax		—		—			—			2,054,895			—			2,054,895			62,208			2,117,103
Total comprehensive income		—		—			4,944,933			2,054,895			—			6,999,828			188,696			7,188,523
Transactions with owners and other
Dividends paid		—		—			(880,197	)		—			—			(880,197	)		(90,309	)		(970,506	)
Repurchase of treasury stock		—		—			—			—			(231,069	)		(231,069	)		—			(231,069	)
Reissuance of treasury stock		—		263			—			—			649			911			—			911
Equity transactions and other		—		(7,188	)		—			—			—			(7,188	)		(5,546	)		(12,735	)
Total transactions with owners and other		—		(6,926	)		(880,197	)		—			(230,420	)		(1,117,543	)		(95,856	)		(1,213,398	)
Reclassification to retained earnings		—		—			387,334			(387,334	)		—			—			—			—
Balances at March 31, 2024		397,050		491,802			32,795,365			4,503,756			(3,966,982	)		34,220,991			1,018,347			35,239,338
For the year ended March 31, 2025
	Yen in millions
	Common stock		Additional paid-in capital			Retained earnings			Other components of equity			Treasury stock			Toyota Motor Corporation shareholders’ equity			Non- controlling interests			Total shareholders’ equity
Balances at April 1, 2024		397,050		491,802			32,795,365			4,503,756			(3,966,982	)		34,220,991			1,018,347			35,239,338
Comprehensive income
Net income		—		—			4,765,086			—			—			4,765,086			24,670			4,789,755
Other comprehensive income, net of tax		—		—			—			(753,264	)		—			(753,264	)		7,233			(746,031	)
Total comprehensive income		—		—			4,765,086			(753,264	)		—			4,011,822			31,903			4,043,724
Transactions with owners and other
Dividends paid		—		—			(1,132,329	)		—			—			(1,132,329	)		(127,232	)		(1,259,560	)
Repurchase of treasury stock		—		—			—			—			(1,179,043	)		(1,179,043	)		—			(1,179,043	)
Reissuance of treasury stock		—		1,356			—			—			866			2,222			—			2,222
Retirement of treasury stock		—		(1,953	)		(727,264	)		—			729,217			—			—			—
Equity transactions and other		—		1,163			—			—			—			1,163			31,069			32,232
Total transactions with owners and other		—		567			(1,859,593	)		—			(448,961	)		(2,307,987	)		(96,162	)		(2,404,149	)
Reclassification to retained earnings		—		—			140,359			(140,359	)		—			—			—			—
Balances at March 31, 2025		397,050		492,368			35,841,218			3,610,133			(4,415,943	)		35,924,826			954,088			36,878,913

-11-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

4. Unaudited Consolidated Statement of Cash Flows

	Yen in millions
	For the year ended March 31, 2024			For the year ended March 31, 2025
Cash flows from operating activities
Net income		5,071,421			4,789,755
Depreciation and amortization		2,087,066			2,251,233
Interest income and interest costs related to financial services, net		(713,506	)		(747,742	)
Share of profit (loss) of investments accounted for using the equity method		(763,137	)		(591,219	)
Income tax expense		1,893,665			1,624,835
Changes in operating assets and liabilities, and other		(3,975,836	)		(2,815,549	)
(Increase) decrease in trade accounts and other receivables		(859,239	)		55,139
(Increase) decrease in receivables related to financial services		(3,398,434	)		(2,389,665	)
(Increase) decrease in inventories		(207,529	)		(70,654	)
(Increase) decrease in other current assets		(326,365	)		(462,114	)
Increase (decrease) in trade accounts and other payables		560,737			362,924
Increase (decrease) in other current liabilities		666,513			659,088
Increase (decrease) in retirement benefit liabilities		(161	)		17,377
Other, net		(411,358	)		(987,645	)
Interest received		2,292,156			2,672,724
Dividends received		587,259			623,295
Interest paid		(1,148,392	)		(1,609,083	)
Income taxes paid, net of refunds		(1,124,322	)		(2,501,315	)
Net cash provided by (used in) operating activities		4,206,373			3,696,934
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,846,447	)		(1,906,811	)
Additions to equipment leased to others		(2,867,660	)		(2,996,920	)
Proceeds from sales of fixed assets excluding equipment leased to others		154,985			70,821
Proceeds from sales of equipment leased to others		2,008,634			1,707,899
Additions to intangible assets		(334,287	)		(354,196	)
Additions to public and corporate bonds and stocks		(2,972,779	)		(3,965,550	)
Proceeds from sales of public and corporate bonds and stocks		1,201,405			1,035,922
Proceeds upon maturity of public and corporate bonds		1,049,963			2,713,649
Other, net		(1,392,565	)		(494,551	)
Net cash provided by (used in) investing activities		(4,998,751	)		(4,189,736	)
Cash flows from financing activities
Increase (decrease) in short-term debt		401,740			75,675
Proceeds from long-term debt		12,057,349			13,381,581
Payments of long-term debt		(8,752,329	)		(10,872,262	)
Dividends paid to Toyota Motor Corporation common shareholders		(880,197	)		(1,132,329	)
Dividends paid to non-controlling interests		(90,309	)		(127,232	)
Reissuance (repurchase) of treasury stock		(231,069	)		(1,179,043	)
Other, net		(7,627	)		50,845
Net cash provided by (used in) financing activities		2,497,558			197,236
Effect of exchange rate changes on cash and cash equivalents		189,914			(134,089	)
Net increase (decrease) in cash and cash equivalents		1,895,094			(429,656	)
Cash and cash equivalents at beginning of year		7,516,966			9,412,060
Cash and cash equivalents at end of year		9,412,060			8,982,404

-12-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

5. Notes to Unaudited Consolidated Financial Statements

(1) Going Concern Assumption

None

(2) Segment Information

(i) Outline of reporting segments

The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.

The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses.

(ii) Segment Information

As of and for the year ended March 31, 2024

	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		41,080,731		3,447,195		567,399		—			45,095,325
Inter-segment revenues and transfers		185,473		37,003		800,766		(1,023,242	)		—
Total		41,266,204		3,484,198		1,368,164		(1,023,242	)		45,095,325
Operating expenses		36,644,729		2,914,175		1,192,923		(1,009,437	)		39,742,390
Operating income		4,621,475		570,023		175,241		(13,805	)		5,352,934
Total assets		29,351,344		43,834,183		3,011,363		13,917,406			90,114,296
Investments accounted for using the equity method		5,114,364		110,308		282,888		202,546			5,710,106
Depreciation and amortization		1,268,479		784,013		34,574		—			2,087,066
Capital expenditures		2,011,361		2,763,931		103,242		(30,492	)		4,848,042

As of and for the year ended March 31, 2025

	Yen in millions
	Automotive		Financial services		All other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		42,996,299		4,437,827		602,578		—			48,036,704
Inter-segment revenues and transfers		203,566		43,353		844,536		(1,091,455	)		—
Total		43,199,865		4,481,180		1,447,114		(1,091,455	)		48,036,704
Operating expenses		39,259,587		3,797,661		1,265,920		(1,082,050	)		43,241,118
Operating income		3,940,278		683,519		181,194		(9,405	)		4,795,586
Total assets		30,117,987		46,770,786		2,884,421		13,828,157			93,601,350
Investments accounted for using the equity method		5,201,784		112,640		309,121		174,505			5,798,051
Depreciation and amortization		1,378,107		838,167		34,958		—			2,251,233
Capital expenditures		2,193,872		3,687,890		100,941		8,565			5,991,268

Accounting policies applied by each segment is in conformity with those of Toyota’s consolidated financial statements. Transfers between industry segments are made in accordance with terms and conditions in the ordinary course of business.

Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2024 and March 31, 2025 are 15,790,074 million yen and 15,643,613 million yen, respectively.

-13-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

(iii) Consolidated Financial Statements on Non-Financial Services Businesses and Financial Services Business

Consolidated Statement of Financial Position on Non-Financial Services Businesses and Financial Services Business

	Yen in millions
	March 31, 2024			March 31, 2025
Assets
(Non-Financial Services Businesses)
Current assets
Cash and cash equivalents		6,892,817			6,090,957
Trade accounts and other receivable		3,768,520			3,689,021
Other financial assets		3,864,242			6,198,376
Inventories		4,605,368			4,588,755
Other current assets		805,940			1,034,507
Total current assets		19,936,887			21,601,616
Non-current assets
Property, plant and equipment, net		8,680,731			9,134,857
Other		19,123,829			17,556,285
Total non-current assets		27,804,560			26,691,142
Total assets		47,741,447			48,292,758
(Financial Services Business)
Current assets
Cash and cash equivalents		2,519,244			2,891,447
Trade accounts and other receivable		382,007			410,958
Receivables related to financial services		11,057,269			11,453,249
Other financial assets		1,575,059			1,443,042
Other current assets		352,918			414,216
Total current assets		15,886,497			16,612,912
Non-current assets
Receivables related to financial services		20,637,090			22,171,786
Property, plant and equipment, net		5,577,058			6,198,838
Other		1,733,539			1,787,250
Total non-current assets		27,947,687			30,157,874
Total assets		43,834,183			46,770,786
(Elimination)
Elimination of assets		(1,461,335	)		(1,462,194	)
(Consolidated)
Total assets		90,114,296			93,601,350

Note: Assets in non-financial services include unallocated corporate assets.

-14-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

	Yen in millions
	March 31, 2024			March 31, 2025
Liabilities
(Non-Financial Services Businesses)
Current liabilities
Trade accounts and other payables		4,890,913			5,195,204
Short-term and current portion of long-term debt		929,662			1,188,430
Accrued expenses		1,750,221			1,729,279
Income taxes payable		1,185,678			454,252
Other current liabilities		3,583,929			3,495,075
Total current liabilities		12,340,403			12,062,240
Non-current liabilities
Long-term debt		1,938,535			1,547,461
Retirement benefit liabilities		1,058,742			1,001,227
Other non-current liabilities		2,545,491			2,442,382
Total non-current liabilities		5,542,768			4,991,070
Total liabilities		17,883,171			17,053,309
(Financial Services Business)
Current liabilities
Trade accounts and other payables		651,381			674,347
Short-term and current portion of long-term debt		14,890,892			15,111,977
Accrued expenses		148,767			137,836
Income taxes payable		38,864			51,248
Other current liabilities		2,219,104			2,535,501
Total current liabilities		17,949,008			18,510,910
Non-current liabilities
Long-term debt		19,356,672			21,515,873
Retirement benefit liabilities		19,220			18,341
Other non-current liabilities		1,131,501			1,089,654
Total non-current liabilities		20,507,393			22,623,868
Total liabilities		38,456,401			41,134,778
(Elimination)
Elimination of liabilities		(1,464,614	)		(1,465,650	)
(Consolidated)
Total liabilities		54,874,958			56,722,437
Shareholders’ equity
(Consolidated) Total Toyota Motor Corporation shareholders’ equity		34,220,991			35,924,826
(Consolidated) Non-controlling interests		1,018,347			954,088
(Consolidated) Total shareholders’ equity		35,239,338			36,878,913
(Consolidated) Total liabilities and shareholders’ equity		90,114,296			93,601,350

-15-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

Consolidated Statement of Income on Non-Financial Services Businesses and Financial Services Business

	Yen in millions
	For the year ended March 31, 2024			For the year ended March 31, 2025
(Non-Financial Services Businesses)
Sales revenues		41,832,663			43,787,709
Cost of revenues		33,763,076			35,684,332
Selling, general and administrative		3,278,135			3,984,469
Operating income		4,791,453			4,118,908
Other income (loss), net		1,608,345			1,622,539
Income before income taxes		6,399,798			5,741,447
Income tax expense		1,741,885			1,446,627
Net income		4,657,913			4,294,820
Net income attributable to
Toyota Motor Corporation		4,540,311			4,281,231
Non-controlling interests		117,602			13,589
(Financial Services Business)
Sales revenues		3,484,198			4,481,180
Cost of revenues		2,145,694			2,960,227
Selling, general and administrative		768,481			837,435
Operating income		570,023			683,519
Other income (loss), net		1,762			(10,309	)
Income before income taxes		571,786			673,210
Income tax expense		151,785			178,000
Net income		420,000			495,210
Net income attributable to
Toyota Motor Corporation		411,114			484,129
Non-controlling interests		8,886			11,081
(Elimination)
Elimination of net income		(6,492	)		(274	)
(Consolidated)
Net income		5,071,421			4,789,755
Net income attributable to
Toyota Motor Corporation		4,944,933			4,765,086
Non-controlling interests		126,488			24,670

-16-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

Consolidated Statement of Cash Flows on Non-Financial Services Businesses and Financial Services Business

	Yen in millions
	For the year ended March 31, 2024			For the year ended March 31, 2025
(Non-Financial Services Businesses)
Cash flows from operating activities
Net income		4,657,913			4,294,820
Depreciation and amortization		1,303,053			1,413,066
Share of profit (loss) of investments accounted for using the equity method		(752,779	)		(579,619	)
Income tax expense		1,741,885			1,446,627
Changes in operating assets and liabilities, and other		120,731			(370,839	)
Interest received		454,713			363,304
Dividends received		582,022			617,644
Interest paid		(104,008	)		(100,770	)
Income taxes paid, net of refunds		(1,033,448	)		(2,347,622	)
Net cash provided by (used in) operating activities		6,970,082			4,736,610
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(1,815,239	)		(1,878,342	)
Additions to equipment leased to others		(153,324	)		(24,855	)
Proceeds from sales of fixed assets excluding equipment leased to others		152,830			68,266
Proceeds from sales of equipment leased to others		47,557			6,035
Additions to intangible assets		(317,606	)		(341,131	)
Additions to public and corporate bonds and stocks		(2,639,166	)		(3,446,017	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		1,757,282			3,423,102
Other, net		(1,386,377	)		(618,309	)
Net cash provided by (used in) investing activities		(4,354,045	)		(2,811,251	)
Cash flows from financing activities
Increase (decrease) in short-term debt		66,953			(116,549	)
Proceeds from long-term debt		533,333			162,735
Payments of long-term debt		(634,215	)		(306,768	)
Dividends paid to Toyota Motor Corporation common shareholders		(880,197	)		(1,132,329	)
Dividends paid to non-controlling interests		(85,991	)		(122,565	)
Reissuance (repurchase) of treasury stock		(231,069	)		(1,179,043	)
Other, net		(7,570	)		55,560
Net cash provided by (used in) financing activities		(1,238,756	)		(2,638,959	)
Effect of exchange rate changes on cash and cash equivalents		(32,862	)		(88,260	)
Net increase (decrease) in cash and cash equivalents		1,344,419			(801,860	)
Cash and cash equivalents at beginning of year		5,548,398			6,892,817
Cash and cash equivalents at end of year		6,892,817			6,090,957

-17-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

	Yen in millions
	For the year ended March 31, 2024			For the year ended March 31, 2025
(Financial Services Business)
Cash flows from operating activities
Net income		420,000			495,210
Depreciation and amortization		784,013			838,167
Interest income and interest costs related to financial services, net		(734,880	)		(769,800	)
Share of profit (loss) of investments accounted for using the equity method		(10,357	)		(11,600	)
Income tax expense		151,785			178,000
Changes in operating assets and liabilities, and other		(4,100,301	)		(2,405,422	)
Interest received		1,858,816			2,332,296
Dividends received		5,236			5,651
Interest paid		(1,065,757	)		(1,531,190	)
Income taxes paid, net of refunds		(90,874	)		(153,692	)
Net cash provided by (used in) operating activities		(2,782,318	)		(1,022,379	)
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others		(31,208	)		(28,469	)
Additions to equipment leased to others		(2,714,336	)		(2,972,065	)
Proceeds from sales of fixed assets excluding equipment leased to others		2,155			2,555
Proceeds from sales of equipment leased to others		1,961,077			1,701,864
Additions to intangible assets		(16,680	)		(13,064	)
Additions to public and corporate bonds and stocks		(333,613	)		(519,533	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds		494,085			326,469
Other, net		14,732			89,633
Net cash provided by (used in) investing activities		(623,788	)		(1,412,610	)
Cash flows from financing activities
Increase (decrease) in short-term debt		339,666			229,903
Proceeds from long-term debt		11,620,147			13,251,352
Payments of long-term debt		(8,221,432	)		(10,618,851	)
Dividends paid to non-controlling interests		(4,318	)		(4,667	)
Other, net		(57	)		(4,716	)
Net cash provided by (used in) financing activities		3,734,005			2,853,022
Effect of exchange rate changes on cash and cash equivalents		222,776			(45,829	)
Net increase (decrease) in cash and cash equivalents		550,675			372,203
Cash and cash equivalents at beginning of year		1,968,568			2,519,244
Cash and cash equivalents at end of year		2,519,244			2,891,447
(Consolidated)
Effect of exchange rate changes on cash and cash equivalents		189,914			(134,089	)
Net increase (decrease) in cash and cash equivalents		1,895,094			(429,656	)
Cash and cash equivalents at beginning of year		7,516,966			9,412,060
Cash and cash equivalents at end of year		9,412,060			8,982,404

-18-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

(iv) Geographic Information

As of and for the year ended March 31, 2024

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		10,193,556		17,624,268		5,503,738		7,604,269		4,169,494		—			45,095,325
Inter-segment revenues and transfers		10,827,165		318,805		178,026		1,126,479		220,292		(12,670,767	)		—
Total		21,020,721		17,943,072		5,681,764		8,730,749		4,389,785		(12,670,767	)		45,095,325
Operating expenses		17,536,451		17,436,753		5,293,668		7,865,158		4,191,441		(12,581,079	)		39,742,390
Operating income		3,484,270		506,319		388,096		865,591		198,345		(89,687	)		5,352,934
Total assets		24,711,142		31,886,959		8,749,680		9,096,282		6,167,902		9,502,332			90,114,296
Non-current assets		5,827,404		7,374,724		1,407,680		1,190,348		686,104		—			16,486,260

As of and for the year ended March 31, 2025

	Yen in millions
	Japan		North America		Europe		Asia		Other		Inter-segment Elimination/ Unallocated Amount			Consolidated
Sales revenues
Revenues from external customers		10,719,120		18,930,253		6,110,052		7,903,360		4,373,919		—			48,036,704
Inter-segment revenues and transfers		11,139,974		370,074		203,437		1,084,702		147,338		(12,945,525	)		—
Total		21,859,094		19,300,327		6,313,489		8,988,062		4,521,257		(12,945,525	)		48,036,704
Operating expenses		18,707,971		19,191,519		5,897,936		8,091,552		4,268,632		(12,916,492	)		43,241,118
Operating income		3,151,123		108,808		415,553		896,510		252,626		(29,033	)		4,795,586
Total assets		26,347,925		33,423,938		9,463,797		9,467,913		6,010,880		8,886,897			93,601,350
Non-current assets		6,246,879		7,887,494		1,589,830		1,225,158		754,669		—			17,704,029

“Other” consists of Central and South America, Oceania, Africa and the Middle East.

Non-current assets do not include financial instruments, deferred tax assets, net defined benefit assets and rights arising under insurance contracts.

The above amounts are aggregated by region based on the location of the country where TMC or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.

Unallocated amounts included in assets represent assets held for corporate purpose, which mainly consist of cash and cash equivalents and financial assets measured at fair value through other comprehensive income, and the balances as of March 31, 2024 and March 31, 2025 are 15,790,074 million yen and 15,643,613 million yen, respectively.

(v) Sales revenues by location of external customers

	Yen in millions
	For the years ended March 31,
	2024		2025
Japan		7,399,192		7,723,171
North America		17,694,375		18,985,399
Europe		5,396,610		5,979,720
Asia		7,742,141		7,944,206
Other		6,863,007		7,404,208
Total		45,095,325		48,036,704

“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

-19-

TOYOTA MOTOR CORPORATION FY2025 Financial Summary

(3) Earnings Per Share

Reconciliation of the difference between basic and diluted earnings per share attributable to Toyota Motor Corporation are as follows:

	Yen in millions		Thousands of shares		Yen
	Net income attributable to Toyota Motor Corporation		Weighted-average common shares		Earnings per share attributable to Toyota Motor Corporation
For the year ended March 31, 2024
Net income attributable to Toyota Motor Corporation		4,944,933
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		4,944,933		13,512,848		365.94
For the year ended March 31, 2025
Net income attributable to Toyota Motor Corporation		4,765,086
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		4,765,086		13,252,456		359.56

The following table shows Toyota Motor Corporation shareholders’ equity per share. Toyota Motor Corporation shareholders’ equity per share amounts are calculated by dividing Toyota Motor Corporation shareholders’ equity in the consolidated statement of financial position by common shares issued and outstanding at the end of the year (excluding treasury stock).

	Yen in millions		Thousands of shares		Yen
	Toyota Motor Corporation shareholders’ equity		Common shares issued and outstanding at the end of the year (excluding treasury stock)		Toyota Motor Corporation shareholders’ equity per share
As of March 31, 2024		34,220,991		13,474,172		2,539.75
As of March 31, 2025		35,924,826		13,048,930		2,753.09

“Diluted earnings per share attributable to Toyota Motor Corporation” equals “Basic earnings per share attributable to Toyota Motor Corporation” for the years ended March 31, 2024 and 2025, because there were no potential dilutive shares during such periods.

(4) Significant Subsequent Events

Not applicable.

-20-

Supplemental Material for Financial Results for FY2025 (Consolidated)

< IFRS >

	FY2024															FY2025															FY2026
	1Q (2023/4-6)			2Q (2023/7-9)			3Q (2023/10-12)			4Q (2024/1-3)			12 months (‘23/4-‘24/3)			1Q (2024/4-6)			2Q (2024/7-9)			3Q (2024/10-12)			4Q (2025/1-3)			12 months (‘24/4-‘25/3)			Forecast 12 months (‘25/4-‘26/3)
Vehicle Production (thousands of units)		2,345			2,379			2,444			2,095			9,263			2,186			2,217			2,312			2,334			9,049
(Japan) –including Daihatsu & Hino		1,025			1,090			1,115			813			4,042			901			991			1,052			1,056			4,000
[Daihatsu & Hino]		[190	]		[232	]		[247	]		[65	]		[734	]		[141	]		[219	]		[205	]		[200	]		[764	]
(Overseas) –including Daihatsu & Hino		1,321			1,289			1,328			1,282			5,221			1,285			1,226			1,260			1,278			5,049
[Daihatsu & Hino]		[118	]		[139	]		[134	]		[114	]		[506	]		[106	]		[122	]		[122	]		[108	]		[458	]
North America		520			482			475			499			1,976			523			445			467			522			1,958
Europe		223			161			238			224			846			215			181			206			208			811
Asia		437			498			489			453			1,876			434			466			455			434			1,790
Central and South America		102			105			91			85			383			87			100			101			83			370
Africa		39			44			35			22			140			26			33			31			31			120
Vehicle Sales (thousands of units)		2,326			2,418			2,551			2,148			9,443			2,252			2,304			2,444			2,362			9,362			9,800
(Japan) –including Daihatsu & Hino		532			540			558			363			1,993			421			517			516			536			1,991			2,070
[Daihatsu & Hino]		[134	]		[141	]		[154	]		[48	]		[477	]		[84	]		[136	]		[129	]		[136	]		[485	]		[570	]
(Overseas) –including Daihatsu & Hino		1,794			1,878			1,993			1,784			7,450			1,830			1,787			1,929			1,826			7,372			7,730
[Daihatsu & Hino]		[69	]		[74	]		[64	]		[64	]		[271	]		[61	]		[65	]		[60	]		[55	]		[240	]		[230	]
North America		682			703			776			655			2,816			705			643			695			660			2,703			2,940
Europe		286			270			327			308			1,192			291			256			318			306			1,172			1,220
Asia		417			478			480			428			1,804			436			469			473			460			1,838			1,900
Central and South America		128			126			120			136			510			114			134			127			119			495			520
Oceania		76			87			80			74			318			82			71			80			77			309			270
Africa		59			62			55			46			221			49			56			60			58			224			250
Middle East		143			149			151			136			579			151			157			172			143			622			630
Other		3			2			3			2			10			2			2			2			2			8
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]		2,751			2,845			2,968			2,526			11,090			2,636			2,737			2,922			2,715			11,011			11,200

Supplemental 1

Supplemental Material for Financial Results for FY2025 (Consolidated)

< IFRS >

	FY2024															FY2025															FY2026
	1Q (2023/4-6)			2Q (2023/7-9)			3Q (2023/10-12)			4Q (2024/1-3)			12 months (‘23/4-‘24/3)			1Q (2024/4-6)			2Q (2024/7-9)			3Q (2024/10-12)			4Q (2025/1-3)			12 months (‘24/4-‘25/3)			Forecast 12 months (‘25/4-‘26/3)
Foreign Exchange Rates
Yen to US Dollar Rate		137			145			148			149			145			156			150			152			153			153			as premise: 145
Yen to Euro Rate		150			157			159			161			157			168			164			163			161			164			as premise: 160
Number of Employees		379,659			381,576			380,737			380,793			380,793			384,954			384,158			384,338			383,853			383,853	(Note 1)
Sales Revenues (billions of yen)		10,546.8			11,434.7			12,041.1			11,072.6			45,095.3			11,837.8			11,444.5			12,391.0			12,363.1			48,036.7			48,500.0
Geographic Information
Japan		5,105.5			5,404.7			5,626.8			4,883.5			21,020.7			5,224.0			5,317.3			5,764.8			5,552.7			21,859.0
North America		4,092.0			4,504.2			4,958.1			4,388.6			17,943.0			5,002.4			4,522.9			4,876.1			4,898.7			19,300.3
Europe		1,299.0			1,359.4			1,520.7			1,502.4			5,681.7			1,509.0			1,380.1			1,630.5			1,793.7			6,313.4
Asia		1,964.5			2,346.6			2,371.3			2,048.2			8,730.7			2,231.7			2,238.2			2,323.3			2,194.6			8,988.0
Other		1,024.6			1,165.1			974.0			1,225.9			4,389.7			1,053.8			1,066.6			1,235.0			1,165.7			4,521.2
Elimination		-2,939.0			-3,345.3			-3,410.0			-2,976.3			-12,670.7			-3,183.2			-3,080.7			-3,438.8			-3,242.5			-12,945.5
Business Segment
Automotive		9,687.9			10,477.3			11,065.7			10,035.1			41,266.2			10,759.7			10,332.4			11,249.0			10,858.6			43,199.8
Financial Services		775.1			846.1			922.3			940.4			3,484.1			1,005.3			1,037.6			1,022.9			1,415.2			4,481.1
All Other		306.4			319.2			357.4			385.0			1,368.1			315.6			337.6			393.0			400.7			1,447.1
Elimination		-222.7			-207.9			-304.4			-288.0			-1,023.2			-242.8			-263.2			-273.8			-311.4			-1,091.4
Operating Income (billions of yen)		1,120.9			1,438.3			1,680.9			1,112.6			5,352.9			1,308.4			1,155.7			1,215.2			1,116.0			4,795.5			3,800.0
(Operating Income Ratio) (%)		(10.6	)		(12.6	)		(14.0	)		(10.0	)		(11.9	)		(11.1	)		(10.1	)		(9.8	)		(9.0	)		(10.0	)		(7.8	)
Geographic Information
Japan		701.9			879.1			1,104.1			799.0			3,484.2			881.2			641.1			814.6			814.0			3,151.1
North America		119.6			169.4			227.4			-10.2			506.3			85.0			28.7			58.3			-63.3			108.8
Europe		83.0			99.3			103.1			102.5			388.0			124.6			91.2			157.1			42.4			415.5
Asia		186.2			224.9			238.4			215.9			865.5			245.9			244.4			194.8			211.2			896.5
Other		85.4			104.2			9.2			-0.6			198.3			41.7			98.8			39.0			72.9			252.6
Elimination		-55.4			-38.7			-1.5			5.9			-89.6			-70.2			51.3			-48.8			38.7			-29.0
Business Segment
Automotive		945.6			1,301.6			1,472.6			901.5			4,621.4			1,117.9			949.8			1,006.1			866.3			3,940.2
Financial Services		147.2			97.6			172.0			153.0			570.0			159.7			172.7			163.7			187.2			683.5
All Other		40.2			39.5			44.1			51.2			175.2			40.7			33.2			50.5			56.5			181.1
Elimination		-12.2			-0.4			-7.9			6.8			-13.8			-9.9			-0.1			-5.2			5.9			-9.4
Share of Profit (Loss) of Investments Accounted for Using the Equity Method (billions of yen)		193.3			185.1			217.6			166.9			763.1			164.9			99.3			190.4			136.4			591.2			600.0
Income before Income Taxes (billions of yen)		1,720.5			1,800.9			1,835.5			1,608.0			6,965.0			1,872.2			859.8			2,698.0			984.4			6,414.5			4,410.0
(Income before Income Taxes Ratio) (%)		(16.3	)		(15.7	)		(15.2	)		(14.5	)		(15.4	)		(15.8	)		(7.5	)		(21.8	)		(8.0	)		(13.4	)		(9.1	)
Net Income Attributable toToyota Motor Corporation (billions of yen)		1,311.3			1,278.0			1,357.8			997.6			4,944.9			1,333.3			573.7			2,193.2			664.6			4,765.0			3,100.0
(Net Income Ratio) (%)		(12.4	)		(11.2	)		(11.3	)		(9.0	)		(11.0	)		(11.3	)		(5.0	)		(17.7	)		(5.4	)		(9.9	)		(6.4	)
Dividends
Cash Dividends (billions of yen)		—			405.4			—			606.3			1,011.7			—			525.9			—			652.4			1,178.4	(Note 2)
Cash Dividends per Share (yen)		—			30			—			45			75			—			40			—			50			90			95
Payout Ratio (%)		—			15.6			—			25.7			20.4			—			28.1			—			22.8			25.0			39.9
Value of Shares Repurchased (billions of yen)[actual purchase]		34.3			82.1			75.0			39.4			231.0			18.9			884.4			142.2			133.2			1,179.0	(Note 3)
Value of Shares Repurchased (billions of yen)[shareholder return]		—			99.9			—			1,000.0			1,099.9			—			199.9			—			—			199.9	(Note 3)  (Note 4)
Number of Outstanding Shares (thousands)		16,314,987			16,314,987			16,314,987			16,314,987			16,314,987			15,794,987			15,794,987			15,794,987			15,794,987			15,794,987

Supplemental 2

Supplemental Material for Financial Results for FY2025 (Consolidated)

< IFRS >

	FY2024										FY2025											FY2026
	1Q (2023/4-6)		2Q (2023/7-9)		3Q (2023/10-12)		4Q (2024/1-3)		12 months (‘23/4-‘24/3)		1Q (2024/4-6)		2Q (2024/7-9)		3Q (2024/10-12)		4Q (2025/1-3)		12 months (‘24/4-‘25/3)			Forecast 12 months (‘25/4-‘26/3)
R&D Expenses (billions of yen)		294.8		314.0		289.2		304.2		1,202.3		304.6		334.9		336.8		350.0		1,326.4			1,370.0	(Note 5)
Depreciation Expenses (billions of yen)		298.3		303.2		302.9		343.8		1,248.4		352.3		335.4		335.3		337.4		1,360.5			1,500.0	(Note 6)
Geographic Information
Japan		140.7		139.5		133.6		152.8		566.7		148.6		141.8		143.9		150.1		584.5
North America		79.4		84.5		91.4		122.4		377.8		120.4		114.8		112.8		114.6		462.7
Europe		21.4		23.4		21.3		15.9		82.1		23.4		25.6		25.7		22.1		96.9
Asia		46.1		44.6		45.4		45.4		181.6		48.3		43.0		42.9		42.8		177.1
Other		10.5		11.1		11.0		7.2		40.0		11.4		9.9		9.9		7.7		39.0
Capital Expenditures (billions of yen)		366.6		442.8		486.9		714.4		2,010.8		368.0		443.1		558.7		764.9		2,134.8			2,300.0	(Note 6)
Geographic Information
Japan		144.0		175.2		174.0		354.3		847.6		163.2		198.7		255.4		409.1		1,026.6
North America		154.1		159.5		182.6		226.2		722.5		115.9		173.4		184.6		204.6		678.7
Europe		12.5		28.9		23.4		23.9		88.8		17.4		10.7		15.0		31.3		74.4
Asia		41.1		54.9		89.4		82.7		268.2		52.6		30.6		65.8		58.2		207.4
Other		14.7		24.2		17.3		27.1		83.5		18.6		29.5		37.8		61.5		147.5
Total Liquid Assets (billions of yen)		12,287.8		13,808.6		14,143.6		15,079.5		15,079.5		15,585.7		15,404.1		16,366.2		16,702.4		16,702.4	(Note 7)
Total Assets (billions of yen)		80,131.2		83,661.3		84,232.1		90,114.2		90,114.2		94,037.3		89,169.2		94,674.4		93,601.3		93,601.3
Toyota Motor Corporation Shareholders’ Equity (billions of yen)		30,330.0		31,893.1		32,561.6		34,220.9		34,220.9		35,737.7		34,368.5		35,910.2		35,924.8		35,924.8
Return on Equity (%)		17.9		16.4		16.9		12.0		15.8		15.2		6.5		25.0		7.4		13.6
Return on Asset (%)		6.8		6.2		6.5		4.6		6.0		5.8		2.5		9.5		2.8		5.2
Number of Consolidated Subsidiaries (including Structured Entities)										577										585
Number of Associates and Joint Ventures Accounted for Using the Equity Method										165										165

Analysis of Consolidated Net Income Attributable to Toyota Motor Corporation for FY2025 (billions of yen, approximately)	4Q (2025/1-3)		12 months (‘24/4-‘25/3)
Marketing Efforts		310.0		145.0
Effects of Changes in Exchange Rates		100.0		590.0
Cost Reduction Efforts		-70.0		0.0
From Engineering		-75.0		-45.0
From Manufacturing and Logistics		5.0		45.0
Increase or Decrease in Expenses and Expense Reduction Efforts		-400.0		-990.0
Other		63.4		-302.3
(Changes in Operating Income)		3.3		-557.3
Non-operating Income		-626.9		6.8
Share of Profit (Loss) of Investments Accounted for Using the Equity Method		-30.4		-171.9
Income tax expense, Net Income Attributable to Non-controlling Interests		290.5		370.6
(Changes in Net Income Attributable to Toyota Motor Corporation)		-332.9		-179.8

Cautionary Statement with Respect to Forward-Looking Statements

This report contains forward-looking statements that reflect Toyota’s plans and expectations.

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, fluctuations in stock prices, and interest rates fluctuations; (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.

(Note 1) Shows the number of employees as of the end of each period (excluding loan employees from Toyota to outside Toyota and including loan employees from outside Toyota to Toyota)

(Note 2) 2Q= Interim Dividend, 4Q= Year-end Dividend, FY= Annual Dividend

(Note 3) Excluding shares constituting less than one unit that were purchased upon request and the commission fees incurred for the repurchase

(Note 4) Shareholder return on Net Income for the period (Stated the maximum total purchase price for the repurchase of shares during the repurchase period, or the actual purchase price of shares repurchased after the completion of the repurchase period.)

(Note 5) Figures for R&D expenses are R&D activity related expenditures incurred during the reporting period and do not conform to “R&D Expenses” on Toyota’s Consolidated Statement of Income

(Note 6) Figures for depreciation expenses and capital expenditures do not include vehicles in operating lease or right of use assets

(Note 7) 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

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