TM NYSE Earnings call
Toyota Motor
Results Q1 2026 vs Q1 2025 · year over year · fiscal Q4 2026
Net income up 22.9% year on year, guidance cut. Tone in line with last period.
1 · Numbers
+22.9%
Net income vs Q1 2025
Guidance cut
Net income 817.21B vs 664.70B
Revenue +1.9%
2 · How management spoke
Unchanged
Language tone vs last period
Language: cautious — about as upbeat as in Q1 2025.
3 · What stood out
In Q1 2026, Toyota reported revenue of JPY 12597.35B, operating income of JPY 569.49B, and net income of JPY 817.21B.
Read between the lines
-
Guidance ↓
No clear forecast for coming quarters, though earlier capital spending means depreciation costs will keep rising.
“Actually, we do not have any clear-cut forecast for the following quarters, but anything that we invested in CapEx, depreciation cost is likely to go up.”
-
Fading
Though new vehicles affect profits, focus is shifting because profit structure changed and supply chains strengthened.
“Of course, new vehicles have a very large impact on profit, but new vehicle impact fluctuates when volatility is high... Miyazaki mentioned in his presentation, the profit structure change has had an impact on the financial results. The supply chain has become stronger.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q1 2025.
Cautious — about as upbeat as in Q1 2025.
Sentences that drove the tone
“We offset rising material costs and comprehensive investments aimed at future growth with improvement efforts such as cost reductions and the expansion of value chain profit, enabling us to maintain...”
“Our Chinese business saw bottom line increases in, one, operating income due to marketing efforts; two, in share of profit of investments by equity method and cost reductions; and number...”
“tariffs, we were able to secure profits in line with our guidance due to increased vehicle sales volumes and the effects of price revisions underpinned by strong product competitiveness as...”
Numbers
JPY · ROIC.AI fundamentals (TSE:7203, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q1 2025period end 2025-03-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 12597.35B | 12363.16B | +1.9% | 12363.16B | +1.9% |
| Gross profit | 1907.68B | 2332.19B | −18.2% | 2332.19B | −18.2% |
| Operating income | 569.49B | 1116.10B | −49.0% | 1116.10B | −49.0% |
| Net income | 817.21B | 664.70B | +22.9% | 664.70B | +22.9% |
| EPS | 62.70 | 50.88 | +23.2% | 50.88 | +23.2% |
Topics
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