실적분석 2026년 8월 4일

Toyota ($TM) Q1 FY2026 Earnings Analysis — Revenue and Attributable Net Income Rise, Annual Outlook Lifted, but Operating Profit Falls

Earnings Scorecard

*Note: The revenue, EPS, and guidance figures below are based on the official financial summary (August 4, 2026). The SEC 6-K Exhibit 99.1 filed on the same date covers an employee share-based compensation plan and does not contain earnings figures.*

Revenue: ¥13.5254 trillion (April–June 2026, +10.4% YoY; expected ¥12,973.818 billion) ✅ Beat

EPS (earnings per share): ¥120.69 (Toyota-attributable, basic; April–June 2026) — up roughly +87% from ¥64.56 a year earlier (USD consensus aggregation not verifiable)

Guidance: Raised — Full-year FY2027 operating profit of ¥3.4 trillion (+¥0.4 trillion vs. prior ¥3.0 trillion forecast), revenue of ¥54 trillion, Toyota-attributable net income of ¥3.25 trillion

Stock reaction: After-hours +0.18% ($186.51) — as of 20:44 Korea time, 08-04

Positives

Revenue growth: Consolidated revenue of ¥13.5254 trillion, +10.4% YoY

Attributable net income: Toyota-attributable net income of ¥1.4770 trillion, +75.6% YoY

Outlook upgrade: Full-year operating profit forecast raised to ¥3.4 trillion

Based on the official financial summary (August 4, 2026), April–June 2026 consolidated revenue came in at ¥13.5254 trillion, surpassing the ¥12.2533 trillion posted a year earlier. Regional sales rose in North America and Europe, and financial services revenue also climbed 23.3% YoY to ¥1.4006 trillion. The lift appears to have come from mix, FX, and value-chain gains rather than from unit volume.

Toyota-attributable net income jumped to ¥1.4770 trillion (from ¥841.3 billion a year earlier). Basic EPS attributable to Toyota over the same period reached ¥120.69, well above the ¥64.56 recorded a year earlier. Note that, unlike total net income of ¥1.5517 trillion, the per-share figure reflects the portion attributable to shareholders.

The company set its FY2027 full-year outlook at revenue of ¥54 trillion, operating profit of ¥3.4 trillion, and Toyota-attributable net income of ¥3.25 trillion — all above the prior forecast (revenue ¥51 trillion, operating profit ¥3.0 trillion, attributable net income ¥3.0 trillion). The dividend outlook was held at ¥100 per share for the year.

Negatives

Operating profit decline: Operating profit of ¥1.0634 trillion, -8.8% YoY

Softer sales: Consolidated sales of 2.395 million units, -0.7% YoY

One-off flavor: The surge in pretax profit is largely driven by non-operating financial and FX gains/losses

Despite higher revenue, operating profit fell by ¥102.6 billion to ¥1.0634 trillion. Higher SG&A and other costs weighed on results, with the "other" line shaving off roughly ¥242.6 billion; the operating margin compressed to 7.9% from 9.5% a year earlier. Looking at the automotive segment alone, operating profit dropped 21.0% to ¥719.9 billion, making the pressure on core margins clear.

Consolidated unit sales of 2.395 million vehicles were down 17,000 units (0.7%) YoY. Japan rose, but overseas fell. Excluding the Hino brand also makes the year-over-year comparison less clean.

The sharp rise in pretax profit and attributable net income owes a great deal to non-operating items. Financial income (other) increased notably and FX-related gains/losses improved. Because operating profit declined while net income surged, core-business health can look overstated if viewed through net income alone — retail investors are better served by also watching operating profit and margins.

What the Company Said

On the same day, the company filed SEC 6-K Exhibit 99.1 covering an extension and new introduction of its employee share-based compensation plan. The filing does not contain earnings figures, guidance, or shareholder-return content; it relates to changes in a compensation program aimed at medium- to long-term talent motivation and alignment with corporate value.

Market Reaction and Forward Watchpoints

On the numbers alone, the report is a "mixed scorecard" — positive on revenue, attributable net income, and the upgraded full-year outlook, but with operating profit down and sales softening. After-hours trading barely moved, which can be read as the upside (guidance upgrade) and the concern (core margin pressure) offsetting each other and leaving direction unresolved. With FX (quarterly average of ¥160/USD) lifting results, yen-strengthening sensitivity will also need to be revisited.

Watch whether the operating margin recovers next quarter and whether the cost and other-line drag proves one-off.

Track whether the upgraded ¥3.4 trillion full-year operating profit outlook is sustained in line with its sales and FX assumptions.

Monitor whether the gap between operating profit and attributable net income (driven by non-operating financial and FX gains/losses) narrows.