Toyota Industries (6201) Q4 2025 earnings summary

Executive summary

• FY2025 net sales rose 7% year-over-year to ¥4,084.9B, operating profit up 11% to ¥221.6B, and profit attributable to owners up 15% to ¥262.3B, driven by price hikes, a weaker yen, and reduced engine certification costs.

• Dividend increased to ¥280 per share for FY2025, up ¥40 from FY2024.

• FY2026 outlook projects decreases in net sales and profits due to a stronger yen and global uncertainties, with dividend to remain at ¥280 per share.

• Growth was offset by increased labor and R&D expenses.

• The global economy showed moderate growth, but uncertainties persist due to geopolitical risks and policy trends.

Financial highlights

• FY2025 net sales: ¥4,084.9B (+6.6% YoY); operating profit: ¥221.6B (+10.6% YoY); profit attributable to owners: ¥262.3B (+14.7% YoY).

• Gross profit increased to ¥951.6B from ¥901.1B YoY.

• FY2026 forecast: net sales ¥4,000.0B (-2.1%), operating profit ¥180.0B (-18.8%), profit attributable to owners ¥240.0B (-8.5%).

• Total assets decreased to ¥9,403.4B from ¥11,078.5B, mainly due to lower investment securities value.

• Equity attributable to owners fell to ¥4,904.7B from ¥6,045.8B.

Outlook and guidance

• FY2026 expects lower profits due to a stronger yen, increased costs, and global uncertainties, with stable sales in most segments.

• Segment forecasts: Automobile ¥1,165.0B, Materials Handling Equipment ¥2,702.0B.

• Investments in tangible assets to rise to ¥220.0B (+10.1% YoY); depreciation to ¥120.0B (+5.2%).

• Target ROE of 6% by FY2027-2028, up from 4.8% in FY2025.

• Projections based on exchange rates of 135 yen/USD and 155 yen/EUR; impact of tariffs not included.